scholarly journals The Role of Financial Flexibility on Enterprise Sustainable Development during the COVID-19 Crisis—A Consideration of Tangible Assets

2021 ◽  
Vol 13 (3) ◽  
pp. 1245
Author(s):  
Xiaodong Teng ◽  
Bao-Guang Chang ◽  
Kun-Shan Wu
Keyword(s):  
Sustainable Development ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Semiconductor Industry ◽  
Cash Flows ◽  
Enterprise Performance ◽  
Manufacturing Companies ◽  
Financial Flexibility ◽  
Taiwan Stock Exchange ◽  
Key Factor

Financial flexibility refers to the ability of a firm to respond effectively to unanticipated shocks to its cash flows or its investment opportunities and is a key factor in the sustainable development of enterprise. This article explores the effect of financial flexibility on the enterprise performance of Taiwan’s manufacturing industry during the COVID-19 pandemic. Data for the first and second quarter of 2020 from companies listed on the Taiwan Stock Exchange were collected and analyzed. The results indicate that for listed manufacturing companies on the Taiwan Stock Exchange, financial flexibility has a significant and positive effect on enterprise performance (return on assets, ROA), particularly in the asset-heavy manufacturing industry. However, financial flexibility has no significant effect on the enterprise performance of the asset-light manufacturing industry or the semiconductor industry. This study also show evidence that Taiwan’s asset-light manufacturing industry suffered the most from the COVID-19 crisis, which is not conducive to its sustainable development. In summary, the results show that Taiwan’s manufacturing industry has poor financial flexibility and one of the worst ROA during the COVID-19 pandemic. Based on the results of this research, effective suggestions to rationally retain financial flexibility and pay more attention to liquidity risk management for sustainable development are proposed for Taiwan’s manufacturing industry.

scholarly journals PENGARUH INFORMASI LABA DAN ARUS KAS TERHADAP HARGA SAHAM PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

2021 ◽  
Vol 4 (2) ◽  
pp. 195
Author(s):  
Muhammad Haekal Yunus ◽  
Abdullah Abdullah
Keyword(s):  
Cash Flow ◽  
Stock Prices ◽  
Stock Price ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Predictive Ability ◽  
Cash Flows ◽  
Manufacturing Companies ◽  
Earnings Information ◽  
Level Of Significance

AbstrakPenelitian ini bermaksud untuk mengetahui pengaruh informasi laba dan arus kas terhadap harga saham perusahaan manufaktur. Metode analisis data yang dipakai untuk menguji hipotesis pada penelitian ini adalah Regresi Linear Berganda serta Teknik Sampel Datanya adalah purposife sampling. Hasil penelitian membuktikan bahwa informasi laba serta arus kas berpengaruh positif kepada harga saham. dengan cara parsial informasi laba berpengaruh secara signifikan kepada harga saham pada tingkat of significance kurang dari 5% , sebaliknya arus kas tidak mempengaruhi  harga saham pada tingkat of significance lebih dari 5%, secara simultan terbukti berpengaruh secara signifikan kepada harga saham industri manufaktur di Bursa Efek Indonesia pada tingkat kurang dari 5%. Informasi laba dipakai oleh penanam modal buat memperkirakan harga saham industri pada industri manufatur yang listing di Bursa Efek Indonesia pada rentang waktu 2015–2019. Adapun arus kas menunjukkan pengaruh yang lemah. Kemampuan prediksi dari variabel laba dan arus kas kepada harga saham sebesar  21,8%.Kata kunci: Laba, Arus Kas, Harga Saham AbstractThis study aims to determine the effect of earnings and cash flow information on stock prices of manufacturing companies. The data analysis method used to test the hypothesis in this study was Multiple Linear Regression and the data sample technique was purposive sampling. The research results prove that earnings information and cash flow have a positive effect on stock prices. by means of partial earnings information has a significant effect on stock prices at a level of significance of less than 5%, on the other hand cash flows do not affect stock prices at a level of significance of more than 5%, simultaneously it is proven to have a significant effect on stock prices of the manufacturing industry on the Stock Exchange. Indonesia at a rate of less than 5%. Investors use earnings information to estimate industrial stock prices in manufacturing industries listed on the Indonesia Stock Exchange in the 2015–2019 timeframe. Meanwhile, cash flow shows a weak influence. The predictive ability of the earnings and cash flow variables to the stock price is 21.8%.Keywords: Profit, Cash Flow, Stock Price

