The XXX idea XXXXXXXXXX this text XX XXXX the XXXXXX believes that if financial analysts XXX managements would change the XXX they XXXXXXXX XXXXXXXX performance to XXXXXXX XXXXXXXX per share and yearly changes, XX opposed to XXX XXXXXXXXXXX XX a high earnings XXXX on XXXXXX XXXXXXX employed, XXXXXXXXXX and XXXXX XXXXXXXXXXX could XX understood XXXX XXXXXX.
In XXX beginning XX XXXX text, XXX author is offering data regarding XXX XXXXXXXX in XXXXXXXX per XXXXX. They XXXXX XXXX “we regard this as an improper figure XXXX which to XXXXX”. XXXXXX the discussed XXXX period XX 1978-1979, XXXXX was much more capital to XXXX with, XXXXXXX, the performance XX XXXXX XXXX XXXXXXX XXXXXXXX; meanwhile, the XXXXXXXX per share continued XX XXXX. This XX XXXXXXX XX the dividend payout ratio. Dividend XXXXXX XXXXX XX the XXXXXXXX XX XXX income a XXXX pays XX its XXXXXXXXXXXX in dividends: XXX XXXX of the earnings XXX XXXX to investors XX XXXX for investment to provide XXX future XXXXXXXX growth. Therefor the lower XXX dividend payout ratio, XXX more XXXXX is being XXXXXXXX for future XXXXXXXX. The author then discusses XXXX the XXXXXXX “primary test” of managerial economic XXXXXXXXXXX is XXX achievement of a XXXX earnings XXXX on XXXXXX capital employed. The XXXXXX finally states XXX belief XXXX XXXXXXXXXX XXXXX XX XXXXXX XXXXXXXXXX XX they modified XXXX XXXXXXX emphasis to XXXXXXX earnings per share and XXXXXX XXXXXXX.
XX you have any XXXXX questions, XX not hesitate XX XXXXXXX me.
"XXX primary XXXX XX XXXXXXXXXX economic performance XX XXX XXXXXXXXXXX of a XXXX XXXXXXXX rate XX equity capital employed (XXXXXXX XXXXX leverage, XXXXXXXXXX XXXXXXXXX, XXX.)"
For XXXXXXX, if I XX a stockholder in several companies and I XX looking XX invest in a XXX venture, I may look XX XXXXXXX A XXX company B. I would research these XXX XXXXXXXXX XX decide which I should XXXXXX in, XXXXX is the XXXX XXXXXXXXXX XXXXXX. XXX XXX this XX done XXX is XX XXXXXXXXX whether or not the XXXXXXX XXX a high earnings rate XXX XXX XXXXXX of XXXXXXX XXXX have XXXXXXXX. XXXX would be a XXXXX. Earnings XXXX: XXXXXXX XXXXXXXX. XX XXXXXXX A had the XXXXXX XXXXX, I would likely choose to invest in XXXX. The point XX XXXX XXXXX is XX say that XXXX XXX of researching XXX attempting XX rate XXXXXXXXXX' XXXXXXX should be replaced XX a system XX instead XXXXXXXXX their earnings XXX XXXXX. XXXX XXX would XXXXXXXXXXX XXXXXX a much better XXX for XXXXXXXXX and XXXXXXX stockholders XX XXX how XXXX the business XX performing.