How to cite this paper
Sawalqa, F. (2021). Cash flows, capital structure and shareholder value: Empirical evidence from Amman stock exchange.Accounting, 7(3), 513-524.
References
Abdullah, H., & Tursoy, T. (2019). Capital structure and firm performance: evidence of Germany under IFRS adoption. Review of Managerial Science, 1-20. https://doi.org/10.1007/s11846-019-00344-5
Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438-445.
Al-Debi’e, M. M. (2011). Are operating cash flows a superior predictor of future operating cash flows than earnings? Evidence from Jordan. European Journal of Economics, Finance and Administrative Sciences, 40, 36-46.
Al-Kayed, L. T., Zain, S. R. S. M., & Duasa, J. (2014). The relationship between capital structure and performance of Islamic banks. Journal of Islamic Accounting and Business Research, 5(2), 158-181.
Amram, M., & Kulatilaka, N. (2000). Strategy and shareholder value creation: The real options frontier. Journal of Applied Corporate Finance, 13(2), 15-28.
Atiyet, B. A. (2012). The impact of financing decision on the shareholder value creation. Journal of Business Studies Quarterly, 4(1), 44.
Ayash, B. (2019). The origin, ownership and use of cash flows in leveraged buyouts. The Quarterly Review of Economics and Finance, 77, 286-295. https://doi.org/10.1016/j.qref.2019.10.004
Bartov, E., Goldberg, S. R., & Kim, M. S. (2001). The valuation‐relevance of earnings and cash flows: an international perspective. Journal of International Financial Management & Accounting, 12(2), 103-132.
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647.
Bepari, K., Rahman, S. F., & Mollik, A. T. (2013). Value relevance of earnings and cash flows during the global financial crisis. Review of Accounting and Finance, 12(3), 226-251.
Blyth, M. L., Friskey, E. A., & Rappaport, A. (1986). Implementing the shareholder value approach. The Journal of Business Strategy, 6(3), 48.
BDIC. (2006). Corporate Governance Instructions and the Amendments Thereof, No. (2) of 2006. Available at: https://www.sdc.com.jo/english/index.php?option=com_content&task=view&id=18&Itemid=390
Burke, Q. L., & Wieland, M. M. (2017). Value relevance of banks' cash flows from operations. Advances in Accounting, 39, 60-78.
CBJ. (2016). Amended Instructions of Corporate Governance for Banks No. (63/2016) dated 1/9/2016. Available at: https://www.cbj.gov.jo/Pages/viewpage.aspx?pageID=246
Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295-314.
Charitou, A., Clubb, C., & Andreou, A. (2000). The value relevance of earnings and cash flows: empirical evidence for Japan. Journal of International Financial Management & Accounting, 11(1), 1-22.
Charitou, A., & Ketz, E. (1991). An empirical examination of cash flow measures. Abacus, 27(1), 51-64.
Clacher, I., De Ricquebourg, A. D., & Hodgson, A. (2013). The value relevance of direct cash flows under International Financial Reporting Standards. Abacus, 49(3), 367-395.
Consler, J., Lepak, G. M., & Havranek, S. F. (2011). Earnings per share versus cash flow per share as predictor of dividends per share. Managerial Finance, 37(5), 482-488.
Cyril, U. M., Echobu, O. J., & Chukwuemeka, M. C. (2019). Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. International Journal of Finance and Banking Research, 5(5), 114-125.
Dastgir, M., Sajadi, H. S., & Akhgar, O. M. (2010). The Association between Components of Income Statement, Components of Cash flow Statement and Stock Returns. Business Intelligence Journal, 3(1), 9-21.
Dawar, V. (2015). The relative predictive ability of earnings and cash flows. Management Research Review, 38(4), 367-380.
Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics, 18(1), 3-42.
Dechow, P. M., & Ge, W. (2006). The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly. Review of Accounting Studies, 11(2-3), 253-296.
Dechow, P. M., Kothari, S. P., & Watts, R. L. (1998). The relation between earnings and cash flows. Journal of Accounting and Economics, 25(2), 133-168.
de Vasconcelos, L. N. C., & Martins, O. S. (2019). Value and growth stocks and shareholder value creation in Brazil. Revista de Gestão, 26(3), 293-312.
