The Effect of Cash Flow and Net Income on Stock Prices of Retail Sector Companies Listed on the Indonesia Stock Exchange (BEI) during the 2020–2023 Period
Abstract
Purpose: This study aims to analyze and examine the effect of cash flow and net income on stock prices in retail sector companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2023.
Research Design and Methodology: The study employs a quantitative descriptive research approach using a multiple linear regression model. Secondary data were obtained from published financial statements of retail companies listed on the IDX. Data analysis was conducted using the Statistical Package for the Social Sciences (SPSS) version 26 to test both partial and simultaneous effects of the independent variables on stock prices.
Findings and Discussion: The results indicate that cash flow does not have a positive and significant effect on stock prices, suggesting that an increase in cash flow does not necessarily lead to an increase in stock prices. In contrast, net income has a positive and significant effect on stock prices, indicating that higher net income is associated with higher stock prices. Furthermore, the findings show that cash flow and net income jointly have a significant influence on stock prices.
Implications: These findings imply that investors in the retail sector place greater emphasis on net income than on cash flow when making investment decisions. For companies, improving profitability may be more effective in enhancing stock value than focusing solely on cash flow performance. This study also provides empirical evidence that can support financial decision-making and future research related to stock price determinants in emerging markets.
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