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Modeling the Relationship between Corporate Strategy and Wealth Creation Using Neural Networks

Опубликовано на портале: 21-06-2006
Computers & Operations Research. 2000.  Vol. 27. No. 11-12.
In this paper, we hypothesize that there is a non-linear relationship between corporate strategy, short-run financial variables, and wealth creation measured as market value added (MVA), and use neural networking to model this relationship. The neural network model accurately categorized over 90% in the training set and nearly 93% of firms in the holdout test sample. Additional analysis revealed that strategy variables were particularly effective predictors of an upward trend in wealth creation whereas short-run financial variables were more effective in predicting a downward trend, or wealth destruction. Neural networks outperformed discriminant analysis in predictive ability in all analyses, suggesting the presence of non-linear effects. This research represents a first attempt to use neural networking to model the relationship between corporate strategy and wealth creation.

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http://www.sciencedirect.com/science?_ob=MImg&_imagekey=B6VC5-40797G7-5-D&_cdi=5945&_user=2124005&_orig=search&_coverDate=09/30/2000&_sk=999729988&view=c&wchp=dGLbVzz-zSkWA&md5=6bd9006c1a77371e0f9b6e1d98b88527&ie=/sdarticle.pdf
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