The impact of net value added on predicting the earnings and operating cash flow: An empirical study based on Tehran Stock Exchange

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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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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Informasi Laba, Komponen Arus Kas, Keputusan Pendanaan dan Return Saham: Empirical Evidence at Indonesia Stock Exchange (Studi pada Sektor Perdagangan, Jasa dan Investasi)

Journal of Economics Business and Accountancy Ventura ◽

10.14414/jebav.v22i2.1638 ◽

2019 ◽

Vol 22 (2) ◽

Cited By ~ 1

Author(s):

Kasmiati Kasmiati ◽

Perdana Wahyu Santosa

Keyword(s):

Regression Analysis ◽

Cash Flow ◽

Financial Management ◽

Service Sector ◽

Stock Exchange ◽

Formal Sector ◽

Financing Decisions ◽

Net Profit ◽

Operating Cash Flow ◽

The Impact

Trading, Service and Investment sector shows important role on national economy and grow significantly during the last years which is create many job opportunities on formal sector and non-formal sector. This article purposes to analyze how the impact of net profit, operating cash flow, financing cash flow and investing cash flow and, financing decisions to stock’s return to push a better future prospect with financial management. Regression analysis used Eviews 9 with data panel regression analysis with purposive sampling method on service sector at Indonesia Stock Exchange (IDX). Samples are 60 emiten during 2011-2016 period in quarterly data. The findngs of this research are partially, net profit information, operating cash flow, financing csah flow and financing decision (proxy leverage) are positively significantle. However, investing cash flow shows negative affect to stock’s return significantly. As simultan together all variable shows significantly effect on return. The implication of this conclusion is managment should more attention on financial factors especiallly net profit, cash flow dan leverage to incresae stock return and value of the firms.

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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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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 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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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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A study on relationship between capital employed efficiency and operating cash flow: Evidence from Tehran Stock Exchange

Management Science Letters ◽

10.5267/j.msl.2013.03.019 ◽

2013 ◽

Vol 3 (4) ◽

pp. 1089-1094 ◽

Cited By ~ 1

Author(s):

Mohammad Hassani ◽

Mehri Misaghi

Keyword(s):

Cash Flow ◽

Stock Exchange ◽

Operating Cash Flow

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Intellectual capital: a determinant of firms' operational efficiency

South Asian Journal of Business Studies ◽

10.1108/sajbs-11-2019-0207 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Kanishka Gupta ◽

T.V. Raman

Keyword(s):

Intellectual Capital ◽

Stochastic Frontier Analysis ◽

Stock Exchange ◽

Stochastic Frontier ◽

Value Added ◽

Financial Sector ◽

Operational Efficiency ◽

Content Type ◽

Frontier Analysis ◽

The Impact

PurposeIntellectual capital (IC) has been recognized in improving the efficiency of businesses and gaining competitive edge in the developed world. The present study offers perspectives into the effect of IC on the efficiency of the Indian financial sector companies.Design/methodology/approachFor the purpose of evaluating efficiency, the research has used stochastic frontier analysis (SFA). All Indian financial sector companies listed in National Stock Exchange (NSE-500) for the timeframe of ten years (2008–2018) have been considered. The paper has employed modified Pulic's Value Added Intellectual Coefficient (VAICTM) as a proxy to measure IC. Correlation and panel data regression have been used in order to examine the relationship.FindingsThe results of the study indicate positive and significant relationship between IC and efficiency of the firm. The results also show that all the components of IC, that is, human capital, relational capital, process capital and capital employed have a significant impact on firms' efficiency. Additionally, it has been seen that sample companies do not invest in research and development leading to no innovation capital.Practical implicationsThe research will assist managers in managing and controlling the IC, investors in matters related to investment and financial experts in improving the company's IC and value creation.Originality/valueThe current research is one of the pioneering studies in the context of Indian financial sector that examines the impact of modified VAIC on operational efficiency calculated using SFA.

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PENGARUH LABA AKUNTANSI, ARUS KAS OPERASI DAN UKURAN PERUSAHAAN TERHADAP HARGA PENUTUPAN SAHAM MELALUI KEBIJAKAN DIVIDEN

INDONESIAN JOURNAL OF ACCOUNTING AND GOVERNANCE ◽

10.36766/ijag.v3i2.48 ◽

2020 ◽

Vol 3 (2) ◽

pp. 87-119

Author(s):

Saiful Muchlis ◽

Febriani Setijawan

Keyword(s):

Cash Flow ◽

Indirect Effect ◽

Consumer Goods ◽

Stock Prices ◽

Quantitative Methods ◽

Dividend Policy ◽

Stock Exchange ◽

Company Size ◽

Operating Cash Flow ◽

Consumer Goods Industry

This study aims to determine the effect of accounting profit, operating cash flow and company size on stock prices through dividend policy on consumer goods industry companies on the Indonesia Stock Exchange. This research uses quantitative methods and the type of explanatory research with 2016-2018 observation years in 17 company samples. The results show (1) accounting profit and operating cash flow have a positive and significant effect on dividend policy, while the size of the company has no influence on dividend policy. (2) accounting profit and operating cash flow do not have an effect on the closing prices, while the size of the company has a positive and significant effect on the closing prices. (3) dividend policy has a positive and significant effect on the closing prices. (4) there is no indirect effect of dividend policy in mediating accounting profit and operating cash flow on the closing prices, but there is an indirect effect of dividend policy in mediating company size on the closing prices.

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