Financial Performance Analysis of Nike
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The given document is a solved assignment that provides an in-depth financial analysis of Nike Company. It uses various metrics such as DuPont Analysis, EVA (Economic Value Added), and ROCE (Return on Capital Employed) to assess the company's liquidity status, leverage, efficiency, and ability to create shareholder wealth. The analysis suggests that Nike has a stable and strong liquidity position, with a high return on equity and positive EVA, indicating efficient management in creating value from invested funds. However, it recommends raising additional funds through debt instead of equity due to the low long-term debt-to-total-capital ratio.
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Running head: PRINCIPLES OF FINANCE
Principles of finance
Name of the student
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Principles of finance
Name of the student
Name of the university
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Instructor’s name
Date of submission
Author note
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1PRINCIPLES OF BUSINESS
Table of Contents
Introduction................................................................................................................................2
Pro-forma income statement for the year 2018..........................................................................2
Pro-forma income statement for the year 2018..........................................................................3
Computation of ratio..................................................................................................................3
Ratio analysis.............................................................................................................................5
Computation of return on equity under DuPont system.............................................................7
Economic value added (EVA)...................................................................................................8
Financial risks associated with the international operation of the company..............................9
Conclusion and recommendation...............................................................................................9
Reference..................................................................................................................................10
Table of Contents
Introduction................................................................................................................................2
Pro-forma income statement for the year 2018..........................................................................2
Pro-forma income statement for the year 2018..........................................................................3
Computation of ratio..................................................................................................................3
Ratio analysis.............................................................................................................................5
Computation of return on equity under DuPont system.............................................................7
Economic value added (EVA)...................................................................................................8
Financial risks associated with the international operation of the company..............................9
Conclusion and recommendation...............................................................................................9
Reference..................................................................................................................................10
2PRINCIPLES OF BUSINESS
Introduction
The main objective of the report is to analyze Nike Inc. through using the data from
the annual report of the company. The report will analyze the weaknesses and strengths of the
company and recommending for investing in the stock of the company. Further, for analyzing
the company various financial ratios like liquidity ratio, profitability ratios, activity ratios and
gearing ratios will be used. Nike Inc is the leader in distributing, marketing and designing the
authentic athletic apparel, footwear, accessories and equipment for large range of fitness and
sports activities. Further, the wholly owned subsidiary of the company Converse designs
distributes and markets the athletic lifestyle apparel, accessories and footwear. The mission of
the company is bringing innovation and inspiration to each athlete all over the world. The
founder of Bill Bowerman believes that if a person has body, he is an athlete. However, the
vision statement of the company is subject to speculation taking into consideration the
information scarcity from the entity with regard to the corporate vision. As the leading
producer in the sports equipment, apparel and shoes, the company shall maintain its mission
and vision that is appropriate to their business in the global market (Nike.Just Do
It.Nike.com, 2018).
Pro-forma income statement for the year 2018
Particulars Amt (in millions)
Revenue $ 37,785
Cost of sales $ 20,942
Gross profit $ 16,843
Demand creation expense $ 3,400
Operating overhead expense $ 7,343
Total selling and administrative expenses $ 10,743
Interest expense $ 75
Interest income $ 225
Income before income taxes $ 6,250
Income tax expense $ 813
Introduction
The main objective of the report is to analyze Nike Inc. through using the data from
the annual report of the company. The report will analyze the weaknesses and strengths of the
company and recommending for investing in the stock of the company. Further, for analyzing
the company various financial ratios like liquidity ratio, profitability ratios, activity ratios and
gearing ratios will be used. Nike Inc is the leader in distributing, marketing and designing the
authentic athletic apparel, footwear, accessories and equipment for large range of fitness and
sports activities. Further, the wholly owned subsidiary of the company Converse designs
distributes and markets the athletic lifestyle apparel, accessories and footwear. The mission of
the company is bringing innovation and inspiration to each athlete all over the world. The
founder of Bill Bowerman believes that if a person has body, he is an athlete. However, the
vision statement of the company is subject to speculation taking into consideration the
information scarcity from the entity with regard to the corporate vision. As the leading
producer in the sports equipment, apparel and shoes, the company shall maintain its mission
and vision that is appropriate to their business in the global market (Nike.Just Do
It.Nike.com, 2018).
