THE EFFECT OF THE CASH FLOWS, GROSS PROFIT AND COMPANY SIZE ON INDONESIAN STOCK RETURNS (A

Transcription

1 I J A B E R, Vol. 14, No. 3, (2016): THE EFFECT OF THE CASH FLOWS, GROSS PROFIT AND COMPANY SIZE ON INDONESIAN STOCK RETURNS (A Sudy on he Chemical and Basic Indusry Companies During The Periods of ) Rihfeni Ernayani * and Robiyano, Robiyano ** Absrac: This sudy aims o es empirically he effec of he cash flows (he operaing cash flow; he invesmen cash flow; and he financing cash flow), gross profi, and company size owards he Indonesian chemical and basic indusry companies sock reurns. The resuls showed ha in parial he operaing cash flow, financing cash flow, gross profi and he size of he company have an effec on sock reurns, while he invesmen cash flow has no effec on sock reurns. The resuls also showed ha he cash flows, gross profi and he size of he company have an effec on sock reurns simulaneously. Keywords: operaing cash flow, invesmen cash flow, financing cash flow, gross profi, company size. JEL Classificaion: G3. 1. INTRODUCTION The purpose of he invesmen is o maximize he reurn of invesmen, by considering he invesmen risk facors and uncerainies. Uncerainy will encourage he invesors o always be cauious in heir invesmen decisions especially in capial marke. In order o minimize he invesmen risks, invesor will collecing an informaion as many as possible especially from he issuers (he company). This informaion will so useful for he invesors, hence hey will be able o analyze and assess he sock o be seleced and ye deermine he level of expeced reurn in deermining he invesmen. An overview of risk and expeced reurn of socks can be seen hrough qualiaive and quaniaive informaion (Kurniawan, 2000). In addiion, various consideraions and accurae analysis need o be done by he invesor before hey * Faculy of Economics, Universiy of Balikpapan, Jl. Pupuk Raya, Gunung Bahagia, Balikpapan, Eas Kalimanan, Indonesia, rihfeni@yahoo.co.id ** Faculy of Economics and Business, Saya Wacana Chrisian Universiy, Jl. Diponegoro No , Salaiga, Cenral Java, Indonesia, robiyano@saff.uksw.edu

2 1698 Rihfeni Ernayani and Robiyano, Robiyano decide o buy, sell or hold he socks o achieve he expeced level of an opimal reurn. The invesors should ge a lo of informaion abou he sae of he companies in which hey wan o inves for reducing heir invesmen uncerainy. The imporan source of informaion ha is required by invesors is he financial saemens. The company s financial saemens serve as a major source of financial informaion which is very imporan for a number of users in making economic decisions. The parameer showing he company performance which ges he main concern from he invesors and crediors seen from is financial saemens is abou profis and cash flow. The earning informaion is used o assess he managemen performance and help o esimae he profiabiliy in he long erm. In his sudy, he company s gross profi is used o indicae how far he company is able o cover he cos of is producs. The more profi he company generae, he dividend will be greaer. In addiion, if he company s abiliy o generae profis increases, i will be followed by he apreciaion of is share price as well. In addiion o gross profi, he invesors will use he informaion of he company s cash flow o make heir invesmen decision. This cash flow informaion can help invesors o assess he company s abiliy o generae cash and cash equivalens and compare he presen value of he fuure cash flows of he various companies. The cash flow consiss of hree componens, ha is firs, he cash flow from operaing aciviies which is he cash flow arising from ransacions affecing ne income, Second, he cash flow from invesing aciviies derived from he company s aciviies in erms of invesmen in fixed asses and securiies, and hird, he cash flow from financing aciviies arising from ransacions affecing he company s capial and deb. When he invesors and crediors faced wo financial accouning performance measures, hey have o be make sure ha he performance measures which become he focus of aenion is he measure of performance ha is able o describe he economic condiions and he beer prospec of he company s fuure growh. Therefore, in addiion o he boh performance measures used, he invesors and crediors also need o consider he financial characerisics of each company. The financial characerisics ha may vary among companies will cause he relevance of he accouning figures are no similar for all companies. The size of he company can be used o represen he financial characerisics of he company. One of he measures ha indicae he size of he company is he asses of he company. Many previous researches saed ha cash flows had an impac on sock reurns i.e. researches conduced by Miller and Rock (1985), Rayburn (1986), Livna and Zarowin (1990), Harono (2000), Uari (2006), Pradhono and Chrisiawan (2004),

