Working-Capital und Cash Flow

2008 ◽  
Keyword(s):  
Cash Flow ◽  
Working Capital

scholarly journals Simulation evidence on the properties of alternative measures of working capital accruals

2017 ◽  
Vol 25 (4) ◽  
pp. 378-394
Author(s):  
Javad Izadi Zadeh Darjezi ◽  
Homagni Choudhury ◽  
Alireza Nazarian
Keyword(s):  
Cash Flow ◽  
Estimation Error ◽  
Explanatory Power ◽  
Cash Flows ◽  
Working Capital ◽  
Accrual Quality ◽  
Content Type ◽  
Explanatory Variables ◽  
Study Results ◽  
The Uk

Purpose This paper aims to investigate the specification and power of tests based on the DD and modified DD model through the UK data between years 2000 and 2013, and make comparisons with tests using working capital accruals creating a measure of accruals quality as the standard deviation of the residuals value from firm-specific regressions base on working capital accruals on last, current and one-year-ahead cash flows from operations. Design/methodology/approach This study focuses both on the DD model and modified DD model to find out which of them can more accurately capture total working capital accrual estimation error and accrual quality. According to the DD model, the past, current and future net cash from operating activities as the three years’ operating cash inflows or outflows become omitted and correlated variables. In this study, the authors continue to document residuals from the DD and MDD models to demonstrate properties that are more consistent with behaviours of accruals estimation errors. Therefore, in this study, the authors are looking to compare the results from both the MDD and DD models and find which one of them is more effective in explaining the working capital accruals in the UK. Findings The authors find that adding additional explanatory variables may add additional explanatory power of variables to the DD model and extent to which accruals map into cash flow insights based on the UK data. This study is empirically well fitting with the internal workings of cash flows. As investors fixate only on the accounting earnings, they may fail to reflect fully on information contained within cash flow components and working capital accruals of current and future earnings. Originality/value The authors compare different equation to cover more items of working capital accruals. In addition, after examining earnings and accrual quality, the findings show that the average UK company behaviour was quite similar to the behaviour that was founded earlier for both models in the USA. Furthermore, this study results show that more volatility of sales, cash flow, accruals and earnings make a lower accrual quality. The results demonstrate that both models can capture the power to predict working capital accruals. Moreover, we find that adding additional explanatory variable of employee growth rate adds additional explanatory variables to DD model.

The determinants of corporate cash holdings: evidence from Shariah-compliant and non-Shariah-compliant corporations

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Faisal Alnori ◽  
Abdullah Bugshan ◽  
Walid Bakry
Keyword(s):  
Cash Flow ◽  
Capital Expenditure ◽  
Cash Holdings ◽  
Order Theory ◽  
Working Capital ◽  
Pecking Order Theory ◽  
Content Type ◽  
Financial Firms ◽  
Operating Cash Flow ◽  
The Difference

PurposeThe purpose of this study is to investigate the difference between the determinants of cash holdings of Shariah-compliant and non-Shariah-compliant firms, for non-financial corporations in the Gulf Cooperation Council (GCC).Design/methodology/approachThe data include all non-financial firms listed in six GCC markets over a period 2005–2019. The IdealRatings database is used to identify Shariah-compliant firms in the GCC. To examine the determinants of cash holdings, a static model is used. To confirm the applicability of the method applied, the Breusch–Pagan Lagrange Multiplier (LM) and Hausman (1978) are used to choose the most efficient and consistent static panel regression.FindingsThe results show that, for Shariah-compliant firms, the relevant determinants of cash holdings are leverage, profitability, capital expenditure, net working capital and operating cash flow. For non-Shariah-compliant firms, the only relevant determinants of cash holdings are leverage, net working capital and operating cash flow. The findings suggest that the cash holding decisions of Shariah-compliant firms can be best explained using the pecking order theory. This reveals that Shariah-compliant firms use liquid assets as their first financing option, due to the Shariah regulations.Research limitations/implicationsFuture studies may investigate the optimal levels of cash holdings and compare the adjustment speeds toward target cash holdings of both the Shariah-compliant firms and their conventional counterparts.Originality/valueThis study is the first to investigate the difference between the determinants of cash holdings of Shariah-compliant and non-Shariah-compliant firms.

scholarly journals The Role Of Cash Holdings, Working Capital, Dividend Payout On Capital Investment

2018 ◽  
Vol 34 (3) ◽  
pp. 419-426
Author(s):  
Andrew Chan
Keyword(s):  
Cash Flow ◽  
Firm Value ◽  
Capital Investment ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Payout Policy ◽  
Working Capital ◽  
Dividend Payout ◽  
Investment Spending ◽  
The Relationship

An objective of this paper is to investigate the relationship between firms' capital investment spending, cash holdings, and working capital in an expanding Asian financial market.  A sample of publicly traded manufacturing firms on the Hong Kong Stock Exchange was examined during the period 2005-2014. The empirical results provide strong and statistically significant evidence on the effect of cash flow on investment.  Working capital also exhibits significant relationship with capital investment spending, though the relationship is not as strong and significant as that with cash flow and cash holding.  Firms with low dividend payout policy over the sample period depended heavily on cash flow, changes in cash flow and, to a lesser extent, on working capital to finance spending on fixed plant and equipment.  These results suggest that the effect of capital investment spending financed by internal cash flow on firm value may depend on a firm's dividend payout.

