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1
Sihombing, Monang Juanda Tua. "Analisis Faktor yang Mempengaruhi Return Saham dengan Kebijakan Deviden sebagai Variabel Moderating pada Perusahaan Consumer Goods." JURNAL ARMADA INFORMATIKA 3, no. 1 (August 1, 2019): 56–69. http://dx.doi.org/10.36520/jai.v3i1.39.
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This study aims to determine and analyze the factors that influence stock returns with dividend policy as a moderating variable simultaneously and partially on consumer goods companies listed on the Indonesia Stock Exchange (IDX). The population of this research is 155 consumer goods companies listed on the IDX. Samples selected using the saturated sampling method amounted to 31 companies. Data were processed using multiple linear regression statistical test methods using SPSS software. The results of this study prove the first hypothesis that the variable current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt, inflation and Bank Indonesia interest rates simultaneously influence stock returns. Partially, inflation and interest rates of Bank Indonesia partially affect stock returns, while the current ratio variable, return on equity, earnings per share, net profit margin and cash flow from operations to debt do not affect stock returns. In the results of the research for the second hypothesis, dividend policy is not able to moderate the relationship of current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt), inflation and Bank Indonesia interest rates on stock returns.
Keywords: current ratio, return on equity, earnings per share, net profit margin, cash flow from operations to debt, inflation, rate interest of Bank Indonesia, dividend policy and stock returns.
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Sitorus, Jessy Safitri, Ernika Siburian, Yosevin Simbolon, and Royto Enjelia br Naibaho. "THE EFFECT OF OPERATING CASH FLOW, NET PROFIT, ROA AND ROE ON STOCK RETURN OF IDX." Jurnal Akuntansi 11, no. 2 (June 30, 2021): 189–96. http://dx.doi.org/10.33369/j.akuntansi.11.2.189-196.
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This research was conducted to determine the effect of Operating Cash Flow, ROA Net Profit and ROE on the movement of Stock Return, data or information obtained through financial statements. And the method of data collection is done with Purposive Sampling there are 21 companies in a period of 3 years, therefore the total sample of this study should be 63 samples. But because the data of this study using outliers then the total sample became 41. Then analyzed using multiple linear regression using SPSS 20 software. From this research, the researchers obtained results, namely: Operating Cash Flow, Net Income, and ROA individually had no significant effect on Stock Return. ROE individually affects and is significant to the Return of Shares. Operating Cash Flow, Net Income, ROA and ROE are simultaneously concurrently and significantly impacted on Stock Return. Keywords: Operating Cash Flow, Net Income, Return on Assets, Return on Equity, Share Return.
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Marhaeni, Erlita Tyas Puspa. "PENGARUH EARNINGS PER SHARE, ECONOMIC VALUE ADDED, MARKET SHARE, DAN NET CASH FLOW TERHADAP RETURN SAHAM (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SUB SEKTOR KERAMIK PORSELIN DAN KACA YANG TERDAFTAR DI BEI 2011-2015)." INVENTORY: JURNAL AKUNTANSI 1, no. 1 (July 17, 2019): 12. http://dx.doi.org/10.25273/inventory.v1i1.4710.
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The purpose of this research is to determine whether there is the influence of earning per share, economic value added, market share, and net cash flow to return of both simultaneously and partial. The population in this study is a company manufacturing the ceramic, porcelain and glass are listed on the BEI in 2011-2015. The study used data from secondary in the form of financial statements the company.Testing this hypothesis using regression linear and through augmented with partial test, simultan test, and coefficient of determination. The result in partial to show that a market share and net cash flow, have a significant effect on return, while earning per share and economic value added don’t have a significant effect on return. In a simultaneous variable earning per share, economic value added , market share and net cash flow together have a significant effect on return. Manufacturing companies the industrial ceramics, porcelain and glass need to increase the company’s performance in achieving market share and net cash flow are higher because it will provide a significant impact on the return. Keyword: Earning Per Share, Economic Value Added, Market Share, Net Cash Flow, Return
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Indriani, Ayu, Heny Triastuti Kurnia Ningsih, Zenni Riana, and Sri Elviani. "PENGARUH NETWORKING CAPITAL , CASH FLOW dan GROWTH OPPORTUNITY TERHADAPRETURN ON ASSET (ROA) DI PERUSAHAAN TEKSTIL DAN GARMEN YANG TERDAFTAR DI BURSA EFEK INDONESIA." JRAM (Jurnal Riset Akuntansi Multiparadigma) 8, no. 1 (August 2, 2021): 23–30. http://dx.doi.org/10.30743/akutansi.v8i1.4061.
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The purpose of this study was to determine whether Net Working Capital, Cash Flow and Growth Opportunity partially or simultaneously affect the Return On Asset (ROA) of the Textile and Garment Sub-Sector Companies listed on the IDX. Data collection techniques are using secondary data taken from Indonesia Stock Exchange website, Multiple Linear regression Analysis Technique, Hypothesis Test, namely T Test and F Test, Determination Coefficient Test using the SPSS Version 20 application.The results of this study reveal that the Net Working Capital variable partially does not have a significant effect on Return On Asset, the Cash Flow variable partially has no significant effect on Return On Asset, and Growth Opportunity partially has a significant effect on Return On Assets, while the Net Working Capital variable has no significant effect on Return On Asset. Simultaneously, Cash Flow and Growth Opportunity have no effect on Return On Assets.
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Stefanie, Stefanie, and Loh Wenny Setiawati. "PENGARUH NET PROFIT MARGIN, ARUS KAS OPERASI DAN REPUTASI AUDITOR TERHADAP RETURN SAHAM PADA PERUSAHAAN MANUFAKTUR PERIODE 2014-2017." AJAR 2, no. 02 (September 10, 2019): 1–18. http://dx.doi.org/10.35129/ajar.v2i02.79.
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Investments are made by investors to get a return. Return is a profit of an investment. Stock Return has a significant effect in determining the value of company’s stock. Investors will be interested to invest in companies with a high return. This research aimed to analysis the effect of net profit margin, operating cash flow and auditor reputation for the period 2014 – 2016 to stock return for the period 2015 – 2017 on manufacturing companies that listed on Indonesia Stock Exchange. Net profit margin is calculated by using net income after tax divided by total net sales for the period from audited financial statements. This research used secondary data which is from financial reports with purposive sampling. Research sample counted 55 manufacturing companies listed in Indonesia Stock Exchange period 2014 – 2017.
The results of this research showed that net profit margin and auditor reputation do not have a significant effect on stock return while operating cash flow has a significant effect on stock return.
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Maharani, Bunga, and Dwi Ratna Wulandari. "FAKTOR FUNDAMENTAL YANG MEMPENGARUHI PERUBAHAN HARGA SAHAM (Studi Empiris pada Perusahaan Finansial yang Terdaftar Di BEI Tahun 2009dan 2010)." JURNAL AKUNTANSI UNIVERSITAS JEMBER 11, no. 1 (March 31, 2015): 13. http://dx.doi.org/10.19184/jauj.v11i1.1258.
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The objective of the study is to investigate the effect of free cash flow, return on equity, current ratio, firm size and net profit margin on dividend policy that measured by dividend payout ratio. The population of this study are all manufacturing companies listed on the Indonesian Stock Exchange (IDX).The period of this study are 2008-2011. Based on purposive sampling method, 19 companies were used on the study. The sample were gathered from annual reports and ICMD. This study used multiple linear regression as analysis method with 5% significant level. The results of the study indicate that free cash flow and return on equity have positive effect on dividend policy, while current ratio, firm size and net profit margin have no significant effect on dividend policy.
Keywords: Dividend Policy, dividend payout ratio (DPR), free cash flow (FCF), return on equity (ROE), current ratio (CR), firm size (FZ) and net profit margin (NPM).
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Mardiyani, Mardiyani. "Determinasi Free Cash Flow Terhadap Return on Equity Dan Kebijakan Pembayaran Dividen." Jurnal Inspirasi Bisnis dan Manajemen 2, no. 2 (December 31, 2018): 129. http://dx.doi.org/10.33603/jibm.v2i2.1637.
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Abstract. This study aims to find out the effect of Free Cash Flow on Return On Equity and dividend payment policy on consumption sector manufacturing companies for the period 2012-2016. The research method uses causal associative with a sample of 14 companies for 5 years. As for data processing techniques using the LISREL 8.8 Path Analysis format. The results showed that there was a positive influence between Free Cash Flow, ROE and dividend payment policy. This means that if the value of the Free Cash Flow and ROE of the company increases, the shareholder dividend will be higher. The effort that must be made by the company to increase shareholder dividends is to limit debt so that the net income obtained is allocated more for reinvestment (Free Cash Flow) so that the ROE and welfare of shareholders increases. Keywords: Dividend Payout Policy, Return On Equity (ROE), Free Cash Flow (FCF) Abstrak. Penelitian ini bertujuan untuk mencari pengaruh Free Cash Flow terhadap Return On Equity dan kebijakan pembayaran dividen pada perusahaan manufaktur sektor Konsumsi periode 2012-2016. Metode penelitian menggunakan asosiatif kausal dengan sampel sebanyak 14 perusahaan selama 5 tahun. Adapun teknik pengolahan data menggunakan Path Analysis format LISREL 8.8. Dari hasil penelitian didapatkan bahwa terdapat pengaruh positif antara Free Cash Flow, ROE dan kebijakan pembayaran dividen, yang artinya jika nilai Free Cash Flow dan ROE perusahaan meningkat maka dividen pemegang saham akan semakin tinggi. Upaya yang harus dilakukan perusahaan untuk meningkatkan dividen pemegang saham adalah dengan membatasi hutang agar net income yang diperoleh lebih banyak dialokasikan untuk reinvestasi (Free Cash Flow) sehingga ROE dan kesejahteraan pemegang saham meningkat. Kata Kunci : Kebijakan pembayaran dividen, Return On Equity (ROE), Free Cash Flow (FCF).
