The Effect of Economic Value Added (EVA), Market Value Added (MVA), Cash Value Added (CVA), and Operating Cash Flow on Stock Returns at PT Bank Rakyat Indonesia (Persero), Tbk Period 2014 – 2023
This study seeks to investigate and validate the effect of Economic Value Added (EVA), Market Value Added (MVA), Cash Value Added (CVA), and Operating Cash Flow (OCF) on stock returns at PT Bank Rakyat Indonesia, Tbk for 2014–2023. Data were sourced from financial reports and trading summaries on the Indonesia Stock Exchange, with a full sample method applied. Multiple linear regression analysis was used, alongside F-test, t-test, and classical assumption tests (normality, multicollinearity, heteroscedasticity, autocorrelation). Results indicate that EVA, MVA, CVA, and OCF significantly and positively influenced stock returns, both collectively and individually, during the study period. This highlights their relevance in explaining stock return variability for PT Bank Rakyat Indonesia, Tbk.
Authors
- Muhammad Rois
- Prihatiningsih Prihatiningsih (ORCID: https://orcid.org/0000-0003-0068-4425)
- Nafis Maesar Chusniyah
Institutions
- State University of Semarang (ID)
- Politeknik Negeri Semarang
Publication Details
- Journal
- Indonesian Journal of Banking and Financial Technology
- Published
- 2025-05-15
- DOI
- https://doi.org/10.55927/fintech.v3i2.37
- Primary Topic
- Financial Reporting and Valuation Research
- Type
- article
- Field-Weighted Citation Impact
- 0.00