Total Asset Growth Research Articles

THE IMPACT OF DIVIDEND PAYOUT ON FUTURE EARNINGS GROWTH IN NON-FINANCIAL COMPANY LISTED IN INDONESIA STOCK MARKET (IDX)

The purpose of this paper is to examine the relation between Dividend Payout, Firm Size, ROA, Leverage, Earnings yield, Past Earnings Growth and Annual Growth in Total Assets towards Future Earnings Growth when the periode in one, three, and five years ahead. The study sample was taken from non-financial firms that listed on the Indonesia Stock Exchange in the period 2002-2016. The research method used in this research was multivariate regression. The proxy used for variable dividend payout is dividend payout ratio and proxy used for variable earnings growth is compounded annual earnings per share. The result show that high dividends signal high earnings growth, so that the study weakens the point of view of previous market observers who argue that dividend has negative relations to future earnings growth. The results of this study can help investors in considering options in choosing companies to invest by choosing companies who have high dividends. Keywords - Dividend Payout; Size; Future Earnings Growth; Past Earnings Growth

Redesigning the efficiency process analysis for working capital models

PurposeThe purpose of this study is to get insights into working capital management (WCM) practices and the determinants of its efficiency prevailing in the Indian manufacturing sector using firm-specific as well as macro-economic variables by examining three efficiency models, i.e. cash conversion cycle (CCC), cash conversion efficiency (CCE) and net working capital level (NWCL).Design/methodology/approachThe study uses panel data techniques on 1,207 firms of the Indian manufacturing sector, as well as on its nine key manufacturing industries from 2008 to 2018 for the analysis.FindingsSeveral firm-specific variables such as net fixed asset ratio, size of the firm, profitability, firm’s growth, asset turnover ratio, age of the firm, interest rate and leverage have significant effect on WCM efficiency, whereas total assets growth rate, gross domestic product growth rate and inflation rate have insignificant effect on WCM efficiency.Research limitations/implicationsThe study provides new empirical evidence on the short-term liquidity management of manufacturing firms prevailing in the developing countries such as India. The findings are particularly relevant in the present scenario when the liquidity levels are decelerating and there is a marked slowdown in private credit flows to the manufacturing sector due to the problem of burgeoning non-performing assets.Originality/valueThis study examines WCM efficiency exhaustively by incorporating both firm-specific and macro-economic variables using three efficiency measures, i.e. CCC, CCE and NWCL, results of which emerged as an answer to an efficient WCM.

The Role of Corporate Diversification, Capital Structure Determinant, And Structure of Ownership on Earning Management with Information Asymmetry as Moderating Variable

Along with the development of the economy and technology, companies are expanding their businesses to be able to defend in the competition in the industry by diversification. In the diversified companies with high complexity, manager’s motivation to use various earnings management techniques is increase. Apart from diversification, there are various factors that influence earnings management, including capital structure and ownership, and also information asymmetry. The major objective of this study was to discusses a comprehensive understanding of earnings management and the factors that influence it, namely business diversification, capital structure, ownership structure, and information asymmetry; and second is to empirically investigate the effect of diversification, capital structure, ownership structure and asymmetry of information to earnings management, and to clarify whether information asymmetry can moderate the influence of the three other factors on earnings management as measured by the approach of Stubben (2010). The study used the Total Asset control, Growth Opportunity, ROA, ROE, and Leverage. Data obtained from observations 165 Financial Statements of Manufacturing Companies in the chemical, pharmaceutical, and consumer goods sectors in 2015-2017. These results indicate that diversification does not relation with earnings management, but the other three factors namely capital structure, ownership structure, and information asymmetry are proven to significantly affect earnings management. Information asymmetry variables can moderate the affect of capital structure and ownership structure on earnings management. Keywords: Earning Management, Capital Structure, Ownership Structure, as information asymmetry DOI : 10.7176/RJFA/10-14-05 Publication date :July 31 st 2019

The effect of audit tenure, audit rotation, accounting firm size, and client’s company size on audit quality

This study aimed to examine the effect of audit tenure, audit rotation, public accounting firm size, and client’s company size on audit quality. Audit quality in this study is peroxided by earnings quality which is measured by the level of discretionary accruals of modified jones model, while audit tenure is measured by counting the year in which the same auditors have made work engagement with the auditee. Audit rotation and public accounting firm size are measured by using dummy variable, while client’s company size is measured by using the growth of total assets. The population in this study consists of public companies, especially the telecommunications and retail sectors service companies listed in Indonesia Stock Exchange in the period 2012-2017. Sampling technique used is purposive sampling method. The total of the sample is 30 companies. After data observation, there are 73 samples included as outlier and should be excluded from samples of observation. So, the final data used are 107 data. Multiple linear regressions analysis is used as analysis technique. The empirical results of this study show that audit tenure and public accounting firm size have no effect on audit quality; audit rotation has negative and significant effect on audit quality; and client’s company size has positive and significant effecton audit quality.

