Okayama Economic Review
Published by the Economic Association of Okayama University

Online ISSN 2433-4146
Print ISSN 0386-3069


中川 豊隆 岡山大学大学院社会文化科学研究科 Kaken ID researchmap
長畑 秀和 岡山大学大学院社会文化科学研究科 Kaken ID researchmap
山西 佑季 熊本県立大学総合管理学部
The purpose of this paper is to perform factor analysis on financial ratios calculated using consolidated financial statement data from the fiscal year ended March 31, 2006 to the fiscal year ended March 31, 2017, which are disclosed by Japanese companies, and to classify financial ratios.
 The analysis provided evidence to suggest that both net income and cash flows from operating activities are functioned as financial performance measures with similar properties. We also find that capital efficiency is an important factor. Furthermore, there is also evidence that cash flows from investing activities and cash flows from financing activities have a common factor.
論説 (Articles)