Journal articles: 'Free cash flow'

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Kauer, Robert T., and J. B. Silvers. "Hospital free cash flow." Health Care Management Review 16, no. 4 (1991): 67–78. http://dx.doi.org/10.1097/00004010-199101640-00009.

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Kauer, Robert T., and J. B. Silvers. "Hospital free cash flow." Health Care Management Review 16, no. 4 (1991): 67–78. http://dx.doi.org/10.1097/00004010-199123000-00009.

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Susila, Ihwan. "Ekuivalensi Pendekatan Capital Cash Flow dan Free Cash Flow dalam Risky Cash Flow." Riset Akuntansi dan Keuangan Indonesia 3, no. 2 (March 6, 2017): 195–213. http://dx.doi.org/10.23917/reaksi.v3i2.3488.

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Sitthipongpanich, Thitima. "Family ownership and free cash flow." International Journal of Managerial Finance 13, no. 2 (April 3, 2017): 133–48. http://dx.doi.org/10.1108/ijmf-06-2014-0088.

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Purpose The purpose of this paper is to investigate the effect of family ownership on investment-cash flow sensitivity and on firm performance. Design/methodology/approach The author uses panel data to examine the relationship between investment and cash flow and between family ownership and the firm performance of Thai listed firms from 2001 to 2008. To account for the endogeneity of the lagged dependent variable, the investment equation is estimated by the generalized method of moments, following Arellano and Bond (1991). Findings The presence of family owners reduces the sensitivity of investment and cash flow. At low and high levels of family ownership, an increase in family shareholding leads to lower investment-cash flow sensitivity. In contrast, firms with medium family ownership levels have higher investment-cash flow sensitivity. Only at high levels of family ownership is firm performance positively related to family shareholding. Originality/value The ownership levels of family shareholders affect the investment-cash flow sensitivity in an S-shaped relation, supporting the interest alignment and entrenchment effects. When family shareholders have high ownership incentives, their interest alignment reduces the agency costs of free cash flow problems and leads to higher firm performance.

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Nurwahyudi, Heru, and Aida Ainul Mardiyah. "PENGARUH FREE CASH FLOW TERHADAP UTANG." Media Riset Akuntansi, Auditing dan Informasi 4, no. 2 (May 16, 2017): 107. http://dx.doi.org/10.25105/mraai.v4i2.1857.

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The objective of this research is to analysis and giving the empirical evidence about the free cas flow and the effect of it for debt policy of public companies in Indonesia. This research was using 66 samples of manufacturing companies in the year 2000 and 90 sample of manufacturing in the year 2001. This sample was elected based on purposive sampling, the hypothesis test is the simple tinier regres-sion.The result of this research showed that hypothesis were suppo4ted, there are influence of free cash flow to the debt policy. In the agency relationship there is differences interest between the principal and the manager also created agency problems that finally also create agency cost. In the shareholders (agents) point of view, this can be minimize by the third party (debtho!der) whose come by the debt policy. Increasing financing with debt will reduce the conflict between the sharehold-ers and the management.Keywords: Free cash flow, debt

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Aharon, David Yecham, Yoram Kroll, and Sivan Riff. "Degree of free cash flow leverage." Review of Accounting and Finance 18, no. 3 (August 12, 2019): 346–65. http://dx.doi.org/10.1108/raf-03-2018-0061.

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Purpose This paper aims to forgo the conventional (degree of operating leverage) risk measure by replacing elasticity of operating profits with respect to output with elasticity of free cash flow (FCF) with respect to optimal output and by considering exogenous random demand shocks for the firm’s products as a source of risk. Design/methodology/approach The elasticity risk measure accounts for corporate taxes and the cost of bankruptcy. The methodology is selecting optimal level of production investment and capital structure to generate efficient frontier of expected FCF and its risk in terms of its elasticity with respect to output. Findings The risk measure leads to efficient frontier between expected FCF and its idiosyncratic managerial risk. The model also resolves the empirical debate on the tradeoff between operating and financial leverages. Originality/value It is the first elasticity risk measure that embodied the impact of future level of capital expenditure, total level of assets and their sensitivity to random shocks in the product market.

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Hackel, Kenneth S., Joshua Livnat, and Atul Rai. "A Free Cash Flow Investment Anomaly." Journal of Accounting, Auditing & Finance 15, no. 1 (January 2000): 1–24. http://dx.doi.org/10.1177/0148558x0001500101.

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Reiter, Sara Ann. "Storytellers, stories, and “free cash flow”." International Review of Financial Analysis 3, no. 3 (January 1994): 209–24. http://dx.doi.org/10.1016/1057-5219(94)90009-4.

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Carpenter, Robert E. "Finance constraints or free cash flow?" Empirica 22, no. 3 (October 1995): 185–209. http://dx.doi.org/10.1007/bf01384150.

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Richardson, Scott. "Over-investment of free cash flow." Review of Accounting Studies 11, no. 2-3 (June 23, 2006): 159–89. http://dx.doi.org/10.1007/s11142-006-9012-1.

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Yaari, Uzi, Andrei Nikiforov, Emel Kahya, and Yochanan Shachmurove. "Finance methodology of Free Cash Flow." Global Finance Journal 29 (February 2016): 1–11. http://dx.doi.org/10.1016/j.gfj.2015.05.003.

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V. Kousenidis, Dimitrios. "A free cash flow version of the cash flow statement: a note." Managerial Finance 32, no. 8 (August 2006): 645–53. http://dx.doi.org/10.1108/03074350610676741.

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Fakhroni, Zaki, Imam Ghozali, Puji Harto, and Etna Nur Afri Yuyetta. "Free cash flow, investment inefficiency, and earnings management: evidence from manufacturing firms listed on the Indonesia Stock Exchange." Investment Management and Financial Innovations 15, no. 1 (March 21, 2018): 299–310. http://dx.doi.org/10.21511/imfi.15(1).2018.25.