3 The Effec of he Cash Flows, Gross Profi and Company Size while he oher sudies conduced by Ali (1994), Kurniawan (2000) and Hardian (2010) saed ha cash flow had no effec on sock reurns. In addiion, he previous researches saed ha profis had an influence on sock reurns i.e. Febriyano (2005), Cahyasuci (2008), Djaman and Pagalung (2011), Trisnawai (2013), Puriani and Sukara (2014), while he oher sudy conduced by Imran (2011) saed ha gross profi had no effec on sock reurns. For an addiion, his sudy will employ hc size of he company also, sice he resuls of researches conduced by Cooke (1992), Miswano (1999), Daniai and Suhairi (2006) concluded ha he size of he company may affeced he sock reurns. Based on he resuls of he previous researches, i is shown ha here are research gaps beween he variables ha affec he sock reurns. So, i is necessary o doing he furher research abou he effec of he cash flows, gross profi and size on he sock reurns in order o deermine wheher he cash flow consiss of operaing cash flows, invesmen cash flow, cash flow financing, gross profi or size of he company has he influence on sock reurns. 2. LITERATURE REVIEW AND DEVELOPMENT OF HYPOTHESIS 2.1. Sock Reurns Sock is a sign of ownership or possession of any person or eniy wihin a company. Tandelilin (2001) defines sock as proof of ownership of he asses owned by he company ha issued he shares. While sock reurns can be inerpreed as he advanage enjoyed by invesors on sock invesmens made. Reurn has wo componens: curren income and capial gain (Wahyudi, 2003). Reurn can also be inerpreed as a measure of money obained hrough consideraion of shares for a cerain periods. (Trisnawai, 2013) Cash Flow and Sock Reurns Cash flow is an imporan par in he company because he absence of cash flow may affec he going concern of he company. Cash flow is indispensable; any problems regarding he cash flow are he mos common cause of business failure (Trisnawai, 2013). The cash flow s componens consiss of operaing cash flow, invesing cash flow and financing cash flow. In SFAS No. 2 dealing wih he cash flow in he year of 2012 i is said ha he cash flows from operaing aciviies are primarily derived from he principal revenue-producing aciviies of he eniy. Therefore, cash flows are generally derived from ransacions and oher evens ha ener ino he deerminaion of ne profi or loss. Invesing aciviies are aciviies involving he acquisiion or disposal of long-erm asses (curren asses) as well as oher invesmens ha are

4 1700 Rihfeni Ernayani and Robiyano, Robiyano no included in cash equivalens, including he aciviies o borrow money and collec he receivables as well as acquire and sell invesmens and long-erm asses producion (IAI, 2012 ). In SFAS No. 2 in he year of 2012, i is saed ha separae disclosure of cash flows arising from financing aciviies is imporan because i is useful in predicing claims on fuure cash flows by providers of capial eniies. Miller and Rock (1985) esed he marke reacion in he proxy of he sock reurn of he noices for he cash flow componen. The resuls show ha he marke will reac negaively owards he financing cash flows and he invesing cash flows have he posiive effecs on sock reurns. Rayburn (1986) also found ha here was a correlaion beween operaing cash flow and accrual aggregaes wih sock reurns. Ali (1994) concluded ha he cash flow does no conain informaion relaive o he sock reurn. Livna and Zarowin (1990) proved ha a componen of cash flows had a sronger posiive correlaion wih sock reurns. Kurniawan (2000) concluded ha he sudy ha failed o show a correlaion beween operaing cash flow and earnings componens wih sock reurns. Harono (2000) saes ha he operaing cash flow, invesing cash flow and financing cash flows had a significan effec on sock prices. Anoher opinion expressed by Pradhono and Chrisiawan (2004) obained he resul ha he variable operaing cash flow and earnings significanly influence he reurns received by shareholders. Daniai and Suhairi (2006) provides empirical evidence ha he informaion on he conen of invesmen cash flows have an impac on sock reurns, bu operaing cash flow has no effec on sock reurns. Uari (2006) showed ha he ne cash flow from operaing aciviies, invesing and financing affeced he earnings and sock reurns. Hardian (2010) research resuls were he oal flows, invesmen cash flow, cash flow financing wih no significan effec on sock reurns, while he invesmen cash flow had a negaive effec on sock reurns. Based on hese resuls, here is a research gap of he independen variables, namely he operaing cash flow, invesing cash flow and financing cash flows o sock reurn. There were many researches ha saed ha cash flows had an impac on he sock reurns i.e. researchers conduced by Miller and Rock (1985), Rayburn (1986), Livna and Zarowin (1990), Harono (2000), Uari (2006), Pradhono and Chrisiawan (2004), while he oher sudies saed cash flow has no effec on sock reurns, i.e. Ali (1994), Kurniawan (2000), Hardian (2010). To deermine wheher he cash flow had an effec on sock reurns, hen he hypohesis formulaed as follows: H1: Operaing Cash Flow has an effec on sock reurns H2: Invesing Cash Flow has an effec on sock reurns H3: Financing Cash Flow has an effec on sock reurns

