Provided by James R. Martin, Ph.D., CMA
Professor Emeritus, University of South Florida
Return on Investment Main Page |
Performance Measurements Main Page
Abdel-Khalik, A. R. 1988. Incentives for accruing costs and efficiency in regulated monopolies subject to ROE constraint. Journal of Accounting Research (Studies on Management's Ability and Incentives to Affect the Timing and Magnitude of Accounting Accruals): 144-174.
Anthony, R. N. 1960. Some fallacies in figuring return on investment. N.A.A. Bulletin (December): 5-13 .
Avery, H. G. 1959. Economic value vs. original cost - A discussion of bases for calculating earnings. N.A.A. Bulletin (February): 5-14.
Backer, M. 1962. Additional considerations in return on investment analysis. N.A.A. Bulletin (January): 57-62.
Bennett, J. W. 1963. Measuring project profitability: Rate of return or present value - A reply. The Accounting Review (July): 548-551.
Bernhard, R. H. 1967. Probability and rates of return: Some critical comments. Management Science (March): 598-600.
Berry, F. T. Jr. 1968. Some ramifications of the return on capital concept. Management Accounting (November): 36-37.
Bierman, H. J. 1957. Some problems in computation and use of return on investment. N.A.A. Bulletin (December): 75-82.
Bornholt, G. 2017. What is an investment project's implied rate of return? Abacus 53(4): 513-526.
Brodrick, P. E. 1958. Testing the potential of a company prior to acquisition. N.A.A. Bulletin (December): 81-90. (Use of return on sales, capital turnover, and return on investment).
Brown, V. H. 1961. Rate of return: Some comments on its applicability in capital budgeting. The Accounting Review (January): 50-62.
Burger, A. D. and S. K. Webster. 1978. The management accountant looks at EPS vs. ROI: Conflict in measuring performance. Management Accounting (August): 19-24.
Burns, D. C., J. T. Sale and J. A. Stephan. 2008. A better way to gauge profitability: Systematic ratio analysis using the advanced DuPont model. Journal of Accountancy (August): 38-43.
Chan, K. H., S. F. Lam and R. Tang. 1979. Probabilistic approaches to return on investment and residual income: A comment. The Accounting Review (July): 643-649.
Chiuminatto, P. M. 1954. Pricing for return on investment. N.A.C.A. Bulletin (December): 505-512.
Cohen, A. 2002. The bottom line on ROI. PC Magazine (May 21): iBiz 1-iBiz 6.
Cook, F. H. 1942. Abandoned property and the rate base. The Accounting Review (July): 243-251.
Cooke, R. B. 1967. Responsibility reporting of return on investment. Management Accounting (July): 24-29.
Copeland, T. 2002. Want to create value? Strategic Finance (March): 48-54. (Expectations based management is a measure of financial performance based on the difference between actual and expected performance. The measurement is [Actual return on invested capital, or ROIC - expected return on invested capital x invested capital] - [Actual weighted average cost of capital, or WACC - expected weighted average cost of capital] + [ROIC - WACC] x [Actual invested capital - expected capital]. See page 53. Illustrations based on Sears vs. Wal-Mart, Chevron Corp, and Coca-Cola Company).
Curtis, A., M. F. Lewis-Western and S. Toynbee. 2015. Historical cost measurement and the use of DuPont analysis by market participants. Review of Accounting Studies 20(3): 1210-1245.
Danfy, R. J. 1975. Analyzing the return on investment. Management Accounting (September): 31-32.
Davis, H. Z., S. Appel and G. Cohn. 2008. Free lunches and ROI: A modern fable. Management Accounting Quarterly (Winter): 16-25.
Dearden, J. 1969. The Case against ROI control. Harvard Business Review (May-June): 124-136.
Devine, K., T. Lammert and P. O’Clock. 2005. Product line and customer ROI: The next generation of ABC. Management Accounting Quarterly (Fall): 1-11.
Dewing, A. S. 1923. The role of economic profits in the return on investments. Harvard Business Review (July): 451-463.
Duboff, R. S. 2007. ROI for marketing: Computing costs is the easy part. Cost Management (July/August): 40-47.
