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window.loswp.shouldShowBulkDownload = true; window.loswp.showSignupCaptcha = false window.loswp.willEdgeCache = false; window.loswp.work = {"work":{"id":116456115,"created_at":"2024-03-19T23:11:34.586-07:00","from_world_paper_id":251676772,"updated_at":"2024-12-06T05:32:03.791-08:00","_data":{"publisher":"Elsevier BV","grobid_abstract":"The main purpose of this research is the study of association between various measures of firm performance based on earnings and cash flows and stock returns. This research is an applied research, and its design is semi-empirical, which is done by the method of post-event (past information). The statistical population of the research includes all companies listed in Tehran Stock Exchange (TSE), and its period is nine consecutive years, from 2003 to 2011. Simple and multiple regressions are applied in order to test the hypotheses. Results of the research represent that earning based measures are more related to stock returns than cash flow based measures. Furthermore, earning based measures depict the company performance better than cash flow measures in some companies with higher accruals. But in companies with lower accruals, the company performance cannot be depicted properly neither by earning based nor cash flow based measures.","publication_date":"2005,,","publication_name":"SSRN Electronic Journal","grobid_abstract_attachment_id":"112581888"},"document_type":"paper","pre_hit_view_count_baseline":null,"quality":"high","language":"en","title":"The Association Between Various Earnings and Cash Flow Measures of Firm Performance and Stock Returns: Some Australian Evidence","broadcastable":true,"draft":null,"has_indexable_attachment":true,"indexable":true,"seo_quality":null}}["work"]; window.loswp.workCoauthors = [141789782]; window.loswp.locale = "en"; window.loswp.countryCode = "SG"; window.loswp.cwvAbTestBucket = ""; window.loswp.designVariant = "ds_vanilla"; window.loswp.fullPageMobileSutdModalVariant = "control"; window.loswp.useOptimizedScribd4genScript = false; window.loginModal = {}; window.loginModal.appleClientId = 'edu.academia.applesignon'; window.userInChina = "false";</script><script defer="" src="https://accounts.google.com/gsi/client"></script><div class="ds-loswp-container"><div class="ds-work-card--grid-container"><div class="ds-work-card--container js-loswp-work-card"><div class="ds-work-card--cover"><div class="ds-work-cover--wrapper"><div class="ds-work-cover--container"><button class="ds-work-cover--clickable js-swp-download-button" data-signup-modal="{"location":"swp-splash-paper-cover","attachmentId":112581888,"attachmentType":"pdf"}"><img alt="First page of “The Association Between Various Earnings and Cash Flow Measures of Firm Performance and Stock Returns: Some Australian Evidence”" class="ds-work-cover--cover-thumbnail" src="https://0.academia-photos.com/attachment_thumbnails/112581888/mini_magick20240320-1-ovh81q.png?1710915193" /><img alt="PDF Icon" class="ds-work-cover--file-icon" src="//a.academia-assets.com/images/single_work_splash/adobe_icon.svg" /><div class="ds-work-cover--hover-container"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span><p>Download Free PDF</p></div><div class="ds-work-cover--ribbon-container">Download Free PDF</div><div class="ds-work-cover--ribbon-triangle"></div></button></div></div></div><div class="ds-work-card--work-information"><h1 class="ds-work-card--work-title">The Association Between Various Earnings and Cash Flow Measures of Firm Performance and Stock Returns: Some Australian Evidence</h1><div class="ds-work-card--work-authors ds-work-card--detail"><a class="ds-work-card--author js-wsj-grid-card-author ds2-5-body-md ds2-5-body-link" data-author-id="141789782" href="https://independent.academia.edu/AAzarberahman"><img alt="Profile image of Alireza Azarberahman" class="ds-work-card--author-avatar" src="https://0.academia-photos.com/141789782/153267168/142871548/s65_alireza.azarberahman.png" />Alireza Azarberahman</a></div><div class="ds-work-card--detail"><p class="ds-work-card--detail ds2-5-body-sm">2005, SSRN Electronic Journal</p><div class="ds-work-card--work-metadata"><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">visibility</span><p class="ds2-5-body-sm" id="work-metadata-view-count">…</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span><p class="ds2-5-body-sm">18 pages</p></div><div class="ds-work-card--work-metadata__stat"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">link</span><p class="ds2-5-body-sm">1 file</p></div></div><script>(async () => { const workId = 116456115; 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This research is an applied research, and its design is semi-empirical, which is done by the method of post-event (past information). The statistical population of the research includes all companies listed in Tehran Stock Exchange (TSE), and its period is nine consecutive years, from 2003 to 2011. Simple and multiple regressions are applied in order to test the hypotheses. Results of the research represent that earning based measures are more related to stock returns than cash flow based measures. Furthermore, earning based measures depict the company performance better than cash flow measures in some companies with higher accruals. But in companies with lower accruals, the company performance cannot be depicted properly neither by earning based nor cash flow based measures.