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The purpose of this paper is to investigate the relationship of financial ratios and non-financial factors of successful and failed corporations in the USA. Specifically, the authors provide evidence on whether financial ratios and non-financial factors can be jointly included as indicators to improve the predictive capacity of organisational success or failure in different countries and sectors.

The paper utilises a mixed method exploratory case study focussing on listed corporations in the US and Australian manufacturing, agriculture, finance and property sectors.

The financial ratio findings demonstrate that (with the exception of the failed Australian manufacturing sector) the integrated multi-measure (IMM) ratio approach consistently provides a higher classification rate for the failed and successful groups than those provided by an individual measure. In all cases the IMM method scored higher for US companies (with the exception of the failed Australian property sector). The findings also show that irrespective of the country location or sector, non-financial factors such as board composition and managements’ involvement in organisational strategy impact on a corporation’s success or failure.

The findings reveal that non-financial factors occur prior to financial ratios when attempting to predict organisational success or failure and the IMM approach enables a more thorough examination of the predictive ability of financial ratios for US and Australian organisations. This intuitively indicates that when combined with financial ratios, non-financial factors may be a useful predictor of corporate success or failure across countries and sectors.

Sound internal processes and the identification of both financial ratios and non-financial factors can be utilised to improve the reliability of financial failure models, enable corrective and preventative steps to be implemented by management and potentially reduce the costs of failure for US and Australian organisations.

While investment decisions may be financial decisions, there is a growing recognition that they are also often non-financially based decisions. The purpose of this study is to report findings focused on the project selection stage of capital budgeting, which has the objectives of exploring for: the relative degree of emphasis decision makers attach to a financial and non-financial orientation in capital budgeting; and the role, if any, that two agency theory variables have on the relative degree of emphasis: a personal incentive for project go-ahead and monitoring of project outcomes through a post-audit.

Discrete choice experiments (DCEs) are used and framed in a between-subjects 2 (personal incentive) × 2 (monitoring) design. DCEs are well-suited to research questions which examine some tension between competing alternatives. For example, trade-offs involving the relative degree of emphasis decision makers attach to a financial and non-financial orientation in capital budgeting.

In the absence of a personal incentive and monitoring, decision makers attach a significant degree of emphasis to cash inflows and cash outflows, both financial factors, and one strategic non-financial factor being improvement in the position of the firm vis-à-vis competitors in capital budgeting. However, when decision makers receive a personal incentive from project go-ahead, they attach a lower degree of emphasis to cash outflows. Alternatively, when there is monitoring through a post-audit and a personal incentive, decision makers attach a higher degree of emphasis to cash outflows.

Decision makers attach a significant degree of emphasis to only a relatively narrow band of attributes in making a capital budgeting decision, which is true in both the absence of and in the presence of the agency conditions. There is also little support for the view that there is any higher degree of emphasis attached to a financial orientation vis-à-vis a non-financial orientation. A particularly important finding relates to the overarching goal of monitoring through a post-audit. One view is that it should foster more accurate forecasting by making forecasters aware that their efforts will be reviewed. However, the findings of this study appear to be more supportive of a view that post-audits might lead agents to become more conservative or even shy away from projects.

The study makes contributions to the growing field of research which has the objective of exploring for the relative degree of emphasis decision makers attach to a financial and non-financial orientation in capital budgeting. In particular, it extends the prior research through its investigation of the role that two agency theory variables play in the relative degree of emphasis decision makers attach to a financial and non-financial orientation: a personal incentive for project go-ahead and monitoring of project outcomes through a post-audit.

The purpose of this paper is to explore the non-financial causes of organizational success or failure, provide a better understanding of the symptoms of financial distress and improve the predictive capacity of financial failure models.

The paper utilizes exploratory case studies in investigating the relationship of non-financial factors to organizational success or failure across a sample of sector-specific Australian firms listed on the Australian Stock Exchange. A two-tailed study was designed, in which seven cases from both extremes were chosen from three Australian business sectors: finance, property and manufacturing.

Non-financial factors associated with the organizations studied impacted their success or failure. These factors included management skill, experience and involvement in organizational strategy, feedback and resultant activity, together with board of director composition. The identification of financial and non-financial factors and sound internal processes could be utilized for the development of an early warning predictor of organizational success or failure.

The use of this method is very time-consuming but is highly valuable in case study research, providing a more in-depth understanding of how non-financial factors impact organizational success or failure.

