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The stock market is a place to buy shares for profit. In Indonesia, energy stocks are highly unpredictable because global commodity prices change constantly. This study examines what affected energy stock returns in 2024, focusing on trading volume, price swings, company profits, and cash flow. Using financial reports and statistical analysis, all these factors were tested together and individually. The results show that combined, all these factors do affect stock returns. However, when looked at one by one, only the company's net profit truly matters to investors. On the other hand, busy trading, daily price swings, and cash flow have no impact at all. In fact, all the factors studied only account for 14% of stock return movements, while the remaining 86% is driven by other outside forces. In conclusion, for those looking to invest in energy stocks, the most important thing to watch is the company's ability to generate net profit, rather than just looking at how busy daily transactions are in the market.

This study examines the effect of working capital on firm performance and sustained growth among consumer non-cyclicals manufacturing companies listed on the Indonesia Stock Exchange (IDX) over the period 2019–2023. Working capital is operationalized through three distinct proxies derived from Akgün and Memiş Karatəs (2021): the Cash Holding Level (CHL), which measures the proportion of cash and cash equivalents relative to total assets; the Cash Interactive Effect (CIE), which captures the efficiency of converting revenue into operating cash flow; and the Gross Working Capital Ratio (GWCR), which reflects the share of current assets within total assets. Firm performance is assessed through Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q, while sustained growth is measured using the model proposed by Gerson et al. (2025), expressed as SG = b × ROE, where b denotes the earnings retention ratio. Panel data regression analysis is applied to 225 firm-year observations drawn from 45 companies. The study employs the Fixed Effect Model (FEM) for ROA and ROE, and the Random Effect Model (REM) for Tobin’s Q, as determined by the Hausman specification test. The findings reveal that CHL and CIE exert significant positive effects on ROA and ROE, while CIE is the only proxy to produce a statistically significant positive effect on Tobin’s Q. With respect to sustained growth, CHL and GWCR demonstrate significant negative effects, whereas CIE shows a significant positive effect, indicating that operational efficiency dimensions of working capital actively support long-term growth sustainability. These results reinforce the liquidity management theory and contribute empirical evidence that the structure and efficiency of working capital are strategic determinants of both short-term financial performance and long-term growth sustainability in Indonesia’s consumer goods manufacturing sector.

Amid intense market competition, the profitability of manufacturing companies is not solely determined by sales volume but is highly dependent on the precision of financial management, particularly in managing the working capital cycle and operating cash flow circulation. This study aims to evaluate the relationship between Working Capital Turnover (X1) and Operating Cash Flow (X2) on Profitability (Y) in consumer goods industry companies listed on the Indonesia Stock Exchange during the 2022–2024 period. Using a quantitative approach and multiple linear regression analysis, this study processes 77 observations that have passed purposive sampling and outlier testing. The partial test results reveal contrasting findings: Working Capital Turnover (X1) does not have a significant effect on profitability, while Operating Cash Flow (X2) is proven to be a strong positive determinant. However, simultaneously, both variables have a significant influence on the financial performance of companies (Fhitung 24,008 > Ftabel 3,08), with operating cash flow acting as the dominant driving factor of profit. The implications of these findings emphasize that to maintain profit stability, management should prioritize the availability of cash generated from core operations, while investors should be more attentive to cash flow trends as an indicator of fundamental financial health before making investment decisions.

This study examines the influence of earnings quality and dividend policy on firm value at PT Alkindo Naratama Tbk during the period 2014–2024. Firm value is measured using the Price to Book Value (PBV), earnings quality is proxied by the ratio of operating cash flow to net income (QOE), and dividend policy is measured using the Dividend Payout Ratio (DPR). This research adopts a quantitative approach with an associative causal design using secondary data obtained from the company’s quarterly financial reports over eleven years, resulting in 44 observations. The analysis method applied is multiple linear regression. The findings reveal that earnings quality has a positive and significant impact on firm value. Dividend policy also shows a positive and significant effect on firm value. Simultaneously, earnings quality and dividend policy significantly influence firm value. The coefficient of determination indicates that a large proportion of firm value variation can be explained by these two variables. These results support signaling theory, which suggests that high earnings quality and stable dividend distribution provide positive signals to investors and increase market confidence in the company. The study contributes to financial management literature by highlighting the importance of financial performance indicators in determining firm value.

