FINANCIAL ANALYSIS OF LIQUIDITY, PROFITABILITY AND SOLVENCY WITH EVA AS A MODERATE VARIABLE IN IMPROVING ECONOMIC VALUE ADDED MANUFACTURING COMPANIES TIMES OF COVID-19 PERIOD 2019 -2020

: The purpose of this study is to find out how financial performance can be applied as a measuring tool in increasing the Economic Value Added (VA) which contributes to the increase in Firm Value as measured by its PBV in Manufacturing Companies Listed on the IDX during the Covid-19 Period 2019 to 2020 The methodology used is the Quantitative Method by Calculating and Testing Data on X & Y variables from a population of 193 manufacturing companies listed on the IDX 2019-2020, with a sample of 36 companies that meet the sampling criteria and cover all of the variables studied are 72. Financial Liquidity Performance measured by CAR, Profitability through ROA, ROI & ROE, while Solvency is measured by DAR & DER. The Moderating EVA variable is measured by NOPAT – CAPITAL CHARGES, the Dependent Variable is the Economic Value Added (VA/ Value Added) Firm Value indicated by the increase in PBV (Price Book Value) as measured by the Market Price Per Common Share Divided by Book Value Per Share Normal. The research period is limited to the period before & after the recession which in this case is limited to the Covid19 period for the 2019-2020 period. Based on the results of the Multiple Regression Analysis Test, it shows that the regression equation is as follows: Y = 70,560 + 0.035X1 – 0.123X2 + 0.001X3 + 7.396 X4 + 1.196 X5 – 0.123 X6 + 0.


Introduction
Husnan (2014:7) defines company value as the price that prospective buyers can pay when the company is sold. A high company value will make an investor's trust in the company increase, to measure the high value of the company can be done in various ways and one of the measuring tools that can be used is price book value. Brigham and Houston (2011: 152) state that the higher the price book value (PBV), the greater the level of shareholder prosperity, so the company is said to have achieved one of its goals, namely the prosperity of its shareholders.
Liquidity is a ratio that shows the company's ability to meet obligations or pay shortterm debt. The measurement used for liquidity is the cash ratio, which is used to assess the total cash and cash equivalents of a company and its current liabilities. The cash ratio is a form of refinement of the quick ratio or quick ratio that is used to measure the extent to which a company's finances consist of cash and cash equivalents. Profitability is a comparison to determine the company's ability to gain profit from income related to sales, assets, and equity based on certain measurement bases. The type of Profitability Ratio used by researchers in this study is Return On Assets (ROA). Return On Assets (ROA) is a type of profitability ratio that is able to assess the company's ability to generate profits from the operational assets used. ROA will assess the company's ability based on past profits so that it can be utilized in the future or the next period. Solvency is a ratio to assess the company's ability to pay off all of its obligations, both short-term and long-term, with guaranteed assets or assets owned by the company until the company closes or is liquidated. Solvency measurement in this research is using DAR (Debt to Assets Ratio) and DER (Debt to Equity ratio). Ratio of debt to assets. The higher the debt guaranteed by its assets, the worse the condition of the company, the smaller the ratio of debt to assets, the better the condition of the company. Meanwhile, the DER ratio describes the relative portion of equity and debt used to finance company assets. Economic Value Added (EVA) is the difference between operating profit after tax and the cost of capital. Performance can be measured using financial ratios by performing accounting treatment on financial statements made by the company or each division within the company. In addition to the Financial Ratios, the performance of the company or division can be measured using economic value added (EVA). The concept of EVA is the economic added value created by the company from its activities or strategies during a certain period.
The Formulation of the problem is How is Financial Liquidity Performance (CAR); Profitability (ROA), ROI  The results of the analysis can also provide a positive contribution to the Company and the wider community in order to overcome the negative impacts of COVID-19, especially to improve income so that the results can be used as additions and payments for health costs for management employees and the user community at least to help in the field finance for the purchase of COVID-19 prevention tools. The results of the analysis can improve the welfare and prosperity of the stakeholders who are the relationship between the companies and their shareholders.