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
El-Khatib, R. (2017). Determinants of Corporate Leverage in Publicly Listed GCC Companies – Conventional versus Sukuk", Global Corporate Governance (Advances in Financial Economics, Vol. 19), Emerald Publishing Limited, pp. 77-102. https://doi.org/10.1108/S1569-373220160000019004
Ezeoha, A. E. (2008). Firm size and corporate financial‐leverage choice in a developing economy. The Journal of Risk Finance, 9(4), 351-364.
Fama, E. F., & French, K. R. (1998). Taxes, financing decisions, and firm value. The Journal of Finance, 53(3), 819-843.
Farshadfar, S., Ng, C., & Brimble, M. (2008). The relative ability of earnings and cash flow data in forecasting future cash flows. Pacific Accounting Review, 20(3), 254-268.
FASB. (1987). Statement of Financial Accounting Standards No. 95. Statement of Cash Flows. Available at: https://www.fasb.org/st/index.shtml#fas100
Fernández, P. (2002). A definition of shareholder value creation, IESE Research Papers D/448, IESE Business School.
Fiordelisi, F. (2007). Shareholder value efficiency in European banking. Journal of Banking & Finance, 31(7), 2151-2171.
Gombola, M. J., Ho, A. Y. F., & Huang, C. C. (2016). The effect of leverage and liquidity on earnings and capital management: Evidence from US commercial banks. International Review of Economics & Finance, 43, 35-58.
Groth, J. C., & Anderson, R. C. (1997). Capital structure: perspectives for managers. Management Decision, 35(7), 552-561.
Gupta, V. K., & Sikarwar, E. (2016). Value creation of EVA and traditional accounting measures: Indian evidence. International Journal of Productivity and Performance Management, 65(4), 436-459.
Hall, J. H. (2013). Toward improved use of value creation measures in financial decision-making. Journal of Applied Business Research (JABR), 29(4), 1175-1188.
Hall, J. H. (2016). Industry-specific determinants of shareholder value creation. Studies in Economics and Finance, 33(2), 190-208.
Harris, C., & Roark, S. (2019). Cash flow risk and capital structure decisions. Finance Research Letters, 29, 393-397.
Hoang, V. H., Hoang, N. T., & Yarram, S. R. (2020). Efficiency and shareholder value in Australian banking. Economic Record, 96(312), 40-64.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312.
Hung, H. Y., Chan, M., & Yhi, A. (1995). The usefulness of cash flow statements. Asian Review of Accounting, 3(1), 92-104.
Ibrahim, M. Y., Ahmad, A. C., & Khan, M. A. (2017). Does Corporate Governance Mechanism Improve Shareholder Value? A Panel Analysis of Malaysian Listed Companies. Global Business & Management Research, 9(1s), 15-27.
IFRS Foundation. (2017). IAS 7 Statement of Cash Flows. Available at: https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/#about
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jooste, L. (2006). Cash flow ratios as a yardstick for evaluating financial performance in African businesses. Managerial Finance, 32(7), 569-576.
Kasmiati, M., & Santosa, P. W. (2019). The effect of earning information, cash flow components, financing decision, and stock return: empirical evidence on Indonesia stock exchange. Journal of Economics, Business & Accountancy Ventura, 22(2), 157-166.
Khan, S., Bashir, U., & Islam, M. S. (2020). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IMEFM-04-2019-0135
Liu, J., Nissim, D., & Thomas, J. (2007). Is cash flow king in valuations?. Financial Analysts Journal, 63(2), 56-68.
Martani, D., Khairurizka, R., & Khairurizka, R. J. C. B. R. (2009). The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chinese Business Review, 8(6), 44-55.
Martinez, I. (2003). The impact of firm‐specific attributes on the relevance in earnings and cash‐flows: a nonlinear relationship between stock returns and accounting numbers. Review of Accounting and Finance, 2(1), 16-39.
Miglietta, N., Battisti, E., & Garcia-Perez, A. (2018). Shareholder value and open innovation: evidence from Dividend Champions. Management Decision, 56(6), 1384-1397.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Ni, Y., Huang, P., Chiang, P., & Liao, Y. (2019). Cash flow statements and firm value: Evidence from Taiwan. The Quarterly Review of Economics and Finance, 71, 280-290.