The research will provide a better understanding of the symptoms of financial distress and improve the predictive capacity of financial failure models. The improvement in prediction of organizational failure will reduce the costs of failure to all areas affected, from the large corporation to the small business. The inter-connectivity of all businesses to each other often results in a knock-on effect of failure with the cost being borne by all members of the community in some manner. The level of social impact and cost of failure can only be seen by the enormous costs of the Global Financial Crisis failures.

This paper contributes to the literature on effective qualitative research and explores important areas of consideration for those conducting qualitative multiple-case studies. It is intended to be of use to researchers investigating the area of predictors of organizational failure or success.

In this paper, the authors aim to identify a range of non‐financial factors that play a role in the formation of a company's image, and ultimately its valuation, on capital markets. By identifying and highlighting their relative importance to the perceptions of equity analysts, the authors seek to show that investor relations are best understood as a strategic communication function rather than a mere purveyor of pure financials.

The findings are based on a two‐tiered approach, relying on qualitative interview data collected among 42 equity analysts and a subsequent exploratory factor analysis performed on data obtained from a survey among 134 buy‐ and sell‐side analysts.

The authors argue that equity analysts consider the following eight categories of non‐financial information when forming an impression of a company: the stakeholder relations of an organization, its corporate governance, its corporate social responsibility, its reputation and brand, the quality of its management, and its strategic consistency. One of the most important factors, however, is the quality of a company's communication, which underscores the strategic role that the investor relations function should play in fostering positive capital market relations.

Being explorative in nature, the categories and scales proposed need further validation. Furthermore, in future research, it would be worthwhile to explore not only the role of non‐financials in image formation but also the interplay between financials and non‐financials in image formation.

Investor relations professionals should consider the factors presented in this study in their work in order to ensure that they cater to the actual information needs of capital market participants. The consideration of non‐financial factors enhances the quality of financial communications. It also enriches the understanding of the strategic communication tasks of the investor relations department.

This paper describes an empirical analysis of the management of corporate relationships with financial audiences, a stakeholder group increasingly focused on by communications research. It represents a contribution to the further establishment of investor relations as a strategic communication function.

The recent performance measurement literature suggests that organizations should put more emphasis on non‐financial measures in their performance measurement systems, that organizations must use new performance measurement approaches such as the balanced scorecard and that measures should be aligned with contextual factors such as strategy and organizational structure. The purpose of this paper is to assess the extent to which organizations are following these prescriptions.

A survey of a sample of Canadian manufacturing firms was conducted. In the questionnaire, organizations had to indicate the extent to which they use 73 performance measures. They also had to respond to questions about determinants such as strategy, organizational structure and environmental uncertainty. More than 100 organizations responded to the survey. The response rate was 50.5 percent.

The results show that manufacturing firms continue to use financial performance measures. Despite the recommendations from experts and academics, the proportion of firms that implement a balanced scorecard or integrated performance measurement systems is low. Furthermore, organizations that use these approaches are not employing more extensively non‐financial measures than those which are applying traditional performance measurement approaches. This research project also shows that there are some significant relationships between the types of measures and contextual factors like strategy, decentralization and environmental uncertainty. This research finally demonstrates clearly that there is a need to develop a theory that explains how firms can use their performance measurement system to enhance their performance.

This paper provides information on performance measures used by organizations and their association with organizational determinants.

Internationalisation is considered as a key strategy for the growth of Small and Medium Enterprises (SMEs). The purpose of this paper is to examine the relationship between dynamic capability, SMEs internationalisation and firm performance in the context of emerging economies and to evaluate the impact of financial, asset and market expansion on internationalisation of SMEs.

Using primary data from 212 SMEs from Bangladesh, structural equation modelling and mathematical (hierarchical reflective) model, the analysis enabled the measurement of the casual relationship on the impacts of internationalisation.

The results revealed that internationalisation of SMEs has significant impact on both financial and non-financial performance of SMEs in an emerging economy- Bangladesh. The paper found internationalisation impacts on two dimensions (financial and non-financial) with eight defined indicators – higher sales, higher profit, assets maximisation, market expansion, competitive advantage, better reputation, better customer service and added knowledge.

Despite several studies that examine the relationship between SME internationalisation and firm performance, limited research exists on emerging economies. This is contrary to the fact that SMEs are one of the main vehicles for growth in those economies such as Bangladesh. In this research, the authors use the theories of dynamic capabilities to conceptualise how internationalisation becomes a core SME capability for SMEs in an emerging economy.