Edwards, J. B. 1973. Adjusted DCF rate of return. Management Accounting (January): 45-49.
Elnicki, R. A. 1968. Asset base for performance evaluation - A critique. Management Accounting (August): 55-59.
Elnicki, R. A. 1970. ROI simulations for investment decisions. Management Accounting (February): 37-41.
Emmer, M. and K. A. Merchant. 2020. Measuring market return on investment. Strategic Finance (July): 25-27.
Feichter, C., I. Grabner and F. Moers. 2018. Target setting in multi-divisional firms: State of the art and avenues for future research. Journal of Management Accounting Research 30(3): 29-54.
Feltham, G. A. 1990. Discussion of “Accounting-based divisional performance measurement: Incentives for profit maximization”. Contemporary Accounting Research 6(2): 922-926.
Ferrara, W. L. 1977. Probabilistic approaches to return on investment and residual income. The Accounting Review (July): 597-604.
Ferrara, W. L. 1979. Fantasyland accounting research: Let's pretend... A comment. The Accounting Review (January): 197-198.
Ferrara, W. L. 1979. Probabilistic approaches to return on investment and residual income: A reply. The Accounting Review (July): 650-651.
Force, H. D. 1925. Price, profit and return on invested capital. Journal of Accountancy (January): 27-33.
Frank, G. W. 1956. Let's develop return-on-investment consciousness. N.A.C.A. Bulletin (October): 200-207.
Frigo, M. L. 2008. Return driven: Lessons from high-performance companies. Strategic Finance (July): 24-30.
Fujimura, D. 2012. The old Du Pont Company's accounting system lasting a hundred years: An overlooked accounting system. The Accounting Historians Journal 39(1): 53-88.
Garber, M. 2011. Profit center accounting: Theory and practice. The CPA Journal (April): 6-12.
Gelvin, L. M. 1961. Return-on-investment concept and corporate policy. N.A.A. Bulletin (July): 37-49.
Gjesdal, F. 2007. Discussion of “Conservatism, growth and return on investment”. Review of Accounting Studies 12(2-3): 371-376.
Gordon, L. A. 1976. The return on investment and the cost of capital. Management Accounting (February): 37-40.
Gordon, L. A. and M. M. Hamer. 1988. Rates of return and cash flow profiles. Accounting Review (July): 514-521.
Hamilton, B. P. Jr. 1958. Divisional profit controls - experience of an oil company. N.A.A. Bulletin (October): 31-41.
Harvard Business Review. 1954. Measuring the productivity of capital. Harvard Business Review (January-February):?.
Heinaman, S. T. 1955. Return on investment approach to inventory. N.A.C.A. Bulletin (July): 1452-1462.
Heinaman, S. T. 1957. Basing capital outlays on return on investment. N.A.C.A. Bulletin (April): 992-1002.
Hill, A. 1982. Facts and theory in measuring divisional performance. Accountancy (April): 135-137.
Hirst, M. and R. Ma. 1983. Duration and Fisher's rate of return over cost. Abacus 19(2): 162-170.
Hoffman, D. L. and M. Fodor. 2010. Can you measure the ROI of your social media marketing? MIT Sloan Management Review (Fall): 41-49.
Hoshower, L. B. and R. P. Crum. 1986. Straightening the tortuous - and treacherous - ROI path. Management Accounting (December): 41-45.
Hwang, L. and W. Lee. 2013. Stock return predictability of residual-income-based valuation: Risk or mispricing. Abacus 49(2): 219-241.
Jackson, G. W. 1959. A pitfall in R. O. I. reporting. N.A.A. Bulletin (November): 58.
Jensen, R. E. 1979. Fantasyland accounting research: Let's pretend.... The Accounting Review (January): 189-196.
Johnson, H. T. and R. S. Kaplan. 1987. Relevance Lost: The Rise and Fall of Management Accounting. Boston: Harvard Business School Press. (See the Relevance Lost Chapter 4 summary).
Jordan, J. S. 1990. Accounting-based divisional performance measurement: Incentives for profit maximization. Contemporary Accounting Research 6(2): 903-921.
