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All Journal Al-Kharaj: Journal of Islamic Economic and Business
yustina, hesty nur aini
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Economics, Econometrics & Finance

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The Effect of Operating Cash Flow, Financial Cash Flow, and Debt Level on Stock Return with Company Size as a Moderating Variable yustina, hesty nur aini; Miladiah Kusumaningarti; Putri Awalina
Al-Kharaj: Journal of Islamic Economic and Business Vol. 8 No. 1 (2026): All articles in this issue include authors from 3 countries of origin (Indonesi
Publisher : LP2M IAIN Palopo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24256/kharaj.v8i1.9534

Abstract

This study aims to examine the effect of operating cash flow, financing cash flow, and debt level on stock returns, with company size as a moderating variable. The approach used is quantitative with a causal research design. The research data consists of secondary data sourced from annual financial reports and closing stock prices of transportation and logistics companies listed on the Indonesia Stock Exchange during the period 2022–2024. Sampling was conducted using purposive sampling, resulting in 60 observations. The data analysis techniques applied include multiple linear regression and Moderated Regression Analysis (MRA). The results show that, partially, operating cash flow, financing cash flow, and debt level do not have a significant effect on stock returns, although simultaneously, these three variables form a significant model. The moderation analysis shows that company size moderates the relationship between operating cash flow and stock returns in a negative direction, while no moderating effect was found for cash flow from financing activities and debt levels. These findings indicate that investors tend to pay more attention to company characteristics and general market perceptions than to short-term financial information when assessing potential stock returns
Co-Authors Miladiah Kusumaningarti Putri Awalina