Determinasi Harga Saham Berdasarkan Economic Value Added, Market Value Added, dan Total Asset Turnover

Abstract

Tujuan Penelitian: Penelitian ini bertujuan untuk menganalisa pengaruh Economic Value Added (EVA), Market Value Added (MVA), dan Total Asset Turnover (TATO) terhadap harga saham perusahaan sektor teknologi yang terdaftar di BEI periode 2020-2023.

Metode Penelitian: Penelitian ini menggunakan pendekatan kuantitatif dengan sumber data sekunder diperoleh dari laporan keuangan perusahaan sektor teknologi di BEI periode 2020-2023. Sampel dipilih menggunakan pusposive sampling, sehingga terdapat 18 perusahaan yang menjadi sampel penelitian.

Originalitas/Novelty: Kebaruan dari penelitian ini terletak pada penggabungan model penilaian nilai tambah (Value Added) melalui EVA dan MVA yang dikombinasikan dengan efisiensi operasional (TATO) secara simultan. Berbeda dengan penelitian sebelumnya di bidang teknologi yang biasanya hanya fokus pada model yang konvensional, studi ini mengisi kekosongan (gap) dalam literatur dengan menganalisis pergerakan harga saham selama masa volatilitas yang tinggi (2020-2023), di mana elemen nilai tambah menjadi sangat penting akan tetapi masih sedikit diteliti secara mendalam.

Hasil Penelitian: Hasil penelitian membuktikan secara parsial, variabel Economic Value Added (EVA) dan Total Asset Turnover terbukti memiliki pengaruh positif yang signifikan terhadap harga saham, sedangkan Market Value Added (MVA) tidak berpengaruh secara signifikan. Meskipun terdapat perbedaan hasil uji parsial pada MVA, pengujian secara simultan mengonfirmasi bahwa ketiga variabel tersebut secara bersama-sama memberikan kontribusi signifikan terhadap harga saham.

Implikasi: Temuan dalam penelitian memberikan acuan bagi investor dalam menilai prospek perusahaan sektor teknologi dan membantu meningkatkan kinerja nilai pasar, efisiensi aset guna mendongkrak harga saham.

Research Objectives: This study aims to analyze the influence of Economic Value Added (EVA), Market Value Added (MVA), and Total Asset Turnover (TATO) on the stock prices of technology sector companies listed on the IDX for the 2020-2023 period.

Research Method: This study uses a quantitative approach with secondary data sources obtained from the financial reports of technology sector companies listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 period. The sample was selected using purposive sampling, resulting in 18 companies.

Originality/Novelty: The novelty of this research lies in the simultaneous integration of value-added assessment models through EVA and MVA with operational efficiency (TATO). Unlike previous research in the technology sector, which typically focuses solely on conventional models, this study fills a gap in the literature by analyzing stock price movements during a period of high volatility (2020-2023), where value-added elements are crucial but have received little in-depth research.

Research Results: The research results partially demonstrate that Economic Value Added (EVA) and Total Asset Turnover have a significant positive effect on stock prices, while Market Value Added (MVA) has no significant effect. Despite differences in partial test results for MVA, simultaneous testing confirms that all three variables contribute significantly to stock prices.

Implications: The findings of the study provide a reference for investors in assessing the prospects of technology sector companies and help improve market value performance, asset efficiency to boost share prices