The Influence of Financial Performances on Indonesia's State-owned Banks Towards Share Returns in 2013-2016

The performance of financial statements shows the level of productivity in a company. Specific to banking sector, the performance of its financial statements can be analyzed from Economic Value Added (EVA) and Market Value Added (MVA). This study analyzes MVA and EVA are of state-owned banks consisting of Bank Tabungan Negara (BTN), Bank Negara Indonesia (BNI), Bank Mandiri and Bank Rakyat Indonesia (BRI). The results convey that Indonesia's state-owned banks in giving share return to theirs shareholders are not influenced by Economic Value Added (EVA) and Market Value Added (MVA). There is an evidence that, EVA and MVA do not give any effect to share return because in the state owned bank in Indonesia, the investors have been very confident about the performance of banks in Indonesia so that without seeing the performance of the financial statements of investors have been very convinced from the fundamental point that the Indonesia state owned banks can bring benefits to investors


INTRODUCTION
In general, financial statement analysis uses VHYHUDO PHWKRGV LQ DQDO\]LQJ WKH FRPSDQLHV· Iinancial statements. The financial statement analysis will be used by the management to achieve operational decisions. One of the business entities that use the financial statement analysis is banking sector. Bank is a business entity that aims to receive funds from the public either in the form of savings deposits, deposits and so forth. In addition, banks have to extend credit to the entrepreneurs and to the community business expansion. In Indonesia, there are various banks from stateowned banks to private banks. States-owned banks in Indonesia include Bank Tabungan Negara, Bank Negara Indonesia, Bank Mandiri and Bank Rayat Indonesia. While, private banks in Indonesia include, Bank Central Asia, Bank Danamon, and Bank Permata.
The scope of this research is the state-owned banks. A state bank runs its business by focusing on the stability of its business reflected from its ILQDQFLDO VWDWHPHQWV )RU JR SXEOLF·V EDQNV RU have listed in the Indonesia Stock Exchange, the financial statements can be accessed by investors in the capital market whether the bank is wellperformed or not. Various kinds of financial ratios are usually presented by the banks to investors so that transparency happens. One of the approaches used in analyzing stocks is to analyze its Share Return. Not only Share Return, but also Fixed Assets Turnover (FATO), Return on Investment (ROI), Debt to Equity Ratio (DER), Price to Book Value (PBV), Total Assets Turnover (TATO) Economic Value Added (EVA), Market Values Added (MVA). This research aims to examine on how significance the effect of EVA and MVA on Share Return. Since there is no study related to the effect of EVA and MVA on Share Return of state-owned banks particularly in Indonesia, thus this research will be carried out to fill this gap.

RESEARCH METHOD
There are some approaches used in analyzing stocks such as Share Return, Fixed Assets Turnover (FATO), Return on Investment (ROI), Debt to Equity Ratio (DER), Price to Book Value (PBV), Total Assets Turnover (TATO) Economic Value Added (EVA), and Market Values Added (MVA). This research aims to examine the effect of variables that indicate stocks performance on Share Return. Therefore research framework is formulated as follow, Share return is the result of profit or often called capital gains or losses are often called the capital loss that will be obtained by investors in a period. According to Huda et al. (2015: 178), the formula used in seeking this share return is: In which:  Zulvina (2010:137) in Young and 2·%\UQH 09$ LV WKH YDOXH HDUQHG E\ shareholders, or in other words MVA is a wealth that a company can create for shareholders. MVA also illustrates the magnitude of added value that has been capitalized and also raises the value of the company in the future. The way in finding these market values added is to reduce the value of equity market values with equity book value. For calculating Market Value Added using formula by Huda, et.al (2015:179) in Stewart (1996) is a "cash difference either debt or equity the investors have in the company and contributes to the expected cash value" and is formulated as follows:  Gunawan and Wahyuni (2013:66) in Munawir (2004: 240), Fixed Assets Turnover is the ratio between sales and fixed assets. Fixed Assets Turnover or often abbreviated with FATO is used to analyze the effectiveness of the use of funds contained in the bank's fixed assets in generating sales. From the FATO results that have been analyzed, if the result is higher the ratio from year to year means the more effective use of fixed assets. Formula for calculating FATO that is:

