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
DOI:
https://doi.org/10.31539/costing.v7i5.12218Keywords:
Operating Cash Flow, Cash Dividends, Stock PricesAbstract
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
References
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Andrean, R., Pentiana, D., & Dewi, N. (2022). The Effects of Operational Cash Flows and Net Profit on Cash Dividends : A Study on Food and Beverage Companies Registered in Bursa Efek Indonesia ( BEI ) in 2015 – 2019 Pengaruh Arus Kas Operasi dan Laba Bersih pada Dividen Kas : Studi pada Perusahaa. 16(1), 61–71.
Astuti, W. A. S. (2021). Financial Accounting Understanding of Financial Accounting Calculation and Recording. Science Engineering.
Christine, D., & Winarti, W. (2022). Pengaruh Return on Assets (ROA), Return on Equity (ROE), dan Earning per Share (EPS) terhadap harga saham. Owner, 6(4), 4113–4124. https://doi.org/10.33395/owner.v6i4.1096
Dewi, G. A. K. R. S. (2020). Investment and Indonesia's Capital Market. PT RajaGrafindo Persada.
Djalil, A. (2020). The Effect of Net Profit, Free Cash Flow, and Operating Cash Flow on Cash Dividends in 12 Food and Beverage Companies Listed on the Bursa Efek Indonesia (2012-2018 Period). Economics: Journal of Economics, Accounting & Management, 1(2), 101–112. https://doi.org/10.37577/ekonam.v1i2.215
Duli, N. (2019). Quantitative Research Methodology: Some Basic Concepts for Thesis Writing & Data Analysis with SPSS. Deepublish Publisher.
Fadjar, A., Nugraha, A. P., & Sarifudin, D. (2021). The Effect Of Dividend Policy ( Dpr ) And Debt To Equity Ratio On Company Value ( Pbv ) In The Consumer Non-Cyclicals Sector Companies That Registe. Turkish Journal of Computer and Mathematics Education, 12(11), 1442–1453.
Fahmi, I. (2020). Introduction to Financial Management Theory and Answers. CV Alfabeta.
Fauzi, F. N., Priambudi, R., Hidayat, R., Ramdani, E. G., & Mulyati, Y. (2020). Profitability, Dividend of Payout Ratio and Growth Net Cash Flow on Stock Return.
Fiqih, M. (2021). Unsurya Accounting Student Journal. Unsurya Accounting Student Journal, 1(1), 57–59.
Halim, A. (2018). Investment Analysis and Its Applications: In Financial Assets and Real Assets (2nd ed.). Salemba Four.
Harianja, R., Diana, S., & Sianipar, S. (2022). The Effect of Dividends on Stock Prices on the Bursa Efek Indonesia for the 2018-2020 Period. Poltanesa Bulletin, 23(2), 463–467. https://doi.org/10.51967/tanesa.v23i2.2067
Hermiyetti, H., Mayndarto, E. C., Hertina, D., Ratnawita, R., & Alfiana, A. (2023). Effect of Current Ratio and Debt To Equity Ratio on Dividend Payout Ratio. Journal of Innovation Research and Knowledge, 3(3), 691–696. https://doi.org/10.53625/jirk.v3i3.6345
Hertina, D., Ichsani, S., Mawarnie, D., & Wijadatun, V. W. (2019). Stock Price Impact of Earning Per Share and Debt To Asset Ratio. Service Management Triangle: Journal of Service Management, 1(1).
Hertina, D., Permatasari, D. D., Oktavia, S. N., Sinaga, O., Verawati, D. A., Betari, A. T., & Fauzan, M. F. (2021). Stock Price Impact of Liquidity, Solvency, and Profitability. SPRING, 11(5).
Hertina, D., Sobari, & Sari, D. P. (2020). Stock Price Impacts Of Debt To Equity Ratio, Return On Assets, Dividend Payout Ratio And Earning Per Share At The Sector Of Trade, Service And Investment. Palarch’s Journal Of Archaeology Of Egypt/Egyptology, 17(5), 999–1007.
Hery. (2018). Financial Statement Analysis: Integrated and Comprehensive. PT. Gramedia.
Indonesia Accounting Association. (2015). PSAK No. 2 on Cash Flow Report – 2015 revised edition. PT Raja Grafindo.
Jaya, I. M. L. M. (2020). Quantitative and Qualitative Research Methods. Great Child Publisher.
Kieso, D. E., & Weygandt, J. J. (2018). Intermediate Financial Accounting: Intermediate Accounting (IFRS Edition). Salemba Four.
Murti, W., & Anggraeni, F. (2019). The Effect of Net Profit and Operating Cash Flow on Cash Dividends at Pt. Lautan Luas Tbk for the 2011-2018 Period. Journal of Accounting, 13(2), 120–139. https://ejournal.borobudur.ac.id/index.php/akuntansi/article/view/714
Rinjani, S., & Hasanah, U. (2019). The Effect of Net Profit and Operating Cash Flow on Cash Dividends (Study on Manufacturing Companies in the Pharmaceutical Sub-sector on the Bursa Efek Indonesia (IDX) for the 2013-2018 Period). Journal of Applied Managerial Accounting, 3(2), 145–158.
Sari. (2024). Profitability Strategy and Stock Price. Penamuda Media.
Septiani, R. P., & Maulani, T. (2023). The Effect of Net Profit and Cash Flow on the Dividends of Companies in the Goods and Consumption Industry Sector Listed on the Stock Exchange for the 2018-2021 Period. BALANCING: Accountancy Journal, 3(1), 1–9. https://doi.org/10.53990/bjpsa.v3i1.255
Yuliani, R., & Widajatun, V. W. (2023). The Effect of Dividend Policy on Company Value (Case Study of Lq-45 Company). Journal of Management Research and Innovation, 1(2), 185–191. https://doi.org/10.59581/jrim-widyakarya.v1i2.950
Zubir, Z. (2020). Portfolio Management: Its Application in Stock Investing. Salemba Publisher.
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2024-09-06
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