PENGARUH INFORMASI ARUS KAS TERHADAP RESPON INVESTOR (Studi pada Perusahaan Manufaktur)

Abstract

This research aimed to examine the effect of operational cash flow, investment cash flow and funding cash flow on the shares price.
While, in this research the data collection technique used purposive sampling. In line with, there were 28 manufacturing
companies which were listed on Indonesia Stock Exchange within 3 years (2016-2018) as sample. Moreover, the data analysis
technique used multiple linear regression. In addition, the research concluded as follows: (a) Operational Cash Flow (AKP) had
positive effect on the shares price. It meant, the higher the operational cash flow, the higher the company revenue. As consequence,
the investors would be interested to invest their money to its price would be increased; (b) the investment cash flow had positive
effect on the shares price. In other words, the increase of investment cash flow reflected company’s success in future investment.
Thus, this kind of cash flow became information which could be used for company’s investment decision making; (c) funding cash
flow did not effect the shares price. It meant, as the investors were having their investment decision making, they would consider
more things rather than dividend share, market situation, social condition, politics and economy.
Keywords: operational cash flow, investment cash flow, funding cash flow, shares price