Effect Of Cash Flow Research Articles

The Influence of Financial Distress, Leverage, and Free Cash Flow on Earnings Management

This study aims to determine the effect of financial distress, leverage, and free cash flow on earnings management in non-bank state-owned companies listed on the Indonesia Stock Exchange (IDX) in 2020-2023. The population in this study were non-bank state-owned companies listed on the Indonesia Stock Exchange in 2020-2023. The sampling method used was the purposive sampling method, obtaining a sample of 18 companies with 4 years of observation. The independent variables in this study are financial distress, leverage, and free cash flow and the dependent variable in this study is earnings management. The data collection method uses secondary data taken from the annual financial reports from the official IDX website www.idx.co.id. This study uses a quantitative approach, and the data analysis method used is statistical analysis and multiple linear regressions using the SPSS computer program. The results of the study indicate that earnings management is influenced by financial distress, leverage, and free cash flow simultaneously. The results of the study indicate that financial distress does not have a significant effect on earnings management, leverage does not have a significant effect on earnings management, and free cash flow has a significant effect on earnings management.

The Effect Of Gender Diversity And Free Cash Flow On Dividend Policy With Firm Size As A Moderating Variable

The purpose of this study was to determine the effect of gender diversity and free cash flow on dividend policy with firm size as a moderating variable. The population in this study are mining companies listed on the Indonesia Stock Exchange in 2020-2023. This study used purposive sampling technique, so 138 data were obtained from 87 mining companies listed on the Indonesia Stock Exchange. The results showed that gender diversity has no effect on dividend policy, free cash flow has a significant positive effect on dividend policy. Firm size cannot moderate the effect of gender diversity and free cash flow on dividend policy. The implications of the results of this study are expected to provide information for consideration by stakeholders such as the board of directors and as information for investors in making investment decisions.

Kebijakan Cash Holding Pada Perusahaan Sektor Consumer Cyclicals di Indonesia

This research aims to determine the effect of cash flow, dividends, market to book ratio, net working capital, leverage and Z-score on cash holding in consumer cyclicals sector companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The type of data used is quantitative data sourced from secondary data. The population is consumer cyclical sector companies listed on the Indonesia Stock Exchange from 2018 to 2022. The sampling technique used purposive sampling and 23 companies were obtained as samples. The research results show that cash flow, market to book ratio, net working capital have a significant and positive effect on cash holding. High cash flow indicates that cash inflow is greater than cash outflow, thus allowing the company to hold cash and use it to finance its operational activities. The market to book ratio indicates investment opportunities for the company, opens up easy access to capital markets and allows for easy acquisition of additional funds. Excess funds saved by the company will increase cash holdings. An increase in net working capital indicates an increase in cash balances because companies with high liquidity will generally hold large amounts of cash. On the other hand, the Z-score shows a significant and negative influence on cash holding. A high Z-score value indicates that the company is in a safe zone and does not need to hold a lot of cash because its financial condition is stable. Meanwhile, dividends and leverage do not show a significant influence on cash holding.

The Effect of Operational Costs, Capital Structure, Earnings Management, and Operating Cash Flow on Corporate Income Tax

This research aims to examine the effect of operational costs, capital structure (proxied by the debt to equity ratio), earnings management, and operating cash flow on corporate income tax in manufacturing companies in the consumer goods industry sector listed on the Indonesia Stock Exchange (IDX) during period 2018 to 2022. The research method used is quantitative, with secondary data in financial reports obtained from the website www.idx.co.id. The sampling method used a purposive sampling technique based on specified criteria. Ten companies with a research period of five years were obtained, and fifty research sample data were obtained. The analysis method used was multiple regression analysis using SPSS version 29. The results of this study show that operational costs have a significant positive effect on corporate income tax with a significance level of 0.002 < 0.05. Debt to equity ratio does not affect the amount of corporate income tax, with a significant level of 0.982 > 0.05. Earnings management does not affect the amount of corporate income tax with a significant level of 0.744 <0.05. Cash flow from operating activities has a significant positive effect on the amount of corporate income tax with a significance level of 0.001 < 0.05.

