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Journal articles on the topic 'Return on Positive Cash Flow'

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Published: 30 May 2022
Last updated: 31 May 2022

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1

Yuliarti, Atika, and Lucia Ari Diyani. "The Effect of Firm Size, Financial Ratios and Cash Flow On Stock Return." Indonesian Accounting Review 8, no. 2 (December 28, 2018): 229. http://dx.doi.org/10.14414/tiar.v8i2.1313.

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Stocks are kinds of financial instruments with high returns that have high levels of uncertainty. Before decide to invest the investor needs to formulate the expected rate of return. Companies with good financial performance will increase the value of the company so that the company's stock price increases and stock return also increases. The purpose of this research was to determine the effect of Firm Size, Return On Equity, Market Book Ratio, Current Ratio, Cash Flow from Operating Activities, Cash Flow from Investing Activities and Cash Flow from Financing Activities to Stock Return. The object of research used were seven pharmaceutical industry companies listed in BEI period the 2011-2016 with multiple analysis methods. The results of this study indicate that partially Market Book Ratio has a significant positive effect on Stock Return and Cash Flow from Financing Activities has a significant negative effect on Stock Return while Firm Size, Return On Equity, Current Ratio Cash Flow from Operating and Investing Activities have no significant effect on Stock Return. All variables in this study simultaneously have a significant effect on Stock Return.
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2

Eksandy, Arry, and Dirvi Surya Abbas. "Relevansi Nilai Earning per Share, Price Book Value, Cash Flow, Current Ratio dan Harga Saham: Return on Asset Sebagai Pemoderasi." Jurnal Akuntansi 12, no. 2 (October 26, 2020): 187–202. http://dx.doi.org/10.28932/jam.v12i2.2152.

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The purpose of this study is to determine the results of Earnings Per Share, Book Value Equity, Operating Cash Flow, Investment Cash Flow, Funding Cash Flow, Current Ratio, Asset Returns and Asset Returns moderate Operating Cash Flow to Share Prices in manufacturing companies found in Indonesia stock exchange. This research population publishes manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2015-2018 period. The sampling technique uses purposive sampling technique. Based on predetermined criteria the number of samples obtained by 9 companies. The type of data used in this study is secondary data using panel data regression analysis methods. The results showed that Earnings Per Share and Book Value of Equity showed a positive effect on the Share Price, then, Funding Cash Flow, Return on Assets and Return on Assets moderate the Operating Cash Flow negatively evaluating the Stock Price. Whereas Operating Cash Flow, Investment Cash Flow, and Current Ratio do not affect the stock price. Keywords: Stock Prices, Cash Flow, Finance Ratio
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3

Kristanti, Ika Neni. "ANALISIS PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP RETURN SAHAM PERUSAHAAN PERAIH INVESTMENT AWARD (BEST ISSUERS) DI BURSA EFEK INDONESIA." Jurnal Ilmiah Akuntansi dan Keuangan 7, no. 2 (July 31, 2018): 29–44. http://dx.doi.org/10.32639/jiak.v7i2.217.

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Investors in investing always expect high stock returns. Therefore, investors should be able to assess which companies have good performance, so the stock return is also high. The financial statements, particularly those relating to information on changes in operating cash flows and corporate accounting profit, are one of the important information that can be used by investors to assess company performance. This study aims to provide empirical evidence related to the effect of operating cash flow and accounting earnings on stock returns. The data in this study is secondary data obtained from the company's annual financial statements in Indonesia Capital Market Directory (ICMD) and Indonesia Stock Exchange (IDX). This study was conducted using the company population of the company winning the investment award (best issues) 2017 listed on the Indonesia Stock Exchange in 2015 and 2016. The result of this research is partially variable of operating cash flow (AKO) have positive and significant effect to stock return, while partially, variable of accountancy profit (LAK) have no effect to stock return and simultaneously variable operating cash flow (AKO) and change of accountancy profit (LAK) jointly have a significant effect on stock returns in the company's winning investment award (best issues) 2017 listed on the Indonesia Stock Exchange in 2015 and 2016. Keywords: Operating Cash Flow, Accounting Profit, and Stock Return
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4

Wardani, Sinta, Hermiyetti Hermiyetti, and Muhammad Yusuf. "Profitabilitas, Likuiditas, Leverage, Arus Kas Operasi dan Return Saham Syariah pada Perusahaan Jakarta Islamic Index." Jurnal Riset Akuntansi & Perpajakan (JRAP) 4, no. 01 (June 5, 2017): 1–12. http://dx.doi.org/10.35838/jrap.v4i01.145.

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ABSTRACT This study aims to analyze and believe the factors that affect the return of sharia in the Jakarta Islamic Index. The sample of research is 29 companies with data from 2009-2015. Data analysis using multiple regression analysis. The results showed, liquidity and leverage is not significant significant to the return of sharia stocks. Operating cash flows are significant and positive against Sharia share returns. An interesting finding in this research is the role of operating cash flow as a determinant of stock returns. Future research can be proven the role of cash flow and other financial performance as a determinant of stock returns. A B S T R A K Penelitian ini bertujuan untuk menganalisis dan menguji secara empiris mengenai faktor-faktor yang mempengaruhi return saham syariah di Jakarta Islamic Index. Sampel penelitian sebanyak 29 perusahaan dengan data tahun 2009-2015. Analisis data menggunakan analisis regresi berganda. Hasil penelitian menunjukkan bahwa profitabilitas. likuiditas dan leverage tidak berpengaruh signifikan terhadap return saham syariah. Arus kas operasi berpengaruh signifikan dan positif terhadap return saham syariah. Temuan menarik dalam penelitian ini adalah peran arus kas operasi sebagai penentu return saham. Penelitian mendatang dapat dibuktikan peran arus kas investasi dan pendanaan serta kinerja keuanganlainnya sebagai penentu return saham. JEL Classification: H54, R53
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Wardani, Sinta, Hermiyetti Hermiyetti, and Muhammad Yusuf. "Profitabilitas, Likuiditas, Leverage, Arus Kas Operasi dan Return Saham Syariah pada Perusahaan Jakarta Islamic Index." Jurnal Riset Akuntansi & Perpajakan (JRAP) 4, no. 01 (June 5, 2017): 1–12. http://dx.doi.org/10.35838/jrap.2017.004.01.1.

