ABSTRACT

HERLISA ASNITHA. 2011. The Comparison of Corporate Financial

Performance by Using Economic Value Added (EVA) and Return On Assets
(ROA) and Its Effect on Stock Return of Banking Companies Listed on Indonesia
Stock Exchange. (Drs. H. Kastumuni Harto, M. Si, Ak. Drs. Syahrir, M. Si, Ak).

Economic Value Added (EVA) and Return On Assets (ROA) are

measuring instruments of corporate financial performance. Economic Value
Added (EVA) measures the value added of the company by considering the cost
of capital. Meanwhile, Return On Assets (ROA) as a conventional measuring
instrument of corporate financial performance ignore the cost of capital
This study aimed to compare the financial performance of companies
based on Economic Value Added (EVA) and Return On Assets (ROA), and to
know its effect on Stock Return of banking companies listed in Indonesia Stock
Exchange.
The sample selection is done by using purposive sampling method,
obtained 20 samples of banking companies listed in Indonesia Stock Exchange in
the period 2005-2009. After all the data available, then performed the basic
assumptions test by using the normality test, and classical regression assumption
test by using multicollinearity test, heteroscedasticity test, and the autocorrelation
test. If the results of each of these tests meet the prerequisites, hypothesis test is
then performed by using multiple linear regression analysis.
Based on the result of partial regression coefficient test (t test), concluded
that the Economic Value Added (EVA) has a significant effect on Stock Return of
banking companies listed in Indonesia Stock Exchange in 2005-2009. While
Return On Assets (ROA) has no significant effect on Stock Return of banking
companies listed in Indonesia Stock Exchange in 2005-2009. Meanwhile, based
on the results of simultaneous regression coefficient test (F test), Economic Value
Added (EVA) and Return On Assets (ROA) have a significant effect on Stock
Return of banking companies listed in Indonesia Stock Exchange in 2005-2009.
The percentage contribution of the influence of independent variables (Economic
Value Added and Return On Assets) to the dependent variable (Stock Return) of
21.1%, while the remaining amount of 78,9% influenced or explained by other
variables not included in this research model.

Keywords: Economic Value Added, Return On Assets, Stock Return.

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