Analysis of Economic Value Added (EVA) Method to Measure Financial Performance at PT. Charoen Pokphand Indonesia, tbk. Case Study 2014 - 2023
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Abstract
This research aims to determine the condition and financial performance of the company for capital suppliers, to control internally, to carry out effective planning and supervision, and as a guideline for improvement efforts and further improvement of the company's performance. Especially in the companies that are being researched, it turns out that they still do not use EVA analysis as an analysis that will be able to determine whether the profits obtained from 2014 to 2023 can create added value to the company or not. The financial data used for this study was taken for six (10) years, from 2014 – 2023. The data of this study was obtained from observation and documentation with NOPAT analysis tools, capital costs, and EVA analysis. The results of this study show that using the EVA (Economic Value Added) method in the research year has been able to provide economic added value for the company, as evidenced by the results of the EVA>0 calculation is of positive value.
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How to Cite
Najla, A. N. E., & Yofi, Y. (2025). Analysis of Economic Value Added (EVA) Method to Measure Financial Performance at PT. Charoen Pokphand Indonesia, tbk. Case Study 2014 - 2023. ProBisnis : Jurnal Manajemen, 16(2), 7–15. Retrieved from https://ejournal.joninstitute.org/index.php/ProBisnis/article/view/911
References
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Anastasya W., & Ibralhim, M. (2022). Analysis of Keualngaln Performance Using the Economic Vallue ALdded (Eval) Paldal Method of PT United Tralctors, Tbk. 9(2), 1–13.
Apriyanti, R. K. (2021). Comparative analysis of the financial performance of PT. Bank Rakyat Indonesia Tbk and PT. Bank Muamalat Indonesia Tbk uses the Economic Value Added (EVA) method for the 2014-2018 period. Lampung: Raden Intan State Islamic University Lampung.
Argeswara, D. R. (2020). Economic Value Added, and Market Value Added as a Measure of the Company's Financial Performance (Study on LQ45 Companies Listed on the IDX for the 2016-2018 Period). Scientific Journal of FEB Students. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/6433
Astari Putri, Ni Kadek Ayu Ari, and Nyoman Dwika Ayu Amrita. 2020. "Economic Value Added (Eva) Analysis to Assess the Company's Financial Performance at Pt Villa Ayu Amandari Hotel Ubud Gianyar." Journal of Management and Business Equilibrium 6(1):93–100. https://doi.org/10.47329/jurnal_mbe.v6i1.413
Fiyanto, Ary, Indra Setiawan Purba, Hugo Aries Suprapto, and Sandy Mahardhika. 2022. "Analysis of Corporate Financial Performance Using the Economic Value Added (EVA) Calculation Method in Manufacturing Companies." Scientific Journal of Education 8(13)(13):499–510.
Kadim, A. 2020. Financial Performance Using Economic Value Added (EVA), Financial Value Added (FVA) and Market Value Added (MVA) Methods in Telecommunications Industry Companies in Indonesia Listed on the IDX in 2014-2018. Securities Journal, Vol.3, No.2. Persada University Indonesia.
Longdong, Nikita G. F., and Hendra N. Tawas. 2021. "Economic Value Added (EVA) and Market Value Added (MVA) Analysis as a Tool to Measure Financial Performance at PT Indofood Sukses Makmur Tbk." EMBA Journal: Journal of Economics, Management, Business and Accounting Research 9(4):1153–64.
Octalvialny, W., Prihaltni, R., & Mulialsalri, I. (2021). Pengalruh Economic Vallue ALdded, Malrket Vallue ALdded, Likuiditals, daln Ukuraln Perusalhalaln Terhaldalp Halrgal Salhalm. ALkuntalnsi, Perpaljalkaln Daln ALuditing, 2(1), 89– 108.
Purnomo, Sigit, and Pompong Budi Setiadi. 2023. "Economics and Digital Business Review of Financial Performance Analysis of Pt Alkindo Naratama Tbk Using the Economic Value Added (EVA) Method." Economics and Digital Business Review 4(1):416–21.
Ralmaldhalnty, D., Supralmono, S., & Yudhalwalti, D. (2020). ALnallisis Metode Economic Vallue ALdded (Eval) Daln Malrket Vallue ALdded (Mval) Untuk Mengukur Kinerjal Keualngaln. Malnalger : Jurnall Ilmu Malnaljemen, 3(1), 123. https://doi.org/10.32832/malnalger.v3i1.3840
Rezhal, L. A. L.,Dialnal, N., & Malwalrdi, M. C. (2021). ALnallisis Economic Vallue ALdded (EVAL) Daln Malrket Vallue ALdded (MVAL) Dengaln Time Series ALpproalch dallalm Penilalialn Keualngaln Keualngaln Perusalhalaln Selalmal Palndemi (Paldal Study of Pertalnialn IndustryIn Indonesial Yalng Listing on the IDX). E-Jral, 10(5)(05), 29–39.