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Fitra, Halkadri, Salma Taqwa, Charoline Cheisviyanny, Abel Tasman, and Nurzi Sebrina. "TINJAUAN STUDI KELAYAKAN USAHA BADAN USAHA MILIK DESA (NAGARI) KAMANG HILIA SEJAHTERA KENAGARIAN KAMANG HILIA, KECAMATAN KAMANG MAGEK, KABUPATEN AGAM, PROVINSI SUMATERA BARAT." UNES Journal of Social And Economics Research 3, no. 2 (December 31, 2018): 160. http://dx.doi.org/10.31933/ujser.3.2.160-169.2018.
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Penelitian ini bertujuan untuk melihat kelayakan aspek keuangan usaha grosir sembako Badan Usaha Milik Desa (Nagari) Kamang Hilia Sejahtera di Kenagarian Kamang Hilia Kecamatan Kamang Magek Kabupaten Agam Provinsi Sumatera Barat yang dilakukan pada tahun 2018. Penelitian bersifat deskriptif kuantitatif dengan menggunakan metode cash flow analysis, payback period, net present value, profitability index, internal rate of return, dan average rate of return. Hasil penelitian menunjukkan bahwa nilai net cash flow Badan Usaha Milik Desa (Nagari) Kamang Hilia Sejahtera adalah positif yaitu Rp.21.774.000, nilai payback period adalah 1,15 tahun, nilai net present value positif sebesar Rp.10.680.034,47, nilai profitability index adalah positif 1,37, sedangkan nilai internal rate of return adalah 46,7% dan nilai average rate of return adalah 57,23%. Berdasarkan standar penilaian maka semua metode yang digunakan memberikan kesimpulan bahwa usaha grosir sembako milik Badan Usaha Milik Desa (Nagari) Kamang Hilia Sejahtera dalam kategori layak untuk dilaksanakan.
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Putri, Sefka Anggraini, Reni Oktavia, and Widya Rizki Eka Putri. "Pengaruh Kinerja Keuangan Terhadap Rate of Return (Studi Empiris Pada Perusahaan Pertambangan Yang Terdaftar di BEI Tahun 2014-2018 )." Jurnal Akuntansi dan Keuangan 25, no. 2 (July 17, 2020): 101–17. http://dx.doi.org/10.23960/jak.v25i2.136.
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The purpose of this study was to examine the effect of financial performance on the rate of return. The indicators used to measure financial performance are return on investment, net profit margin, earnings per share, operating cash flow, economic value added. This study uses secondary data with a population of companies listed on the Indonesia Stock Exchange (BEI) 2014-2018. The method used to determine the sample using purposive sampling. Consists of 19 industrial mining companies with 56 samples. The analysis method used is multiple regression analysis. The results of hypothesis testing show that the Return on Investment (ROI) has no significant effect on the Rate of Return (ROR), Net Profit Margin (NPM) has significant effect on the Rate of Return (ROR), Earning Per Share (EPS) has no significant effect on the Rate of Return (ROR), Operating Cash Flow(OCF) has no significant effect on the Rate of Return (ROR), Economic Value Added (EVA) has no significant effect on the Rate of Return (ROR)
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Fairfield, Patricia M., J. Scott Whisenant, and Teri Lombardi Yohn. "Accrued Earnings and Growth: Implications for Future Profitability and Market Mispricing." Accounting Review 78, no. 1 (January 1, 2003): 353–71. http://dx.doi.org/10.2308/accr.2003.78.1.353.
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Prior research reveals that the accrual component of profitability is less persistent than the cash flow component, and that investors fail to fully appreciate their differing implications for future profitability (Sloan 1996). However, accruals are a component of growth in net operating assets as well as a component of profitability. Just as we can disaggregate profitability into accruals and cash flows from operations, we can disaggregate growth in net operating assets into accruals and growth in long-term net operating assets. We find that, after controlling for current profitability, both components of growth in net operating assets—accruals and growth in long-term net operating assets—have equivalent negative associations with one-year-ahead return on assets. This result is consistent with conservative accounting and diminishing marginal returns on investments. We also find that, after controlling for current profitability, the market appears to equivalently overvalue accruals and growth in long-term net operating assets relative to their association with one-year-ahead ROA. Our evidence suggests that the accrual anomaly documented in Sloan (1996) is a special case of what could be viewed as a more general growth anomaly.
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Eaton, Gregory W., and Bradley S. Paye. "Payout Yields and Stock Return Predictability: How Important Is the Measure of Cash Flow?" Journal of Financial and Quantitative Analysis 52, no. 4 (June 28, 2017): 1639–66. http://dx.doi.org/10.1017/s0022109017000370.
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We compare the stock return forecasting performance of alternative payout yields. The net payout yield produces more accurate forecasts relative to alternatives, including the traditional dividend yield. This remains true even after excluding several years during the Great Depression when issuance was unusually high. The measure of cash flow used to form the yield matters economically. Long-term investors’ hedging demand for stock is considerably reduced when net payout, rather than dividends, serves as the cash-flow measure. An agent relying on an incorrect payout measure is willing to pay an economically significant “management fee” to switch to the optimal policy.
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Mole, R. H. "The Cost of Capital for Financial Evaluation of Plant and Machinery Capital Proposals." Proceedings of the Institution of Mechanical Engineers, Part B: Journal of Engineering Manufacture 203, no. 1 (February 1989): 57–62. http://dx.doi.org/10.1243/pime_proc_1989_203_047_02.
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This paper makes the case for the close involvement of engineers in the financial appraisal of proposals for capital expenditure on plant and machinery. Post-tax assessments are now essential for the great majority of companies and this requires a coherent analytical framework which encompasses both the tax cash flows and the impact of tax upon the cost of capital in an inflationary environment. This paper deals with the impact of taxation upon the cost of capital, the discount rate and the yield (internal rate of return) which forms an essential component of modern methods of discounted cash flow financial appraisal. A companion paper considers tax cash flows and shows that the net present value discounted at the net cost of capital may be distorted in comparison to the pre-tax NPV discounted at the gross cost of capital.
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Myniv, R. M. "Methodical approaches to the assessment of investment attractiveness of agricultural enterprises." Scientific Messenger of LNU of Veterinary Medicine and Biotechnologies 21, no. 93 (November 16, 2019): 63–69. http://dx.doi.org/10.32718/nvlvet-e9313.
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Evaluation of investment efficiency is central to the process of justifying and selecting possible options for investing in investment projects, and is therefore a key to successful implementation of investment activities of agricultural enterprises. The main directions of financing of investment projects of agricultural enterprises are: purchase or construction of unfinished construction objects, new construction, expansion of existing enterprises, reconstruction of existing enterprises and technical re-equipment of existing enterprises. Two main groups of methods of assessing the cost-effectiveness of investment projects have become most widespread: static and dynamic. Static methods involve the calculation of indicators based on undiscounted cash flows. Dynamic methods, on the contrary, take into account the change in the value of money over time and imply bringing the values of all cash flows to the same period by discounting or compounding. Dynamic methods for assessing the effectiveness of investment projects include the following basic methods that rely on most modern Ukrainian enterprises, such as net present value cash flow (NPV), internal rate of return (IRR), payback period (DPP) and project profitability index (PI). On their basis the basic methods of selection of investment projects of agricultural enterprises are formed. Net Present Value (NPV) calculation. is based on comparing what will be invested in the future with what is invested now. The Profitabale Index (PI) is directly related to net present value and is defined as the ratio of the discounted cash flow to initial investment. The IRR (Internal Rate of Return) is the discount rate at which the projected cash inflows are equal to the project's discounted cash flows. As indicators of the effect in calculating the overall efficiency of investments, it is advisable to use changes in the following values of growth: revenue from the sale of enterprise products; gross income; profit before tax; net profit; cash flow; clean products. Gross and net investment should be included in the costs. The use of qualitative methods in investment analysis is due to the following reasons: the subjectivity of the phenomena or characteristics studied; lack or lack of necessary information; inability to analyze objective and acceptable methods; lack of research object (to be created during project implementation). Quantitative methods for evaluating agricultural investment projects include methods of probability theory and mathematical statistics, as well as economic and statistical methods.
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SRIVASTAVA, VISHAL, SUNDER RAM KORIVI, and DIPASHA SHARMA. "Subprime Crisis – A Corporate Acquisition Opportunity?" Journal of Accounting, Business and Management (JABM) 28, no. 2 (November 7, 2021): 20. http://dx.doi.org/10.31966/jabminternational.v28i2.546.