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ABSTRACT This study aims to analyze and believe the factors that affect the return of sharia in the Jakarta Islamic Index. The sample of research is 29 companies with data from 2009-2015. Data analysis using multiple regression analysis. The results showed, liquidity and leverage is not significant significant to the return of sharia stocks. Operating cash flows are significant and positive against Sharia share returns. An interesting finding in this research is the role of operating cash flow as a determinant of stock returns. Future research can be proven the role of cash flow and other financial performance as a determinant of stock returns. A B S T R A K Penelitian ini bertujuan untuk menganalisis dan menguji secara empiris mengenai faktor-faktor yang mempengaruhi return saham syariah di Jakarta Islamic Index. Sampel penelitian sebanyak 29 perusahaan dengan data tahun 2009-2015. Analisis data menggunakan analisis regresi berganda. Hasil penelitian menunjukkan bahwa profitabilitas. likuiditas dan leverage tidak berpengaruh signifikan terhadap return saham syariah. Arus kas operasi berpengaruh signifikan dan positif terhadap return saham syariah. Temuan menarik dalam penelitian ini adalah peran arus kas operasi sebagai penentu return saham. Penelitian mendatang dapat dibuktikan peran arus kas investasi dan pendanaan serta kinerja keuanganlainnya sebagai penentu return saham. JEL Classification: H54, R53
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6

Pasrin, Nursarmimi, and Mursal Mursal. "Pengaruh Laba Akuntansi dan Arus Kas Operasi terhadap Return Saham pada Perusahaan Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia Periode 2014-2018." Zona Keuangan: Program Studi Akuntansi (S1) Universitas Batam 11, no. 1 (August 31, 2021): 29–40. http://dx.doi.org/10.37776/zuang.v11i1.764.

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This research aims to examine:The Influence of Accounting Profit to Stock Return in 2014-2018,The influence of Operating Cash Flow to Stock Return in 2014-2018,The Influence of Accounting Profit and Operating Cash Flow simultaneously to Stock Return in 2014-2018.The data used in this study are financial report published on the Indonesian stock exchange website. The population in this study were coal mining companies listed on the Indonesia stock exchange for the period 2014-2018. The sampling technique used purposive sampling so that 10 companies were obtained as research samples. Technical data analysis using descriptive statistical analysis,classic assumption test, multiple linear regression analysis, t test,and F test.Based on hypothesis testing by using t test, it is concluded that Accounting Profit is not positive influence on Stock Return and Operating Cash Flow have positive effect on Stock Return. Based on F test it is concluded that Accounting Profit and Operating Cash Flow simultaneously have a positive effect on Stock Return.
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7

KURNIAWAN, LIA INDRIYATI. "PENGARUH PERUBAHAN NILAI TUKAR RUPIAH TERHADAP RETURA' SAHAM MELALUI PERUBAHAN ARUS KAS DAN PERUBAHAN EARNING PER SHARE (EPS): BUKTI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ." Jurnal Riset Akuntansi dan Keuangan 2, no. 2 (August 2, 2006): 107. http://dx.doi.org/10.21460/jrak.2006.22.127.

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The srudy is ot empirical one wlnse pwposes or,e to prove if exclwnge rate'risk have a positive inJluence in stock return from earning per share alteration and cash flow alteration. Samples which are used in this stu$t are 192 data of manufacturing corporations that listed inBEI. The period of sudy is 199&2004. &atistic mdels which are used in this study are simple regression od multiple regression analysis. Tlwre,wefow models used in this study. TTtere ue, model I and model II are used to prove if information of eorning per share alteration and cash flow alteration ltove a positive intluence for cumulative abnormal return. Model III and Model IY are used to pnove if exchange rate risk have a positive infiuence for earning per share alteration and cash flow alteration.The results are information of earning per share alteraion and cash flow alteration have not a positive inJluence for cumulative abnormal return, exchange rate risk have not a positive influence in eorning per share, but exchange rate risk altergtion have a positive influence for cash flow alteration.Keywords: Real Exchange Rate, Earning Per Share, Cash Flow
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8

Firdarini, Khoirunnisa Cahya, and Kunaidi Kunaidi. "PENGARUH ARUS KAS OPERASI DAN LABA AKUNTANSI TERHADAP RETURN SAHAM (Studi Kasus Pada Perusahaan LQ – 45 di Bursa Efek Indonesia Periode 2016 – 2019)." Jurnal Riset Manajemen Sekolah Tinggi Ilmu Ekonomi Widya Wiwaha Program Magister Manajemen 9, no. 1 (December 28, 2021): 28–36. http://dx.doi.org/10.32477/jrm.v9i1.338.

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This research aims to determine the effect of operational cash flow and accounting earnings to the stock return both partially and simoultantly. Population in this study are LQ45 firms for 2016-2019 period and the sample was selected through purposive sampling. Based on classic assumptiont test, we have 100 total sample. Data analysis technique used is multiple regression analysis. The result of this study indicate that (1) operational cash flow not have significant effect to the stock return, (2) accounting earnings have positive and significant effect to the stock return and (3) operational cash flow and unting earnings have positive and significant effect to the stock return simoultantly.
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9

Tjhoa, Elisa. "PENGARUH FREE CASH FLOW, PERTUMBUHAN PERUSAHAAN, RETURN ON ASSETS, CASH RATIO, DEBT TO EQUITY RATIO DAN FIRM SIZE TERHADAP KEBIJAKAN DIVIDEN (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia Periode 2015." Ultimaccounting : Jurnal Ilmu Akuntansi 12, no. 1 (June 19, 2020): 44–67. http://dx.doi.org/10.31937/akuntansi.v12i1.1570.

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Abstract- The company’s decision on the distribution of dividend, as one of the returns expected by investors aside of capital gain, is an important decision due to its impacts on company’s value and shareholders’ wealth. The purpose of this research is to obtain empirical evidence regarding the determinants on Dividend Payout Ratio, namely Free Cash Flow, Company’s Growth, Return on Assets, Cash Ratio, Debt to Equity Ratio, and Firm Size (Empirical Study on Consumption Goods Industry Companies Listed on Indonesia Stock Exchange between 2015-2017). The samples in this study were selected through purposive sampling method and secondary data were analyzed through multiple linear regression methods. In total, 13 companies were used as samples. The result of this study showed Free Cash Flow, Cash Ratio and Firm Size partially have significant and positive effect towards Dividend Payout Ratio, and Company’s Growth has significant and negative effect towards Dividend Payout Ratio. While Return on Assets and Debt to Equity Ratio has no significant effects toward Dividend Payout Ratio. Free Cash Flow, Company’s Growth, Return on Assets, Cash Ratio, Debt to Equity Ratio and Firm Size simultaneously have significant effect toward Dividend Payout Ratio (DPR). Keywords: Cash Ratio, Debt to Equity Ratio, Dividend Payout Ratio, Firm Size, Free Cash Flow, Growth, Return on Assets
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10

Thio Lie Sha, Michelle,. "PENGARUH ASSET GROWTH, PROFITABILITY, FIRM SIZE, OPERATING CASH FLOW TERHADAP STOCK RETURN." Jurnal Paradigma Akuntansi 2, no. 2 (April 9, 2020): 883. http://dx.doi.org/10.24912/jpa.v2i2.7671.