Kalkbrenner, K. K., W. C. Kremer and D. D. Smith. 1989. Why managers need three bottom lines. Management Accounting (July): 21-25. (Cash, profit, and return on assets).
Kamsky, L. 1955. Cost analysis for improved return on investment. N.A.C.A. Bulletin (July): 1443-1451.
Keating, A. S. 1997. Determinants of divisional performance evaluation practices. Journal of Accounting and Economics (31 December): 243-273.
Keller, I. W. 1958. The return on capital concept. N.A.A. Bulletin (March): 13-21.
Keung, E. and M. S. H. Shih. 2014. Measuring discretionary accruals: Are ROA-matched models better than the original Jones-type models? Review of Accounting Studies 19(2): 736-768.
Knutson, P. H. 1962. Leased equipment and divisional return on capital. N.A.A. Bulletin (November): 15-20.
Kratchman, S. H., R. E. Malcom and R. D. Twark. 1974. An intra-industry comparison of alternative income concepts and relative performance evaluations. The Accounting Review (October): 682-689.
Kratchman, S. H., R. E. Malcom and R. D. Twark. 1975. The comparison of alternative income concepts: A reply. The Accounting Review (October): 865-868.
Kratchman, S. H., R. E. Malcom and R. D. Twark. 1976. Alternative income concepts and relative performance evaluations: A reply. The Accounting Review (April): 421-426.
Kribben, B. D. 1913. Determination of income rate investment. Journal of Accountancy (May): 336-340.
Kutvirt, O. 1956. Departmentalization of return-on-investment. N.A.C.A. Bulletin (October): 208-217.
Laing, G. and K. Dunbar. 2015. EVA™, EPS, ROA and ROE as measures of performance in Australian banks: A longitudinal study. Journal of Applied Management Accounting Research (Winter): 41-48.
Lammie, H. R. 1959. Using return on capital employed as a yardstick for appraisal. N.A.A. Bulletin (November): 39-46.
Lander, G. H. and M. E. Bayou. 1992. Does ROI apply to robotic factories? Management Accounting (May): 49-53.
Lawton, P. and T. Jankowski, Editors. 2009. Investment Performance Measurement: Evaluating and Presenting Results. Wiley.
Lee, R. T. 2015. How we overstate ROI improvement projects. Cost Management (November/December): 16-20.
Lee, R. T. 2015. Three steps to improving project ROI performance. Cost Management (May/June): 22-27.
Lee, R. T. 2023. When ROI analyses are wrong. Cost Management (March/April): 35-44.
Lev, B. 2004. Sharpening the intangibles edge. Harvard Business Review (June): 109-116. (Summary).
Lee, R. T. 2013. Plan and execute to improve ROI. Cincinnati Business Courier (May 26).
Lindsey, D. H. 1956. Problems in analysis of return on investment. N.A.C.A. Bulletin (February): 713-720.
Lineberger, R. A. 1961. A method of determining return on investment. N.A.A. Bulletin (June): 53-61.
Livingston, D. A. 1953. Chart books for better guidance on operations. N.A.C.A. Bulletin (November): 362-375. (Monsanto's charts and graphs. These include a chart for ROI similar to Dupont's and several graphs such as return on average investment, sales to property, net income to sales, cost of goods sold to sales, and sales growth).
Livingston, W. G. 1956. Clarifying return-on-investment determination. N.A.C.A. Bulletin (October): 218-230.
Livingston, W. G. 1961. Why measure return on capital? N.A.A. Bulletin (September): 17-26.
Livingston, W. G. and E. B. Mills. 1958. Return on investment - A guide to decision-making. N.A.A. Bulletin (October): 15-30.
Livingstone, J. L. and G. L. Salamon. 1970. Relationship between the accounting and the internal rate of return measures: A synthesis and an analysis. Journal of Accounting Research (Autumn): 199-216.
Livingstone, J. L. and M. F. van Breda. 1976. Relationship between accounting and the internal rate of return measures: A reply. Journal of Accounting Research (Spring): 187-188.
Louderback, J. G. and G. E. Manners Jr. 1981. Integrating ROI and CVP. Management Accounting (April): 33-39.
