Anderson, Mark C.; Hyun, Soonchul; Muslu, Volkan; Yu, … - 2022
Soliman (2008) finds that separating return on net operating assets (RNOA) into DuPont components, profit margin (PM) and asset turnover (ATO), improves prediction of future RNOA. Dickinson (2011) finds that a firm’s life cycle stage explains changes in future RNOA. Vorst and Yohn (2018) find...