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Corporate acquisition can be considered as one of the best processes of corporate restructuring. This study is focused to evaluate the post-acquisition operating performance of listed Indian companies (acquirers) which have made acquisitions during subprime crisis period i.e. from FY 2007-08 to FY 2009-10. Paired sample t-test has been used on four operating performance indicators i.e. Return on Equity(ROE), Return on Assets (ROA), Operating Profit margin (OPM) and Operating Cash flow to Net Sales ratio (OCF/Net Sales) to check whether operating performance of acquirers has significantly improved post-acquisition. This study has revealed that there is no significant improvement in firms’ operating performance based on financial parameters i.e. Return on Equity (ROE), Return on Assets (ROA) and Operating Profit Margin (OPM), post corporate acquisitions made during subprime crisis period. The study finds that there was negative impact based on these parameters. Though Operating Cash Flow to Net Sales ratio has improved significantly for the companies which have made acquisition in FY 2007-08 and FY 2008-09 but similar findings could not be achieved for FY 2009-10. This study will find its significance in present scenario wherein corporate acquisitions are seen as the fastest way to achieve growth. Corporate world may derive its growth strategy from this study.
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Hondro, Tatema, Masriani Laia, Mastaniria Nduru, and Bayu Wulandari. "Pengaruh Struktur Modal, Struktur Aset, Laba Bersih, Piutang Usaha, Likuiditas, Profitabilitas terhadap Arus Kas." Owner 5, no. 2 (August 1, 2021): 368–79. http://dx.doi.org/10.33395/owner.v5i2.419.
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The purpose of this study was to see and test whether the effect of capital structure, asset structure, net income, accounts receivable, liquidity, profitability variable to cash flows variable on the value of service companies listed on the IDX (Indonesia Stock Exchange) from 2017-2019. This research uses a method with a quantitative descriptive approach. The population obtained was 78 companies listed on the Indonesia Stock Exchange from 2017-2019. The sample used in this study was purposive sampling technique. The sample obtained was 12 companies. The data analysis used several analyzes, namely multiple linear analysis, the coefficient of determination test, the classical assumption test, the F test, and the t-test. This study shows that partially the variables of capital structure, asset structure, accounts receivable, liquidity, ROE has no effect on cash flow variables at service companies that listed on the Indonesia Stock Exchange, while the net income variable has an influence on cash flow variables at service companies listed in Indonesia Stock Exchange, and simultaneously the variables of capital structure, asset structure, net income, accounts receivable, liquidity, Return On Equity do not have an influence on cash flow variables in service companies that listed on the Indonesia Stock Exchange.
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Pranee, Supattra. "MEASUREMENT DESIGN FOR SME’S BUSINESS PERFORMANCE IN BANGKOK." EUrASEANs: journal on global socio-economic dynamics, no. 3(10) (June 15, 2018): 07–12. http://dx.doi.org/10.35678/2539-5645.3(10).2018.07-12.
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This research study is dedicated to measurement design for SMEs business performance in Bangkok. The objective was to create some sort of a metrics for assessing the performance of SMEs in Bangkok. This is a documentary research since it is using secondary data. Analysis and synthesis methods were used in relation to the obtained information so that to come up with a measurement of business performance for SMEs operating in the city of Bangkok. Our research results found that the innovation management model of SMEs is usually composed of 3 structural elements: 1. Finance, 2. Customers, and 3. Stakeholders. Further, 1. The structural element of Finance is composed of the following indicators: 1). Growth revealed through increased sales, market share, profit growth; 2) Return, namely 2.1) Return on assets, 2.2) Return rate for shareholders, 2.3). Average return on sale, and 3) Cash flow as 3.1) Net cash flow, 3.2) Cash flow from sales, 3.3) Inventory turnover. 2. The structural element called Customer is measured through the following indicators: 2.1) Satisfaction of customers with product delivery meeting Terms and Conditions of agreements, 2.2) Satisfaction of customers with a company as compared to competitors, 2.3) Satisfaction of customers with competitive position this company has already received. 3.The structural element of Stakeholder is measured through the following indicators and their parameters: 3.1) Employees and how they are satisfied with returns, 3.2) Return on investment and returns for shareholders when compared to the previous 3-year period, 3.3) Service quality in its dynamics, 3.4) Number of third parties (distributors) involved and how it increases with every new year, 3.5) Activities’ arrangements as responding to society’s or community’s needs, including company’s environmental responsibility.
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Alsharif, Bader M., Talal M. Bataineh, and Khaled M. Abo Aliqah. "Cash Flows and Earnings for Share in Islamic Banks: Jordanian Evidence." International Journal of Business and Management 15, no. 12 (November 6, 2020): 15. http://dx.doi.org/10.5539/ijbm.v15n12p15.
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This study provides evidence on the effect of cash flows extracted from operating, investing, and financing activities attributed to the net profit, total assets or liabilities on the return per share for Jordan Islamic Bank, International Islamic Arab Bank, and Al-Rajhi Islamic Bank. The methodology is based on panel regression analyses of annual report data for Jordan listed Islamic Banks for the year from 2005 to 2019. The return on a stock plays an important role in investing and financing operations. Thus, the cash flows are weak in the short term and quickly increase in the long run. Results show a negative relationship between cash flow and return on a stock, except for cash flows from operating activities, which have a positive relationship with the return on a stock in the second and third models. The reason for this positive relationship is either the increase in operations from untapped money does not increase the size of assets or liabilities or the decrease in operations leads to an increase in profits and thus an increase in the return on the stock. This association indicates moderation in maintaining the amount of cash. Any risk facing the bank from withdrawals or financing operations is covered without affecting the size of the bank’s profits until the turnout by investors increases and the profit increases.
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H. P. Maheswarappa, C. V. Sairam, R. Dhanapal, T. Vidhan Singh, and M. R. Hegde. "ECONOMIC ANALYSIS OF COCONUT-BASED MIXED FARMING SYSTEMS." CORD 16, no. 02 (December 1, 2000): 34. http://dx.doi.org/10.37833/cord.v16i02.343.
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Coconut-Based Mixed Farming System which evolved from the Central Plantation Crops Research Institute is one of the technologies recommended for sustainable coconut production. The economic analysis of this system for the period 1989-90 to 1997-98, realized a net return between Rs. 49,700 to Rs. 126,900. The Cash Flow Analysis preformed using a discount rate of 14% realized the Benefit-Cost Ratio (BCR) of 1.36, the Net Present Worth of the system was Rs.286,500,, the Internal Rate of Return was 27.44%, and, the Pay Back Period was five years.
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,, Hermi. "HUBUNGAN LABA BERSIH DAN ARUS KAS OPERASI TERHADAP DIVIDEN KAS PADA PERUSAHAAN PERDAGANGAN BESAR BARANG PRODUKSI DI BEJ PADA PERIODE 1999-2002." Media Riset Akuntansi, Auditing dan Informasi 4, no. 3 (February 18, 2008): 247. http://dx.doi.org/10.25105/mraai.v4i3.1807.
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<p class="Style12">Funds are important resources for an enterprise. Selling stocks is one way to collect funds from investors. Investors buy stocks and may get dividends. A company needs funds to operate the activities. According to this, company often has problems about how to obtain funds, how.to use them, and how to give it back with a proper rate of return. For investors, dividend distribution is important thing as well as company's growth. Investors need to know the result of the net income and the dividend proportion that distributed to them because they have invested their funds to the company. According to management functions, the purpose of dividend distribution is to maximize stockholder's wealth.</p><p class="Style12">The objective of this research is to determine the relationship between net income and operating cash flows with cash dividends. This research uses data of wholesale durable goods company listed in BEJ for period 1999 — <span style="text-decoration: underline;"><a href="http://2002.net/">2002. Net</a></span> income and operating cash flows are independence variables, cash dividends is dependence variables. This research uses descriptive statistics analysis, Pearson's Correlation.</p><p class="Style12">The result is a positive significant relationship between net income and oper-ating cash flows with cash dividends. Significant relationship means that the value of cash dividends is influenced significantly by the value of net income and operating cash flows. Positive relationship happens when the value of independent variables which are net income and operating cash flows increase, in that result the increase of the value of dependent variable that is cash dividends and vice versa.</p><p class="Style12">From the result, the writer gives some suggestions. In distributing cash divi-dends, the company has to concern for amount of the net income. If there is insufficient cash, the company may distribute the other form of dividends, such as stock dividends.</p><p class="Style1"><strong><em>Keywords: </em></strong><em>Net Income, Operating Cash Flow, Cash Dividend</em></p>
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Rajkumar, Aditya Vikram, and Jeffrey Williams. "Managing a Firm's Cash Flow Recovery Strategy." International Journal of Strategic Decision Sciences 3, no. 1 (January 2012): 60–80. http://dx.doi.org/10.4018/ijsds.2012010102.
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Traditional cash flow estimation techniques focus on generating net cash flow estimates period-by-period, which are then discounted by the firm’s cost of capital. While conceptually strong, this aggregation approach can be insensitive to the fine-grained detail so important to managing project cash flows, in particular, that investment returns are always a combination of growth (renewal) and decline (convergence) forces at work over the firm's life. As is demonstrated in this paper, the aggregation problem can be addressed by employing a cash flow recovery period (CFRP) framework, which distinguishes and quantifies the renewal and convergence forces unique to each firm's project cash flows. The benefit of this more fine-grained approach is that it provides an additional level of detail that can be used to manage firm returns.