Luoma, G. A. and E. A. Spiller Jr. 2002. Financial accounting return on investment and financial leverage. Journal of Accounting Education 20(2): 131-138.
Lusch, R. F. and W. F. Bentz. 1979. A variance approach to analyzing changes in return on investment. Management Accounting (February): 29-33.
Mackenzie, D. G. 1957. Looking around. Harvard Business Review (January-February):. (A bibliography on return on capital employed).
Martin, J. R. Not dated. Chapter 14: Investment Centers, Return on Investment, Residual Income and Transfer Pricing. Management Accounting: Concepts, Techniques & Controversial Issues. Management And Accounting Web. Chapter14
Martin, J. R. Not dated. Comparing Dupont's ROI with Goldratt's ROI. Management And Accounting Web. ComparingDupontGoldrattROI
Martin, J. R. Not dated. Relationship between the internal rate of return (IRR), cost of capital, and net present value (NPV). Management And Accounting Web. IRRNPVandCostofCapital
Mason, J. O. Jr. 1971. Stock valuation theories and rate of return analysis. Management Accounting (December): 46-50.
Mauriel, J. and R. Anthony. 1965. Misevaluation of investment center performance. The Harvard Business Review (March-April): 98-105.
McCann, D. 2011. Measured response: Despite fervent debate about whether companies should measure the ROI of their training-and-development programs, most proceed (or not) on gut instinct. CFO (June): 21-25.
McElvain, D. P. 1967. Keying the short-run capital flow to return-on-investment objectives. Management Accounting (December): 3-8.
McHugh, A. J. 1976. Relationship between accounting and the internal rate of return measures. Journal of Accounting Research (Spring): 181-186.
McIntyre, E. V. 1977. Present value depreciation and the disaggregation problem. The Accounting Review (January): 162-171.
McLain, R. K. 1967. Divisional profit measurement using return on capital employed. Management Accounting (October): 36-39.
McLean, J. G. 1958. How to evaluate capital investments. Harvard Business Review (November-December):.
McLean, J. G. 1960. Measuring the return on capital - Relating calculations to uses. N.A.A. Bulletin -1960 Conference Proceedings III (September): 31-51.
Miller, J. H. 1960. A glimpse at practice in calculating and using return on investment. N.A.A. Bulletin (June): 65-76. (Survey of 200 companies).
Moonitz, M. and E. C. Brown. 1939. The annuity method of estimating depreciation. The Accounting Review (December): 424-429.
Morris, P. F. 1969. Widget pricing. Management Accounting (December): 12-14. (Related to factors affecting the return on capital employed).
Moyle, J. H. 1987. Justifying retrofit projects. Management Accounting (April): 59-61. (Determining the ROI on new projects after modifying existing capacity using the replacement cost and opportunity cost methods).
Murray, J. R. 1969. Sensitivity analysis in the return on investment computation. Management Accounting (May): 23-25.
Muth, F. J. 1954. Return on capital employed - Measure of management. N.A.C.A. Bulletin (February): 699-710.
National Association of Accountants. Return on Capital as a Guide to Managerial Decisions. NAA Research Report No. 35: 33.
National Association of Accountants. 1958. Some variations in construction and use of return on investment. N.A.A. Bulletin (March): 25-30.
National Association of Accountants. 1959. Return on capital as a guide to managerial decisions. N.A.A. Bulletin (December): 34-38. (Digest of N.A.A. Research Report No. 35).
National Association of Accountants. 1960. Bibliography on return on investment. N.A.A. Bulletin (June): 91-94.
National Association of Accountants. 1962. Practice reports: Practice in the making. N.A.A. Bulletin (February - Section 3): 3-5.
National Association of Accountants. 1962. Practice reports: Companies in search of competitor's experience. N.A.A. Bulletin (February - Section 3): 6-10.
National Association of Accountants. 1962. Practice reports: The bases of divisional return on capital. N.A.A. Bulletin (February - Section 3): 11-17.
National Association of Accountants. 1962. Practice reports: Working with return on capital. N.A.A. Bulletin (February - Section 3): 18-22.
