Tugas Riset Akuntansi (Jurnal dalam bahasa inggris dan terjemahannya)

Economic Value Added (EVA) – Literature Review

and Relevant Issues

Dr. Anil K. Sharma

Department of Management Studies, Indian Institute of Technology Roorkee

Roorkee-247667, India

Tel: 91-13-3228-5632 E-mail: anilfdm@iitr.ernet.in

Satish Kumar (Corresponding author)

Department of Management Studies, Indian Institute of Technology Roorkee

Roorkee-247667, India

Tel: 91-92-8664-3008 E-mail: satisddm@iitr.ernet.in

Abstract

This paper aims to present a narrative literature review of 112 papers published on the EVA from 1994 to 2008. It provides a classification scheme, identifies the gaps in existing literature and suggests the direction for future research. Studies are classified and presented on the basis of the time period, issues covered, distribution of literature in various sources, methodology used, country-wise publications and contributions made by the researchers on the concept. The studies conducted in the developed countries have largely been found to be supporting EVA though there are certain studies in these countries too that consider conventional measures as better tools of corporate performance reporting. However, in developing economies less numbers of studies are available supporting the empirical validity of the concept as a corporate performance measurement tool. The concept of EVA has gained significant attention in the advanced economies, but implementation issues and its validity is under debate all over the world. The paper presents a comprehensive literature review and a critical analysis to move towards the advances in EVA. It may be a very useful source of information to the researchers and managers who wish to understand and implement EVA and carry out further research on the diverse issues of this interesting and value adding performance metric.

Keywords: EVA, Market Value Added, NOPAT, Traditional measures, ROE, SHV

1. Introduction

Maximizing shareholders value has become the new corporate paradigm in recent years. The Corporates, which gave the lowest preference to shareholders curiosity, are now bestowing the utmost preference to it. Shareholder’s wealth is measured in terms of returns they receive on their investment. It can either be in forms of dividends or in the form of capital appreciation or both. Capital appreciation depends on the changes in the market value of the stocks. The market value of stocks depends upon number of factors ranging from company specific to market specific. Financial information is used by various stakeholders to assess firm’s current performance and to forecast the future as well.

The empirical studies highlight that there is no single accounting measure which explains the variability in the shareholders wealth (Chen and Dodd, 1997; Rogerson, 1997). Any financial measures used in assessing firm’s performance must be highly correlated with shareholders wealth and on the other hand should not be subjected to randomness inherent in it. Traditional performance measures such as NOPAT, EPS, ROI, ROE etc. have been criticized due to their inability to incorporate full cost of capital thereby accounting income is not a consistent

predictor of firm value and cannot be used for measuring corporate performance. Value based management system has gained popularity in academic literature in last two decades. One such innovation in the field of internal and external performance measurement is EVA. (Note 1)

Pioneered and advocated by US based business consultant Stern Stewart and company argue that EVA can be used instead of earnings or cash from operations as measures of both internal and external performance. “Abandon earnings per share”, “Earnings, earnings per share, and earnings growth are misleading measures of corporate performance” and “The best practical periodic performance measure is EVA” (Stewart 1991). Further to support his hypothesis that EVA is a better performance measures than other performance measures Stewart (1994) cites in-house research indicating that “EVA stands well out from the crowd as the single best measures of value creation on continuous basis”. He further remarks that ‘EVA is almost 50% better than accounting based measures in explaining changes in the shareholders wealth”. Apart from this popular study, support for EVA has been acknowledged from other sources, Fortune, which regularly publishes EVA performance rating since 1993 has acknowledged EVA under different notations “today’s hottest financial idea”, “The Real way to creating wealth” and “A new way to find Bargains”. Proponents of EVA have made following principles claims about EVA:

1) EVA helps in reducing Agency conflict and improve decision making (Costigan & Lovata, 2002; Biddle et al. 1999 )

2) EVA is more strongly associated with stock return than other measures. (Maditinos et al., 2006; Lehen and Makhija,1997)

3) EVA Improves Stock Performance (Ferguson et al., 2005)

4) EVA adds more informational content in explaining stock returns (Erasmus, 2008; Chen and Dodd, 1997; Kim, 2006; Palliam, 2006)

5) EVA and Market Value are correlated (Lefkowitz, 1999; O’Byrne, 1996; Uyemura, 1996; Peterson and Peterson, 1996). Before proceeding further on the concept, let us first understand the concept of EVA.

2. The Concept of EVA

In 1990 a new device was formulated to gauge the profitability of a concern, which is known as ‘EVA’. This concept is, as a matter of fact, a reversion to the formulation of Alfred Marshal (1890) which he put forward in early nineteenth century. The EVA of the company is just a measure of the incremental return that the investment earns over the market rate of return. In simple terms, it can be stated that EVA measures the profitability net of cost of capital. As someone has aptly remarked, ‘you only get richer if you invest money at a higher return than the cost of money to you’. Everybody knows this but many seem to forget it. Thus, EVA can be taken as the net operating profit minus an appropriate charge for the opportunity cost of all the capital invested in an enterprise. As such, EVA is an estimate of true economic profit or the amount by which earnings exceed or fall short of the required minimum rate of return that shareholder and lenders could get by investing in other securities of comparable risk.

2.1 Calculation of EVA

EVA is the surplus left after making an appropriate charge for the capital employed in the business. It can be calculated in the following way.

EVA = NOPAT – (TCE x WACC) ……………….. (1)

Where,

NOPAT = Net operating profit after tax

TCE = Total capital employed

WACC= Weighted average cost of capital

While calculation of NOPAT, the non-operating items like dividend/interest on securities invested outside the business, non-operating expenses etc. will not be considered. The total capital employed is the sum of shareholders funds as well as loan funds. But this does not include investments outside the business. In determining the WACC, cost of debt is taken as after tax cost and cost of equity is measured on the basis of capital asset pricing method. Under capital asset pricing model, cost of equity, i. e, Ke is given by the following:

Ke = Rf + bi (Rm- Rf) …………………… (2)

Where,

Rf = Risk free return

Rm = Expected market rate of return

bi = Risk coefficient of particular investment

The cost of capital is thus the most important aspect of EVA. Under the traditional methods most companies appear to be profitable whereas in reality, they are not. As Peter Drucker (1995, p.59) has observed, “Until a business returns a profit that is greater than its cost of capital, it operates at a loss. Never mind that it pays taxes, as if it had a genuine profit. The enterprise still returns less to the economy than it devours in resources… until then it does not create wealth; it destroys it.” EVA takes this fact into consideration and states that managers must pay for the capital they are utilizing, just as if it were a wage. From the Table I, it is clear that traditional measure of corporate performance does not consider cost of capital in calculation of NOPAT whereas EVA

includes the same.

3. Rationale and Scope of the Study

There has been a growing concern about the performance measures based on traditional accounting information such as Return on Equity (ROE), Earning per Shares (EPS), Net operating profit after taxes (NOPAT) and Return on Investment (ROI) etc. As discussed in the introductory part of this paper, these measures although widely used fails to capture the shareholders value creation/destruction as a result of management actions. The concept of EVA has gained popularity all over the world particularly in USA, UK and European countries as companies are using EVA as an internal as well as external performance measure because it is consistent with the organizational objective of shareholder’s value creation. Due to its popularity lot of research work has been conducted in late 1990’s covering diverse issues on EVA. Although theoretically the significance of EVA has been proved but there exist gaps between the various studies about the superiority of EVA. In some academic literature EVA has been proved superior to traditional measures and some studies reject this hypothesis partially or fully. In the light of above, present study has been conducted to find out various issues underlying EVA and to present them at a single place. Another rational of this review paper is that empirical studies conducted till date on EVA in different countries have used different methodology and variables to prove their respective hypothesis. This study is a step to bring out those methodologies and variables in order to determine the direction for future research on EVA. The paper covers empirical studies conducted and published on EVA during 1994 to 2008.

3.1 Objectives of the Study

The study has been conducted with the primary objectives like arranging the publications on EVA in an orderly manner so as to enable easy and quick access, classifying literature on EVA and analyzing the outcome of the studies reviewed. Identifying gaps in the existing literature and suggesting the course of future research on EVA are some added objectives of the paper.

3.2 Data and Methodology

The paper is based upon studies conducted on EVA in various countries and published in various sources. A total of 112 papers (from 61 refereed journals and international conferences) have been reviewed. The distribution of articles reviewed from various sources is given in Table II. All these papers are classified on the basis of various approaches & issues covered and presented in Table III. Literature related to EVA addresses issues like EVA and MVA (Note 2) relationship, EVA and stock returns, Value based management, discounting techniques and EVA, EVA concepts, limitations, advantages and implementation, EVA as strategy and literature review (Figure I). All the studies reviewed are also classified on the basis of methodologies used that are given in Table III & Figure 2. The following part covers detailed description on literature on EVA.