The Effect of Operating Cash Flow on Cash Dividends and Stock Prices as Intervening Variables in Mining Sub-Sector Companies Listed on the Bursa Efek Indonesia 2018-2022

The benefits of cash flow to estimate future cash flows to determine a company's ability to pay dividends to shareholders, interest payments and loan principal to creditors. The development of these mining projects seems to have an impact on dividend distribution or payment, although profits are increasing, but many companies have become unstable in distributing dividends to their shareholders. This study aims to assess the influence of operating cash flow and cash dividends on stock prices as intevening variables. In this study, the data used is panel data, which is a combination of time series data and cross section data. The time series data used is 2018-2022. The population in this study is all mining sub-sector companies listed on the Bursa Efek Indonesia. The determination of the sample in this study was carried out using the purposive sampling method, with the main criterion of LQ45 index companies. The results of this study found that Operating Cash Flow has an effect on Cash Dividends, then Cash Dividends have an effect on Stock Prices. Keywords: Operating Cash Flow, Cash Dividends, Stock Prices

Pengaruh Free Cash Flow, Kualitas Audit, dan Pertumbuhan Laba Terhadap Manajemen Laba Dengan Ukuran Perusahaan Sebagai Variabel Moderasi

The purpose of this research is to determine whether there is an effect of free cash flow, audit quality, and earnings growth on earnings management with company size as a moderating variable. The data in this study uses discretionary accruals calculated using the modified jones model. This study uses consumer cyclicals and consumer non-cyclicals companies listed on the Indonesia Stock Exchange for the period 2020 to 2022 and uses purposive sampling method. The data analysis method used in this study is multiple linear regression.The sample in this study amounted to 192 data and minus 1 data due to outliers, so that in this study the data used amounted to 191. The results of this study concluded that free cash flow and earnings growth have a negative effect on earnings management, while audit quality has a positive effect on earnings management. In addition, company size does not weaken and strengthen the effect of free cash flow and earnings growth on earnings management, but company size can weaken audit quality on earnings management.

An empirical investigation of the mitigating effect of debt on overinvestment as shareholder rights vary

AbstractIn this study, we investigate the relationship between debt governance and overinvestment. We use net cash flows to debtholders as a proxy for debt governance and find that an increase in these cash flows mitigates firms' overinvestment. We also show that free cash flows lead cash‐rich and cash‐poor firms to overinvest but that debt governance attenuates this problem. Finally, we find that the mitigating effect of net cash flows to debtholders on overinvestment is highly pronounced in firms with poor governance. These findings suggest that net cash flows to debtholders are particularly effective when shareholder governance is weak. We conclude that cash flows to debtholders can effectively prevent overinvestment and reduce the agency costs of free cash flows.

Analysis of Cash Flow and Net Income on Stock Prices in Mining Companies in Indonesia

Information about a company's cash flow and net income is useful for readers of financial statements, especially investors, as a basis for analysing the company's ability to create profits because investors must see the stock price when making an investment. Based on these considerations, this study aims to examine the effect of cash flow and net income on stock prices in mining companies in Indonesia. The population of this study consisted of 19 companies, and a sample of 36 financial records from three coal mining companies was used using a purposive sampling technique. The author uses a multiple linear regression analysis method. The results showed that net income significantly affects stock prices, while cash flow has no significant effect individually. However, when considered together, both cash flow and net income influence stock prices. This study provides valuable insights for future investors and researchers by recommending sample expansion, a more in-depth literature review, and diverse research methods.

