Pengujian Pola Siklus Arus Kas dalam  Memprediksi Kebangkrutan

Abstract The pattern of cash flow from operating, investing, and financing activities of each company is one of the important information for many parties, especially in predicting company performance and the probability of bankruptcy. The cash flow pattern used in this study uses 8 forms of cash flow patterns. The data collected consisted of 96 companies listed on the Indonesia Stock Exchange with an observation period of 2010 to 2019. The purpose of this study was to determine whether there are differences in any cash flow patterns between companies that went bankrupt and those that did not. This study further aims to prove the cash flow patterns of operating, investing, and financing activities can be used to predict the probability of bankruptcy. The results prove that there are significant differences in cash flow patterns between companies that have gone bankrupt and those that are not. The results of further research prove that the company has the greatest probability of bankruptcy when the company has negative operating cash flows, positive cash flows from investing activities and positive cash flows from financing activities. Furthermore, the company experiences the probability of bankruptcy when the company has negative operating and investing cash flows with positive cash flows from financing activities. The company does not have a probability of bankruptcy when the company has positive operating cash flow with negative investment cash flow and positive cash flow from financing activities. Keywords: Bankruptcy, Cash Flow Pattern, Cash Flow from Operating, Cash Flow from Investing, and Cash Flow from Financing

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PENGARUH PERUBAHAN KOMPONEN LAPORAN ARUS KAS, PERUBAHAN LABA KOTOR, DAN PERUBAHAN SIZE PERUSAHAAN TERHADAP EXPECTED RETURN SAHAM

Jurnal Riset Akuntansi dan Keuangan ◽

10.21460/jrak.2011.71.32 ◽

2011 ◽

Vol 7 (1) ◽

pp. 39

Author(s):

Serly C ◽

Astuti Yuli Setyani

Keyword(s):

Data Analysis ◽

Linear Regression ◽

Cash Flow ◽

Stock Exchange ◽

Cash Flows ◽

Gross Margin ◽

Expected Return ◽

Flow Changes ◽

Operating Cash Flow ◽

Observation Period

The purpose of this study was to examine the effect of changes in thecomponents of cash flows (operating cash flow changes, investment cashflow changes , cash flow funding changes), changes in gross profit,and change the size of the company toward expected return stock ofmanufacturing companies which go public in Indonesia Stock Exchange. The number of companies studied as many as 84 companies listed in Indonesia Stock Exchange with the observation period from 2004 to 2008. The technique used in the data analysis is the technique of multiple linear regression. Results of the study showed that only cash flow operations changes ,investment cash flow changes and gross margin changes that showed significantly influence against expected return stockKata kunci: expected return, size, arus kas operasi, arus kas investasi, laba kotor

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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 ◽

10.32639/jiak.v7i2.217 ◽

2018 ◽

Vol 7 (2) ◽

pp. 29-44

Author(s):

Ika Neni Kristanti

Keyword(s):

Stock Returns ◽

Cash Flow ◽

Stock Return ◽

Stock Exchange ◽

Secondary Data ◽

Financial Statements ◽

Cash Flows ◽

Company Performance ◽

Operating Cash Flows ◽

Operating Cash Flow

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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Study on Companies from the Energy Sector from the Perspective of Performance through the Operating Cash Flow

Energies ◽

10.3390/en14123667 ◽

2021 ◽

Vol 14 (12) ◽

pp. 3667

Author(s):

Claudia Diana Sabău-Popa ◽

Luminița Rus ◽

Dana Simona Gherai ◽

Codruța Mare ◽

Ioan Gheorghe Țara

Keyword(s):

Labor Productivity ◽

Cash Flow ◽

Stock Exchange ◽

Average Duration ◽

Significant Negative Correlation ◽

Cash Flows ◽

Energy Sector ◽

Or Management ◽

Operating Cash Flow ◽

The Impact

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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Kemampuan Laba dan Arus Kas Operasi dalam Memprediksi Laba dan Arus Kas Masa Depan

E-Jurnal Akuntansi ◽

10.24843/eja.2018.v23.i01.p04 ◽

2018 ◽

pp. 80

Author(s):

Frans AP Dromexs Lumbantoruan ◽

I Gusti Ngurah Agung Suaryana

Keyword(s):

Cash Flow ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Flow Property ◽

Multiple Linear Regression Analysis ◽

Cash Flows ◽

Future Earnings ◽

Analysis Technique ◽

Operating Cash Flow ◽

Future Cash Flows

This study aims to determine the ability of earnings and operating cash flows in predicting earnings and future cash flows. This research was conducted on property and real estate companies listed on the Indonesia Stock Exchange. The samples used by 20 companies with 40 observations. The sampling was done by nonprobability samplingmethod with purposive samplingtechnique. The analysis technique used is multiple linear regression analysis. Based on the result of the analysis, earnings influences in predicting future earnings. Likewise, earnings and operating cash flow have an effect in predicting future cash flows. However, operating cash flow is not influential in predicting future earnings. Keywords: profitability, cash flow, property