National Association of Accountants. 1962. Practice reports: Applications of return on capital - Reporting. N.A.A. Bulletin (February - Section 3): 23-28.
National Association of Accountants. 1962. Practice reports: Applications of return on capital - Incentive plans. N.A.A. Bulletin (February - Section 3): 29-31.
National Association of Accountants. 1979. ROI and inflation: U.S. Steel president speaks out. Management Accounting (February): 12-16, 28.
National Association of Cost Accountants. 1954. Return on investment: Gist of a technical service survey. N.A.C.A. Bulletin (February): 711-714.
Norstrom, C. 1967. A note on "Mathematical analysis of rates of return under certainty". Management Science (January): 429.
Nyland, H. V. and G. R. Towle. 1956. How we evaluate return on investment - Experience of an oil company. N.A.C.A. Bulletin (May): 1092-1099.
Oakleaf, R. B. 1972. Retail trade ROI. Management Accounting (October): 25-26, 28.
Ostrenga, M. R. 1991. Return on investment through the cost of quality. Journal of Cost Management (Summer): 37-44.
Phelps, J. W. 1967. Federal income taxes and the return on investment concept. Management Accounting (March): 10-11.
Philips, G. E. 1961. An easy method for closely approximating the rate of return on investment. N.A.A. Bulletin (October): 47-52. (Discussion of a short-cut method referred to as the "two-thirds investment formula").
Phillips, P. P. and J. J. Phillips. 2006. Return on Investment (ROI) Basics. ASTD Press.
Picur, R. D. and J. C. McKeown. 1976. Alternative income concepts and relative performance evaluations: A comment and extension. The Accounting Review (April): 415-420.
Rajan, M. V., S. Reichelstein and M. T. Soliman. 2007. Conservatism, growth, and return on investment. Review of Accounting Studies 12(2-3): 323-370.
Read, R. B. 1954. Return on investment - Guide to decisions. N.A.C.A. Bulletin (June): 1231-1244. (Read Diagram).
Reece, J. S., and W. R. Cool. 1978. Measuring investment center performance. Harvard Business Review (May-June): 28-46, 174-176.
Reimers, J. M. 1968. The functions of return on investment. Management Accounting (May): 55-59.
Rickey, K. R. 1960. Measuring return on capital where leased properties are involved. N.A.A. Bulletin -1960 Conference Proceedings II (August): 18-24.
Rogness, E. C. 1959. Budgeting divisional performance. N.A.A. Bulletin (September): 87-88.
Rothschild, M. 2006. Shareholders pay for ROA. Strategic Finance (November): 26-31.
Reul, R. I. 1957. Profitability index for investments. Harvard Business Review (July-August):.
Rothkopf, M. H. 1965. A substitute for expected rate of return. Management Science (September): 148-149.
Rushton, J. H. 1955. Pricing to maximize return on investment. The Controller XXIII(3, March): 107-112, 132-133.
Saibeni, A. A. 2008. What's calculus have to do with it? Using Excel to calculate investment rates of return. The CPA Journal (January): 70-72.
Salamon, G. L. 1973. Models of the relationship between the accounting and internal rate of return: An examination of the methodology. Journal of Accounting Research (Autumn): 296-303.
Scheuble, P. A. Jr. 1955. How to figure equipment replacement. Harvard Business Review (September-October):.
Schmidt, V. 1960. How we base product profit studies on return on employed capital. N.A.A. Bulletin (June): 83-86.
Schwan, E. S. and W. A. Remaley. 1991. Marginal return on invested capital versus internal rate of return. Journal of Cost Management (Summer): 55-58.
Scorgie, M. B. 1965. Rate of return. Abacus 1(1): 85-91.
Scott, W. R. 1990. Discussion of “Accounting-based divisional performance measurement: Incentives for profit maximization”. Contemporary Accounting Research 6(2): 927-930.
Seal, W. 2010. Managerial discourse and the link between theory and practice: From ROI to value-based management. Management Accounting Research (June): 95-109.
Seed, A. H. 1955. Decentralizing accounting to divisions. N.A.C.A. Bulletin (August): 1698-1704.
