THE EFFECT OF MARKET VALUE ADDED AND ECONOMIC VALUE ADDED ON STOCK PRICES OF COMPANIES LISTED IN THE INDONESIAN SYARIAH STOCK INDEX (STUDY AT PT. TELKOM INDONESIA TBK 2012 – 2023)

Abstract

The capital market is very important in the Indonesian economy, especially as a source of long-term financing for companies. One of the instruments most sought af­ter by investors is stocks, due to their high potential returns. It is suspected that Mar­ket Value Added (MVA) and Economic Value Added (EVA) have an influence on stock prices. In addition, previous studies have shown inconsistent results. This stu­dy aims to determine and analyze the partial effect of Market Value Added (MVA) on stock prices, the partial effect of Economic Value Added (EVA) on stock prices, and the simultaneous effect of MVA and EVA on the stock price of PT Tel­kom Indonesia Tbk during the period 2012–2023. The research method uses a de­scrip­tive quantitative approach, with data processed using SPSS for Windows Ver­sion 29. The results show that MVA has a partial significant effect on stock prices with a determination coefficient of 66%, while EVA does not have a partial signi­fi­cant effect with a determination coefficient of 12%. Simultaneously, MVA and EVA ha­ve a significant effect on stock prices with a combined determination coeffi­cient of 66.8%, while the remaining 33.2% is influenced by other variables not examined in this study.