Performance Analysis of Indonesian State-Owned Enterprises in The Construction Sector Using Economic Value Added
Gayuh Ardhi Rumpoko1*,Imo Gandakusuma1
1 Faculty Economics and Business, Universitas Indonesia, Jakarta, Indonesia
*Corresponding Author: [email protected]
Accepted: 15 July 2021 | Published: 1 August 2021
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Abstract: This research measures the financial performance of Indonesian state-owned enterprises in the construction sector listed on the Indonesia Stock Exchange from 2017 to 2019 using Economic Value Added (EVA) analysis. This study aims to measure the company's operations from the point of view of financial performance using the EVA approach. Currently, the assessment of state-owned enterprises' performance according to the regulations of the Indonesian State Minister for State-Owned Enterprises only uses financial ratio analysis. The data used are financial reports released and obtained from the Indonesian Stock Exchange website and related company pages. This research was conducted by comparing state-owned enterprises and private companies recorded in the Indonesia Stock Exchange using EVA analysis. Based on the study, there was a fluctuation in the EVA value of the company, wherein 2018 and 2019, based on the calculations that have been done, it can be concluded that the EVA value of State-Owned Enterprises has fluctuated from year to year, but when compared to other private sector companies, State-Owned Enterprises can be said to be relatively inferior in the construction sector wherein 2018, and 2019; the four state-owned enterprises managed to be in the last positions in EVA. The government can use this result as the supervisor of state- owned enterprises as an evaluation material and investors as a reference in choosing companies for investment.
Keywords: EVA, Construction, State-Owned Enterprises, Financial, Performance
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1. Introduction
The main purpose of establishing a company is to provide benefits and add economic value to stakeholders. This objective also applies to private companies and state-owned enterprises, which are mainly traded on the stock exchange, the Indonesia Stock Exchange. Of the various state-owned enterprise's business sectors, one of the most interesting things to study in the construction sector. In 2019, all over Indonesia, there were 25,682 construction companies (with Medium and Large qualifications) (BPS, 2019).
Furthermore, based on data released by the Indonesia Stock Exchange on the www.idx.co.id page accessed on June 28, 2020, there are 18 listed companies in the building construction sector. Where of the 18 companies, 4 (four) of them are state companies, namely PT. Wijaya Karya (Persero) Tbk, PT. Waskita Karya (Persero) Tbk, PT. Pembangunan Perumahan (Persero) Tbk, and PT. Adhi Karya (Persero) Tbk. The list of companies is in table 1.
Table 1: Construction sector companies on the Indonesia Stock Exchange
No Companies Listing Date
1 PT. Wijaya Karya (Persero) Tbk (WIKA) 29/10/2007 2 PT. Waskita Karya (Persero) Tbk (WSKT) 19/12/2012 3 PT. Jaya Konstruksi Manggala Pratama Tbk (JKON) 04/12/2007 4 PT. Pembangunan Perumahan (Persero) Tbk (PTPP) 09/12/2010 5 PT. Adhi Karya (Persero) Tbk (ADHI) 18/03/2004 6 PT. Wijaya Karya Bangunan Gedung Tbk (WEGE) 30/11/2017 7 PT. Surya Semesta Internusa Tbk (SSIA) 27/03/1997 8 PT. Totalindo Eka Persada Tbk (TOPS) 16/06/2017 9 PT. Total Bangun Persada Tbk (TOTL) 25/07/2006
10 PT. Nusa Raya Cipta Tbk (NRCA) 27/06/2013
11 PT. Superkrane Mitra Utama Tbk (SKRN) 11/10/2018 12 PT. Indonesia Pondasi Raya Tbk (IDPR) 10/12/2015 13 PT. Nusa Konstruksi Enjiniring Tbk (DGIK) 19/12/2007
14 PT. Acset Indonusa Tbk (ACST) 24/06/2013
15 PT. Lancartama Sejati Tbk (TAMA) 10/02/2020 16 PT. Cahayasakti Investindo Sukses Tbk (CSIS) 10/05/2017
17 PT. Mitra Pemuda Tbk (MTRA) 10/02/2016
18 PT. Paramita Bangun Sarana Tbk (PBSA) 28/09/2016 (source: www.idx.co.id, 2020)
With so many construction companies, it is in line with the intense competition in the construction sector. To be able to compete with competitors, must be able to show reliable company performance. State-Owned Enterprises, which can provide high-quality goods and services that are highly competitive and pursuing profits, must also improve performance to achieve these goals. One form of performance evaluation at State-Owned Enterprises is through the financial performance approach. Based on this, will show a comparison of the performance of State-Owned Enterprises compared to companies in the construction industry.
