Articles

Impact of Financial Performance and Economic Value Added (EVA) On Stock Returns before and after Covid-19 Pandemic: A Case Study of Telecommunications Companies Listed on IDX

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This research aims to investigate the impact of financial performance and Economic Value Added (EVA) on stock returns of telecommunication companies listed in the Indonesia Stock Exchange before and after the COVID-19 pandemic. Financial performance in this research is proxied by Return on Assets (ROA), Return on Equity (ROE), Price-Earnings Ratio (PER), Debt-to-Equity Ratio (DER), Net Profit Margin (NPM), and Earnings per Share (EPS). The study employs a purposive sampling method and selects 10 companies in the telecommunication sub-sector for analysis. The type of research used is a quantitative research design, including Panel Data regression analysis and the Wilcoxon Signed Ranks Test. The findings of this study show that ROA, ROE, and PER significantly impacted stock returns before COVID-19, however, this impact did not exist after the pandemic; DER, NPM, and EPS consistently affect stock returns both before and after the pandemic; and EVA only becomes significant after the pandemic. Simultaneously, ROA, ROE, PER, DER, NPM, EPS, and EVA influenced stock returns before COVID-19, but they did not have any impact after the pandemic. Despite these individual shifts, there are no significant differences in overall financial performance metrics and stock returns between the before and after COVID-19 periods. Future research should consider additional financial metrics or external factors such as market volatility, inflation rates, or industry-specific variables to provide a more comprehensive understanding of stock return determinants.

Comparative Analysis of Pra-Post Merger and Acquisition Financial Performance Reviewed From EVA, MVA and Financial Ratio Methods (Empirical Study of Non-Financial Sector Companies Listed on the IDX for the Period 2015-2020)

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This study aims to compare the pre-post M&A financial performance of non-financial companies listed on the Indonesia Stock Exchange (IDX) in the 2-year period before mergers and acquisitions (M&A), in the year of M&A, and 2 years after M&A. Performance was measured using Economic Value Added (EVA), Market Value Added (MVA), and financial ratios. The research sample consisted of 22 companies selected by purposive sampling, and secondary data were analyzed from financial statements. Partial analysis was conducted with the Wilcoxon Sign Test because the data was not normally distributed, while simultaneous analysis used the MANOVA test with the STATA version 17 application. The results of simultaneous testing showed no significant difference in financial performance between before and after M&A. However, partial test results found significant differences in MVA variables in the period 2 years before, 1 and 2 years after M&A, as well as in the year of M&A. In addition, the ROA variable also shows significant differences in the 2-year period before, 1 and 2 years after M&A. However, the effect of M&A on MVA and ROA variables tends to be negative.

Analysis of the Effect of Investor Sentiment, Liquidity, Solvency, and Economic Value Added (EVA) on Stock Returns with Corporate Social Responsibility (CSR) as a Moderating Variable in Health Sector Companies (Healthcare) Listed on the Indonesia Stock Exchange (IDX) Period 2018 -2022

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The purpose of this study was to analyze how the influence of investor sentiment, liquidity, solvency, and economic value added can affect stock returns with moderation by corporate social responsibility disclosure in health sector companies (healthcare) listed on the Indonesia Stock Exchange (IDX) for the period 2018-2022. This research was conducted on health sector companies (healthcare) listed on the IDX, data information was obtained through the official website of the Indonesia Stock Exchange www.idx.com, the sampling technique used purposive sampling with a population of 33 health companies listed on the Indonesia Stock Exchange for the period 2018-2022 and a sample of 13 companies. Testing is done with panel data analysis regression and Moderated Regression Analysis (MRA) utilizing E-views statistical data processing software. The results of this study indicate that the variables of investor sentiment, liquidity, and economic value added have no significant effect on stock returns, while solvency variables have a significant effect on stock returns. Corporate social responsibility disclosure is also unable to moderate the relationship of investor sentiment, liquidity, solvency, and economic value added to stock returns.