</p><div class="ds-work-card--button-container"><div class="primary-buttons "><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--work-card","attachmentId":112581888,"attachmentType":"pdf","workUrl":"https://www.academia.edu/116456115/The_Association_Between_Various_Earnings_and_Cash_Flow_Measures_of_Firm_Performance_and_Stock_Returns_Some_Australian_Evidence"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">description</span>See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--work-card","attachmentId":112581888,"attachmentType":"pdf","workUrl":"https://www.academia.edu/116456115/The_Association_Between_Various_Earnings_and_Cash_Flow_Measures_of_Firm_Performance_and_Stock_Returns_Some_Australian_Evidence"}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div><div class="ds-signup-banner-trigger-container"><div class="ds-signup-banner-trigger ds-signup-banner-trigger-control"></div></div><div class="ds-signup-banner ds-signup-banner-control"><div id="ds-signup-banner-close-button"><button class="ds2-5-button ds2-5-button--secondary ds2-5-button--inverse"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">close</span></button></div><div class="ds-signup-banner-ctas" data-impression-entity-id="116456115" data-impression-entity-type="2" data-impression-source="signup-banner"><img src="//a.academia-assets.com/images/academia-logo-capital-white.svg" /><h4 class="ds2-5-heading-serif-sm">Sign up for access to the world's latest research</h4><button class="ds2-5-button ds2-5-button--inverse ds2-5-button--full-width js-swp-download-button" data-signup-modal="{"location":"signup-banner"}">Sign up for free<span class="material-symbols-outlined" style="font-size: 20px" translate="no">arrow_forward</span></button></div><div class="ds-signup-banner-divider"></div><div class="ds-signup-banner-reasons"><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Get notified about relevant papers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Save papers to use in your research</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Join the discussion with peers</span></div><div class="ds-signup-banner-reasons-item"><span class="material-symbols-outlined" style="font-size: 24px" translate="no">check</span><span>Track your impact</span></div></div></div><script>(() => { // Set up signup banner show/hide behavior: // 1. 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This research is an applied research, and its design is semi-empirical, which is done by the method of post-event (past information). The statistical population of the research includes all companies listed in Tehran Stock Exchange (TSE), and its period is nine consecutive years, from 2003 to 2011. Simple and multiple regressions are applied in order to test the hypotheses. Results of the research represent that earning based measures are more related to stock returns than cash flow based measures. Furthermore, earning based measures depict the company performance better than cash flow measures in some companies with higher accruals. But in companies with lower accruals, the company performance cannot be depicted properly neither by earning based nor cash flow based measures.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The Association between Various Earnings and Cash Flow Measures of Firm Performance and Stock Returns: some Iranian evidence","attachmentId":108946391,"attachmentType":"pdf","work_url":"https://www.academia.edu/111392459/The_Association_between_Various_Earnings_and_Cash_Flow_Measures_of_Firm_Performance_and_Stock_Returns_some_Iranian_evidence","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/111392459/The_Association_between_Various_Earnings_and_Cash_Flow_Measures_of_Firm_Performance_and_Stock_Returns_some_Iranian_evidence"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="1" data-entity-id="83549625" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/83549625/A_Study_on_the_Relationship_of_Earnings_and_Cash_Flows_Evidence_of_Finance_Sector_in_Iran">A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="50608580" href="https://mashhad.academia.edu/MSalehi">Mahdi Salehi</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Brand Broad Research in Accounting Negotiation and Distribution, 2013</p><p class="ds-related-work--abstract ds2-5-body-sm">The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn't support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran","attachmentId":88856846,"attachmentType":"pdf","work_url":"https://www.academia.edu/83549625/A_Study_on_the_Relationship_of_Earnings_and_Cash_Flows_Evidence_of_Finance_Sector_in_Iran","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/83549625/A_Study_on_the_Relationship_of_Earnings_and_Cash_Flows_Evidence_of_Finance_Sector_in_Iran"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="2" data-entity-id="94257842" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/94257842/A_study_on_relationship_between_earnings_management_and_operating_cash_flows_management_Evidence_from_Tehran_Stock_Exchange">A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="116394161" href="https://independent.academia.edu/mohsenhosseini37">mohsen