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The purpose of this study is to obtain evidence that shows the effects of asset growth, profitability, firm size, and operating cash flow to stock returns in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2018 period. This study uses39 samples of manufacturing companies that have been selected through a purposive sampling method for three years. The data used are secondary data consisting of financial information from financial statements and annual reports. The data in this study is processed using the statistic program E-views ver. 10.0. The F-test result shows that asset growth, profitability, firm size, and operating cash flow simultaneously have a significant effect on stock return. The t-test result shows that partially firm size has a significant and negative effect on stock return, operating cash flow has a significant and positive effect on stock return, whereas asset growth and profitability have no significant effect on stock return.
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11

Andison, Andison, and Etty M. Nasser. "Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company." ETIKONOMI 16, no. 1 (March 11, 2017): 93–102. http://dx.doi.org/10.15408/etk.v16i1.4820.

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The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012). The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820
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12

Cahyadi, Hari, and Akhmad Darmawan. "PENGARUH ECONOMIC VALUE ADDED, MARKET VALUE ADDED, RESIDUAL INCOME, EARNINGS DAN ARUS KAS OPERASI TERHADAP RETURN SAHAM (Studi Empiris pada perusahaan LQ-45)." Media Ekonomi 16, no. 1 (January 1, 2016): 176. http://dx.doi.org/10.30595/medek.v16i1.1144.

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This study to get empirical evidence that the EVA, MVA, Residual income, Earnings and operating cash flow affect the return earned by shareholders, either partially or simultaneously. The sampling method used was purposive sampling, with the criteria of the company that is always inclouded in the LQ-45 index listed in the Indonesia Stock Exchange (BEI) during the observation period of 2011-2014. Companies used in the sample have a positifve data. The analytical method used was multiple linear regression test. The result of this study concluded that the MVA, residual income and operating cash flows simultaneously affected the return earned by shareholders. MVA partially had no effect on returns received by shareholders. Residual income partially had an effect on returns received by shareholders. Operating cash flow partially had an influence on return received by shareholders. The second and the fifth hypothesis in this study could not be tested because EVA variables and earnings experienced multi co linearity, thus it was excluded from the study. Keywords : EVA, MVA, Residual income, Earnings, operating cash flows and stock returns
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13

Ramakrishnan, Suresh, Saqib Muneer ., and Melati Ahmad Anuar . "An Interaction between Firm Strategy, Capital Structure and Firm’s Performance." Journal of Economics and Behavioral Studies 7, no. 4(J) (August 30, 2015): 37–47. http://dx.doi.org/10.22610/jebs.v7i4(j).592.

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The study tries to determine the association among corporate strategy, social structure and firm performance. In this regard, the monetary reports of 78 companies listed in Karachi Stock Exchange since 2007 to 2014 were scrutinized. In this research, firm strategy (sales growth, liquidity) and capital structure (debt ratio) were used as sovereign variables, and firm performance (return on equity, return on assets, free cash flow for the firm, free cash flow per share) were functional and are used as dependent variables, so to study the affiliation between corporate strategy, capital structure and firm performance within a 8-years period from 2007 to 2014. Secondary data has been used to test the hypotheses; single variable linear regression method was used and their significance was evaluated using Statistics T (t-test) and F (Fisher). The study results indicate that there is a significant positive relationship between sales growth variables and two types (among four types) of performance criteria in the study, namely return on equity and return on assets. And there is a positive significant relationship between firm liquidity and three criteria of firm's performance in the study namely return on equity, free cash flow per share and return on assets. Also, debt ratio has a positive significant relationship with free cash flow for firm and a negative significant relationship with return on assets.
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14

Palkar, Darshana D. "Cash flow volatility-return relation and financial constraints: international evidence." Managerial Finance 43, no. 3 (March 13, 2017): 354–78. http://dx.doi.org/10.1108/mf-07-2016-0214.

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Purpose The purpose of this paper is to examine whether cash flow volatility (CFV) has a negative impact on future stock returns, and whether the CFV-return relation is different among financially constrained and unconstrained firms, by using a broad sample of 21 developed markets. Design/methodology/approach The study conducts portfolio analysis to test the CFV effect on returns. Risk-adjusted returns (alphas) are computed with respect to country-specific factors based on market, size, book-to-market, and momentum. Findings The strategy of buying stocks with low CFV while shorting stocks with high CFV delivers significant alphas in more than three-fourths of the markets. The alphas for the long-short portfolio based on CFV are positive and statistically significant in more than 70 percent of the countries among financially constrained firms, largely driven by the underperformance of high-CFV stocks. In comparison, the CFV effect is observed in less than 45 percent of the countries among financially unconstrained firms, and is largely driven by the outperformance of low-CFV stocks. Originality/value This study extends prior findings by providing evidence of a negative relation between CFV and stock returns in a majority of global equity markets. The evidence also suggests an important role of financial constraints in explaining this relation.
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15

Rahman, Abdul, and Raj Bahadur Sharma. "Cash flows and financial performance in the industrial sector of Saudi Arabia: With special reference to Insurance and Manufacturing Sectors." Investment Management and Financial Innovations 17, no. 4 (November 6, 2020): 76–84. http://dx.doi.org/10.21511/imfi.17(4).2020.07.

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A firm with proper cash flow management can increase its financial performance, while improper management might lead to financial failure. Therefore, it is significant for a firm to manage cash inflows and outflows properly. The current study investigates the effect of cash flow from operations (CFOs) on the financial performance of insurance and manufacturing companies in Saudi Arabia. The data were extracted from companies’ annual reports by considering Return on Assets (ROA) and Return on Equity (ROE) as dependent variables, CFOs as an explanatory variable, firm size (SIZE) and Leverage (LEV) as control variables, and an industry dummy. The results report a positive and significant association between financial performance (ROA and ROE) and operating cash flows (CFOs), and a negative association for SIZE and LEV. Therefore, the study concludes that the firms’ operating cash flows in the insurance and manufacturing sectors in Saudi Arabia affect financial performance.
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16

Hamzah, Muhammad Zilal. "ANALISIS PENGARUH EARNING, CASH FLOW, NILAI BUKU, DAN NILAI PASAR TERHADAP PERGERAKAN STOCK RETURN PADA SAHAM LQ-45 DI BURSA EFEK JAKARTA." Media Riset Akuntansi, Auditing dan Informasi 7, no. 1 (April 11, 2007): 1. http://dx.doi.org/10.25105/mraai.v7i1.925.

