Arus Kas dan Laba, Variabel untuk Memprediksi Arus Kas Masa Depan

The objective of this study is to investigate weather earnings or operating cash flows have more predictive ability to predict future operating cash flows. Although prior study indicates a strengthening relationship between earnings and future operating cash flows, while relationship between current and future operating cash flows is neither increasing or decreasing. Our result indicates that cash flows have ability to predict future operating cash flows in relation earnings. Keyword: earnings, current operating cash flows, future operating cash flows

Effects of Asset Structure, Operating Cash Flow, and Profitability on Debt Policy in Property and Real Estate Companies on the Indonesia Stock Exchange Period 2013-2017

This study aims to determine the effect of asset structure, operating cash flow, and profitability on debt policy in property and real estate companies in the Indonesia Stock Exchange in 2013-2017. The analytical method used is multiple linear regression, F test and t test. The results of the analysis of this study indicate that the structure of assets, operating cash flows, and profitability have a simultaneous effect on debt policy. Meanwhile the analysis partially shows that the asset structure, operating cash flows, and profitability do not partially affect debt policy

Hubungan Laba Bersih Dan Arus Kas Operasi Terhadap Dividen Kas

The objective of this research is to determine the relationship between net income and operating cash flows with cash dividends. This research uses data of world top public company (based on OSIRIS data) for 2007 financial statement. Net income and operating cash flows are defined as independence variables and cash dividends as dependence variable. This research uses descriptive statistics analysis, Pearson’s Correlation. The result is a positive significant relationship between net income and operating cash flows with cash dividends. Significant relationship means that the value of cash dividends is influenced significantly by the value of net income and operating cash flows. Positive relationship happens when the value of independent variables which are net income and operating cash flows increase, in that result the increase of the value of dependent variable that is cash dividends

The Classification and Market Pricing of the Cash Flows and Accruals on Trading Positions

We investigate whether the market prices the change in net trading assets as an operating or non-operating activity or some mixture of the two, and whether this market pricing is consistent with the (fundamental) association of the change in net trading assets with future cash flows from operations. Our investigation is motivated by the observation that – despite the classification of the cash flows on trading positions as operating under FAS 102 – trading is economically a hybrid operating/non-operating activity. Reflecting this hybrid nature, we hypothesize and find that the change in net trading assets has a less positive association with returns and future CFO than do the pure operating components of cash flows and accruals, and that it has a more positive association with returns and future CFO than do the pure non-operating components of cash flows. To the best of our knowledge, our paper is the first to propose and test hypotheses about the valuation implications of such hybrid cash flows and accruals

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

We model the interplay between cash and debt policies in the presence of financial constraints. While saving cash allows financially constrained firms to hedge against future income shortfalls, reducing debt - "saving borrowing capacity" - is a more effective way of securing future investment in high cash flow states. This trade-off implies that constrained firms will allocate excess cash flows into cash holdings if their hedging needs are high (i.e., if the correlation between operating cash flows and investment opportunities is low). However, constrained firms will use excess cash flows to reduce current debt if their hedging needs are low. The empirical examination of cash and debt policies of a large sample of constrained and unconstrained firms reveals evidence that is consistent with our theory. In particular, our evidence shows that financially constrained firms with high hedging needs have a strong propensity to save cash out of cash flows, while showing no propensity to reduce outstanding debt. In contrast, constrained firms with low hedging needs systematically channel free cash flows towards debt reduction, as opposed to cash savings. Our analysis points to an important hedging motive behind standard financial policies such as cash and debt management. It suggests that cash should not be viewed as negative debt.

A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management

The Abnormal Earnings Growth Model: Applicability and Applications

We investigate a disaggregated version of the abnormal earnings growth (AEG) model of Ohlson and Juettner-Nauroth (2005). The value of the firm then becomes discounted free cash flows minus initial debt. Discounted free cash flows are equal to capitalized operating earnings from the initial stock of operating assets plus the present value of an infinite sequence of growth projects, where each growth project is valued by discounted economic value added. Sufficient conditions for the present value of the free cash flows to be equal to the sum of these two components are investigated. The Gordon growth formula is found to be one special case. Another case concerns lumpy growth projects with depreciation according to the annuity method. We then allow for three different interest rates, the required rate of return on equity under all-equity financing, the borrowing rate, and the required rate of return on equity under partial debt financing (the latter given by MM's Proposition 2). In the model of Ohlson and Juettner-Nauroth, these rates are the same. A firm-level model is developed that focuses on operating earnings and free cash flows with discounting at the required rate of return under all-equity financing. An equity-level model is then developed that focuses on bottom-line earnings and dividends with discounting at the required rate of return under partial debt financing. Relationships between the two models are explored. Dividend policy irrelevance holds only in a limited sense for the equity-level model.Financial analysis; abnormal earnings growth model; dividend policy; discounted dividends; discounted free cash flows; capitalized earnings; discounted economic value added

Pengaruh Laba dan Komponen Arus Kas terhadap Return Saham (Studi Empiris pada Perusahaan Terdaftar di Bei Periode Tahun 2007–2009)

This study aims to provide empirical evidence of the influence of the information published financial statements, the accounting profit, cash flow components comprising cash flows from operating activities, cashflows from investing activities and cash flows from financing akrivitas on stock returns manufktur companies listed in Indonesia Stock Exchange (IDX). During the observation period of 2006 - 2009 This study used a sample of 99 listed companies amounted selected using purposive sampling method. The data in this study is a secondary data obtained from the Indonesian Capital Market Directory and IDX Corner at the Faculty of Economics, University of Diponegoro in Semarang. The statistical methods used to analyze the data using multiple regression analysis. Variable used is earnings accounting proxy retun on assets (ROA), a component of cash flows from the activities of the Operating Cash Flow, Cash Flow from Investing activities, cash flow from financing activities as an independent variable, while the Stock Return as the dependent variable. Of testing the hypothesis, this study produced findings that variable accounting profit / ROA has a significant positive effect on stock returns, the variable Cash Flows from Operating Akrivitas not have asignificant influence on stock returns, while Cash Flows from Investing Activities and Cash Flow from Financing activities influence significant positive stock returns

Informasi Laba Aliran Kas Dan Komponen Aliran Kas Terhadap Harga Saham Pada Perusahaan Manufaktur Di Indonesia

This study was constitute replicated study from Triyono and Jogiyanto (2000) aboutthe association of information content of total cash flows, components of cash flows, andaccounting income with stock prices or stock returns. This study took samples frommanufacturing firms listed in the Indonesia Stock Exchange (BEI) from 2004-2007 that hadpublished audited financial statement. Stock prices used monthly prices from 2004 to 2007.The statistics method used to test hypotheses was a linier multiple regression. The modelconsidered was levels model. The empirical results using the first levels model about theinfluence information of accounting income and total cash flows with stock prices could beexplained that accounting income gave positive influence and significant with stock priceswhereas total cash flows gave negative influence and significant with stock prices. In thesecond model levels about the influence information of cash flow from operating activities,cash flow from investing activities, and cash flow from financing activities with stock prices, itcould explained that separated total cash flows into components of cash flows gave negativeinfluence and significant with stock prices especially cash flow from operating activities andcash flow from financing activities. In the third model levels about influence information ofaccounting income and components of cash flows with stock prices, it could be explained thataccounting income gave positive influence and significant with stock prices whereas componentsof cash flows gave negative influence and significant with stock prices