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The study aims to test investment inefficiency of fixed assets in mediating the relationship between free cash flow and earnings management and to test the controlling shareholders in moderating the relationship between free cash flow and fixed assets investment inefficiency. The research problem proposed in this study is whether the use of free cash flow for the investment inefficiency of fixed assets is able to ultimately improve the managerial performance. This research investigates new empirical evidence related to management earnings practices caused by free cash flow fixed assets investment inefficiency. The study was conducted on all the manufacturing firms listed on the Indonesia stock exchange from 2010 to 2015. The data used are secondary data in the form of the firms’ financial statements. Using purposive sampling, 314 units were analyzed from 69 manufacturing firms. The estimation of the path model was completed using Structural Equation Modeling (SEM) by WarpPLS program version 5.0. The results showed that free cash flow is positively related to earnings management. Fixed assets investment inefficiency is able to mediate the relationship between free cash flow and earnings management.

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Lin, Dan, and Lu Lin. "Corporate Governance and Firm Performance: A Study of High Agency Costs of Free Cash Flow Firms." JOURNAL OF SOCIAL SCIENCE RESEARCH 12, no. 2 (July 31, 2018): 2724–31. http://dx.doi.org/10.24297/jssr.v12i2.7533.

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Excessive free cash flows can lead to high agency problems as retaining free cash flow reduces the ability of capital market to monitor managers. Managers are also likely to waste the free cash flow on value-decreasing investments. Based on the free cash flow hypothesis, this study examines the relationship between corporate governance and firm performance of a sample of high agency costs of free cash flow firms, which is defined as firms that have high free cash flow and low investment opportunities. The sample firms are extracted from firms listed on the S&P/TSX composite index between 2009 and 2012. Using corporate governance scores provided by The Globe and Mail, this study finds that better corporate governance is associated with better firm performance, measured by return on equity. The results highlight the importance of corporate governance in protecting shareholders’ interests.

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Jiang, Haiyan, and Ahsan Habib. "Ownership concentration, free cash flow agency problem and future firm performance: New Zealand evidence." Corporate Ownership and Control 9, no. 3 (2012): 96–110. http://dx.doi.org/10.22495/cocv9i3art8.

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This study seeks to empirically examine the effect of ownership concentration on mitigating free cash flow agency problem in New Zealand. Following Jensen’s (1986) argument that managers have incentives to misuse free cash flows, this study tests whether concentrated ownership structure helps alleviate such a problem or exacerbates it. A natural consequence of this agency problem will be overinvestment and other operational inefficiencies which are likely to have a detrimental impact on firms’ future performance. The second objective of this paper is to examine the association between FCFAP conditional on ownership concentration on future firm performance. We measure free cash flow agency problem as the product of positive free cash flows and growth opportunities proxied by Tobin’s Q and find that financial institution-controlled ownership structure in New Zealand is positively associated with free cash flow agency problem. We also document that free cash flow agency problem conditional on ownership concentration negatively affects future firm performance.

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Almarjan, Lulu, Deni Muhammad Danial, and Dicky Jhoansyah. "Pengaruh Free Cash Flow terhadap Kebijakan Hutang." BUDGETING : Journal of Business, Management and Accounting 1, no. 2 (June 26, 2020): 163–69. http://dx.doi.org/10.31539/budgeting.v1i2.807.

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This study aims to determine how much influence the free cash flow on debt policy at PT Indofood Sukses Makmur Tbk. The method used in this research is descriptive and associative methods with quantitative approaches. The data used is PT Indofood's annual financial statement data for 8 years from 2011 to 2018. The statistical test used is calculation, analysis using simple linear regression including the coefficient of determination test. The results showed that the free cash flow variable gained a significance value of 0.008, which means that there was an influence of free cash flow on the corporate debt policy of PT Indofood Sukses Makmur Tbk. Conclusion, there is a significant influence and strong relationship with the positive direction of the variable free cash flow (free cash flow) on the debt policy at PT Indofood Sukses Makmur Tbk. Keywords: Free Cash Flow, Debt Policy

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Nastiti, Pambayun Kinasih Yekti. "Nexus free cash flow dan kebijakan dividen." Jurnal Riset Ekonomi dan Bisnis 15, no. 3 (December 13, 2022): 196. http://dx.doi.org/10.26623/jreb.v15i3.5896.

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Kebijakan dividen dan determinannya tetap menjadi isu kontroversial dalam literatur keuangan. Tujuan studi ini untuk menguji pengaruh langsung free cash flow terhadap dividen dan pengaruh tidak langsung free cash flow terhadap dividen melalui pertumbuhan perusahaan dan leverage. Sampel studi ini adalah 32 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2016-2020. Analisis data memanfaatkan regresi data panel fixed effect robustness dengan melibatkan 160 obeservasi. Hasil penelitian menunjukkan bahwa free cash flow terbukti secara signifikan berpengaruh positif terhadap dividen. Lebih lanjut, penelitian ini mampu membuktikan adanya pengaruh free cash flow terhadap leverage yang kemudian dilanjutkan dengan leverage berimplikasi pada pembayaran dividen perusahaan. Namun, pertumbuhan perusahaan tidak terbukti dipengaruhi free cash flow dan juga tidak mempengaruhi dividen sehingga tidak mampu berperan memediasi pengaruh free cash flow terhadap dividen. Penelitian ini secara akademis berkontribusi dalam mengintegrasikan variabel-variabel kunci determinan kebijakan dividen yang selama ini hanya diteliti secara terpisah. Sementara secara praktis, studi ini menyarankan bahwa bagi investor yang berorentasi pada dividen hendaknya mempertimbangkan ketersedian free cash flow dan ratio hutang perusahaan.Dividend policy and its determinants remain a controversial issue in the financial literature. This study aims to examine the direct effect of free cash flow on dividends and the indirect impact of free cash flow on dividends through firm growth and leverage. The sample of this study is 32 manufacturing firms listed on the Indonesia Stock Exchange during the 2016-2020 period. The data analysis employs fixed effect robustness panel data regression involving 160 observations. The results study showed that the free cash flow significantly positive affects dividends. Furthermore, this study can prove the effect of free cash flow on leverage and then leverage impacts on company’s dividend payments. However, the firm's growth was not proven to be influenced by free cash flow and also did not affect dividends so it was not able to play a role in mediating the effect of free cash flow on dividends. This research academically contributes to integrating the key determinants of dividend policy, which have only been studied separately so far. Practically, this study suggests that dividend-oriented investors should consider the availability of free cash flow and the firm's debt ratio.

