Profitabilitas, Likuiditas, Leverage, Arus Kas Operasi dan Return Saham Syariah pada Perusahaan Jakarta Islamic Index

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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Analisis Determinan Persistensi Laba pada Perusahaan Jasa di Bursa Efek Indonesia

Jurnal Riset Akuntansi & Perpajakan (JRAP) ◽

10.35838/jrap.2017.004.01.2 ◽

1970 ◽

Vol 4 (01) ◽

pp. 13-20

Author(s):

Feni Marnilin ◽

J.M.V. Mulyadi

Keyword(s):

Regression Analysis ◽

Data Analysis ◽

Stock Returns ◽

Cash Flow ◽

Cash Flows ◽

Jel Classification ◽

Future Research ◽

Operating Cash Flows ◽

Operating Cash Flow

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. ABSTRAK Persistensi laba merupakan laba yang dapat digunakan sebagai indikator laba mendatang. Persistensi laba yang berkesinambungan dinyatakan sebagai laba yang mempunyai kualitas tinggi. Penelitian ini bertujuan untuk mengetahui analisis determinan persistensi laba pada perusahaan jasa sektor perdagangan jasa dan investasi. Sampel yang digunakan dalam penelitian menggunakan metode purposive sampling yaitu perusahaan jasa sektor perdagangan jasa dan investasi sebanyak 27 perusahaan selama tahun 2010 hingga tahun 2014. Pengujian dilakukan dengan analisis regresi berganda. Hasil penelitian ini menunjukkan bahwa aliran kas operasi dan tingkat utang berpengaruh terhadap persistensi laba, perbedaan antara laba akuntansi dengan laba fiskal tidak berpengaruh terhadap persistensi laba. JEL Classification: M41, L81

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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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Identifying the Roles of Accounting Accruals in Corporate Financial Reporting

Journal of Accounting Auditing & Finance ◽

10.1177/0148558x211035224 ◽

2021 ◽

pp. 0148558X2110352

Author(s):

Sunil Dutta ◽

Panos N. Patatoukas ◽

Annika Yu Wang

Keyword(s):

Cash Flow ◽

Financial Reporting ◽

Cash Flows ◽

Timely Manner ◽

Operating Cash Flows ◽

Accounting Accruals ◽

Operating Cash Flow ◽

Cash Flow News ◽

Corporate Financial Reporting

Research in corporate financial reporting identifies two important roles of accounting accruals. First, accruals smooth fluctuations in operating cash flows. Second, accruals allow recognition of losses in an asymmetric timely manner. While these two roles imply different relations between individual accrual components and operating cash flow news, prior research often focuses on the properties of aggregate accruals. We investigate the role of individual accrual components and identify asymmetry in the relation of investment with operating cash flow news as a confounding factor. We show that this investment factor operates through depreciation and amortization accruals, which typically account for the bulk of aggregate accruals. Overall, our article demonstrates the importance of adopting a granular approach to identifying the different roles of individual accrual components.

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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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Bond Ratings dan Antesedennya: Studi Empiris di Bursa Efek Indonesia

Jurnal Ekonomi Bisnis dan Kewirausahaan ◽

10.26418/jebik.v6i1.20727 ◽

2017 ◽

Vol 6 (1) ◽

pp. 65

Author(s):

Wendy Wendy ◽

Rosita Naomi Sianturi

Keyword(s):

Logistic Regression ◽

Regression Analysis ◽

Cash Flow ◽

Stock Exchange ◽

Cash Flows ◽

Bond Market ◽

Bond Ratings ◽

Operating Cash Flows ◽

Corporate Growth ◽

Operating Cash Flow

This paper provides the empirical evidence of corporate growth, maturity, and operating cash flows on the bond ratings. It was conducted on 34 bonds issued by the 16 non-financial companies on the Indonesia Stock Exchange (IDX) which also issued bonds, registered in the Indonesia Bond Market Directory, and rated by PEFINDO during 2012 - 2014. The hypotheses were tested using the logistic regression analysis. The result shows that corporate growth has significant effect on the bond ratings, while maturity and operating cash flow have no significant effect. Another finding shows that the firm size can also affect the bond ratings.