5 2.4. Gross Profi and Sock Reurns The Effec of he Cash Flows, Gross Profi and Company Size Gross profi is he difference beween he cos of goods sold and sales. Profi does no have a definiion which indicaes economic significance, as well as oher elemens of financial saemens (Prasowo, 2011). Profi can be used as a measure for assessing he success of he company. Measuremen of he profi will no provide useful informaion if hey do no describe he causes of he emergence of profi. Source of he causes of profi has an imporan role in assessing he progress of he company. Djaman and Pagalung (2011) conduced a sudy which showed ha he profi had an effec on abnormal sock reurn. Imran (2011) concluded ha he gross profi variable had no effec on sock reurns. Trisnawai (2013) saes ha here are significan changes beween he variable profis on sock reurns. While Puriani and Sukarha (2014) saed ha earnings had posiive effec on sock reurns. Febriano (2005) proves ha he gross profi figures which have earnings qualiy is beer han he oher wo earnings figures presened in he income saemen, more operaive, and beer able o provide a beer picure of he relaionship beween earnings wih sock prices. Cahyasuci (2008) improved earnings cumulaive effec on sock reurns. Based on ha argumenaions, hen he hypohesis is formulaed as follows; H4: Gross Profi has an effec on sock reurns 2.5. Size and Sock Reurns A company size describes oal asses, number of sales, average oal sales and average oal asses represened by he company. Thus, he company size is he size or magniude of he asses owned by he company (Sujiano, 2001). The company size can be measured by using oal asses, sales, and equiy of he company. One measure ha indicaes he company size is he oal asses of he company. Cooke (1992) proved he company size affeced he disclosure in he annual repor of he company. Miswano (1999) regarding he size of he company s business risk found ha he size of he risks affeced he company s business and he empirical evidence has shown ha he small company has a risk and higher reurns han large companies. Daniai and Suhairi (2006) concluded ha he change of he company size affeced he expeced sock reurn. Based on hose descripions hence he formulaion of he hypohesis is: H5: Company Size has an effec on sock reurns. 3. METHODOLOGY This sudy employs a quaniaive approach and wo ypes of variables, namely he independen variable and he dependen variable. The independen variable

6 1702 Rihfeni Ernayani and Robiyano, Robiyano used in his research are he operaing cash flow/cfo (X1), invesing cash flows/ CFI (X2), financing cash flow/cff (X3), gross profi/gp (X4), company size (X5), while he dependen variable used is he Sock Reurn (Y) The Operaional Definiion of Variables Cash flow Cash flow is a basic financial saemen ha repors he cash received, cash paid and amendmens of cash generaed from operaing aciviies, invesing aciviies and financing aciviies conduced by he business during one period in a forma saing he beginning and ending cash balances. Cash flows from he operaing aciviies (CFO) Operaing aciviy is he principal revenue ha is generaed by he aciviies conduced by companies and he oher aciviies ha are no invesmen and financing. The change in cash flow because of he invesing aciviies is he excess of operaing cash flows subraced from he operaing cash flow of he previous period or i is calculaed by using he following formula (Trisnawai, 2013): CFO CFO CFO CFO 1 1 CFO = he change in cash flow because of he operaing aciviies Cash Flows from Invesing Aciviies (CFI) Invesing aciviies are hose involving he acquisiion or disposal of long-erm asses (curren asses) as well as heir oher invesmens which are no included in cash equivalens. Changes in cash flows from invesing aciviies represens he excess of he invesmen cash flow in he previous period subraced from he cash flow from he invesmen in he previous period and divided by he cash flow from doing he invesmen of he previous period or i can be calculaed by using he following formula (Trisnawai, 2013): CFI CFI CFI CFI 1 1 CFI= he change in he cash flow because of he invesmen aciviies Cash Flows from Financing Aciviies (CFF) The aciviy o raise he funds from he owner provides he prospec o generae income from he funds, borrow and pay back he deb, or do long-erm loan o pay