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Nobanee, Haitham, and Jaya Abraham. "The impact of free cash flow, equity concentration and agency costs on firm’s profitability." Investment Management and Financial Innovations 14, no. 2 (June 1, 2017): 19–26. http://dx.doi.org/10.21511/imfi.14(2).2017.02.

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This paper examines how free cash flow and equity concentration are associated with agency costs, and how they influence the profitability of insurance firms listed on the Saudi Stock Market. The results indicate that equity concentration has no significant impact on agency costs, free cash flow has no significant impact on agency costs and agency costs have no significant impact on firm’s profitability. The findings of this study do not show any evidence to support the agency theory among insurance firms listed on the Saudi Stock Market.

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Dewi, Ida Ayu Made Chandra, Maria Mediatrix Ratna Sari, I. G. A. N. Budiasih, and Herkulanus Bambang Suprasto. "Free cash flow effect towards firm value." International research journal of management, IT and social sciences 6, no. 3 (May 31, 2019): 108–16. http://dx.doi.org/10.21744/irjmis.v6n3.643.

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A company is established to raise the value of the firm by maximizing profit and shareholder’s wealth. In the capital market, firm value is reflected in the stock price. To raise a firm value, needed to investigate the determinant of firm value. So, this research is aimed to determine the effect of free cash flow on firm value with dividend payout and investment opportunity set as mediator. Population in this research was companies listed on the Main Board Stock Index in Indonesian Stock Exchange for 2013-2017. The sample is 189 observation and it was taken by using purposive sampling technique. Data analysis technique used in this research is path analysis and Sobel test. This research founded that free cash flow has a positive significant effect on firm value and dividend payout, free cash flow has a negative effect on investment opportunity set, dividend payout has a positive significant effect on firm value, and investment opportunity set has a positive significant effect on firm value. Furthermore, dividend payout act as a mediator on the effect of free cash flow on firm value, but investment opportunity unable to mediate the effect of free cash flow on firm value.

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Chiou, Jeng-Ren, Yenn-Ru Chen, and Ting-Chiao Huang. "Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling." China Journal of Accounting Research 3 (June 2010): 71–93. http://dx.doi.org/10.1016/s1755-3091(13)60020-9.

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Permata, Irma Sari, Nana Nawasiah, and Trisnani Indriati. "Free Cash Flow, Kinerja Internal, Dan Pengaruhnya Terhadap Nilai Perusahaan." Liquidity 7, no. 1 (July 13, 2018): 63–69. http://dx.doi.org/10.32546/lq.v7i1.174.

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The purpose of this study is to answer the phenomena that occur both theoretical phenomena and the empirical phenomenon of potential internal conflicts to the free cash flow of the company and its use for the benefit of increasing corporate value. Such internal conflicts require an appropriate settlement so as not to affect the company's failure. This study examines the role of dividend policy and ownership structure in moderating the relationship between free cash flow and firm value on manufacturing companies listed on BEI as many as 236 companies using randon sampling method. Free cash flows, profitability, firm size have a significant effect on company value while company growth has no significant effect. Dividends and majority ownership and managerial moderate free cash flow against corporate value. The results of this study are expected to generate alternative solutions to free cash flow problems and increase the value of the company.

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Turner, James C. G. "The Circularity Problem with Free Cash Flow." Business Valuation Review 27, no. 3 (October 2008): 138–47. http://dx.doi.org/10.5791/0882-2875-27.3.138.

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Sasongko, Noer. "Teori Free Cash Flow, Pembahasan dan Riset." Riset Akuntansi dan Keuangan Indonesia 2, no. 1 (March 6, 2017): 83–101. http://dx.doi.org/10.23917/reaksi.v2i1.3579.

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Hackel, Kenneth S., Joshua Livnat, and Atul Rai. "The Free Cash Flow/Small-Cap Anomaly." Financial Analysts Journal 50, no. 5 (September 1994): 33–42. http://dx.doi.org/10.2469/faj.v50.n5.33.

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Fuller, Kathleen, and Benjamin M. Blau. "Signaling, Free Cash Flow and “Nonmonotonic” Dividends." Financial Review 45, no. 1 (February 2010): 21–56. http://dx.doi.org/10.1111/j.1540-6288.2009.00236.x.

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Adhikari, Ajay, and Augustine Duru. "Voluntary Disclosure of Free Cash Flow Information." Accounting Horizons 20, no. 4 (December 1, 2006): 311–32. http://dx.doi.org/10.2308/acch.2006.20.4.311.

