Analysis of Cash Flow Statements Using Sharia Accounting Principles as a Tool for Measuring Investment Decisions
DOI:
https://doi.org/10.61194/ijjm.v5i4.1231Keywords:
Cash Flow, Investment Decisions, Ratio AnalysisAbstract
The purpose of this study was to determine the application of sharia accounting principles in analyzing cash flow statements can be used as an effective tool for measuring and making investment decision decisions at PT Adhi Karya (Persero) Tbk. This research uses a qualitative approach with descriptive methods. Data obtained from the company's cash flow statement in the period 2019-2023. The results of the analysis of the cash flow statement at PT Adhi Karya (Persero) Tbk show the use of the ratio analysis method, by paying attention to several key ratios. Liquidity ratios, such as Operating Cash Flow (OCF), show figures of 2%, 5%, 5%, 5%, 0%. The Funds Flow Coverage Ratio (CAD) has values of 1.61 times, 0.70 times, 0.89 times, 0.85 times, 0.81 times. The ratio of Operating Cash Flow to Interest (OCF) has a value of 2.62 times, 3.77 times, 3.57 times, 3.48 times, 2.54 times. The Capital Expenditure (CPE) ratio reached 2,136.60 times, 5,395.08 times, 3,770.59 times, 1,296.07 times, 273.36 times. Meanwhile, the Total Debt (TH) ratio ranged from 2%, 4%, 4%, 4%, 0%. In addition, the results of the Cash Flow Adequacy Flexibility Ratio (ACC) show values of 0.020 times, -0.015 times, -0.004 times, -0.006 times, -0.012 times. From this analysis, investment decisions can be made based on the performance of the cash flow statement of PT Adhi Karya (Persero) Tbk, indicating that the company's financial reporting reflects compliance with Islamic accounting principles. Fairness and accountability in the company's liquidity reflect accountability.
Downloads
References
Ansari, J., Harmain, H., & Nurwani, N. (2023). Application of ISAK 35 concerning the Presentation of Financial Statements of Non-Profit Oriented Entities (Case Study at the Al - Marhamah Orphanage Medan). Daengku: Journal of Humanities and Social Sciences Innovation, 3(2), 260–269. https://doi.org/10.35877/454ri.daengku1520
Ansyu, M. K. M., Pelleng, F. A. O., & Manoppo, W. S. (2020). Analisis Cash Flow pada PT. Teratai Murni Lines. Productivity, 1(3). https://ejournal.unsrat.ac.id/v3/index.php/productivity/article/view/29739/28800
Harahap, P. L., & Yusrizal, Y. (2023). Analisis Kualitas Jasa Sewa Dekorasi Pesta Dalam Meningkatkan Kepuasan Pelanggan. Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(2), 2258–2272. https://doi.org/10.47467/alkharaj.v6i2.5170
Herman, & Chaidir, R. (2023). The Influence of Operating Cash Flows, Investments Cash Flow, and Funding Cash Flow on the Company Value in Technology Sector. Ilomata International Journal of Tax and Accounting, 4(3), 546–560. https://doi.org/10.52728/IJTC.V4I3.780
Kamilah, K., & Nasution, Y. S. J. (2024). The Optimization of Digitalization in Facing Global Competition: The Case of Islamic Accounting. Qubahan Academic Journal , 4(2), 14–22. https://doi.org/10.48161/qaj.v4n2a232
Khoerulloh, A. K., & Janwari, Y. (2021). Analysis of Investment Decisions in Sharia Cooperatives: Does Sharia Accounting Standards Affect? Economica: Jurnal Ekonomi Islam, 12(1), 119–140. https://doi.org/10.21580/economica.2021.12.1.6442
Kusmilawaty, Tarigan, A. A., & Nasution, Y. S. J. (2024). Good Corporate Governance Sebagai Implementasi Amanah Dalam Al-Qur’an (Tafsir QS. Al-Mu’minun). Jurnal Ilmiah Ekonomi Islam, 10(1), 1045. https://doi.org/10.29040/jiei.v10i1.12803
Lee, J., & Kim, E. (2019). Foreign monitoring and predictability of future cash flow. Sustainability (Switzerland), 11(18). https://doi.org/10.3390/su11184832
López-Gutiérrez, C., Sanfilippo-Azofra, S., & Torre-Olmo, B. (2015). Investment decisions of companies in financial distress. BRQ Business Research Quarterly, 18(3), 174–187. https://doi.org/10.1016/j.brq.2014.09.001
Meisari, A. (2019). Analisis Laporan Arus Kas Sebagai Alat Pengukur Keputusan Invetasi Pada PT. Unilever Indonesia TBK Tahun 2015-2018 [Undergraduate Thesis]. IAIN Bengkulu.