Analiza reaktivnog djelovanja bankovnog sustava EU-a kroz najavu izmjene prudencijalnog regulatornog okvira u funkciji očuvanja financijske stabilnosti

Uspostava nadnacionalnih autoriteta regulacije banaka izravno je pridonijela boljem razumijevanju ponašanja i utjecaja bankovnog sektora na ekonomske tokove u cjelini. Institucionalna povezanost nacionalnih regulatornih tijela u kontekstu globalizacijskih odnosa pridonosi željenoj standardizaciji podataka koji su temelj za svaku validnu ekonomsku analizu. Napose, tržišna disciplina kao uporište suvremene regulacije reducira prostor neprozirnosti bankovne tvrtke, dok s druge strane dostupnost relevantnih baza podataka širi horizonte modelskog pristupa analize bankovnog sektora. Dominacija istog sektora kao izvora eksternog financiranja na zajedničkom europskom tržištu ishodište je traženja rješenja izlaska iz stagnacijskih pritisaka na gospodarska kretanja. Dinamičnost kauzalnih ekonomskih odnosa nameće potrebu sve veće pouzdanosti u izvore podataka, stoga reprezentativnost uzorka ne samo da usmjerava pojedino istraživanje već i determinira spoznajni proces. Analiza javno dostupnih podataka bankovnih tvrtki suvremenim ekonometrijskim alatima svakako je velik iskorak u pokušaju uspostave jasnog i transparentnog metodološkog okvira monitoringa reaktivnog djelovanja bankarskog sektora na nužnu promjenu regulatornih uvjeta u funkciji postkriznog pokretanja kreditnog ciklusa. Model empirijske analize usklađivanja bankarskog sektora s novim kapitalnim zahtjevima ovim će se radom testirati na uzorku od 35 bankovnih grupacija koje posluju na području EU-a za razdoblje od 2000. do 2016. godine, odabranih po veličini aktive. Analizom panel modela izvršen je odabir dinamičkog panela generaliziranom metodom momenata (engl. Generalized Method of Moments – GMM) jednim korakom. Rezultati istraživanja dali su dokaze da najava povećanja regulatornog kapitala utječe na rast ukupnih bankovnih aktiva odnosno dolazi do značajnog porasta udjela bezrizičnih aktiva u imovini banaka, dok s druge strane dolazi do kreditne kontrakcije koja olakšava zadovoljenje regulatornih zahtjeva. Konačno, upravljačke strukture preko neto kamatne marže kao instrumenta kreditno-depozitne politike, realociraju vlastita i tuđa sredstva u funkciji očuvanja likvidnosti i solventnosti banke u cjelini.

A Comparison of Business Management Characteristics in U.S., German, and Japanese Manufacturing Corporations

Abstract Comparing the management characteristics of business firms in different countries has been a popular research topic in business administration. In this paper, we compare the management characteristics of U.S., German, and Japanese manufacturing corporations. The findings of our study can provide valuable insights for corporate managers and global investors. We find that U.S. manufacturing corporations have the lowest liquidity risk (i.e., U.S. manufacturing firms have higher liquidity levels) compared with German and Japanese manufacturing corporations. German manufacturing corporations have the highest bankruptcy risk (i.e., German manufacturing firms have higher liability levels) compared with U.S. and Japanese manufacturing corporations. The average collection period of accounts receivable and the average payment period of accounts payable are significantly shorter in U.S. manufacturing corporations compared with their German and Japanese counterparts. Due to the extensive use of the just-in-time inventory management system in Japanese Keiretsu industry groupings, Japanese manufacturing corporations have higher inventory turnover rates (i.e., Japanese manufacturing corporations carry lower inventory levels) compared with U.S. and German manufacturing corporations. U.S. manufacturing corporations are able to earn higher operating profit margins compared with their German and Japanese counterparts because they are able to charge higher product prices to customers and/or they are able to have lower manufacturing costs. Japanese manufacturing corporations have the lowest annual sales and total assets growth rates compared with U.S. and German manufacturing corporations.