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<p class="Style1">The objective of this study is to know the relationships and significant effect between earning, cash flow, book value and market value toward stock return. The samples for this study consist of 26 companies that consistently exist in LQ-45 in Jakarta Stock Exchange.A multiple linear regressions is used to determine whether independent variable effect significantly. This study shows that earning and cash flow positive and significantly affect stock return. Book value is positive and insignificant affect stock return. Meanwhile, market value is significantly but negative relation with stock return. This study also find the low earning growth and high earning growth of firms affect to stock return. The finding of this study also suggest that more external various factors can be consider in influence stock return.</p><p class="Style1">Keywords: earning, cash 'low, book value, market value, stock return.</p>
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17

Sabău-Popa, Claudia Diana, Luminița Rus, Dana Simona Gherai, Codruța Mare, and Ioan Gheorghe Țara. "Study on Companies from the Energy Sector from the Perspective of Performance through the Operating Cash Flow." Energies 14, no. 12 (June 20, 2021): 3667. http://dx.doi.org/10.3390/en14123667.

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In this paper we analyzed the link between companies’ performance, in terms of cash and income, and the labor productivity or management rates, in case of the companies from the energy sector listed on the Bucharest Stock Exchange. We focused on the energy sector because of the impact that its expansion has on the evolution of economies around the world and because of its dynamics in the sense of gradually shifting to the use of energy from renewable sources. We have used panel regression models to analyze the operating cash flow and the profitability rates and the determination of a causal or dependency relationship with labor productivity or management rates. The results of this study show a significant negative correlation between operating cash flows and the average duration of stock rotation, and no correlation between productivity and the operating cash flow. Instead, the average duration of stock turnover does not at all influence the profitability rates, and productivity is always significant for the return on assets, ie forthe return on equitywith a positive coefficient, as expected. The gap between the average duration of payment of suppliers and the average duration of receivables does not significantly influence neither the cash flow nor the rates of return.
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18

Ristiyana, Rida. "PENGARUH ARUS KAS DAN PENGEMBALIAN MODAL TERHADAP NILAI PERUSAHAAN (Studi Pada PT. Hero Supermarket, Tbk Periode 2004 – 2018)." JURNAL PENELITIAN DAN KARYA ILMIAH 19, no. 2 (June 21, 2019): 210–24. http://dx.doi.org/10.33592/pelita.vol19.iss2.122.

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The purpose of this study to determine the effect of cash flow and return on capital on firm value at PT. Hero Supermarket, Tbk. The cash flow has a cash ratio proxy, return on capital has a ROE (Return on Equity) proxy and firm value has an EPS proxy (Earning Per Share). The sample of this study was PT. Hero Supermarket, Tbk which submits annual financial reports from the period 2004-2018. The technique of data collection used library study and field survey with the data of observational (n) = 12. The analytical tool used Multiple Linear Regression. The results of this study, cash ratio has given negative and significant impact on earnings per share, but return on equity has given positive and significant impact on earnings per share.Both, the cash ratio, return on equity showed significantly influence to the earnings per share.
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19

Sapuan, Noraina Mazuin, Norwazli Abdul Wahab, Muhammad Ashraf Fauzi, and Akrom Omonov. "Analysing the Impacts of Free Cash Flow, Agency Cost and Firm Performance in Public Listed Companies in Malaysia." Journal of Governance and Integrity 5, no. 1 (November 29, 2021): 211–18. http://dx.doi.org/10.15282/jgi.5.1.2021.7061.

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This study intended to examine the relationship between free cash flow and agency costs towards firm performance based on the data from 350 public listed companies in Malaysia. The data was collected from year 2005 to 2015. There is a need to re-examine the free cash flow hypothesis and the agency theory based on Malaysian data as the results from previous studies shown a mix results.The findings shown free cash flow is significantly giving positive impact on firm performance. This result is contradict to free cash flow hypothesis, but it can occur due to, when the availability of investments opportunities that can be generated when firm more free cash flow that later able to increase firm performance. Meanwhile, total asset turnover has a positive impact on return on asset. However, the operating expenses ratio demonstrates that the operating expenses ratio has a negative impact on return on asset. The mix findings of agency cost are supported by previous studies.
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20

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&rsquo;s profits until the turnout by investors increases and the profit increases.
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21

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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Prasetyaningrum, Murni. "PROFITABILITAS DAN RETURN SAHAM: PERAN MODERASI ARUS KAS OPERASI DAN UKURAN PERUSAHAAN." Jurnal Riset Akuntansi dan Keuangan 9, no. 1 (February 1, 2013): 17. http://dx.doi.org/10.21460/jrak.2013.91.18.

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This study aims to determine the effect of profitability on stock returns with operating cash flow and firm size as a moderating variable of companies listed on the Indonesia Stock Exchange in 2006-2008. The population in this study is all companies listed on the Indonesia Stock Exchange. Sample is taken by using purposive sampling method. The hypothesis is tested using regression with variable moderation. Results of this study show that profitability has a positive effect on stock returns, operating cash flow does not significantly moderate the relationship between profitability and stock returns, firm size does not moderate the relationship between profitability and stock returns. Keywords: profitability, stock returns, operating cash flow, size
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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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Eny Purwaningsih and Ganda Setiawan. "Pengaruh Earnings per Share, Return on Equity, Price to Book Value, dan Total Arus Kas Terhadap Harga Saham." AKUA: Jurnal Akuntansi dan Keuangan 1, no. 2 (April 29, 2022): 164–72. http://dx.doi.org/10.54259/akua.v1i2.546.

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This study was conducted to analyze the effect of earnings per share, return on equity, price to book value, and total cash flow on stock prices in manufacturing companies in various industrial sectors. This study uses a type of causal comparative research which is used to determine the relationship between cause and effect on two or more variables. Sample in this study is manufacturing companies in the various industrial sectors listed on the Indonesia Stock Exchange e for the period 2018-2020 using the purposive Sampling method. There are 14 companies that meet the research sample criteria, so sample is 42 financial statement data. Based on test results, it is known that simultaneously earnings per share, return on equity, price to book value, and total cash flow have a simultaneous effect on stock prices in various industrial sector manufacturing companies listed on the Indonesia Stock Exchange e in 2018-2020. The partial test results show earnings per share has a positive effect on stock prices, return on equity has no effect on stock prices, price to book value has a positive effect on stock prices, and total cash flow has a positive effect on stock prices.
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Tony Sudirgo, Bima Dharmasetya,. "Faktor-Faktor Yang Mempengaruhi Return Saham Perusahaan Industri Yang Terdaftar Di BEI." Jurnal Paradigma Akuntansi 4, no. 1 (January 20, 2022): 11. http://dx.doi.org/10.24912/jpa.v4i1.16686.