7 The Effec of he Cash Flows, Gross Profi and Company Size he deb. The change in he financing aciviy is he excess of cash flows subraced from funding financing cash flow of he previous period and divided by funding cash flow of he previous period or i can be calculaed by using he following formula (Trisnawai, 2013): CFF CFF CFF CFF 1 1 CFF = change in he funding cash flow Gross profi Gross profi is he difference of he company s revenue subraced from he cos of goods sold. I can be calculaed by using he following equaion (Imran, 2011): GP = GP i - GP i-1 / GP i-1 Descripion: GP i = Gross profi i in period of GP i-1 = Gross profi i in period of -1 Company Size The size of he company can be measured by using oal asses, sales, or equiy of he company. One measure used o indicae he size of he company is he size of oal asses. The company size can be expressed in he following equaion (Djaman and Pagalung, 2011): TA = TA i - TA i-1 / TA i-1 Sock Reurn Sock reurn is income expressed as a percenage of he iniial invesmen capial. Invesmen income in his sock is he benefi of buying and selling he shares, if i ges a profi, i is called capial gain and if i generaes loss, i is called he capial loss (Trisnawai, 2013). R i = (P i - P i-1 )/ P i-1 Descripion R i = he sock reurns of i in period P i = price of sock of i in period P i-1 = price of sock of i in period -1

8 1704 Rihfeni Ernayani and Robiyano, Robiyano 3.2. Mehod of Collecing Daa Daa used in his research is secondary daa. The daa were obained from Indonesia Capial Marke Direcory published by Indonesia Sock Exchange Populaion and Sample The populaion of his sudy is he basic and chemical indusry which conains ceramic, porcelain and glass s sub-secors wih 6 companies included. Panel daa from employed wih 36 observaions Model of Analysis OLS echniques was used in his sudy o es he hypohesis saisically and he equaion is as follows: Descripion: Y = sock reurn a = consan Y = a + 1X1 + 2X2 + 3X3 + 4X4 + 5X5 + e X1 = cash flow from operaing aciviies (CFO) X2 = cash flow from invesing aciviies (CFI) X3 = cash flow from financing aciviies (CFF) X4 = gross profi (GP) X5 = he size of he company e = residual error. Table 1 The OLS Resuls Coefficiens Sd. Error T Consan CFO (X1) ** CFI (X2) * CFF (X3) GP (X4) ** TA (X5) ** R 2 : F Value : R Value : * significan a 5 percen level ** significan a 1percen level

9 4. RESULTS AND DISCUSSION The Resuls of OLS Analysis The Effec of he Cash Flows, Gross Profi and Company Size The OLS regression analysis was inended o es he exen and he direcion of he influence of he independen variables on he dependen variable. The independen variables in his sudy are he CFO (X1), CFI (X2), CFF (X3), GP (X4) and TA (X5). And he dependen variable is he sock reurn (Y). The above menioned able produces he OLS equaion as follows: Y = X X X X X5+e The Tes of he Coefficien of Deerminaion (R 2 ) The coefficien of deerminaion (R 2 ) essenially measures he abiliy of model o explain he variaions in he dependen variable. The coefficien of deerminaion is beween zero and one (0 <R <1). The greaer he coefficien of deerminaion is he greaer variaion of he independen variables affec he dependen variable. The R value describes he degree of correlaion beween he independen variables and he dependen variable. Table 1. Explain ha he R value is This means he independen variables, namely he operaing cash flow, cash flow of invesmen, he financing cash flow, gross profi and company size have a srong relaionship wih he dependen variable. Based on Table 1, he coefficien deerminaion is and his means ha 70.7% per cen of he sock reurn s variaion is explained by a change of he variable of operaing cash flow, changes in invesmen cash flow, financing cash flow, gross profi and he company size simulaneously, and he remaining 29.3 percen is explained by oher variables which are no included in his sudy. F Saisical Tes F saisical es basically shows ha all independen variables are included in he model and simulaneously have an influence on he dependen variable. Based on he saisical es F showed in Table 1. i can be concluded ha he cash flow s componens and he company s gross profi has simulaneous effec on he sock reurn. This findings suppor he research conduced by Trisnawai (2013) which saed ha cash flow from he operaing aciviies, cash flow from he invesing aciviies and cash flow from financing aciviies simulaneously affec he gross profi wih sock reurn. T Saisical Tes Table 1. Shows ha he cash flow from operaing aciviies s coefficien is significan a 1 percen level of significance. Hence, he cash flow from he operaing aciviies

