Indicators of Successful Companies
Опубликовано на портале: 21-06-2006
European Management Journal.
2003.
Vol. 21.
No. 3.
P. 364-369 .
Тематический раздел:
Using monthly Compustat data for 478 companies covering the period 1982–1998,
we investigate which factors discriminate between financially successful and less
successful companies. Financial success is measured using three different methods,
i.e., the Sharpe ratio, Jensen’s alpha, and EVA. We consider a total of 10
different company specific characteristics as potential indicators of superior performance.
A binary logit model is applied to quantify the relationship between the individual
firm characteristics and the probability that a particular measure of success will
be greater or lower than the average for all firms considered. We also calculate
the percentage correct prediction by the model for each measure of success. We find
that especially large profitable firms with efficient working capital management
and a certain degree of uniqueness regarding their business are the most successful
companies.
Ключевые слова
economic value added (EVA) financial performance Jensen's alpha Sharpe index working capital management
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