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Comparing U.S. and Japanese corporate‐level operating performance using financial statement data

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  • Paul R. Brown
  • Virginia E. Soybel
  • Clyde P. Stickney

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.

Suggested Citation

  • Paul R. Brown & Virginia E. Soybel & Clyde P. Stickney, 1994. "Comparing U.S. and Japanese corporate‐level operating performance using financial statement data," Strategic Management Journal, Wiley Blackwell, vol. 15(1), pages 75-83, January.
    • Handle: RePEc:bla:stratm:v:15:y:1994:i:1:p:75-83
    DOI: 10.1002/smj.4250150106
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    Cited by:

    1. Beamish, Paul W. & Kachra, Ariff, 2004. "Number of partners and JV performance," Journal of World Business, Elsevier, vol. 39(2), pages 107-120, May.
    2. Treacy, Raymond & Humphreys, Paul & McIvor, Ronan & Lo, Chris, 2019. "ISO14001 certification and operating performance: A practice-based view," International Journal of Production Economics, Elsevier, vol. 208(C), pages 319-328.
    3. Goldszmidt, Rafael G. Burstein & Brito, Luiz Artur Ledur & de Vasconcelos, Flávio Carvalho, 2011. "Country effect on firm performance: A multilevel approach," Journal of Business Research, Elsevier, vol. 64(3), pages 273-279, March.
    4. Lu, Jane W., 2003. "The evolving contributions in international strategic management research," Journal of International Management, Elsevier, vol. 9(2), pages 193-213.
    5. Langlois, Catherine C., 1997. "For Profit or for Market Share? The Pricing Strategy of Japanese Automakers on the U.S. Market," Journal of the Japanese and International Economies, Elsevier, vol. 11(1), pages 55-81, March.
    6. McGuire, Jean & Dow, Sandra, 2002. "The Japanese keiretsu system: an empirical analysis," Journal of Business Research, Elsevier, vol. 55(1), pages 33-40, January.

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