Research Model
The hypothesis in this study are as follows: 1) Financial Performance Liquidity : CAR or CR has a significant negative effect on the Firm value (PBV) of Manufacturing Companies listed on the IDX for the 2019-2020 period during the Covid 19 period.  has data related to the independent & dependent variables used in this study. Sampling data was obtained by random sampling that met the criteria verified by the relevant research team.
Looking at the p value, it can be seen that there is a significant positive effect both individually and simultaneously on CAR (X1), ROA (X2), ROI (X3), ROE (X4), DAR (X5), DER (X6) and EVA (X7)* in increase PBV Firm Value (Y). If p value < = 0.05, then there is a significant effect between research variables, and conversely if p value > 0.05 then there is no effect between variables. Then also use the Sobel Test to test whether the moderating variable is effective in mediating the strength of the influence between the X variable and the Y variable. If the Z value of the Sobel test results and the p-value < or 0.05 or 5%, then the role of the EVA moderating variable effectively mediates the effect of variable X on variable Y. On the other hand, if the Z value and p value > 0.05 or 5%, then EVA is not effective. Furthermore, to further prove that the research data shows normal data and validity, this study is equipped with CLASSIC ASSUMPTION TEST consisting of Normality Test, Autocorrelation Test, Multicollinearity Test and Heteroscedasticity Test.