Safhira, S., & Darwis, D. (2022). Analysis of Financial Statement Performance Using the Economic Value Added Method in Public Companies. Scientific Journal of Accounting Information Systems, 1(2), 33–40. https://doi.org/10.33365/jimasia.v1i2.1441
Sarapi, Natalia Melinda, Sifrid S. Pangemanan, and Natalia Y. T. Gerungai. 2022. "Analysis of Financial Performance Measurement Using Economic Value Added (EVA) and Financial Value Added (FVA) Methods at PT Indocement Tunggal Prakarsa Tbk for the 2018-2020 Period." LPPM Field of EcoSosBudKum (Economic, Social, Cultural, and Law) 5(2):399–406.
Setiyalwaln, D., & Nurwulalndalri, AL. (2022). ALnallysis Of The Influence Of Economic Vallue ALdded, Malrket VallueALdded, ALnd Return On Investment On Stock Return With Compalny Vallue ALs Intervening Valrialbles In ALgriculturall Sub SectorCompalnies Plalntaltions. Jurnall Malntik, 6(2), 2248–2253
Suhud, Cantik Wiradinda, Djoni Djatnika, and Dimas Sumitra Danisworo. 2022. "Financial Performance Assessment Using the Economic Value Added Method at PT Nippon Indosari Corpindo Tbk." Indonesian Journal of Economics and Management 2(2):342–54. doi: 10.35313/ijem.v2i2.3683.
Sunardi, Nardi. 2020. "JIMF (Scientific Journal of Management 'Assessment of Financial Performance Using Economic Value Added (EVA) and Market Value Added (MVA) with Time Series Approach on the Cement Industry in Indonesia', Articles Information Abstract, Scientific Journal of Management Forkamma Prod." Forkamma) 3(2):184–94.
Taroreh, m. V., sondakh, j. J., & Mawikere, L. M. (2021). Comparative analysis between economic value added (eva) and return on assets (roa) in assessing the company's performance at pt. Bank Negara Indonesia Tbk and PT. Bank Mandiri Tbk. EMBA Journal: Journal of Economics, Management, Business, Accounting Research, 1029-1038.
Utomo, M. R., Azizah, M. A. N., Fadillah, M. R., Sholehah, N., Marthiana, N. P., Akbari, N. S., Badriah, N., & Mulyawan, S. (2020). Analysis of the Financial Performance of the Eva and MVA Methods in the Company of Pt Waskita Karya (Persero) Tbk in 2017-2019. ACCELERATION: National Scientific Journal, 2(1), 17–27. https://doi.org/10.54783/jin.v2i1.104
Wulandari, H. F. P. (2021). Economic Value Added Method as A Tools to Measure Financial Performance Assessment in PT. Campina Ice Cream Tbk. Quantitative Economics and Management Studies, 2(1), 85–93. https://doi.org/10.35877/454ri.qems315
https://cp.co.id/en/
https://www.idnfinancials.com/id/CPIN/PT-Charoen-Pokphand-Indonesia-Tbk
https://www.marketscreener.com/quote/stock/PT-CHAROEN-POKPHAND-INDON-9059160/finances-income-statement/
Anastasya W., & Ibralhim, M. (2022). Analysis of Keualngaln Performance Using the Economic Vallue ALdded (Eval) Paldal Method of PT United Tralctors, Tbk. 9(2), 1–13.
Apriyanti, R. K. (2021). Comparative analysis of the financial performance of PT. Bank Rakyat Indonesia Tbk and PT. Bank Muamalat Indonesia Tbk uses the Economic Value Added (EVA) method for the 2014-2018 period. Lampung: Raden Intan State Islamic University Lampung.
Argeswara, D. R. (2020). Economic Value Added, and Market Value Added as a Measure of the Company's Financial Performance (Study on LQ45 Companies Listed on the IDX for the 2016-2018 Period). Scientific Journal of FEB Students. https://jimfeb.ub.ac.id/index.php/jimfeb/article/view/6433
Astari Putri, Ni Kadek Ayu Ari, and Nyoman Dwika Ayu Amrita. 2020. "Economic Value Added (Eva) Analysis to Assess the Company's Financial Performance at Pt Villa Ayu Amandari Hotel Ubud Gianyar." Journal of Management and Business Equilibrium 6(1):93–100. https://doi.org/10.47329/jurnal_mbe.v6i1.413
Fiyanto, Ary, Indra Setiawan Purba, Hugo Aries Suprapto, and Sandy Mahardhika. 2022. "Analysis of Corporate Financial Performance Using the Economic Value Added (EVA) Calculation Method in Manufacturing Companies." Scientific Journal of Education 8(13)(13):499–510.
Kadim, A. 2020. Financial Performance Using Economic Value Added (EVA), Financial Value Added (FVA) and Market Value Added (MVA) Methods in Telecommunications Industry Companies in Indonesia Listed on the IDX in 2014-2018. Securities Journal, Vol.3, No.2. Persada University Indonesia.