The financial performance of a corporate entity can be used as an indicator to determine the quality level of a company's performance. The financial performance of a company reflects how a company manages and optimizes financial resources to get the maximum possible output.
In measuring the company's financial performance in 1989, Stern Steward & Co. introducing a measurement method for the company's operations reflected in the financial statements, where the operational activity is the level of performance of a company, which method is called Economic Value Added (EVA). Stern uses the Net Operating Profit After Tax (NOPAT) variable and the Cost of Capital in this EVA concept. EVA is used to describe adding value to the company (Mamun and Mansor, 2012),
EVA as a measuring tool is used in this study because compared to conventional methods, EVA can provide a performance measure of more than one performance measure. In its measurement, EVA can explain the capital market, capital budgeting, and net assets.
Furthermore, based on research conducted by Worthington and West, it was explained that in
New Zealand, EVA had been used by state-owned companies as a measure of performance (Mamun and Mansor, 2012).
In a study of 50 Indian companies during 2008-2011, it was found that EVA has more relevant and incremental information than accounting measures. In addition, it is explained that EVA can analyze a company's financial health because it is consistently associated with the increase in the welfare of shareholders (Gupta and Sikarwar, 2016). Based on this research, the researcher is interested in researching "Performance Analysis Of Indonesian State-Owned Enterprises In The Construction Sector Using Economic Value Added."
Researchers hope this research will provide benefits. First, for investors, as a reference in determining steps in investing to be made on the stock exchange by comparing the company's performance. Second, for companies, this research can be used as an ingredient for evaluating company performance and determining financial strategies to improve the company's financial performance. Third, for the government, this research will contribute especially to the Ministry of State Enterprises as the Trustee of State-Owned Enterprises in Indonesia as one of the company's performance evaluation materials. And finally, fourth, for further research, it is hoped that it can be used as a reference and add to research references regarding company performance appraisal through the EVA approach.
This study aims to measure the company's operational level from the perspective of financial performance using the EVA approach.
2. Literature Review
2.1 Financial Statement
According to Libby, Libby, and Hodge (2020), a financial reporting system is a system that can function to capture various information and dynamics of operating, investing, and financing activities of a corporate entity so that the information can then be conveyed to parties in need and authorized to make decisions. These parties can be internal or external. For internal parties, existing financial report data can be processed and used as useful information to run the company and determine what managerial strategies will be carried out. For external parties, financial report data can be processed and used as useful information as evaluation material for the company. Evaluation by external parties aims to determine the investment quality of a company.
Figure 1: Financial report flow chart as consideration for decision making (Source: Fundamental of Financial Accounting, 2015)
2.2 Company Financial Performance
According to Kariyoto (2017), financial performance is a company activity described in the form and description of numbers in the financial statements. The results of the company's current activities will be juxtaposed with the company's past financial performance, income statement, and average financial performance aspects of similar companies. The results of these comparisons are used in the framework of planning and improving the company's activities.
According to Helfert (1996), defining performance is the result or result of an operational process carried out continuously by company management to make decisions to achieve the company's goals. The decisions taken cover the fields of operations, investment, and company funding. Furthermore, financial performance is defined, which is a description of the condition of a company in its operational activities in managing existing resources for a certain period which is reflected in the company's financial statements. Financial performance will be used by various parties, both internal and external, to decide what to do with this company.
2.3 Economic Value Added
Stewart introduced the EVA analysis system in 1980 who is a practicing financial consultant from a consulting firm in New York, namely Stren Stewart & Co. According to Rudianto (2013), Economic Value Added (EVA) is a performance measurement and analysis system where the calculation takes into account the difference in the company's economic profit/return on paid-up capital with the issued capital burden, then multiplied by the circulating capital (capital per balance on January 1 in that year or the average capital in the reporting year).
