MacDonald, Ronald; Menkhoff, Lukas; Rebitzky, Rafael R. - Department of Economics, Adam Smith Business School - 2009
twenty years ago by Frankel and Froot (1987). Their result has been con-
firmed in many subsequent studies, covering … studies on firm performances, including Goodman
(1979) and Pojarliev and Levich (2007). Thus, there is doubt whether the … evidence of existing studies, however, raises new questions. Why do
some studies indicate irrational and others rational …