RETURN ON EQUITY DAN ECONOMIC VALUE ADDED SEBAGAI PREDIKTOR RETURN YANG TEPAT
Abstract
Tujuan penelitian ini ingin memperoleh bukti empiris mengenai pemrediksi return untuk kondisi return on equity dan economic value added positif dan negatif serta semua size sebagai variabel kontrol. Dalam penelitian ini prediksi return diproksikan kedalam return on equity dan economic value added. Data yang digunakan adalah data 5 negara di Asia Tenggara, yaitu Indonesia, Malaysia, Philipina, Singapura dan Thailand selama 5 tahun dari tahun 2005-2009. Sampel penelitian ini dipilih secara purposive sebanyak 9.167 perusahaan. Metode yang digunakan mengacu pada model Chen and Zhang (2007). Hasil penelitian menunjukkan return on equity lebih tepat untuk memprediksi return pada perusahaan yang memiliki return on equity dan economic value added positif dibandingkan economic value added. Selain itu penelitian ini menunjukkan bahwa dengan mengontrol size perusahaan maka economic value added lebih tepat untuk memprediksi return dibandingkan return on equity.
Kata kunci: return, return on equity, economic value added.
The pwpose of this research was to obtain empirical evidence about the return predictor for conditions return on equity and economic value added positive and negative as well as all the size as a control variable. In this research the prediction of return is proxies into the return on equity and economic value added. The data used is the 5 countries in Southeast Asia, namely Indonesia, Malaysia, Philippines, Singapore and Thailand for 5 years from 2005-2009. Sample was selected purposively as many as 9,167 companies. The method used is based model of Chen and Zhang (2007). The results showed return on equity is more appropriate to predict the return on a company that has a positive return on equity and economic value added than economic value added. In addition, this study shows that by controlling the size of the company, economic value added is more appropriate for predicting returns than return on equity.
Keywords: return, return on equity, economic value added.
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