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The Association between Various Earnings and Cash Flow Measures of Firm Performance and Stock Returns: some Iranian evidence

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v3i1.2994 ◽

2013 ◽

Vol 3 (1) ◽

pp. 24 ◽

Cited By ~ 1

Author(s):

Ali Mazloom ◽

Alireza Azarberahman ◽

Jalal Azarberahman

Keyword(s):

Firm Performance ◽

Stock Returns ◽

Cash Flow ◽

Applied Research ◽

Stock Exchange ◽

Cash Flows ◽

Company Performance ◽

Statistical Population ◽

Semi Empirical ◽

Better Than

The main purpose of this research is the study of association between various measures of firm performance based on earnings and cash flows and stock returns. This research is an applied research, and its design is semi-empirical, which is done by the method of post-event (past information). The statistical population of the research includes all companies listed in Tehran Stock Exchange (TSE), and its period is nine consecutive years, from 2003 to 2011. Simple and multiple regressions are applied in order to test the hypotheses. Results of the research represent that earning based measures are more related to stock returns than cash flow based measures. Furthermore, earning based measures depict the company performance better than cash flow measures in some companies with higher accruals. But in companies with lower accruals, the company performance cannot be depicted properly neither by earning based nor cash flow based measures.

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Ownership Structure and Cash Flows As Determinants of Corporate Dividend Policy in Pakistan

International Business Research ◽

10.5539/ibr.v3n3p210 ◽

2010 ◽

Vol 3 (3) ◽

pp. 210 ◽

Cited By ~ 15

Author(s):

Talat Afza ◽

Hammad Hassan Mirza

Keyword(s):

Cash Flow ◽

Dividend Policy ◽

Stock Exchange ◽

Cash Flows ◽

Least Square ◽

Flow Sensitivity ◽

Cash Flow Sensitivity ◽

Operating Cash Flow ◽

The Impact ◽

Individual Ownership

Dividend Policy is among the widely addressed topics in modern financial literature. The inconclusiveness of the theories on importance of dividend in determining firm’s value has made it one of the most debatable topics for the researchers (see for example, Ramcharan, 2001; Frankfurter et. al 2002; Al-Malkawi, 2007). The present study investigates the impact of firm specific characteristics on corporate dividend behavior in emerging economy of Pakistan. Three years data (2005-2007) of 100 companies listed at Karachi Stock Exchange (KSE) has been analyzed using Ordinary Least Square (OLS) regression. The results show that managerial and individual ownership, cash flow sensitivity, size and leverage are negatively whereas, operating cash-flow and profitability are positively related to cash dividend. Managerial ownership, individual ownership, operating cash flow and size are the most significant determinants of dividend behavior whereas, leverage and cash flow sensitivity do not contribute significantly in determining the level of corporate dividend payment in the firms studied in our sample. Estimated results are robust to alternative proxy of dividend behavior i.e. dividend intensity.

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EFFECTS OF ASSET STRUCTURE, OPERATING CASH FLOW, AND PROFITABILITY ON DEBT POLICY IN PROPERTY AND REAL ESTATE COMPANIES ON THE INDONESIA STOCK EXCHANGE PERIOD 2013-2017

ACCOUNTABILITY ◽

10.32400/ja.24805.7.01.2018.33-41 ◽

2018 ◽

Vol 7 (01) ◽

pp. 33

Author(s):

Meilianta Br Peranginangin ◽

Cathrin Mutiara Saragih ◽

Hantono Hantono ◽

Namira Ufrida Rahmi ◽

Siti Tiffany Guci

Keyword(s):

Linear Regression ◽

Real Estate ◽

Multiple Linear Regression ◽

Cash Flow ◽

Analytical Method ◽

Stock Exchange ◽

Cash Flows ◽

Operating Cash Flows ◽

Operating Cash Flow ◽

Debt Policy

This study aims to determine the effect of asset structure, operating cash flow, and profitability on debt policy in property and real estate companies in the Indonesia Stock Exchange in 2013-2017. The analytical method used is multiple linear regression, F test and t test. The results of the analysis of this study indicate that the structure of assets, operating cash flows, and profitability have a simultaneous effect on debt policy. Meanwhile the analysis partially shows that the asset structure, operating cash flows, and profitability do not partially affect debt policy.