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Kulakov, Nikolay, and Anastasia Blaset Kastro. "Evaluation of Financial Instruments Possessing Non-Conventional Cash Flow." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 12, no. 2 (July 2, 2018): 7–17. http://dx.doi.org/10.17323/j.jcfr.2073-0438.12.2.2018.7-17.
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Investments are often justified and accepted based on the IRR as the main criterion of profitability. However, that criterion is hardly ever used to evaluate some financial instruments (e.g. short sales, options, futures and swaps). This is partially due to the fact that some instruments possess a cash flow describing a borrowing rather than an investment. Others have a non-conventional cash flow and, consequently, the IRR may be meaningless or impossible to determine. We describe a non-conventional cash flow of a financial instrument as a non-conventional project consisting of a sequence of single-period (simple) projects. Each simple project has only two cash flows with opposite signs therefore the IRR for the simple project is always determined. If there is a decomposition in which each simple project has the same IRR value, then that value is the IRR of the non-conventional project. If a decomposition of the non-conventional project into simple projects with the same IRR is impossible, the non-conventional project’s IRR does not exist. If a simple project is an investment then the IRR is a rate of return for an investor. If a simple project is a loan then the IRR is an interest rate for the borrower, but not for the investor. Therefore the NPV method estimates a non-conventional project for two different participants simultaneously that leads to problems with definition of IRR. In order the loan’s IRR would be a rate of return for the investor, but not an interest rate for the borrower, the sign of IRR should be replaced to opposite one. The paper discusses how to use the Generalized Net Present Value (GNPV) method to calculate a yield of the financial instrument with non-conventional cash flow. The function GNPV(r, p) depends on two rates: finance and reinvestment ones that determine a cost of funding and a rate of return, respectively. The equation GNPV (r, -r) = 0 is investigated in the paper. The solution of that equation is the Generalized Average Rate of Return (GARR). We suggest using the GARR as a new measure of a yield for evaluating financial instruments possessing a non-conventional cash flow and estimating a portfolio’s performance over period with contributions and withdrawals.
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Yuliarni, Teti, Ulfi Maryati, and Hidayatul Ihsan. "Analisis Kinerja Perusahaan Sebelum Dan Sesudah Initial Public Offering (IPO) Di Bursa Efek Indonesia (BEI) (Studi Kasus Pada Perusahaan Non Keuangan yang IPO Di Bursa Efek Indonesia Pada Tahun 2012 Dan 2013)." Akuntansi dan Manajemen 11, no. 1 (June 1, 2016): 25–37. http://dx.doi.org/10.30630/jam.v11i1.97.
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This research aims to know the difference of the company before and after initial public offering at the indonesian stock exchange. The variables in this research are ROA (Return on Assets), OCF (Operating Cash Flow), SG (Sales Growth), TATO (Total Asset Turn Over), CFRS (Cash Flow Return on Sales), and CFNI (Cash Flow to Net Income). The sample of this research consist of 34 companies with purposive sampling method which is non financial company listed on the indonesian stock Exchange in IPO period 2012 - 2013. Analysis technique used is the method of analysis test different ( paired t test ) uses software ibm spss version 20. The results showed that (1) To the ratio of roa , sg and a tato there was a gap in the performance of which is significant at the company before and after ipo. (2) While to the ratio of ocf , cfrs and cfni there is no significant difference on corporations before and after ipo.
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Yanti, Sharen Santoso Rafli,. "PENGARUH EARNING PER SHARE, PRICE TO BOOK VALUE, CASH FLOW OPERATING, STOCK RETURN, DIVIDEND PAYOUT RATIOTERHADAP PENILAIAN EKUITAS PERUSAHAAN." Jurnal Ekonomi 20, no. 3 (February 26, 2018): 428. http://dx.doi.org/10.24912/je.v20i3.404.
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The purposeof this studyis to analyze the effect of Earnings Per Share, Price to Book Value, Cash Flow Operating, Stock Return, Dividend Payout Ratio to theEquity Valuation oncompanies listedinthe Indonesia Stock Exchange. A total sample of 47 manufacturing company was selected through purposive sampling method. The results of this study is the earnings per share, dividend payout ratio, and operating cash flow do not have significant influence on equity valuation. Conversely, the price-to-book value and stock return have significant influence on equity valuation. Suggestions for future research is to expand the period of research and use others independent variables that have not been tested in this study for example: sales, interest rates, retained earnings, stock price, and net income.
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Kulakov, Nikolay, and Anastasia Blaset Kastro. "Evaluation of Financial Instruments Possessing Non-Conventional Cash Flow." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 12, no. 2 (March 1, 2018): 131–41. http://dx.doi.org/10.17323/j.jcfr.2073-0438.12.2.2018.131-141.
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Investments are often justified and accepted based on the IRR as the main criterion of profitability. However, that criterion is hardly ever used to evaluate certain financial instruments (e.g. short sales, options, futures and swaps). This is partially due to the fact that some instruments possess a cash flow describing a borrowing rather than an investment. Other instruments have a non-conventional cash flow and, consequently, the IRR may be meaningless or impossible to determine. We may describe a non-conventional cash flow of a financial instrument as a non-conventional project consisting of a sequence of single-period (simple) projects. Each simple project has only two cash flows with opposite signs, therefore the IRR for the simple project is always determinable. If a functional decomposition is applied in which each simple project is shown to have the same IRR value, then that value is the IRR of the non-conventional project. However, where a decomposition of the non-conventional project into simple projects with the same IRR is impossible, the non-conventional project's IRR does not exist. If a simple project is an investment, then the IRR is a rate of return for an investor. If a simple project is a loan, then the IRR is an interest rate for the borrower, but not for the investor. Therefore, the NPV method is seen to estimate a non-conventional project for two different participants simultaneously, which leads to problems with the definition of the IRR. In order that the loan's IRR would be a rate of return for the investor, but not an interest rate for the borrower, the sign of the IRR should be replaced with the opposite one.
This paper discusses how to use the Generalized Net Present Value (GNPV) method to calculate a yield of a financial instrument with a non-conventional cash flow. The function GNPV(r, p) depends on two rates: a finance rate and a reinvestment rate, which determine a cost of funding and a rate of return, respectively. The equation GNPV (r, -r) = 0 is investigated in the paper. The solution of that equation is the Generalized Average Rate of Return (GARR).
We suggest using the GARR as a new measure of a yield for evaluating financial instruments possessing a non-conventional cash flow and estimating a portfolio's performance over time with contributions and withdrawals.
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Zuwita, Ega, and Deliza Henny. "ANALISIS PENGARUH CURRENT RATIO, NET PROFIT MARGIN, DEBT TO EQUITY RATIO, EPS, ARUS KAS BEBAS, DAN DIVIDEN TAHUN SEBELUMNYA TERHADAP DIVIDEN KAS." Jurnal Akuntansi Trisakti 4, no. 2 (August 16, 2019): 101. http://dx.doi.org/10.25105/jat.v4i2.4846.
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<p><em>Cash dividend is one form of return expected by shareholders. But on the other side, cash dividend is an expense for the company. This conflict of interest is a factor affecting the company in determine the amount of cash dividends. So, the researcher conducting research which aims to test and analyze the influence of Current Ratio, Net Profit Margin, Debt to Equity Ratio, EPS, Free Cash Flow, and Previous Year Dividend to Cash Dividend paid by company. The sample used in this reasearch is manufacturing company listed on the Indonesia Stock Exchange (BEI) in 2014 to 2016. After sampling the results showed there are 17 companies that can be sampled with a period of three years. So the total sample in this research are 51 samples. The result of this research shows that (1) Current Ratio has positive effect to Cash Dividend, (2) Net Profit Margin has no effect to Cash Dividend, (3) Debt to Equity Ratio has no effect to Cash Dividend, (4) EPS has positive effect to Cash Dividend , (5) Free Cash Flow has no effect to Cash Dividend, (6) Previous Year Dividend has no effect to Cash Dividend.</em></p>
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De Albornoz, Vicente, Antonio Galera, and Juan Millán. "Is It Correct to Use the Internal Rate of Return to Evaluate the Sustainability of Investment Decisions in Public Private Partnership Projects?" Sustainability 10, no. 12 (November 23, 2018): 4371. http://dx.doi.org/10.3390/su10124371.
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Public Private Partnerships (PPP) are viewed by the private sector as investment projects. An investment criterion, such as the internal rate of return (IRR), widely used by practitioners, is thus necessary in order to determine if the opportunity is sustainable from an economic point of view and worth pursuing. However, a cash flow may have multiple IRRs—is it appropriate in the context of PPPs to use this criterion? This paper provides a clear proposition to determine the potential number of real positive IRRs a cash flow may have, depending on the number of sign variations and the value of the net present value (NPV) calculated with a discount rate equal to 0 (NPV(r = 0)). This proposition can sometimes be used when other tests (such as Norstrom’s Criterion) are inconclusive to determine if a cash flow has a single real positive IRR. The proposition is generally met by the typical cash flow of a PPP project, validating the use of IRR as an investment criterion.