scholarly journals FINANCIAL STATEMENT FRAUD DETECTION USING PERSPECTIVE OF FRAUD TRIANGLE ADOPTED BY SAS NO. 99

2016 ◽  
Vol 1 (2) ◽  
pp. 317 ◽  
Author(s):  
Shabrina Prasmaulida
Keyword(s):  
Financial Reporting ◽  
Financial Stability ◽  
Stock Exchange ◽  
Cash Flows ◽  
External Pressure ◽  
Financial Statement ◽  
Fraud Triangle ◽  
Manufacturing Companies ◽  
Financial Statement Fraud ◽  
Financial Need

Financial statements generally aim to provide information about the company’s financial position, performance, and cash flows to the interested parties. The motivation to gain trust from the users, especially investors, shareholders and creditors, leads someone to commit fraud in the financial reporting. This study aims to detect and predict financial statement fraud based on the perspective of fraud triangle adopted by SAS No. 99. The dependent variable in this study is financial statement fraud which is proxied by earnings management, while the independent variables in this study are financial stability pressure, personal financial need, ineffective monitoring, effective monitoring, external pressure, and financial targets.Population of this research is manufacturing companies listed in Indonesia Stock Exchange period 2012 - 2014. Samples are selected using purposive sampling method and obtained 150 companies out of a total population of 162 companies. The results show that financial stability pressure and external pressurehave significant positive effect on financial statement fraud. Meanwhile, personal financial need, ineffective monitoring, effective monitoring, and financial targets do not have significant effect on financial statement fraud.

scholarly journals Prediksi Harga Saham Dalam Berinvestasi Pada Perusahaan Manufaktur

2021 ◽  
Vol 9 (2) ◽  
pp. 101-114
Author(s):  
Fauziyah Fauziyah
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Prediction Method ◽  
Manufacturing Companies ◽  
Upward Trend ◽  
Stock Trading ◽  
The Past

Abstract Indonesia Stock Exchange (IDX) is a term that is well known in the world of stocks in Indonesia. One of the company sectors listed on the IDX is manufacturing. The contribution of the manufacturing sector to Gross Domestic Product (GDP) was recorded to be the largest compared to other sectors. In this research, the manufacturing companies that will be used as the object of research to predict their stock prices are manufacturing companies listed in LQ45. In stock trading, prices fluctuate up or down. Stock conditions that fluctuate every day make investors who are going to invest in the Manufacturing industry must observe and study the past company data before investing. This data is important for investors to find out what might happen to a company's stock price. Thus, predicting stock prices in the manufacturing industry for the future is needed as a stage in deciding which manufacturing companies are good to investing in. The prediction method in this research uses ARIMA. The results obtained are the stock prices of companies GGRM, HMSP, ICBP, INDF, INTP and UNVR following a downward trend, so that the actions taken by investor in these companies are selling stocks, while for the stock prices of companies ASII, CPIN, INKP, JPFA, SMGR, TKIM, following an upward trend, so that the actions taken by investors in these companies are buying stocks.Keywords: Prediction, ARIMA, Investment  BEI merupakan istilah yang terkenal pada dunia saham di Indonesia. Sektor perusahaan yang terdapat di BEI salah satunya adalah manufaktur. Kontribusi sektor manufaktur dalam Produk Domestik Bruto (PDB) tercatat yang paling besar dibandingkan sektor lainnya. Di dalam penelitian ini, perusahaan manufaktur yang akan dijadikan objek penelitian untuk diramalkan harga sahamnya yaitu perusahaan manufaktur yang terdaftar di LQ45.  Pada perdagangan saham, harga mengalami fluktuasi naik maupun turun.  Keadaan saham yang fluktuasi setiap hari menjadikan investor yang akan berinvestasi di industri Manufaktur harus mengamati dan mempelajari data perusahaan dimasa lalu sebelum melakukan investasi. Data tersebut penting bagi investor untuk mengetahui kemungkinan yang terjadi pada harga saham suatu perusahaan. sehingga, meramal harga saham pada industri manufaktur untuk masa yang akan datang sangat dibutuhkan sebagai tahapan dalam memutuskan perusahaan Manufaktur yang baik dalam melakukan investasi. Metode Prediksi dalam penelitian ini menggunakan ARIMA. Hasil yang didapat yaitu harga saham perusahaan GGRM, HMSP, ICBP, INDF, INTP dan UNVR mengikuti tren turun, sehingga langkah yang diambil untuk investor pada perusahaan tersebut adalah menjualnya sedangkan untuk harga saham perusahaan ASII, CPIN, INKP, JPFA, SMGR, TKIM, mengikuti tren naik, sehingga langkah yang diambil untuk investor pada perusahaan tersebut adalah membeli saham.Kata Kunci: Prediksi, ARIMA, Investasi