hosseini</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Management Science Letters, 2013</p><p class="ds-related-work--abstract ds2-5-body-sm">This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange","attachmentId":96765087,"attachmentType":"pdf","work_url":"https://www.academia.edu/94257842/A_study_on_relationship_between_earnings_management_and_operating_cash_flows_management_Evidence_from_Tehran_Stock_Exchange","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/94257842/A_study_on_relationship_between_earnings_management_and_operating_cash_flows_management_Evidence_from_Tehran_Stock_Exchange"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="3" data-entity-id="7797106" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/7797106/Accounting_earnings_and_cash_flows_as_measures_of_firm_performance_The_role_of_accounting_accruals">Accounting earnings and cash flows as measures of firm performance The role of accounting accruals</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="14427103" href="https://reading.academia.edu/RubyYu">Ruby Yu</a></div><p class="ds-related-work--abstract ds2-5-body-sm">under which accruals are predicted to improve earnings' ability to measure firm performance, as reflected in stock returns. The importance of accruals is hypothesized to increase (i) the shorter the performance measurement interval, (ii) the greater the volatility of the firm's working capital requirements and investment and financing activities, and (iii) the longer the firm's operating cycle. Under each of these circumstances, cash flows are predicted to suffer more severely from timing and matching problems that reduce their ability to reflect firm performance. The results of empirical tests are consistent with these predictions.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Accounting earnings and cash flows as measures of firm performance The role of accounting accruals","attachmentId":34304555,"attachmentType":"pdf","work_url":"https://www.academia.edu/7797106/Accounting_earnings_and_cash_flows_as_measures_of_firm_performance_The_role_of_accounting_accruals","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/7797106/Accounting_earnings_and_cash_flows_as_measures_of_firm_performance_The_role_of_accounting_accruals"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="4" data-entity-id="7845884" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/7845884/A_study_on_relationship_between_earnings_before_tax_interest_and_operational_cash_flows_with_stockholders_equity">A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="10867090" href="https://allameh.academia.edu/HosseinParsian">Dr.Hossein Parsian</a><span>, </span><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="32210845" href="https://independent.academia.edu/AmirShams5">Amir Shams</a></div><p class="ds-related-work--abstract ds2-5-body-sm">One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement's criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders' return in Tehran Stock Exchange (TSE). In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders 'return; but operational cash flow has no significant effect on stockholders' return. In other words, earnings before interest and tax have higher information content than operational cash flow.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity","attachmentId":34342203,"attachmentType":"pdf","work_url":"https://www.academia.edu/7845884/A_study_on_relationship_between_earnings_before_tax_interest_and_operational_cash_flows_with_stockholders_equity","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/7845884/A_study_on_relationship_between_earnings_before_tax_interest_and_operational_cash_flows_with_stockholders_equity"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="5" data-entity-id="27086080" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/27086080/Information_Provided_by_Accrual_and_Cash_Flow_Measures_in_Determining_Firms%C3%A2_Performance_Malaysian_Evidence">Information Provided by Accrual and Cash Flow Measures in Determining Firmsâ€™ Performance: Malaysian Evidence</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="51133877" href="https://iium.academia.edu/ShamsulAbdullah">Shamsul Abdullah</a></div><p class="ds-related-work--metadata ds2-5-body-xs">American Journal of Applied Sciences, 2004</p><p class="ds-related-work--abstract ds2-5-body-sm">Accrual and cash flow measures have been argued to be able to evaluate firms' performance, although the results are inconclusive throughout countries and time. This study examined the accrual and cash flow measures independently and jointly among Malaysian firms. The study predicted that the low cash flow subgroups (high income to cash flow firms) would show better results in operating, investing and financing activities. Our descriptive analysis of the structural components of the firms seemed to confirm that low cash firms relatively had higher sales, total assets and shareholders' equity than the high cash firms, indicating that these firms showed better operating performance than other subgroups. With regard to the investing and financing activities, small firm group confirmed the expectations but big firms exhibit different results. Further analysis on the correlation among variables yielded evidence to suggest that there is a significant relationship between non-current assets and debt with investing and financing cash flows, in the expected direction of movement. Using income and cash flow measures, independently and jointly, the results show that none of the measures can be used to evaluate Malaysian firms' performance. The findings appear to be not supportive of previous research which argued that income and cash flow measures have incremental and joint information in assessing firms' performance.