Comparative Analysis of Financial Performance of Firms Listed on the Jakarta Islamic Index

Ella Ariska*  -  Universitas Islam Negeri Sumatera Utara, Medan, Indonesia
Maryam Batubara  -  Universitas Islam Negeri Sumatera Utara, Medan, Indonesia
Rahmi Syahriza  -  Universitas Islam Negeri Sumatera Utara, Medan, Indonesia

(*) Corresponding Author
DOI : 10.32678/ijei.v15i2.751
In the context of evaluating company performance, both Economic Value Added (EVA) and Financial Value Added (FVA) provide a comprehensive measure that goes beyond traditional financial ratios, incorporating aspects of value creation for investors and stakeholders. This study aims to address the inconsistencies found in previous research by examining the performance of companies listed on the Jakarta Islamic Index (JII) using EVA and FVA methods. The research employs a quantitative descriptive approach, analyzing data from companies listed on the JII, accessible via the IDX.co.id website. The EVA analysis results for these companies reveal a positive significance, indicating that they are capable of delivering added value to investors. Similarly, the FVA analysis also shows a positive significance, suggesting that companies can enhance investor value, particularly through efficient management of depreciation expenses, which can increase the FVA value. A T-test was conducted to compare the financial performance using EVA and FVA methods, and the results indicate a significant difference between the two, suggesting that the variances are not the same. Both EVA and FVA calculations yield positive results, indicating strong financial performance for the companies analyzed. Notably, the FVA values are found to be greater than the EVA values, underscoring the potential for greater value creation from a financial standpoint. This study contributes to the understanding of how different performance measures can provide insights into company value creation, offering a more nuanced view of financial health for companies listed on the Jakarta Islamic Index.