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Nulla, Yusuf Mohammed. "Pay for performance: An empirical review." Corporate Ownership and Control 12, no. 4 (2015): 69–79. http://dx.doi.org/10.22495/cocv12i4p5.
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This study investigated the relationship between the CEO cash compensation and firm performance of the large New York Stock Exchange (NYSE) companies from 2005 to 2010. The quantitative research method was selected for this research study. The forty large companies were selected through a stratified sampling method. The research question for this research study was: among the NYSE companies, what relationship is there between CEO cash compensation and firm performance. The results found that, there was a relationship between CEO salary, bonus, and firm performance, among the NYSE companies. The correlations between CEO salary, CEO bonus, return on assets, return on equity, earnings per share, cash flow per share, net profit margin, common stock outstanding, book value of common stock outstanding, and market value of common stocks outstanding, were characterized as weak ratios respectively.
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Li, Alan Meng, Dharmendra Naidu, Farshid Navissi, and Kumari Ranjeeni. "Net stock issuance anomaly and cash flow explanation: A research note." Australian Journal of Management 43, no. 2 (August 17, 2017): 286–304. http://dx.doi.org/10.1177/0312896217717306.
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Prior studies show that net stock issuance is negatively associated with the cross section of future stock returns, reflecting a market anomaly. Our study provides empirical evidence on whether cash flow can mitigate such anomaly. Consistent with prior research, we initially provide evidence of the anomaly in our sample and that the anomaly persists in the presence of cash flow. We then decompose net stock issuance into stock issues and stock repurchases and find that the anomaly is only driven by stock issues but not stock repurchases and that the stock issues’ anomaly persists even in the presence of cash flow. JEL Classification: G12, G14
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Dabo, Abdoulaye, and Judith A. Laux. "A Probability Model For Earnings Restatement." Journal of Business & Economics Research (JBER) 10, no. 11 (October 26, 2012): 593. http://dx.doi.org/10.19030/jber.v10i11.7358.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify;" class="MsoNormal"><span style="font-family: Times New Roman;"><span style="font-size: 10pt;">Given their prevalence in recent years, earnings management and financial restatements have been at the center of much of the discussion surrounding corporate malfeasance.<span style="mso-spacerun: yes;"> </span>This study builds a probability model for predicting the likelihood of earnings restatements by analyzing the trends in and the deviations from the industry averages of the return on assets, accounts receivable turnover, net profit margin, and operating cash flow to net income measures.<span style="mso-spacerun: yes;"> </span>Data are obtained for a sample of 104 firms (restating as well as non-restating) for the 2000 to 2001 period.<span style="mso-spacerun: yes;"> </span>The results suggest that deviations from the industry average of the accounts receivable turnover and the variability in the cash flow to net income provide good barometers for detecting fraudulent accounting.<span style="mso-spacerun: yes;"> </span></span><span style="font-size: 10pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-theme-font: minor-fareast;">Potential restating firms have higher accounts receivable turnover rates than their industry counterparts and downward trends in their cash flow to net income, so an increase (decrease) in the accounts receivable turnover (operating cash flow to net income) significantly increases the likelihood of a restatement, at least in the current study.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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TIKANA, NENY, and SUSI HANDAYANI. "Pengaruh Arus Kas Operasi, Laba Bersih, dan Hutang terhadap Kebijakan Dividen (Dividend Payout Ratio) pada Perusahaan Manufaktur yang Go Public di Bursa Efek Indonesia Tahun 2005-2009." BISMA (Bisnis dan Manajemen) 4, no. 1 (June 6, 2018): 66. http://dx.doi.org/10.26740/bisma.v4n1.p66-76.
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In the expansion, companies need a lot of sources of funding, that is through capital markets. Capital markets are an alternative source of external funding sources in addition to loan funds. With the capital markets, investor can invest in many different investment options, one of which is stock. Return the stock received by investors may include capital gains and dividends. Dividend is a part of the projected dividendd policy with a dividend payout ratio (DPR). Dividend policy is influenced by several factors including the operating cash flow, net income, and debt. The purpose of this study was to examine and analyze the influence of operating cash flow, nt income, and debt to dividend policy (dividend payout ratio) at a manufacturing company that went public on the Indonesia Stock Exchange in 2005-2009. This study uses purposive sampling method to take samples, in order to obtain a sample number 27 manufacturing companies. The method of analysis used is multiple linear regression analysis with the help of analysis tools SPSS version 16.0. Based on the results of data analysis can be concluded that there is a simultaneous influence of operating cash flow, net income, and debt to dividend policy (dividend payout ratio). While partial, operating cash flow negative influence on dividend payout ratio. That is because the large cash is not necessarily distibuted as dividends, because dividends depend essentially on the policy of the company itself and the profits of the acquired companies. Net income has a positive effect on dividend payout ratio for dividends derived from net income and companies will share profits if it makes a profit. The Debt has negative effect on dividend payout ratio for firms to prioritize paying off debt rather than dividends.
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Dickinson, Victoria. "Cash Flow Patterns as a Proxy for Firm Life Cycle." Accounting Review 86, no. 6 (July 1, 2011): 1969–94. http://dx.doi.org/10.2308/accr-10130.
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ABSTRACT This study develops a firm life cycle proxy using cash flow patterns. The patterns provide a parsimonious indicator of life cycle stage that is free from distributional assumptions (i.e., uniformity). The proxy identifies differential behavior in the persistence and convergence patterns of profitability. For example, return on net operating assets (RNOA) does not mean-revert (spread of 7 percent after five years between mature and decline firms) when examined by life cycle stage, which has implications for growth rates and forecast horizons. Further, determinants of future profitability such as asset turnover and profit margin are differentially successful in generating increases in profitability conditional on life cycle stage. Finally, investors do not fully incorporate the information contained in cash flow patterns and, as a result, undervalue mature firms. The cash flow proxy is a robust tool that has applications in analysis, forecasting, valuation, and as a control variable for future research. Data Availability: All data are available from public sources identified in the paper.
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Syah, Adrian, and Herlina Helmy. "Komponen-Komponen Other Comprehensive Income dan Relevansi Risiko Comprehensive Income." JURNAL EKSPLORASI AKUNTANSI 3, no. 4 (November 24, 2021): 764–83. http://dx.doi.org/10.24036/jea.v3i4.408.
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This study aims to examine the risk relevance net income, comprehensive income, and component-competent other comprehensive income. Specifically, this study investigates the risk relevance of net income volatility, comprehensive income volatility, and component-component other comprehensive income volatility on stock return volatility. The study population was finance and banking companies listed in Indonesia Stock Exchange period 2013-2017. Samples are selected with purposive sampling method. This study employed a quantitative method with simple linear regression because for variable tested had a number of different samples. The result of this research showed the risk relevance net income and comprehensive income can not be proven statistically. But of the five component of OCI only volatility change in the fair value of a financial instrument in a cash flow hedge are shown to have a significant positive effect on volatility stock return.
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Bouillon, Marvin L., B. Michael Doran, and Peter F. Orazem. "Human Capital Investment Effects On Firm Returns." Journal of Applied Business Research (JABR) 12, no. 1 (September 12, 2011): 30. http://dx.doi.org/10.19030/jabr.v12i1.5834.
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This paper demonstrates that two measures of firm investment in specific human capital are significantly and positively correlated with long-term rates of return on investment. The final sample of 260 firms is a subset of the 805 firms included in the June 1984 edition of Forbes survey of executive compensation. We utilize two proxies for firm return-net income and cash flow. The return measures are scaled by both book value of total assets and market value of common stock yielding four alternative specifications of the rate of return measure. The firm investment in specific human capital measures are generally found to be significant explanatory variables in the regressions that have returns scaled by book value of assets. These measures of investment are insignificant when market value of common stock outstanding is used to scale the return measures. We interpret these findings to imply that a public or regulatory policy needs to be established to require firms to include at least some basic rudimentary information regarding their human capital investment, such as turnover rates and training cots, in their annual reports.
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Ranjithkumar, Dr S., and M. M. Aneesh. "Study on Multidimensionsal Aspects of Profitability: Evidence from Larsen & Toubro Ltd." Webology 18, Special Issue 03 (April 29, 2021): 339–48. http://dx.doi.org/10.14704/web/v18si03/web18044.
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The term profitability represents to the ability of an organization to obtain sufficient profit. Profitability is connected to the efficiency of an organization to maximize the profit and wealth at reasonable rate. It is relative measure of the success of the organization in terms of the effective utilization of resources. Scientific study of current trade provides a platform to forecast the possible future trends of the profitability strategic managerial decisions like expansion of the business, rising of additional finance, issue related to bonus and dividend directly connected with profit. To analyze the profitability, the researcher used profitability ratios to determine the earning by considering the variables like EBIT, Gross contribution, Net sales, operating cash flow, ROA, Capital employed, Shareholders equity are considered in the study. An appropriate statistical tools like regression analysis has been employed to measure the relationship between profitability and productivity, which predict the growth of an organization in monetary value during the study period. The researcher made an attempt to measure the profitability of L&T a leading private infrastructure company in India. The researcher made an attempt to measure the profitability of L&T a leading private infrastructure company in India. The study has analyzed the profitability of L&T. Profit being a crucial measure to determine the performance in profitability, internal determinants of the firms, earning power has been ascertained in the study by applying a multiple regression model with EBIT as dependent variable and internal data inputs has independent variable s namely operating profit margin ratio, net profit margin ratio, return on capital employed, return on net worth ratio, return on total assets, operating cash flow to total asset, EBIT to total tangible asset, profit after tax to total tangible assets, EBIT to total assets, retained cash flow to capital employed, EBIT to capital employed, PAT to tangible portion of shareholders equity, interest coverage ratio.
