Akademische Referenzen

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Stewart III, GB (2009). Return on Assets vs. Return on Equity. Financial Analysts Journal, 65(3), 1-12. In this insightful article, Stewart delves into the intricacies of performance metrics such as ROA and ROE. His analysis teases out their unique advantages and potential drawbacks, ultimately showing how ROA provides insight into how well a company's assets are being used, while ROE casts a wider net and captures the amount of income returned to shareholders.
Sharabi, AM, & Levine, SJ (2017). Choosing between ROE and ROA as a measure of profitability. israel mobile database Journal of Finance & Accountancy. Here, Sharabi and Levine examine the rivalry between ROE and ROA and analyze their properties to determine which is the better measure of success. They argue that we are better off as friends than as rivals - suggesting that these metrics, when used together, provide a clearer picture of profitability, especially when considering the context of the industry in question.
Chen, L., et al. (2017). An empirical comparison of different accounting profitability ratios. European Accounting Review, 26(4), 803-837. In their practice-oriented study, Chen and colleagues take a practical approach and evaluate a range of profitability ratios using data from companies operating in China. They found that each of these, whether ROI, ROA or ROE, contributes something. But - and this is a big but - they may not capture everything related to financial health. It is a call to analysts to get the bigger picture by considering multiple ratios.