KINERJA BEBERAPA PERUSAHAAN SEKTOR PERTAMBANGAN YANG SAHAMNYA TERCATAT DI BURSA EFEK INDONESIA

Abstract

This research used survey method approach in Mine Sector Company with title “An Evaluation on Performance of several Mine-Sector Companies in which their stocks listed in Indonesian Stock Exchange’. In this study, the writer took two hypotheses, namely: the financial performance of mine sector company with stock listed in Indonesian Stock Exchange was healthy; and among the three mine sector companies, PT Aneka Tambang (stakeholder) Tbk. was the best financial performance one. Analysis tool used to find out financial performance of the companies was Economic Value Added (EVA) and Market Value Added (MVA)Parameter used in order to search the company financial performance in healthy condition would be if EVA obtained > 0 and MVA obtained > 0. Both parameters were applied to test the validity of the first hypothesis, where if EVA > 0 and MVA > 0; the second hypothesis, where EVAPT Aneka Tambang > EVAPT Timah and EVAPT INCO and MVAPT Aneka Tambang > MVAPT Timah and MVAPT INCO. The research population were all mine sector company that their stocks listed in Indonesian Stock Exchange, that covered 15 companies. From the population, the writer took three company, namely PT Aneka Tambang (stakeholder) Tbk, PT Timah Tbk, and PT International Nickel Ind. Tbk. The three companies were mine companies covered in Metal and Other Mineral classification and as Kompas 100 in Kompas, Saturday, March, 20 2008 Edition. In line with EVA and MVA results, and the available parameters, it showed that financial performance of mine sector companies were healthy for EVA and MVA obtained > 0 and PT Aneka Tambang had the best financial performance. Thus, the two hypothesis were accepted. Based on the fact above, the writer implicates that in testing financial performance the company should consider the capital cost being carried in order to find out real economic profit. Moreover, EVA and MVA methods are good to be parameter in testing company financial performance, where they are applicable as manager guidance in making management decision and considering investor hopes. It happens because EVA and MVA have the same pressure namely investor welfare (credit and stakeholder).