FATO = Sales
Fixed Assets x 100% 4. Return on Investment (ROI) According to Topowijono, et al. (2015:4) in Hanafi (2012:157) states Return on Investment is a measure of the ability of a company in generating net profits using the total assets owned company. Given this ratio, it will be known about the condition of net profit after bank tax by using all assets owned by the bank itself. Formula for calculating ROI that is: 5. Debt to Equity Ratio (DER) According to Ramdhani (2013: 30) in Kasmir (2008) states Debt to Equity Ratio (DER) is the ratio used to assess debt with equity. For a business entity such as banking, the level of DER above 100% can be said to be normal, because the bank manages funds from customers in its operational activities. For the banking world, capital managed from customers is used for the distribution of credit to the community, so that from the credit provided to generate interest on the loan which will be used as a source of income by the bank. In search of DER analysis using the formula total debt owned by bank divided by total equity owned by bank. Formula for calculating DER that is: 6. Price to Book Value (PBV) According to Silalahi (2014:6) states Price to Book Value describes how much the market appreciates the value of a company's stock book. This is because the higher the ratio of Price to Book Value of a bank then the higher returns also owned stock. Formula for calculating PBV that is: 7. Total Assets Turnover (TATO) According to Setiawan (2015:5)

Return on Investment (ROI)
The data on Return on Investment from banks owned by the government of Indonesia are as follows:  From the results of statistical analysis in table 9 can be explained that affecting Economic Value Added (EVA) for state-owned banks in Indonesia from 2013-2016 is the level of Return On Investment (ROI) because it has a probability of less than 5%, while the level of correlation between FATO, ROI, and DER to EVA by 54% while the remaining 46% is influenced by other factors such as inflation rate and so forth. The results of analysis between banking and mining have different results. This is not in line with research Huda et al. (2015) states that affect EVA is DER because it is a concern for investors in determining investment decisions.

Effect of PBV and TATO on MVA
From data PBV (table 7), TATO ( From the results of the statistical analysis in table 10, it can be explained that PBV and TATO does not affect the Value Added (MVA) Maket for state-owned banks in Indonesia from 2013-2016, it is seen that the probability for PBV and TATO is above 5%, where the level of PBV correlation and TATO to MVA by 25%, while the remaining 75% is influenced by factors other than PBV and TATO.This is not in line with the research of Ghulam Nurul Huda, et.al (2015) states that affecting the MVA is PBV and TATO because becoming MVA will show the level of feasibility of a stock in the capital market.

Effect of EVA and MVA on Share Return
From data EVA (

CONCLUSION
After the discussion that has been explained then can be made a conclusion about the influence of EVA and MVA in giving share return in the Indonesia state-owned banks, there is an evidence that, EVA and MVA do not give any effect to share return because in the banking world, particularly state-owned bank in Indonesia, the investors have been very confident about the performance of banks in Indonesia so that without seeing the performance of the financial statements of investors have been very convinced from the fundamental point that the Indonesia state-owned banks, therefore this situation can bring benefits to investors.

For Bank BTN, BNI, Mandiri and BRI
Recommendations that can be given to Indonesian state owned banks consisting of Bank BTN, BNI, Mandiri and BRI are to maintain the banking performance to be trusted by the customers by providing good service and quality of banking products in accordance with the wishes of the community.

For Investors
Recommendations that can be given to the retail investors is choosing shares of state owned bank such as Bank BTN, BNI, Mandiri and BRI have no risk in investing, because it is proven shares of Indonesia state-owned bank gives investment returns that continue to grow from year to year because of an increase in assets and profits earned by Indonesian state-owned banks.