This study aims to examine the effect of Corporate Social Responsibility (CSR) costs and financial characteristics on tax avoidance practices among publicly listed companies with the largest market capitalization in Indonesia. The study is motivated by Indonesia’s relatively low tax ratio compared to other emerging economies in the ASEAN region, which suggests the persistence of tax avoidance practices, particularly among large corporations. Grounded in legitimacy theory and agency theory, this research empirically investigates the influence of CSR costs, profitability, leverage, liquidity, activity ratio, growth ratio, and operating cash flow on tax avoidance. The research sample consists of 50 companies with the largest market capitalization listed on the Indonesia Stock Exchange over the 2020–2024 period, employing a census sampling method and unbalanced panel data. Secondary data were obtained from annual financial reports and analyzed using panel data regression techniques. Tax avoidance is measured using the Book-Tax Differences (BTD) approach, while model selection is determined through the Chow test, Hausman test, and Lagrange Multiplier test. The results indicate that, simultaneously, all independent variables have a significant effect on tax avoidance. Partially, the activity ratio has a negative effect on tax avoidance, whereas the growth ratio and operating cash flow have a positive effect on tax avoidance. Meanwhile, CSR costs, profitability, leverage, and liquidity do not show a significant effect. These findings suggest that asset utilization efficiency tends to restrain tax avoidance behavior, while corporate growth dynamics and strong operating cash flows encourage more aggressive tax management strategies. This study provides empirical evidence from an emerging market context and offers insights for tax authorities and regulators in designing more effective, risk-based tax supervision policies.

This study aims to analyze the implementation of financial reporting and evaluate the economic performance of Koperasi Simpan Pinjam dan Pembiayaan Syariah (KSPPS) Nur Insani during the period from 2022 to 2023. A descriptive qualitative method was employed, utilizing secondary data from the Statement of Financial Position, Cash Flow Statement, and Operating Results Report published by the cooperative. The findings indicate that KSPPS Nur Insani has implemented a computerized financial recording system, which enhances accuracy, transparency, and operational efficiency. However, the cooperative experienced significant financial pressure in 2023, as indicated by decreases in cash and cash equivalents, total assets, and temporary syirkah funds, both short-term and long-term. These declines reflect weakened liquidity and reduced fundraising capacity from members. Despite these challenges, the cooperative succeeded in increasing its Net Operating Results (SHU), demonstrating effective revenue management and operational cost control. Overall, the profitability of KSPPS Nur Insani remains positive, yet strategic improvements are necessary, particularly in strengthening liquidity management, increasing funding sources, optimizing asset utilization, and enhancing digital system implementation to support better financial governance. These strategic efforts are expected to improve business sustainability and maintain member trust in the future.

This study was conducted to analyze the implementation of financial management and accounting practices at a Coffee Shop in South Jakarta operating within the MSME sector, with a focus on the importance of structured financial management and the application of standardized accounting as a fundamental element in supporting business sustainability. The research employed a qualitative descriptive method through interviews, direct observations, and document review. The findings indicate that the Coffee Shop has applied a cash-based recording system and utilizes a simple point of sales (POS) application to monitor cash flow and sales transactions. However, the recording of fixed assets, depreciation calculations, and the recognition of liabilities have not fully complied with the guidelines of FAS MSMEs, resulting in financial information that remains limited, lacks transparency, and does not provide a comprehensive overview of the business’s financial condition. Therefore, this study highlights the need to improve human resource capabilities in accounting and to implement simple yet credible accounting software to support more accurate, efficient, and accountable financial reporting. With more professional financial management, business owners will be better equipped to make strategic decisions, strengthen stakeholder trust, and enhance the competitiveness and long-term sustainability of the Coffee Shop.