10 1706 Rihfeni Ernayani and Robiyano, Robiyano significanly affecs he sock reurns. Cash flow repor from he operaing aciviies conains he informaion ha deermines wheher he operaion of he company can generae sufficien cash flows o repay loans, mainain he operaing capabiliy of he enerprise, pay dividends and make new invesmens wihou relying on he exernal financing sources so ha he change in cash flow from he operaing aciviies will give a posiive signal o invesors, and he invesors will buy socks of companies ha in urn will increase sock reurns. The invesors will look a he cash flow repor from he operaing aciviies such as he informaion ha can be used for making invesmen decisions. This finding suppors he research conduced by Trisnawai (2013), which explains ha he cash flow from he operaing aciviies have a significan influence on he sock reurns. The cash flow from invesing aciviies is significan a 5 percen significance level, so i can be concluded ha he cash flow from invesing aciviies significanly affec sock reurns. The cash flow repor from he invesing aciviies includes informaion concerning he disposal of long-erm asses (curren asses) and oher invesmens which are no included in cash equivalens. The invesors in his case should consider he cash flow repor from doing he invesing aciviies. If he invesmen cash flow decreases, i will reflec ha here will be addiional revenue from doing he invesmen oupus so ha he invesors will be araced by he addiion of he company s revenue. This suppor he resuls of he research conduced by Trisnawai (2013), which explains ha he cash flow from he invesing aciviies have a significan influence on sock reurns. The cash flow from financing aciviies do no have any significan effec on sock reurns. The invesors in his case should no consider he cash flow from he financing aciviies. Financing cash flow repored by he companies should no been used as a consideraion in he decision o inves by he invesors. This is in line wih research conduced by Djaman and Pagalung (2011) which saes ha cash flow from he financing aciviies have no significan and posiive effec on he sock reurns. The gross profi have a significan effec oward sock reurns on 1 percen level of significance. The invesors assume ha companies wih huge profis should able o disribue greaer dividends and gives he advanage o he invesors. The ineres and he benefis gained by he invesors are greaer and his will encourage he invesors ake buy acion. As a resul, he sock reurns increase. This research resuls suppor he research conduced by Imran (2011) which saes ha he gross profi significanly influences he sock reurns. The oal asse has a significan effec wih negaive sign oward sock reurns on 1 percen level of significance. Conrary wih common beliefs ha companies wih large size demonsrae high mauriy and win he rus of he invesors. In

11 The Effec of he Cash Flows, Gross Profi and Company Size his sudy, he bigger asse can lead o lower sock reurns. This may occured since he sock prices of big companie end o overvalued hence will lead o lower sock reurns. These resuls suppor he research conduced by Ganerse (2012) which saes ha he size of he company have a significan influence on he sock reurns. 5. CONCLUSION Cash flow from he operaing aciviies has an impac on he sock reurns. Operaing cash flow is he cash flow or he ransacions done by he company ha produce he principal revenues ha ener or exi in he deerminaion of he ne income. The higher cash flow from operaing aciviies shows ha he company is able o operae properly. Invesors mus consider he operaing cash flow as an informaion ha can be used for decision making so ha hey can assess he company s abiliy o generae cash and finance he company s aciviies wihou depending on oher funding sources. Cash flows from he invesing aciviies affec he sock reurn. Cash flows from invesing aciviies includes informaion concerning he acquisiion or he disposal of long-erm asses (curren asses) and oher invesmens which are no included in cash equivalens. The companies wih increasing value of invesmen cash flow, shows ha here are an addiion on invesmen aciviies so i is possible ha in he fuure, he income derived from he invesmen will increase. Cash flows from he financing aciviies do no affec he sock reurns. Invesors do no see financing cash flow as heir consideraion in invesmen, due o financing cash flows in he form of long-erm loans. If he company has a huge deb, he level of invesmen risk is also higher so ha he company can no provide benefis or beer reurns. In his case invesors feel insecure in making he invesmens. The gross profi shows a significan and posiive influence on sock reurns. The company wih he abiliy o generae huge profis, he company is able o pay greaer dividends so ha his will draw he invesors main aenion and hey will pu hem ino consideraion in making heir decision o inves. The invesors will be araced by huger profis. The company size shows a significan and posiive influence on he sock reurns. The company size can be a benchmark size of he company. The greaer he oal asses are, he larger he company makes a profi, and i will produce bigger dividend and higher sock price. References Ali, Ashig, (1994), The Incremenal Informaion Conen of Earnings, Working Capial from Operaing and Cash Flows. Journal of Accouning Research, Vol 32, No. 1:61-67.