OECD (2015), G20/OECD Principles of Corporate Governance, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264236882-en
Omran, M. M., & Pointon, J. (2009). Capital structure and firm characteristics: an empirical analysis from Egypt. Review of Accounting and Finance, 8(4), 454-474.
Papadatos, K., & Makri, V. (2013). The value relevance of earnings and cash flows under International Financial Reporting Standards: The case of Greece. International Journal of Accounting, Auditing and Performance Evaluation, 9(2), 184-198.
Park, H. M. (2011). Practical Guides to Panel Data Modeling: A Step-by-step Analysis Using Stata. Tutorial Working Paper. Public Management and Policy Analysis Program, Graduate School of International Relations, International University of Japan, 1-52. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.739.5228&rep=rep1&type=pdf
Park, K., & Jang, S. S. (2013). Capital structure, free cash flow, diversification and firm performance: A holistic analysis. International Journal of Hospitality Management, 33, 51-63.
Radić, N. (2015). Shareholder value creation in Japanese banking. Journal of Banking & Finance, 52, 199-207.
Rahayu, S. M., Suhadak, & Saifi, M. (2020). The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management, 69(2), 236-251.
Ramli, N. A., Latan, H., & Solovida, G. T. (2019). Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia. The Quarterly Review of Economics and Finance, 71, 148-160.
Rappaport, A. (1983). Corporate performance standards and shareholder value. The Journal of Business Strategy, 3(4), 28-38.
Rappaport, A. (1987). Linking competitive strategy and shareholder value analysis. The Journal of Business Strategy, 7(4), 58.
Rappaport, A. (2006). Ten ways to create shareholder value. Harvard Business Review, 84(9), 66-77.
Rayburn, J. (1986). The association of operating cash flow and accruals with security returns. Journal of Accounting Research, 24, 112-133. doi:10.2307/2490732
Reed, W. R., & Ye, H. (2011). Which panel data estimator should I use?. Applied Economics, 43(8), 985-1000.
Rujoub, M. A., Cook, D. M., & Hay, L. E. (1995). Using cash flow ratios to predict business failures. Journal of Managerial Issues, 7(1), 75-90.
Saif-Alyousfi, A. Y. (2020). Determinants of bank shareholder value: evidence from GCC countries. International Journal of Managerial Finance, 16(2), 224-252.
Salehi, M. (2009). Tobin’s Q Model and Cash Flows from Operating and Investing Activities in Listed Companies in Iran. Zagreb International Review of Economics & Business, 12(1), 71-82.
Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia-Social and Behavioral Sciences, 65, 156-166.
Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24-41.
Sheikh, N. A., & Wang, Z. (2013). The impact of capital structure on performance: An empirical study of non-financial listed firms in Pakistan. International Journal of Commerce and Management, 23(4), 354-368.
Shenoy, C., & Koch, P. D. (1996). The firm's leverage-cash flow relationship. Journal of Empirical Finance, 2(4), 307-331.
Siburian, E., & Yohanes, A. (2019). Shareholder Value Creation Measurement Analysis in Healthcare, Materials, and Real Estate Industry in Indonesia. In Asia Pacific Business and Economics Conference (APBEC 2018). Atlantis Press.
Srivastava, R. K., Shervani, T. A., & Fahey, L. (1999). Marketing, business processes, and shareholder value: an organizationally embedded view of marketing activities and the discipline of marketing. Journal of Marketing, 63, 168-179. Research Collection Lee Kong Chian School of Business.
Thompson, S. B. (2011). Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics, 99(1), 1-10.
Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Priceton University, 1-40.
Vu, T., Le, T., & Nguyen, T. (2020). The impact of capital structure on the performance of construction companies: A study from Vietnam stock exchanges. Accounting, 6(2), 169-176.
Watson, J., & Wells, P. A. (2005). The association between various earnings and cash flow measures of firm performance and stock returns: Some Australian Evidence. Available at SSRN: https://ssrn.com/abstract=815365 or http://dx.doi.org/10.2139/ssrn.815365
Zeitun, R., & Tian, G. (2007). Capital structure and corporate performance: evidence from Jordan. Australasian Accounting Business & Finance Journal, 1(4), 40-61.
Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438-445.
Al-Debi’e, M. M. (2011). Are operating cash flows a superior predictor of future operating cash flows than earnings? Evidence from Jordan. European Journal of Economics, Finance and Administrative Sciences, 40, 36-46.