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This research were done with a purpose to empirically examine the influence of return on equity (ROE), earning per share (EPS), debt to equity ratio (DER) dan operating cash flow toward stock return. This research uses data which collected from secondary data obtained directly from Indonesia Stock Exchange (IDX) official website. Population of this research is industry companies listed on Indonesia Stock Exchange (IDX) for the period of 2017-2019. As much as 82 companies listed on Indonesia Stock Exchange (IDX) are selected as samples in this research based on few criteria. These samples are collected using purposive sampling method. The method that is used on this research was multiple linear regression using Eviews 11 (student version) as test equipment. The result of this research indicate that return on equity (ROE) has a positive and significant effect on stock return, earning per share (EPS) has a negative and not significant effect on stock return, debt to equity ratio (DER) has a positive and not significant effect on stock return and operating cash flow has a negative and significant effect on stock return.
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26

Rochim, Rochim, and Nunung Ghoniyah2. "ANALYSIS ON THE EFFECT OF CURRENT RATIO, CASHFLOW FROM OPERATION TO DEBT, FIRM SIZE AND RETURN ON EQUITY ON STOCK RETURN." International Journal of Islamic Business Ethics 2, no. 3 (April 3, 2017): 41. http://dx.doi.org/10.30659/ijibe.2.3.41-51.

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This research is to learn some financial finance factor that� can be used as a short prediction tool of return of investment decision in the form of stock. The object of research used in this study is a company incorporated in the Jakarta Stock Exchange during research periode 2012-2016. The variables studied were Profitability and� Solvency. The analysis technique used in this research is linear regression. This research is done by quantitative method to the company�s financial statements listed in Jakarta Stock Exchange during period 2012-2016. Total sample of research is 35 company, which determined by purposive sampling method. Hypothesis testing method was conducted using t-test different test and linear regression. The results of this study indicate that there is a positive influence between Current Ration (CR), Cash Flow from Operation to Debt (CFOD), Firm Size, Return on Equity (ROE) to stock returns listed in Indonesia Stock Exchange during 2012 -2016.Keywords: Current Ration (CR), Cash Flow from Operation to Debt (CFOD), Firm Size, Return on Equity (ROE)
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Souza, Arlindo Nonato Morais, José Mauro Madeiros Velôso Soares, Adilson de Lima Tavares, Anderson Luiz Rezende Mol, and Atelmo Ferreira de Oliveira. "Value Relevance do Cash Flow Return on Investment no Mercado Acionário Brasileiro." Revista Evidenciação Contábil & Finanças 8, no. 3 (September 7, 2020): 91–105. http://dx.doi.org/10.22478/ufpb.2318-1001.2020v8n3.50594.

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Objetivo: Verificar a associação entre o Cash Flow Return On Investment e o valor de mercado das firmas brasileiras listadas na B³, bem como os seus respectivos retornos acionários anuais. Fundamento: O estudo apoia-se na existência de conteúdo informativo nas informações contábeis capazes de oferecer perspectivas sobre o desempenho futuro das organizações. Sendo demonstrado esta premissa por meio da associação entre o Cash Flow Returns On Investment e o valor de mercado e retorno anual. Método: Foram selecionadas as companhias não financeiras listadas na B³, com dados suficientes para o cálculo do Cash Flow Return On Investment, valor de mercado, retorno contínuo e retorno anormal das empresas, durante o período 2010-2018. Para análise de regressão utilizou-se de dados em painel para os três modelos econométricos estimados. Resultados: Os testes empíricos realizados demonstram: (i) associação positiva e significante entre o Cash Flow Return On Investment e o valor de mercado das empresas pesquisadas, bem como (ii) com seus respectivos retornos contínuo e anormal concordando com a fundamentação utilizada. Sendo assim, o resultado desta pesquisa, evidencia que o valor de mercado das empresas absorveu as informações dos retornos dos ativos pelo fluxo de caixa, sendo possível inferir que o Cash Flow Return On Investment pode ser informativo quanto as expectativas de desempenho futuro das empresas, levando em conta tanto os fluxos de caixa efetivamente gerados como os futuros fluxos a serem gerados no decorrer da vida útil de seus ativos, contribuindo assim de forma teórica e prática com a literatura.
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MD ARIS, NAZARIA, RAZMAN ANUAR, Ivan Trofimov, and Nurhidayah Sokat. "The Effect of Cash Flows on Firm’s Profitability of Construction Sector in Malaysia." UNIMAS Review of Accounting and Finance 2, no. 1 (December 26, 2019): 31–39. http://dx.doi.org/10.33736/uraf.1984.2019.

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This research investigates the effect of cash flows towards firm’s profitability using the data collected and analysed from listed firms in construction sector on Bursa Malaysia. The sample comprises of 98 firms and the data is for 6 years throughout January 2009 to December 2015. For the purpose of this analysis, a discriminatory panel regression and Pearson correlation are used to test the hypotheses. This research uses cash flow from operations (CFO), cash flow from investments (CFI), and cash flow from financing (CFF) activities as independent variables to measure cash flows. In order to measure the firm’s profitability, this research uses Return on Assets (ROA) as the dependent variable. The result from this research reveals that cash flows from operations (CFO) and cash flow from investments (CFI) has a significant and positive impact on the profitability of the firms. The findings also show there is a negative relationship exists between cash flow from financing (CFF) and firm’s profitability.Thus, taking all into consideration, this research provides insights to the business managers in overseeing the cash for ongoing operations, controlling the investing strategy and tracking the financing activities for survival and growth of the organisation. On the other hand, other stakeholders of the business use historic cash flows in this information set to make projections for future cash flows investment decisions.
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Mobarek, Asma, and A. Sabur Mollah. "The General Determinants of Share Returns: An Empirical Investigation on the Dhaka Stock Exchange." Review of Pacific Basin Financial Markets and Policies 08, no. 04 (December 2005): 593–612. http://dx.doi.org/10.1142/s0219091505000518.

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This paper investigates the underlying factors that determine share returns on the Dhaka Stock Exchange. The empirical analysis does not support the critical condition of the Capital Asset Pricing Model of a positive relationship between share return and beta. However, it shows that variables such as size, price to book, volume of shares traded, earnings yield and cash flow yield have a significant influence on share returns. The degree and direction of relationship among the variables are similar to other emerging markets, but are not always consistent with developed markets perhaps due to lack of homogeneous expectations regarding risk return characteristics and different market microstructure.
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30

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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31

Hantono, Hantono, Ike Rukmana Sari, Felicya Felicya, and Miria Daeli. "Pengaruh Return on Assets, Free Cash Flow, Debt to Equity Ratio, Pertumbuhan Penjualan Terhadap Kebijakan Dividen Pada Perusahaan Property and Real Estate yang Terdaftar di Bursa Efek Indonesia Periode 2014-2016." Owner 3, no. 2 (July 18, 2019): 143. http://dx.doi.org/10.33395/owner.v3i2.118.

