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Financial Ratio Analysis: An Application to US Energy Industry

In: Productivity, Efficiency, and Economic Growth in the Asia-Pacific Region

Author

Listed:
  • M. Goto

    (Central Research Institute of Electric Power Industry)

  • T. Sueyoshi

    (New Mexico Institute of Mining & Technology
    National Cheng Kung University)

Abstract

Discriminant Analysis (DA) is a decisional tool that can predict group membership of a newly sampled observation. In DA, a group of observations whose memberships are already identified is used for the estimation of weights (or parameters) of a discriminant function by some criteria such as the minimization of misclassifications, or the maximization of correct classifications. A new sample is classified into one of the several groups by DA results. The remaining sections of this article are organized as follows: Section 3.2 provides a brief literature review that indicates the position of this research among the existing literature on DA. A review of FRA is methodologically discussed in Sect. 3.3. Section 3.3 also documents the formulation for the multiple group classification and the characteristics of the FRA methodology. The FRA is applied to a data set on the US energy industry in Sect. 3.4. Concluding comments and future extensions are summarized in the last Sect. 3.5.

Suggested Citation

  • M. Goto & T. Sueyoshi, 2009. "Financial Ratio Analysis: An Application to US Energy Industry," Contributions to Economics, in: Jeong-Dong Lee & Almas Heshmati (ed.), Productivity, Efficiency, and Economic Growth in the Asia-Pacific Region, chapter 3, pages 59-79, Springer.
    • Handle: RePEc:spr:conchp:978-3-7908-2072-0_4
    DOI: 10.1007/978-3-7908-2072-0_4
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    Cited by:

    1. Sueyoshi, Toshiyuki & Goto, Mika, 2009. "Methodological comparison between DEA (data envelopment analysis) and DEA-DA (discriminant analysis) from the perspective of bankruptcy assessment," European Journal of Operational Research, Elsevier, vol. 199(2), pages 561-575, December.

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