Pengukuran Kinerja Keuangan dengan Pendekatan Value Based Management pada PT Indah Kiat Pulp & Paper Tbk Periode 2019–2024
DOI:
https://doi.org/10.35870/emt.v10i4.7412Keywords:
Financial Statements, Financial Performance, Economic Value Added, Market Value AddedAbstract
This study aims to examine the financial performance of PT Indah Kiat Pulp & Paper Tbk for the 2019–2024 period using Value-Based Management methods, including Economic Value Added (EVA) and Market Value Added (MVA). The method used is descriptive quantitative analysis with secondary data obtained from the annual financial statements of PT Indah Kiat Pulp & Paper, which is listed on the Indonesia Stock Exchange. The results show that the EVA value throughout the study period was consistently positive, indicating that the company has successfully created economic value added because the operating profit generated was able to cover the cost of capital. Conversely, the MVA was positive only during the 2019–2023 period, indicating that the company was able to create market value added and gain investor confidence because the company’s market value exceeded the invested capital. Thus, although PT Indah Kiat Pulp & Paper Tbk has not yet been able to create economic value based on the EVA approach, the company has still been able to create market value for shareholders, as reflected by the positive MVA value. Therefore, the company needs to improve capital efficiency and profitability in order to generate sustainable economic value
Downloads
References
Allevi, E., Gnudi, A., Konnov, I. V., Oggioni, G., & Riccardi, R. (2024). A spatial equilibrium problem for the European pulp and paper industry under the emission trading system. Journal of Optimization Theory and Applications, 203, 1767–1793. https://doi.org/10.1007/s10957-023-02291-4.
Anastasya, W., & Ibrahim, M. (2022). Penilaian kinerja keuangan menggunakan metode Economic Value Added (EVA) pada PT United Tractors, Tbk. Ekonomika45: Jurnal Ilmiah Manajemen, Ekonomi Bisnis, Kewirausahaan, 9(2), 217–229.
Baker, M., Wurgler, J., & Yuan, Y. (2021). Global, local, and contagious investor sentiment. Journal of Financial Economics, 104(2), 272–287. https://doi.org/10.1016/j.jfineco.2011.11.002.
Brigham, E. F., & Houston, J. (2017). Dasar-dasar manajemen keuangan. Jakarta: Salemba Empat.
Darmawati, S. S., Mujiyani, M., Mulatsih, M., & Utami, B. (2024). Analisis kinerja keuangan dengan Economic Value Added (EVA) pada PT ABC tahun 2019–2023. KOMITMEN: Jurnal Ilmiah Manajemen, 6(1). https://doi.org/10.15575/jim.v6i1.43796.
Husnan, S., & Pujiastuti, E. (2015). Dasar-dasar manajemen keuangan (Edisi ke-7). Yogyakarta: UPP STIM YKPN.
Kementerian Perindustrian Republik Indonesia. (2019). Industri pulp dan kertas nasional dalam peta persaingan global.
Makhija, H., & Trivedi, P. (2020). An empirical investigation of the relationship between TSR, value-based and accounting-based performance measures. Journal of Management Research, 20(2), 77–92.
Rudianto. (2013). Akuntansi manajemen informasi untuk pengambilan keputusan strategi.
Sartono, A. (2008). Manajemen keuangan: Teori dan aplikasi (Edisi 4). Yogyakarta: BPFE.
Silvia, R., & Wangka, N. (2022). Economic Value Added and Market Value Added as a measuring tool for financial performance. International Journal of Social Science and Business, 6(1), 20–27. https://doi.org/10.23887/ijssb.v6i1.30371.
Sugiyono. (2018). Metode penelitian kuantitatif, kualitatif, dan R&D. Bandung: Alfabeta.
Sukarno, S. R., & Mintalangi, S. S. E. (2024). Kinerja keuangan berbasis Economic Value Added: Studi kasus pada PT Telkom Indonesia Tbk. Manajemen Bisnis dan Keuangan Ko orat. https://doi.org/10.58784/mbkk.174.
Syafariansyah, R., Riyanto, A., & Hendra. (2025). Analisis kinerja keuangan menggunakan metode Economic Value Added, Market Value Added, Financial Value Added, dan Refined Economic Value Added pada perusahaan sektor energi periode 2019–2023. OBOR: Oikonomia Borneo.
Tjandra, B., Sulistyorini, D., Mulia, R., Anggraeni, T., & Leon, F. M. (2022). Performance of Indonesian manufacturing companies: Economic Value Added approach. Jurnal Inovasi Ekonomi.
Wulandari, E. D., & Widjatmiko, A. G. (2023). Analisis kinerja keuangan menggunakan pendekatan Economic Value Added (EVA) pada PT Ultrajaya Milk Industry Tbk periode tahun 2020–2022. Worldview (Jurnal Ekonomi Bisnis dan Sosial Sains), 2(2). https://doi.org/10.38156/worldview.v2i2.294.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Rafidah Kalistyaningrum, Asep Muslihat, Hari Sulistiyo
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