Al-Kayed, L. T., Zain, S. R. S. M., & Duasa, J. (2014). The relationship between capital structure and performance of Islamic banks. Journal of Islamic Accounting and Business Research, 5(2), 158-181.
Amram, M., & Kulatilaka, N. (2000). Strategy and shareholder value creation: The real options frontier. Journal of Applied Corporate Finance, 13(2), 15-28.
Atiyet, B. A. (2012). The impact of financing decision on the shareholder value creation. Journal of Business Studies Quarterly, 4(1), 44.
Ayash, B. (2019). The origin, ownership and use of cash flows in leveraged buyouts. The Quarterly Review of Economics and Finance, 77, 286-295. https://doi.org/10.1016/j.qref.2019.10.004
Bartov, E., Goldberg, S. R., & Kim, M. S. (2001). The valuation‐relevance of earnings and cash flows: an international perspective. Journal of International Financial Management & Accounting, 12(2), 103-132.
Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634-647.
Bepari, K., Rahman, S. F., & Mollik, A. T. (2013). Value relevance of earnings and cash flows during the global financial crisis. Review of Accounting and Finance, 12(3), 226-251.
Blyth, M. L., Friskey, E. A., & Rappaport, A. (1986). Implementing the shareholder value approach. The Journal of Business Strategy, 6(3), 48.
BDIC. (2006). Corporate Governance Instructions and the Amendments Thereof, No. (2) of 2006. Available at: https://www.sdc.com.jo/english/index.php?option=com_content&task=view&id=18&Itemid=390
Burke, Q. L., & Wieland, M. M. (2017). Value relevance of banks' cash flows from operations. Advances in Accounting, 39, 60-78.
CBJ. (2016). Amended Instructions of Corporate Governance for Banks No. (63/2016) dated 1/9/2016. Available at: https://www.cbj.gov.jo/Pages/viewpage.aspx?pageID=246
Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295-314.
Charitou, A., Clubb, C., & Andreou, A. (2000). The value relevance of earnings and cash flows: empirical evidence for Japan. Journal of International Financial Management & Accounting, 11(1), 1-22.
Charitou, A., & Ketz, E. (1991). An empirical examination of cash flow measures. Abacus, 27(1), 51-64.
Clacher, I., De Ricquebourg, A. D., & Hodgson, A. (2013). The value relevance of direct cash flows under International Financial Reporting Standards. Abacus, 49(3), 367-395.
Consler, J., Lepak, G. M., & Havranek, S. F. (2011). Earnings per share versus cash flow per share as predictor of dividends per share. Managerial Finance, 37(5), 482-488.
Cyril, U. M., Echobu, O. J., & Chukwuemeka, M. C. (2019). Evaluation of the Effect of Financial Factors on Shareholders’ Value of Listed Pharmaceutical Firms in Nigeria. International Journal of Finance and Banking Research, 5(5), 114-125.
Dastgir, M., Sajadi, H. S., & Akhgar, O. M. (2010). The Association between Components of Income Statement, Components of Cash flow Statement and Stock Returns. Business Intelligence Journal, 3(1), 9-21.
Dawar, V. (2015). The relative predictive ability of earnings and cash flows. Management Research Review, 38(4), 367-380.
Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics, 18(1), 3-42.
Dechow, P. M., & Ge, W. (2006). The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly. Review of Accounting Studies, 11(2-3), 253-296.
Dechow, P. M., Kothari, S. P., & Watts, R. L. (1998). The relation between earnings and cash flows. Journal of Accounting and Economics, 25(2), 133-168.
de Vasconcelos, L. N. C., & Martins, O. S. (2019). Value and growth stocks and shareholder value creation in Brazil. Revista de Gestão, 26(3), 293-312.
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549-560.
El-Khatib, R. (2017). Determinants of Corporate Leverage in Publicly Listed GCC Companies – Conventional versus Sukuk", Global Corporate Governance (Advances in Financial Economics, Vol. 19), Emerald Publishing Limited, pp. 77-102. https://doi.org/10.1108/S1569-373220160000019004
Ezeoha, A. E. (2008). Firm size and corporate financial‐leverage choice in a developing economy. The Journal of Risk Finance, 9(4), 351-364.