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Information Provided by Accrual and Cash Flow Measures in Determining Firmsâ€™ Performance: Malaysian Evidence","attachmentId":47339608,"attachmentType":"pdf","work_url":"https://www.academia.edu/27086080/Information_Provided_by_Accrual_and_Cash_Flow_Measures_in_Determining_Firms%C3%A2_Performance_Malaysian_Evidence","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/27086080/Information_Provided_by_Accrual_and_Cash_Flow_Measures_in_Determining_Firms%C3%A2_Performance_Malaysian_Evidence"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="6" data-entity-id="1602705" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/1602705/Earnings_cashflows_and_returns_Functional_relations_and_the_impact_of_firm_size">Earnings, cashflows and returns: Functional relations and the impact of firm size</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="972981" href="https://rmit.academia.edu/PetaStevensonClarke">Peta Stevenson-Clarke</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Accounting & Finance, 2000</p><p class="ds-related-work--abstract ds2-5-body-sm">The relation between stock returns, earnings and cashflows is of importance because it directly addresses the issue of whether accounting data provide value relevant information. The empirical evidence to date, however, has documented low explanatory power for earnings and inconclusive incremental information content for cashflows. This research re-evaluates the incremental information content debate using Australian data. Our research is motivated by: recent innovations in research design, including the specification of nonlinear functional relations between accounting variables and prices, and the fact that differences in firm size characteristics may influence the relative information content of the accounting variables. We observe that: (i) a nonlinear functional relation provides greater explanatory power for both earnings and cashflows; (ii) the results are consistent with more transitory earnings components for smaller firms; and (iii) contrary to received theory, cashflows add greater incremental explanatory power for large firms. seminar participants at the Universities of Queensland, New England and Santa Clara, as well as the 1998 AAANZ Conference, are greatly appreciated. We also acknowledge the helpful comments and suggestions of two anonymous referees. content of earnings and cashflows with respect to prices. In summary, the research has documented a positive (but low) information content of earnings for prices 1 ), but has not provided conclusive evidence on the incremental information content of cashflows. Both of these results can be viewed as surprising given the historical emphasis on earnings by accountants and investors, the recent move of accounting bodies to introduce professional standards requiring the mandatory reporting of cashflows, 2 and the professed importance of cashflows to financial analysts Yap, 1997).</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Earnings, cashflows and returns: Functional relations and the impact of firm size","attachmentId":50909470,"attachmentType":"pdf","work_url":"https://www.academia.edu/1602705/Earnings_cashflows_and_returns_Functional_relations_and_the_impact_of_firm_size","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/1602705/Earnings_cashflows_and_returns_Functional_relations_and_the_impact_of_firm_size"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="7" data-entity-id="112494074" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/112494074/Earnings_versus_Cash_Flows_Evidence_from_Pakistan">Earnings versus Cash Flows: Evidence from Pakistan</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="107554558" href="https://iiu-pk.academia.edu/KhanNaveed">Naveed Khan</a></div><p class="ds-related-work--metadata ds2-5-body-xs">Advances in Business and Commerce (ABC) , 2023</p><p class="ds-related-work--abstract ds2-5-body-sm">The performance and evaluation of firms has always been a matter of concern for market participants. Therefore, we examine the potential impact of different performance and evaluation measures including earnings and cash flows to determine the measure that best apprehends the firm performance in stock returns. Moreover, we also examine the role of accruals in this regard. For the empirics we take sample comprised of actively traded companies of the textile sector of Pakistan and employed panel data regression models to test the hypothesis of the study. After the analysis, we find that earnings possess supremacy over cash flows in explaining the stock returns. Further, we document that the finding is specifically true in the case of profit-making firms. Where in case of loss-making firms, neither earnings nor cash flows better reflect the firms' performance. Similarly, we find that when the size of accruals is increased, the earnings undoubtedly gain potential to disclose the firm performance, thus weakening the capability of cash flows in this connection.