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Hutagaol, Jenifer, and Francis Hutabarat. "Pengaruh Profitabilitas dan Cash flow terhadap Harga Saham di Masa Pandemi Covid-19." Jurnal Ilmiah Akuntansi Manajemen 4, no. 2 (November 30, 2021): 92–99. http://dx.doi.org/10.35326/jiam.v4i2.1547.
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Tujuan penelitian ini adalah untuk melihat bagaimana profitabilitas dan cash flow mempengaruhi harga saham di masa pandemi covid saat ini sehingga investor maupun manajemen bisa memprediksi dan membuat rencana di masa pandemi covid ini. Variabel independent dalam penelitian ini adalah rasio Profitabilitas menggunakan Return on Asset, Return on Equity, dan Net Profit Margin dengan variabel Cashflow menggunakan Arus Kas Operasi, Arus Kas Pendanaan dan Arus Kas Investasi. Variabel dependent adalah Harga Saham. Analisis data yang digunakan yaitu deskriptif statistik, koefisien determinasi dan signifikan test. Objek perusahaan dalam penelitian ini adalah 26 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia sub sektor makanan dan minuman dan data yang peneliti gunakan merupakan data sekunder pada Laporan Keuangan sebanyak 78 sampel pada tahun 3 tahun periode yaitu 2018-2020. Hasil penelitian menunjukkan bahwa Profitabilitas dan Harga Saham berpengaruh signifikan. Cash flow dan Harga Saham tidak berpengaruh signifikan. Hasil penelitian juga menunjukkan secara bersama-sama bahwa ada pengaruh yang signifikan antara profitabilitas dan cashflow terhadap harga saham pada tingkat signifikansi 5% pada perusahaan manufaktur subsektor makanan dan minuman.
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Sumantri, Sumantri. "ANALISIS KELAYAKAN INVESTASI USAHA KECIL WARNET (Studi Pada Warnet Bulian City Net Muara Bulian)." EKONOMIS : Journal of Economics and Business 2, no. 1 (March 23, 2018): 92. http://dx.doi.org/10.33087/ekonomis.v2i1.34.
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Market Prospects At this time the need for information society is greatly improved, to meet this need required adequate facilities in order to send and receive good information, especially in telecommunication services. Warnet as a business that provides computer rental services to access the internet. Because the cafe business around Islamic High School is only 5 (five), then the researchers only do 1 sample. Assessments that have been done above with various methods of business feasibility study analysis then the business cafe "Bulian City Net" is feasible to run by looking at considerations of business feasibility study analysis method In full capital return is only required operational for 1 year 9 months 2 days, then the capital Rp.100.000.000 invested will return 100%. Net Cash Flow reach Rp 54.700.000 per peride per year then it is feasible to run Multy Game business. This Net. Because Net Present Value is positive, that is comparison between PV Process and PV investment.Keywords: Analysis, Investment, Business
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Sitepu, Samsudin, Budi Purwanto, and Abdul Kohar Irwanto. "Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia." Jurnal Manajemen dan Organisasi 8, no. 3 (July 31, 2018): 236. http://dx.doi.org/10.29244/jmo.v8i3.22067.
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<p><em>ABSTRACT</em></p><p><em>In carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.</em></p><p><em><br /></em></p><p>ABSTRAK</p><p>Dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal. </p>
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Sitepu, Samsudin, Budi Purwanto, and Abdul Kohar Irwanto. "Pengaruh Arus Kas Terhadap Profitabilitas dan Kinerja Saham Emiten Kompas 100 di Bursa Efek Indonesia." Jurnal Manajemen dan Organisasi 8, no. 3 (August 1, 2018): 236. http://dx.doi.org/10.29244/jmo.v8i3.22472.
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<p><em>ABSTRACT</em></p><p><em>In carrying out its activities, the company needs funds or capital originating from internal and external. Source of internal funds derived from capital contributions owner while external funding sources can be obtained through the sale of shares to the public in the capital market. Important information about a company's cash flow is very useful for users of financial statements as a basis for assessing the company's ability to generate cash and cash equivalents, as well as a basis for assessing how the company uses cash flow. Furthermore, this study aimed to analyze the effect of cash flows to profitability and stock performance. Using SEM-PLS, the study was used 51 of 100 enterprises listed on Compas 100 that have met the criteria such as manufacturing companies listed on the IDX during the period 2013 to 2016, the company has never been delisted during the observation period, companies that publish the financial statements in rupiah currency and the company has a complete datas on the financial statements during the period of observation. Variables used in this study was changes in operating cash flow, changes in cash flow investments, changes in cash flow funding, return on asset, return on equity, net profit margin, changes of stock performence, Earning per Share, and Price Earning Ratio. Furthermore, SEM’s test results found that cash flows has positively significant influence profitability and performance stock, profitability has positively significant influence performance stock. These findings implied that investors need to consider the enterprise cash flows and profitability analysis, before deciding to make investment in order to earn maximum and poisitive revenue.</em></p><p><em><br /></em></p><p><em>A</em>BSTRAK</p><p>Dalam menjalankan kegiatannya, perusahaan membutuhkan dana atau modal yang berasal dari internal dan eksternal. Sumber dana internal berasal dari setoran modal pemilik sedangkan sumber dana eksternal dapat diperoleh perusahaan melalui penjualan saham kepada masyarakat di pasar modal untuk menjaga arus kas perusahaan. Secara teori informasi penting tentang arus kas suatu perusahaan sangat berguna bagi pemakai laporan keuangan sebagai dasar dalam menilai kemampuan perusahaan dalam menghasilkan kas dan setara kas, juga sebagai dasar untuk menilai penggunaan arus kas di perusahaan tersebut, namun teori ini sering terbantahkan dengan perilaku investor untuk berinvestasi di bursa yang lebih memperhatikan perolehan laba perusahaan dari pada ketersediaan arus kas. Oleh karena itu penelitian ini bertujuan untuk menganalisis pengaruh arus kas terhadap profitabilitas dan kinerja saham. Metode yang digunakan pada penelitian ini adalah SEM-PLS, penelitian ini menggunakan sampel 51 perusahaan dari 100 perusahaan yang terdaftar di Kompas 100 yang telah memenuhi kriteria seperti perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2013 sampai 2016, perusahaan tersebut tidak pernah dihapus dan keluar daftar selama periode pengamatan, perusahaan laporan keuangan disajikan dalam mata uang rupiah demikian juga perusahaan memiliki data secara lengkap tentang laporan keuangan selama periode pengamatan. Variabel yang digunakan dalam penelitian ini adalah variabel laten arus kas dengan indikator perubahan arus kas operasi, perubahan arus kas investasi, dan perubahan arus kas pendanaan, variabel laten profitabilitas dengan indikator return on asset, return on equity, net profit margin, dan variabel laten kinerja saham yang digunakan dengan indikator return saham, earning per share, dan price earning ratio. Hasil uji SEM-PLS menghasilkan bahwa arus kas memiliki pengaruh positif signifikan terhadap profitabilitas dan kinerja saham, dan profitabilitas berpengaruh positif signifikan terhadap kinerja saham. Hasil penelitian ini menghasilkan dan merekomendasikan kepada calon investor di bursa saham, bahwa sebelum mengambil keputusan investasi sebaiknya perlu mempertimbangkan analisa likuiditas perusahaan dengan arus kas dan analisa kinerja perusahaan dengan profitabilitas, yang kemudian dapat memutuskan untuk melakukan investasi pada perusahaan di Bursa Efek Indonesia guna memperoleh pendapatan yang positif dan maksimal.</p>
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Correia, C. "Capital budgeting practices in South Africa: A review." South African Journal of Business Management 43, no. 2 (June 29, 2012): 11–29. http://dx.doi.org/10.4102/sajbm.v43i2.180.
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This paper reviews the capital budgeting survey literature in South Africa over the period 1972 to 2008. The survey evidence indicates a significant growth in Discounted Cash Flow (DCF) methods and a fall in the use of other methods. In particular, there has been growth in the use of Net Present Value (NPV). Yet, the Internal Rate of Return (IRR) technique remains the primary method used in practice despite some serious drawbacks. Larger companies are more likely to use DCF methods. There has been a significant growth in the use of sensitivity analysis and scenario analysis. However, there is little use of sophisticated risk analysis tools such as Monte Carlo simulation, and decision trees. Although financial theory predicates the use of risk adjusted discount rates, surveys indicate that the majority of companies use a single firm discount rate. Companies have increasingly used inflation-adjusted cash flows but the process of ranking mutually exclusive projects is not aligned with finance theory. There is limited use of the Modified Internal Rate of Return (MIRR) method and DCF dominant companies do not outperform non-DCF dominant companies. The most important phase of project evaluation is the project definition and cash flow estimation phase and yet research studies have focused mainly on the financial analysis and project selection phase.