Analysis of Factors Influencing Financial Performance of Savings and Credit Co-operative Societies in Lesotho: Evidence From Maseru District

SACCOS play a major role of providing financial access to poor people who are excluded from the services of Formal Financial Institutions (FFIs). However, they also face number of challenges which may affect their performance. Most of the previous studies in the area of SACCOS did not concentrate on their performance. The aim of this study therefore was to assess performance of SACCOS in Maseru District, Lesotho. The study adopted a cross-sectional research design where data were collected at one point in time. A sample size of 369 respondents was computed by the use of formula by Yamane (1967). Respondents in the sample were selected by using simple random sampling technique. However, respondents from individual SACCOS were proportional to the total number of members in particular SACCOS. This was done in order to make the sample representative of all SACCOS in the study area. Analyses of data were done by using different techniques which include: mathematical equations (i to vii); different financial ratios; tables; graphs; bar charts and other types of descriptive statistics like mode and percentages. It was found that socio economic characteristics of members were supportive to financial performance of the SACCOS. Furthermore, SACCOS in the study area achieved high performance in terms of ratios of members’ capital; loan delinquency; volumes of savings in the SACCOS; and growth of total assets. On the other hand, the SACCOS realised poor financial performance in terms of ratio of fixed assets to total assets; and share capital owned by members.

Tržišna koncentracija banaka i nezaposlenost - evidencija na tržištu banaka Bosne i Hercegovine i Srbije

The paper focuses on researching the relationship between the concentration of the banking systems of Bosnia and Herzegovina and Serbia and the impact of employment/unemployment in both countries. The main tasks and objectives of the research are to determine the impact of internal bank factors on employment/unemployment and to identify the effects of internal factors on the unemployment rate. In this survey, we used the unemployment rate as the dependent variable, while the HHI index of concentration, the rate of growth of total banking assets, the growth rate of liquid assets relative to total assets will be used as independent variables. In order to study the cointegration of variables, the method of automatic regression distribution, as well as the method of correlation and regression, were used. The research period covers the period from 2008q1 to 2018q4. The results of the survey showed that the most significant impact of reducing unemployment could be exerted by the following independent variables: the growth rate of total loans, the growth rate of banking assets, the concentration of loans and deposits (especially the case of banks in B&H). On the other hand, the excessive volume of liquid assets to total assets above the legal minimum can have a negative impact on economic growth and employment.

점진적 혁신과 급진적 혁신의 생산성과 수익성 : 의료·바이오 산업을 중심으로

We analyze productivity and profitability of incremental innovation group and radical innovation group after classifying companies which received R&D support from government into pharmaceutical industry, medical device industry and food industry. Growth Leading Industry is the industry which plays the role of the engine for the future growth. This industry has low percentage in the regional industries but is expecting high growth rate. Thus, investment focused on technology innovation is important in this industry. We define this industry as radical innovation group. Next generation pharmaceutical industry, IT medical device industry, and bio food industry are in this industry. Flagship Industry is the industry in which the proportion of the industry in the region is high but the growth rate is slowing down, stagnating or declining. We define this industry as incremental innovation group. Biotechnology, electronic medical devices and clean health food industry are in this industry. The indicators for productivity analysis are 'Sales revenue per employee', 'Added value per employee' and 'Value added ratio'. The indicators for growth analysis are 'Employee growth rate', 'Total assets growth rate', 'Net income growth rate', 'Operating profit growth rate' and 'Net sales growth rate'. Various comparative results between incremental innovation group and radical innovation group are provided. The results of the study, incremental innovation maintained a stable performance of the organization, but did not achieve a high level of performance. Radical innovations show high levels of performance, although the performance of the firm is not stable. Incremental innovation showed low performance with low technical level, and radical innovation showed high performance with high technical level. Incremental innovation is highly efficient but low in effectiveness, and radical innovation is low in efficiency, but high in effectiveness. The reason is that radical innovation is highly uncertain about performance, and Incremental innovation is low uncertainty about performance.