Result
This study uses quantitative research using secondary data in the form of financial statements of manufacturing sector companies listed on the Indonesia Stock Exchange for the 2019-2020 period. The purpose of this study is to find out how financial performance is with financial ratio analysis. Liquidity: CAR, Profitability: ROA, ROI & ROE and Solvency: DAR, DER with EVA as a moderating variable in increasing the Firm Value (PBV) of Manufacturing Companies Listed on the Stock Exchange. Covid19 2019-2020 period. The results of this study are: 1) Data Description The population used in this study were manufacturing companies listed on the Indonesia Stock Exchange during the Covid-19 period, 2019-2020 period. Which amounted to 193 companies. The sample selection process based on the specified criteria can be explained in the following  Multiple Regression Analysis. Multiple linear regression test is used to determine the relationship between the independent variable and the dependent variable has a positive or negative direction to predict the value of the dependent variable, if the value of the independent variable increases or decreases. Source: data processed 2021 The results of the coefficient of determination test in the table above, show that the R2 value is: 0.620, this indicates that the independent variables consisting of CAR, ROA, ROI, ROE, DAR, DER and EVA have an influence contribution to Firm value (PBV) of 0, 620 or 62% while the 38% is influenced by variables outside the studied. The second test using Simultaneous Significance Test (F Test). The F statistic test is used to determine whether the independent variables contained in this study have a simultaneous effect on the dependent variable. The test in this study uses a significance level of 5% or 0.05, if the significance is greater than 0.05 then the independent variable has no effect on the dependent variable. In addition to using the significance level, this test uses a comparison of the calculated F with the F table. If F count is greater than F table, the independent variable simultaneously affects the dependent variable. The results of the F test are as follows: Source: data processed 2021 The results of the F test in the table above show that the calculated F value is 17, 576 and the significance level is 0.000. This means that the significance value of 0.000 is below 0.05 or (0.000 < 0.05), and the calculated F value is 17, 576 > from F table 1, 98422. This test states that the independent variables consist of CAR, ROA, ROI, ROE, DAR, DER and EVA have a significant effect on PBV (Price Book Value). ANOVA LINEARITY TEST table showing the Independent Variables between the combination groups as follows: (See attachment). And The Third, we use Individual Parameter Significance Test (T Test). The t test is used to find out how much the independent variable individually explains the variation of the dependent variable. The test in this study uses a significance value level of 5% or 0.05, if the significance value is less than 0.05, then there is an influence of the independent variable on the dependent variable. In addition to using the level of significance, this study uses a comparison of the value of t count with t table, if t count is greater than t table then there is an effect of the independent variable on the dependent variable. The results of the individual parameter significant test are as follows: The description about this table is Variable CAR (X1) against (Y) PBV. CAR shows that the significance value is 0.60 > 0.05 with T count 1.137 < T table 1.98422 it can be concluded that Hypothesis 1 which states that CAR has a negative effect on PBV is not proven it means Ha is rejected and H0 is accepted. ROA Variable (X2) Against (Y) PBV. ROA shows that the significance value is 0.305 > 0.05 with T count -1.034 < T table 1.98422. So Hypothesis 2 which states that ROA has a significant positive effect on PBV is not proven, meaning that Ha is rejected and H0 is accepted. Variable ROI (X3) Against (Y) PBV. ROI shows that the significance value is 0.980 > 0.05 with T count 0.025 < from T table 1.98422, So the hypothesis which states that ROI has a significant positive effect is not proven, meaning that Ha is rejected and H0 is accepted. ROE Variable (X4) Against (Y) PBV. ROE shows that the significance value is 0.000 <0.05 with a T count of 9956 > T table 1.98422, so the hypothesis which states that ROE has a significant positive effect is proven, meaning that Ha is accepted and Ho is rejected. Variable DAR (X5) Against (Y) PBV. DAR shows that the significance value is 0.127 > 0.05 With T count 1.547 < 1.98422. Hypothesis 5 which states that DAR has a significant negative effect on PBV is not proven, meaning that Ha is rejected and H0 is accepted. Variable DER (X6) Against (Y) PBV. DER shows that the significance value is 0.426 > 0.05 with T count -0.802 < 1.98422. Hypothesis 6 which states that DER has a significant negative effect is not proven, meaning Ha is rejected and H0 is accepted. Variable EVA (X7) Against (Y) PBV. EVA shows that the significance value is 0.125 > 0.05 with a T count of 1.557 < 1.98422. Hypothesis 7 which states that EVA has a significant positive effect is not proven, meaning Ha is rejected and H0 is accepted.
ANOVA Linearity Test Results (F Test). Based on the results of the Anova Linearity Test (F test) the following results were obtained of Variable CAR (X1) among the combined group against PBV (Price book value), CAR shows that the significance value is 0.030 <0.05 with calculated F value 4.577 < F table 17.576, meaning that CAR has no significant positive effect on PBV (Price Book Value) . So Hypothesis 1 which states that CAR has a significant negative effect is not proven, meaning that Ha is rejected and H0 is accepted, Variable ROA (X2) between the combined group Against PBV (Price Book Value), ROA shows that the significance value is 0.000 < 0.05, with an F value of 3919. 666 > 17,576, which means that ROA has a significant positive effect on PBV (Price book value). Then Hypothesis 2 which states that ROA has a significant positive effect is proven, meaning that Ha is accepted and H0 is rejected. The ROI variable (X3) between the combination groups on PBV (Price Book Value), ROI shows that the significance value is 0.017 < 0.05, with an F value of 32,923 > 17,576, meaning that ROI has a significant positive effect on PBV (Price book value). So H3 which states that ROI has a significant positive effect on PBV is proven to mean that Ha is accepted and H0 is rejected. Variable ROE (X4) Among the combination group Against PBV (Price book value). ROE shows that the significance value is 0.000. With an F value of 597,013 > 17,576. This means that ROE has a significant positive effect on PBV (Price book value), so it can be concluded that Hypothesis 4 which states that ROE has a significant positive effect on PBV is proven, meaning Ha is accepted and H0 is rejected. Variable DAR (X5) Among the combination group against PBV (Price book value). DAR shows that the significance value is 0.042 < 0.05 with an F value of 1.303 < 17.576. This means that DAR has no significant positive effect on PBV (Price book value), so it can be concluded that Hypothesis 5 which states that DAR has a negative effect on PBV is not proven, meaning Ha is rejected and H0 is accepted. Variable DER (X6) Among the combinations of PBV (Price book value). DER shows that the significance value is 0.396 > 0.05, with an F value of 1.316 < 17.576. This means that DER has no positive and insignificant effect on PBV (Price book value), so it can be concluded that Hypothesis 6 which states that DER has a significant negative effect is not proven. Ha is rejected and H0 is accepted. Variable EVA (Y1) Among the combination group Against (Y2) PBV. (Price Book value). EVA shows a significance value of 0.887 > 0.05, with an F value of 0.555 < 17.576. This means that EVA has no effect and is not significant on PBV (Price book value). So Hypothesis 7 which states that EVA has a significant positive effect is not proven, meaning Ha is rejected and H0 is accepted.
SOBEL TEST Result. According to Ghozali (2013), the Sobel test is carried out by testing the strength of the indirect effect between the variables X to Y via M. The mediating effect shown by the multiplication coefficient (ab) needs to be tested with the Sobel test as follows: Z = ab / Root of (b2SE 2a) + (a2SE2b); Where : a = Regression coefficient of the independent variable on the mediating variable. b = Regression coefficient of the mediating variable on the dependent variable. SEa = Standard error of estimation of the influence of the independent variable on the mediating variable. SEb = Standard error of estimation of the effect of the mediating variable on the dependent variable. In this study, the Sobel test used an online application sourced from http://quantpsy.org/sobel/sobel.html. The results of the Sobel Test are as follows: a. The role of EVA mediates the effect of CAR on PBV . e. The role of EVA mediates the effect of DAR on PBV. Table 11.

