EVA and Mva Analysis of State-Owned Enterprises in the Pharmaceutical Sub-Sector of Indonesia Stock Exchange
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This study aims to analyze the economic value added (EVA) and market value added (MVA) obtained by state-owned enterprises in pharmaceutical sub-sector of Indonesia Stock Exchange and to test whether there is difference between EVA and MVA both between objects and between variables. The object of the research is state-owned enterprises incorporated in the pharmaceutical sub-sector of Indonesia Stock Exchange, namely PT. Indofarma (Persero) Tbk and PT.Kimia Farma (Persero) Tbk. Observation period for 3 years from 2014 to 2016. The result of the research is that there is no process of economic value added and there is a decrease of shareholder value of PT Indofarma (Persero) Tbk during 2 observation period but economic value added process and increase of shareholder value of PT Kimia Farma (Persero) Tbk during observation period, there is difference of EVA between state-owned enterprises in pharmaceutical subsector of Indonesia Stock Exchange and there is difference of MVA between state-owned enterprises in pharmaceutical subsector of Indonesia Stock Exchange.
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