Kinerja Keuangan Sebelum dan Saat Covid serta Pengaruhnya terhadap Return Saham Perusahaan Telekomunikasi di Bursa Efek Indonesia

Abstract

Pandemi Covid-19 turut melemahkan perekonomian Indonesia. Perusahaan dituntut bekerja efektif agar bertahan di kondisi yang volatil. Pengukuran kinerja keuangan menjadi dasar evaluasi apakah perusahaan bekerja efisien memanfaatkan modal serta menghasilkan nilai tambah bagi para pemegang sahamnya. Penelitian ini bertujuan menganalisis perbedaan kinerja keuangan perusahaan sebelum dan saat Covid menggunakan metode economic value added dan market value added serta menganalisis pengaruhnya terhadap return saham. Pengambilan sampel mengunakan metode purposive sampling dan diperoleh empat perusahaan subsektor telekomunikasi selama 2017-2022. Teknik analisis data menggunakan analisis statistik deskriptif, uji beda, dan analisis data panel dengan regresi linear berganda. Hasil penelitian mendeteksi perbedaan MVA yang turun signifikan daripada nilai sebelum Covid, EVA saat Covid mengalami kenaikan daripada sebelum Covid namun tidak signifikan. Hasil analisis regresi data panel menunjukkan bahwa EVA dan MVA tidak memiliki pengaruh signifikan terhadap return saham.

The Covid-19 pandemic has weakened the Indonesian economy. Companies are expected to work effectively to survive in volatile conditions. Financial performance measurement becomes the basis for evaluating whether the company has worked efficiently in utilizing capital and generating added value for shareholders. This study aimed to analyze the differences in company's financial performance before and during Covid using the economic value added and market value added methods and to analyze their effect on stock returns. Sampling used a purposive sampling method and obtained four telecommunication subsector companies during 2017-2022. The data analysis technique used descriptive statistical analysis, difference test, and panel data analysis method with multiple linear regression. The results detected differences in MVA which dropped significantly from the value before Covid, EVA during Covid increased than before Covid but was not significant. The results of panel data regression analysis showed that EVA and MVA have no significant effect on stock returns.