Abstract
This research examines the financial performance of defense-oriented business segments compared to non-defense-business segments for the years 1983–1992. A financial performance measure developed from data envelopment analysis is evaluated both cross-sectionally and longitudinally. The data envelopment analysis is supplemented by, and compared to, traditional financial ratio analysis which provides additional insight into the financial performance of defense-business segments. Generally, the research findings are that the defense-business segments financially outperformed non-defense-business segments for most of the years covered by this study. However, defense segments did deteriorate financially relative to the non-defense-business segments during the time period 1983–1989. Then, beginning in 1990 there are indications that the defense segments reversed this trend and are gaining financial strength and making greater contributions to the financial health of their firms.
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