Which Subsidiaries Contribute To Telkom Group Value Of The Firm (case Study Eva Approach To Telkom Group From 2009 To 2014)

Irmelia Virgiani, Riko Hendrawan



This research is conducted to show how positive the contribution of each subsidiary to Telkom Group and to
see how the performance of both PT Telkom and the subsidiaries are by using EVA. The subsidiaries
included in the research are PT Telkomsel, PT Dayamitra Telekomunikasi (Dayamitra), PT Multimedia
Nusantara (Metra), and PT Telekomunikasi Indonesia Internasional (TII/Telin). The method used in this
research is Spearman rank correlation coefficient. All of the EVA values can be found by collecting financial
statements of the five companies mentioned above from 2009 to 2014. After the EVA values are found, each
subsidiary’s EVA values are compared to Telkom Group’s EVA values and being ranked using Spearman
rank. From the rank, it can be shown the contribution of each subsidiary to Telkom Group. According to the
research result, there is only one subsidiary that has always positive EVA values and gives positive
contribution towards Telkom Group, which is PT Telkomsel. The other subsidiaries are all have negative
EVA values and show negative contribution towards Telkom Group. It is recommended for PT Telkom as the
parent company to evaluate the subsidiaries that have negative EVA values.
Keywords: Contribution, Economic Value Added, Negative, Performance, Positive, Spearman rank, Subsidiary,
Telkom Group.


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