Seed, A. H. 1958. Capital turnover - Key to capital management. N.A.A. Bulletin (June): 57-64.
Selling, T. I. and C. P. Stickney. 1990. Disaggregating the rate of return on common shareholders' equity: A new approach. Accounting Horizons (December): 9-17.
Semler, B. H. 1955. How much uniform accounting under decentralization. N.A.C.A. Bulletin (March): 925-930.
Sherritt, L. W. 1944. Simplifying the presentation of compound interest formulas. The Accounting Review (July): 310-314.
Shillinglaw, G. 1959. Divisionalization, decentralization - And return on investment. N.A.A. Bulletin (December): 19-33.
Shillinglaw, G. 1961. Problems in divisional profit measurement. N.A.A. Bulletin (March): 33-43.
Shwayder, K. R. 1973. Two "wrongs" making a "right". Journal of Accounting Research (Autumn): 259-272.
Skogsvik, S. and K. Skogsvik. 2010. Accounting-based probabilistic prediction of ROE, the residual income valuation model and assessment of mispricing in the Swedish stock market. Abacus 46(4): 387-418.
Soliman, M. T. 2008. The use of DuPont analysis by market participants. The Accounting Review (May): 823-853.
Solomons, D. 1965. Divisional Performance: Measurement and Control. Financial Executives Research Foundation, Inc. Review by C. W. Taylor. See also Vatter, W. J. 1971. Two views and a vignette. Journal of Accounting Research (Autumn): 396-409.
Solomons, D. 1968. Divisional Performance: Measurement and Control. Homewood, Ill.: Richard D. Irwin Inc.
Solomons, D. 1983. Divisional Performance: Measurement and Control, 2nd edition. Markus Wiener Pub.
Spanyi, A. and K. Eibel-Spanyi. 2004. Nurturing innovation. Strategic Finance (August): 25-29. (Focus on long term ROI, not short-term quarterly results).
Spiller, E. A. Jr. 1988. Return on investment: A need for special purpose information. Accounting Horizons (June): 1-9.
Stafford, V. J. 1968. Asset base for performance evaluation. Management Accounting (February): 21-25. (Related to choosing the denominator for the ROI calculation).
Stober, T. L. 1988. Discussion of incentives for accruing costs and efficiency in regulated monopolies subject to ROE constraint. Journal of Accounting Research (Studies on Management's Ability and Incentives to Affect the Timing and Magnitude of Accounting Accruals): 175-181.
Sweeney, J. W. 1960. Measuring the return on capital - Relating calculations to uses. N.A.A. Bulletin -1960 Conference Proceedings III (September): 22-30.
Teichroew, D., A. A. Robichek and M. Montalbano. 1965. Mathematical analysis of rates of return under certainty. Management Science (January): 395-403.
Tietze, A. R. 1988. Value control and return on investment. Journal of Cost Management (Spring): 29-32.
Vatter, W. J. 1959. Does rate of return measure business efficiency? N.A.A. Bulletin (January): 33-48.
Vatter, W. J. 1966. Income models, book yield, and the rate of return. The Accounting Review (October): 681-698.
Warne, R. A. 1960. Emphasizing rate of growth in rate of return. N.A.A. Bulletin (June): 77-82.
Webster, L. P. 1962. Diversified use of return on capital. N.A.A. Bulletin (August): 48.
Weiss, W. F. 1915. Return of annual net income by corporations. Journal of Accountancy (April): 260-267.
Wetnight, R. B. 1961. What is a good rate of return on employed capital? N.A.A. Bulletin (January): 71-76.
Whalen, J. M. 1959. What do we mean by return on investment. N.A.A. Bulletin (June): 92-93.
Widmer, E. U. 1960. Alternative asset bases for return-on-capital-employed computations. N.A.A. Bulletin (June): 87-90.
Williamson, R. W. 1975. Measuring divisional profitability. Management Accounting (January): 29-30, 42.
Wright, F. K. 1962. Measuring project profitability: Rate of return or present value? The Accounting Review (July): 433-437.
Wright, F. K. 1963. Measuring project profitability: Rate of return or present value: A rejoinder. The Accounting Review (July): 552-553.