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The purpose of this research is to examinethe effect of the return on assets, free cash flow, debt to equity ratio, sales growth to dividen policy on property and real estate companies in Indonesia Stock Exchange in the period 2014-2016. The population in this research are property and real estate companies listed in Indonesia Stock Exchange active from 2014 to 2016 with a sample of 18 companies. Based on analysis, it can be concluded that free cash flow positive and significant effect on dividen policy. Return on assets, debt to equity ratio and sales growth does not effect on dividen policy.
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32

Sinaga, Imelda. "DAMPAK PENYAJIAN KEMBALI EPS DAN CFPS TERHADAP RETURN SAHAM." Jurnal Riset Akuntansi dan Keuangan 2, no. 3 (April 27, 2014): 407. http://dx.doi.org/10.17509/jrak.v2i3.6594.

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The problem in this study is whether there is a positive influence of CFPS and EPS before and after restatement in giving positive impact on stock returns. The sample used in EPS before and after the restatement, while as many as 102 samples meanwhile CFPS before and after restatement using 82 sample companies listed on the Stock Exchange. Independent variables used in this study are the earnings per share and cash flow per share and the dependent variables used in this study is the stock return. Test equipment used in this study using multiple regression statistical model The results of this study demonstrate that EPS before restatement did not impact significantly on the stock returns which indicates that investors have been aware that there is signal to improve the EPS before the restatement. EPS after restatement had no significant effect on return, this indicates that the new information is in accordance with the Market Efficiency hypothesis is that will make the market participants to react and take action to respond that new information. CFPS before and after restatement also had no significant effect on stock returns because investors do not use operating cash flow information as a basic for investment decisions. This can have implications on investors who use financial statements to make right decisions on the location of their assets in the companies that perform restatement as well for the company itself that financial report restatement can be made if it is seen as a form of commitment and sense of responsibility to the market to provide trustable information
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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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Prasetyaningrum, Murni. "Profitabilitas dan Return Saham: Peran Moderasi Arus Kas Operasi dan Ukuran Perusahaan." Jurnal Ekonomi dan Bisnis 17, no. 1 (June 18, 2016): 111. http://dx.doi.org/10.24914/jeb.v17i1.242.

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<em>This study aims to determine the effect of profitability on stock returns with operating cash flow and firm sizeas a moderating variable of companies listed on the Indonesia Stock Exchangein 2006-2008. The population in this study is all companies listed on the Indonesia Stock Exchange. Sample is taken by using purposive sampling method. The hypothesisis tested using regression with variable moderation. Results of this study show that profitability has a positive effecton stock returns, operating cash flow does not significantly moderate the relationship between profitability and stock returns, firm size does not moderate the relationship between profitability and stock returns.</em>
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35

Wulandari, Syelly, Nita Priska Ambarita, and Mia Dwi Puji Wahyuni Darsono. "Pengaruh Free cash flow, Kepemilikan Institusional, Profitabilitas dan Leverage Tehadap Kebijakan Dividen Tunai Pada Perusahaan Property dan Real estate yang Terdaftar di Bursa Efek Indonesia." Akuisisi: Jurnal Akuntansi 15, no. 2 (May 11, 2020): 26–34. http://dx.doi.org/10.24127/akuisisi.v15i2.429.

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This research aims to examine and analyze the effect of free cash flow, institutional ownership, profitability and Leverage on dividend policy by using an approach multiple regression model. The proxies used to measure the financial elements are free cash flow, institutional ownership, Return on Assets and debt to equity ratio. The population in this research is property and real estate companies listed in Indonesia Stock Exchange for six years (2014-2019). Election sample procedure uses purposive sampling and the result are existed 5 companies that fulfill criteria so that amount of data studied by 30 data. The results of this research show that free cash flow, institutional ownership and profitability have a significant effect on dividend policy proxied by Dividend payout ratio. Leverage which is measured by debt to equity ratio hasn’t a significant effect on dividend policy. Free cash flow has a positive effect on dividend policy. Institutional ownership has a positive effect on dividend policy. Profitability which is measured by Return on Assets has a negative effect on dividend policy. The predictive ability of these variabel on dividend policy is 49,6% as shown by the amount of R square, while 50,4% is affected by the other factor which is not included in the research model.
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Florentina, Jenny, and Supriyanto Supriyanto. "Analisis Faktor Determinan Kinerja Keuangan pada Perusahaan yang Terdaftar di Bursa Efek Indonesia." Global Financial Accounting Journal 3, no. 1 (April 25, 2019): 30. http://dx.doi.org/10.37253/gfa.v3i1.435.

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This research is aimed to investigate determinant factors of firm performance especially listed companies at Indonesia Stock Exchange, using Return on Assets (ROA), Return on Equity (ROE), and Market-to-Book Value Ratio (MBR) as dependent variables. Determinants tested are current assets, leverage, cash flow, sales growth, investment in fixed assets, company characteristics, and income tax expense, with liquidity as control. Panel data regression is applied using secondary data in this study, with sample of companies with complete and audited annual financial statements for 2012-2017 period which are listed at Indonesia Stock Exchange. The results revealed current assets have significant negative effect on firm performance, while cash flow from operating activities, sales growth, and income tax expense significantly influence firm performance in positive. However leverage, investing and financing cash flow insignificantly influence firm performance. Firm characteristic overall has insignificant effect towards ROA and MBR but significantly determine ROE.
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Sarah Hasibuan, Siti, and Lukmanul Hakim2. "PENGARUH AGENCY COST, RETURN ON EQUITY (ROE), DAN FREE CASH FLOW TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI PERIODE 2010-2019." Jurnal TAMBORA 5, no. 2 (July 21, 2021): 66–73. http://dx.doi.org/10.36761/jt.v5i2.1127.

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The dividend of a company is always a concern for shareholders to invest. Information regarding the state of the company can be seen in the financial statements. This study aims to examine the effect of Managerial Ownership, Return On Equity and Free Cash Flow on the Dividend Payout Ratio in manufacturing companies listed on the Indonesia Stock Exchange for the 2010-2019 period. According to Sartono, dividends are profits obtained by the company and distributed to shareholders. Decisions regarding the amount of dividends will be determined at the General Meeting of Shareholders (GMS). The results of this study indicate that Managerial Ownership has a positive and significant effect on the Dividend Payout Ratio. Return On Equity has a negative and insignificant effect on the Dividend Payout Ratio and Free Cash Flow has a positive and insignificant effect on the Dividend Payout Ratio.
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38

Marzuki, Ismail, and Susi Handayani. "Pengaruh Laba Akuntansi, Arus Kas Operasi, Price To Book Value, Dan Kinerja Keuangan Perusahaan Dengan Pendekatan Economic Value Added Terhadap Return Saham (Studi Kasus Pada Saham Perusahaan Pertambangan Di Bursa Efek Indonesia Periode Tahun 2008-2010)." AKRUAL: Jurnal Akuntansi 4, no. 1 (October 19, 2012): 71. http://dx.doi.org/10.26740/jaj.v4n1.p71-89.

