Saphire, Eliza
(2018)
Cash flow growth rates of growth and value stocks in Indonesia.
Bachelor thesis, Universitas Pelita Harapan.
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Abstract
The purpose of this research is to analyse the cash flow growth rates of growth and value stocks in Indonesia in order to validate the conventional wisdom that held cash flows of growth stocks grow faster than value stocks. The sample covers all the listed and delisted firms in Indonesia Stock Exchange with time period of year 2008 until year 2017. There are 483 firms in total including 39 delisted firms. The variable of cash flow in this research is represented with cash dividend. The research is done by forming portfolio dividends and regression testing using Fama-Macbeth (1973) two-step procedure before and after adjusted for survivorship bias. The findings by looking at the trends conclude that there's a weak pattern between book-to-market ratio with dividends growth.
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