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Modern finance texts have long advocated a focus on “free cash flow” rather than on earnings for evaluating firm performance. While U.S. GAAP does not require firms to disclose free cash flow (FCF) information, some firms voluntarily report and emphasize FCF in their financial statements. FCFs are discussed and used in some finance texts, analysts' reports, and financial press articles, yet little theoretical and conceptual guidance exists on how to compute FCF. Hence, the SEC and the FASB have expressed concern about the comparability, consistency, and transparency of these reported measures. This study provides empirical evidence on a set of firms that voluntarily disclose FCF information in their 10-K and 10-Q reports filed between 1994 and 2004. The number of firms disclosing FCF information is small but has grown in recent years. We document that FCF definitions vary widely, limiting comparability of FCF disclosures across firms. Our results also indicate that FCF firms are less profitable and more leveraged than other firms in their own industries. Moreover, FCF firms have lower credit ratings and pay out higher dividends. These results suggest that FCF firms provide FCF disclosures to augment reported income and cash flow information. As such, our results suggest that FCF firms view FCF disclosures as an important complement to their traditional reporting practices.

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Bergstresser, Daniel. "Discussion of “Overinvestment of free cash flow”." Review of Accounting Studies 11, no. 2-3 (May 20, 2006): 191–202. http://dx.doi.org/10.1007/s11142-006-9002-3.

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Chu, Eric Liluan. "The Investment Strategy of Free Cash Flow Multiple." Review of Pacific Basin Financial Markets and Policies 01, no. 03 (September 1998): 355–67. http://dx.doi.org/10.1142/s0219091598000223.

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This study applies the investment strategy recommended by Hackel and Livnat (1993), the free cash flow (FCF) multiple, in Taiwan after the promulgation of Taiwan's FASB No. 95 in 1989. The results indicate that the portfolio with the higher FCF/Price ratio significantly rewards returns in excess of the market. Instead of using earnings/price ratio in the forming portfolio, the study shows that the decile portfolio with the highest FCF/Price ratio significantly outperforms the market during the period from 1990 to 1994. If daily returns are adjusted by the market model, the decile portfolio presents an average 20.5268% cumulative abnormal returns in the testing period, which is statistically higher than zero. The results also indicate that the annual cumulative abnormal returns of the FCF/Price ratio based portfolio are all positive. The annual results also show that the decile portfolio performs much better when the market declines significantly. The outperformance still exists if returns are adjusted by the market without considering risk. The decile portfolio presents an average 8.198% abnormal with a significant t value returns. The superiority of free cash flow in forming portfolio exists but with a decreasing trend when the portfolio is enlarged. The result implies that either the firms with extremely high FCF/Price ratios are undervalued by the market or the market responses slowly to their superior performance in cash flows. The finding supports Hackel and Livnat's (1993) arguments. It suggests that free cash flow is useful information especially for the forming portfolio. The results also enhance the usefulness of the statement of cash flow.

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McEnroe, John E. "Cash Flow Accounting: is It Time For Increased Disclosures?" Journal of Applied Business Research (JABR) 12, no. 1 (September 12, 2011): 47. http://dx.doi.org/10.19030/jabr.v12i1.5836.

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Cash flow reporting has attracted increased attention in the United States, especially in the past decade. However, despite the use of per share cash flow information by security analysts, the Financial Accounting Standards Board (FASB) has prohibited its disclosure. This article provides a historical perspective of cash flow accounting in the U.S., as well as a discussion of cash flow advocates. The final section presents arguments for increased disclosures in the area of cash flows, including operating cash flow on a per share basis and a schedule of free cash flows.

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Suwaldiman, Suwaldiman. "Pengaruh Free Cash Flow, Operating Cash Flow, dan Dividend Payout Ratio Terhadap Nilai Perusahaan." ULTIMA Accounting 10, no. 1 (December 20, 2018): 52–65. http://dx.doi.org/10.31937/akuntansi.v10i1.845.

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This research examines the impact of free cash flow, operating cash flow, and dividend payout ratio on the firm value which is represented by stock return. This research employees a multiple linear regression analysis to test the hypothesis. Samples used in this research are 159 manufacturing companies registered in Indonesia Stock Exchange for the period of 2013, 2014, and 2015. This research reveals that free cash flow and operating cash flow have no significant impact on the firm value. Those variables seem having no important contents in the point of view of investors. Therefore they do not response to the information. However, this research proves that dividend payout ratio have significant impact on the firm value. It can be concluded that dividend payout ratio is more important than those of free cash flow and operating cash flow. Investors will positively response to the dividend information and it will significantly increase the firm value.

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Benjamin, Samuel Jebaraj, and Kiarash Ehtiat Karrahemi. "A test of audit committee characteristics and free cash flows." Corporate Ownership and Control 10, no. 2 (2013): 611–26. http://dx.doi.org/10.22495/cocv10i2c3art4.

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The study concentrates on audit committee characteristics and their influences on free cash flow. A panel of 120 firms from the trading and services industry from the year 2005 to 2008 is examined. The results show a significant and positive relationship between Audit Committee characteristics (size, independence, frequency of meetings) and free cash flows. These findings suggest that effective audit committee governance leads to availability of higher free cash flows. Our study draws upon the lack of understanding on the impact of audit committee characteristics on free cash flow along the two views; agency theory and pecking order/transaction cost theory and finds support for the later.

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Nuryanti, Nuryanti, Rosnelly Roesdy, and Kurniawaty Fitri. "Pengaruh Profitabilitas Dan Free Cash Flow Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar Di Indeks High Dividend 20." Jurnal Akuntansi Keuangan dan Bisnis, Vol. 14 No. 2 (2021) (November 30, 2021): 261–70. http://dx.doi.org/10.35143/jakb.v14i2.5153.