Longdong, Nikita G. F., and Hendra N. Tawas. 2021. "Economic Value Added (EVA) and Market Value Added (MVA) Analysis as a Tool to Measure Financial Performance at PT Indofood Sukses Makmur Tbk." EMBA Journal: Journal of Economics, Management, Business and Accounting Research 9(4):1153–64.
Octalvialny, W., Prihaltni, R., & Mulialsalri, I. (2021). Pengalruh Economic Vallue ALdded, Malrket Vallue ALdded, Likuiditals, daln Ukuraln Perusalhalaln Terhaldalp Halrgal Salhalm. ALkuntalnsi, Perpaljalkaln Daln ALuditing, 2(1), 89– 108.
Purnomo, Sigit, and Pompong Budi Setiadi. 2023. "Economics and Digital Business Review of Financial Performance Analysis of Pt Alkindo Naratama Tbk Using the Economic Value Added (EVA) Method." Economics and Digital Business Review 4(1):416–21.
Ralmaldhalnty, D., Supralmono, S., & Yudhalwalti, D. (2020). ALnallisis Metode Economic Vallue ALdded (Eval) Daln Malrket Vallue ALdded (Mval) Untuk Mengukur Kinerjal Keualngaln. Malnalger : Jurnall Ilmu Malnaljemen, 3(1), 123. https://doi.org/10.32832/malnalger.v3i1.3840
Rezhal, L. A. L.,Dialnal, N., & Malwalrdi, M. C. (2021). ALnallisis Economic Vallue ALdded (EVAL) Daln Malrket Vallue ALdded (MVAL) Dengaln Time Series ALpproalch dallalm Penilalialn Keualngaln Keualngaln Perusalhalaln Selalmal Palndemi (Paldal Study of Pertalnialn IndustryIn Indonesial Yalng Listing on the IDX). E-Jral, 10(5)(05), 29–39.
Safhira, S., & Darwis, D. (2022). Analysis of Financial Statement Performance Using the Economic Value Added Method in Public Companies. Scientific Journal of Accounting Information Systems, 1(2), 33–40. https://doi.org/10.33365/jimasia.v1i2.1441
Sarapi, Natalia Melinda, Sifrid S. Pangemanan, and Natalia Y. T. Gerungai. 2022. "Analysis of Financial Performance Measurement Using Economic Value Added (EVA) and Financial Value Added (FVA) Methods at PT Indocement Tunggal Prakarsa Tbk for the 2018-2020 Period." LPPM Field of EcoSosBudKum (Economic, Social, Cultural, and Law) 5(2):399–406.
Setiyalwaln, D., & Nurwulalndalri, AL. (2022). ALnallysis Of The Influence Of Economic Vallue ALdded, Malrket VallueALdded, ALnd Return On Investment On Stock Return With Compalny Vallue ALs Intervening Valrialbles In ALgriculturall Sub SectorCompalnies Plalntaltions. Jurnall Malntik, 6(2), 2248–2253
Suhud, Cantik Wiradinda, Djoni Djatnika, and Dimas Sumitra Danisworo. 2022. "Financial Performance Assessment Using the Economic Value Added Method at PT Nippon Indosari Corpindo Tbk." Indonesian Journal of Economics and Management 2(2):342–54. doi: 10.35313/ijem.v2i2.3683.
Sunardi, Nardi. 2020. "JIMF (Scientific Journal of Management 'Assessment of Financial Performance Using Economic Value Added (EVA) and Market Value Added (MVA) with Time Series Approach on the Cement Industry in Indonesia', Articles Information Abstract, Scientific Journal of Management Forkamma Prod." Forkamma) 3(2):184–94.
Taroreh, m. V., sondakh, j. J., & Mawikere, L. M. (2021). Comparative analysis between economic value added (eva) and return on assets (roa) in assessing the company's performance at pt. Bank Negara Indonesia Tbk and PT. Bank Mandiri Tbk. EMBA Journal: Journal of Economics, Management, Business, Accounting Research, 1029-1038.
Utomo, M. R., Azizah, M. A. N., Fadillah, M. R., Sholehah, N., Marthiana, N. P., Akbari, N. S., Badriah, N., & Mulyawan, S. (2020). Analysis of the Financial Performance of the Eva and MVA Methods in the Company of Pt Waskita Karya (Persero) Tbk in 2017-2019. ACCELERATION: National Scientific Journal, 2(1), 17–27. https://doi.org/10.54783/jin.v2i1.104
Wulandari, H. F. P. (2021). Economic Value Added Method as A Tools to Measure Financial Performance Assessment in PT. Campina Ice Cream Tbk. Quantitative Economics and Management Studies, 2(1), 85–93. https://doi.org/10.35877/454ri.qems315
https://cp.co.id/en/
https://www.idnfinancials.com/id/CPIN/PT-Charoen-Pokphand-Indonesia-Tbk
https://www.marketscreener.com/quote/stock/PT-CHAROEN-POKPHAND-INDON-9059160/finances-income-statement/