Perbedaan pertumbuhan cash flow antara growth stock dan value stock

Gunardi, Gunardi (2019) Perbedaan pertumbuhan cash flow antara growth stock dan value stock. Masters thesis, Universitas Pelita Harapan.

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Abstract

This research was conducted to determine the difference in growth of cash flow between growth stock and value stock. Conventional wisdom said that growth stocks have substantially higher future cash-flow growth rates than value stocks. These statement still widely held by the investors today. However, the conventional wisdom statement is still an interesting things to discuss, because the amount of research makes a different results from conventional wisdom. The data which used in this study is a secondary data from Datastream by forming a portfolio of growth stock and value stock for 18 years (1999-2016). Contrary to the conventional wisdom, the results of this study also state that cash flow from growth stock is not grow faster than value stock, except in ROE. In ROE, growth stock proved superior, and though in growth rate of ROE value stock win, but the result is not significant. In terms of earnings, growth of net income of growth stock superior in year one, but in the long run, the growth of net income of value stock turns out to be superior. In terms of dividends, dividend yield of value stock is significantly superior. In terms of its growth of cash dividend, growth stock is superior but not significant, less than 2%. / Penelitian ini dilakukan untuk mengetahui perbedaan pertumbuhan cash flow antara growth stock dan value stock. Conventional wisdom mengatakan bahwa portofolio growth stock memiliki tingkat pertumbuhan cash flow masa depan yang jauh lebih tinggi dibandingkan portofolio value stock. Pedoman tersebut masih dipegang luas sampai sekarang oleh para investor. Namun, pernyataan conventional wisdom tersebut masih menjadi sebuah perdebatan yang menarik untuk dibahas, karena banyaknya hasil penelitian yang berbeda dengan conventional wisdom. Data yang digunakan dalam penelitian ini adalah data sekunder dari Datastream dengan membentuk portofolio growth stock dan value stock selama 18 tahun (1999-2016). Berkebalikan dengan conventional wisdom, hasil penelitian ini juga menyatakan bahwa cash flow dari growth stock tidak tumbuh lebih cepat dibandingkan value stock, kecuali dalam ROE. Dalam variabel ROE, growth stock terbukti unggul superior, dan juga dalam tingkat pertumbuhan ROE, walaupun value stock unggul namun hasilnya tidak signifikan. Dalam hal earnings, dimana pertumbuhan net income growth stock unggul pada tahun pertama, namun dalam jangka panjang, pertumbuhan net income value stock berbalik unggul. Dari sisi dividen, hasil dividend yield membuktikan bahwa value stock unggul signifikan. Dari sisi growth of cash dividend nya, growth stock unggul namun tidak signifikan, kurang dari 2%.

Item Type: Thesis (Masters)
Creators:
CreatorsNIMEmail
Gunardi, GunardiNIM00000028897UNSPECIFIED
Contributors:
ContributionContributorsNIDN/NIDKEmail
Thesis advisorKim, Sung SukNIDN0324106805UNSPECIFIED
Additional Information: T 19-16 GUN p ; 31001000149188
Uncontrolled Keywords: Conventional Wisdom ; Cash Flow ; Growth Stock ; Value Stock ; Profitability ; Dividend
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
Divisions: University Subject > Current > Faculty/School - UPH Karawaci > Business School > Master of Management
Current > Faculty/School - UPH Karawaci > Business School > Master of Management
Depositing User: Phillips Iman Heri Wahyudi
Date Deposited: 07 May 2021 02:28
Last Modified: 26 Oct 2023 10:50
URI: http://repository.uph.edu/id/eprint/35607

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