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All Journal BISNIS: Jurnal Bisnis dan Manajemen Islam
Ardityasari, Resyta Aulia
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Economics, Econometrics & Finance

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Derivative Analysis of Value Added to Stock Returns at Jakarta Islamic Index Hasyim, Fuad; Ardityasari, Resyta Aulia
BISNIS Vol 8, No 2 (2020): BISNIS: Jurnal Bisnis dan Manajemen Islam
Publisher : Fakultas Ekonom dan Bisnis Islam Institut Agama Islam Negeri (IAIN) Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/bisnis.v8i2.8150

Abstract

This study aims to examine the effect of value added derivative such as economic value added (EVA), market value added (MVA) and refined economic value added (REVA) on stock return with stock price as an intervening variable. The object of this study are all Islamic stocks listed in the Jakarta Islamic Index (JII) in the period 2014-2019. This study using purposive sampling method and obtained by 11 companies. Data processing using panel regression with common, fixed and random modelling approach. The results show that economic value added  (EVA) has no effect either on stock prices or stock returns, market value added (MVA) affects the stock price and stock return, while refined economic value added (REVA) has no effect on both. Then, stock prices are only able to mediate the effect of market value added (MVA) on stock return.
Co-Authors Hasyim, Fuad