@ARTICLE{18812401_2003,
author = {Johnson, Robert and Soenen, Luc},
keywords = {economic value added (EVA), financial performance, Jensen's alpha, Sharpe index, working capital management},
title = {Indicators of Successful Companies},
journal = {European Management Journal},
year = {2003},
month = {},
volume = {21},
number = {3},
pages = {364-369 },
url = {http://ecsocman.hse.ru/text/18812401/},
publisher = {},
language = {ru},
abstract = {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. },
annote = {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. }
}