4. Literature on EVA

Various articles dealing with the theory and applications of EVA have been published over the last 15 years, but the concept is still under development and debate particularly in developed countries. Worthington and West (2001) reviewed the literature on EVA and provided a synoptic survey of EVA’s conceptual underpinnings. They concluded that empirical evidences concerning EVA have been mixed. There is strong need for research over a longer time frame to allow greater empirical certainty on the status of EVA as a corporate performance measure.

Pal and Sura (2007) reviewed 25 empirical studies published in various journals related to relationship of EVA and stock returns. They have only reviewed the results of the studies and have not considered other issues prevalent in EVA research such as EVA-MVA relationship, EVA and discounting techniques, other residual income (Note 3) based techniques, EVA implementation and EVA and managerial performance and control. Till date no other study has been conducted to cover the issues involved in research about EVA. In the present paper we have covered various issues on EVA by reviewing 112 studies on the concept. Apart from this, we have also categorized the studies based on methodologies used by various researchers, country and year-wise publication and breakup of literature reviewed on research related to EVA which is presented in Table III. Some important observations based on the classification of the literature on EVA are given in the following part:-

4.1 Breakup of Literature on EVA

Literature on EVA can broadly be classified into seven sub- themes. These are EVA and stock returns, EVAMVA relationship, managerial behavior and performance management, concept, criticism & implementations issues of EVA, value management & EVA, discounting approaches and their relationship with EVA and review studies on EVA. A brief description of these issues is presented in the following section explaining sub topics covered under each issue.

4.1.1 EVA and stock returns- This is the most widely covered aspect in the number of studies conducted on the concept of EVA. This includes literature on relationship of EVA and firm performance, evidences from stock returns, comparison of EVA with other accounting measures, portfolio selection tool, testing information content of EVA, error–rate, earning forecasts and residual income model etc.

4.1.2 EVA –MVA relationship – This concept includes literature on linkages between EVA and MVA of companies, EVA as proxy for MVA, correlation between EVA & MVA, value drivers, firm performance and MVA, inter-industry analysis and survey, effectiveness of EVA and efficacy score approach etc.

4.1.3 Managerial behavior and performance management- It includes literature on wealth creation, managerial compensation, agency theory & EVA, performance & compensation, performance evaluation profit sharing and gain sharing plans & EVA aspects.

4.1.4 Concept, criticism & implementation- This aspect covers literature on EVA as financial management system, strategy, implementation, limitations, facts & fantasy, misconceptions, EVA – adjustments etc.

4.1.5 Value management- Value based management (VBM), true value, value creation & measurement, investment recovery and value added, cash value added and share holder value creation, shareholder value drivers etc. are some important aspects that have been studied under this category.

4.1.6 Discounting approaches- EVA relationship to NPV, (Note 4) reconciliation of variations of DCF valuation, inflation adjustments, Residual Income & DCF (Note 5) approaches etc. are the issues covered under discounting approaches.

4.1.7 Literature survey- Studies covering comprehensive literature survey are included in this category. It is thus clear from Table IV and Figure 1 that empirical evidences on EVA and stock returns seem to be the dominant research theme. Majority of researchers have worked on EVA and stock returns, as 58 articles out of

112 are on this aspect. Another popular category of research is EVA and its relationship with Market value added (MVA). Only two articles out of 112 studies reviewed have been found to be created on survey of literature that justifies the need for more such studies on literature survey and other related aspects of EVA.

4.2. Methodologies used in the studies under review

In the process of reviewing literature on EVA we have also classified the studies on the basis of methodologies used. Different methodologies used by the various researchers are divided into four categories which are conceptual, descriptive, empirical and exploratory cross-sectional. Conceptual papers are those covering basic/fundamental concepts in EVA while studies providing explanation or description of EVA content or process and implementation issues are classified as descriptive studies. Empirical studies cover those which have taken data from existing databases, reviews and case studies. Studies in which data collection is done through survey are classified as exploratory cross-sectional. Table III and figure 2 exhibit the description of methodology used by various researchers over a period of time, while Table V enumerates the studies conducted using different methodologies. As evident from the Table V, out of 112 studies reviewed, 80 are based on empirical methodology that constitutes 71 percent of total studies reviewed. Only 4 percent studies have used exploratory cross-sectional methodology which is the least as compared to conceptual (7 percent) and descriptive (18 percent) approaches. Year- wise and country wise publication on EVA is presented in the following part.

4.3. Year -wise and country-wise publication of literature on EVA

The book by Stewart, The Quest for Value (1991), introduces EVA and market value added measures and their benefits. Since then, lots of studies have been conducted on various issues related to EVA. Table VI and Figure 3 summarize year wise break up of studies conducted on EVA. One interesting observation that can be had from Table VI that only 24 (21.4 percent) studies have been published in important journals till 1999, and the remaining 88 (78.6 percent) were published during 2000 -2008. Table VII and Figure 4 summarize the country-wise studies on EVA. One interesting observation that can be drawn from figure 4, that 45 percent (51 articles) studies belong to USA, 19 percent (21 articles) pertain to India and 21 percent (23 articles) studies are conducted in countries like Brazil, Russia, Indonesia, New Zealand, Malaysia etc. Since the concept of EVA was originated from US market hence more popular in same country. It seems that China and UK lag behind as far as research on the concept of EVA is concerned. Some empirical evidences on EVA form succeeding part in the paper.

5. Empirical evidences on EVA

There has been a growing debate on what influences share prices of a company. A large number of studies have investigated the relationship between accounting numbers and stock returns. Traditionally, studies have focused of researchers all over the world. In this review paper a large number of empirical studies on EVA have been presented and their results have been analyzed in order to validate the hypothesis associated with EVA. Careful analysis of literature reveals that any source of accounting based information can influence the share prices. The empirical analysis suggests that earnings generally dominate in explaining variability in stock returns. But earnings should not be relied upon because of its inability to incorporate full cost of capital. It is partially because of this limitation and partially because of increased demand by investors and analysts to correctly identify firm value, the need for research in this area has been intensified. In contrast to earnings, EVA which is the difference between after -tax operating profits and total cost of capital is a true measure of corporate profitability. As value is the main concern for shareholders, advocates of EVA claim that it is only performance measure that link directly to stock’s intrinsic value (Stewart 1991). This as well as other important issues have been covered in the studies conducted on EVA as compared to the traditional measures of firm performance. The following section deals with identifying and highlighting important issues that establishes the relationship between EVA and firm performance and other conventional measures of corporate performance reporting.

5.1 Relationship between Economic Value and Stock Returns.

Proponents of EVA claim that EVA is highly correlated with stock returns. EVA derives stock prices (Stewart, 1995; Medeiros, 2005) better than other accounting based performance indicators. Lefkowitz (1999) analyzed the US companies and results of the study supported Stern- Stewart hypothesis, i.e., EVA is better correlated with stock returns as compared to traditional performance measures. They found that EVA is reasonably reliable guide to understand the firm’s value. Machuga et al. (2002) in their study highlighted that EVA can be used to enhance future earnings predictions. Lehn & Makhija (1997) investigated the degree of correlation between different performance measures and stock market returns. The results indicate that EVA is the most highly correlated measure with stock returns. Various Studies are also conducted on Incremental information content tests of EVA and provide evidences that it adds significant explanatory power to EPS (Note 6) in explaining stock returns. Bao and Bao (1998) studied the usefulness of EVA and abnormal economic earnings of US firms and results indicate that EVA is a significant factor in market returns and its explanatory power is higher than that of accounting earnings. Chen and Dodd (1997) reported that EVA measure provides relatively more information than the traditional measures of accounting profits. They also found that EVA and RI (Residual Income) variables are highly correlated and identical in terms of association with stock returns. Worthington and West (2004) provided Australian evidences regarding the information content of EVA and concluded that stock returns to be more closely associated with EVA than residual income, earnings and net cash flow. There are some studies that do not support the claim that EVA provides better stock returns. (Biddle et al., 1997 and 1999) analyzed a sample of firms over the period 1984-93 by comparing the stock market adjusted returns against EVA, Residual Income and Operating Cash Flow. The results do not support that EVA dominates traditional performance measures in its association with the stock market returns. Ismail (2006) conducted a study on EVA and its association with stock returns viz- a- viz accounting earnings and stock returns and found that net operating profit after taxes and net income outperform EVA in explaining stock returns. Further, this study states that accruals and operating cash flows have significant incremental information content than EVA.