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ANALISIS ARUS KAS OPERASI DAN RETURN ON ASSET (ROA) TERHADAP RETURN SAHAM DENGAN LABA AKUNTANSI SEBAGAI VARIABEL MODERASI

Jurnal Ilmiah Bisnis dan Ekonomi Asia ◽

10.32815/jibeka.v15i1.349 ◽

2021 ◽

Vol 15 (1) ◽

pp. 73-82

Author(s):

Retno Wulandari

Keyword(s):

Regression Analysis ◽

Data Analysis ◽

Stock Returns ◽

Cash Flow ◽

Analysis Method ◽

Return On Assets ◽

Negative Effect ◽

Sample Technique ◽

Operating Cash Flow ◽

The Relationship

This study aims to examine the effect of operating cash flow and return on assets on stock returns with accounting profit as a moderating variable. The sample technique used purposive sampling on LQ 45 listed companies (IDX) for the period 2016-2018, because the samples were taken using certain criteria and obtained 20 companies as research samples. The data analysis method is multiple liner regression analysis. The result of the research shows that operating cash flow has a negative effect on stock returns, ROA negatively affects stock returns, and then accounting profit affects stock returns. Associated with path analysis, the results are obtained, firstly accounting profit weakens the relationship between cash flow and stock returns and secondly, accounting profit strengthens the relationship between ROA on stock returns.

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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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Effect of Operating Cash Flow on Stock Return of Firms Listed In Nairobi Security Exchange

Eastern Journal of Economics and Finance ◽

10.20448/809.6.1.26.35 ◽

2021 ◽

Vol 6 (1) ◽

pp. 26-35

Author(s):

Samoei Ben Kipngetich ◽

Joel Tenai ◽

Andrew Kimwolo

Keyword(s):

Panel Data ◽

Stock Returns ◽

Cash Flow ◽

Stock Return ◽

Random Effect ◽

Random Effect Model ◽

Secondary Data ◽

Cash Flows ◽

Free Cash Flow ◽

Operating Cash Flow

The main aim of the paper was to establish the effect of operating cash flow on stock return of firms listed in NSE. The study was informed by Free Cash Flow (FCF) theory. Census survey was adapted to review financial statements for 29 listed non-financial firms at NSE that had consistent data for all the study variables. Secondary data was extracted for 12 years from 2007-2019 with the aid of a data collection sheet. Explanatory research design which is panel in nature was followed by this study. Both descriptive and inferential statistics were used in data analysis. Panel data regression was used to make inferences and test research hypothesis. Fixed and Random effects methods were used to analyze the balanced panel data using STATA statistical package and Hausman test established that Random effect model was the most ideal method to analyze data in this study. The findings indicated that operating cash flow positively and significantly influenced the stock returns for firms listed at NSE. The study concludes that operating cash flow information affects stock returns. Therefore, the study advocates for firms to increase their levels of operating cash flows through prudent utilization of cash resources since it enhances the stock returns.

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Outsider Estimation of the Fair Value of Bank Stocks: Computational and Conceptual Issues

International Journal of Banking and Finance - Vol. 15, Number 2, 2020 ◽

10.32890/ijbf2003.1.2.8338 ◽

2003 ◽

Author(s):

Mohamed Ariff ◽

Lina Suranto

Keyword(s):

Cash Flow ◽

Poor Performance ◽

Fair Value ◽

Cash Flows ◽

Free Cash Flow ◽

Market Values ◽

Operating Cash Flows ◽

Operating Cash Flow ◽

Better Than ◽

Naive Model

This paper attempts to fill a void in the finance literature by reporting the reliability of theoretical valuation models against the market values of banking corporations. The dividend, operating cash flows and the free cash flow valuation approaches are operationalised to estimate fair values of banks. These values are then compared with market values. This results, using the Theil’s U-coefficient, show that the operating cash flow approach provides estimates that are better than the naïve model estimates. The other two approaches produced results no better than the naïve model. A probable reason for the poor performance of the free cash flow approach is suggested. Outsider’s estimation of investment values needed for free cash flow calculation is likely to introduce serious errors irrespective of the theoretical bases of models widely used in the industry.

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