Comparing U.S. and Japanese corporate‐level operating performance using financial statement data
使用调整至可比基础的财务报表数据，比较美国和日本企业的经营绩效，发现美国公司资产周转更快、资产回报率更高，而利润率无系统性差异，差异主要源于环境因素。
Abstract This study uses financial statement data restated to a similar reporting basis to compare the operating performance of U.S. and Japanese companies, identifying possible strategic and environmental explanations for the differences observed. Comparisons are made for U.S. and Japanese samples as a whole, for groups of Japanese firms (keiretsu v. nonkeiretsu), and for 11 industries. The results show that neither country appears to generate systematically higher profit margins, but that U.S. firms turnover assets other than inventory more quickly and therefore have higher rates of return on assets. More intensive examination of these results suggests that environmental factors, such as cultural or structural differences, are the primary causes of the observed differences in the data analyzed.