Economic Value Added (EVA): Alternatif Standar Pengukuran Kinerja untuk Menciptakan Nilai Bagi Pemegang Saham

Sjam, Amelina Apricia (2008) Economic Value Added (EVA): Alternatif Standar Pengukuran Kinerja untuk Menciptakan Nilai Bagi Pemegang Saham. Majalah Ilmiah Maranatha, 15 (2). pp. 24-33. ISSN 0854-7084

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The financial theory has since long suggested that every company's ultimate objective is to maximize the wealth of its shareholders. That should be natural since shareholders own the company and as rational investors expect good long-term yield on their investment. THis can be seen e.g. from measurement systems. Metrics like Return on Investment (ROI) and Return on Equity (ROE) are used as the most important performance measures and even as compensation based on a large number of companies. Against this background, it is no wonder that the so-called value based measures, such as Economic Value Added (EVA), have received a lot of attention in the recent year. There has been a vivid debate for an against EVA in academic and management literature. Unfortunately, most EVA advocates and adapters have not acknowledged or discussed the faults of EVA, while they have praised the concept as a management tool. There are currently empirical evidences dealing objectively with EVA's weaknesses beside its strengths as a management tool. The evidences indicate that EVA is only one of the performance measurements and it must be used in confunction with a balanced set of measures that provide a complete picture of performance. The facts suggest that along with EVA, companies should continue monitoring the traditional measures of accounting profit, such as ROI and ROE.

Item Type: Article
Uncontrolled Keywords: Economic Value Added, financial performance measurement
Subjects: H Social Sciences > HG Finance
Depositing User: Perpustakaan Maranatha
Date Deposited: 17 Mar 2014 05:56
Last Modified: 17 Mar 2014 05:56

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