• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.87-94
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• 2020

The paper aims to investigate the impact of presenting statements of cash flow using the direct method and the indirect method on loan decision by credit officers at Vietnamese banks. The data was collected from 150 credit officers of commercial banks in Vietnam based on the questionnaire about making loan decision when the cash flow statement is presented in different methods, namely, direct and indirect methods. This research uses T-tests to check whether using the direct or indirect method affects the accurate calculation of loan criteria, affects the loan decision by credit officers, and compare these two methods in the aspects of information provision. The research has pointed out that: 1) the direct method helps the calculation of indicators related to loans more accurately; 2) credit officers say that, while the direct method of presenting cash flow statement provides clearer information, the use of either the direct method or the indirect method does not affect the banks' loan decision. Since then, the author recommends that cash flow statements should be provided with information in a direct method to present the information needed for loan decision more accurately so as to improve the quality of cash flow statement.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.37-43
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• 2021

The main objective of this study is to discuss the effect of free cash flow as a moderating variable on managers' decisions as regard earnings management. Companies with free cash flow are expected to refrain from taking opportunistic actions such as earnings management. The research used quantitative methods with sub-group moderating analysis. It is found that there is a significant relationship between past performance and earnings management, where the free cash flow is the moderating variable. The effect of past performance on earnings management is shown to slightly increase as free cash flow is considered. The findings of this study prove that earnings management is a practice that is often done by utilizing the flexibility of accounting recording and recognition mechanisms. Past performance becomes the main variable in encouraging managers to manage earnings by reducing revenue in the current period. This research can also be a reference in explaining managerial behavior and can be a reference to improving ethical human resource capabilities. This research focuses on companies in Indonesia that conduct earnings management by lowering profits as a result of declining past performance and examines aspects of free cash flow that reinforces the conduct of earnings management.

• 산업경영시스템학회지
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• 제31권4호
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• pp.177-187
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• 2008

It is very important to select optimal investment alternative. The common method of economic evaluation is to compare of NPV, FW, AE by MARR, or the rate of return for the cash flow of alternatives. This method is undergoing by assumption that cash flow can be always evaluated by MARR, but the cash flow is not always increased or discounted like MARR. So this paper suggests a model on an economic analysis and evaluation regarding to various cash pattern, that is helpful for the person in the field to use easily.

• 한국건축시공학회지
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• 제12권3호
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• pp.257-265
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• 2012

공동주택 건설사업에서 건설사들은 다수의 프로젝트를 동시에 수행하고 있으며, 최적의 공정관리와 자원투입으로 프로젝트의 현금흐름을 정확히 예측하는 것은 합리적 자금운용과 경쟁력 향상을 위하여 필수적이다. 기존의 현금흐름 예측 방법은 수입과 지출요소의 차이가 크게 발생하여 정확성이 낮아졌다. 본 연구는 K 건설사의 공동주택 공사관리 실태를 조사하여 현금흐름 예측의 문제점을 파악하였다. 기존의 원가관리 시스템의 개선을 위해 업무프로세스와 공사관리 시스템의 통합이 필요하였다. 현금흐름 예측모델 구축을 위해 수입과 지출요소 및 지출방법 등을 종합 현금흐름 예측창에 표시하였다. 또한, K사의 실시간 손익실행금액과 매출기성을 산정할 수 있는 TO-BE 업무 모델을 구축하여, 수입과 지출의 부정확한 요소를 배제한 현금흐름 예측 모델을 제안하였다.

• 한국건축시공학회지
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• 제4권4호
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• pp.135-142
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• 2004

The purpose of this study is to predict remodeling timing of Permanent Rental Housing through historic data and cash flow analysis. For this aim, the study has estimated cash flow of Permanent Rental Housing considering initial construction costs, government supporting fund, rental incomes and maintenance expenses. Based on the expected cash flow analysis, reasonable remodeling timing is predicted for Permanent Rental Housing. The results of this study are as follows: (1) it is analyzed that building a8e of about 27 years is the best time for remodeling because cumulative surplus amounts reach maximum level, (2) it is required that remodeling should be made before 34 years of age roughly because cumulative surplus amounts change into minus from this time.

• 한국건축시공학회:학술대회논문집
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• 한국건축시공학회 2012년도 춘계 학술논문 발표대회
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• pp.303-305
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• 2012

This paper presents a system called a Cash-flow based Construction Scheduling Optimization (CfSO). The existing CPM is biased on schedule and cost management. For a profitable and successful project management, the cash-flow which occurred actually by contractual conditions should be considered in the project scheduling. Therefore, this study provides a method to estimate the amount of a cash-flow occurred periodically by integrating the terms of contract into scheduling. The proposed methodology is implemented as a system prototype in Microsoft Excel. CfSO helps a site manager as a decision-maker to establish a optimized project scheduling and decide profitable contractual conditions against a construction owner.

