ANALISIS PERBANDINGAN PERFORMA ANTARA VALUE STOCK DAN GROWTH STOCK DI BURSA EFEK INDONESIA
This study discusses one of the capital market anomalies, namely valuegrowth anomaly. Value-growth anomaly is an anomaly that occurs in which the performance of value stocks outperformed the performance of growth stock. In analyzing the differences in the performance of value stocks to growth stocks...
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| Main Authors: | , |
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| Format: | Theses and Dissertations NonPeerReviewed |
| Published: |
[Yogyakarta] : Universitas Gadjah Mada
2012
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| Subjects: | |
| Online Access: | https://repository.ugm.ac.id/99753/ http://etd.ugm.ac.id/index.php?mod=penelitian_detail&sub=PenelitianDetail&act=view&typ=html&buku_id=55827 |
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| Institution: | Universitas Gadjah Mada |
| Summary: | This study discusses one of the capital market anomalies, namely valuegrowth
anomaly. Value-growth anomaly is an anomaly that occurs in which the
performance of value stocks outperformed the performance of growth stock. In
analyzing the differences in the performance of value stocks to growth stocks, the
authors used three criteria: Price Earning Ratio (PER), Market to Book Value
(MBV), and combined PER and MBV.
Value stocks are stocks that have low prices relative to earnings, dividends,
historical prices, book value of assets, and other measures, so in this study value
stock is represented by stock with low PER, low MBV, and combined low PER
and MBV. In contrast, growth stock is represented by a high PER stocks, high
MBV, and combined high PER and MBV. Each criterion compare the
performance of the stock. After that to prove the significance of the difference in
performance, conducted statistical tests (Paired Sample T Test) using SPSS
program.
The results show the comparison of value stocks and growth stocks using
criteria PER, MBV, and also MBV combined PER always show superior
performance of value stocks over growth stocks. In statistical tests, the use of PER
criteria showed no significant results. That means the performance of value stocks
to growth stocks using PER criteria, is not statistically different. While the use of
MBV criteria and combined PER and MBV showed significant results. That
means the use of MBV criteria and combined PER and MBV criteria, value stock
performance is significantly superior than growth stock performance. |
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