The Effect of Capital Intensity, Litigation Risk, Profitability, Cash Flow, Institutional Ownership, and Company Size on Accounting Conservatism

The Effect of Capital Intensity, Litigation Risk, Profitability, Cash Flow, Institutional Ownership, and Company Size on Accounting Conservatism

Dividend Policy Determinants with Profitability as a Moderating Variable

This research seeks to ascertain how debt policy, asset growth, and free cash flow affect dividend policy with profitability as a moderating variable in manufacturing companies listed on the Indonesia Stock Exchange (BEI) for the 2018-2020 period. Descriptive research is used in this study with a quantitative approach with the data analysis method used is moderated regression analysis with Eviews version 10. All manufacturing companies that were listed on the Indonesia Stock Exchange between 2018 and 2020 make up the research population. Thirty-seven corporate samples made up the sample, which was selected using the purposive sampling method. Thus, the study's findings indicate that free cash flow has a favorable impact on dividend policy, Asset growth has a negative effect on dividend policy, Debt policy has a negative effect on dividend policy, profitability is able to strengthen the effect of free cash flow on dividend policy, profitability is able to strengthen the effect of asset growth on dividend policy, profitability is able to strengthen debt policy towards dividend policy.

Impact of capital structure and free cash flow on the efficiency of energy firms in Saudi Arabia

The components of free cash flow and a firm’s capital structure affect the value of the firm. A firm with efficient cash management and optimum capital structure tends to have a better firm value. The current study examines the effect of capital structure and free cash flow on energy firms’ efficiency in Saudi Arabia. The data required for analysis were collected from a sample of seven energy companies from 2014 through 2022. The study used Data Envelopment Analysis to measure the efficiency of energy firms. Further, the simple regression and Generalized Linear Model were used to estimate the results. The study reports an average efficiency score of 1.13 for the energy companies, showing an efficiency increase. The results of simple regression are consistent with the results of the Generalized Linear Model. The study findings demonstrate that the association of firms’ capital structure is positive and significant (with a coefficient of 41.60, significant at a p-value of 0.01) to the efficiency of Saudi Arabian energy firms. Further, current research results indicate that firms’ free cash flows negatively affect the efficiency (with a coefficient of –0.79 and insignificant) of Saudi Arabian energy firms with no evidence. Therefore, the study accepts the association of free cash flow and firms’ efficiency as positive and rejects the alternative hypothesis that there is a negative association between free cash flow and efficiency in Saudi Arabian energy firms. AcknowledgmentThe researcher extends appreciation to Prince Sattam Bin Abdulaziz University for funding this research through the project number 2023/02/25856.

Peran Profitability dalam Memoderasi Pengaruh Predictor Debt Policy

The research aims to examine and analyze the effect of business risk, company growth, company size, asset structure, and free cash flow on debt policy with profitability as a moderating variable. The population of this study consists of 191 mining companies for the period of 2020-2022 listed on Indonesia Stock Exchange (IDX). The sampling technique was purposive sampling and 106 company were used. This type of research was correlational method. Data analysis was performed using classical assumption, hypothesis testing, and moderating regression (MRA) using IBM SPSS 25 version. Partially, the result of the study indicate that company growth and company size had a significant positive effect on debt policy; free cash flow had a significant negative effect on debt policy; meanwhile, business risk and asset structure had no significant effect on debt policy. The result of the moderation test in this study indicate that profitabiliy can moderate the effect of company growth on debt policy. Meanwhile, profitability is unable to moderate the effect of business risk, company size, asset structure, and free cash flow on debt policy.

Pengaruh Past Performance, Fund Age, Expense Ratio dan Fund Cash Flow Terhadap Kinerja Reksa Dana (Studi Kasus Reksa Dana Saham Periode Tahun 2013-2019)

This study was conducted to examine and analyze the effect of (1) To determine and analyze the effect of past performance on the performance of mutual funds; (2) To determine and analyze the effect of fund age on the performance of mutual funds; (3) To determine and analyze the effect of the expense ratio on the performance of mutual funds; (4) To find out and analyze the effect of fund cash flow on the performance of mutual funds. The method used in this research is multiple regression analysis. The data analysis tool used is SPSS, the sample in this study obtained 12 investment managers obtained using purposive sampling method. The results show that past performance, fund age, expense ratio and fund cash flow have a significant effect on the performance of mutual funds listed on the Indonesia Stock Exchange (IDX) for the period 2013-2019. The results of this study prove the effect of past performance, fund age, expense ratio and fund cash flow on the performance of mutual funds through empirical testing using the singnaling theory on sample companies on the Indonesia Stock Exchange. The practical part of this research is to provide information, references, and considerations for companies or investment managers who are members of the Indonesia Stock Exchange which publish financial reports for decision making for the management.

