Comparative performance evaluation under uncertainty |
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Authors: | Jaap Spronk Erik M Vermeulen |
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Institution: | a Department of Finance, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands;b EIM Small Business Research and Consultancy, P.O. Box 7001, 2701 AA, Zoetermeer, The Netherlands |
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Abstract: | In this article CCPR, a multidimensional framework for comparative performance evaluation is proposed, which is elaborated and illustrated through a real-life case. A particular feature of the approach is that it takes account of and corrects for the influence of risks, which are beyond the control of the decision maker. Here risk is seen as a multidimensional measure; it is expressed by means of sensitivities to unexpected changes of a multitude of risk factors. Furthermore, the approach corrects for differences in characteristics between the firms that are being compared. Some characteristics are fixed and thus uncontrollable for the decision maker, whereas others may be changed and controlled by the decision maker. The approach also answers whether the changes in firm characteristics made by management have been appropriate or not. |
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Keywords: | Multifactor method Interfirm comparison Performance evaluation |
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