Fama, E. F., & French, K. R. (1998). Taxes, financing decisions, and firm value. The Journal of Finance, 53(3), 819-843.
Farshadfar, S., Ng, C., & Brimble, M. (2008). The relative ability of earnings and cash flow data in forecasting future cash flows. Pacific Accounting Review, 20(3), 254-268.
FASB. (1987). Statement of Financial Accounting Standards No. 95. Statement of Cash Flows. Available at: https://www.fasb.org/st/index.shtml#fas100
Fernández, P. (2002). A definition of shareholder value creation, IESE Research Papers D/448, IESE Business School.
Fiordelisi, F. (2007). Shareholder value efficiency in European banking. Journal of Banking & Finance, 31(7), 2151-2171.
Gombola, M. J., Ho, A. Y. F., & Huang, C. C. (2016). The effect of leverage and liquidity on earnings and capital management: Evidence from US commercial banks. International Review of Economics & Finance, 43, 35-58.
Groth, J. C., & Anderson, R. C. (1997). Capital structure: perspectives for managers. Management Decision, 35(7), 552-561.
Gupta, V. K., & Sikarwar, E. (2016). Value creation of EVA and traditional accounting measures: Indian evidence. International Journal of Productivity and Performance Management, 65(4), 436-459.
Hall, J. H. (2013). Toward improved use of value creation measures in financial decision-making. Journal of Applied Business Research (JABR), 29(4), 1175-1188.
Hall, J. H. (2016). Industry-specific determinants of shareholder value creation. Studies in Economics and Finance, 33(2), 190-208.
Harris, C., & Roark, S. (2019). Cash flow risk and capital structure decisions. Finance Research Letters, 29, 393-397.
Hoang, V. H., Hoang, N. T., & Yarram, S. R. (2020). Efficiency and shareholder value in Australian banking. Economic Record, 96(312), 40-64.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312.
Hung, H. Y., Chan, M., & Yhi, A. (1995). The usefulness of cash flow statements. Asian Review of Accounting, 3(1), 92-104.
Ibrahim, M. Y., Ahmad, A. C., & Khan, M. A. (2017). Does Corporate Governance Mechanism Improve Shareholder Value? A Panel Analysis of Malaysian Listed Companies. Global Business & Management Research, 9(1s), 15-27.
IFRS Foundation. (2017). IAS 7 Statement of Cash Flows. Available at: https://www.ifrs.org/issued-standards/list-of-standards/ias-7-statement-of-cash-flows/#about
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jooste, L. (2006). Cash flow ratios as a yardstick for evaluating financial performance in African businesses. Managerial Finance, 32(7), 569-576.
Kasmiati, M., & Santosa, P. W. (2019). The effect of earning information, cash flow components, financing decision, and stock return: empirical evidence on Indonesia stock exchange. Journal of Economics, Business & Accountancy Ventura, 22(2), 157-166.
Khan, S., Bashir, U., & Islam, M. S. (2020). Determinants of capital structure of banks: evidence from the Kingdom of Saudi Arabia. International Journal of Islamic and Middle Eastern Finance and Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/IMEFM-04-2019-0135
Liu, J., Nissim, D., & Thomas, J. (2007). Is cash flow king in valuations?. Financial Analysts Journal, 63(2), 56-68.
Martani, D., Khairurizka, R., & Khairurizka, R. J. C. B. R. (2009). The effect of financial ratios, firm size, and cash flow from operating activities in the interim report to the stock return. Chinese Business Review, 8(6), 44-55.
Martinez, I. (2003). The impact of firm‐specific attributes on the relevance in earnings and cash‐flows: a nonlinear relationship between stock returns and accounting numbers. Review of Accounting and Finance, 2(1), 16-39.
Miglietta, N., Battisti, E., & Garcia-Perez, A. (2018). Shareholder value and open innovation: evidence from Dividend Champions. Management Decision, 56(6), 1384-1397.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
Ni, Y., Huang, P., Chiang, P., & Liao, Y. (2019). Cash flow statements and firm value: Evidence from Taiwan. The Quarterly Review of Economics and Finance, 71, 280-290.
OECD (2015), G20/OECD Principles of Corporate Governance, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264236882-en
Omran, M. M., & Pointon, J. (2009). Capital structure and firm characteristics: an empirical analysis from Egypt. Review of Accounting and Finance, 8(4), 454-474.