Peterson and Peterson (1996) analyzed traditional and value-added measures of performance and their relationship with stock returns. Their findings state that traditional measures are not empirically less related to stock returns than return on value added measures. Kyriazis and Anastassis (2007) in their study of Greek firms concluded that relative information content tests reveal that net and operating income appear to be more valuable than EVA. EVA components add only marginal information content as compared to accounting profit. One interested finding related to literature is that most of researchers have used R2 and panel data regression model to measure value relevance. Recent evidences suggest that these measures may be affected by presence of scale effects in levels regressions (Das and Lev, 1994). Various reasons are suggested by various researchers (Biddle 1998) why EVA performs relatively poor in comparison with other measures like earnings in explaining the stock returns. The important reasons are estimation errors in calculating capital charge (WACC) and accounting adjustments as compared to what market is using to value firms.

5.2 EVA adoption and firm value

Firms that adopt EVA appear to have above the average profitability relative to their peers both before and after the adoption of EVA. Further evidences also state that EVA adopters experience increased profitability relative to their peer after adoption of EVA (Ferguson et al.). Further, firms using EVA exhibit a higher percentage of institutional ownership and a lower percentage of insider ownership than non-adopters (Lovata & Costigan, 2002). Grant (1996) conducted a survey to examine the relationship between EVA and Firm Value. Results suggest that EVA significantly impacts the firm value. EVA, REVA (Note 7) and MVA are better measures of firm value (Anand et al. 1999) A major study that addresses the changes made by EVA adopters is by Wallace (1997). It examines the resultant performance of firms using EVA and other residual income techniques. He finds that EVA adopters dispose of more assets and fewer new investments. Shareholders get what they pay for; i.e. performance is greater in the areas that are reinforced by the EVA bonus plan. Biddle et al. (1998) concluded that managers respond to EVA

incentives but there is no evidence thus far to support claims that EVA is more associated with firm value than net income.

5.3 Relationship between EVA and Market Value Added (MVA)

Stewart (1991) examined the relationship between EVA and MVA of US companies and found a stronger correlation between EVA and MVA. Kramer and Pushner (1997) studied the strength of relationship between EVA and MVA. They found that MVA and NOPAT were positive on average but the average EVA over the period was negative. EVA unlike other earnings measures is systematically linked to the market value and it is powerful tool for understanding the investor expectations (O’ Byrne, 1996; Finegan, 1991). Ghanbari and More (2007) analyzed the relationship between EVA and MVA of automobile industry in India and results indicate that there are strong evidences to support Stern- Stewart’s claim. There are some studies which claim that traditional measures have better correlation with MVA. Fernandez (2001) examined the correlation between EVA and MVA of 582 American companies for the period 1983-97. It was shown that for 296 firms in the sample the changes in the NOPAT had higher correlation with changes in MVA than the EVA, while for 210 sample firms the correlation between EVA and MVA was negative. Wet (2005) conducted a study on EVA–MVA relationship of 89 Industrial firms of South Africa and found that EVA did not show the strongest correlation with MVA.

5.4 EVA and Managerial Performance

An appropriate performance measure should assess how managerial actions affect the firm value. In this regard EVA is considered as better alternative to the traditional performance measures such as Profits, EPS, and ROE etc. EVA based performance drive managers to employ firm’s assets more productively and it helps in reduction of differences in the interests of the managers and shareholders (Irala, 2005). Biddle et al. (1998) concluded in their study that firms that adopt residual income based incentives plans exhibit increased income. This study supports that managers do respond to residual income based plans. Therefore, EVA and residual income could

prove effective in motivating managers for shareholder wealth creation but whether implementation of EVA and residual income based incentives have been truly effective remain an open question for future research. “You lose about 50% of the power of EVA if the incentive plan is not truly driven by it” (Stewart 1995). An effective

EVA compensation system requires a substantial commutation effort and extensive training for both managers and their subordinates (Ferguson and Leistikow, 1998). Desai and Ferri (2006) in a case study discussed the concept of EVA and its practical applications as a management control system for performance measurement. From the analysis of literature reviewed, it appears that there is no reported study on EVA and managerial performance particularly in developing countries. Therefore, research is needed to understand the basic issues involved in such countries and their comparison of EVA with other developed economies.

6. Future Directions and Areas of research

As evident from the literature, EVA has been the topic of interest for researchers particularly in USA and few other countries since 1994. Majority of the studies relate to EVA & stock returns and its comparison with traditional measure of corporate performance. But there are many other important areas which need the attention of research as presented in the following section.

6.1 Accounting Adjustments and EVA

GAAP related adjustments comprise the most unique and debatable aspect of EVA. Although, these adjustments are argued to produce earnings figures that are closer to cash flows, they are often criticized for having little importance and difficult to understand. Stern- Stewart has suggested 164 possible adjustments to arrive at adjusted net operating profit after taxes for the calculation of EVA. There are still controversies among academicians regarding GAAP related adjustments in EVA calculation. Removal of some accruals through these adjustments is argued to reduce, rather than increase, the information content of EVA. There is a need to harmonize some adjustments that are required to be incorporated in calculation of NOPAT. Another issue of research in EVA adjustments is to examine more closely which components of EVA and earnings contribute to,

or subtract from information content (Worthington & West, 2001).

6.2 Empirical evidences about developing countries

Empirical evidences available on EVA till date and as evident from Table VI & Figure 3 show that EVA related information are readily available and promoted in the advanced economies like USA, Australia, Brazil, South Africa that facilitate research on the concept contrary to the situation in emerging economies where no good number of studies are published on EVA. This may be another area for future research that provides evidences about the superiority of EVA in other countries particularly the developing ones.

6.3 Sector Specific studies

Studies conducted on EVA viz- a -viz traditional measures of corporate performance till date relate to different sectors. These studies fail to provide clear evidences about which metric is more useful in explaining stock returns and can be used as performance measure. Companies selected in these studies relate to various industries. Analyzing sector specific companies by using EVA viz- a -viz traditional measures and comparing results can be another area of research in order to provide sector specific evidences about the concept of EVA.

6.4 EVA Applications in other Industries

Most of the studies in EVA pertain to the manufacturing sector across the world. As value added is widely recognized parameter of corporate success, it can be applied in various other areas like education, hospital and tourism etc. Kim (2006) conducted a study and tested the hypothesis on hospitality sectors firms and compared EVA with traditional measures where he found high association of returns of hospitality industry firms that to with EVA. Geyser & Liebenberg (2003) examine introducing EVA as a performance measure for agribusinesses and co-ops in South Africa. In future, researchers could explore how EVA be applied to other industries and

comparison of results made to validate the applicability of the concept.

7. Conclusion

EVA is now recognized as an important tool of performance measurement and management all over the world, particularly in advance economies by adopting it as corporate strategy. Still there are mixed evidences about the superiority of EVA over traditional performance measurement tools. Country specific evidences are also not clear when compared with other residual income metrics. In this review paper, an attempt has been made to review the literature on EVA. We have presented the literature classification scheme by categorizing the articles in seven sub-streams of EVA, viz., EVA –MVA relationship (contenta), EVA and stock returns (contentb), managerial behavior and performance management (contentc), concept, criticism, application and strategy (contentd), value management (contente), discounting approaches (contentf) and literature survey (contentg); whereas earlier researchers (Worthington & West,2001 and Pal & Sura,2007) had not categorized the literature on these bases. It is encouraging to note that last 10 years, in particular 2000 to 2008, have seen a remarkable increase in research on EVA. Empirical research methodology alone accounted for 71 percent among all four methodologies (empirical, conceptual, descriptive and exploratory cross-sectional) From the analysis of studies, it is felt that further research is needed on implementation issues, role of accounting adjustments, empirical evidences in developed economies, EVA as a strategy, EVA and discounting techniques like NPV, IRR and managerial performance measurement aspects of EVA. Empirical studies conducted till date on EVA had used data for smaller period whereas there is scope for future research on the concept by considering the data pertaining to longer durations in order to test the validity of the concept. Therefore efforts should be made in this direction to further broaden the horizon of applicability of this useful concept.

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Notes

  • Note 1. EVA is registered trademark of Stern Stewart & Company.
  • Note 2. MVA is acronym of Market Value Added, another popular measures used to analyse the firm performance. Market Value Added (MVA) is the difference between the current market value of a firm and the capital contributed by investors. If MVA is positive, the firm has added value. If it is negative, the firm has destroyed value.
  • Note 3. The Residual Income (RI) based concept has been recognized by economists since the 18th century. RI is calculated as follow: RIt= NOPATt- Kt × capital t-1, where NOPAT is net operating profit after tax, Kt is the company’s cost of capital , and capital t-1 is the invested capital at the beginning of the year. DCF is a valuation method used to estimate the attractiveness of an investment opportunity.
  • Note 4. NPV, Net Present Value is valuation method widely used in evaluating capital budgeting proposals. It is the difference between the present value (PV) of the future cash flows from an investment and the amount of investment. Present value of the expected cash flows is computed by discounting them at the required rate of return (also called minimum rate of return)
  • Note 5. Discounted cash flow (DCF) analysis uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one.
  • Note 6. The term earnings per share (EPS) represents the portion of a company’s earnings, net of taxes and preferred stock dividends, that is allocated to each share of common stock. The figure can be calculated simply by dividing net income earned in a given reporting period (usually quarterly or annually) by the total number of shares outstanding during the same term.
  • Note 7. Refined economic value added (REVA) provides an analytical framework for evaluating operating performance measures in the context of shareholder value creation. REVA for a given period t is defined as REVA = NOPATt – Kw(MVt-1), where NOPAT is the firm’s NOPAT at the end of period t and MWt-1 is the total market value of the firm’s assets at the end of period t-1 (beginning of period t) . MVt-1 is given by the market value of the firm’s equity plus the book value of the firm’s total debt less non-interest-bearing current liabilities, all at the end of period t-1.

