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American Based Research Journal Vol-6-Issue-7 July-2017 ISSN (2304-7151)
http://www.abrj.org Page 22
The Effect of Cash Flows on the Share Price on Amman Stock Exchange
Author’s Details: Yazan Salameh Oroud1 Md. Aminul Islam2 Tunku Salha T.A3
1,2,3School of Business Innovation and Technopreneurship
University Malaysia Perlis, Malaysia
Abstract
This study investigated value relevance of cash flows in ASE, with emphasis on determining whether or not cash flow capture
information that influence share prices of the firms listed on ASE. Consequently, the main objective of this research was to
investigate and quantify effects of cash flows on the share prices of Jordanian companies. This study found that the cash flows
have a statistically-significant effect on the share prices of the Jordanian companies listed on ASE and that the operating cash
flows (OCFs), financing cash flows (FCFs), and investment cash flows (ICFs) together explain 13.27% of the variations in these
prices. However, whereas the OCFs have positive effect on the share prices of these companies, the effect of FCFs is negative.
Keywords: ASE, Cash flows, financing Cash flows, Investing Cash Flows, Operating Cash Flows.
1. Introduction
Chotkunakitti (2005) mentioned definitions for cash flow accounting, including that it is a financial
reporting system that describes the performance of the company in terms of cash. This system is founded on
matching of the periodic cash outflows and inflows, free of the credit transactions and the arbitrary
accounting allocation. The inflows encompass cash from the trading operations and the long-term finance
providers while the outflows encircle the payments for the replacement growth, investment, interest,
distributions, and taxation.
The various researchers use any of several classifications of the cash flows. As an example, Bowen,
Burgstahler, and Daley (1987) categorized the cash flows into cash flows from operations (OCFs) and cash
flows after investment (ICFs). They also categorized them as expected cash flows and unexpected cash
flows. However, Clubb (1995) and Chotkunakitti (2005) differentiated the cash flows into OCFs, FCFs, and
ICFs, and Clubb (1995) further classified these cash flow categories into expected and unexpected measures.
The cash flows from the investing activities relate to acquisition and the disposal of the productive
assets while the cash flows from the financing activities relate to issuance and the repayment of the long-
term sources of the capital and the cash flows from the operating activities relate to all the cash flows not
defined as financing or investing activities (Richardson et al., 2001).
The CFO is commonly viewed as the most important cash flow category due to that it derives from
the firm’s main income-producing activities. It gives indication of capacity of the firm to generate cash from
its main activities. Besides, the CFOs do basically support the dividends and capital expenditures. If the firm
cannot produce cash to pay dividend, repay loans, or make new investments, then it will tend to lend cash
from exterior sources, which may result in cash outflows in the future. Some researchers (e.g., Cheng and
Hollie (2008)) decomposed the CFOs component of the earnings into cash flows from the cost of the goods
sold, cash flows from the sales, cash flows from the operating expenses, and cash flows relating to other
expense/revenue items.
The cash available for external financing and investments too reflects the ability of the firm to make
new investments and gives the investors an indication of the dividend-paying ability of the company
(Chotkunakitti, 2005). Additionally, the CFO is employed in calculating the free cash flow, which is that
money earned from the operations after the provision for the capital expenditures at the end of some
accounting period. Basically, it is defined as the net cash flow from the operating activities minus the capital
expenditures and the dividends on the preferred stock (Lees & Leibman, 2000; Williamson, 2003). In this
regard, Mundia (2016) defined the free cash flow as the operating income plus depreciation minus interest
expense minus income taxes minus expected loan minus dividends. Dechow and Ge (2006) defined the free
cash flow as the cash flows originating from operational activities plus adding the cash flows from financial
investments. It is the profits of operation before accounting for the depreciation but after taking into
consideration the taxes and dividend payments. According to Mundia (2016), the free cash flow represents
the resources which the managers have at their disposal for investment but which could have been
distributed among shareholders. High free cash flows should be indicator of increasing or rising stock prices.
As regards the effects of cash flows on share prices of companies, it is noticed that earlier research either (i)
did not decompose cash flows into their three major elements (investing, operating, and financing cash flows
American Based Research Journal Vol-6-Issue-7 July-2017 ISSN (2304-7151)
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(ICFs, OCFs, and FCFs, respectively) or (ii) did break the cash flows into these elements but did not
investigate the individual effects of all these three elements on share prices of companies. Most of the
previous studies concentrated more, or only, on the OCF (e.g., Habib (2010) and Waldron & Jordan (2010)),
thus leaving two knowledge gaps in market research. In this regard, the present study addressed these
knowledge gaps in two steps: (i) taking into account all three elements of cash flows; and (ii) studying the
individual, as well as the combined, effects of these elements on the share prices of companies.