scholarly journals Pengaruh Manajemen Modal Kerja Terhadap Profitabilitas (Studi Empiris Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia)

2012 ◽  
Vol 4 (1) ◽  
pp. 35
Author(s):  
Ika Permatasari ◽  
Dian Puspitasari
Keyword(s):  
Logistic Regression ◽  
Cash Flow ◽  
Stock Exchange ◽  
Value Added ◽  
Flow Ratio ◽  
Capital Management ◽  
Working Capital ◽  
Current Ratio ◽  
Working Capital Management ◽  
Equity Ratio

AbstractThis research aims to analyze the affect between working capital management as measured by current ratio (CR), cash flow ratio (CFR), and debt to equity ratio (DER) to profitability as measured by value added (VA). The sample used was manufacturing company listed on Indonesia Stock Exchange period 2009-2011. The analysisis using logistic regression. The results show thatcurrent ratio had negativeeffect on the profitability and cash flow ratio had positiveeffect on the profitabilityratio. However, debt to equity ratio had no effect on profitability.

scholarly journals FORECASTING OF PRODUCTION FACTORS FOR EFFECTIVE SOCIO-ECONOMIC DEVELOPMENT OF ORGANIZATIONS IN RURAL AREAS OF THE REGION

2020 ◽  
Vol 35 (1) ◽  
pp. 258-268
Author(s):  
M.T. Lukyanova ◽  
Keyword(s):  
Cash Flow ◽  
Rural Areas ◽  
Effective Management ◽  
Internal Environment ◽  
Working Capital ◽  
Financial Flows ◽  
Production Factors ◽  
Accounts Payable ◽  
The Impact ◽  
Negative Factors

Effective management of financial flows ensures the solvency of the enterprise, helps to accelerate the turnover of assets and accounts payable, minimize the financial cycle, the release of working capital on this basis and reduce financial dependence on sources of borrowed capital. Evaluation of the criteria for the effectiveness of money management and identification of the reasons for the deviation of indicators from the planned values allow the company to respond quickly to changes in the external and internal environment, to equalize the impact of negative factors. The sources of cash flow are funds received in three main areas, come from operational, investment and financial activities. When analyzing net cash flow, it is possible to determine which of these areas negatively affects the value of net cash flow.

scholarly journals Faktor-Faktor yang Mempengaruhi Jumlah Pemegangan Kas Diperusahaan

2015 ◽  
Vol 3 (1) ◽  
pp. 97-112
Author(s):  
Ajeng Andriani Hapsari
Keyword(s):  
Cash Flow ◽  
Capital Expenditure ◽  
Cash Holding ◽  
Model Data ◽  
Working Capital ◽  
Growth Opportunity ◽  
Purposive Sample

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

scholarly journals Pengaruh Sales, Working Capital dan Operating Cash Flow Terhadap Net Profit Perusahaan Consumer Goods Listing di Bursa Efek Indonesia Periode 2013-2017

Owner ◽  
2019 ◽  
Vol 3 (2) ◽  
pp. 73
Author(s):  
Herbert Ernando ◽  
Peni Wati ◽  
Princeslia Desyca ◽  
Stasia Stasia ◽  
Jessica Alexandra S ◽  
...  
Keyword(s):  
Cash Flow ◽  
Consumer Goods ◽  
Working Capital ◽  
Purposive Sampling ◽  
Net Profit ◽  
Operating Cash Flow

Penyebab persaingan usaha bisnis yang ketat, karena banyaknya perusahaan pesaing yang memiliki kualitas kompetitif yang baik. Salah satunya pada perusahaan sektor industri barang konsumsi. Fenomena yang terjadi di perusahaan adalah peningkatan sales, working capital dan operating cash flow. Masalah dari penelitian dirumuskan sebagai berikut: apakah terdapat pengaruh sales, working capital dan operating cash flow terhadap net profit pada perusahaan consumer goods yang listing di Bursa Efek Indonesia pada periode 2013-2017. Metode penelitian yang digunakan adalah metode penelitian kuantitatif dengan tipe penelitian deskriptif dan sifat penelitian adalah penelitian kausal. Dokumentasi digunakan untuk mengumpulkan data. Analisis regresi linear berganda merupakan metode analisis data, koefisien determinasi, uji F dan uji t. teknik purposive sampling merupakan teknik pengambilan sampel dengan kriteria tertentu ada 24 perusahaan sebagai sampel penelitian. Berdasarkan hasil  penelitian ini menunjukkan bahwa sales, working capital dan operating cash flow secara simultan berpengaruh signifikan terhadap net profit. Secara parsial, sales berpengaruh signifikan terhadap net profit, working capital signifikan terhadap net profit, operating cash flow telah pengaruh signifikan terhadap net profit.  

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