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.