• East Asian Economic Review
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• 제23권4호
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• pp.353-379
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• 2019

This paper aims to determine factors causing the stagnation of Korean firms' fixed investment after the global financial crisis, using panel data for the period of 1999-2016. Fixed investment remained sensitive to cash flow and Tobin's q although their effects decreased after the global financial crisis. A decreasing trend of cash flow and an increase in Tobin's q since the early 2000's imply that the worsening cash flow was a major factor behind the sluggish investment after the crisis. Meanwhile, debt-equity ratio remained significant for non-chaebol affiliated firms, reflecting disparity in access to external financing. Volatility of stock returns also became insignificant after the crisis, casting doubt on the argument that uncertainty was a major factor contributing to the decline of fixed investment. Analysis of financial investment confirmed the significant effect of cash flow, larger than that on financial investment than on fixed investment. In particular, debt repayment and other financial investment, except share repurchase, were sensitive to cash flow. However, the substitution of fixed investment by financial investment is a consequence, rather than a cause of declining fixed investment.

• 아태비즈니스연구
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• 제11권3호
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• pp.137-151
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• 2020

Purpose - The purpose of this study is to investigate whether financial analysts' cash flow forecasts mitigate the accrual anomaly. In addition, we examine whether the more accurate analysts' cash flow forecasts are the greater the decline of the accrual anomaly. Design/methodology/approach - Data used in the empirical tests are extracted through KIS-VALUE and FN-GUIDE, and the sample consists of firms listed on Korea Stock Exchange for 7 years from 2005 to 2011. We test the hypotheses using multiple regression analysis and we also estimate the regressions with the decile ranks of the explanatory variables to minimize the influence of outliers. Findings - We have failed to capture evidence that the provision of financial analysts' cash flow forecasts itself reduces the accrual anomaly. However, we find the accrual anomaly to be less severe when financial analysts provide more accurate cash flow forecasts. The findings are consistent in the regression models with the decile ranks as well as in the robustness tests that controlled the accruals quality. Research implications or Originality - This study contributes to the expansion of related studies in the Korea by providing empirical evidence partially that the financial analysts' cash flow forecasts mitigate the accrual anomaly.

• 문화기술의 융합
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• 제4권1호
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• pp.67-73
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• 2018

본 연구는 코스닥 상장기업을 대상으로 하여 기업의 재무적 상황변수라고 할 수 있는 잉여현금흐름 및 잉여현금흐름과 부채비율의 상호작용효과가 조세회피에 어떠한 영향을 미치고 있는지를 분석해 보았다는데 그 의의가 있다. 실증분석결과, 조세회피와 잉여현금흐름의 관계에서 유의한 양(+)의 관계가 제시되어 졌다. 이러한 결과는 코스닥 상장기업에서는 전년도의 잉여현금흐름이 크다면 내부적인 현금보유의 목적에서 조세부담으로 인한 현금유출을 최소화하기 위해 조세회피를 증가시키고 있다는 것으로 해석되어 진다. 또한, 잉여현금흐름과 부채비율의 상호작용효과가 조세회피에 유의한 양(+)의 영향을 미치는 결과가 제시되어졌는데 이러한 결과는 코스닥 상장기업의 잉여현금흐름이 크다면 기업운영에 필요한 자금을 추가적인 부채발행을 통하여 조달하려는 가능성이 낮아 질 것이고 그에 따른 부채의 감세효과 또한 줄어들어 조세회피를 증가시킬 수 있는 유인이 있다는 점이 고려되어진 결과로 보여진다. 본 연구의 이러한 결과들은 코스닥 상장기업에서는 잉여현금흐름 및 잉여현금흐름과 부채비율의 상호작용이 조세회피에 유의한 영향을 미치고 있으므로 과세당국의 기업관련 조세회피 규제정책입안에 참고될 수 있을 것이라 판단되어 진다.

• The Journal of Asian Finance, Economics and Business
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• 제8권11호
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• pp.223-234
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• 2021

This study aims to examine whether operating cash flows influence banks' financial stability in Pakistan. The study employed annual panel data collected from annual reports of 20 commercial banks listed on the Pakistan Stock Exchange for the year 2011 to 2019. Free cash flow yield was taken as the dependent variable while cash flow ratio was selected as the independent variable, and net interest margin, income diversification, asset quality, financial leverage, the cost to income ratio, advance net of provisions to total assets ratio, capital ratio, financial performance, breakup value per share and bank size were taken as control variables. The study performed ordinary least square technique, random and fixed effects models, Hausman test, Lagrange multiplier test, descriptive and correlation analysis. Results showed that operating cash flows and net interest margin significantly and positively influenced banks' financial stability while the cost to income ratio and advances net of provisions to total assets ratio significantly and negatively associated with banks' financial stability. To improve financial stability, banks should become more cost-effective and enhance their liquidity levels by lowering lending activities. In the future, it would be useful to compare commercial and investment banks, also Islamic and conventional banks in the same research setting.