2. Literature review
Novianti et al. (2012) performed a study to explore the effects of changes in cash flow components and
accounting profits on stock returns of manufacturing companies listed on the Indonesian Stock Exchange
Market. A sample of 64 manufacturing companies was selected following the purposive sampling approach.
The results of multiple linear regression analysis showed that not all independent variables had significant
impacts on stock returns. Change in cash flows from investing activities and accounting profits had positive
significant effects on stock returns. Meantime, cash flows from operation activities and cash flows from
financial activities did not have significant impacts on stock returns.
Hadi et al. (2013) stated that free cash flows are of remarkable importance for external customers
and internal members of a firm. The firms having high free cash flows boost their profits by using accruals
to balance and naturalize the low profits. This will enhance the firm’s market value and ROE. In view of
this, Hadi et al. (2013) evaluated the incremental information content of free cash flows so as to describe
changes in firm’s value and accruals. The research hypotheses were tested using data from sample of 120
companies over a period of six years (beginning of 2005 to end of 2010). The results indicated that there is
significant correlation between free cash flows and firm value (or firm size), which they defined as the
market price of shares at the end of a period times the number of shares at the end of that period.
Additionally, there was a significant, direct relation between firm value and free cash flows at the
significance level of 5.0%.
Al Zararee and Al-Azzawi (2014) attempted to investigate the relation between free cash flow to
equity (FCFE) and market values of the pharmaceutical sector firms of Jordan by using a valuation
methodology taking into account the relations between net income, FCFE, net capital expenditure, debt
position, and working capital. The study employed panel data covering the period from 2004 to 2010.
Owing to that determination of firm’s market value is a difficult issue (taking into consideration many
antagonistic factors (e.g., capital expenditure and risk of debt) in the times when the economic environment
wherein the firm operates is non-stable), then choice of the particular FCFE equation can influence the
firm’s market value as much as the profit rate can. The results uncovered that firms’ market values can be
satisfactorily assessed by FCFE. This result accords with the hypothesis that FCFE has a significant positive
influence on the stock market.
Hamza (2014) carried out an investigation in an effort to find answer to the question: Is there relation
between the informational content of the statement of cash flows and stock returns of insurance companies
listed on the Damascus Securities Exchange Market? The investigation aimed at studying the informational
content of the statement of cash flows; studying the nature of the relation between cash flows from
operating, investing, and financing activities, each, and stock returns of insurance companies listed on the
Damascus Securities Exchange Market; and analyzing and testing the relation between cash flows of the
combined activities and stock returns of the insurance companies. Statistically-significant relations, as well
as lack of statistically-significant relations, between stock returns and cash flows of the studied companies
existed. For certain insurance companies, there were significant positive correlations between stock returns
and cash flows from operating and from investing activities while for others the relationships were non-
significant. However, no significant relationship between stock returns and cash flows from the three
activities combined have been observed for the studied insurance companies. On the other hand, while there
were statistically-significant, inverse relations between stock returns and cash flows from financing
activities for some companies, associations for others were non-significant.
3. Research Objectives
To determine the effects of cash flows (operating cash flows, financing cash flows, and investing cash
flows) on the share prices of Jordanian companies listed on ASE
American Based Research Journal Vol-6-Issue-7 July-2017 ISSN (2304-7151)
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4. Hypothesis
H2a: Operating cash flows (OCF) have statistically-significant effect on share prices (SP) of companies.
H2b: Investing cash flows (ICF) have statistically-significant effect on share prices (SP) of companies.
H3c: Financing cash flows (FCF) have statistically-significant effect on share prices (SP) of companies.
The foregoing main hypothesis was tested using multiple linear regression analysis according to the
following model:
SPit = α + β1OCFit + β2ICFit + β3FCFit + εit
where
SP: Share price of company i in year t.
α: Intercept
β: Slope
OCFit: Operating cash flows of company i in year t.
ICFit: Investing cash flows of company i in year t.
FCFit: Financing cash flows of company i in year t.
i: Company
t: Current financial year
ε: Model’s error of estimate
5. Hypotheses Testing
This section discusses results of the first regression model. The discussion includes the relation between
share prices of the sample companies and the cash flows. Table 5.11 displays the results of the robust, fixed-
effect GLS regression modeling (that is, according to results of Hausman and Breusch–Pagan Lagrange
multiplier tests) using the regression correction with the Driscoll-Kraay standard errors method. The results
point that the model fits the data at the 0.01 level of significance. Additionally, in this model the predictors
explain 13.27% of the variations in the SPs of the listed companies (R2 = 0.1327). The constant term in this
model is significant ( = .01) and positive.