Keywords : Financial; Performance; JII; EVA; FVA

  1. Ardiani, S. (2021). Analisis Perbandingan Economic Value Added dan Market Value Added dalam Penilaian Kinerja Keuangan pada Perusahaan Pertambangan yang Terdaftar di Bursa Efek Indonesia. Jurnal Multidisiplin Madani, 1(1), 31-40.
  2. Argeswara, D. R. (2018). Economic Value Added dan Market Value Added Sebagai Ukuran Kinerja Keuangan Perusahaan. Jurnal Ekonomi dan Bisnis, 8(2).
  3. Assagaf, F. S. M., Anwar, Amin, A. M., Ramli, A., & Budiyanti, H. (2023). Economic Value Added (EVA) Analysis to Measure Financial Performance in The Pharmaceutical Industry Listed on The Indonesia Stock Exchange (2018-2022 Period). International Journal of Humanity Advance, Business & Sciences, 1(2), 43-56.
  4. Awalia, A.P., Marliyah, & Ilhamy, ML. (2023). Analysis of Financial Performance Assessment Using the Economic Value Added (EVA) Method (Study at Bank Muamalat Indonesia 2019-2021). Indonesian Journal of Economics and Management, 3(3), 618-629.
  5. Brigham, E. F. & Houston, J. F. (2010). Manajemen Keuangan. Edisi Kedelapan. Jakarta: Erlangga.
  6. Fauziah, N., Kurniawan, A. W., & Amin, A. M. (2023). Financial Performance Analysis Using Economic Value Added (Eva) and Financial Value Added (Fva) At PT. Astra International Tbk 2017-2021 Period. JOURNAL OF MANAGEMENT, ACCOUNTING, GENERAL FINANCE AND INTERNATIONAL ECONOMIC ISSUES, 2(2), 494-502.
  7. Haller, A., & Stolowy, H. (1998). Value added in financial accounting: a comparative study between Germany and France. Advances in international accounting, 11(1), 23-51.
  8. Jahroh, S., & Suganda, A. D. (2021). Partial Analysis of Mudharabah Financing on the Profitability of the Sharia Commercial Banks in Indonesia. JESI (Jurnal Ekonomi Syariah Indonesia), 11(2), 87-91.
  9. Jakub, S., Viera, B., & Eva, K. (2015). Economic Value Added as a measurement tool of financial performance. Procedia Economics and Finance, 26, 484-489.
  10. Jumingan. (2014). Analisis Laporan Keuangan. Jakarta: Bumi Aksara.
  11. Kramer, J. K., & Peters, J. R. (2001). An interindustry analysis of economic value added as a proxy for market value added. Journal of Applied Finance, 11(1), 41-49.
  12. Kyriazis, D., & Anastassis, C. (2007). The validity of the economic value added approach: an empirical application. European Financial Management, 13(1), 71-100.
  13. Large, D., & Muegge, S. (2008). Venture capitalists' non-financial value-added: an evaluation of the evidence and implications for research. Venture capital, 10(1), 21-53.
  14. Masyiyan, R. A., & Isynuwardhana, D. (2020). Analysis of financial performance with economic value added (EVA) method, market value added (MVA), and financial value added (FVA). JASa (Jurnal Akuntansi, Audit Dan Sistem Informasi Akuntansi), 4(1), 116-125.
  15. Mittal, R. K., Sinha, N., & Singh, A. (2008). An analysis of linkage between economic value added and corporate social responsibility. Management Decision, 46(9), 1437-1443.
  16. Munawir. (2014). Analisa Laporan Keuangan. Yogyakarta: Liberty.
  17. Nasution, M. I. F., Maidalena, Syahriza, R., & Yafiz, M. (2015). Bisnis dan Investasi Syariah. Universitas Islam Negeri Sumatera Utara. Medan: Febi UIN-SU PRESS. http://repository.uinsu.ac.id.
  18. Ottosson, E., & Weissenrieder, F. (1996). Cash Value Added-a new method for measuring financial performance.
  19. Peterson, D. R., & Peterson, D. R. (1996). Company Performance and Measures of Value Added. USA: The Research Foundation of the Institute of Chartered Financial Analysts.
  20. Putri, S. N. C., Risyanto, H., Suganda, A. D., & Husni, E. M. (2021). Using the REC Method to Evaluate the Financial Stability of Indonesian and Malaysian Islamic Banks. Economica: Jurnal Ekonomi Islam, 12(2).
  21. Rahmi, A. N., Pratiwi, S. R., & Suganda, A. D. (2022). Financial Performance Analysis On Financial Technology Of Islamic Banking In Indonesia. Banque Syar'i: Jurnal llmiah Perbankan Syariah, 8(1).
  22. Ramadani, F., Sugianto, & Harahap, R. D. (2023). Analisis Perbandingan Anggaran Biaya Operasional dan Anggaran Pendapatan dalam Menilai Kinerja Keuangan pada PT Perkebunan Nusantara III Bandar Selamat Asahan. Jurnal ECONOMINA. 2(1). Ejournal.45mataram.ac.id/Index.Php/Economina.
  23. Rustiana, D., Ramadhani, S., & Batubara, Maryam. (2022). Strategi di Pasar Modal Syariah. JIKEM. Jurnal Ilmu Komputer, Ekonomi dan Manajemen, 2(1), 1578-1589.
  24. Salehi, M., Enayati, G., & Javadi, P. (2014). The relationship between intellectual capital with economic value added and financial performance. Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies), 7(2), 259-283.
  25. Sarapi, N. M., Pangemanan, S. S., & Gerungai, N. Y. (2022). Analisis Pengukuran Kinerja Keuangan Dengan Menggunakan Metode Economic Value Added (EVA) dan Financial Value Added (FVA) Pada PT Indocement Tunggal Prakarsa Tbk Periode 2018-2020. Jurnal LPPM Bidang EkoSosBudKum (Ekonomi, Sosial, Budaya, dan Hukum), 5(2), 399-406.
  26. Sari, M. I. & Wijayantini, B. (2018). Mengukur Kinerja Keuangan dengan EVA dan MVA. BENEFIT, 3(1) , 68-73.
  27. Sharma, A. K., & Kumar, S. (2010). Economic value added (EVA)-literature review and relevant issues. International journal of economics and finance, 2(2), 200-220.
  28. Sindi, S., Anggeraeni, D., Situmeang, A., & Sunardi, N. (2023). Penilaian Kinerja Keuangan menggunakan Economic Value Added (EVA) dan Market Value Added (MVA) dengan Time Series Approach pada perusahaan Properti di Indonesia”. Neraca: Jurnal Ekonomi, Manajemen Dan Akuntansi, 1(2), 359-365.
  29. Soemitra, A. (2017). Bank dan Lembaga Keuangan Syariah. Jakarta:Prenada Media.
  30. Sugiyono. (2018). Metode Penelitian Kuantitatif, Kualitatif, dan R & D. Bandung: Alfabeta.
  31. Sundari, A., Rozi, A. F., Bilgies, A. F., & MUHAJIR, A. (2023). Financial Performance Analysis Using Economic Value Added and Market Value Added Methods. Journal of Tourism Economics and Policy, 3(1), 42-48.
  32. Weaver, S. C. (2001). Measuring economic value added: A survey of the practices of EVA® proponents. Journal of Applied Finance, 11(1), 50-60.
  33. Worthington, A. C., & West, T. (2001). Economic value‐added: a review of the theoretical and empirical literature. Asian Review of Accounting, 9(1), 67-86.
  34. Zamzami, B. (2023). Analysis of Financial Performance Using Economic Value Added (Eva), Market Value Added (Mva), and Financial Value Added (Fva) Methods in Pt. Mayora Indah, Tbk Period 2019–2021. International Journal Management and Economic, 2(1), 46-53.
  35. Zulhilmi, M., Safitri, W. D., & Rahmi. (2018). Analisis Economic Value Added (EVA) pada Perusahaan Sektor I yang Terdaftar di Jakarta Islamic Index (JII). EKOBIS. Jurnal Ekonomi dan Bisnis Syariah, 2(1), 1-10.

ISLAMICONOMIC: Jurnal Ekonomi Islam
Published by Departement of Islamic Economics, UIN Sultan Maulana Hasanuddin Banten - Indonesia

Main Building of Faculty of Islamic Economics and Business, UIN Sultan Maulana Hasanuddin Banten, Jenderal Sudirman Street, No. 30 Serang 42188 Banten Indonesia
Phone: +62 81511475475
Website: https://journal.islamiconomic.or.id/
Email: asep.dadan@uinbanten.ac.id

ISSN: 2085-3696 (Print)
ISSN: 2541-4127 (Online)

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License

Get a feed by atom here, RRS2 here and OAI Links here

apps