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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 ◽

10.30595/medek.v16i1.1144 ◽

2016 ◽

Vol 16 (1) ◽

pp. 176

Author(s):

Hari Cahyadi ◽

Akhmad Darmawan

Keyword(s):

Stock Returns ◽

Cash Flow ◽

Stock Exchange ◽

Economic Value ◽

Value Added ◽

Cash Flows ◽

Residual Income ◽

Operating Cash Flows ◽

Operating Cash Flow ◽

Market Value Added

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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PENGARUH BOOK TAX DIFFERENCES DAN ALIRAN KAS OPERASI TERHADAP PERSISTENSI LABA

Jurnal Akuntansi ◽

10.24912/ja.v20i2.61 ◽

2017 ◽

Vol 20 (2) ◽

pp. 314 ◽

Cited By ~ 1

Author(s):

Azzahra Salsabiila S ◽

Dudi Pratomo ◽

Annisa Nurbaiti

Keyword(s):

Cash Flow ◽

Stock Exchange ◽

Sample Selection ◽

Cash Flows ◽

Positive Direction ◽

Purposive Sampling ◽

Food And Beverage ◽

Operating Cash Flow ◽

Earning Quality ◽

Temporary Difference

Persistensi laba merupakan salah satu komponen dari kualitas laba. Penelitian ini bertujuan untuk mengetahui pengaruh book tax differences dan aliran kas operasi terhadap persistensi laba. Variabel book tax differences diproyeksikan dengan variabel perbedaan permanen dan perbedaan temporer akibat dari perbedaan kebijakan akuntansi dan fiskal. Populasi dalam penelitian ini adalah perusahaan manufaktur sub sektor food and beverageyang terdaftar di BEI tahun 2010 sampai 2014. Teknik pemilihan sampel menggunakan purposive sampling dan diperoleh 15 perusahaan yang disertakan dengan kurun waktu 5 tahun sehingga didapat 75 sampel yang diobservasi. Metode analisis data dalam penelitian ini adalah regresi data panel dengan menggunakansoftware Eviews 8.0.Hasil penelitian menunjukan bahwa Perbedaan Permanen, Perbedaan Temporer dan Aliran Kas Operasisecara simultan berpengaruh signifikan terhadap Persistensi Laba. Sedangkan secara parsial Perbedaan Permanen, Perbedaan Temporer tidak berpengaruh terhadap Persistensi Laba danAliran Kas Operasiberpengaruh signifikan dengan arah positif terhadap Persistensi Laba. Berdasarkan hasil penelitian, maka untuk menilai kinerja perusahaan selain menggunakan laba, investor dan pihak lain dapat menggunakan aliran kas operasi sebagai alternatif lain yang menunjukkan performa perusahaanEarning persistence is a component of Earning quality. This research aims to determine the effect of book tax differences and operating cash flow toward earning persistence. Book tax differences variable is projected with permanent difference and temporary difference variable because of the differences between accounting and fiscal policy. The population in this study are food and beverage sub sector manufacturer companies listed on Indonesia stock exchange during 2010 to 2014. The sample selection technique used is purposive sampling and 15 companies that are included within five-years period in order to get 75 samples were observed. The method of data analysis used in this research is panel data regression using the software Eviews 8.0. The results showed that the Permanent Differences, Temporary Differences and Operating Cash Flow have simultaneously significant effect on earning persistence. While partially Permanent Difference, Temporary Difference did not have any affect on Earning Persistences and Operating Cash Flow significantly affects the Earning Persistence in a positive direction. Based on the results, beside using Earnings, investors and other parties can use operating cash flows as an alternative to evaluate the performance of the company

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Effect Of Net Income And Operating Cash Flow On Cash Dividends

JOURNAL OF APPLIED MANAGERIAL ACCOUNTING ◽

10.30871/jama.v3i2.1574 ◽

2019 ◽

Vol 3 (2) ◽

pp. 145-158

Author(s):

Sherly Rinjani ◽

Uswatun Hasanah

Keyword(s):

Cash Flow ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Sampling Technique ◽

Multiple Linear Regression Analysis ◽

Cash Flows ◽

Net Income ◽

Financial Condition ◽

Operating Cash Flows ◽

Operating Cash Flow

In invested, investors are more interested to shared profits at the form of cash dividends. The factor that can determine the amount of cash dividends that companies shared to investors are financial condition of the company which consists of net income and operating cash flow. The objective of this research is to determine the influence of net income and operating cash flows on cash dividends. The population of this research was pharmaceutical sub-sector manufacturing company on the Indonesia Stock Exchange (IDX) 2013-2018 Period. The sampling technique used in this research is purposive sampling method, and five companies have conform of that criteria sampling. This research used multiple linear regression analysis with IBM SPSS 23 software.The result of this research showed that (1) net income has influence on cash dividends (2) operating cash flow has influence on cash dividends.

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