Influence Economic Value Added (EVA) And Market Value Added (MVA) To Stock Returns of Transportation and Logistics Companies Listed on the Indonesia Stock Exchange for the 2021-2023 Period

Abstract

This study aimed to determine the effect of economic value added (EVA) and 
market value added (MVA) on stock returns of manufacturing companies listed 
on the Indonesia Stock Exchange (IDX) during the period 2020–2022. A 
quantitative approach using the association method was used to examine the 
relationship between variables. Secondary data, in the form of annual financial 
statements, were processed using a purposive sampling technique to obtain a 
sample of 75 companies. The analysis was conducted using multiple linear 
regression using SPSS to measure the partial and simultaneous impact of EVA 
and MVA on stock returns. The results show that EVA does not have a 
significant partial effect, while MVA has a significant effect on stock returns. 
However, both have a joint effect on stock returns. This finding indicates that a 
company's market value, as reflected by MVA, is more dominant in determining 
stock return fluctuations than its intrinsic economic value, as measured by EVA.