Nilai Tambah Ekonomi (EVA) – Tinjauan Literatur
dan Isu Relevan

Dr. Anil K. Sharma

Department of Management Studies, Indian Institute of Technology Roorkee

Roorkee-247667, India

Tel: 91-13-3228-5632 E-mail: anilfdm@iitr.ernet.in

Satish Kumar (Corresponding author)

Department of Management Studies, Indian Institute of Technology Roorkee

Roorkee-247667, India

Tel: 91-92-8664-3008 E-mail: satisddm@iitr.ernet.in

ABSTRAK
Tulisan ini bertujuan untuk menyajikan sebuah tinjauan sastra naratif 112 makalah yang diterbitkan di EVA 1994-2008. Menyediakan skema klasifikasi, mengidentifikasi kesenjangan dalam literatur yang ada dan menunjukkan arah untuk penelitian masa depan. Studi diklasifikasikan dan disajikan berdasarkan periode waktu, isu-isu tertutup, distribusi literatur di berbagai sumber, metodologi yang digunakan, publikasi negara-bijaksana dan kontribusi yang dibuat oleh para peneliti pada konsep tersebut. Penelitian dilakukan di sebagian besar negara-negara maju telah ditemukan untuk mendukung EVA meskipun ada studi tertentu di negara-negara ini juga yang menganggap langkah-langkah konvensional sebagai alat pelaporan yang lebih baik kinerja perusahaan. Namun, dalam mengembangkan ekonomi kurang jumlah studi yang tersedia mendukung validitas empiris dari konsep sebagai alat pengukuran kinerja perusahaan. Konsep EVA telah memperoleh perhatian yang signifikan dalam perekonomian maju, tetapi masalah implementasi dan keabsahannya ini diperdebatkan di seluruh dunia. Makalah ini menyajikan kajian literatur yang komprehensif dan analisis kritis untuk bergerak ke arah kemajuan dalam EVA. Ini mungkin menjadi sumber informasi yang sangat berguna untuk para peneliti dan manajer yang ingin memahami dan menerapkan EVA dan melaksanakan penelitian lebih lanjut mengenai isu yang beragam ini menarik dan menambahkan nilai kinerja metrik.

Kata kunci: EVA, Pasar Pertambahan Nilai, NOPAT, tindakan Tradisional, ROE, SHV

1. PENGENALAN

Memaksimalkan nilai pemegang saham telah menjadi paradigma korporasi baru dalam beberapa tahun terakhir. The Korporasi, yang memberikan preferensi terendah untuk rasa ingin tahu pemegang saham, sekarang bestowing preferensi maksimal untuk itu. Pemegang Saham kekayaan diukur dalam hal keuntungan yang mereka terima atas investasi mereka. Ini dapat menjadi dalam bentuk dividen atau dalam bentuk apresiasi modal atau keduanya. apresiasi Modal tergantung pada perubahan nilai pasar saham. Nilai pasar saham tergantung pada sejumlah faktor mulai dari perusahaan khusus untuk pasar tertentu. Informasi keuangan yang digunakan oleh berbagai pihak untuk menilai kinerja perusahaan saat ini dan untuk meramalkan masa depan juga.

Studi empiris menyoroti bahwa tidak ada satu ukuran akuntansi yang menjelaskan variabilitas dalam kekayaan pemegang saham (Chen dan Dodd, 1997; Rogerson, 1997). Setiap tindakan keuangan yang digunakan dalam menilai kinerja perusahaan itu harus sangat berkorelasi dengan kekayaan pemegang saham dan di sisi lain tidak boleh dikenakan keacakan yang melekat di dalamnya. ukuran kinerja tradisional seperti NOPAT, EPS, ROI, ROE dll telah dikritik karena ketidakmampuan mereka untuk memasukkan biaya modal penuh sehingga laba akuntansi bukan yang konsisten

prediktor nilai perusahaan dan tidak dapat digunakan untuk mengukur kinerja perusahaan. Nilai sistem manajemen berbasis telah mendapatkan popularitas dalam literatur akademik dalam dua dekade terakhir. Salah satu inovasi seperti di bidang pengukuran kinerja internal dan eksternal adalah EVA. (Catatan 1)

Dirintis dan dianjurkan oleh konsultan bisnis berbasis di AS dan perusahaan Stern Stewart berpendapat bahwa EVA dapat digunakan sebagai pengganti pendapatan atau kas dari operasi sebagai ukuran kinerja internal dan eksternal. “Abaikan laba per saham”, “Laba, laba per saham, dan pertumbuhan pendapatan adalah menyesatkan ukuran kinerja perusahaan” dan “mengukur kinerja terbaik praktis periodik adalah EVA” (Stewart 1991). Lebih lanjut untuk mendukung hipotesis bahwa EVA adalah ukuran kinerja yang lebih baik daripada ukuran kinerja lainnya Stewart (1994) mengutip penelitian di-rumah yang menunjukkan bahwa “EVA berdiri baik keluar dari kerumunan orang sebagai tindakan yang terbaik dari penciptaan nilai secara berkesinambungan”. Dia lebih jauh menyatakan bahwa ‘adalah EVA hampir 50% lebih baik daripada tindakan berbasis akuntansi dalam menjelaskan perubahan dalam kekayaan pemegang saham “. Selain itu studi populer, dukungan untuk EVA telah diakui dari sumber lain, Fortune, yang secara berkala menerbitkan peringkat kinerja EVA sejak tahun 1993 telah mengakui EVA di bawah notasi yang berbeda “ide terpanas hari ini” keuangan, “Cara Real untuk menciptakan kekayaan” dan “A baru cara untuk menemukan Bargains “. Pendukung EVA telah membuat prinsip-prinsip berikut klaim tentang EVA:

1) EVA membantu mengurangi konflik Badan dan meningkatkan pengambilan keputusan (Costigan & Lovata, 2002; Biddle et al. 1999)

2) EVA ini lebih kuat terkait dengan return saham dibandingkan tindakan lainnya. (Maditinos et al., 2006; Lehen dan Makhija, 1997)

3) EVA Meningkatkan Kinerja Saham (Ferguson et al., 2005)

4) EVA menambahkan lebih banyak konten informasi dalam menjelaskan return saham (Erasmus, 2008; Chen dan Dodd, 1997; Kim, 2006; Palliam, 2006)

5) EVA dan Nilai Pasar tersebut berkorelasi (Lefkowitz 1999; O’Byrne 1996; Uyemura 1996; Peterson dan Peterson, 1996). Sebelum melanjutkan lebih lanjut tentang konsep tersebut, mari kita memahami konsep EVA.

2. EVA KONSEP

Pada tahun 1990 sebuah perangkat baru ini diformulasikan untuk mengukur profitabilitas perhatian, yang dikenal sebagai ‘EVA’. Konsep ini, sebagai Sebenarnya, sebuah reversi untuk perumusan Alfred Marsekal (1890) yang diajukan pada awal abad kesembilan belas. EVA perusahaan adalah ukuran dari pengembalian investasi tambahan yang menghasilkan diatas tingkat pengembalian pasar. Dalam terminologi sederhana, dapat dinyatakan bahwa EVA mengukur profitabilitas bersih biaya modal. Sebagai seseorang telah tepat berkata, ‘Anda hanya mendapatkan lebih kaya jika Anda menginvestasikan uang di sebuah pengembalian yang lebih tinggi daripada biaya uang kepada Anda’. Semua orang tahu ini, tetapi tampaknya banyak melupakannya. Dengan demikian, EVA dapat diambil sebagai laba operasi bersih dikurangi dengan biaya yang sesuai untuk kesempatan biaya seluruh modal yang diinvestasikan dalam perusahaan. Dengan demikian, EVA adalah perkiraan keuntungan ekonomi benar atau untuk jumlah yang melebihi penghasilan atau tidak memenuhi tingkat pengembalian minimum yang pemegang saham dan kreditur bisa dengan berinvestasi pada efek lain risiko sebanding.

2,1 Perhitungan EVA

EVA adalah surplus kiri setelah membuat biaya modal yang sesuai untuk digunakan dalam bisnis. Hal ini dapat dihitung dengan cara berikut.