Moloney, M., & McKeogh, E. (2014). Analysis of investment decisions in irish state infrastructure. Proceedings of the Institution of Civil Engineers: Urban Design and Planning, 167(2), 69–78. https://doi.org/10.1680/udap.13.00009
Musfirah, A. F., & Kamilah, K. (2024). Pengentasan Kemiskinan Melalui Pemanfaatan Zakat dan Infaq: Pendekatan Akuntansi Syariah. Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, 9(1). https://doi.org/10.30651/JMS.V9I1.22048
Mutende, E. A., Mwangi, G. M., Njihia, J. M., & Ochieng, D. E. (2017). The moderating role of firm characteristics on the relationship between free cash flows and financial performance of firms listed at the Nairobi securities exchange. Journal of Finance and Investment Analysis, 6(4), 1–3.
Ningsih, D. F., & Kamilah, K. (2024). Memerangi Kealpaan Karyawan di Sumatera Utara: Perspektif Akuntansi Syariah Dalam Akuntansi Pertanggungjawaban. INNOVATIVE: Journal Of Social Science Research, 4(2), 3298–3309. https://j-innovative.org/index.php/Innovative
Nurdin, Musyawarah, I., Nurfitriani, & Jalil, A. (2020). Pengaruh Pelayanan Mobile Banking Terhadap Kepuasan Nasabah (Studi Pada Mahasiswa Perbankan Syariah IAIN Palu) . Jurnal Ilmu Perbankan Dan Keuangan Syariah, 2(1).
Nurvianda, G., Yuliani, & Ghasarma, R. (2018). Pengaruh Keputusan Investasi, Keputusan Pendanaan dan Kebijakan Dividen Terhadap Nilai Perusahaan. Jurnal Manajemen Dan Bisnis Sriwijaya, 16(3). https://ejournal.unsri.ac.id/index.php/jmbs/article/viewFile/7380/3719
Ososuakpor, J. O. (2021). THE EFFECTS OF MARKET AND MACROECONOMIC UNCERTAINTIES ON CORPORATE INVESTMENT DECISIONS IN NIGERIA. International Journal of Management and Sustainability, 10(4), 104–113. https://doi.org/10.18488/journal.11.2021.104.104.113
Perdana, D. (2019). Investigasi Empiris Interaksi Free Cash Flow, Earning Management Dan Inefisiensi Investasi. Jurnal Reviu Akuntansi Dan Keuangan, 9(3), 343. https://doi.org/10.22219/jrak.v9i3.9772
Putriani, A., Damanik, E. O. P., & Purba, J. W. P. (2022). Analisis Laporan Arus Kas untuk Menilai Kinerja Keuangan Pada PT Indofood Sukses Makmur Tbk yang Terdaftar di Bursa Efek Indonesia Periode 2016-2020. Journal Ekombis Review, 10, 185–196. https://doi.org/10.37676/ekombis.v10iS1
Rahim, I., & Mardiana. (2021). Analisis Laporan Arus Kas Sebagai Alat Ukur Keputusan Investasi Pada PT. Sepatu Bata Tbk. Periode 2016-2020. Jurnal Mutidisiplin Madani (MUDIMA), 1(3), 377–386. https://journal.yp3a.org/index.php/mudima/index
Rambe, M. S., Kamilah, K., & Jannah, N. (2023). Analisis Laporan Arus Kas sebagai Alat Ukur Menilai Kinerja pada PT. Pegadaian Cabang Rantau Prapat Tahun 2019-2022. SEIKO : Journal of Management & Business, 6(2), 210–218. https://ejournal.unsrat.ac.id/v3/index.php/productivity/article/view/29739
