XXX XXX XXXX throughout XXXX text XX XXXX XXX author believes that if financial analysts XXX managements XXXXX XXXXXX XXX way XXXX evaluate economic XXXXXXXXXXX to reflect earnings XXX XXXXX and XXXXXX changes, as opposed to XXX achievement XX a XXXX XXXXXXXX XXXX on equity capital XXXXXXXX, XXXXXXXXXX XXX XXXXX performance could be XXXXXXXXXX XXXX XXXXXX.
XX the XXXXXXXXX XX XXXX text, the XXXXXX is offering XXXX regarding the XXXXXXXX in XXXXXXXX per XXXXX. They XXXXX that “XX XXXXXX this as an improper figure upon which to focus”. XXXXXX XXX XXXXXXXXX time XXXXXX XX 1978-1979, XXXXX was XXXX XXXX XXXXXXX to XXXX XXXX, however, XXX XXXXXXXXXXX of using that capital XXXXXXXX; meanwhile, XXX XXXXXXXX per XXXXX continued XX rise. This is XXXXXXX of the dividend XXXXXX XXXXX. XXXXXXXX payout XXXXX is XXX fraction XX XXX XXXXXX a firm XXXX XX its stockholders in XXXXXXXXX: The XXXX XX the earnings not paid to investors is XXXX for investment XX provide XXX XXXXXX XXXXXXXX growth. XXXXXXXX XXX lower the dividend payout ratio, the XXXX money is being invested XXX future XXXXXXXX. The author then XXXXXXXXX that the XXXXXXX “primary XXXX” XX XXXXXXXXXX XXXXXXXX XXXXXXXXXXX is the XXXXXXXXXXX of a high earnings XXXX on equity capital employed. XXX XXXXXX finally XXXXXX XXX belief that businesses would be better XXXXXXXXXX if they XXXXXXXX XXXX primary XXXXXXXX XX XXXXXXX XXXXXXXX XXX share and XXXXXX XXXXXXX.
XX you have XXX other questions, do XXX XXXXXXXX XX message XX.
"The primary test of managerial XXXXXXXX performance XX XXX achievement of a XXXX earnings rate XX equity capital XXXXXXXX (XXXXXXX XXXXX XXXXXXXX, XXXXXXXXXX XXXXXXXXX, XXX.)"
For XXXXXXX, if I am a stockholder in XXXXXXX companies and I am looking to XXXXXX in a XXX venture, I may XXXX at company A XXX XXXXXXX X. I XXXXX research XXXXX two XXXXXXXXX to decide which I should invest in, which is XXX more XXXXXXXXXX XXXXXX. The way XXXX XX done XXX is XX XXXXXXXXX XXXXXXX or not XXX XXXXXXX has a high earnings rate XXX the amount XX capital they have XXXXXXXX. XXXX XXXXX be a XXXXX. XXXXXXXX rate: capital employed. XX XXXXXXX A had the higher ratio, I would XXXXXX choose to XXXXXX in XXXX. The point of this XXXXX XX XX say XXXX this way XX researching XXX attempting to XXXX businesses' XXXXXXX should XX replaced be a XXXXXX of XXXXXXX XXXXXXXXX XXXXX XXXXXXXX XXX share. XXXX way would effectively create a much XXXXXX way XXX investors XXX current XXXXXXXXXXXX to see how XXXX XXX XXXXXXXX is performing.