Abstract
This study investigates the impact of cash flows on share prices in the oil sector of Pakistan. The variables used in this research are operational cash flows, investment cash flows and financial cash flows as independent variables and share prices as a dependent variable. To test the impact of cash flows on share prices, simple regression analysis is used. The data of 5 largest listed oil companies for 14 years has taken into consideration which has collected from various government agencies such as the State bank of Pakistan, Federal Bureau of Statistics, and Securities and Exchange Commission of Pakistan. The study found significant relationship between cash flows and share prices in five largest oil companies listed in Pakistan Stock Exchanges (PSX).
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