The profitability and investment premium: Pre-1963 evidence

I investigate the profitability and investment premium in stock returns using hand-collected data from Moody's Manuals for 1940–1963. Controlling for value, the profitability premium emerges as important in this period. In contrast, there is no reliable relation between investment and returns, regardless of whether investment is measured using growth in total assets or book equity and even after extending the data back to 1926. In spanning regressions, factors constructed from profitability and book-to-market ratios (RMW and HML, respectively) improve the mean-variance efficient tangency portfolio but the investment factor (CMA) does not.

The Impact of Anti-Corruption Policies on the Profitability and Growth of Firms Listed in the Stock Market: Application on Singapore with a Panel Data Analysis

The study measures the impact of anti-corruption policies on the profitability and growth of firms listed in the Singapore Stock Exchange (SGX). It is the first paper that investigates the impact of macro and micro economics variable together. The study uses panel data regression to examine the effect of corruption on firm profitability and growth in 392 listed firms in Singapore Stock Exchange for the period from 1995 to 2014. We used 2 models; in the first model we measure the relation between corruption and profitability measured by net profit margin. In this model we run 2 sub- models; in the first one we added only micro-variables to corruption and in the second we incorporated macro-and micro-variables together. Moreover, in the second model we measure the relation between corruption and company growth measured by total asset growth. In this model we run 2 sub- models; in the first one we added only micro-variables to corruption and in the second we incorporated macro- and micro- variables together. All data are coming from DataStream database except the corruption index which comes from the transparency international index (CPI) The main conclusion of this study is that anti-corruption policies that was conducted in Singapore over the period from 1995 to 2014 resulted in better firm performance measured by net profit margin (1-point index improvement increases net profit margin by about 12.8%) and asset growth (1-point index improvement increases total asset growth by about 11.7%). Since this result might not be generalized in all countries with different level of growth, further research is suggested to investigate the factors that differentiate the anti-corruption policy effect among different countries including national culture that may impacts the fanatical system.

호텔기업 재무적 경영성과지표의 지역간 차이분석 : 서울 및 제주 지역 5성급 호텔을 대상으로

This study aim to analyse financial management performance indicators focusing on regional differentials. This empirical study design a research with 14 standard financial ratios of the 25 five star hotels in domestic regions(Seoul and Jeju), and analyse by T-test for hypothesis testing. As results of testing, all the 5 star hotel's mean value between Seoul and Jeju hotels is statistical significance that affected by 'operating profit growth rate,' ‘total asset growth rate’, ‘net earning rate to sales’, ‘net earning rate to total assets’, ‘net earning rate to stockholders’ equity’, ‘debt ratio’. Meanwhile, there is no regional differentials between Seoul and Jeju hotels because there is no statistical significance meaning when analyzing indicators which are ‘net sales growth rate’, ‘current income growth rate’, ‘return on net sales’, ‘interest coverage rate’, ‘current ratio’, ‘total borrowings to total assets’, ‘asset turnover ratio’, and ‘total assets to operating cash flow’.

Leverage and firm growth: an empirical investigation of gazelles from emerging Europe

The aim of the paper is to assess the impact of leverage on gazelles’ performance while controlling for firm characteristics, macroeconomic environment, and characteristics of domestic banking sectors. Using a sample of 1105 gazelles from Central, Eastern, and South-Eastern European (CESEE) countries for the period 2006–2014, we find that leverage negatively affects firm growth. The results prove to be robust regarding the use of different estimation approaches, alternatives variables for firm growth, and different sub-samples. Our results suggest that improving access to various sources and types of financing represents a key issue for supporting gazelles’ growth. We also find that macroeconomic environment and banking sector characteristics are important determinants of gazelles’ growth. The economic growth positively influences sales and total assets growth, while the effect of financial and economic development varied with the firm growth measure used. Our findings provide empirical evidence for the need of policy initiatives at national and European Union level to facilitate the growth of small businesses.

Shadow Banks and the Risk-Taking Channel of Monetary Policy Transmission in the Euro Area

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that works through an increase in shadow banks' total asset growth and their risk assets ratio. Our dataset covers the period 2000Q1-2018Q3 and includes, in addition to the standard variables for real GDP growth, inflation, and the monetary policy stance, the aforementioned two indicators for the shadow banking sector. Based on vector autoregressive models for the euro area as a whole, we find that a portfolio reallocation effect towards riskier assets is more pronounced for conventional monetary policy shocks. For unconventional monetary policy shocks we partly detect stronger evidence for a general expansion of financial assets. Country-specific as well as sector-specific estimations confirm these findings for most of the euro area countries and all shadow bank types, but also reveal some heterogeneity in the shadow banks' reaction.