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Kanwal, Rani Shaista. "Examining the dominance of Comprehensive Income to Net Income as a Measure of Firm Performance." Jurnal Aplikasi Manajemen, Ekonomi dan Bisnis 5, no. 1 (October 31, 2020): 1–13. http://dx.doi.org/10.51263/jameb.v5i1.110.
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In this study, we examine the relative ability of comprehensive income and net income to summarize firm performance as reflected in stock returns. We also examine which comprehensive income adjustments get better the aptitude of income to summarize firm performance. We also examine this claim that income measured on a comprehensive basis is a better measure of firm performance than other summary income measures. The results do not show that comprehensive income is superior to net income for evaluating firm performance on the basis of stock return and price. Except for investment industrial group, In Tehran Stock Exchange, we found no evidence that comprehensive income for firm performance evaluation on the basis of cash flows prediction is superior to net income. While, we found the better results for the state companies (only in other companies group), i.e., firm performance evaluation on the basis of cash flows prediction using comprehensive income is superior to net income. Collectively, our results provide some weak evidence that show comprehensive income adjustments improve the ability of income for reflecting firm performance.
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Nuraidi, Tomy Aji. "Capital Budgeting pada Proyek Teknologi 5G." Jurnal Manajemen Bisnis dan Kewirausahaan 5, no. 2 (March 29, 2021): 135. http://dx.doi.org/10.24912/jmbk.v5i2.11181.
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The development of digital business and internet technology in the telecommunications industry in Indonesia became a challenge for telecommunications companies, one of which is PT. Telkom Tbk. One study of the strategies that the author carefully regarding the analysis of Capital Budgeting on the 5th Generation (5G) technology project on PT. Telkom Indonesia (Persero) Tbk. and PT Telkomsel Tbk that using the cost benefit method. This study aims to provide a capital budgeting analysis to develop 5G network investment in Indonesia and assess investment feasibility. By using Payback Period calculation, Net Cash Flow and Internal Rate of Return can be identified the potential investment feasibility based on the value of the calculation and then the investment feasibility can be compared. The results show that the calculation of the payback period yields a value of 1.63 years. Whereas the calculation of net present value yields a value of Rp. 189,267 Trillion. For the average rate of return method, the ARR value is 1490.96%. Based on this value, it can be obtained that the 5G network investment project is feasible to be carried out by PT Telkom Tbk and PT Telkomsel companies. Perkembangan bisnis digital dan teknologi internet pada industry telekomunikasi di Indonesia menjadi tantangan tersendiri bagi perusahaan telekomunikasi salah satunya PT. Telkom Tbk. Salah satu kajian strategi yang penulis teliti mengenai analisis Capital Budgeting pada proyek teknologi 5 th Generation (5G) PT. Telkom Indonesia (Persero) Tbk. dan PT Telkomsel Tbk dengan menggunakan metode cost benefit. Penelitian ini bertujuan memberikan analisis capital budgeting guna mengembangkan investasi jaringan 5G di negara Indonesia dan menilai kelayakan investasi. Dengan menggunakan perhitungan Payback Period, Net Cash Flow dan Internal Rate of Return dapat diidentifikasi potensi kelayakan investasi berdasarkan nilai perhitungan tersebut dan selanjutnya dapat dibandingakan kelayakan investasi. Hasil menunjukkan untuk perhitungan payback period menghiasilkan nilai 1.63 tahun. Sedangkan perhitungan net present value menghasilkan nilai RP 189.267 Triliun. Untuk metode average rate of return nilai ARR adalah 1490,96%. Dengan berdasarkan nilai tersebut dapat diperoleh bahwa proyek investasi jaringan 5G layak dilakuakn perusahaan PT Telkom Tbk dan PT Telkomsel.
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Illés, Mária. "The Positive Net Present Value of Loss-making Projects: Economic Content of the Two Internal Rates of Return." Theory, Methodology, Practice 16, no. 2 (2020): 41–50. http://dx.doi.org/10.18096/tmp.2020.02.04.
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This paper examines the economic content of the positive net present value of a project type that is loss-making and has two internal rates of return. The most important finding is that the economic content of a positive net present value is false in such cases. The financial source of the missing amount to reach the level of business efficiency is a false interest income generated by the method. In such cases, the two internal rates of return are also derived from false interest income. The revealed and mathematically proved causality relationships usually prevail in some form in the case of other types of non-conventional cash flows as well.
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Yin, Shi, and Qian Jie Li. "Research on the Influential Factors of Agricultural High-Tech Enterprises Debt Acquisition: Based on Multivariate Linear Regression Analysis." Advanced Materials Research 926-930 (May 2014): 4437–40. http://dx.doi.org/10.4028/www.scientific.net/amr.926-930.4437.
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In this paper, agricultural high-tech data for the 2010 to 2012 sample, I will use multiple regression to analysis the factors which affect agricultural high-tech debt financing. The empirical results show that: firm size, asset-liability ratio, revenue growth, asset value and debt financing secured a positive correlation, earnings per share, cash flow and debt financing debt ratio negatively correlated, while the quick ratio, net profit, inventory turnover rate of return on net assets and debt financing, have no significant correlation. Finally, based on the above analysis, I will propose some recommendations on the promotion of agricultural high debt financing policy.
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Alfian Pradana, Johan, Ana Komari, and Lolyka Dewi Indrasari. "STUDI KELAYAKAN BISNIS TELL KOPI DENGAN ANALISIS FINANSIAL." Industri Inovatif : Jurnal Teknik Industri 10, no. 2 (September 30, 2020): 92–97. http://dx.doi.org/10.36040/industri.v10i2.2855.
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Perlambatan perekonomian di Indonesia, adalah salah satu penyebab daya tarik kepada investor agar melakukan investasi, perampingan pajak dan mempermudah ijin bisnis. Salah satu bisnis yang digemari saat ini adalah membuka kedai kopi. Salah satu kedai yang dijadikan penelitian adalah Tell Kopi yang terletak di Kota Kediri, Jawa Timur. Penelitian ini bertujuan untuk mengetahui layak atau tidaknya bisnis dijalankan menggunakan pendekatan ekonomi teknik. Data yang digunakan adalah biaya variabel dan biaya tetap, dengan tahapan perhitungan peramalan tahun pertama sampai tahun kelima dan pembuatan aliran kas. Dihasilkan Net Cash Flow untuk mengetahui Net Present Value, Internal Rate of Return, Payback Period dan Profitability Index. Dihasilkan nilai Net Present Value sebesar Rp. 130.189.548 > Rp. 123.204.000. (Investasi awal), Internal Rate of Return sebesar 46,9% > 10 % ( rata –rata bunga bank ) , Payback Period bernilai 1 tahun 1 bulan 6 hari dan Profitability Index 2,06 > 1. Dari kriteria tersebut, kedai kopi layak dijalankan dengan memperhatikan target jumlah pengunjung dan target keuntungan yang harus didapatkan setiap harinya
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PARTHASARATHY, V. R. PERRY. "Managing uncertainty: A case for using real options with option pricing model (OPM) to evaluate capital investment." TAPPI Journal 12, no. 7 (August 1, 2013): 69–77. http://dx.doi.org/10.32964/tj12.7.69.
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The pulp and paper industry relies heavily on the traditional discounted cash flow-based net present value (DCF-NPV) for making capital investment decisions. The deficiency of the DCF-NPV model is that it is static; once a pattern of cash flow is established, management does not have the option to change the direction when new information is available. However, flexibility to alter the investment decision is a powerful strategic and capital investment tool. Abundant research has established strong precedence for applications of “real options” in operational and strategic settings to provide useful insights in the evaluation of irreversible investments under uncertainty. The binomial or Black-Scholes option pricing model (OPM) for strategic planning and capital investment has been used in many other industries but not in the pulp and paper industry. The pulp and paper industry, though very capital intensive, has provided poor to moderate return on investment or return on capital and has never used the OPM and the flexibility it offers for capital investment decisions. This paper makes a case for using OPM for capital investment decisions by using the example of a hypothetical North American mill considering investments to modernize its papermaking operation.
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Carpio, Carlos E., Charles D. Safley, and E. Barclay Poling. "Estimated Costs and Investment Analysis of Producing and Harvesting Muscadine Grapes in the Southeastern United States." HortTechnology 18, no. 2 (January 2008): 308–17. http://dx.doi.org/10.21273/horttech.18.2.308.
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This study estimates and compares the production costs and profitability of muscadine grape (Vitis rotundifilia) production under the single-wire (SW) and the Geneva double curtain (GDC) trellis systems with and without drip irrigation. Profitability analysis revealed that muscadine grape production can be a profitable venture. Irrigated muscadine grape vineyards were shown to be more profitable than nonirrigated vineyards. The comparison of the GDC trellis system and the SW trellis system indicates that the GDC trellis system is more profitable. Returns to land and management from muscadine grapes grown under the GDC system were found to be less sensitive to changes in prices and yields than the returns from muscadine grapes grown under the SW trellis system. Net returns from irrigated systems were also found to be less sensitive to variations in prices and yields than nonirrigated systems. The estimated total costs of establishing (Years 0–3) a muscadine grape vineyard were between $9783/acre and $15,065/acre depending on the production system used. For the GDC production system, which was the most profitable production system, the estimated return to land and management was $447/acre. Cash flow analysis demonstrated that the payback period for this system can be achieved in the 10th year, whereas the net present value of the investment was estimated at $4484 and the internal rate of return was estimated at 9.6%.