EVA = NOPAT – (TCE x WACC) … … … … … … .. (1)

Dimana,

NOPAT = Laba operasi bersih setelah pajak

TCE = Jumlah modal usaha

WACC = biaya rata-rata tertimbang modal

Sementara perhitungan NOPAT, item non-operasional seperti dividen / bunga atas efek diinvestasikan di luar bisnis, non-operasional beban dll tidak akan dipertimbangkan. Total modal yang digunakan adalah jumlah dana pemegang saham maupun dana pinjaman. Tapi ini tidak termasuk investasi di luar bisnis. Dalam menentukan WACC, biaya utang setelah diambil sebagai biaya pajak dan biaya ekuitas diukur berdasarkan metode harga aset modal. Dengan model penetapan harga aset modal, biaya ekuitas, i. e, Ke diberikan oleh:

Ke = Rf + bi (Rm-Rf) … … … … … … … … (2)

Dimana,

Rf = Risk bebas kembali

Rm = diharapkan tingkat pengembalian pasar

Risiko bi = koefisien tertentu investasi

Biaya modal dengan demikian aspek yang paling penting dari EVA. Berdasarkan metode tradisional kebanyakan perusahaan tampaknya menguntungkan sedangkan pada kenyataannya, mereka tidak. Seperti Peter Drucker (1995, hal.59) telah mengamati, “Sampai usaha mengembalikan keuntungan yang lebih besar daripada biaya modal, dia bekerja pada kerugian. Tidak pernah diketahui bahwa membayar pajak, seolah-olah keuntungan asli. perusahaan masih kurang untuk kembali ekonomi daripada memakan sumber daya … sampai saat ini tidak menciptakan kekayaan; itu merusak itu “EVA mengambil fakta ini menjadi pertimbangan dan menyatakan bahwa manajer harus membayar untuk modal mereka memanfaatkan, seperti olah itu adalah suatu upah.. Dari Tabel saya, jelas bahwa ukuran tradisional kinerja perusahaan tidak mempertimbangkan biaya modal dalam perhitungan EVA NOPAT sedangkan

termasuk yang sama.

3. ALASAN DAN RUANG LINGKUP KAJIAN

Telah ada kekhawatiran tentang pengukuran kinerja berdasarkan informasi akuntansi tradisional seperti Return on Equity (ROE), Laba Bersih per Saham (EPS), laba operasi bersih setelah pajak (NOPAT) dan Return on Investment (ROI), dll Seperti yang telah dibahas di bagian pendahuluan makalah ini, tindakan ini gagal meskipun banyak digunakan untuk menangkap penciptaan nilai bagi pemegang saham / kerusakan sebagai akibat dari tindakan manajemen. Konsep EVA telah mendapatkan popularitas di seluruh dunia khususnya di Amerika Serikat, Inggris dan negara-negara Eropa sebagai perusahaan menggunakan EVA sebagai internal maupun eksternal mengukur kinerja karena konsisten dengan tujuan organisasi penciptaan nilai pemegang saham. Karena banyak popularitas dalam pengerjaan penelitian telah dilakukan pada tahun 1990-an yang meliputi isu-isu beragam di EVA. Meskipun secara teoritis pentingnya EVA telah terbukti tapi terdapat kesenjangan antara berbagai kajian tentang keunggulan EVA. Dalam beberapa literatur akademis EVA telah terbukti unggul untuk langkah-langkah tradisional dan beberapa penelitian menolak hipotesis ini seluruhnya atau sebagian. Dalam cahaya di atas, penelitian ini telah dilakukan untuk mengetahui berbagai masalah mendasar EVA dan menghadirkan mereka di satu tempat. Rasional lain makalah ini adalah bahwa studi empiris yang dilakukan sampai tanggal EVA di berbagai negara telah menggunakan metodologi yang berbeda dan variabel untuk membuktikan hipotesis masing-masing. Penelitian ini merupakan langkah untuk membawa keluar orang-orang metodologi dan variabel dalam rangka untuk menentukan arah untuk penelitian di masa depan EVA. Makalah ini mencakup studi empiris yang dilakukan dan diterbitkan pada EVA selama 1994 sampai 2008.

3,1 Tujuan dari Studi

Penelitian telah dilakukan dengan tujuan utama seperti mengatur publikasi pada EVA secara teratur sehingga memungkinkan akses mudah dan cepat, mengelompokkan literatur tentang EVA dan menganalisis hasil dari studi ditinjau. Mengidentifikasi kesenjangan dalam literatur yang ada dan menyarankan program penelitian di masa depan EVA adalah beberapa tujuan ditambahkan kertas.

3,2 Data dan Metodologi

Makalah ini didasarkan pada penelitian yang dilakukan pada EVA di berbagai negara dan diterbitkan dalam berbagai sumber. Sebanyak 112 makalah (dari 61 jurnal dan konferensi internasional wasit) telah ditinjau. Distribusi artikel ditinjau dari berbagai sumber diberikan dalam Tabel II. Semua kertas-kertas ini diklasifikasikan berdasarkan berbagai pendekatan & masalah tertutup dan disajikan dalam Tabel III. Sastra terkait dengan isu-isu seperti alamat EVA EVA dan MVA (Catatan 2) hubungan, EVA dan pendapatan saham, manajemen berbasis Nilai, teknik diskon dan EVA, EVA konsep, keterbatasan, keuntungan dan implementasi, EVA sebagai strategi dan kajian literatur (Gambar I). Semua studi ditinjau juga diklasifikasikan berdasarkan metodologi yang digunakan yang diberikan dalam Tabel III & Gambar 2. Bagian berikut ini mencakup deskripsi rinci tentang literatur tentang EVA.

4. LITERATUR TENTANG EVA

Berbagai artikel yang berhubungan dengan teori dan aplikasi EVA telah diterbitkan selama 15 tahun terakhir, namun konsep ini masih dalam pengembangan dan perdebatan terutama di negara maju. Worthington dan Barat (2001) menelaah literatur tentang EVA dan diberikan survei sinoptik dasar-dasar konseptual EVA’s. Mereka menyimpulkan bahwa bukti-bukti empiris mengenai EVA telah dicampur. Ada kebutuhan kuat untuk riset selama kerangka waktu yang lebih lama untuk memungkinkan kepastian empiris yang lebih besar pada status EVA sebagai ukuran kinerja perusahaan.

Pal dan Sura (2007) mengkaji 25 studi empiris diterbitkan di berbagai jurnal yang berkaitan dengan hubungan antara EVA dan pendapatan saham. Mereka hanya memeriksa hasil dari studi dan tidak dianggap sebagai isu-isu lain yang lazim dalam penelitian EVA seperti hubungan EVA-MVA, EVA dan teknik potongan, sisa pendapatan lain (Catatan 3) teknik berbasis, implementasi EVA dan EVA dan kinerja manajerial dan kontrol . Tanggal Sampai ada kajian lainnya telah dilakukan untuk menutupi isu yang terlibat dalam penelitian tentang EVA. Dalam tulisan ini kita telah membahas berbagai isu EVA dengan meninjau 112 studi tentang konsep tersebut. Selain itu, kami juga telah dikategorikan berdasarkan penelitian metodologi yang digunakan oleh berbagai peneliti, negara dan publikasi tahun bijaksana dan pecahnya literatur ditinjau pada penelitian berkaitan dengan EVA yang disajikan pada Tabel III. Beberapa pengamatan penting berdasarkan klasifikasi literatur tentang EVA diberikan dalam bagian berikut: –

4,1 Disintegrasi Sastra pada EVA

Sastra pada EVA luas dapat digolongkan ke dalam tujuh sub-tema. Ini adalah EVA dan pendapatan saham, EVAMVA hubungan, perilaku manajerial dan manajemen kinerja, konsep, kritik & isu-isu implementasi EVA, nilai manajemen & EVA, pendekatan diskon dan hubungan mereka dengan EVA dan studi Komentari EVA. Penjelasan singkat tentang isu-isu ini disajikan pada bagian berikut menjelaskan sub topik yang tercakup dalam setiap masalah.

4.1.1 EVA dan pendapatan saham-Ini adalah aspek yang paling luas tercakup dalam sejumlah penelitian yang dilakukan pada konsep EVA. Ini termasuk literatur tentang hubungan antara EVA dan kinerja perusahaan, bukti dari return saham, perbandingan EVA dengan ukuran akuntansi lainnya, pemilihan portofolio alat, pengujian kandungan informasi dari EVA, kesalahan-tingkat, model prakiraan produktif dan sisa pendapatan lain-lain

4.1.2 MVA EVA-hubungan – Konsep ini meliputi literatur tentang hubungan antara EVA dan MVA perusahaan, EVA sebagai proxy untuk MVA, korelasi antara EVA & MVA, value drivers, kinerja perusahaan dan MVA, analisis antar-industri dan survei, efektivitas EVA dan pendekatan keampuhan skor dll

4.1.3 perilaku manajerial dan kinerja pengelolaan-Ini mencakup literatur tentang penciptaan kekayaan, kompensasi manajerial, teori keagenan & EVA, kinerja & kompensasi, bagi hasil evaluasi kinerja dan rencana pembagian keuntungan & aspek EVA.