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AbstractThe objectives of this research is to examine and analyze the influence of Accounting Profit, Operation Cash Flow, Price to Book Value, and Company Financial Performance Through Economic Value Added Approach to stock return of mining company that listed at Indonesia Stock Exchange in the period of 2008 – 2010. This research was an causal research with quantitative approach. The analyzing technique used in this research is multiple linier regressions analysis with SPSS program version 11.5. The result of this research shows that variable of accounting profit and operation cash flow do not have significant influence to stock return. While, variable of Price to Book Value and Company Financial Performance Through Economic Value Added Approach have a positive and significant influence to stock return of mining company that listed at Indonesia Stock Exchange in the period of 2008 – 2010.
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Sudana, I. Made, and Heti Rachmawati. "Market Performance, Roe, Cash Flow Dan Keputusan Investasi Dengan Cash Holdings Sebagai Moderasi Pada Perusahaan Manufaktur Di Indonesia." Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management 10, no. 1 (July 21, 2017): 70. http://dx.doi.org/10.20473/jmtt.v10i1.5138.

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This study aims to determine the effect of market perfomance, ROE, cash flow and investment decisions with cash holdings as a moderating in manufacturing company in Indonesia which is listed on the Stock Exchange from 2012 to 2015. This study took 112 manufacturing companies in Indonesia. Research methods band is used in this study using purposive sampling method. Dependent variable in this research is investment decisions were measured by capital expenditure. Independent variables in this study is the market performance measured by Tobin's q, return on equity, cash flow, while moderating variable in this study is cash holdings. The method used in this research is multiple linear regression analysis. The results of this study significantly show that market performance, cash flow positive influence on investment decisions, while ROE negative effect on investment decisions. The influence of of cash flow to capital expenditure is moderated by cash holding that indicated by significant negative influence.
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Liu, Jing, James A. Ohlson, and Weining Zhang. "An Evaluation of Chinese Firms' Profitability: 2005–2013." Accounting Horizons 29, no. 4 (May 1, 2015): 799–828. http://dx.doi.org/10.2308/acch-51154.

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SYNOPSIS We empirically examine the profitability of leading Chinese firms, benchmarked against comparable U.S. firms, for the period 2005–2013. Return on invested capital (ROIC), which excludes leverage effects on performance, provides the primary metric. Averaged over firms and years, the two sets of firms have similar profitability, about 11 percent annually. Decomposing ROIC into free cash flow yield and invested capital growth, we show that the same ROIC has very different compositions: while the Chinese firms have high growth and negative free cash flows, the U.S. firms have low growth and positive free cash flows. Due to balance sheet conservatism, we infer that Chinese (U.S.) firms' free cash flow yields and the resulting ROICs have been biased downward (upward). After correcting for the bias, we show that Chinese firms have much higher profitability than their U.S. counterparts: 15.1 percent versus 8.1 percent. This result is driven by the abundance of growth opportunities in China in our sample period. When we control for the growth rates, we find U.S. firms have been more “efficient” in generating more free cash flows than Chinese firms.
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Setiawan, Rahmat, and Valiant Nur Hasyim. "DETERMINAN METODE PEMBAYARAN AKUISISI DI INDONESIA: BUKTI EMPIRIS DI INDONESIA." Business and Finance Journal 4, no. 2 (November 19, 2019): 141–46. http://dx.doi.org/10.33086/bfj.v4i2.660.

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This research purpose to examine what factor that determine method of payment acquisition in Indonesia. The period of sample during 2000-2017 and using multinomial logistic regression. There are 85 samples of transanctions (57 using cash payment, 18 using mix payment, and 10 using stock payment). Independent variables are market to book ratio, market capitalization, tobin’s Q, cash flow, and standard deviations of return. Acquirer Correlation as a control variable. This study find that market to book ratio has positive effect on stock and mix payment method than cash payment method at 10%. Tobin’s Q has positive effect on mix payment method than cash payment method at 10%.
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Meiliyawati, Yessri, and Ellen Rusliati. "INSIDER OWNERSHIP, FREE CASH FLOW, DAN PERTUMBUHAN TERHADAP DIVIDEND PAYOUT RATIO." Vol 12 No 1 (2020): Edisi April 12, no. 1 (April 28, 2020): 7–14. http://dx.doi.org/10.23969/jrak.v12i1.4040.

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Dividend alongside capital gain is a return for stock holder. The aim of this study is to determine the condition of insider ownership, free cash flow, growth and dividend payout ratio, and to determine their effect of insider ownership, free cash flow and growth simultaneously and partially on dividend payout ratio. The population were mining companies sector listed in Indonesia Stock Exchange in the period of 2010-2017. The sample of this study is amounted to 4 companies with the amount of observations were 32. The method used were descriptive and verificative using panel data regression. The results showed that simultaneously insider ownership, free cash flow and growth has significant effect on dividend payout ratio with contribution of effect 68.19%. Partially, insider ownership has a significant positive effect, free cash flow and growth have significant negative effect on dividend payout ratio.
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Aslam, Saba, and Muhammad Sohail. "The Role of Financial Constraints in Business Environment; Evidence from Business Group Affiliated and Non-Affiliated Firms in Pakistan." Jinnah Business Review 9, no. 2 (July 1, 2021): 34–60. http://dx.doi.org/10.53369/bdvy5725.

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The main purpose of this study is to investigate the relationship between Cash Flows, Growth Opportunities, Firm Size, Firm Age, Firm Performance, Investment, Financial constraints and Leverage between the B.G AFs and NAFs of Pakistan. Current study consists of the balanced panel data containing 86 B.G AFs vs. 90 NAFs of the Pakistan. This study covers the yearly data period from 2007 to 2017. The findings showed that the cash flows are positively correlated with the return on assets, investments, financial constraints, while leverage is negatively correlated with the financial constraints. The positive correlation between cash flows and return on asset is higher for the B.G AFs, which means the B.G AFs are more profitable than the NAFs. The correlation of cash flows with the investment and financial constraints is positive but lower for the B.G AFs, showing that AFs investment is less sensitive and less financially constrained than NAFs. The inverse correlation between leverage and financial constraints shows that the B.G AFs have easy access to the financial sources. The positive and higher correlation of growth opportunities with cash flows and return on assets shows that the AFs growth is higher than NAFs.
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Varandas, Paulo. "A version of Kac’s lemma on first return times for suspension flows." Stochastics and Dynamics 16, no. 02 (March 7, 2016): 1660002. http://dx.doi.org/10.1142/s0219493716600029.