In the investment world, stock returns are the leading indicator of a company’s performance and the basis for investor decision-making in the capital market. Fluctuations in stock returns reflect market expectations of the company’s prospects. The retail sector in Indonesia is facing significant pressure from post-pandemic shifts in consumer behavior and increased competition. This study aims to analyze the effect of financial distress, company size, liquidity, operating cash flow, and accounting profit on stock returns in retail sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2021 to 2023. This type of research is causally associated with a quantitative approach. The data used is secondary, in the form of financial statements from retail companies. The sampling technique used was purposive, yielding a total of 39 data points from 13 retail companies. Data testing was carried out using SPSS version 24. The results showed that partially, the variables of financial distress, company size, liquidity, and accounting profit had no significant effect on stock returns. Meanwhile, operating cash flow positively impacts stock returns. These findings indicate that fundamental indicators are not always the main determinants of stock returns. Therefore, investors are advised also to consider external factors such as market sentiment, macroeconomic conditions, and government policies that may have a greater influence on stock performance in the capital market.

This study aims to investigate the effects of liquidity, financial leverage, capital structure, and operating cash flow on financial performance, with financial distress serving as a mediating variable. The population comprises transportation and logistics companies listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, totaling 37 companies. The sample includes 20 companies, with quarterly financial reports yielding 400 observations. Secondary data were employed, and purposive sampling was utilized for sample selection. The analysis was conducted using panel data analysis at a 5% significance level, facilitated by STATA Version 17 software. Mediation was tested utilizing the Sobel test with a critical value of 1.96. The results reveal that liquidity significantly impacts both financial distress and financial performance; financial leverage significantly affects both financial distress and financial performance; capital structure significantly influences financial distress but does not significantly affect financial performance; operating cash flow does not significantly impact financial distress but significantly affects financial performance. Collectively, liquidity, financial leverage, capital structure, and operating cash flow significantly influence financial distress. Furthermore, liquidity, financial leverage, capital structure, operating cash flow, and financial distress together have a significant effect on financial performance. Mediation analysis indicates that financial distress significantly mediates the relationships between liquidity, financial leverage, capital structure, and financial performance, whereas financial distress does not significantly mediate the effect of operating cash flow on financial performance. It is recommended that transportation and logistics companies listed on the IDX actively enhance liquidity, optimally manage leverage and capital structure, and strengthen operational cash flow management to minimize financial distress risk and sustain financial performance.

This study aims to analyze the influence of factors such as financial distress (FD), firm size (SIZE), liquidity (CR), and operating cash flow (OCF) on stock returns in the food and beverage sub-sector industry listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. The issue addressed relates to the importance of analyzing internal company factors in affecting stock returns, particularly in the consumer goods industry. The data used in this study is sourced from annual financial reports published by the companies, with a sample size of 40 data points from 8 companies selected through purposive sampling. In this study, data analysis was conducted using multiple linear regression methods via the STATA application. The findings of the study indicate that both financial distress and firm size have a significant impact on stock return performance. On the other hand, the variables of liquidity and operating cash flow do not have a significant impact on the company's stock return. 

Financial distress refers to a company’s persistent inability to meet financial obligations, signaling severe monetary strain that precedes formal bankruptcy or liquidation proceedings. This study investigates the impact of intellectual capital (VAICTM), operational capacity (TATO), capital structure (DER), and operating cash flow (OCF) on financial distress (Altman Z-Score), with profitability (ROA) serving as a mediating variable. The theoretical framework of this research is grounded in signaling theory, agency theory, and resource-based view theory. The study focuses on basic materials companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. The study utilized criterion-based sampling to select qualified respondents. Secondary datasets were analyzed through panel regression and path analysis, with Eviews 12 as the computational tool. Key findings include: (1) intellectual capital and operating capacity demonstrate a statistically significant positive influence on profitability; (2) capital structure exerts a significant adverse impact on profitability; (3) operating cash flow exhibits no statistically discernible impact on profitability; (4) both operating cash flow and profitability are positively and significantly associated with increased financial distress; (5) capital structure displays a significant inverse relationship with financial distress severity; (6) intellectual capital and operating capacity show no statistically significant associations with direct financial distress prediction; (7) profitability partially mediates the influence of intellectual capital, operating capacity, and capital structure on financial distress; and (8) profitability does not serve as a mediating variable between operating cash flow and financial distress.