Profitability and Liquidity Moderated The Effect of Managerial Ownership, Institutional Ownership, Free Cash Flow, Growth and Size on Debt Policy

Research Aims: This study aims to determine the effect of managerial ownership, institutional ownership, free cash flow, growth, size with profitability and liquidity as moderating variable in manufacturing sector companies listed on the Indonesia Stock Exchange for the period 2018-2022. Design/methodology/approach: Research was proceed using quantitative methods with secondary data. The sampling method used purposive sampling involving 58 research samples. This research analysis technique employed moderated regression analysis. Research Findings: The results of this study indicated that managerial ownership, institutional ownership, and company growth have no significant effect on debt policy, while free cash flow and company size have a positive effect on debt policy. Then, profitability is able to moderate by weakening the effect of free cash flow and company size on debt policy, and liquidity is able to moderate and strengthen the effect of free cash flow on debt policy. Theoretical Contribution/Originality: This study provides a comprehensive understanding of the complex relationships between managerial ownership, institutional ownership, free cash flow, growth, size, profitability, and liquidity on debt policy. The findings offer valuable insights for policymakers, investors, and corporate managers seeking to optimize their debt policies and financial strategies. Keywords: Debt policy, profitability, liquidity, managerial ownership, institutional ownership, free cash flow, growth, size

Pengaruh Cash Flow, Financial Distress, Growth Opportunities terhadap Prudence Akuntansi dengan Ceo Retirement sebagai Variabel Moderasi

The purpose of this research is to determine the effect of cash flow, financial distress, growth opportunities on accounting prudence with CEO retirement as a variable moderating. Population in this research is companies listed on the Indonesia Stock Exchange 2020-2022 in consumer goods sector. By Moderated Regression AnalysistThe result of this research showed that cash flow, financial distress, growth opportunities have effects on accounting prudence, while CEO retirement does not moderate cash flow, financial distress, growth opportunities toward accounting prudence.

The Effect of CEO Narcissism, Company Size, and Free Cash Flow on Financial Performance through CSR in SOEs on the IDX 2018-2022

This study aimed to determine the effect of CEO Narcissism, Company Size, and Free Cash Flow through Corporate Social Responsibility (CSR) on Financial Performance in State-owned enterprises Companies. This study uses a quantitative approach with data sources from the Indonesia Stock Exchange (IDX) official website using the Warppls 7.0 application. The research sample data were from 16 state-owned enterprise companies. The test results show that CEO Narcissism has a negative and significant effect on Corporate Social Responsibility (CSR), Company Size has a negative and insignificant effect on Corporate Social Responsibility (CSR), Free Cash Flow has a positive and insignificant effect on Corporate Social Responsibility (CSR), CEO Narcissism is unable to mediate the effect of Corporate Social Responsibility (CSR) on financial performance. Company Size cannot mediate the effect of Corporate Social Responsibility (CSR) on financial performance. Free Cash Flow cannot mediate the influence of Corporate Social Responsibility (CSR) on financial performance. The Total Determination Coefficient in this study is 0.285 or 28.5%. This indicates the model can explain 28.5% of the data's information. Other factors not included in the study model account for the remainder.