4.1.4 Konsep, kritik & implementasi-aspek ini meliputi literatur tentang EVA sebagai sistem manajemen keuangan, strategi, pelaksanaan, keterbatasan, fakta & fantasi, kesalahpahaman, EVA – penyesuaian dll

4.1.5 Nilai-Nilai manajemen manajemen berbasis (VBM), nilai benar, penciptaan nilai & pengukuran, pemulihan investasi dan nilai tambah, nilai tunai tambah dan penciptaan nilai pemegang saham, nilai pemegang saham driver dll adalah beberapa aspek penting yang telah belajar di bawah kategori ini.

4.1.6 diskon hubungan pendekatan-EVA untuk NPV, (Catatan 4) Rekonsiliasi variasi penilaian DCF, inflasi penyesuaian, Residual Income & DCF (Catatan 5) pendekatan dll adalah isu-isu tercakup dalam pendekatan diskon.

4.1.7 Studi Literatur meliputi survei-survei literatur yang komprehensif termasuk dalam kategori ini. Jelaslah dari Tabel IV dan Gambar 1 bahwa bukti-bukti empiris pada EVA dan pendapatan saham tampaknya menjadi tema penelitian yang dominan. Sebagian besar peneliti telah bekerja pada EVA dan pendapatan saham, sebagai artikel 58 dari

112 adalah pada aspek ini. Kategori lain populer penelitian adalah EVA dan hubungannya dengan nilai tambah Pasar (MVA). Hanya dua artikel dari 112 studi ditinjau telah ditemukan akan dibuat pada survei literatur yang membenarkan kebutuhan untuk studi tersebut lebih lanjut tentang survei literatur dan aspek-aspek terkait lainnya dari EVA.

4.2. Metodologi yang digunakan dalam studi di bawah tinjauan

Dalam proses review literatur tentang EVA kami juga diklasifikasikan penelitian berdasarkan metodologi yang digunakan. metodologi yang berbeda yang digunakan oleh berbagai peneliti dibagi menjadi empat kategori yang konseptual, deskriptif, dan eksplorasi empiris cross-sectional. Konseptual kertas adalah mereka meliputi dasar / konsep dasar dalam EVA sementara studi memberikan penjelasan atau deskripsi konten EVA atau proses dan masalah implementasi diklasifikasikan sebagai penelitian deskriptif. studi empiris menutupi orang-orang yang telah diambil data dari database yang ada, tinjauan dan studi kasus. Studi di mana pengumpulan data dilakukan melalui survey diklasifikasikan sebagai eksplorasi cross-sectional. Tabel III dan gambar 2 menunjukkan gambaran metodologi yang digunakan oleh berbagai peneliti selama periode waktu, sedangkan Tabel V menyebutkan penelitian dilakukan dengan menggunakan metodologi yang berbeda. Seperti yang tampak pada Tabel V, dari 112 studi ditinjau, 80 didasarkan pada metodologi empiris yang merupakan 71 persen dari total studi ditinjau. Hanya 4 studi persen telah menggunakan metodologi cross-sectional eksplorasi yang sedikit dibandingkan dengan konseptual (7 persen) dan deskriptif (18 persen) pendekatan. Tahun-bijaksana dan negara bijak publikasi EVA disajikan pada bagian berikut.

4.3. Tahun-bijaksana dan negara-bijaksana publikasi literatur tentang EVA

Buku oleh Stewart, The Quest untuk Nilai (1991), memperkenalkan EVA dan nilai tambah ukuran pasar dan keuntungan mereka. Sejak itu, banyak penelitian telah dilakukan pada berbagai isu yang berkaitan dengan EVA. Tabel VI dan Gambar 3 meringkas tahun bijaksana putus studi dilakukan pada EVA. Salah satu pengamatan yang menarik yang dapat telah dari Tabel VI yang hanya 24 (21,4 persen) penelitian telah dipublikasikan dalam jurnal penting sampai 1999, dan sisanya 88 (78,6 persen) yang diterbitkan selama tahun 2000 -2008. Tabel VII dan Gambar 4 merangkum penelitian negara-bijaksana pada EVA. Salah satu pengamatan yang menarik yang dapat diambil dari gambar 4, bahwa 45 persen (51 artikel) penelitian milik Amerika Serikat, 19 persen (21 artikel) berhubungan dengan India dan 21 persen (23 artikel) studi yang dilakukan di negara-negara seperti Brazil, Rusia, Indonesia , Selandia Baru, Malaysia dll Karena konsep EVA ini berasal dari pasar AS maka lebih populer di negara yang sama. Tampaknya bahwa Cina dan Inggris tertinggal sejauh penelitian tentang konsep EVA yang bersangkutan. Beberapa bukti empiris pada formulir EVA berhasil bagian di koran.

5. BUKTI EMPIRIS PADA EVA

Telah ada perdebatan yang tumbuh pada apa yang mempengaruhi harga saham perusahaan. Sejumlah besar studi telah meneliti hubungan antara angka akuntansi dan return saham. Secara tradisional, penelitian difokuskan peneliti di seluruh dunia. Dalam makalah ini tinjauan sejumlah studi empiris pada EVA telah disajikan dan hasil mereka telah dianalisa untuk memvalidasi hipotesis yang berkaitan dengan EVA. analisis yang teliti terhadap sastra menunjukkan bahwa setiap sumber informasi berbasis akuntansi dapat mempengaruhi harga saham. Analisis empiris menunjukkan bahwa laba umumnya mendominasi dalam menjelaskan variabilitas pendapatan saham. Tapi laba tidak harus tidak diandalkan karena ketidakmampuan untuk memasukkan biaya modal penuh. Hal ini sebagian karena keterbatasan ini dan sebagian karena permintaan meningkat oleh investor dan analis untuk secara benar mengidentifikasi nilai perusahaan, kebutuhan untuk penelitian di bidang ini telah dilakukan secara intensif. Berbeda dengan laba, EVA yang merupakan perbedaan antara laba usaha setelah pajak dan biaya total modal adalah ukuran sejati dari profitabilitas perusahaan. Sebagai nilai adalah perhatian utama bagi pemegang saham, para pendukung klaim EVA bahwa hanya mengukur kinerja yang link langsung ke nilai intrinsik saham (Stewart 1991). Ini serta masalah penting lainnya telah tercakup dalam studi yang dilakukan pada EVA dibandingkan dengan ukuran tradisional kinerja perusahaan. Bagian berikut ini berhubungan dengan mengidentifikasi dan menyoroti isu-isu penting yang membentuk hubungan antara EVA dan kinerja perusahaan dan ukuran konvensional lainnya pelaporan kinerja perusahaan.

5,1 Hubungan antara Nilai Ekonomi dan Pengembalian Saham.

Para pendukung klaim bahwa EVA EVA sangat berkorelasi dengan return saham. EVA berasal harga saham (Stewart, 1995; Medeiros, 2005) lebih baik dari indikator lain berdasarkan kinerja akuntansi. Lefkowitz (1999) menganalisis perusahaan-perusahaan AS dan hasil studi didukung hipotesis Stern-Stewart, yaitu, EVA lebih baik berkorelasi dengan return saham dibandingkan dengan ukuran kinerja tradisional. Mereka menemukan bahwa EVA adalah cukup handal panduan untuk memahami nilai perusahaan. Machuga et al. (2002) dalam penelitian mereka menekankan bahwa EVA dapat digunakan untuk meningkatkan laba prediksi masa depan. Lehn & Makhija (1997) meneliti tingkat korelasi antara ukuran kinerja yang berbeda dan kembali pasar saham. Hasil penelitian menunjukkan bahwa EVA adalah ukuran yang paling sangat berkorelasi dengan return saham. Berbagai penelitian juga dilakukan pada tes kandungan informasi incremental dari EVA dan memberikan bukti bahwa hal itu menambah kekuatan penjelas yang signifikan terhadap EPS (Catatan 6) dalam menjelaskan pendapatan saham. Bao dan Bao (1998) mempelajari manfaat EVA dan pendapatan ekonomi abnormal perusahaan-perusahaan AS dan hasil menunjukkan bahwa EVA merupakan faktor signifikan dalam pasar dan kekuasaan kembali penjelasannya lebih tinggi dibandingkan dengan laba akuntansi. Chen dan Dodd (1997) melaporkan bahwa mengukur EVA memberikan informasi yang relatif lebih besar dari ukuran laba akuntansi tradisional. Mereka juga menemukan bahwa EVA dan RI (Residual Income) variabel yang sangat berkorelasi dan sama dalam hal hubungan dengan pendapatan saham. Worthington dan Barat (2004) memberikan bukti Australia mengenai kandungan informasi dari EVA dan menyimpulkan bahwa pendapatan saham lebih erat terkait dengan EVA dari sisa pendapatan, laba dan arus kas bersih. Ada beberapa studi yang tidak mendukung klaim bahwa EVA memberikan pendapatan saham yang lebih baik. (Biddle et al., 1997 dan 1999) menganalisa sampel perusahaan selama periode 1984-1993 dengan membandingkan pasar saham disesuaikan kembali terhadap EVA, Residual Income dan Operasi Arus Kas. Hasil tidak mendukung bahwa EVA mendominasi tolok ukur kinerja tradisional dalam hubungannya dengan pendapatan saham pasar. Ismail (2006) melakukan penelitian tentang EVA dan hubungannya dengan akuntansi laba yaitu pendapatan saham-suatu yaitu-dan pendapatan saham dan menemukan bahwa laba operasi bersih setelah pajak dan laba bersih mengungguli EVA dalam menjelaskan return saham. Selanjutnya, studi ini menyatakan bahwa akrual dan arus kas operasi memiliki kandungan informasi tambahan yang signifikan dari EVA.