Papadatos, K., & Makri, V. (2013). The value relevance of earnings and cash flows under International Financial Reporting Standards: The case of Greece. International Journal of Accounting, Auditing and Performance Evaluation, 9(2), 184-198.
Park, H. M. (2011). Practical Guides to Panel Data Modeling: A Step-by-step Analysis Using Stata. Tutorial Working Paper. Public Management and Policy Analysis Program, Graduate School of International Relations, International University of Japan, 1-52. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.739.5228&rep=rep1&type=pdf
Park, K., & Jang, S. S. (2013). Capital structure, free cash flow, diversification and firm performance: A holistic analysis. International Journal of Hospitality Management, 33, 51-63.
Radić, N. (2015). Shareholder value creation in Japanese banking. Journal of Banking & Finance, 52, 199-207.
Rahayu, S. M., Suhadak, & Saifi, M. (2020). The reciprocal relationship between profitability and capital structure and its impacts on the corporate values of manufacturing companies in Indonesia. International Journal of Productivity and Performance Management, 69(2), 236-251.
Ramli, N. A., Latan, H., & Solovida, G. T. (2019). Determinants of capital structure and firm financial performance—A PLS-SEM approach: Evidence from Malaysia and Indonesia. The Quarterly Review of Economics and Finance, 71, 148-160.
Rappaport, A. (1983). Corporate performance standards and shareholder value. The Journal of Business Strategy, 3(4), 28-38.
Rappaport, A. (1987). Linking competitive strategy and shareholder value analysis. The Journal of Business Strategy, 7(4), 58.
Rappaport, A. (2006). Ten ways to create shareholder value. Harvard Business Review, 84(9), 66-77.
Rayburn, J. (1986). The association of operating cash flow and accruals with security returns. Journal of Accounting Research, 24, 112-133. doi:10.2307/2490732
Reed, W. R., & Ye, H. (2011). Which panel data estimator should I use?. Applied Economics, 43(8), 985-1000.
Rujoub, M. A., Cook, D. M., & Hay, L. E. (1995). Using cash flow ratios to predict business failures. Journal of Managerial Issues, 7(1), 75-90.
Saif-Alyousfi, A. Y. (2020). Determinants of bank shareholder value: evidence from GCC countries. International Journal of Managerial Finance, 16(2), 224-252.
Salehi, M. (2009). Tobin’s Q Model and Cash Flows from Operating and Investing Activities in Listed Companies in Iran. Zagreb International Review of Economics & Business, 12(1), 71-82.
Salim, M., & Yadav, R. (2012). Capital structure and firm performance: Evidence from Malaysian listed companies. Procedia-Social and Behavioral Sciences, 65, 156-166.
Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks. International Journal of Islamic and Middle Eastern Finance and Management, 10(1), 24-41.
Sheikh, N. A., & Wang, Z. (2013). The impact of capital structure on performance: An empirical study of non-financial listed firms in Pakistan. International Journal of Commerce and Management, 23(4), 354-368.
Shenoy, C., & Koch, P. D. (1996). The firm's leverage-cash flow relationship. Journal of Empirical Finance, 2(4), 307-331.
Siburian, E., & Yohanes, A. (2019). Shareholder Value Creation Measurement Analysis in Healthcare, Materials, and Real Estate Industry in Indonesia. In Asia Pacific Business and Economics Conference (APBEC 2018). Atlantis Press.
Srivastava, R. K., Shervani, T. A., & Fahey, L. (1999). Marketing, business processes, and shareholder value: an organizationally embedded view of marketing activities and the discipline of marketing. Journal of Marketing, 63, 168-179. Research Collection Lee Kong Chian School of Business.
Thompson, S. B. (2011). Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics, 99(1), 1-10.
Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Priceton University, 1-40.
Vu, T., Le, T., & Nguyen, T. (2020). The impact of capital structure on the performance of construction companies: A study from Vietnam stock exchanges. Accounting, 6(2), 169-176.
Watson, J., & Wells, P. A. (2005). The association between various earnings and cash flow measures of firm performance and stock returns: Some Australian Evidence. Available at SSRN: https://ssrn.com/abstract=815365 or http://dx.doi.org/10.2139/ssrn.815365
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