EVA is an instrument used as a basis for managers/investors / potential investors to determine financial conditions and a profit level indicator tool. In this case, the company can be said to achieve prosperity/welfare when the company can accommodate operational costs and capital that has been spent on its activities. The EVA calculation is done by reducing net income by expenses incurred as company capital (Anthony and Govindarajan, 2007).
Based on this definition, it can be said that EVA can be used to see how the rate of return on company capital is in its financial sphere.
In the practice of analyzing company performance measurement, the application of EVA as a measurement method is broadly helpful for (Utama, 1997):
a. As a company performance appraisal method that can assess adding company value (value creation).
b. Increase the focus and awareness of management that the function of management is to maximize the value of the company and shareholders.
Apart from the advantages of the EVA analysis method, there are weaknesses, among others (Mirza, 1997):
a. In its measurement method, EVA only looks at the final result without any other determining activities, for example, the level of customer loyalty.
b. EVA only looks at the measurement of the fundamental approach, where EVA is guided by the fact that investors use the company's fundamental approach as a basis for policymaking.
According to CFA Institute (2017), formulate the concept of EVA:
EVA = NOPAT – (C% x TC) ……….(1) That:
• NOPAT is the company's profit after tax
• C% is the cost of capital
• TC is the total capital
Based on the EVA calculation formula, here is the formula for determining the value of each variable:
a. Net Operating Profit After Tax (NOPAT)
In the case of NOPAT calculations, the first step that must be taken is to calculate earnings before interest and taxes (EBIT), with the following calculations:
EBIT = Net Sales – Operating expenses…………..(2)
Furthermore, based on calculated EBIT and taking into account the tax factor, NOPAT can be calculated with the following calculations:
NOPAT = EBIT – taxes………….(3)
b. Cost of Capital
To calculate the Cost of Capital, the Weighted Cost of Capital (WACC) calculation method is used, as follows:
WACC = (Wd x CoD)+(We x CoE) ………….(4) That:
• Wd is debt structure
• CoD is the cost of debt
• We are equity structure
• CoE is the cost of equity
Calculation of Cost of Capital Components 1) Cost of Debt
The cost of debt, in this case, is loan interest, which is a deduction factor from company income because this cost is used for operational activities. The calculation of the cost of this debt must consider the tax factor, so the formula is as follows (Adiningsih and Sumarni, 2005):
𝑪𝒐𝑫 = 𝑰𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝑬𝒙𝒑𝒆𝒏𝒔𝒆𝒔
𝑻𝒐𝒕𝒂𝒍 𝑳𝒊𝒂𝒃𝒊𝒍𝒊𝒕𝒊𝒆𝒔 𝒙 (𝟏 − 𝑻) …………. (5)
2) Cost of Equity
In determining the cost of equity, the calculation uses the CAPM formula as follows (Bodie, e.al., 2009):
CoE=Rf + β(Rm-Rf) …………. (6)
That:
- Rf is the risk-free rate; in this case, in Indonesia, it is assumed to be the benchmark interest rate of Bank Indonesia.
- (Rm-Rf) is market risk premium
- β is equity beta, where the value is obtained from the formula:
𝑩𝒆𝒕𝒂 = 𝑪𝒐𝒗(𝑹𝒊−𝑹𝒎) 𝝈𝟐𝑹𝒎
• 𝐶𝑜𝑣(𝑅𝑖−𝑅𝑚) is the value of stock returns and market returns.
• 𝜎2𝑅𝑚 is the variant of the market return value.