Peterson dan Peterson (1996) dianalisis langkah-langkah tradisional dan nilai tambah dari kinerja dan hubungan mereka dengan pendapatan saham. Temuan mereka menyatakan bahwa tindakan tradisional tidak secara empiris kurang terkait dengan pendapatan saham dari laba atas nilai tambah ukuran. Kyriazis dan Anastassis (2007) dalam penelitian mereka perusahaan Yunani menyimpulkan bahwa tes informasi relatif konten mengungkapkan bahwa bersih dan laba usaha tampak lebih berharga daripada EVA. komponen EVA hanya menambahkan konten informasi marjinal dibandingkan dengan laba akuntansi. Salah satu temuan yang tertarik mengenai sastra adalah bahwa sebagian besar peneliti telah menggunakan R2 dan panel data model regresi untuk mengukur relevansi nilai. bukti terbaru menyebutkan bahwa tindakan tersebut dapat dipengaruhi oleh adanya efek skala pada tingkat regresi (Das dan Lev, 1994). Berbagai alasan yang dikemukakan oleh berbagai peneliti (Biddle 1998) mengapa EVA melakukan yang relatif miskin dibandingkan dengan tindakan lain seperti laba dalam menjelaskan pendapatan saham. Alasan penting adalah estimasi kesalahan dalam perhitungan biaya modal (WACC) dan penyesuaian akuntansi dibandingkan dengan apa yang pasar gunakan untuk perusahaan nilai.

5,2 EVA adopsi dan nilai perusahaan

Perusahaan yang mengadopsi EVA tampaknya memiliki di atas rata-rata keuntungan relatif terhadap rekan-rekan mereka baik sebelum dan sesudah penerapan EVA. bukti lebih lanjut juga menyatakan bahwa EVA adopters mengalami peningkatan profitabilitas relatif terhadap rekan mereka setelah penerapan EVA (Ferguson et al.). Selanjutnya, perusahaan menggunakan EVA menunjukkan persentase yang lebih tinggi kepemilikan institusional dan persentase kepemilikan insider yang lebih rendah dibandingkan non-adopters (Lovata & Costigan, 2002). Grant (1996) melakukan survei untuk menguji hubungan antara EVA dan Nilai Perusahaan. Hasil menunjukkan bahwa EVA dampak signifikan nilai perusahaan. EVA, Reva (Catatan 7) dan MVA adalah ukuran yang lebih baik dari nilai perusahaan (Anand et al 1999). Sebuah studi besar yang membahas perubahan yang dilakukan oleh pelaku EVA adalah dengan Wallace (1997). Itu menguji kinerja yang dihasilkan perusahaan menggunakan EVA dan teknik lainnya sisa pendapatan. Dia menemukan bahwa EVA adopters membuang lebih banyak aset dan investasi baru sedikit. Pemegang Saham mendapatkan apa yang mereka bayar; kinerja yaitu lebih besar di daerah-daerah yang diperkuat oleh rencana bonus EVA. Biddle et al. (1998) menyimpulkan bahwa manajer menanggapi EVA

insentif namun tidak ada bukti sejauh ini untuk mendukung klaim bahwa EVA lebih terkait dengan nilai perusahaan dari laba bersih.

5,3 Hubungan antara EVA dan Pasar Pertambahan Nilai (MVA)

Stewart (1991) menguji hubungan antara EVA dan MVA perusahaan AS dan menemukan korelasi kuat antara EVA dan MVA. Kramer dan Pushner (1997) mempelajari kekuatan hubungan antara EVA dan MVA. Mereka menemukan bahwa MVA dan NOPAT yang positif rata-rata tetapi EVA rata-rata selama periode itu negatif. EVA tidak seperti ukuran pendapatan lain secara sistematis terkait dengan nilai pasar dan merupakan alat yang ampuh untuk memahami harapan investor (O ‘Byrne, 1996; Finegan, 1991). Ghanbari dan Lagi (2007) menganalisis hubungan antara EVA dan MVA industri mobil di India dan hasil yang menunjukkan bahwa terdapat bukti-bukti kuat untuk mendukung pernyataan-Stern Stewart. Ada beberapa penelitian yang menyatakan bahwa tindakan tradisional memiliki korelasi yang lebih baik dengan MVA. Fernandez (2001) meneliti hubungan antara EVA dan MVA dari 582 perusahaan Amerika untuk periode 1983-1997. Hal ini menunjukkan bahwa untuk 296 perusahaan dalam sampel perubahan NOPAT itu korelasi tinggi dengan perubahan MVA dari EVA, sedangkan untuk 210 perusahaan sampel korelasi antara EVA dan MVA negatif. Basah (2005) melakukan penelitian tentang hubungan MVA EVA-89 perusahaan Industri Afrika Selatan dan menemukan bahwa EVA tidak menunjukkan hubungan terkuat dengan MVA.

5,4 EVA dan Kinerja Manajerial

Ukuran kinerja yang tepat harus menilai bagaimana tindakan manajerial mempengaruhi nilai perusahaan. Dalam hal ini EVA dianggap sebagai alternatif yang lebih baik dengan tolok ukur kinerja tradisional seperti Profits, EPS, dll ROE kinerja berdasarkan EVA manajer dorongan untuk menggunakan aktiva perusahaan lebih produktif dan membantu dalam pengurangan perbedaan kepentingan manajer dan pemegang saham (Irala, 2005). Biddle et al. (1998) dalam penelitian mereka menyimpulkan bahwa perusahaan-perusahaan yang mengadopsi sisa pendapatan berdasarkan rencana insentif menunjukkan peningkatan pendapatan. Penelitian ini mendukung bahwa manajer menanggapi rencana berdasarkan sisa pendapatan. Oleh karena itu, EVA dan sisa pendapatan bisa

terbukti efektif dalam memotivasi para manajer untuk menciptakan kekayaan pemegang saham tapi apakah penerapan EVA dan sisa pendapatan insentif berbasis telah benar-benar efektif tetap merupakan pertanyaan terbuka untuk penelitian masa depan. “Anda kehilangan sekitar 50% dari kekuatan EVA jika rencana insentif tidak benar-benar didorong oleh itu” (Stewart 1995). Yang efektif

sistem kompensasi EVA memerlukan upaya pergantian substansial dan pelatihan bagi manajer dan bawahan mereka (Ferguson dan Leistikow, 1998). Desai dan Ferri (2006) dalam studi kasus yang dibahas konsep dan aplikasi praktis EVA sebagai sistem pengendalian manajemen untuk pengukuran kinerja. Dari analisis sastra ditinjau, tampak bahwa tidak ada dilaporkan studi pada EVA dan kinerja manajerial khususnya di negara-negara berkembang. Oleh karena itu, penelitian diperlukan untuk memahami masalah-masalah dasar yang terlibat di negara-negara tersebut dan mereka perbandingan EVA dengan ekonomi maju lainnya.

6. ARAH MASA DEPAN DAN DAERAH PENELITIAN

Seperti yang tampak pada literatur, EVA telah menjadi topik yang menarik bagi para peneliti khususnya di Amerika Serikat dan beberapa negara lainnya sejak tahun 1994. Mayoritas studi berhubungan dengan EVA & return saham dan perbandingannya dengan ukuran tradisional kinerja perusahaan. Tapi ada banyak daerah penting lainnya yang memerlukan perhatian penelitian yang disajikan pada bagian berikut.