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Earnings versus Cash Flows: Evidence from Pakistan","attachmentId":109707683,"attachmentType":"pdf","work_url":"https://www.academia.edu/112494074/Earnings_versus_Cash_Flows_Evidence_from_Pakistan","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/112494074/Earnings_versus_Cash_Flows_Evidence_from_Pakistan"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="8" data-entity-id="94405581" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/94405581/The_Moderating_Role_of_Earnings_Management_on_the_Relationship_between_Cash_Flow_Activities_and_Stock_Returns_in_the_Jordanian_Manufacturing_Firms">The Moderating Role of Earnings Management on the Relationship between Cash Flow Activities and Stock Returns in the Jordanian Manufacturing Firms</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="129661163" href="https://al-balqa.academia.edu/sinanabbadi">sinan abbadi</a></div><p class="ds-related-work--metadata ds2-5-body-xs">2020</p><p class="ds-related-work--abstract ds2-5-body-sm">Purpose: This study examined the moderating role of earnings management on the relationship between cash flow activities and stock returns among the Jordanian manufacturing firms. Methodology: Data was collected from 44 companies listed in Amman Stock Exchange for the period 2013-2018. The obtained data was subsequently analyzed using descriptive and multiple linear regression analysis tools of SPSS, version 27. Findings: This study observed that earnings management, computed as per the modified Jones model of 1995, among the manufacturing firms in Jordan produce no significant influence on the relationship between stock returns and the cash flow activities. Moreover, there was no significant association between cash flow activities and the firms' stock returns. Practical implications: The findings from this study give the management of manufacturing firms more freedom to independently list their stock. Originality: This paper highlights a pragmatic dissonance between earnings management and cash flow activities and stock returns as demonstrated by the data obtained from the manufacturing firms listed in Amman stock exchange for the period 2013-2018.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The Moderating Role of Earnings Management on the Relationship between Cash Flow Activities and Stock Returns in the Jordanian Manufacturing Firms","attachmentId":96871093,"attachmentType":"pdf","work_url":"https://www.academia.edu/94405581/The_Moderating_Role_of_Earnings_Management_on_the_Relationship_between_Cash_Flow_Activities_and_Stock_Returns_in_the_Jordanian_Manufacturing_Firms","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/94405581/The_Moderating_Role_of_Earnings_Management_on_the_Relationship_between_Cash_Flow_Activities_and_Stock_Returns_in_the_Jordanian_Manufacturing_Firms"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container js-wsj-grid-card" data-collection-position="9" data-entity-id="39414117" data-sort-order="default"><a class="ds-related-work--title js-wsj-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/39414117/How_Do_Earnings_Numbers_Relate_to_Stock_Returns_A_Review_of_Classic_Accounting_Research_with_Updated_Evidence">How Do Earnings Numbers Relate to Stock Returns? A Review of Classic Accounting Research with Updated Evidence</a><div class="ds-related-work--metadata"><a class="js-wsj-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="116225348" href="https://lancaster.academia.edu/travelNiki">travel Niki</a></div><p class="ds-related-work--abstract ds2-5-body-sm">SYNOPSIS: An extensive body of academic research in accounting develops theory and empirical evidence on the relation between eamings information and stock returns. This literature provides important insights for understanding the relevance of financial reporting. In this article, we summarize the theory and evidence on how accounting eamings information relates to firms' stock returns, particularly for the benefit of students , practitioners, and others who may not yet have been exposed to this literature. In addition, we present new empirical evidence on the relation between eamings and returns by replicating and extending three classic studies using data from 1988 through 2002. Specifically, we first demonstrate the relation between eamings changes and stock returns, replicating Ball and Brown (1968), and we compare that relation to the relation between changes in cash flows from operations and stock returns. Second, we demonstrate the impact of eamings persistence on stock returns, extending findings from studies such as Kormendi and Lipe (1987), and highlighting the effects of differences in persistence across eamings increases and decreases. Third, we provide evidence to assess the efficiency with which the capital markets impound quarterly earnings information into share prices, showing that the post-earnings-announcement-drifl results of Bernard and Thomas (1989) extend to recent data.