Rafidah Kalistyaningrum, Asep Muslihat, Hari Sulistiyo

Pengukuran Kinerja Keuangan dengan Pendekatan Value Based Management pada PT Indah Kiat Pulp & Paper Tbk Periode 2019–2024

Introduction

Pengukuran kinerja keuangan dengan pendekatan value based management pada pt indah kiat pulp & paper tbk periode 2019–2024. Analisis kinerja keuangan PT Indah Kiat Pulp & Paper Tbk (2019-2024) dengan Value-Based Management (EVA & MVA) menunjukkan penciptaan nilai positif bagi pemegang saham.

Abstract

This study aims to examine the financial performance of PT Indah Kiat Pulp & Paper Tbk for the 2019–2024 period using Value-Based Management methods, including Economic Value Added (EVA) and Market Value Added (MVA). The method used is descriptive quantitative analysis with secondary data obtained from the annual financial statements of PT Indah Kiat Pulp & Paper, which is listed on the Indonesia Stock Exchange. The results show that the EVA value throughout the study period was consistently positive, indicating that the company has successfully created economic value added because the operating profit generated was able to cover the cost of capital. Conversely, the MVA was positive only during the 2019–2023 period, indicating that the company was able to create market value added and gain investor confidence because the company’s market value exceeded the invested capital. Thus, although PT Indah Kiat Pulp & Paper Tbk has not yet been able to create economic value based on the EVA approach, the company has still been able to create market value for shareholders, as reflected by the positive MVA value. Therefore, the company needs to improve capital efficiency and profitability in order to generate sustainable economic value

Review

This study undertakes a pertinent examination of PT Indah Kiat Pulp & Paper Tbk's financial performance over the 2019–2024 period, employing Value-Based Management (VBM) methodologies, specifically Economic Value Added (EVA) and Market Value Added (MVA). The choice of a descriptive quantitative approach with secondary financial statement data is appropriate for this type of analysis, offering a direct assessment of historical performance from a shareholder value creation perspective. The abstract clearly outlines the objective and methodology, setting the stage for evaluating how a prominent Indonesian company has generated value for its stakeholders. The reported findings present an interesting, albeit somewhat contradictory, picture. The abstract initially states that EVA was "consistently positive throughout the study period," suggesting successful economic value creation where operating profit surpassed the cost of capital. However, the concluding remarks state, "although PT Indah Kiat Pulp & Paper Tbk has not yet been able to create economic value based on the EVA approach..." This direct contradiction regarding the EVA findings needs to be resolved for clarity and accurate interpretation. Conversely, the MVA was reported as positive only for the 2019–2023 period, indicating investor confidence and market value creation for most of the timeframe studied. Elucidating the precise figures and the specific year-on-year trends for both metrics would strengthen the presentation of these results significantly. Despite the internal inconsistency regarding EVA, the study touches upon critical aspects of corporate financial performance. The recommendation for the company to "improve capital efficiency and profitability in order to generate sustainable economic value" is a sound managerial implication, aligning with the core tenets of VBM. For the full paper, it would be beneficial to provide a more detailed discussion of the factors contributing to the observed EVA and MVA trends, particularly the year (2024) where MVA might have turned negative or become less favorable. Further, a more robust discussion on the practical implications of these findings for PT Indah Kiat's strategic decisions, and perhaps a comparative analysis with industry peers or against macroeconomic conditions, would greatly enhance the study's overall contribution and practical relevance.

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