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Penelitian ini bertujuan untuk menguji pengaruh profitabilitas dan free cash flow terhadap nilai perusahaan dengan kebijakan dividen sebagai variabel intervening. Sampel penelitian yaitu 40 tahun-perusahaan yang terdaftar di Indeks High Dividend 20 tahun 2018-2019. Variabel independen yaitu profitabilitas dan free cash flow. Variabel dependen yaitu nilai perusahaan. Variabel intervening yaitu kebijakan dividen. Uji hipotesis menggunakan uji regresi dan uji Sobel. Hasil analisis menunjukkan (1) profitabilitas dan free cash flow berpengaruh positif terhadap kebijakan dividen, (2) kebijakan dividen, profitabilitas, dan free cash flow berpengaruh positif terhadap nilai perusahaan, (3) profitabilitas dan free cash flow berpengaruh positif terhadap nilai perusahaan melalui kebijakan dividen. Kata kunci: kebijakan dividen, nilai perusahaan, profitabilitas, free cash flow, indeks high dividend 20

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Fatma, Ben Moussa, and Jameleddine Chichti. "Interactions between free cash flow, debt policy and structure of governance: Three stage least square simultaneous model approach: evidence from the Tunisian stock exchange." Corporate Ownership and Control 9, no. 2 (2012): 21–40. http://dx.doi.org/10.22495/cocv9i2art2.

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This research tests the efficiency of the ownership structure and the debt policy as mechanism of resolution of agency conflicts between shareholders and managers due to the problem of overinvestment, in the limitation of the problem of the free cash flow, by estimating three stage least square simultaneous model and on the basis of a sample of 35 non-financial Tunisian listed companies selected for the period 1999–2008. Our results are in favour of the theory of free cash flows of Jensen (1986) that stipulates that the debt policy represents the principal governance mechanism that can limit the risk of free cash flow. However, the ownership concentration and managerial ownership increase the risk of the free cash flow.

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YERO, JIBRIL IBRAHIM, NUHU ABUBAKAR, AISHA MUHAMUD HAMMAN, and SANI SAIDU. "FREE CASH FLOW, MANAGERIAL OWNERSHIP, AND AGENCY COST: A NONLINEAR EVIDENCE FROM NIGERIAN QUOTED CONSUMER AND INDUSTRIAL GOODS FIRMS." Journal of Business and Economic Analysis 04, no. 02 (December 2021): 193–206. http://dx.doi.org/10.1142/s2737566821500110.

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This study focuses on a nonlinear approach in assessing the effect of free cash flow and managerial ownership on the agency cost of firms listed under the Consumer and Industrial Goods sector in the Nigerian Stock Exchange (NSE). Based on the extant theories, firms with high free cash flow are more exposed to agency costs. Existing literature however shows that managerial ownership could moderate this tendency. In this study, we argue that the extent to which managerial ownership moderates the effect of free cash flow on firms’ agency costs is dependent upon the level of the ownership, and thus, the moderation effect is not entirely linear. The study therefore empirically investigates whether free cash flow has a significant positive effect on agency costs; whether managerial ownership has a nonlinear effect on free cash flow; and whether the moderating effect of managerial ownership on the association of free cash flow and agency costs is nonlinear (not the same at different levels [Formula: see text]25% and above 25%). We estimate the panel regression using data from 2009 to 2015 to test three main hypotheses. We measured free cash flow using the cash flow approach and adopted the inverse of asset utilization to proxy for agency costs. The findings reveal that while free cash flow linearly and negatively affects agency costs, managerial ownership has a nonlinear effect on free cash flow and on the effect of free cash flow on agency costs. In line with the findings, this study concludes that managerial ownership is not a straight jacket remedy for tacking problems associated with agency costs that results from having excess free cash flow. Further studies should consider other proxies of agency costs.

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Taghipour, Kambiz, and Mohammad Reza Abdoli. "Investigation the effect of free cash flow and operating cash flow on cash flow distribution among the shareholders of the companies listed in Tehran Stock Exchange." Journal of Management and Accounting Studies 3, no. 02 (July 18, 2019): 31–36. http://dx.doi.org/10.24200/jmas.vol3iss02pp31-36.

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The main goal of this study is investigation of free cash flow and operating cash flow effects on cash flow distribution among the shareholders of the companies listed in Tehran Stock Exchange. Methodology: Statistical population of this study were Tehran Stock Exchange listed companies from 2006 to 2013 that sample volume was 151 company after eliminating outlier observations and considering to screening method. Results: In this study free cash flow and operational cash flow are considered as independent variables for examining their impact on the company distributed cash. We have been used from data panel with fixed effect. Conclusion: Consequently, results of the analysis of corporate data points out that by using multiple regression (at 95% confidence interval) on one hand there is a direct relationship between the amount of free cash flow and operating cash flow with the amount of cash flow distributed among the shareholders and on the other hand there is a significant difference with the amount of cash flow distributed among the shareholders in large and small companies.

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Silalahi, Santa Mariana, Yansen Siahaan, Elly Susanti, and Supitriyani Supitriyani. "PENGARUH FREE CASH FLOW DAN PROFITABILITAS TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN SUB SEKTOR MAKANAN DAN MINUMAN YANG TERDAFTAR DI BURSA EFEK INDONESIA." FINANCIAL: JURNAL AKUNTANSI 4, no. 2 (September 2, 2019): 62–69. http://dx.doi.org/10.37403/financial.v4i2.82.