Table 1: Results of regression modeling: The first model (fixed-effects model)
Variable
= + + + +
Coefficients
(t-static)
P>Z
OCF
7.40e-09
2.80
0.006 ***
FCF
-3.71e-09
-0.99
0.325
ICF
-1.09e-08
-1.75
0.083*
_cons
2.696407
9.92
0.000***
R-sq between
0.2441
R-sq overall
0.1327
(F-value)
7.41***
*,**,***= p-value < .10, .05, .01 ; SP = Share Price; OCF = Operating Cash Flows; FCF =
Financing Cash Flows ; ICF = Investing Cash Flows, ε = error term.
Three hypotheses are covered by this model: H1: OCFs, H2: FCFs, and H3: ICFs.
The regression analysis results are discussed in this section for each variable. The first hypothesis
was:
H1: The operating cash flows (OCFs) have a statistically-significant effect on the share prices (SPs) of
companies.
This study hypothesizes that there is a statistically-significant relationship between the OCFs and the
SPs of companies. The results presented by Table 5.11 reveal significant, positive relationship between the
OCFs and the SPs of companies (T = 2.8; p = 0.006). Therefore, the SPs will increase with the OCFs. This
finding is actually consistent with the findings of many previous studies on the effect of OCFs on SPs of
American Based Research Journal Vol-6-Issue-7 July-2017 ISSN (2304-7151)
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firms (e.g., Quirin, O'Bryan, Wilcox & Berry (1999), Krishnan and Largay (2000), Barth et al. (2001), Al-
Attar and Hussain (2004), Chotkunakitti (2005), Al-Khaddash & Al-Abbadi (2005), Farshadfar, Ng &
Brimble (2008), Habib (2010), Waldron and Jordan (2010), Ebaid (2011), and Shubita (2013)), which
presented empirical evidence supporting that the past OCF information can explain share prices of the
companies.
H2: The financing cash flows (FCFs) have a statistically-significant effect on the share prices (SPs) of
companies.
The second hypothesis supports that there is significant relation between the FCFs and SPs of
companies. The results summarized by Table 5.13 indicate a non-significant relationship between the FCFs
and SPs of companies (t = -0.99; p = 0.325). This result accords with the findings of Khanji and Siam
(2016).
H3: Investing cash flows (ICF)
H3: The investing cash flows (FCFs) have a statistically-significant effect on the share prices (SPs) of
companies.
The testing results (Table 5.12) support this hypothesis and uncover that there is a significant, negative
association between the SPs of companies and the ICFs (t = -1.75; p = 0.083).
6. Discussion and Conclusion
The current study found that the cash flows have significant effect on the share prices of companies.
However, while the OCFs and ICFs have statistically-significant positive and negative effects, respectively,
on share prices of companies, the effect of the FCFs on share prices was negative and statistically
insignificant. The researcher compared this finding with findings of earlier studies. As was seen in the
foregoing sub-section, the comparison resulted in categorization of the various studies into three groups; a
group of similarities, a group of differences, and a group with context-specific results.
The first group of studies includes various published works with which the present study shares some
results in common. First, Koerniadi and Tourani-Rad (2005) reported a significant, positive relationship
between the OCFs and future stock returns of New Zealand companies during the period 1987-2003.
However, they deflated all the study variables by the average total assets. Second, the present finding
compares with one of the findings of Dastgir, Sajadi, and Akhgar (2009). These researchers investigated the
relations between components of income statements and flow statements and the stock returns of 65 firms
listed on TSEM from 2003 to 2005. One of their findings was that the cash flows from operating activities
per share have significant, positive relationship with the stock returns of the sample companies. In addition,
of the three cash flow categories, the ICFs explained the relatively highest percentage of variations in the
stock prices (14.9%), followed by the FCFs (10.9%), and the OCFs (10.4%). Third, Mazloom,
Azarberahman, and Azarberahman (2013) explored the associations of stock returns of Iranian companies in
the period 2003-2011 with several cash flow and earning measures of firm’s performance. Regression
analysis showed that the net cash flows from operating activities ratio had a significant (p < .05), positive
effect on the stock returns of the Iranian companies. Furthermore, of the three investigated predictors, the
cash flows from the operating activities had the highest explanatory power (R2 = .191) of the stock returns of
the studied companies, followed by the cash flows from the investing activities (R2 = .060) and the cash
flows from the financing activities (R2 = .012). Fourth, Novianti (2012) researched into the effects of
changes in cash flows on stock returns of manufacturing companies listed on Indonesia Stock Exchange
Market during the period 2008-2009. The present study shares with her study the finding that the FCFs have
insignificant relationship with the share prices of the companies. Fifth, Hamza (2014) investigated the nature
of the relations between the OCFs, ICFs, and FCFs, individually and combined, and stock returns of
insurance companies listed on the Damascus Securities Exchange Market. This researcher found that for
certain insurance companies there were significant, positive correlations between stock returns and the OCFs
and negative, insignificant relations between the stock returns and the FCFs. Sixth, Olugbenga and Atanda
(2014) studied the relations between financial accounting information and the market values of 57 quoted
financial and non-financial companies in Nigeria in the period 1991-2010. Analysis showed that the OCFs
have a significant (p < .05), positive effect on the share prices of the listed companies in Nigeria., and that
