3.5.3 The Effect of Economic Value Added (EVA) and
Market Value Added (MVA) on Share Price
Based on the test results in this study, all independent
variables have a probability value (F-statistic) of 0.000000
where the value is less than the significance level of 5%
(0.000000< 0.05). This shows that the independent variables
simultaneously significant effect on the company's stock
price subsector LQ45 Indonesia Stock Exchange. The result
is in line with research conducted by Mardianto (2013)[18].
This is because the Economic Value Added and Market
Value Added are a reflection of the performance of
companies in which the Economic Value Added reflects the
performance of the company's internally while Market Value
Added reflects the company's performance externally in
order to provide accurate information to investors. So, this
makes the Economic Value Added and Market Value Added
affects on stock prices. However, these results are not
consistent with the results of research Rahayu (2013)[17]
which states that both EVA and MVA simultaneously do not
significantly affect on stock returns.