scholarly journals Adoption of Competitor Focused Accounting Methods in Selected Manufacturing Companies in Nigeria

2014 ◽  
Vol 2 (3) ◽  
pp. 128-140
Author(s):  
Chiekezie Njideka Rita ◽  
Egbunike Patrick Amaechi ◽  
Odum Austin Nwekemezie
Keyword(s):  
Financial Performance ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Secondary Data ◽  
Manufacturing Firms ◽  
Manufacturing Companies ◽  
Competitive Edge ◽  
Survey Techniques ◽  
Strategic Management Accounting ◽  
The Mean

This study-examined the extent of adoption of competitor focused accounting (CFA) in selected manufacturing firms listed on Nigerian Stock Exchange with a view to establishing whether there are differences in financial performance of the firms. The study is descriptive in nature and uses survey techniques. Accordingly, two-hundred and twenty four (224) key respondents in the Nigerian manufacturing industry were surveyed. This is complimented with secondary data collected from annual accounts and reports of fifty six (56) manufacturing companies listed in the Nigerian stock exchange. In addition to descriptive statistics, analysis of variance (F- Ratio) and scheffes’ (fs) test were used in analyzing collected data. The result of the study revealed that 14 companies representing (25%) were non-adopters of competitor focused accounting methods, 36 (64.3%) were partial adopters while 6 (10.7%) were full adopters. In addition, the mean financial performance of full adopters of CFA methods was 25.1 greater than that of partial adopters and also 45.71 greater than non-adopters. This shows a large difference. On the other hand, partial adopters’ mean financial performance was 20.61 greater than that of non adopters of CFA methods. However, this study proves that the practice of CFA in Nigerian manufacturing companies is still below average and the necessity to improve this situation is the current challenge. Manufacturing firms in Nigeria should give priority to strategic management accounting and it sub-divisions especially CFA in other to enhance its competitive edge over competitors.

scholarly journals THE EFFECT OF CORPORATE GOVERNANCE MECHANISM ON EARNINGS MANAGEMENT PRACTICE (Case Study on Indonesia Manufacturing Industry)

2018 ◽  
Vol 15 (2) ◽  
pp. 157-167 ◽  
Author(s):  
YULIUS KURNIA SUSANTO
Keyword(s):  
Earnings Management ◽  
Audit Committee ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Management Practice ◽  
Company Performance ◽  
Governance Mechanism ◽  
Manufacturing Companies ◽  
Corporate Governance Mechanism ◽  
Equity Ratio

The purpose of the research is to get empirical evidence about institutional ownership, management ownership, directors’ size, audit committee, independent commissioner, leverage, profitability, firm size, auditor’s independency and auditor’s reputability on earnings management practice. This research used 53 manufacturing companies listed in Indonesia Stock Exchange and the data were collected through purposive sampling method during the research period 2009 until 2011. The result of the research showed that audit committee, independent commissioner and debt to equity ratio had influence on earnings management practice. The results of this study indicate that the audit committee and independent commissioner overseeing management in reporting of company performance through financial statements. In addition, companies that source of funding more debt than equity is more likely to make an earnings management.