Pengaruh Arus Kas Bebas, Profitabilitas, dan Ukuran Perusahaan Terhadap Kebijakan Utang

The Effect of Free Cash Flow, Profitability, and Company Size on Debt Policy in LQ45 Companies Listed on the Indonesia Stock Exchange (BEI) for the 2021-2023 period. This research was conducted to determine the effect of free cash flow, profitability, and company size on debt policy. This research uses LQ45 companies listed on the Indonesia Stock Exchange (BEI) for the 2021-2023 period as the population. This research method uses quantitative methods with data in the form of financila reports available IDX website. The sample was selected using purposive sampling and produced 108 observation data. The data were processed using the SPSS application and analyzed using multiple linear regression analysis. Based on the results of the analysis conducted, it can be concluded that profitability does not have a significant effect on debt policy. Meanwhile, free cash flow and company size have a significant effect on debt policy.

Factors that Can Support and Influence the Financial Performance and Value of Go-Public Companies in Indonesia

Introduction: The company's brand equity is one of the important factors to increase the company's cash flow in the future. This study aims to analyze the effect of brand equity on cash flow, the effect of brand equity on capital structure, the effect of cash flow on firm value, and capital structure on firm value. Literature Review: Research by Mendoza, (2017), Skalický, (2016), Sivric et al (2019), Guentherb and Guentherb (2019) state brand equity has a direct relationship with capital structure. Singh and Bansal (2016) examined the impact of financial leverage on firm profitability and firm value. Method: The data analysis method used in this study uses the PLS model and data processing using the WarpPLS (Partial Least Square) program. The study used a sample of consumption subsector companies listed on the Indonesia Stock Exchange in 2015-2019 and met the requirements for calculating the brand value of the Hirose method (2002). Results and Discussion: brand equity has a significant effect on cash flow; brand equity has a significant effect on capital structure, cash flow has an insignificant effect on firm value, capital structure has a significant effect on value. Conclusion: The findings of increasing brand equity have an influence on the company's cash flow which is characterized by an increase in NCFOSA and a decrease in the company's FLD. Increasing brand equity has an impact on capital structure. Changes in cash flow have no effect on firm value. Increased debt in the capital structure has an impact on firm value.

PENGARUH PERTUMBUHAN ASET LABA BERSIH DAN ARUS KAS OPERASI TERHADAP KEBIJAKAN DIVIDEN (STUDI EMPIRIS PADA PERUSAHAAN SEKTOR PERBANKAN DI BURSA EFEK INDONESIA TAHUN 2018-2022)

This study aims to test and obtain empirical evidence regarding the Effect of Asset Growth, Net Profit, and Operating Cash Flow on Dividend Policy. The population in this study are banking sector companies listed on the Indonesia Stock Exchange in 2018-2022. The data used is secondary data using Purposive Sampling sampling techniques. The population used in this study were 45 companies with 13 selected companies with a total sample of 65 data. The analysis technique used in this study is panel data regression. The results of the study show that simultaneously Asset Growth, Net Profit and Operating Cash Flow together affect Dividend Policy. while partially Asset Growth does not affect Dividend Policy where the rise and fall of assets will not affect Dividend Policy, Net Profit has a significant effect on Dividend Policy meaning that net profit can be used as absolute information in predicting dividends that will be received by investors in the current period. While Operating Cash Flow does not have a significant effect on Dividend Policy, this shows that operating cash flow is not the main determining factor in dividend distribution policy.

Determinants of Firm Value: Perspectives of Free Cash Flow, Investment Opportunities, Managerial Ownership, and Opportunistic Behavior

This study analyses the effects of free cash flow, investment opportunities, managerial ownership, and opportunistic managerial behaviour on firm value with firm size as a control variable. The research sample comprises 35 manufacturing companies listed on the Indonesia Stock Exchange for 2018-2022. Data were analysed using panel data regression with a random effects model. The results show that free cash flow has no significant effect on firm value, while investment opportunities have a positive and significant impact. Managerial ownership negatively and significantly affects firm value, indicating potential agency conflicts. Opportunistic managerial behaviour also negatively and substantially affects firm value, reflecting management actions prioritising personal interests. Firm size has no significant effect on firm value. This study provides insights into the optimal management of factors such as investment opportunities, ownership structure, and managerial conduct, which are crucial to enhancing firm value and shareholder interests.