12 1708 Rihfeni Ernayani and Robiyano, Robiyano Cahyasuci, Sidik, (2008), The Influence of he Conens of he Informaion on he Cash Flow Componens and he Company Size upon Abnormal Reurn. Universiy of Brawijaya, Malang. Cooke TE, (1989), Disclosure in he Corporae Annual Repor of Swedish Companies. Accouning Business Research 19 (spring). Daniai, Nina and Suhairi, (2006), The Influence of he Conens of he Informaion on he Cash Flow Componens, Gross Profi, and Company Size upon Expeced Sock Reurns. The Ninh Naional Accouning Symposium, Padang. Djaman, Nurhidayah and Pagalung, Gagaring. (2011), The Influence of he Informaion on he Cash Flow Componens, Profi, and Company Size Upon Abnormal Sock Reurn on he Manufacuring Companies Lised in he Indonesia Sock Exchange. The Journal of Science and Accouning Research, Volume 1, Number 1, January. Febriano, Rahma and Erna Widiasuy. (2005), Three Numbers of Accouning Profi: Which is More Meaningful for Invesors? The Eighh Naional Accouning Symposium Arranged in Solo: Ganerse, I, Made, B. (2012), The Influence of Profiabiliy, Liquidiy, and he Company Size upon he Sock Reurns of Food and Beverage Company. The Accouning Journal, Number 7, January-April. Ghozali, Imam. (2007), The Applicaion of he Mulivariae analysis by using SPSS Program. Semarang: Publishing Board of Undip. Hardian, Sinaga Hariono. (2010), The Influence of he Toal Amoun of Cash flow, he Cash Flow Componen, and he Accouning Profi on he Sock. The Journal of Accouning Research of Indonesia. Indonesian Accouning Associaion, (2012), Financial Accouning Sandards, Jakara. Imran, Ali. (2011), The Influence of he Deb o Equiy Raio and he Gross Profi on he Sock Reurns. The Accouning Journal, Volume 1, Number 1, Ocober. Jogiyano. (2003), The Theory of Porfolio and Invesmen Analysis. 3rd ediion, Yogyakara : BPFE. Kurniawan, Heriberus and Nur Indrianoro, (2000), The Correlaion of he Cash Flow from Operaing Aciviies and Accrual Daa wih he Sock Reurns. Journal of Business and Accouning Volume 2 Number 3 (December): Livna, J. and Zarowin, P. (1990), The Incremenal Informaion Conen of Cash Flows Componens. Journal of Accouning and Economics. Miller, Meron and Kevin Rock. (1985), Dividend Policy under Asymmeric Informaion. Journal of Finance 4: Miswano and Suad Husnan. (1999), The Effec of Operaing Leverage, Cyclicaliy, and Firm Size on Business Risk. Gadjah Mada Inernaional Journal of Business. Vol 1 No 1 (Mei): Puriani, Ni, Puu and Sukara, I, Sukarha. (2014), The Influence of he Free Cash Flow and Ne Profi on he Sock Reurns of he Company LQ-45. Accouning Journal of Udayana Universiy 6.3. ISSN Pradhono and Chrisiawan, Yulius Jogi, (2004), The Influence of EVA, Residual Income, Earnings and Operaing Cash Flow on he Reurns Received by he Shareholders (a sudy

13 The Effec of he Cash Flows, Gross Profi and Company Size on he manufacuring companies lised in he Jakara Sock Exchange). The Journal of Accouning Economics of Pera Chrisian Universiy. Rayburn, Judy. (1986), The Associaion of Operaing Cash Flows and Accruals wih Securiy Reurns. Journal of Accouning Research: Triyono and J. Harono, (2000), The Relaionship of he Conens of he Informaion on he Cash Flow Componens and he Accouning Profi wih he Price or he Sock Reurns. The Journal of Accouning Research of Indonesia, Vol. 3 Number 1. Trisnawai, Widya. (2013), The Influence of he Cash Flows from Operaions and Invesmen, and Funding, as well as, he Ne Profi upon he Sock Reurns. Journal of Science and Research in Accouning. Volume 1 No 1, January. Tandelilin, Erduadus. (2001), The Invesmen Analysis and Porfolio Managemen. Yogyakara: BPFE Yogyakara. Uari, R.A. (2006), The Conens of he Profi Informaion and he Cash Flow for Making an Invesmen Decision in he Jakara Sock Exchange. Journal of Accouning and Business. Vol. 5, Number I.

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