International Characteristic-Based Asset Pricing

In this paper, we develop characteristic-based asset-pricing models for international stocks. We price stocks using benchmark portfolios created based on observable characteristics: market capitalization, book-to-market, prior-year return, growth of total assets, and operating profitability. Benchmark portfolios are created for each stock within each geographical region or country. As such, our approach allows for segmentation in characteristic-based asset pricing among regions. Using a resampling micro-portfolio approach recently introduced by Barras (2018), we find that market capitalization is the most powerful single characteristic in pricing international stocks, and that a three-characteristic model based on market capitalization, book-to-market, and prior-year return has the lowest pricing errors. Meanwhile, micro-portfolio tests and bootstrap simulation analysis also provide evidence that characteristic-based models perform significantly better than global or regional factor-based models in pricing international stocks. We further apply our characteristic-based models to the worldwide equity holdings of U.S.-domiciled mutual funds that mainly invest in international stocks. International equity index funds exhibit zero characteristic-based alphas, reinforcing that our characteristic-based model prices international stocks accurately. Further, we find strong evidence that actively managed funds that mainly invest in emerging markets or in international small/mid-cap stocks exhibit positive alphas. Our results indicate that U.S.-domiciled active managers are able to generate alphas in less-efficient sectors of international stock markets, when expected returns are measured using characteristic-based pricing.

The Effect of Managerial Overconfidence on Crash Risk

Purpose - This paper investigates whether managerial overconfidence is associated with firm-specific crash risk. Overconfidence leads managers to overestimate the returns of their investment projects, and misperceive negative net present value projects as value creating. They even use voluntary disclosures to convey their optimistic beliefs about the firms' long-term prospects to the stock market. Thus, the overconfidence bias can lead to managerial bad news hoarding behavior. When bad news accumulates and crosses some tipping point, it will come out all at once, resulting in a stock price crash. Research design, data and methodology - 7,385 firm-years used for the main analysis are from the KIS Value database between 2006 and 2013. This database covers KOSPI-listed and KOSDAQ-listed firms in Korea. The proxy for overconfidence is based on excess investment in assets. A residual from the regression of total asset growth on sales growth run by industry-year is used as an independent variable. If a firm has at least one crash week during a year, it is referred to as a high crash risk firm. The dependant variable is a dummy variable that equals 1 if a firm is a high crash risk firm, and zero otherwise. After explaining the relationship between managerial overconfidence and crash risk, the total sample was divided into two sub-samples; chaebol firms and non-chaebol firms. The relation between how I overconfidence and crash risk varies with business group affiliation was investigated. Results - The results showed that managerial overconfidence is positively related to crash risk. Specifically, the coefficient of OVERC is significantly positive, supporting the prediction. The results are strong and robust in non-chaebol firms. Conclusions - The results show that firms with overconfident managers are likely to experience stock price crashes. This study is related to past literature that examines the impact of managerial overconfidence on the stock market. This study contributes to the literature by examining whether overconfidence can explain a firm's future crashes.

정부기관의 R&D 지원 기업의 생산성과 성장성 분석: 바이오·의료 산업을 중심으로

This study is expected governmental R&D investments in situations where there is a problem of efficiency in government R&D investment and investment performance continued being raised is evaluated as to whether you can have an impact on corporate performance. So, This study classified 40 Industries, which are divided into the leading growth industry and the main industry, focusing on the second stage of the Leading Industry Development Project for Economic Region, to the similar industry between the representative flagship and the growth leader based on KSIC. Through this, Government R&D budget affects the management performance by industry and company size, and the business performance when it is invested in Regional companies. Based on the results of this study, we propose a policy direction for efficient investment of R&D. In order to analyze the performance of government R&D investment, the Bio·Medical industry (regional project) was selected from among the leading industry development project. For the analysis, we selected biotechnology and medical industry (local business) among the Leading Industry Development Project for Economic Region that were promoted for three years from 2012. Analysis indicators we analyzed the enterprise (large, medium-sized enterprises, SME) productivity indicators (gross value-added per capita, sales per capita) with growth indicators (net sales growth rate, operating profit growth rate, net profit growth rate, asset growth rate, employee growth rate). The productivity indexes of companies(large, small and medium enterprises) that received R&D support from government by selecting biotechnology and medical industry (regional business) among the large-area leading projects that were promoted for three years from 2012 (value added per employee, Sales growth, operating profit growth, net profit growth, total assets growth, and employee growth rate). As a result, both the representative flagship industry and the growth leading industries showed an increase in sales per capita, which is an indexes of productivity, over time. The value added per employee, which is the most important productivity index, measures profits attributable to a wide range of stakeholders. The average value of the representative flagship industries is higher than the growth leading industries. We find that government R&D investment has a positive effect on firm performance, as both the total assets growth rate, the net profit growth rate and the number of employees increase. Even in the case of similar industries, we could confirm the difference between industrial classification, company size, and financial characteristics between the growth leading industry and the representative flagship industry. In addition, a t-test was conducted to obtain statistical significance for the analysis. The limitations of this study are that the size of SMEs participating in the project varies, and it is necessary to compensate the difficulty in distinguishing the differences on the error bar. From this research, in the future, it is necessary to set direction for government R&D investment through comparative analysis of 40 industries.

