Does the Company's Scale, Fixed Asset Intensity and Operating Cash Flow Affect Asset Revaluation?

Fixed assets that are measured using cost may have lost their relevance because they do not reflect the real situation. This study aims to analyze the factors that influence the company to revaluate its fixed assets. The sample of this study consisted of 426 manufacturing companies listed on the Indonesia Stock Exchange in the 2015-2018 time frame. The research sample was selected by purposive sampling. Technical analysis of the study used logistic regression. The results of this study found that only fixed asset intensity and operating cash flow affect the revaluation of fixed assets and the scale of the company does not affect the decision of the revaluation of fixed assets. The implication of the results of the study shows that large-scale companies do not always revaluate fixed assets because they can cause taxes on revaluations that must be borne by the company. In addition, the practical implications also show that the Indonesian government must increase the number of licensed appraisers to compensate for the increasing number of companies adopting revaluation models.

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FACTORS AFFECTING OPERATING CASH FLOW TO STOCK RETURN THROUGH STOCK PRICE

JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). ◽

10.35794/jmbi.v5i2.20807 ◽

2018 ◽

Vol 5 (2) ◽

Author(s):

Aprih . Santoso

Keyword(s):

Stock Returns ◽

Cash Flow ◽

Stock Prices ◽

Stock Price ◽

Stock Return ◽

Stock Exchange ◽

Sampling Technique ◽

Financial Statements ◽

Manufacturing Companies ◽

Operating Cash Flow

Abstract : Companies need funds in order to carry out operations such as the financing of production activities, pay employees, pay other expenses related to the operation of the company. One way to obtain these funds is to attract investors to invest in companies in the form of stock, but in making this investment is certainly not easy for investors, because investors need consideration beforehand to find out how the company's performance. The purpose of this study was to examine and analyze the effect of operating cash flow to stock return through stock price at companies listed on the Stock Exchange Year 2012-2015. The data used in this study dala are secondary data from the financial statements of companies listed on the Indonesia Stock Exchange period 2012 - 2015. The data are in the form of financial statements can be obtained from the Indonesian Capital Market Directory (ICMD), the IDX website www.idx.co. id as well as from various other sources to support this research. The population in this research is manufacturing companies listed on the Stock Exchange the period 2012 - 2015. The samples taken by the sampling technique used purposive sampling.From the test results and analysis of the data it can be concluded that operating cash flow directly and indirectly has no effect on stock returns through stock prices showed no significant results. Keywords : Operating Cash Flow, Stock Price, Stocks Return

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Leverage, Arus Kas Operasi, Ukuran Perusahaan, Intensitas Aset Tetap dan Revaluasi Aset Tetap

Paediatrica Indonesiana ◽

10.24036/wra.v9i1.111817 ◽

2021 ◽

Vol 9 (1) ◽

pp. 1

Author(s):

Resti Yulistia M ◽

Nurul Dwi Septiyani ◽

Arie Frinola Minovia ◽

Yunilma Yunilma

Keyword(s):

Cash Flow ◽

Firm Size ◽

Cost Model ◽

Fixed Asset ◽

Asymmetry Information ◽

Fixed Assets ◽

Political Cost ◽

Negative Effect ◽

Size Firm ◽

Operating Cash Flow

Since Indonesian accounting standards allow companies to choose between cost model and revaluation model on their fixed asset, there are still few companies that revalued their assets. This study examines what factors make banking companies choose to revaluate fixed asset, that are contracting factors (leverage, operating cash flow), political factors (firm size) and asymmetry information (intensity of fixed assets). By using logistic regression, the result of this study showed that firm size and fixed asset intensity had a positive effect on the company choice to revaluate fixed assets, while leverage had a negative effect on fixed asset revaluation. This study support early research with regard to contracting, political cost and asymmetry information. This study failed to find the effect of operating cash flow on fixed asset revaluation. Based on the results of this study, banks should consider leverage, company size and the intensity of fixed assets more than cash flow when choosing to revaluate fixed assets. Keywords: Leverage; Operating Cash Flow; Size Firm; Fixed Asset Intensity; Fixed Asset Revaluation

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Analisis Rasio Keuangan untuk Memprediksi Kondisi Financial Distress (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2014-2015)

Jurnal Akuntansi Maranatha ◽

10.28932/jam.v9i2.481 ◽

2018 ◽

Vol 9 (2) ◽

Author(s):

Verani Carolina ◽

Elyzabet Indrawati Marpaung ◽

Derry Pratama

Keyword(s):

Logistic Regression ◽

Cash Flow ◽

Financial Distress ◽

Sampling Method ◽

Stock Exchange ◽

Manufacturing Companies ◽

Purposive Sampling ◽

Operating Cash Flow

AbstractThis research aims to examine wether liquidity, profitability, leverage, and operating cash flow can be used as financial distress predictor. Manufacturing companies which were listed in the Indonesia Stock Exchange during the period 2014-2015, were used as samples. This research used purposive sampling method and 96 companies can be used as samples according to the criteria. Data was analyzed using logistic regression. The result showed that only profitability can be used as financial distress predictor, while liquidity, leverage, and operating cash flow cannot.Keywords: Financial Distress, Liquidity, Leverage, Operating Cash Flow, and Profitability

