3. The analysis of the relationship between cash flow ratios and future earnings of each business, from Table 2, reveals that:
(1) The results of the analysis of the relationship of financial business group reveal that cash flow ratios from operations to total liabilities, cash flow ratios from operations to investing in fixed assets, cash flow ratios from operations to total assets, and cash flow ratios from operations to operations earnings are significantly related to future earnings. As for controlled variable, which is business risk, this is also related to future earnings.
(2) The results of the analysis of the relationship of agro and food industry business group reveal that cash flow ratios from operations to total liabilities, cash flow ratios from operations to investing in fixed assets, cash flow ratios from operations to total assets, and cash flow ratios from operations to sales are significantly related to future earnings.
(3) The results of the analysis of the relationship of industrials business group reveal that cash flow ratios from operations to total liabilities, cash flow ratios from operations to operations earnings, cash flow ratios from operations to total assets, cash flow ratios from operations to investing in fixed assets, and cash flow ratios from operations to owner’s equity are significantly related to future earnings.
(4) The results of the analysis of the relationship of property and construction business group reveal that cash flow ratios from operations to total liabilities, cash flow ratios from operations to sales, cash flow ratios from operations to operations earnings, and cash flow ratios from operations to total assets are significantly related to future earnings. As for controlled variables, which are business size and business risk, these are related to future earnings.
4. The analysis of the relationship between cash flow ratios and financial costs of each business, Table 3, reveals that:
(1) The results of the analysis of the relationship of finance business group reveal that cash flow ratios from operations to owner’s equity, cash flow ratios from operations to total assets, cash flow ratios from operations to total liabilities, and cash flow ratios from operations to investing in fixed assets are significantly related to finance business earnings. As for controlled variable, which is business size, thisis related to financial costs.