6,1 Akuntansi Penyesuaian dan EVA

penyesuaian GAAP terkait terdiri dari aspek yang paling unik dan diperdebatkan EVA. Meskipun, penyesuaian ini berpendapat untuk menghasilkan angka laba yang lebih dekat ke arus kas, mereka sering dikritik karena tidak penting dan sulit dimengerti. Stern-Stewart telah menyarankan 164 penyesuaian mungkin untuk tiba di laba usaha bersih setelah pajak yang disesuaikan untuk perhitungan EVA. Masih ada kontroversi di kalangan akademisi tentang penyesuaian GAAP terkait dalam perhitungan EVA. Penghapusan beberapa akrual melalui penyesuaian ini berpendapat untuk mengurangi, bukan meningkatkan, isi informasi dari EVA. Ada kebutuhan untuk menyelaraskan beberapa penyesuaian yang diperlukan untuk dimasukkan dalam perhitungan NOPAT. Lain masalah penelitian dalam penyesuaian EVA adalah untuk mengkaji lebih dekat mana komponen EVA dan laba berkontribusi,

atau mengurangi dari isi informasi (Worthington & Barat, 2001).

6,2 bukti empiris tentang negara-negara berkembang

bukti empiris yang tersedia pada EVA sampai tanggal dan seperti yang jelas dari Tabel VI & Gambar 3 menunjukkan bahwa informasi EVA terkait tersedia dan dipromosikan di negara-negara maju seperti Amerika Serikat, Australia, Brazil, Afrika Selatan yang memfasilitasi penelitian mengenai konsep yang bertentangan dengan situasi di ekonomi muncul di mana tidak ada baik jumlah penelitian diterbitkan pada EVA. Hal ini mungkin lain daerah untuk penelitian masa depan yang memberikan bukti tentang keunggulan EVA di negara-negara lain terutama yang berkembang.

6,3 Sektor Tertentu studi

Studi yang dilakukan pada langkah-langkah EVA tradisional yaitu-a-yaitu kinerja perusahaan sampai tanggal berhubungan dengan sektor yang berbeda. Studi-studi ini gagal untuk memberikan bukti-bukti yang jelas tentang metrik yang lebih berguna dalam menjelaskan pendapatan saham dan dapat digunakan sebagai ukuran kinerja. Perusahaan yang dipilih dalam penelitian ini berhubungan dengan berbagai industri. Menganalisis perusahaan tertentu sektor dengan menggunakan langkah-langkah EVA tradisional yaitu-a-viz dan hasil dapat membandingkan wilayah lain penelitian untuk memberikan bukti-bukti spesifik sektor tentang konsep EVA.

6,4 EVA Aplikasi dalam Industri lainnya

Sebagian besar penelitian dalam berhubungan EVA untuk sektor manufaktur di seluruh dunia. Sebagai nilai tambah secara luas diakui parameter keberhasilan perusahaan, dapat diterapkan di berbagai daerah lain seperti pendidikan, rumah sakit dan pariwisata dll Kim (2006) melakukan penelitian dan menguji hipotesis pada perusahaan sektor perhotelan dan EVA dibandingkan dengan langkah-langkah tradisional di mana ia menemukan hubungan yang tinggi kembali perusahaan industri perhotelan itu dengan EVA. Geyser & Liebenberg (2003) meneliti memperkenalkan EVA sebagai ukuran kinerja untuk agribisnis dan co-ops di Afrika Selatan. Di masa mendatang, peneliti bisa menyelidiki bagaimana EVA diterapkan ke industri lain dan

perbandingan yang dibuat untuk memvalidasi hasil penerapan konsep tersebut.

7. KESIMPULAN

EVA sekarang diakui sebagai alat penting dari pengukuran kinerja dan manajemen di seluruh dunia, terutama di muka dengan mengadopsi ekonomi sebagai strategi perusahaan. Masih ada bukti dicampur tentang superioritas EVA lebih dari alat pengukuran kinerja tradisional. bukti Negara tertentu juga tidak jelas bila dibandingkan dengan metrik lainnya sisa pendapatan. Dalam makalah ini, upaya telah dilakukan untuk meninjau literatur tentang EVA. Kami telah menyajikan skema klasifikasi literatur dengan mengelompokkan artikel dalam tujuh sub-aliran EVA, yaitu, EVA-MVA hubungan (contenta), EVA dan pendapatan saham (contentb), perilaku manajerial dan manajemen kinerja (contentc), konsep, kritik , aplikasi dan strategi (contentd), manajemen nilai (contente), pendekatan diskon (contentf) dan survei literatur (contentg); sedangkan peneliti sebelumnya (Worthington & Barat, 2001 dan Pal & Sura, 2007) tidak dikategorikan kepustakaan mengenai dasar tersebut . Hal ini mendorong untuk dicatat bahwa 10 tahun terakhir, khususnya 2000-2008, telah melihat peningkatan yang luar biasa dalam penelitian tentang EVA. metodologi penelitian empiris saja dicatat 71 persen di antara semua empat metodologi (empiris, konseptual, deskriptif dan eksplorasi cross-sectional) Dari analisis studi, adalah merasa bahwa diperlukan penelitian lebih lanjut tentang isu-isu implementasi, peran penyesuaian akuntansi, bukti empiris dalam mengembangkan ekonomi, EVA sebagai strategi, EVA dan teknik potongan seperti NPV, IRR dan aspek manajerial pengukuran kinerja EVA. studi empiris yang dilakukan sampai tanggal EVA telah menggunakan data untuk periode yang lebih kecil sedangkan ada ruang lingkup untuk penelitian di masa depan konsep tersebut dengan mempertimbangkan data yang berkaitan dengan jangka waktu yang lebih lama untuk menguji validitas konsep. Oleh karena itu harus dilakukan upaya ke arah ini untuk lebih memperluas cakrawala penerapan konsep ini berguna.

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CATATAN

• Catatan 1. EVA adalah merek dagang terdaftar dari Stern Stewart & Company.

• Catatan 2. MVA adalah singkatan dari Pasar Pertambahan Nilai, langkah-langkah lain yang populer digunakan untuk menganalisis kinerja perusahaan. Pasar Pertambahan Nilai (MVA) adalah perbedaan antara nilai pasar saat ini perusahaan dan modal disumbangkan oleh investor. Jika MVA positif, perusahaan mempunyai nilai tambah. Jika negatif, perusahaan telah menghancurkan nilai.

• Catatan 3. Pendapatan Residual (RI) berdasarkan konsep telah diakui oleh para ekonom sejak abad ke-18. RI dihitung sebagai berikut: RIT = NOPATt-Kt × modal t-1, di mana NOPAT beroperasi laba bersih setelah pajak, Kt adalah biaya perusahaan modal, dan modal t-1 adalah investasi yang ditanamkan pada awal tahun. DCF adalah metode penilaian yang digunakan untuk memperkirakan daya tarik peluang investasi.

• Catatan 4. NPV, Net Present Value adalah metode penilaian yang banyak digunakan dalam mengevaluasi usulan anggaran modal. Ini adalah selisih antara nilai sekarang (PV) dari arus kas masa depan dari investasi dan jumlah investasi. Nilai kini dari arus kas yang diharapkan dihitung dengan mendiskontokan mereka pada tingkat yang diperlukan kembali (juga disebut minimum tingkat pengembalian)

• Catatan 5. Discounted cash flow (DCF) analisis menggunakan proyeksi arus kas masa depan yang bebas dan diskon mereka (paling sering menggunakan biaya rata-rata tertimbang modal) untuk tiba pada suatu nilai sekarang, yang digunakan untuk mengevaluasi potensi untuk investasi. Jika nilai tiba di analisis DCF melalui lebih tinggi daripada biaya investasi saat ini, mungkin kesempatan yang baik.

• Catatan 6. Istilah laba per saham (EPS) merupakan bagian dari laba sebuah perusahaan, setelah dikurangi pajak dan dividen saham preferen, yang dialokasikan untuk setiap saham saham biasa. Angka hanya dapat dihitung dengan membagi laba bersih yang diperoleh dalam jangka waktu tertentu (biasanya tiga bulanan atau tahunan) dengan jumlah saham yang beredar selama jangka waktu yang sama.

• Catatan 7. nilai ekonomi Refined tambah (Reva) memberikan kerangka analisis untuk mengevaluasi ukuran kinerja operasi dalam konteks penciptaan nilai pemegang saham. Reva untuk t periode tertentu didefinisikan sebagai Reva = NOPATt – Kw (mvx-1), di mana NOPAT adalah NOPAT perusahaan pada akhir periode t dan MWt-1 adalah nilai pasar total aset perusahaan pada akhir periode t-1 (awal periode t). Mvx-1 diberikan oleh nilai pasar ekuitas perusahaan ditambah dengan nilai buku total hutang perusahaan kurang non-interest-bearing kewajiban lancar, semua pada akhir periode t-1.

Sumber: google

selasa,25 mei 2010

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