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Ratnaningsih, Anik, Willy Kriswardhana, and Hurrin Ufiantara. "ANALISIS INVESTASI KAWASAN HIJAU PERUMAHAN BERDASARKAN GREENSHIP NEIGHBORHOOD V.1.0 (STUDI KASUS ISTANA KALIWATES REGENCY)." TERAS JURNAL 11, no. 1 (April 1, 2021): 17. http://dx.doi.org/10.29103/tj.v11i1.344.
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<p align="center"><strong>Abstrak</strong></p><p> </p><p class="11daftarpustaka">Kawasan perumahan merupakan solusi untuk menciptakan pemukiman yang lebih tertata di wilayah kota dan sekitarnya, namun memiliki tantangan berupa penggunaan energi dan air yang besar, pengelolaan kawasan, dan penyediaan fasilitas untuk penghuninya. Kawasan hijau dapat menjadi solusi untuk menjadikan kawasan perumahan berkelanjutan yang ramah lingkungan, efisien dalam penggunaan energi, dan memberi kemudahan bagi penghuninya. Penilaian yang digunakan pada penelitian ini yaitu penilaian kawasan hijau yang didasarkan pada perangkat penilaian <em>Greenship Neighborhood V.1.0</em> oleh GBCI. Perencanaan pekerjaan peningkatan kawasan hijau dan penyusunan <em>cash flow</em> dilakukan setelah melakukan penilaian kawasan. <em>Cash flow</em> digunakan untuk melakukan analisis investasi yang menggunakan metode <em>Net Present Value</em> (NPV), <em>Internal Rate of Return</em> (IRR), <em>Break Even Point</em> (BEP), <em>Payback Period</em> (PBP), dan <em>Profit Ability Index</em> (PI). Hasil dari penelitian menunjukkan <em>Net Present Value </em>sebesar Rp12.917.114.905,- <em>Internal Rate of Return</em> sebesar 28,34%, dan <em>Profit Ability Index</em> menunjukkan angka 1,592. Pengembalian modal yang dibutuhkan untuk mencapai <em>Break Even Point</em> adalah sebesar Rp73.184.818.841,- dengan penjualan minimum 68 unit rumah tipe 43/72, 74 unit rumah tipe 45/72, 19 unit rumah tipe 90/120, dan 5 unit ruko sedangkan <em>Payback Period </em>menunjukkan pengembalian dalam waktu 2 tahun.</p><p class="11daftarpustaka"> </p><p class="11daftarpustaka">Kata kunci: <em>kawasan hijau, analisis investasi, perumahan</em><em></em></p><p align="center"><strong> </strong></p><p align="center"><strong> </strong></p><p align="center"><strong> </strong></p><p align="center"><strong>Abstract</strong></p><p class="11daftarpustaka"> </p><p class="11daftarpustaka">A residential area is a solution for creating organized settlements in the city, but have problems of large amounts of energy and water usage, area management, and facilities provided for its inhabitants. Green areas can be a solution to make sustainable residential areas that are environmentally friendly, energy-efficient, and provide convenience for their inhabitants. The assessment used in this study is the Greenship Neighborhood V.1.0 assessment tool by GBCI. Green area improvement and cash flow are created after conducting the green area assessment. Cash flow is used to conduct investment analysis using methods of the Net Present Value (NPV), Internal Rate of Return (IRR), Break-Even Point (BEP), Payback Period (PBP), and Profit Ability Index (PI). The results of the study showed that the Net Present Value of Rp12,917,114,905, - the Internal Rate of Return of 28.34%, and the Profit Ability Index showed an index number of 1.592. The return on the capital needed to achieve the Break-Even Point is Rp73,184,818,841, with a minimum sales of 68 housing units of type 43/72, 74 housing units of type 45/72, 19 housing units of type 90/120, and 5 units of shophouses while Payback Period shows returns within 2 years.</p><p class="11daftarpustaka"> </p><p class="11daftarpustaka">Keywords: <em>green area, investmen analysis, housing</em><em></em></p>
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Hapsari, Ajeng Andriani. "Faktor-Faktor yang Mempengaruhi Jumlah Pemegangan Kas Diperusahaan." Jurnal Manajemen dan Bisnis Indonesia 3, no. 1 (October 1, 2015): 97–112. http://dx.doi.org/10.31843/jmbi.v3i1.73.
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Penelitian ini bertujuan untuk menguji pengaruh beberapa faktor pemegangan kas Badan Usaha Milik Negara (BUMN) periode 2009-2013. Penelitian ini merupakan penelitian yang bertipe deskriptif dan verifikatif dengan teknik purposive sampel. Metode pengumpulan data menggunakan model data panel. Hasil yang diperoleh adalah ukuran perusahaan, growth opportunity, cash flow dan capital expenditure berpengaruh positif tetapi tidak signifikan pada pemegangan kas perusahaan. Sementara itu, leverage dan dividen berpengaruh negative dan tidak signifikan pada pemegangan kas perusahaan. Sehingga dapat disimpulkan bahwa net working capital dan return on asset yang berpengaruh positif dan signifikan pada pemegangan kas perusahaan.
Kata Kunci : Cash Holding, BUMN, Data Panel,Purposive Sample
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Meher, Kishor, and Henok Getaneh. "Impact of determinants of the financial distress on financial sustainability of Ethiopian commercial banks." Banks and Bank Systems 14, no. 3 (October 10, 2019): 187–201. http://dx.doi.org/10.21511/bbs.14(3).2019.16.
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The study aims to investigate the impact of determinants of financial distress on financial sustainability of Ethiopian commercial banks. The balanced panel data of 12 commercial banks of Ethiopia have been taken for the study from 2011 to 2017. The research deploys Ordinary Least Square (OLS) Regression Model. The indicators of financial distress are bank’s specific internals and macro-economic factors. The proxies of financial sustainability are Return on Assets, Return on Equity, Financial Stability Index and Bank Soundness. The findings reveal that the Absolute Liquidity Risk and Net Income Growth are found to be positive and significant and Solvency Risk negative and significant in relation to Return on Assets. Asset Quality is found to be positive and significant and Solvency Risk negative and significant with respect to Return on Equity. The Asset Quality and Net Income Risk are positive and significant and Solvency Risk is negative and significant with relation to the Financial Stability Index. Absolute Liquidity Risk and Liquidity Risk are positive and significant and Credit Risk negative and significant with Bank Soundness. Free Cash Flow and Net Income Growth are essential for enhancing Return on Assets and Bank Soundness, and managing equity within the prudential norms could bring forth short-term financial sustainability of commercial banks. By lowering provisioning of loan loss, Growth in Net Interest Income and managing Solvency Risk could ensure financial stability to the banks, which in turn leads to financial sustainability. The study reveals that financial sustainability of banks is insulated from the exposures of systematic risks originating from macroeconomic factors.
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Dewi, Helena. "VALUASI BISNIS BARU DAN OPTIMAL CAPITAL PERUSAHAAN JASA INDUSTRI (MAKLON) BAGI UMKM KERIPIK KEMASAN. (STUDI KASUS: PT KRISPINDO)." Ultimaccounting : Jurnal Ilmu Akuntansi 12, no. 2 (December 28, 2020): 254–69. http://dx.doi.org/10.31937/akuntansi.v12i2.1870.
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The increase of MSMEs in the food and beverage industry recently experiencing significant growth, especially during the Covid-19 pandemic. According to statistical data released by the Badan Pusat Statistik (BPS) in November 2020, the food industry dominated Micro and Small businesses in 2019 for 36.23%. The increasing number of MSME businesses in this sector becomes an opportunity for the processing services industry (contract manufacturer) to help MSMEs with all limitations. This study conducted a case study on PT. Krispindo as a company engaged in processing services (contract manufacturer) in the snack sector. This research aims to assess (valuation) new business proposed by PT. Krispindo in terms of optimal use of debt and equity for the company and also investment returns that can be given to investors. In addition, this research also aims to assist the company in making decisions for the following period project, decision to continue or discontinue the business. This study used optimal Cost of Capital (WACC) and Debt-to-Equity Ratio (DER) in setting optimal business capital. To measure investment return expectations for investors, the study used the company's Net Present Value (NPV), Free Cash Flow to Firm (FCFF) and Internal Rate of Return (IRR) approaches. To find out whether or not the business is further, this study uses Terminal Value Asset (TVA) and On Going Concern Value from the business obtained when the project ending. The results prove using debt in capital has more benefit for the company and the business can continue after the projection period ends.
Keywords: New Business Valuation (NPV), Debt-to-equity ratio (DER), Average Cost of Capital (WACC), Free Cash Flow to Firm (FCFF), Internal Rate of Return (IRR), Terminal Value Asset (TVA) and On Going Concern Value