ANALISA PENGARUH PENILAIAN KINERJA DENGAN KONSEP KONVENSIONAL DAN KONSEP

ANALISA PENGARUH PENILAIAN KINERJA DENGAN KONSEP KONVENSIONAL DAN KONSEP

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438 SIMPOSIUM NASIONAL AKUNTANSI VI Surabaya, 16 – 17 Oktober 2003 ANALISA PENGARUH PENILAIAN KINERJA DENGAN KONSEP KONVENSIONAL DAN KONSEP VALUE BASED TERHADAP RATE OF RETURN MIRANDA OCTORA Universitas Atma Jaya Jakarta YULIANA SALIM Universitas Atma Jaya Jakarta THIO ANASTASIA PETROLINA Universitas Atma Jaya Jakarta ABSTRACT The company’s performance is a measurement used by investors to invest their capital in shares of stock. Several valuation approaches available in order to measured company’s performance, but the most commonly used for analysis are based on the earnings and cash flow for a specific period. This approach is called conventional concept, where earning and cash flow often used as primary indicators in order to valuing company’s successful. However, these traditional measurements are highly dependent upon the accounting methods used in preparing the financial statement. Investors must be careful in using earning or cash flow information as a standard in making an investment decision. The introduction of the value based metrics concepts in measuring the company’s performance have been shown recently to recover the weakness of the traditional measurements. One of the measurement using value based metrics concept is Economic Value Added. Measuring the company’s performance with this method is better than conventional method, so it can be a precisely reference, compared with earnings and cash flow. The objective of this research is to examine those performance measurement, and how their influence on investment’s rate of return. This research used Rate of Return (ROR) as dependent variable; Return on Investment (ROI), Operating Cash Flow (OCF), and Economic Value Added (EVA) as independent variables. The hypotheses proposed were tested by multiple linear regressions for 50 companies listed in Jakarta Stock Exchange in 2001. However, this research has found that there is a significant influence of ROI, OCF, and EVA on ROR. Key Words: Rate of Return, Return on Investment, Operating Cash Flow, Economic Value Added. PENDAHULUAN Tujuan yang akan dicapai dalam kegiatan investasi adalah untuk memperoleh keuntungan. Oleh karena itu, sebelum melakukan investasi, investor perlu memastikan bahwa investasi tersebut mampu memberikan tingkat pengembalian yang diharapkan. Dalam melakukan investasi, seorang investor tentu akan menanamkan modalnya pada saham perusahaan yang memiliki kinerja yang baik. Kinerja yang baik menunjukkan bahwa perusahaan dapat meningkatkan kekayaan bagi pemegang sahamnya. Oleh karena itu, pengukuran kinerja perusahaan diperlukan untuk menentukan keberhasilan perusahaan dalam memaksimalkan kekayaan pemegang sahamnya. Artinya, perusahaan berhasil memberikan tingkat pengembalian sebagaimana yang diharapkan investor ( Rate of Return ), yang berupa capital gain dan dividen yield . Untuk menilai kinerja perusahaan, biasanya investor akan melihat
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ANALISA PENGARUH PENILAIAN KINERJA DENGAN KONSEP KONVENSIONAL DAN KONSEP

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