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AbstrakTujuan dari penelitian ini adalah untuk mengetahui gambaran free cash flow, profitabilitas, dan kebijakan hutang serta pengaruh free cash flow, dan profitabilitas terhadap kebijakan hutang pada Perusahaan Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Penelitian ini dilakukan dengan metode analisis deskriptif kualitatif dan analisis deskriptif kuantitatif. Pengumpulan data digunakan dengan metode dokumentasi. Teknik analisis yang digunakan adalah regresi linier berganda, koefisien korelasi, koefisien determinasi, uji hipotesis.Hasil penelitian ini dapat disimpulkan sebagai berikut: Hasil pengujian diperoleh nilai rata-rata free cash flow berfluktuasi dan cenderung meningkat. Nilai rata-rata profitabilitas berfluktuasi dan cenderung menurun. Nilai rata-rata kebijakan hutang berfluktuasi dan cenderung menurun. Hasil regresi linier berganda diperoleh hasil free cash flow dan profitabilitas berpengaruh positif terhadap kebijakan hutang. Hasil pengujian koefisien korelasi dan determinasi terdapat hubungan yang sedang antara variabel independen free cash flow dan profitabilitas dengan variabel dependen kebijakan hutang dan sisanya dipengaruhi oleh faktor lainnya. Berdasarkan hasil uji F, free cash flow dan profitabilitas berpengaruh tidak signifikan terhadap kebijakan hutang secara simultan. Berdasarkan hasil uji t, Free Cash Flow berpengaruh signifikan terhadap Kebijakan Hutang dan Profitabilitas berpengaruh tidak signifikan terhadap Kebijakan Hutang.Hasil penelitian ini menyarankan manajemen perusahaan sebaiknya meningkatkan volume penjualan sehingga laba dan free cash flow yang diperoleh maksimal agar dapat mengurangi hutang atau melunasi kewajiban perusahaan. Dengan demikian para investor akan tertarik melakukan investasi di perusahaan tersebut. Kata Kunci : Free Cash Flow, Profitabilitas dan Kebijakan HutangAbstractThe Purpose of this research is to describe free cash flow, profitability and debt policy, and to know influence of free cash flow and profitability to debt policy in Food and Beverage Sub Sector Companies Listed on the Bursa Efek Indonesia. The research was using qualitative and quantitative desriptive analysis. The data collection was using documentation. The analysis techniques used are multiple linear regression, correlation coeffient, coefficient of determination, F test and t test.The results of this research can be summarized as follows: The test results obtained the average value of Free Cash Flow fluctuated and tended increase. The average value Profitability fluctuated and tended decrease. The average value Debt Policy fluctuated and tended decrease. The result of multiple linier regression obtained result of Free Cash Flow dan Profitability have a positive effect on Debt Policy. The results of testing the correlation and determination coefficients have a medium between the independent variables of Free Cash Flow and Profitability with the dependent variable Debt Policy, and the rest is influenced by other factors. Based on the result of the F test, Free Cash Flow and Profitability have no significant effect on Debt Policy simultaneously. Based on the result of the test t, Free Cash Flow has a significant effect on Debt Policy, and Profitability has no significant effect on Debt Policy.The results of the research suggest that companies management should increase volume of sales so that the maximum profit and free cash flow obtained can reduce debt or pay off the company’s obligations. Thus investors will be interested in investing in the company. Keywords: Free Cash Flow, Profitability, and Debt Policy

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Alberro, José. "Estimating Damages Using DCF: From Free Cash Flow to the Firm to Free Cash Flow to Equity (and Back)." ICSID Review 30, no. 3 (July 3, 2015): 689–98. http://dx.doi.org/10.1093/icsidreview/siv020.

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Kadioglu, Eyup, Saim Kilic, and Ender Aykut Yilmaz. "Testing the Relationship between Free Cash Flow and Company Performance in Borsa Istanbul." International Business Research 10, no. 5 (April 24, 2017): 148. http://dx.doi.org/10.5539/ibr.v10n5p148.

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This study tests whether free cash flow affects the performance of firms in the context of the free cash flow hypothesis. The study applies a panel regression method to a data set consisting of 2,175 observations belonging to 370 companies listed in Borsa Istanbul during the period 2009-2015. A significant, negative relationship is found between free cash flow and firm performance measured by Tobin’s Q ratio. Greater free cash flow in the hands of managers leads to the lower performance and, conversely, less free cash flow in the hands of managers leads to higher performance. The results also confirm that leverage and dividend payments have a positive effect on performance. Thus, the results support the free cash flow hypothesis for Turkey.

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AL-Dhamari, Redhwan Ahmed, Ku Nor Izah Ku Ismail, and Bakr Ali Al-Gamrh. "Board diversity and corporate payout policy: Do free cash flow and ownership concentration matter?" Corporate Ownership and Control 14, no. 1 (2016): 373–83. http://dx.doi.org/10.22495/cocv14i1c2p9.

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This study investigates the effect of board diversity in terms of gender and ethnicity on dividend payout policy when a firm has free cash flow agency problem. It also tests whether the probability of diverse boards would minimize free cash flow agency problem through making large dividend payments is more pronounced in firms with high ownership concentration. We find that our results differ based on how corporate dividend policy is measured, and vary by the level of free cash flows and ownership concentration. More specifically, we find that women’s (Malays’) presence on boards has positive impact on dividend yield (dividend payout), and this effect conditional on the level of free cash flows generated by firms. Our results also show that the role of female and Malay directors in forcing controlling shareholders of firms with substantial free cash flows to cash out the firms’ resources through making higher dividend payments is more prominent when the firms’ ownership structure is concentrated in the hand of largest shareholders. The findings of our study, to some extent, support the government calls for increasing the number of women participation on corporate boardrooms and the participation of Malays in corporate sector.

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Lee, Dwight R., and James A. Verbrugge. "FREE CASH FLOW AND PUBLIC GOVERNANCE: THE CASE OF ALASKA." Journal of Applied Corporate Finance 13, no. 3 (September 2000): 35–43. http://dx.doi.org/10.1111/j.1745-6622.2000.tb00064.x.

