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The Usefulness of Direct and Indirect Cash Flow Disclosures

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  • Greg Clinch

  • Baljit Sidhu
  • Samantha Sin

Abstract

We investigate the ability of disclosed operating cash flow and indirect accruals components to explain annual returns for a sample of Australian firms. Consistent with claims made by accounting standard setters, we find evidence of significant explanatory power for disclosed operating cash flow components beyond aggregate operating cash flows when they also have significant incremental predictive power for future (one year ahead) operating cash flows. Accrual components also have incremental explanatory power for returns. In addition, we find evidence of significant explanatory power for operating cash flow components beyond estimates of the components (based on other financial statement disclosures) for firms with large differences between disclosed and estimated components.

Suggested Citation

  • Greg Clinch & Baljit Sidhu & Samantha Sin, 2002. "The Usefulness of Direct and Indirect Cash Flow Disclosures," Review of Accounting Studies, Springer, vol. 7(4), pages 383-404, December.
    • Handle: RePEc:spr:reaccs:v:7:y:2002:i:4:d:10.1023_a:1020759511460
    DOI: 10.1023/A:1020759511460
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