PENGARUH PENGGUNAAN RETURN ON INVESTMEN, OPERATING CASH FLOW DAN ECONONOMIC VALUE ADDED TERHADAP TINGKAT PENGEMBALIAN SAHAM DALAM MENILAI KINERJA PERUSAHAAN. (Studi Empiris pada Perusahaan LQ 45 yang Listed di BEJ)

#Artikel ini dipublikasi pada Jurnal Ilmiah Bidang Manajemen & Akuntansi VOL 2. No. 1. Maret  2005 ; ISSN 1693-7864 Hal 35-57

Nur Diana

Universitas Islam Malang

Abstract

In doing investment, an investor, of course, will sunk their capital at share o firms that have good performance. Measurement of firm performance is needed in deciding the firm success from rate of return point of view as investor hope. Measurement tool that be used in measuring firm performance Are Return On Investment (ROI), Operating Cash Flow (OCF) And Economic Value Added (EVA). The aim of this research is to give empirical prove about the effect between of ROI and OCF concept use and EVA concept to rate of return and in measuring firm performance and whether with ROI, OCF, and EVA will give same result about rate of return in measuring firm performance.

                This is an empirical research with sampel Food and Beverage firms that their stock traded in Jakarta Stock Exchange with the period between 1998 to 2002. From statistic analysis result with multiple regression it shows that ROI and EVA variables significantly has positive effect to stock return. it is shown with t-value, the amount 25,807, the degree of significance is 0,0000. This research supports research result that done by Diyanti (2000), Dood and Chen (1996) and Ball and Brown (1968).

Keyword : Rate Of Return, Return On Investment, Operating Cash Flow And Economic Value Added.Seelngkapnya dapat dilihat pada

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