Whether used as predictors or indicators of stock prices,
financial risk, merger candidates, or bond yields, financial ratios
have been, and continue to be, a popular tool for analyzing a firm
and its performance. Practitioners and academics who employ
financial ratios often compare and contrast across several
industries, but such evaluations assume that the ratios of one
industry measure the same underlying concepts as the ratios of
another. This book provides evidence on the comparability of
financial ratios across several industries, assessing the
similarity or dissimilarity of ratios among industry taxonomies, or
groups of ratios.
Extending previous studies that focused primarily on
manufacturing firms, this work surveys a wide variety of both
manufacturing and retail corporations, and determines the
classification patterns of their respective financial ratios. The
taxonomies of thirty two ratios, in seven representative
industries, are examined for the ten-year period from 1978 through
1987. Two introductory chapters detail the nature of the research,
the data utilized, variables employed, and statistical
methodologies, as well as providing a brief summary of the results.
A third chapter furnishes results for the entire economy by factors
of return, cash flow, cash position, inventory, sales, liquidity,
and debt; while seven separate chapters describe the study's
conclusions for each of the primary industries: automobile and
aerospace; chemical, rubber, and oil; electronics; food; retail;
steel; and textile. The work concludes with a summary of the study
and its conclusions, and an examination of the limitations of this
type of research and possibilities for its extension. This book
will be a valuable practical resource for accounting and finance
professionals, as well as an important reference for courses in
finance, accounting, and management. Public, academic, and business
libraries will also find it a useful addition to their
collections.
General
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