</p><div class="ds-related-work--ctas"><button class="ds2-5-text-link ds2-5-text-link--inline js-swp-download-button" data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"How Do Earnings Numbers Relate to Stock Returns? A Review of Classic Accounting Research with Updated Evidence","attachmentId":59559161,"attachmentType":"pdf","work_url":"https://www.academia.edu/39414117/How_Do_Earnings_Numbers_Relate_to_Stock_Returns_A_Review_of_Classic_Accounting_Research_with_Updated_Evidence","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-wsj-grid-card-view-pdf" href="https://www.academia.edu/39414117/How_Do_Earnings_Numbers_Relate_to_Stock_Returns_A_Review_of_Classic_Accounting_Research_with_Updated_Evidence"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div></div></div><div class="ds-sticky-ctas--wrapper js-loswp-sticky-ctas hidden"><div class="ds-sticky-ctas--grid-container"><div class="ds-sticky-ctas--container"><button class="ds2-5-button js-swp-download-button" data-signup-modal="{"location":"continue-reading-button--sticky-ctas","attachmentId":112581888,"attachmentType":"pdf","workUrl":null}">See full PDF</button><button class="ds2-5-button ds2-5-button--secondary js-swp-download-button" data-signup-modal="{"location":"download-pdf-button--sticky-ctas","attachmentId":112581888,"attachmentType":"pdf","workUrl":null}"><span class="material-symbols-outlined" style="font-size: 20px" translate="no">download</span>Download PDF</button></div></div></div><div class="ds-below-fold--grid-container"><div class="ds-work--container js-loswp-embedded-document"><div class="attachment_preview" data-attachment="Attachment_112581888" style="display: none"><div class="js-scribd-document-container"><div class="scribd--document-loading js-scribd-document-loader" style="display: block;"><img alt="Loading..." src="//a.academia-assets.com/images/loaders/paper-load.gif" /><p>Loading Preview</p></div></div><div style="text-align: center;"><div class="scribd--no-preview-alert js-preview-unavailable"><p>Sorry, preview is currently unavailable. You can download the paper by clicking the button above.</p></div></div></div></div><div class="ds-sidebar--container js-work-sidebar"><div class="ds-related-content--container"><h2 class="ds-related-content--heading">Related papers</h2><div class="ds-related-work--container js-related-work-sidebar-card" data-collection-position="0" data-entity-id="86610459" data-sort-order="default"><a class="ds-related-work--title js-related-work-grid-card-title ds2-5-body-md ds2-5-body-link" href="https://www.academia.edu/86610459/Effectiveness_of_Firm_Performance_and_Earnings_Management_to_Stock_Prices">Effectiveness of Firm Performance and Earnings Management to Stock Prices</a><div class="ds-related-work--metadata"><a class="js-related-work-grid-card-author ds2-5-body-sm ds2-5-body-link" data-author-id="89960639" href="https://independent.academia.edu/juitaTanjungtanjung">juita Tanjung tanjung</a></div><p class="ds-related-work--metadata ds2-5-body-xs">EPRA International Journal of 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data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"The Impact of Earnings Management on Stock Returns for Listed Industrial Firms on the Amman Stock Exchange","attachmentId":75840680,"attachmentType":"pdf","work_url":"https://www.academia.edu/63396473/The_Impact_of_Earnings_Management_on_Stock_Returns_for_Listed_Industrial_Firms_on_the_Amman_Stock_Exchange","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-related-work-grid-card-view-pdf" href="https://www.academia.edu/63396473/The_Impact_of_Earnings_Management_on_Stock_Returns_for_Listed_Industrial_Firms_on_the_Amman_Stock_Exchange"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div 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data-signup-modal="{"location":"wsj-grid-card-download-pdf-modal","work_title":"Information Content of Earnings and Operating Cash Flows: Evidence from the Tehran Stock Exchange","attachmentId":84648653,"attachmentType":"pdf","work_url":"https://www.academia.edu/77207827/Information_Content_of_Earnings_and_Operating_Cash_Flows_Evidence_from_the_Tehran_Stock_Exchange","alternativeTracking":true}"><span class="material-symbols-outlined" style="font-size: 18px" translate="no">download</span><span class="ds2-5-text-link__content">Download free PDF</span></button><a class="ds2-5-text-link ds2-5-text-link--inline js-related-work-grid-card-view-pdf" href="https://www.academia.edu/77207827/Information_Content_of_Earnings_and_Operating_Cash_Flows_Evidence_from_the_Tehran_Stock_Exchange"><span class="ds2-5-text-link__content">View PDF</span><span class="material-symbols-outlined" style="font-size: 18px" translate="no">chevron_right</span></a></div></div><div class="ds-related-work--container 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