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Lewa, Lukas Nusa Wedo, and Gabriel Tanusi. "PENGUKURAN KINERJA KEUANGAN BERDASARKAN LAPORAN ARUS KAS PADA KOPERASI PEGAWAI REPUBLIK INDONESIA KABUPATEN ENDE TAHUN 2017 - 2019." ANALISIS 11, no. 2 (September 1, 2021): 226–38. http://dx.doi.org/10.37478/als.v11i2.1261.

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The purpose of this study is to examine and analyze the financial performance of cooperatives in the Ende regency of Indonesia from 2017 to 2019. This study is descriptive in nature. Documentation and interviews were utilized to obtain data. Cash flow ratio analysis was used in the data analysis, which included the following cash flow ratios: operating cash flow ratio, fund flow coverage ratio, cash to interest coverage ratio, cash coverage ratio to current liabilities, capital expenditure ratio, total debt ratio, cash flow coverage ratio, and free net cash flow ratio. The findings of this study show that the financial performance of cooperatives Pegawai Republik Indonesia, Ende Regency in the years 2017 – 2019 was generally poor because of the eight cash flow ratios used, only two of which meet the standards above one, namely cahs to interest coverage ratio and free net cash flow ratio, while the other six are below standard one, namely operating cash flow ratio, fund flow coverage ratio, cash coverage ratio to current liabilities, capital adequacy ratio, capital adequacy Cooperative management has been unable to control the flow of cards and must enhance cash inflows while decreasing cash outflows.

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Zhou, Hong, Shuai Geng, and Lu Zhuang Wang. "Relationship between Free Cash Flow and Corporate Performance Evidence from the Listed Real Estate Companies in China." Applied Mechanics and Materials 556-562 (May 2014): 6445–48. http://dx.doi.org/10.4028/www.scientific.net/amm.556-562.6445.

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There is no consensus on the impact of free cash flow upon corporate performance. Based on the data from 2006-2012 of all listed real estate companies in China, authors studied the relationship between the free cash flow and performance of these firms. Using principal component analysis and regression analysis, key financial performance indicators were calculated out of 18 financial performance indicators, and these key indicators of sample companies were correlated to their free cash flow. The results showed that the free cash flow of a company is negatively linear-correlated to its performance, i.e., too much free cash flow will lead the corporate performance to decline. Therefore, the investors and the managers should avoid business inefficient because of too much free cash flow, which triggers the investment risk and loss.

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Al-Omush, Ahmed Mushref Salim, Ali Mohammad Al-Attar, and Walid Muhammad Masadeh. "The impacts of free cash surplus flows, audit quality and ownership on earnings management: The Jordan case." Corporate Ownership and Control 15, no. 4-1 (2018): 222–30. http://dx.doi.org/10.22495/cocv15i4c1p9.

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This paper primarily aims to identify and evaluate the effect of Free Cash Surplus flows, Audit Quality and the ownership on Earnings Management. The study shows that financial distress has a significant impact on earnings management for samples on the Jordanian listed companies during (2003-2016). The Cash Flow Statement provides information on the flow of cash in and out of the organization over a specific period. It shows how an organization spends its money (cash outflows) as well as the source of the money (cash inflows). The Cash Flow Statement – additionally alluded to as the statement of cash flows or fund flows, which is one of the financial statements that is often utilized in the measurement of an organization’s financial performance and overall wellbeing. The study also investigates the prevalence of both accrual and base earnings management for the empirical corporate finance which claims that the better corporate governance constraints between earnings management and the relation of high free-cash -flows firms the more will the increase will be at the income management and the earnings management. Although, the research has addressed the issues of earnings management and the real activities handling; this research paper put these two issues together. The analysis provides a mixed support when using different earnings management detection models. The findings of this study could serve as a guideline to a proper and understanding of earnings management to public listed companies, regulators, and various stakeholders

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Bychkova, Gul'fira. "FEATURES OF CALCULATION AND ANALYSIS OF FREE CASH FLOW." Bulletin of the Angarsk State Technical University 1, no. 15 (January 12, 2022): 216–21. http://dx.doi.org/10.36629/2686-777x-2021-1-15-216-221.

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The features are investigated, systematized, and reserves for improving the process of calculating and analyzing free cash flow are identified. The sources of information have been clarified, and a new indicator for assessing the effectiveness of cash flow management – the economic return on assets on free cash flow - has been recommended

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Kustra, Arkadiusz, and Sylwia Lorenc. "Financial Balance Analysis of Geothermal Companies in Poland Based on Managerial Cash Flows." Energies 14, no. 23 (November 24, 2021): 7885. http://dx.doi.org/10.3390/en14237885.

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The use of geothermal energy to produce heat and electricity has become increasingly important in recent years. This is mainly due to environmental issues and the need to ensure energy security. The aim of the article was to analyse and compare the ability to maintain cash balance of selected geothermal companies in Poland. The following were taken for verification: Przedsiębiorstwo Energetyki Cieplnej PEC Geotermia Podhalańska S.A., Geotermia Poddębice Sp. z o.o., Geotermia Mazowiecka S.A., Geotermia Pyrzyce Sp. z o.o. and Geotermia Czarnków Sp. z o.o. The adopted research methodology, combining accrual and cash recognition, allowed the analysis of the ability to create cash flows and maintain cash stability in 2016–2019. The study used financial data from the financial statements of the analysed companies. The analysis shows that the highest cash flows from assets defined as Free Cash Flow to Firm FCFF (over PLN 11,318 thousand) and the highest cash flows for owners Free Cash Flow to Equity FCFE (over PLN 10,005 thousand) are generated by Geotermia Mazowiecka S.A. At the same time, the balance between cash flows meeting the inequality FCFF ≥ FCFE + FCD, where FCD Free Cash Flow to Debt, determines the ability of assets to generate cash covering the current distribution of capital for its donors. Consequently, there is an increase in the value of cash resources identified in investments in the management balance sheet. Such a situation occurred in the case of Geotermia Poddębice Sp. z o.o. and Geotermia Mazowiecka S.A. The reverse situation, i.e., FCFF < FCFE + FCD is characteristic for cash imbalance. In such conditions there is a decrease in cash resources identified in the management balance. This occurred in PEC Geotermia Podhalańska S.A., Geotermia Pyrzyce Sp. z o.o. and Geotermia Czarnków Sp. z o.o.