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Pengaruh ROE, EPS, OCF, Size, DER, CR dan Growth Terhadap Kebijakan Dividen Pada Perusahaan Manufaktur di Bursa Efek Indonesia (BEI)

Akuntansi dan Manajemen ◽

10.30630/jam.v14i2.45 ◽

2019 ◽

Vol 14 (2) ◽

pp. 80-94

Author(s):

Crystha Armereo ◽

Pipit Fitri Rahayu

Keyword(s):

Cash Flow ◽

Stock Exchange ◽

Regression Result ◽

Manufacturing Companies ◽

Current Ratio ◽

Dividend Payout ◽

Return On Equity ◽

Earnings Per Share ◽

Equity Ratio ◽

Operating Cash Flow

The objective of this research is to identify the influence of return on equity, earnings per share, operating cash flow, size, debt to equity ratio, current ratio, and growth to dividend payout. Data collected from manufacturing companies that listed on Indonesian Stock Exchange for three years period 2014 to 2016. Sample selected by using purposive sampling method. There are 38 companies meet the criteria and used as sample. The statistical method used in this research is multiple regression. Result of this research showed that return on equity, earnings per share, and growth have influence dividend payout but operating cash flow, size, debt to equity ratio, and current ratio have no influence towards dividend policy.

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Pengaruh Free Cash Flow, Operating Cash Flow, dan Dividend Payout Ratio Terhadap Nilai Perusahaan

Jurnal ULTIMA Accounting ◽

10.31937/akuntansi.v10i1.845 ◽

2018 ◽

Vol 10 (1) ◽

pp. 52-65

Author(s):

Suwaldiman Suwaldiman

Keyword(s):

Cash Flow ◽

Firm Value ◽

Stock Exchange ◽

Linear Regression Analysis ◽

Multiple Linear Regression Analysis ◽

Free Cash Flow ◽

Manufacturing Companies ◽

Dividend Payout ◽

Operating Cash Flow ◽

The Impact

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

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Relevansi Nilai Earning per Share, Price Book Value, Cash Flow, Current Ratio dan Harga Saham: Return on Asset Sebagai Pemoderasi

Jurnal Akuntansi Maranatha ◽

10.28932/jam.v12i2.2152 ◽

2020 ◽

Vol 12 (2) ◽

pp. 187-202

Author(s):

Arry Eksandy ◽

Dirvi Surya Abbas

Keyword(s):

Cash Flow ◽

Stock Price ◽

Stock Exchange ◽

Sampling Technique ◽

Share Price ◽

Manufacturing Companies ◽

Return On Assets ◽

Current Ratio ◽

Book Value ◽

Operating Cash Flow

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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PENGARUH NILAI PERUSAHAAN, KESEMPATAN BERTUMBUH PERUSAHAAN DAN ARUS KAS OPERASI TERHADAP RETURN SAHAM DIMASA YANG AKAN DATANG

JURNAL INFORMASI, PERPAJAKAN, AKUNTANSI, DAN KEUANGAN PUBLIK ◽

10.25105/jipak.v10i2.4557 ◽

2019 ◽

Vol 10 (2) ◽

pp. 149

Author(s):

Seto Makmur Wibowo

Keyword(s):

Multiple Regression ◽

Cash Flow ◽

Consumer Goods ◽

Firm Value ◽

Stock Return ◽

Stock Exchange ◽

Manufacturing Companies ◽

Growth Opportunity ◽

Operating Cash Flow ◽

Consumer Goods Industry

This study aims to analyze the iqfluence offirm value, the opportunity to grow the company and future operating cash flow to future stock return. The population of this study is manufacturing companies listed in Indonesia Stock Exchange. The samples used were 23 companies which include consumer goods industry which published a report in 2009-2012. The results of this study using multiple regression showed that the firm value and operating cash flow has no effect on Future Stock Return. But the company's growth opportunity has a positive and significant impact on Future Stock Return

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PENGARUH LEVERAGE, FIXED ASSET INTENSITY, DAN FIRM SIZE TERHADAP NILAI PERUSAHAAN DENGAN REVALUASI ASET SEBAGAI MODERASI

Jurnal Riset Ekonomi dan Bisnis ◽

10.26623/jreb.v12i1.1524 ◽

2019 ◽

Vol 12 (1) ◽

pp. 1

Author(s):

Riski Meirdiani Lestari ◽

Indarto Indarto

Keyword(s):

