VALUE RELEVANCE AND CASH FLOW: LISTED COMPANIES IN MAI
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The objectives of this study were as follows: 1) To examine the relationship between the quality of accounting information, measured from the perspective of value relevance, and cash flows from operating activities. 2) To investigate the relationship between the quality of accounting data, measured from the perspective of value relevance, and cash flows from investing activities. and 3) To analyze the relationship between the quality of accounting data, measured from the perspective of value relevance, and cash flows from financing activities. The sample consisted of 117 companies listed on the MAI Stock Exchange from 2016 to 2020, across all industry groups, excluding the financial business industry. This exclusion was due to the differing content of financial reports in this sector compared to other industries, and companies with incomplete information were also excluded. The data was collected quarterly, resulting in a total of 2,340 data points. Data analysis involved descriptive statistics, including frequency, percentage, mean, and standard deviation, as well as multiple regression analysis with a statistical significance level of 0.05. The results revealed a relationship between the quality of accounting Information and cash flows from operating activities, investing activities, and financing activities of companies listed on the MAI Stock Exchange. Higher stock prices and returns were shown to affect business cash flows. To further expand the scope of research on the quality of accounting Information in relation to decision-making, future studies are recommended to explore alternative methods for measuring the quality of accounting Information.
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