Factors influencing liquidity position of Indian manufacturing companies

2020 ◽  
Vol 10 (2) ◽  
pp. 243-260
Author(s):  
Amit Tripathy ◽  
Shigufta Hena Uzma
Keyword(s):  
Manufacturing Industry ◽  
Stock Exchange ◽  
Cash Holdings ◽  
Emerging Economy ◽  
Market Mechanism ◽  
Manufacturing Companies ◽  
Content Type ◽  
Factors Influencing ◽  
Indian Context ◽  
The Impact

PurposeThe purpose of this paper is to investigate the increasing demand for corporate liquidity and examines the various factors influencing the cash position of firms in India. The financial policy to hold cash gained impetus after the financial crisis when the companies faced a severe cash crunch. However, the firms operating in emerging nations have an imperfect market mechanism with stringent regulatory norms. Thus, this paper attempts to examine the determinants of corporate cash holdings in an emerging country like India.Design/methodology/approachThe paper focuses on the impact of various factors (leverage, firm size, profitability, growth along with other variables), on the cash structure of all the manufacturing companies listed on the Bombay stock exchange. The study employs panel data methodologies over a sample of 323 firms over a period of eight years from 2010 to 2017.FindingsSignificant estimators affecting cash holdings of a firm are the size of a firm, debt levels, tangibility, sales growth and research and development expense. Overall, the study finds evidence on the existence of Pecking Order theory in explaining the determinants of cash holdings in the Indian market.Research limitations/implicationsThe study attempts to explore the critical determinants of cash in the Indian context which can be useful for managers and academicians to understand how the key theories of cash holdings operate in an emerging economy like India.Originality/valueIndia is an emerging economy and has recently gained global attention and has become a hotspot for foreign investments. Thus, this paper explores pieces of evidence on the critical factors affecting cash holdings in India. The study would provide an understanding of the existing cash policy in the Indian context and attempts to find the changes in the financing structure adopted by the manufacturing industry in the given period.

scholarly journals Increasing Company Value Through Financial Policies and Performance of Manufacturing Companies Listed on The Indonesia Stock Exchange

At-Taqaddum ◽  
2021 ◽  
Vol 13 (1) ◽  
pp. 39-56
Author(s):  
Adhi Widyakto ◽  
Endang Tri Widyarti ◽  
Edy Suryawardana
Keyword(s):  
Financial Performance ◽  
Financial Management ◽  
Firm Value ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Practical Implication ◽  
Sampling Technique ◽  
Financial Policy ◽  
Manufacturing Companies ◽  
Financial Policies

The phenomenon that there are still many manufacturing industry companies on the Indonesia Stock Exchange that have a PBV smaller than one is the main basis for conducting the study. This study aims to analyze the effect of financial policy and financial performance on firm value. The sampling technique was based on purposive sampling. The data analysis technique used a linear regression model. Based on the analysis and discussion results, there are four main findings obtained from this study: First, the model used is significant to explain changes in firm value with the ability to explain 48.7 percent. Second, of the five independent variables, there are three variables: the policy in working capital management and the performance variable, namely the volatility of expectations and returns, which have a significant effect. To the value of the company. Third, the company's financial performance factors have a more dominant influence on the company's value dynamics than policy factors. Fourth, the direction coefficient of the influence of the independent variable on the dependent variable, although the two variables are not significant. The practical implication is to increase the value of a manufacturing company. Therefore, it is advisable to consider financial policies and financial performance. Theoretically, financial management based on signal theory and trade-off theory of Islamic perspective theory can increase firm value.

scholarly journals PENGELUARAN R&D DAN KINERJA PERUSAHAAN MANUFAKTUR DI BURSA EFEK INDONESIA YANG DIMODERASI OLEH USIA PERUSAHAAN

2019 ◽  
Vol 4 (2) ◽  
Author(s):  
Rahmat Setiawan ◽  
Denny Hardiko Harmasanto
Keyword(s):  
Financial Performance ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Panel Data Analysis ◽  
Annual Reports ◽  
Manufacturing Companies ◽  
Final Sample ◽  
Net Profit ◽  
Development Expenditure ◽  
Research Population

