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All Journal JAKU (Jurnal Akuntansi & Keuangan Unja) (e-journal)
Nuriddin, Javliev
Unknown Affiliation
Economics, Econometrics & Finance

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Do Operating Cash Flows Improve Firm Performance? The Moderating Role of Bank Foreign Ownership Utkirov, Samandar; Apandi, R Nelly Nur; Sofia, Alfira; Nuriddin, Javliev
Jurnal Akuntansi & Keuangan Unja Vol 11 No 01 (2026): Jurnal Akuntansi & Keuangan Unja
Publisher : Magister Ilmu Akuntansi Universitas Jambi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/jaku.v11i01.54282

Abstract

This study examines the effect of operating cash flow on firm performance and the moderating role of bank foreign ownership. Despite extensive research on firm performance, prior studies have limited attention to how internal financial capacity interacts with external ownership mechanisms, particularly in emerging market contexts. This study employs a quantitative approach using secondary data obtained from the annual reports and financial statements of non-financial companies listed on the Indonesia Stock Exchange (IDX). The final sample comprises 428 firm observations selected through purposive sampling. Multiple linear regression analysis is used to test the proposed hypotheses. The results indicate that operating cash flow has a positive and significant effect on firm performance, suggesting that firms with stronger operational cash generation tend to achieve better financial outcomes. Furthermore, the findings reveal that bank foreign ownership significantly moderates the relationship between operating cash flow and firm performance in a negative direction, indicating that the positive impact of operating cash flow on firm performance becomes weaker in firms with higher levels of foreign ownership. These results highlight the importance of internal financial capability and ownership structure in shaping firm performance in emerging markets.
Co-Authors Nur Apandi, R Nelly Utkirov, Samandar