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

Oleh:

Sjam, Amelina Apricia

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: Majalah Ilmiah Maranatha vol. 15 no. 2 (Jul. 2008), page 24-33.
Topik: Economic Value Added; Financial Performance Measurement

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Perpustakaan Pusat (Semanggi) Nomor Panggil: MM30 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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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. In the past, this ultimate objective was often partly ignored or even misunderstodd. 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 a 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 years. There has been a vivid debate for and 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's only one of the performance measurements and it must be used in conjunction 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.

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