THE IMPACT OF INTANGIBLE ASSETS AND FIRM-SPECIFIC FACTORS ON CASH FLOWS: AN EMPIRICAL ANALYSIS OF PUBLIC FIRMS LISTED ON THE PAKISTAN STOCK EXCHANGE

Fiaz Sulehri, Muhammad Rizwan and Ismail Senturk
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Muhammad Rizwan: Lahore School of Accountancy and Finance, University of Lahore, Pakistan
Ismail Senturk: Department of Economics, Tokat Gaziosmanpasa University, Turkey

Bulletin of Business and Economics (BBE), 2022, vol. 11, issue 3, 16-26

Abstract: Cash flow plays a vital role to bring many benefits to the smooth functioning of the financial system and the economy as a whole. So, it is interesting to study factors affecting cash flow. This study has examined the impact of intangible assets and firm-specific factors on cash flow. We have done our empirical analysis of public firms listed on the Pakistan stock exchange for the years 2009 to 2020. The data has been collected from the financial statements of automobile sectors which are listed on public firms on the Pakistan stock exchange (PSX). Cash flow is most significantly influenced in a positive way by the results that are expected to be generated by intangible assets. The firm size has a negative and significant impact on cash flow. The estimated results of firm growth have a significant and positive impact on cash flow. The estimated profitability results have a significant and negative impact on cash flow. The estimated results of earnings volatility have an insignificant and negative impact on cash flow. The overall results conclude that selected explanatory variables play an important role in determining the level of cash flow.

Keywords: Cash Flow; Intangible Asset; Firm Siz; Growth Opportunit; Profitability; Earnings Volatility (search for similar items in EconPapers)
Date: 2022
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