The Use of Asset Growth in Empirical Asset Pricing Models

We show that the performance of the new factor models of Hou, Xue, and Zhang (2015) and Fama and French (2015) depends crucially on how their investment factor is constructed. Both models use growth in total assets to measure investment. Their ability to price the cross-section of returns decreases significantly when the investment factor is constructed using traditional investment measures, or more complete measures that account for investment in intangibles. The superior performance of the asset-growth-based models manifests only when the economy is in a highly overextrapolative state. In below-median overextrapolation, the new models fail to outperform prior models.

Analysis of the growth of Total Assets Perbankkan Sharia in Indonesia

The problems studied were: Does the amount of financing provided by the Bank of sharia positive and significant impact on the growth of the total assets of Islamic Banking in Indonesia and Is economic growth and a significant positive effect on the growth of the total assets of Islamic Banking in Indonesia. The method used in this research is descriptive analysis method and multiple regression analysis. Techniques of data collection are done by using the name with of secondary data for the period of 2007-2016. T hen processed counter in underlined last month with the classical assumption using heading 0.6 eviews programs so that it can draw conclusions. From the results of this research concluded that the total financing disbursed Islamic Bank proved positive and significant impact on the growth of the total assets of Islamic Banking in Indonesia and the national economic growth has the positive influence on the growth of the total assets of Islamic Banking in Indonesia. Implications of this research, the government is was much bigger to provide regulations to facilitate and assist in the financing of Islamic Banks both in terms of distribution and guarantees given to the Central Bank. As well as the dissemination to the public where Islamic Banking can facilitate business activities of the community and encourage the growth of Islamic banking industry and the national economy.

The Relation between Firm Growth and stock Returns of Nonfinancial Firms in Egyption Stock Exchange

The main purpose of the research is to investigate whether there is a relation between firm growth and stock returns in Egyptian Stock Exchange . Sample size of the study is 77 firms of nonfinancial firms listed on Egyptian Stock Exchange . The required data were collected from firms ' financial statements from 2010 - 2014 . Firm growth is calculated by two measures ich are : Total asset growth , and sales Weighted fixed asset growth . Stock return is calculated using the appreciation in stock price divided by the original price for each period . Panel model estimation was used in the analysis . Results of the analysis revealed that there is no association between total asset growth and stock returns , there is positive association between sales weighted fixed asset growth and stock returns . الملخص تهدف الدراسة إلى اختبار العلاقة بين نمو الشرکة، وعائدات الاسهم و ذلک بالتطبيق على الشرکات غير المالية المقيدة في البورصة المصرية. تتمثل العينة في 77 شرکة. تم تجميع البيانات اللازمة للدراسة من خلال القوائم المالية للشرکات من الفترة 2010-2014. تم قياس نمو الشرکة بالمقاييس: معدل النمو في إجمالي الأصول, ومعدل النمو في حجم المبيعات المرجحة للأصول الثابتة. تم قياس عائدات الأسهم بالتغير في السعر مقسوما على السعر في بداية الفترة. قد تم استخدم نموذج البانل في التحليل. کشفت نتائج التحليل عن عدم وجود علاقة بين معدل النمو في إجمالي الاصول و عائدات الأسهم, وجد علاقة موجبة بين معدل النمو في المبيعات المرجحه للاصول الثابتة و عائدات الأسهم.