The Effect of Economic Value Added (EVA), Market Value Added (MVA), Cash Value Added (CVA), and Operating Cash Flow on Stock Returns at PT Bank Rakyat Indonesia (Persero), Tbk Period 2014 – 2023

Prihatiningsih Prihatiningsih; Nafis Maesar Chusniyah; Muhammad Rois

doi:10.55927/fintech.v3i2.37

Authors

Prihatiningsih Prihatiningsih Politeknik Negeri Semarang
Nafis Maesar Chusniyah Politeknik Negeri Semarang
Muhammad Rois Politeknik Negeri Semarang

DOI:

https://doi.org/10.55927/fintech.v3i2.37

Keywords:

Stock Returns, Economic Value Added, Market Value Added, Cash Value Added, Operating Cash Flow

Abstract

This study seeks to investigate and validate the effect of Economic Value Added (EVA), Market Value Added (MVA), Cash Value Added (CVA), and Operating Cash Flow (OCF) on stock returns at PT Bank Rakyat Indonesia, Tbk for 2014–2023. Data were sourced from financial reports and trading summaries on the Indonesia Stock Exchange, with a full sample method applied. Multiple linear regression analysis was used, alongside F-test, t-test, and classical assumption tests (normality, multicollinearity, heteroscedasticity, autocorrelation). Results indicate that EVA, MVA, CVA, and OCF significantly and positively influenced stock returns, both collectively and individually, during the study period. This highlights their relevance in explaining stock return variability for PT Bank Rakyat Indonesia, Tbk.

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