Penilaian kinerja perusahaan berbasis penciptaan nilai untuk strategi keuangan dan keputusan investasi

  • Elizabeth Lucky Maretha Unika Soegijapranata
  • Yulita Eka Selvina Unika Soegijapranata
  • Eny Trimeningrum Unika Soegijapranata
Keywords: EVA, MVA, financial strategy matrix, growth value map, investment decison

Abstract

Performance measurement is crucial for firms, especially publicly listed ones, because of constant demands to create values. Internal performance measurement aims to determine strategies that are relevant to firms’ condition while external performance measurement helps investors make investment decisions. This qualitative study uses 40 publicly listed firms in the consumer goods industry for the period of 2011-2015. From the internal performance measurement perspective, the results show that eight firms are in the A financial strategy matrix quadrant, 14 firms are in the B quadrant financial strategy matrix, two firms in the C financial strategy matrix quadrant, and six firms are in the D financial strategy matrix quadrant. Meanwhile, from the external performance measurement perspective, eight firms are classified into the excellent value managers, 11 firms are classified into the expectation builders quadrant, 11 firms are categorized into the traditionalist quadrant, and none is categorized into the asset loaded value managers quadrant. Further, from 30 sample firms, only four firms exhbit good performance, namely ADES, HMSP, UNVR, and MLBI. The findings imply that EPS (Earnings Per Share) represents both internal and external performance. For internal performance measurement purpose, EPS helps determine SGR (Sustainable Growth Rate) or targeted growth rate of firms in the financial strategy matrix. Meanwhile, for external performance measurement purpose, EPS determines current performance. Overall, both internal and exernal performance create shareholders’ value in the form of distributable profits.

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Author Biography

Elizabeth Lucky Maretha, Unika Soegijapranata

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Published
2019-04-30
How to Cite
Maretha, E., Selvina, Y., & Trimeningrum, E. (2019). Penilaian kinerja perusahaan berbasis penciptaan nilai untuk strategi keuangan dan keputusan investasi. Jurnal Ekonomi Dan Bisnis, 22(1), 23-44. https://doi.org/https://doi.org/10.24914/jeb.v22i1.2050
Section
Articles