Technology sector companies are known for rapid innovation but also face high uncertainty, which is likely to cause financial distress. In Indonesia, several technology firms publicly traded on the Indonesia Stock Exchange (IDX) experienced declining profitability and negative operating cash flows during the 2021–2023 period. The aim of this research is to examine the influence of profitability and operating cash flow on financial distress, with firm value as an intervening variable. The research addresses inconsistencies in financial indicators—declining profits do not always indicate financial distress, especially when firm value is not taken into account. Using secondary data from annual reports and the Investing website, this study makes use of a quantitative method involving path analysis. A purposive sampling technique resulted in 78 firm-year observations. Data analysis was carried out using SPSS software. It was found that both firm value is positively and significantly affected by profitability and operating cash flow. However, only operating cash flow and firm value have a statistically significant positive relationship with financial distress, unlike profitability. Furthermore, firm value does not mediate the relationship between profitability and financial distress but does mediate the relationship between operating cash flow and financial distress. These findings suggest that operating cash flow is a more reliable indicator than profitability in predicting financial distress and emphasize the mediating role of firm value in financial instability.

This study examines the effect of liquidity, leverage, cash flow, and managerial agency cost on financial distress among manufacturing companies listed on the Indonesia Stock Exchange. Using multiple linear regression analysis, the results show that liquidity and cash flow have a significant negative effect on financial distress, indicating that firms with higher current ratios and stronger operating cash flows are less likely to experience financial difficulties. In contrast, leverage and managerial agency costs have a significant positive effect, suggesting that excessive debt and inefficient managerial spending increase the likelihood of financial distress. The coefficient of determination (R²) of 0.983 indicates that these four variables explain 98.3% of the variation in financial distress. The findings emphasize the importance of maintaining financial efficiency and controlling agency costs to enhance corporate financial stability.

This study analyzes the effect of sales growth and capital intensity on operating cash flow at PT Sumber Alfaria Trijaya, Tbk during the 2013–2024 period. The research problem raised is whether sales growth and capital intensity have a significant effect on the company's operating cash flow. The purpose of this study is to prove the relationship between these two independent variables and operating cash flow, thus providing a basis for managerial decision-making in Indonesian retail companies. The data used in this study are secondary data in the form of annual financial statements of PT Sumber Alfaria Trijaya, Tbk over the last eleven years. The method used is a quantitative approach with regression analysis, preceded by classical assumption tests including normality, multicollinearity, heteroscedasticity, and autocorrelation tests to ensure the validity of the regression model. The results show that the residuals are normally distributed, the regression model is free from multicollinearity and heteroscedasticity, but there is positive autocorrelation in the residuals. Simultaneously, sales growth and capital intensity are proven to have a significant effect on the company's operating cash flow. These findings emphasize the importance of efficient management of sales growth and capital intensity in maintaining the stability of operating cash flow.

Background : The capital market plays an important role in the Indonesian economy as an investment vehicle for investors and a source of funding for companies. This study aims to analyze the effect of operating cash flow, investment cash flow, and accounting profit on stock returns in mining subsector manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2018–2023 period. This finding indicates that financial information, especially operating cash flow and accounting profit, can be a reference for investors in making investment decisions. Therefore, companies are advised to increase transparency in financial reports in order to provide a positive signal to investors. Method : The research used a quantitative approach with secondary data obtained from the company's financial statements published on the IDX. The analysis techniques used include descriptive statistical tests, classical assumption tests, and multiple linear regression analysis to test the research hypothesis. Results of the study : Shows that investment cash flow and accounting profit have a significant effect on stock returns, while operating cash flow does not have a significant effect. Simultaneously, operating cash flow, investment cash flow, and accounting profit affect stock returns.   Keywords: Operating Cash Flow, Investment Cash Flow, Accounting Profit, Stock Returns, Indonesia Stock Exchange

The purpose of this study is to determine the level of liquidity of PT. Astra Agro Lestari Tbk using cash flow statement analysis. The population of this study is the annual financial statements of PT. Astra Agro Lestari Tbk from 2021 to 2023. The example used in this study is the cash flow statement from 2021 to 2023. The results of the study show that changes in the three-year cash flow statement affect the company's cash flow position. In 2023, the company's operating activities increased, but in 2021–2022 they fell to a negative value. In 2023, the company's operating activities only increased, but were still negative. In 2021–2023, investment activities also decreased in value due to a decrease in loans for the purchase of fixed assets, expansion of production facilities, and expansion of biological assets. In addition, fundraising activities continued to decline, with the largest decline occurring between 2021 and 2023. The company has been illiquid for the past three years, according to its liquidity measurement with its cash ratio. Due to the inability to provide cash and cash equivalents, current liabilities then increased. The current industry standard is well below the cash ratio. This value will exceed the industry standard for the first time in 2022, indicating that the company is able to pay its short-term debt this year.

