Tesis ini mencoba mengaplikasikan penelitian yang dilakukan oleh Dodd dan Favaro (2007) dalam bukunya yang beljudult ?The Three Tension? pada perusahaan telekomunikasi di Indonesia, namun penelitian hanya difokuskan kepada profitability vs growth tension dan today vs tomorrow tension. Berdasarkan penelitian yang dilakukan, Telkom dan XL Axiata relatif telah berhasil mengendalikan kedua tension tersebut namun Indosat, Bakrie Telecom dan Mobile-8 Telecom masih belum dapat mengendalikan tension ini dan terjehak dalarn corporate cycle. Tesis ini juga mendukung hasil penelitian dari Dodd dan Favaro (2007) bahwa batting average memiliki korelasi yang positif dengan Total Shareholder Returns (TSR). Namun demikian terdapat faktor lain yang perlu diperhatikan yakni fluktuasi pergerakan harga saham.

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This thesis attempts to apply the research conducted by Dodd and Favaro (2007) in his book: "The Three Tension? on telecommunication companies in Indonesia, but the study only focused on profitability vs growth tension and today vs tomorrow tension. Based on research conducted, Telkom and XL Axiata are relatively success in managing both the tension but Indosat, Bakrie Telecom and Mobile-8 Telecom is still struggling to control this tension and trapped in the corporate cycle. This thesis also supports the research results of Dodd and Favaro (2007) that the batting average has a positive correlation with the Total Shareholder Returns (TSR). However there are other factors to consider which is fluctuations in the stock price.