IMPACT OF FINANCIAL PERFORMANCE AND ECONOMIC VALUE ADDED (EVA) ON STOCK RETURNS BEFORE AND AFTER COVID-19 PANDEMIC (A CASE STUDY OF TELECOMMUNICATIONS COMPANIES LISTED ON IDX)

• Main Author: Nisriaini Priatna, Hayyin
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/84156
• Institution: Institut Teknologi Bandung

This research aims to investigate the impact of financial performance and Economic Value Added (EVA) on stock returns before and after the COVID-19 pandemic. Using Return on Assets (ROA), Return on Equity (ROE), Price price-earnings ratio (PER), debt-to-equity ratio (DER), Net Profit Margin (NPM), and Earnings per Share (EPS) as proxies for financial performance, the study employs a purposive sampling method and select 10 companies for analysis. This research uses a quantitative research design, including Panel Data regression analysis and the Wilcoxon Signed Ranks Test. The findings of this study show that ROA, ROE, and PER significantly impacted stock returns before COVID-19, however, this impact did not exist after the pandemic; DER, NPM, and EPS consistently affect stock returns both before and after the pandemic; and EVA only becomes significant after the pandemic. Simultaneously, ROA, ROE, PER, DER, NPM, EPS, and EVA influenced stock returns before COVID-19, but they did not have any impact after the pandemic. Despite these individual shifts, there are no significant differences in overall financial performance metrics and stock returns between the before and after COVID-19 periods. Future research should consider additional financial metrics or external factors such as market volatility, inflation rates, or industry-specific variables to provide a more comprehensive understanding of stock return determinants.