This study investigates the impact of economic policy uncertainty (EPU) on firm value and examines the role of corporate diversification between EPU and firm value. The research utilizes data from food and beverage companies in three countries Indonesia, Malaysia, and Thailand covering the period from 2019 to 2023, with 530 observations from 106 companies. It employs index-based measures for EPU and corporate diversification. Data is processed using Eviews 12, with the selected regression analysis model being the Random Effect Model (REM). The results indicate that diversification has a positive and significant effect on firm value, while EPU does not have a significant influence. Additionally, diversification cannot moderate the negative effects of EPU on firm value. Control variables positively influence firm value, including dividends, debt ratio, and operating cash flow.

This study aims to analyze the effect of gross profit on the prediction of operating cash flow at PT. Unilever Indonesia. Gross profit is calculated as the difference between revenue and cost of goods sold, including cash and credit sales, indicating the potential cash inflows expected from customers in the future. The study uses a quantitative method with secondary data obtained from PT. Unilever Indonesia's official website. The results show gross profit significantly impacts the company's operating cash flow prediction. Over the last five years, PT. Unilever Indonesia’s gross profit has increased by an average of 2% per year since 2019. Meanwhile, operating cash flow, calculated from customer receipts and various operational payments, shows fluctuations, with a 3% increase in 2019 and 2021 but only a 1% increase in 2022-2023. This decrease is due to differences in the payment of remuneration to directors and employees, which affects cash flow. These findings highlight the importance of gross profit in predicting operating cash flow in the future.

A foundation is a non-profit organization operating in the fields of religion and education, with its primary funding coming from public donations in the form of alms and charity. Although it is not intended to generate profit, a foundation must still address financial aspects and prepare financial reports in accordance with applicable standards to ensure accountability to the public. Good financial management involves budgeting, cash flow management, expense oversight, transparent financial reporting, and financial report analysis. The main issue faced by Yayasan Cipta Solo Berbagi is ineffective financial management, with financial reports being simple ledgers and not compliant with ISAK 35 standards. The Pustapako community service team collaborated with Yayasan Cipta Solo Berbagi to address this issue through a series of activities, including focus group discussions (FGDs), training, and the implementation of a web-based accounting information system. The results indicate that by applying appropriate accounting standards and using a suitable accounting information system, the foundation can produce more transparent, accurate, and comprehensible financial reports. The foundation's management now has improved capabilities in financial management, enhancing donor and public trust. This program also opens opportunities for similar programs in the future with more in-depth material and long-term support programs for foundations.  Keywords: Non-profit foundation, financial management, financial reporting, ISAK 35, accountability, accounting information system, training, community service

The research aimed to Emphasise the significance of the statement of cash flows developed by the International Accounting Standards Committee (IASC) and the International Accounting Standards Board (IASB) and Understand the concept of documented accounting information and Highlighting financial fraud and how to minimize it. The research problem was as follows from the fact that the financial statements, which do not contain the basic characteristics of accounting information, including reliability, will reduce the degree of reliance on them, which affects those lists prepared by financial institutions (banks) operating in Iraq that not taking into account the preparation of the cash flow statement will inevitably reduce the reliability of accounting information, resulting in misleading accounting outputs that will be a door to financial fraud in its various forms. Hence, the main research problem is the following question: Does enhancing the reliability of accounting information according to the preparation of the cash flow statement reduce financial fraud? The research reached many conclusions, the most important of which are International accounting standards can be said to be a written statement issued by an authorized body aimed at unifying and coordinating accounting treatments and policies to reach unified results for a set of financial transactions for ease of comparisons and understanding by the relevant parties. The statement of cash flows works to provide historical changes in financial institutions and others through and for a specific period of time and these flows are either operational, investment or financing for their various activities. The research reached many recommendations, the most important of which are: Emphasis on the different economic units to prepare a statement of cash flows because of the information it provides on historical changes in the different economic units and their quality, whether operational, investment or financing.