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Financial Statements ◽

Sem Analysis ◽

Manufacturing Companies ◽

Fixed Asset ◽

Book Value ◽

Purposive Sampling ◽

Fixed Assets

Penelitian ini bertujuan untuk menganalisis pengaruh leverage yang diproksikan dengan debt to asset ratio, fixed asset intensity dan firm size terhadap nilai perusahaan yang diproksikan dengan price to book value dengan revaluasi aset sebagai moderasi. Data diambil dari laporan keuangan dan laporan tahunan perusahaan manufaktur yang terdaftar di BEI tahun 2015-2016. Dengan metode purposive sampling, diperoleh 42 sampel perusahaan revaluer. Data diolah menggunakan analisis SEM smartPLS versi 3.0 Hasil pengujian menunjukkan bahwa leverage dan firm size berpengaruh signifikan terhadap nilai perusahaaan, sedangkan fixed asset intensity tidak berpengaruh terhadap nilai perusahaan. Revaluasi aset tidak memoderasi hubungan antara leverage, fixed asset intensity dan firm size terhadap nilai perusahaan The purpose of this study is to analyze the influence of leverage which using debt to asset ratio as the proxy, fixed asset intensity and firm size to the firm value which using price to book value as the proxy with revaluation of fixed assets as a moderating.The data obtained from the financial statements and annual report of manufacturing companies that listed in the Indonesian Stock Exchange on period 2015-2016. As much as 42 revaluer firms were taken as a sample using purposive sampling method, ande analyzed by the Structural Equatiom Modeling (SEM) analysis using smartPLS version 3.0.The results shows that leverage and firm size significantly effect to the firm value, but fixed asset intensity has not significant effect to the firm value. As a moderating variable, revaluation of fixed assets can not moderate the effect of leverage, fixed asset intensity and firm size to the firm value.

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The Effect of Leverage, Size, Liquidity, Operating Cash Flow on Fixed Asset Revaluation

The Indonesian Accounting Review ◽

10.14414/tiar.v7i1.816 ◽

2017 ◽

Vol 7 (1) ◽

pp. 31

Author(s):

Dian Firmansyah ◽

Nurmala Ahmar ◽

JMV Mulyadi

Keyword(s):

Cash Flow ◽

Stock Exchange ◽

Audit Fees ◽

Fair Value ◽

Cash Flows ◽

Fixed Asset ◽

Operating Cash Flows ◽

Fixed Assets ◽

Asean Countries ◽

Tax Payments

This study tries to prove empirically the effect of leverage, size, liquidity and operating cash flows on the revaluation of fixed assets. It used a sample of all non-financial companies, which revalued assets in the periode of 2012-2015, at companies listed on Indonesia Stock Exchange with upward revaluation category. The analysis was done using Path analysis (PLS) without requiring classical assumption and normality test. The results show that leverage affects Asset revaluation, it proves that high leverage because the company to do revaluation of fixed assets, large companies tend to want to display earnings reports that are not too large to reduce their political costs, with asset revaluation, the value of depreciation is calculated Repeated and reduce the company's profit. Operating cash flows affect the revaluation of fixed assets on the grounds that the company requires funds to pay its obligations as well as in revaluation assets cost a great deal for the appraisal services, audit fees and final tax payments. Yet, liquidity has no effect on the revaluation of fixed assets, Within the last 4 years, the study found that users of the Asset revaluation model reporting in Other Comprehensive Income continue to grow and are expected to become financial statements that have superiority and good quality by reporting fair value. In the next research to add the number of variables on Asset revaluation, as well as expand the sample by involving the company revaluation and non revaluation. In addition, to examine the development of asset revaluation, especially in ASEAN countries related to the adoption of IFRS in the case of fixed asset revaluation.Keyword: Leverage, Size, Liquidity, Cash Flow from operation, and Revaluations Assets.

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Agency Cost dan Kebijakan Dividen (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia)

JURNAL AKUNTANSI DAN BISNIS Jurnal Program Studi Akuntansi ◽

10.31289/jab.v7i1.4302 ◽

2021 ◽

Vol 7 (1) ◽

pp. 33-41

Author(s):

Elliv Hidayatul Lailiyah ◽

Muhammad Dzikri Abadi

Keyword(s):

Cash Flow ◽

Large Scale ◽

Stock Exchange ◽

Agency Problems ◽

Agency Cost ◽

Free Cash Flow ◽

Annual Reports ◽

Manufacturing Companies ◽

Insider Ownership ◽

Operational Activities

Manufacturing companies in Indonesia are large-scale companies and dominate the Indonesia Stock Exchange. The number of companies listed on the stock exchange is increase every year, which results in more people having the opportunity to own a company. The spread of more investors who own the company makes conflict between owners even higher. The purpose of this study is to determine the effect of agency cost proxied by insider ownership, dispersion of ownership, free cash flow, and collateralizable assets on dividend policies of manufacturing companies in Indonesia. Data in the form of secondary data in the form of financial reports and annual reports for the period 2012-2019. The data used multiple linear regression statistical analysis techniques. The results of this study show that agency cost, which is proxied by dispersion ownership, free cash flow and collateralizable assets, has a positive effect on dividend policy. A firm in its operational activities, carries out agency relationships. Agency problems arise when an agent acts not in accordance with the principal's interests, which causes a conflict of interest between the principal and agent. Agency problems will increase agency cost. The agency problem can be reduced by the dividend payment mechanism, namely by increasing the proportion of dividend payments from company profits for stockholders. In contrast to insider ownership which does not affect dividend decisions because the percentage of company ownership owned by insiders is limited in Indonesia.

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