3.5.2 The Effect of Market Value Added (MVA) on Share
Price
Based on the test results in this study, Market Value Added
has a probability value (p-value) of 0.0139 where the value is
less than the significance level of 5% (0.0139< 0.05). This
suggests that MVA variables significantly influence the
company's stock price subsector property LQ45 in Indonesia
Stock Exchange. The results this study are consistent with
the results of the research that has been conducted by
Mardianto (2013)[18] and Baadila (2010)[19]. This is due to the
positive effect of the increase in MVA majority of the
company from year to year, so the company has been able to
reflect well on the expectations of investors to the total value
they expect from the company to create future value of the
total capital invested less in the company. However, these
results are not consistent with the results of research Rahayu
(2013)[17] which states that the EVA does not significantly
affect stock returns.