The objective of this study is to establish whether companies
that utilise their resources more efficiently present specific
characteristics in their financial profile, and whether on the basis
of these characteristics a classification model can be constructed
that includes, alongside resource utilisation measures, predictors
related to other financial dimensions calculated from published
information.
The- research proceeds by examining the factors influencing
companies' performance, and the reliabilty of published accounts.
Discriminant analysis is chosen as the most appropriate technique of
analysis. Its applications in the field of financial analysis are
discussed -and an examination of the discriminant analysis technique
is undertaken.
For reasons of comparability and access to a large quantity of
information, the analytical part of the study is based on data
extracted from a computer readable tape provided by Extel
Statistical Services Ltd. It starts by describing the financial
variables to be used later on in the study, and proposing a
classification framework that would be of assistance in identifying
the financial dimensions of importance in relation to the problem
under investigation. A discriminant model that correctly classifies
85 per cent of the companies is then constructed. It includes,
besides measures of resources utilisation, measures of financial
levarage, working capital management, cash position and stability of
past performance. The-part of the analysis on the identification of
potential well performing companies indicates that, although
specific characteristics can be noticed up to five year before, it
is only possible to construct a classification model with sufficient
accuracy one year before a high level of performance is actually
reached. Finally,
an index of financial performance based on normal
approximations of the z-score distributions from the model used to
identify well performing companies is suggested and an assessment of
the structural change experienced by companies rising from a less
well to a well performaing status is presented. / Algerian Ministere de l'Hydraulique
| Identifer | oai:union.ndltd.org:BRADFORD/oai:bradscholars.brad.ac.uk:10454/4208 |
| Date | January 1983 |
| Creators | Belhoul, Djamal |
| Contributors | Betts, James, Keller, A.Z. |
| Publisher | University of Bradford, School of Studies in Industrial Technology |
| Source Sets | Bradford Scholars |
| Language | English |
| Detected Language | English |
| Type | Thesis, doctoral, PhD |
| Rights | <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/"><img alt="Creative Commons License" style="border-width:0" src="http://i.creativecommons.org/l/by-nc-nd/3.0/88x31.png" /></a><br />The University of Bradford theses are licenced under a <a rel="license" href="http://creativecommons.org/licenses/by-nc-nd/3.0/">Creative Commons Licence</a>. |
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