3) Debt Structure
To calculate the debt structure, the following calculations are carried out:
𝑾𝒅 = 𝑫𝒆𝒃𝒕
𝑫𝒆𝒃𝒕+𝑬𝒒𝒖𝒊𝒕𝒚 … … … … . (𝟕) 4) Equity Structure
𝑾𝒆 = 𝑬𝒒𝒖𝒊𝒕𝒚
𝑫𝒆𝒃𝒕+𝑬𝒒𝒖𝒊𝒕𝒚 … … … . (𝟖)
The relationship between debt structure and capital structure is Wd + We = 1
c. Total Capital
The calculation of total capital is as follows:
Total capital = Fixed Assets + Current Assets - Current Liabilities - Cash ……. (9)
Calculations using records on the company's balance sheet and using book value (Damodaran, 2007).
2.4 Problem Statement
From existing research, there has not been found a method of measuring company performance from the financial aspect with the EVA analysis approach in the construction sector industry/company both on State-Owned Enterprises and private companies that have been listed on the Indonesia Stock Exchange (IDX) for the 2017-2019 period, so it needs to be done research related to this. Based on this, the research question was formulated: How is the company's performance from the company's financial aspect, when analyzed through the EVA approach?
3. Method
3.1 Samples
In carrying out this research, the authors took research samples from various sources' financial statements. The target population in this study is all companies in Indonesia, both state-owned and public companies engaged in building construction. The companies that are the research samples are companies listed on the Indonesia Stock Exchange, and their shares are traded freely on the Indonesia Stock Exchange for 5 (five) consecutive years until 2019.
According to the research to be carried out of the total construction companies listed on the Indonesia Stock Exchange as many as 18 (eighteen) companies, there are 10 (ten) companies.
Of the 10 (ten) companies, there are 4 (four) State-Owned Enterprises and 6 (six) public companies.
3.2 Site
This research will use secondary data, with the data period is 2017-2019. The data and information to be studied are sourced from:
1) Annual/company financial reports are obtained from company publication reports and data uploaded on the Indonesia Stock Exchange page (https://www.idx.co.id)
2) Risk-free interest rate reports are obtained from the Bank Indonesia website (www.bi.go.id).
3) Financial data and stock movements will be obtained through each company's quarterly and annual financial reports, summary reports from the IDX, and data from yahoo finance.
4) Data related to previous information and research sourced from and not limited to books, journals, articles, and magazines
3.3 Procedures
Data is collected from a variety of data sources which can be obtained through online and offline searches. The data taken is official data released by the company and the Indonesia Stock Exchange.
In addition to data released by official institutions, secondary data was collected through financial-related pages that provide supporting data and collect supporting data, including previous research articles that have been carried out related to this research.
3.4 Data Analysis
The data will be verified in a tabulated form, then processed using the Microsoft Excel program on the Microsoft Windows operating system. In this data processing process, NOPAT, cost of capital, total capital, and EVA will be calculated.
3.5 Validity and Reliability
The research limitation consists of several things, namely:
1) The objects used for research are construction companies listed on the Indonesia Stock Exchange and traded in the 2017-2019 period.
2) The calculation of EVA is based on data presented through financial reports that the company has published.
4. Results and Discussion
Measuring financial performance using EVA analysis will provide an analysis of companies that offer tangible economic benefits. In calculating EVA using analysis of NOPAT and capital charge.
4.1 PT Adhi Karya (Persero) Tbk. (ADHI)
From table 2, the value of EVA ADHI has fluctuated from year to year. In 2017, the value of EVA was -IDR 2.800.365 million. In 2018 the value of EVA decreased to -IDR 4.173.743 million in 2018 and increase to IDR 640.861 million in 2019.
Table 2: ADHI EVA calculation
2017 2018 2019
NOPAT 3.465.484 4.152.331 996.487
Cost of Capital 12,42% 15,48% 3,17%
Total Capital 28.332.948 30.118.614 36.515.833
EVA -2.800.365 -4.173.743 -640.861
Source: Processed from company financial statements (in million rupiah)
4.2 PT PP (Persero) Tbk. (PTPP)
Based on table 3, the EVA value of PTPP has decreased from year to year. In 2017 the value of EVA was -IDR. 217.139 million, and in 2018 it decrease to -IDR 776.516 million. In 2019 the EVA value of PTPP had decreased to -IDR 1.096.712 million.