This paper aims to explore the relationship of various financial and non‐financial factors to corporate value and how these factors can be used for the purpose of firm valuation. The focus is placed on a developing high‐tech industry.

The authors collect and compare data from companies within the time window of 1997 through 2010. The techniques of stepwise regression and back‐propagation neural network (BPNN) are applied to analyze this data, where the variables of operating profit margin, ROE, ROA, net income ratio, Tobin's Q and stock price are chosen to indicate firm value.

Each firm value variable appears to have a different set of estimator variables consisting of financial and non‐financial factors. The estimator variable in the set that has a high influence relative to the others tends to be financial factor. However, certain non‐financial factors appear to be considered as an estimator variable for different firm value variables more often than financial factors such as employee productivity, wealth created per employee, revenue growth rate, management expense per employee, R&D expense to management expense ratio, and R&D expenditure to total assets ratio. Further, the incorporation of BPNN shows an improvement of the result of the regression method in terms of overall estimation error, especially for operating profit margin.

The authors' investigation highlights the importance of the use of non‐financial factors for firm valuation in developing biotech industries. The result can be helpful for investors who seek to examine information variables and indicators for the opportunity presented by the above industries. In addition, the significant estimation improvement by incorporating the BNPP method into the commonly used regression method suggests the beneficial use of BPNN in refining the traditional methods in the field.

The purpose of this paper is to report on research that identifies the relationships that senior managers believe exist between capabilities and business success. In doing so, it addresses the need for more empirical research about the role of strategic and dynamic capabilities in organisational performance. It also highlights the critical strategic and dynamic capabilities that are most valuable for practising managers.

A multi-method study was conducted. Eight types of strategic capability and ten types of dynamic capability commonly found in organisations were identified through consecutive literature review, web site content analysis and interviews with senior executives. A questionnaire survey was then used to ask senior officers of publicly listed Australian firms about the importance of each capability and financial and non-financial performance indicators. The relationship between capabilities and performance was measured by regression modelling.

Good leadership with an innovative vision and selection and retention of good staff and developing their skills and capabilities were the stand out strategic capabilities. Strategic thinking about the big picture and the long-term and flexible leaders who can lead and manage adaptation to change were considered to be the most important dynamic capabilities. Strategic capabilities were more often associated with indicators of financial success, and dynamic capabilities were more often associated with non-financial measures of organisational performance.

This is the first study to make a distinction between strategic and dynamic capabilities in examining the relationship between capabilities and business success. The results demonstrate that the distinction has both theoretical and practical value.

The purpose of this paper is to develop an integrated framework to explore the influences of electronic customer relationship management (ECRM) success factors (process fit, customer information quality and system support) on customer satisfaction, customer trust and customer retention, which, in turn, impact upon the business financial performance of Jordanian commercial banks in Amman city.

Using a sample of 343 branch managers, assistant branch managers and heads of departments in Jordanian commercial banks, who answered a self-administrated questionnaire, data were collected and analysed using structural equation modelling (AMOS 17.0).

The results showed that the ECRM success factors (process fit, customer information quality and system support) positively affected customer satisfaction, customer trust and customer retention. Furthermore, the authors discovered that customer satisfaction and customer trust positively influenced customer retention. It was determined that customer satisfaction, customer trust and customer retention positively impact on a business’s financial performance.

Previous research lacks the link between ECRM success factors and business performance (financial and non-financial).

The purpose of this paper is to analyze the determinants affecting the stock prices of telecommunications firms in both developed and developing countries around the world.

The empirical analysis is performed using panel data from 160 countries and 45 companies, covering the time period from 2000 to 2011. To identify the significant factors, company level firm-specific financial and non-financial factors have been analyzed that are expected to bear significant impact on price volatility of telecommunications stock.

The test results reveal that capital expenditure and book value are the most significant factors. Dividends and debt levels only affect prices significantly in specification tests with either time-series or cross-sectional effects, whereas firms’ earnings and numbers of mobile internet subscribers do not contribute to the explanatory power of telecommunication stock price variability.

The study sheds light to the potential investors in evaluating the risk associated with investment in stocks of telecommunications firms and take informed investment decisions.

This is the first study that presents a comprehensive analysis of determinants affecting the stock prices of telecommunications firms in both developed and developing countries around the world.