DAR SOBEL TEST Result
The results of the test of the indirect effect of DAR on PBV through EVA with the Sobel Test above, obtained the z value (0, 37727424) with p (0, 70596981) > 0.05 or (5%). These results prove that EVA is not effective in mediating the effect of DAR on PBV. f. The role of EVA mediates the effect of DER on PBV.

DER SOBEL TEST Result
Test Results The indirect effect of DER on PBV through EVA with the Sobel Test above, obtained the z value (0, 44866042) with p (0,65367664) > 0.05 or (5%). These results prove that EVA is not effective in mediating the effect of DER on PBV.

Conclusion
Based on the results of the research and discussion conducted, it can be concluded as The CAR variable can have a significant positive effect on firm value, meaning that the higher the CAR, the higher the firm value. However, CAR can also not have a significant positive effect, meaning that the higher the CAR will not affect the value of the company. ROA can have a significant positive and negative effect on PBV, meaning that the higher the ROA, the higher the firm value, but it can also have a negative effect if the higher the ROA actually lowers the firm value. ROI has a positive but not significant effect, meaning that the higher the ROI, the higher the firm value is not necessarily. ROE has a very significant positive effect on PBV or firm value. This means that the higher the ROE, the higher the PBV so that the value of the company is also high. DAR & DER have no significant positive effect but DAR has no significant negative effect on PBV or firm value. This means that the higher the DAR & DER, the lower the firm value. Likewise, if DAR is increased, the value of the company will decrease. But if the DER is increased, the value of the company will increase. Whatever the EVA value is, it will not affect the stock price compared to the book value per common share. If the EVA value increases or decreases, it will not affect the Company Value. EVA as a moderating variable is not effective in moderating between variables X and Y, namely between CAR, ROA, ROI, ROE, DAR & DER variables on PBV.
Limitation in this study are Researchers can only prove hypotheses 3, 4, 5 & 6 where this hypothesis can prove that ROI, ROE, have a significant positive effect on PBV. Meanwhile, DAR & DER have a significant negative effect on PBV. Hypotheses 1, 2 & 7 are not proven, where the findings of CAR, ROA & EVA do not have a significant positive effect on PBV, so it is important to re-examine with variations of other indicator variables such as Cash ratio, Quick asset test ratio to measure company liquidity. While ROA and EVA also do not have a significant positive effect on PBV to measure the company's profitability, other profitability variables besides ROA can be found, such as Profit margin, Net Profit Margin & Gross Profit Margin can be considered for future research that profitability indicators are very diverse. Hypotheses 8 to 15, namely EVA as the moderating variable is expected to moderate the effect of variable X on variable Y. The findings show that EVA moderating variable is not effective in moderating the effect of variable X on variable Y. So it can be tested in choosing other moderating variables that very influential on firm value such as PER (Price Earning Return or Share) in addition to EVA.
Based on the results of the research above, it can be recommended as Researchers can add more independent variables to clarify the measurement of ITEM indicators of Liquidity, Profitability and MODERATING. Choosing a moderating variable other than EVA that has an effect on firm value, that is, it can be tested for the PER (Price Earning Per Share) variable or Income per share. Develop test tools other than Zobel Test and Multiple Regression with other moderating variables.