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).