The purpose of this study is to examine the effect of research and development expenditure on the company's financial performance and prove the influence of corporate age moderation. The research population consisting of 140 manufacturing companies listed on the Indonesia Stock Exchange was selected using the purposive sampling method. The final sample size is 113 companies that provide annual financial statements from 2012-2017. The unbalanced panel data analysis uses variables in the company's annual reports that are tested using OLS regression. The results found that companies investing in R&D experienced a 3% increase in sales compared to companies that did not spend in R&D. Further testing also found that the age of the company moderated the relationship between R&D expenditure and financial performance, where older companies that invest in R&D produced 0.1% more sales and 0.6% higher profits than younger companies in the manufacturing industry. The conclusion of this study is that the effect of R&D expenditure on sales and net profit cannot be directly felt in the current year. R&D spending like other types of investment requires time to be able to contribute to the company's sales and net profit. The findings of this study provide support that R&D spending is a driving force for innovation in endogenous growth theories.

Analysis of the Influence of Net Profit Margin, Return on Equity and Earnings PER Share of the Stock Price Case Study: Manufacturing industry sub-sector chemical industry listed on the IDX 2016

2019 ◽  
Vol 118 (5) ◽  
pp. 17-28
Author(s):  
MuhamadJusmansyah
Keyword(s):  
Regression Analysis ◽  
Chemical Industry ◽  
Stock Price ◽  
Manufacturing Industry ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Profit Margin ◽  
Manufacturing Companies ◽  
Return On Equity ◽  
Net Profit

This study aims to analyze the effect of Net Profit Margin (NPM), Return on Equity (EPS) on Stock Price of manufacturing companies listed in the Indonesia Stock Exchange (IDX)  of the observation year 2012 - 2016.The data used are secondary data and analytical methods, using multiple linear regression analysis with the help of Statistical Product and Service Solution (SPSS) program version 23 to obtain a comprehensive picture of the relationship between variables one with other variables. The sample in this research consist of fifteen (15) manufacturing companies group of chemical industry sectors listed on Indonesia Stock Exchange (IDX) in observation 2012 until 2016 with purposive sampling method as sampling method.The results of this study are: (1) Net Profit Margin (NPM) influential on Stock Price, (2) Return On Equity (ROE) effect on Stock Price, (3) Earning Per Share (EPS) effect on Stock Price, (4) ) The results of regression analysis simultaneously influenced the result that Earning Per Share (EPS) effect on Stock Price. As for Net Profit Margin (NPM) and Return on Equity (ROE) does not affect the stock price.  

scholarly journals The Effect of Company Performance on Dividend Policy in Manufacturing Companies

2019 ◽  
Vol 2 (2) ◽  
pp. 87-95
Author(s):  
Onny Kusuma ◽  
Hatane Semuel
Keyword(s):  
Manufacturing Industry ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Policy Decision ◽  
Company Performance ◽  
Manufacturing Companies ◽  
Financial Report ◽  
Report Data ◽  
The Impact ◽  
The Relationship

Companies in managing their finances are always faced with three important issues that are interrelated. The three problems are investment decisions, funding decisions and dividend policy decisions. This study will be focusing on dividend policy decision. Not all companies distribute dividend even when they have high profit/liquidity level or because they need money to pay interest. This study investigates and aim to analyze the effect of company performance to dividend policy in manufacturing companies. Company performance used as variables are: profitability, leverage, and liquidity. The author will analyze the direct effect from profitability, leverage, and liquidity with company dividend policy. After that by using liquidity as moderating variable, the author will analyze wether high liquidity level can strengthen company decision to distribute dividends. The sample for this study are 77 manufacturing industry companies listed on the Indonesia Stock Exchange in 2010-2016 which distributed dividends. Research data is taken from annual financial report data published by the sample companies. The data in this study were processed with the help of SEM smartPLS 3.0 model. This study explains the impact of profitability, leverage, and liquidity factors on dividend policy and wether liquidity can be used to strengthen or weaken the relationship between profitability to dividend policy and leverage to dividend policy.

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