Relevansi MVA dan CVA Dalam Menilai Penciptaan Nilai Kinerja Keuangan Perbankan Syariah: Bukti Empiris Indonesia

Abstract

This study aims to analyze the relevance of Market Value Added (MVA) and Cash Value Added (CVA) in assessing value creation and financial performance in Islamic banking in Indonesia, with Economic Value Added (EVA) as a comparative indicator. The sample consists of four Islamic commercial banks listed on the Indonesia Stock Exchange during the 2022–2024 period, using secondary data from audited financial statements and market capitalization records. The study employs a descriptive quantitative approach through comparative analysis of EVA, MVA, and CVA across banks and periods. The results indicate that most banks report positive EVA values, although fluctuations are observed in several institutions. MVA shows significant variation, reflecting differences in investor perceptions, while CVA indicates varying capabilities in generating cash flows. Overall, MVA and CVA are found to be more relevant than EVA in capturing value creation dynamics. The integrated use of these three indicators provides a more comprehensive framework for managerial decision-making and investment evaluation.