目录：
1 Corporate Performance Interpretation and
Measuring Problems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1 Interpretation of Corporate Performance on the Grounds of the
Industrial Organisation Theory . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Corporate Performance Versus Corporate Finance Theory . . . . 4
1.3 Classification of Corporate Performance Determinants . . . . . . . 7
1.4 The Nature and Genesis of Financial Ratios as Characteristics
of Corporate Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
1.5 Selected Classification Systems of Financial Ratios . . . . . . . . . 17
1.6 Limitations of Financial Ratios . . . . . . . . . . . . . . . . . . . . . . . . 19
2 Country and Industry Factors as Determinants of Corporate
Performance: Research Methodology . . . . . . . . . . . . . . . . . . . . . . 23
2.1 Review of Previous Research on Corporate Performance
Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
2.2 Relative Importance of Country and Industry Effects in Stock
Returns in Light of Previous Research . . . . . . . . . . . . . . . . . . . 29
2.2.1 Country Effect as the Main Source of Stock Returns
Volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
2.2.2 The Importance of Industry Factors for Market Rates
of Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
2.2.3 Impact of Integration on the Relative Importance
of Country and Industry Factors . . . . . . . . . . . . . . . . . . 34
2.2.4 Financial Ratios Versus Market Returns . . . . . . . . . . . . 37
2.2.5 Summary of Studies Review . . . . . . . . . . . . . . . . . . . . 38
2.3 Empirical Research of the Impact of Country and Industry
Factors on Corporate Performance: Aims and Data Description . . . 39
2.4 Methodology of Corporate Performance Diversity Analysis . . . 43
xi

3 Analysis of the Corporate Performance Diversity in the Selected
European Union Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
3.1 Initial Analysis of the Financial Ratios in Industries
and Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
3.2 Cross-Industry Analysis of Ratios Variance . . . . . . . . . . . . . . . 64
3.3 Cross-Country Analysis of Ratios Variance . . . . . . . . . . . . . . . 71
3.4 Analysis of Ratios Variance in Time . . . . . . . . . . . . . . . . . . . . 78
3.5 Industry and Country Effect Through Two-Way Analysis
of Ratios Variance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
4 Cross-Industry and Cross-Country Comparative Cluster
Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
4.1 Cluster Analysis of Industries . . . . . . . . . . . . . . . . . . . . . . . . . 83
4.2 Comparative Cluster Analysis of Industries Across Countries . . . 91
4.3 Cluster Analysis of Countries . . . . . . . . . . . . . . . . . . . . . . . . . 92
4.4 Comparative Cluster Analysis of Countries Across Industries . . . 98
4.5 Relative Importance of Country and Industry Effect in the
Light of Cluster Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
5 Factors Affecting Corporate Performance in Countries
and Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
5.1 Factors Influencing Corporate Performance in Countries
and Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
5.2 Factors Influencing Corporate Performance in Countries . . . . . . 113
5.3 Factors Influencing Corporate Performance in Industries . . . . . 115
5.4 Two-Dimensional Map of Countries and Industries . . . . . . . . . 117
Ending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143