Table 3: PTPP EVA calculation
2017 2018 2019
NOPAT 1.344.196 1.502.318 970.326
Cost of Capital 3,74% 4,34% 3,49%
Total Capital 41.782.780 52.549.150 59.165.548
EVA -217.139 -776.516 -1.096.712
Source: Processed from company financial statements (in million rupiah)
4.3 PT Wijaya Karya (Persero) Tbk. (WIKA)
Based on table 4, the EVA WIKA value has fluctuated from year to year. In 2017 the value of EVA was -IDR 536.172 million; in 2018, it decreased to -IDR 801.686 million, and in 2019 the value of WIKA's EVA increased to -IDR 115.328 million.
Table 4: WIKA EVA calculation
2017 2018 2019
NOPAT 1.096.793 1.768.971 2.091.941
Cost of Capital 3,57% 4,34% 3,55%
Total Capital 45.683.774 59.230.001 62.110.847
EVA -536.172 -801.686 -115.328
Source: Processed from company financial statements (in million rupiah)
4.4 PT Waskita Karya (Persero) Tbk. (WSKT)
Based on table 5, the EVA WSKT value shows decreasd trend form. In 2017 the value of EVA was IDR 289.922 million; in 2018, it dencreased to -IDR 761.962 million, and in 2019 the value of EVA WSKT decreased to -IDR 4.103.774 million.
Table 5: WSKT EVA calculation
2017 2018 2019
NOPAT 3.465.484 4.152.331 996.487
Cost of Capital 3,24% 3,95% 4,16%
Total Capital 97.895.760 124.391.581 122.589.259
EVA 289.922 -761.962 -4.103.774
Source: Processed from company financial statements (in million rupiah)
4.5 Analysis of Industrial EVA Results
To determine the level of performance of State-Owned Enterprises needs to make a comparative test with companies in the same industry. Based on the comparative data, 10 (ten) companies in the construction industry will be calculating EVA.
Table 6: EVA calculation in the construction industry
No Companies 2017 2018 2019
1 ACST -55.114 -381.487 -1.907.933
2 ADHI -2.800.365 -4.173.743 -640.861
3 DGIK -61.513 -182.442 -64.293
4 JKON 69.499 -12.019 -63.564
5 NRCA 34.096 -10.161 -12.814
6 PTPP -217.139 -776.516 -1.096.712
7 SSIA 713.740 -455.469 -291.461
8 TOTL 92.856 64.484 58.176
9 WIKA -536.172 -801.686 -115.328
10 WSKT 289.922 -761.962 -4.103.774 Source: Processed from company financial statements (in million rupiah)
From the EVA calculation data for the construction industry for the 2017-2019 period, as shown in table 6, it can be seen that the highest EVA that has ever been achieved is IDR 713.740 million, which is the value of EVA SSIA in the 2017 period, while the lowest EVA is the acquisition of ADHI in the 2018 period, wherein that period EVA ADHI was in a negative position, with a value of -IDR 4.173.743 million.
From the calculations as shown in table 6, it is known that in 2017, WSKT had an EVA value and recorded the second EVA value with a value of IDR 289.922 million, the eighth position is PTPP with a value of -IDR 217.139 million, the nineth position is WIKA with an EVA value
of -IDR 536.172 million, while ADHI is in the last position with an EVA value of -IDR 2.800.365 million. In 2018, the seventh is WSKT with an EVA value of -IDR 761.962 million, the eighth position is PTPP with an EVA value of -IDR 776.516 million, the nineth position is WIKA with an EVA value of -IDR 801.686 million, and the tenth position is ADHI with an EVA value of -IDR 4.173.743 million. Furthermore, in 2019, WIKA received an EVA value of -IDR 115.328 million. ADHI with an EVA value of -IDR 640.861 million, PTPP with an EVA value of -IDR 1.096.712 million, and in the last position is ADHI with an EVA value of -IDR 4.103.774 million.
5. Conclusion
Based on the calculations that have been done, it can be concluded that the EVA value of State- Owned Enterprises has fluctuated from year to year, but when compared to other private sector companies, State-Owned Enterprises can be said to be relatively inferior in the construction sector wherein 2018, and 2019; the four state-owned enterprises managed to be in the last positions in EVA.
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