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Rahman, Aulia Fuad. "MASALAH KEAGENAN ALIRAN KAS BEBAS, MANAJEMEN LABA DAN RELEVANSI NILAI INFORMASI AKUNTANSI." EKUITAS (Jurnal Ekonomi dan Keuangan) 15, no. 2 (February 8, 2017): 232. http://dx.doi.org/10.24034/j25485024.y2011.v15.i2.2290.

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Free cash flow agency problem causes potential conflict of interest between managers and shareholders. Managers of firms with high free cash flow and of low growth opportunity tend to invest in marginal or even negative NPV project and use earnings management to camouflage the effects of non-wealth-maximizing investments. As a result, it is predicted that investors will react to earnings management and free cash flow agency problem and therefore reflected in stock price. In this sense, earnings management and free cash flow agency problem is predicted to have an impact on value relevance of accounting information.The objective of this study is to assess the impact of earnings management on value relevance of earnings and book value. This study also investigates the different effect of earnings management on value relevance of earnings and book value between free cash flow agency problem firms and non free cash flow agency problem firms. Result shows that earnings and book value are value relevance and earnings management decreases those value relevances. The result also conclude that the negative effect of earnings management on value relevance of earnings and book value is higher for free cash flow agency problem firms compared to non free cash flow agency problem firms.

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Rahman, Aulia Fuad. "MASALAH KEAGENAN ALIRAN KAS BEBAS, MANAJEMEN LABA DAN RELEVANSI NILAI INFORMASI AKUNTANSI." EKUITAS (Jurnal Ekonomi dan Keuangan) 15, no. 2 (September 17, 2018): 232–46. http://dx.doi.org/10.24034/j25485024.y2011.v15.i2.230.

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Free cash flow agency problem causes potential conflict of interest between managers and shareholders. Managers of firms with high free cash flow and of low growth opportunity tend to invest in marginal or even negative NPV project and use earnings management to camouflage the effects of non-wealth-maximizing investments. As a result, it is predicted that investors will react to earnings management and free cash flow agency problem and therefore reflected in stock price. In this sense, earnings management and free cash flow agency problem is predicted to have an impact on value relevance of accounting information.The objective of this study is to assess the impact of earnings management on value relevance of earnings and book value. This study also investigates the different effect of earnings management on value relevance of earnings and book value between free cash flow agency problem firms and non free cash flow agency problem firms. Result shows that earnings and book value are value relevance and earnings management decreases those value relevances. The result also conclude that the negative effect of earnings management on value relevance of earnings and book value is higher for free cash flow agency problem firms compared to non free cash flow agency problem firms.

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Kaviani, Meysam. "Study of Information content Economic Value Added in Explain new models based on Free Cash Flow (CVFCFF and CVFCFE)." International Journal of Accounting and Financial Reporting 3, no. 1 (July 10, 2013): 277. http://dx.doi.org/10.5296/ijafr.v3i1.3767.

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Free Cash Flow (FCF) is one of the measures based on cash flow for measuring performance of firms, among various evaluation measure of performance; that indicates the cash of firm after doing necessary expenditures for keeping and developing properties. Due to that, various models based on FCF have been explained for evaluation of firms in which free cash flow to firm (FCFF) and Free Cash Flow to Equity (FCFE) can be considered as the important ones.This paper aims to give new models of Free Cash Flow. These models are called Created Value from Free Cash Flow to Firm (CVFCFF) and Created Value from Free Cash Flow to Equity (CVFCFE) that purpose of examined the content of information Economic value Added (EVA) of Iran Companies in explain of CVFCFF and CVFCFE. For this purpose a sample of 10 companies representing in the automotive of industry for a period of five years from 2005-2009 have been analyzed.The Research results indicate that there is significant relationship and positive between CVFCFF and CVFCFE with Economic value Added.

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Alalawi, Ahmed, Gagan Kukreja, and Keshav Gupta. "Free Cash Flow as a Determinant of Performance and Stock Price Movement in Multinational Energy Companies." Journal of Business Management and Information Systems 3, no. 1 (June 30, 2016): 11–29. http://dx.doi.org/10.48001/jbmis.2016.0301002.

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We used the Free Cash Flow (FCF) formula to test and determine the performance of these firms, along with testing the correlation with price movement. Previous Studies showed that Free Cash flow has positive correlation with taking investment opportunities, while negative Free Cash flow represent distressed period for the firm. Questions addressed in the article is (1) whether FCF can determine the energy firm’s performance and stock price movement, (2) whether high FCF triggers investing in high return investments, and (3) whether low or negative FCF leads to financially distressed period. The results are consistent with high Free Cash flow will result in greater investment opportunity while low or negative Free Cash flow will result in distressed period for the firm. In addition, the results showed positive relation between Free Cash flow and share price movement.

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HOWE, KEITH M., JIA HE, and G. WENCHI KAO. "One-Time Cash Flow Announcements and Free Cash-Flow Theory: Share Repurchases and Special Dividends." Journal of Finance 47, no. 5 (December 1992): 1963–75. http://dx.doi.org/10.1111/j.1540-6261.1992.tb04691.x.

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Journal articles on the topic 'Free cash flow'

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