Economic value added dan market value added sebagai pelengkap alat ukur kinerja keuangan konvensional

Siregar, Rizal Ma'ruf Amidy (2015) Economic value added dan market value added sebagai pelengkap alat ukur kinerja keuangan konvensional. At-Tijaroh: Jurnal Ilmu Manajemen dan Bisnis Islam, 1 (1). pp. 179-197. ISSN 2356-492X

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Abstract

Economic value added (EVA) is a performance measure that attempts to
measure the true economic profit produced by a company. It is frequently
also referred to as "economic profit", and provides a measurement of a
company's economic success (or failure) over a period of time. Economic
profit can be calculated by taking a company's net after-tax operating
profit and subtracting from it the product of the company's invested
capital multiplied by its percentage cost of capital. Market Value Added
(MVA), on the other hand, is simply the difference between the current
total market value of a company and the capital contributed by investors
(including both shareholders and bondholders). MVA is not a performance
metric like EVA, but instead is a wealth metric, measuring the level of
value a company has accumulated over time. As a company performs well
over time, it will retain earnings. This will improve the book value of the
company's shares, and investors will likely bid up the prices of those shares
in expectation of future earnings, causing the company's market value to
rise.

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