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In this paper, we study the mean return times to a given set for suspension flows. In the discrete time setting, this corresponds to the classical version of Kac’s lemma [11] that the mean of the first return time to a set with respect to the normalized probability measure is one. In the case of suspension flows we provide formulas to compute the mean return time. Positive measure sets on cross sections are also considered. In particular, this varies linearly with continuous reparametrizations of the flow and takes into account the mean escaping time from the original set. Relation with entropy and returns to positive measure sets on cross sections is also considered.
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45

Abata, Matthew Adeolu, and Stephen Oseko Migiro. "Does Liquidity Management Affect Profitability in Selected Nigerian-Quoted Manufacturing Firms?" Journal of Economics and Behavioral Studies 8, no. 4(J) (September 5, 2016): 41–51. http://dx.doi.org/10.22610/jebs.v8i4(j).1362.

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This study examined the nexus between liquidity management and profitability in selected Nigerian-quoted manufacturing firms. Many business failures have been recorded over the years due to inability to balance the link between liquidity and profitability. Descriptive research design was employed to analyze the data gathered from 2004 to 2014. The study found a positive relationship between credit policy, return on equity and return on capital employed. It equally found that operating cash flow and cash conversion cycle are negatively related to all the metrics of profitability. The study therefore recommends among others, that managers should strive to achieve a reasonable level of profit to optimize shareholders’ wealth and keep the firms in business. Also, managers should effectively manage account receivables and inventory at optimal level to avoid tie down liquid assets unnecessarily. Investors should pay close attention to firms’ operational cash flow in order to access their true state before committing their funds.
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46

Kamel Al Zobi, Mo’taz, and Othman Hel Al-Dhaimesh. "The impact of cash flow statement components on stock volatility: Evidence from Qatar." Investment Management and Financial Innovations 18, no. 2 (June 28, 2021): 365–73. http://dx.doi.org/10.21511/imfi.18(2).2021.29.

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The published financial statements are considered one of the most important sources of information that investors rely on in forecasting stock performance or even judging the organization’s ability to cover short-run liabilities. Cash flows play a core role in maintaining a high market value for its shares. Hence, this study came to analyze the explanatory value of the cash flow statement in explaining stock volatility (SV) in the Qatar financial market. Study data were collected using published financial statements from a sample of 44 Qatari-listed companies throughout 2013–2019. A panel cross-sectional data technique using the E-views program was used to analyze the data. The study results show there is a positive and significant impact of cash flows from operating CFO activities on SV, indicating that the higher change in CFO increases stock volatility. This means that operating cash flows give significant information to investors, and it is reflected in the stock price movements directly. Also, the cash flow from CFF financing activities has a positive and significant effect on SV. This means that CFF affects stock prices, causing greater changes and fluctuation in stock returns. This is because one of the major components of CFF is dividends, which affect directly stock prices and stock returns. In contrast, there is an insignificant effect of CFI on SV, which may indicate that investors do not build their investment decisions based on CFI. Accordingly, the cash flow from investing activities failed to explain the stock volatility of the listed Qatari companies.
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47

Oktaviani, Rima Fathonah, and Hotman T. Pohan. "PENGARUH ECONOMIC VALUE ADDED, RESIDUAL INCOME, EARNINGS, OPERATING CASH FLOW DAN OPERATING LEVERAGE TERHADAP RETURN SAHAM PADA PERUSAHAAN LQ 45." Jurnal Magister Akuntansi Trisakti 4, no. 1 (February 18, 2017): 21. http://dx.doi.org/10.25105/jmat.v4i1.4985.

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<p class="Normal1"><em>The purpose of this study was to </em><em>determine the influence between </em><em>economic value added, residual income, eranings, operating cash flow and operating leverage on stock returns.The population of this study is company</em><em> LQ </em><em>45. The sample of the study was obtained by purposive sampling method where are 26 same companies each year and meet the sampling criteria. The study period is 2012 to 2015.This study found that there </em><em>is a positive influence between </em><em>economic value added, residual income, operating cash flow, and operating leverage on stock returns on company LQ 45. But for earnings there is not effect on stock return on company LQ 45.<strong></strong></em></p>
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48

Onikiienko, Serhii, Yevheniia Polishchuk, Alla Ivashchenko, Anna Kornyliuk, and Nazar Demchyshak. "Prior credit assessment of long-term SME projects with non-standard cash flows." Banks and Bank Systems 16, no. 2 (June 17, 2021): 148–58. http://dx.doi.org/10.21511/bbs.16(2).2021.14.

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Over the past three decades, the relative bank loan demand has changed due to the arising small and medium-sized enterprises (SMEs). Therefore, banks in their operations face the problem of processing an ever-increasing number of loan applications. The aim of this paper is to develop an auxiliary approach to assessing the prior creditworthiness of long-term SME projects with nonstandard cash flows.This study reveals how the principles of value-based management can be incorporated into the process of borrower’s creditworthiness assessment to improve the process of screening loan applications. For this, the internal rate of return was used as a criterion for loan granting decision at the initial stage of loan underwriting.An algorithm for the preliminary evaluation of loan applications is proposed and is based on the principle of maximizing the shareholder value of banks. This algorithm helps to define the credit terms taking into consideration the distribution of positive cash flows throughout the project’s expected economic life, calculate the possible real effective interest rate concerning the borrower’s nonstandard cash flow schedule, make a rough analysis on the economic efficiency of lending and state the necessary criterion to initiate the procedure of loan underwriting for the projects with nonstandard cash flow schedules. The proposed estimation algorithm stemming from the IRR-approach for the cash flow analysis can also be initially used by a borrower as a tool for credit solvency self-testing via screening of periods with corresponding cash flows that can be used for loan servicing.
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49

Pratama, Ahmad Aziz Putra. "DETERMINAN KEBIJAKAN DIVIDEN PADA SEKTOR NONKEUANGAN." SULTANIST: Jurnal Manajemen dan Keuangan 7, no. 2 (December 27, 2019): 1–10. http://dx.doi.org/10.37403/sultanist.v7i2.142.

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This study aims to determine the effect of company size, leverage, growth opportunities, return on on equity, price earnings ratio, quick ratio and free cash flow on dividend policy in non-financial companies listed on the Indonesia Stock Exchange during the 2013-2018 period. This study uses 122 with a total of 732 observations using purposive sampling method with multiple linear regression models. This study was processed using SPSS 25. The independent variables in this study are size, leverage, growth opportunities, ROE, PER, quick ratio, and free cash flow. The dependent variable in this study is dividend policy. Based on the analysis results, it can be concluded that size and PER have a significant positive effect on dividend policy, quick ratio and free cash flow have a positive and insignificant effect on dividend policy, while leverage and ROE have no significant negative effect on dividend policy, and growth has a significant negative effect on dividend policy.
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50

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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