they alone explain about 72.6% of the variations in the share prices of the sample companies. Seventh,
Khanji and Siam (2015) examined the effects of cash flows on the share price of 12 Jordanian commercial
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banks listed on Amman Stock Exchange Market during the period 2010-2013, taking into consideration the
individual and joint effects of the OCFs, ICFs, and FCFs. Statistical analysis indicated that, similar to the
findings of the present study, there is no statistically-significant (p > .05) effect of FCFs on the share prices
of the studied Jordanian commercial banks. Eighth, Asif, Arif, and Akbar (2016) examined the relations
between accounting information (EPS, capital employed per share, OCFs per share, and book value per
share) and share prices of Pakistani companies listed in the KSE-30 index from 2006 to 2013. Regression
modeling uncovered that the OCF per share have a significant, positive relationship with the share prices of
the sample companies. Ninth, Etale and Bingilar (2016) analyzed the impacts of cash flows on the stock
prices in the banking sector in Nigeria during the period 2005-2014. The researchers adopted the market
price per share as the proxy for stock price. Meantime, the dependent variables were the dividend to
operating cash flow ratio, the cash flows to total assets ratio, and the cash flows per share ratio. Results of
multiple regression analysis pointed that the three investigated cash flow components have significant,
positive effects on the share prices of the 10 sample banks. These comparisons support that the findings of
the present study related to the second research hypothesis (H2) stand comparison with earlier research.
The second group of studies encircles the studies of Dastgir et al. (2009), Novianti (2012), Mazloom
et al. (2013), Hamza (2014), and Khanji and Siam (2015). First, the present findings differ from results
which Dastgir et al. (2009) obtained in two respects as these researchers found that cash flows from
investing activities per share and cash flows from financing activities per share have significant, positive
relationships with the stock returns of the sample Iranian companies. In the current study, the ICFs had a
significant, negative relation with share price and the FCFs had negative, non-significant relation with share
prices of the sample Jordanian companies. Second, the results of this study differ from those of Novianti
(2012) in two facets owing to that this researcher found that (i) the ICFs have a significant, positive relation
with the stock returns of the 64 sample manufacturing companies while the association of the stock returns
of these companies with the OCFs was not significant. In the current study, the OCFs have a significant,
positive relation with share prices while the ICFs had a significant, negative relation with share prices of the
sample Jordanian companies. Third, the present findings differ from the results which Mazloom et al. (2013)
obtained in two aspects since these researchers found that: (i) the net cash flows from investing activities
ratio had significant, negative effects on the stock returns of the studied Iranian companies; and (ii) the net
cash flows from financing activities ratio had significant, negative effects on the stock returns of those
companies. In the present study, the ICFs had a significant, negative relation with share prices and the FCFs
had negative, non-significant relation with share prices of the sample Jordanian companies. Fourth, Hamza
(2014) explored the relations between the FCFs, ICFs, and OCFs and stock returns of insurance companies
listed on the Damascus Securities Exchange Market. He found that for certain insurance companies there
were significant positive correlations between stock returns and the ICFs while for other studied companies
the relationships were non-significant. Moreover, no significant relationship between stock returns and cash
flows from the three activities combined have been observed for the studied insurance companies. On the
other hand, for some insurance companies there were statistically-significant, negative relations between
stock returns and FCFs, while for some other companies the associations were non-significant. Fifth Khanji
and Siam (2015) reported that there are no statistically-significant (p > .05) effects of the OCFs, ICFs, and
FCFs, individually, or even combined, on the share prices of the 12 Jordanian commercial banks listed on
Amman Stock Exchange Market during the period 2010-2013. The findings of the present study contradict
with these findings in that in the present study (i) the cash flows combined have significant effect on the
share prices, and (ii) the OCFs and ICFs individually have significant effects on the share prices of the
sample Jordanian companies.
The third group of studies only includes the study of Bani Khaled (2012) who studied the effects of
the cash flows on the share prices of 13 Jordanian commercial banks in the period 2000-2009. His results
indicated that cash flows have a significant impact on the share prices of the studied banks and that the
OCFs were the most influential variable before and after the global financial crisis. What the present study
shares with that of Bani Khaled (2012) is that in both studies the OCFs were the cash flow component
having the relatively highest effect on the share prices of the studied companies. Bani Khaled (2012) also
reported that in the years 2007 and 2008, the share prices of the studied banks were not significantly affected
by the FCFs, ICFs, or OCFs, which is a finding that this researcher related to the global financial crisis that
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hit the banking sector in the world in that period and impacted the cash flows in general, thus reflecting
negatively on the values of the shares in those banks.
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