Ramli, A., & Yekini, L. S. (2022a). Cash Flow Management among Micro-Traders: Responses to the COVID-19 Pandemic. Sustainability (Switzerland, 14(17). https://doi.org/10.3390/su141710931
Ramli, A., & Yekini, L. S. (2022b). Cash Flow Management among Micro-Traders: Responses to the COVID-19 Pandemic. Sustainability (Switzerland), 14(17). https://doi.org/10.3390/su141710931
Sahrullah, Abubakar, A., & Khalid, R. (2022). Analisis Penerapan Prinsip Akuntansi Berdasarkan Surah Al-Baqarah Ayat 282. SEIKO: Journal of Management & Business, 5(1). https://doi.org/10.37531/sejaman.v5i1.2024
Sapriani, & Kamilah. (2022). PENERAPAN AKUNTANSI PERTANGGUNGJAWABAN TERHADAP PENILAIAN KINERJA MANAJERIAL PADA PT. PRIMA MULTI TERMINAl. Hospitality, 11(1). https://stp-mataram.e-journal.id/JIH/article/view/1623/1294
Saputri, E., Harahap, I., & Harahap, R. D. (2022). Analisis Kinerja Keuangan pada PT. Perusahaan Gas Negara Tbk Diukur dengan Metode Eva pada Bei. AKUA: Jurnal Akuntansi Dan Keuangan, 1(4), 422–429. https://doi.org/10.54259/akua.v1i4.1161
Suranta, E., Satrio, M. A. B., & Midiastuty, P. P. (2023). Effect of Investment, Free Cash Flow, Earnings Management, Interest Coverage Ratio, Liquidity, and Leverage on Financial Distress. Ilomata International Journal of Tax and Accounting, 4(2), 283–295. https://doi.org/10.52728/ijtc.v4i2.714
Utami, C. P. (2021). ANALISIS LAPORAN ARUS KAS SEBAGAI ALAT PENGUKUR KEPUTUSAN INVESTASI PADA PT XL AXIATA TBK TAHUN 2017-2020 [Undergraduate Thesis, IAIN Bengkulu]. http://repository.iainbengkulu.ac.id/7378/1/Skripsi%20Chika%20Putri%20Utami%20PDF.pdf
Wardani D. K., & Christiyanti H. (2018). PENGARUH STRUKTUR ASET DAN STRUKTUR MODAL TERHADAP CASH FLOW SHOCK. AKUNTANSI DEWANTARA, 2(2 SE-Artikel), 124–134. https://doi.org/10.26460/ad.v2i2.2583
Yansah, R. (2018). Peranan Audit Operasional dalam Meningkatkan Efektivitas Pengelolaan Kas pada PT Adhi Karya, Tbk [Undergraduate Thesis, Universitas Pakuan]. https://repository-feb.unpak.ac.id/xmlui/handle/123456789/29/browse?type=author&value=Yansah%2C+Rudi
Yusuf, M. Q., Anwar, S. M., & Sunarti. (2018). PRINSIP-PRINSIP AKUNTANSI SYARIAH DALAM MENJAGA AKUNTABILITAS LAPORAN KEUANGAN TAHUN 2015 PADA PT. BANK MANDIRI SYARIAHKOTA PALOPO. Equilibrium, 7(2). http://www.journal.stiem.ac.id/index.php/jureq/article/view/318/243
Zhong, Y., & Huang, H. (2023). Cash Flow Optimization on Insurance: An Application of Fixed-Point Theory. Mathematics, 11(4). https://doi.org/10.3390/math11040902
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