Pro-forma income statement for the year 2018
Particulars Amt (in millions)
Revenue $ 37,785
Cost of sales $ 20,942
Gross profit $ 16,843
Demand creation expense $ 3,400
Operating overhead expense $ 7,343
Total selling and administrative expenses $ 10,743
Interest expense $ 75
Interest income $ 225
Income before income taxes $ 6,250
Income tax expense $ 813
3PRINCIPLES OF BUSINESS
Net income $ 5,438
Pro-forma income statement for the year 2018
Particulars Amt (in millions)
Assets
Current assets:
Cash and equivalents $ 3,900
Short-term investments $ 2,300
Account receivable, net $ 3,917
Inventories $ 5,123
Prepaid expenses and other current assets $ 950
Total current assets $ 16,190
Property, plant and equipment, net $ 3,590
Identifiable intangible assets, net $ 283
Goodwill $ 139
Deferred income taxes and other assets $ 4,200
Total assets $ 24,402
Liabilities and shareholders' equity
Current liabilities
Current portion of long term debt $ 8
Notes payable $ 550
Accounts payable $ 1,820
Accrued liabilities $ 3,050
Income taxes payable $ 108
Total current liabilities $ 5,536
Long term debt $ 3,800
Deferred income taxes and other liabilities $ 1,200
Common stock at the stated value
Class B - 1314 and 1329 shares outstanding $ 3
Capital in excess of stated value $ 8,638
Accumulated other comprehensive income/ (Loss) $ (213)
Retained earnings $ 5,438
Total shareholders' equity $ 13,866
Total liabilities and shareholders' equity $ 24,402
Computation of ratio
Ratio Formula Result
Liquidity ratio
Current ratio Current assets / current liabilities 2.93
Net income $ 5,438
Pro-forma income statement for the year 2018
Particulars Amt (in millions)
Assets
Current assets:
Cash and equivalents $ 3,900
Short-term investments $ 2,300
Account receivable, net $ 3,917
Inventories $ 5,123
Prepaid expenses and other current assets $ 950
Total current assets $ 16,190
Property, plant and equipment, net $ 3,590
Identifiable intangible assets, net $ 283
Goodwill $ 139
Deferred income taxes and other assets $ 4,200
Total assets $ 24,402
Liabilities and shareholders' equity
Current liabilities
Current portion of long term debt $ 8
Notes payable $ 550
Accounts payable $ 1,820
Accrued liabilities $ 3,050
Income taxes payable $ 108
Total current liabilities $ 5,536
Long term debt $ 3,800
Deferred income taxes and other liabilities $ 1,200
Common stock at the stated value
Class B - 1314 and 1329 shares outstanding $ 3
Capital in excess of stated value $ 8,638
Accumulated other comprehensive income/ (Loss) $ (213)
Retained earnings $ 5,438
Total shareholders' equity $ 13,866
Total liabilities and shareholders' equity $ 24,402
Computation of ratio
Ratio Formula Result
Liquidity ratio
Current ratio Current assets / current liabilities 2.93
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4PRINCIPLES OF BUSINESS
Quick ratio Current assets less inventories and prepaid
expenses / Current liabilities 1.80
Financial leverage
Debt ratio Total liabilities / Total assets 0.47
Equity ratio Total equity / Total assets 0.53
Profitability ratio
Gross profit margin Gross profit / Sales * 100 44.58
Operating profit margin Operating profit / Sales * 100 13.47
Market value ratio
Earnings per share Given 2.56
Price earnings ratio Market price of share / EPS
Debt ratio
Debt ratio Total liabilities / Total assets 0.47
Debt to equity ratio Total liabilities / Total equity 0.87
Per share
Earnings per share Given
Price earnings ratio Market price of share / EPS
Measures of relative
value
Earnings per share Given 2.56
Price earnings ratio Market price of share / EPS
Activity ratio
Trade receivable
turnover Credit sales / Average accounts receivable 9.93
Inventory turnover COGS / Average inventory 3.85
Cash flow ratio
Operating cash flow
ratio Cash flow from operations / Sales 0.11
Current liability
coverage ratio Cash flow from operations / liabilities 0.34
Quick ratio Current assets less inventories and prepaid
expenses / Current liabilities 1.80
Financial leverage
Debt ratio Total liabilities / Total assets 0.47
Equity ratio Total equity / Total assets 0.53
Profitability ratio
Gross profit margin Gross profit / Sales * 100 44.58
Operating profit margin Operating profit / Sales * 100 13.47
Market value ratio
Earnings per share Given 2.56
Price earnings ratio Market price of share / EPS
Debt ratio
Debt ratio Total liabilities / Total assets 0.47
Debt to equity ratio Total liabilities / Total equity 0.87
Per share
Earnings per share Given
Price earnings ratio Market price of share / EPS
Measures of relative
value
Earnings per share Given 2.56
Price earnings ratio Market price of share / EPS
Activity ratio
Trade receivable
turnover Credit sales / Average accounts receivable 9.93
Inventory turnover COGS / Average inventory 3.85
Cash flow ratio
Operating cash flow
ratio Cash flow from operations / Sales 0.11
Current liability
coverage ratio Cash flow from operations / liabilities 0.34
5PRINCIPLES OF BUSINESS
Ratio analysis
Liquid ratio – the term liquidity states the company’s ability to meet the financial obligation.
It measures the ability of the company for paying off its short-term obligation on becoming
its due (Post & Byron, 2015). Current ratio measures the current liabilities of the company
against its current assets. On the other hand the quick ratio or acid test ratio measures the
liquidity position of the company without taking into consideration the least liquid assets like
prepaid expenses and inventories. Looking into the liquid ratio computation of the company
for the year 2017 it has been found that the both the current ratio as well as the quick ratio of
the company both are better than average (Albertini, 2013). Therefore, the liquidity status of
the company is stable and strong.
Financial leverage – it measures the equity value of the company through analysis of the
overall debt status. To be more specific, financial leverage measures overall load of debt as
compared to the equity or assets of the company. It reveals the percentage of assets belongs
to the shareholders and the percentage of asset belongs to the creditors (Saeidi et al., 2015).
When the major part is owned by the shareholders then the company is considered as less
leveraged and on the contrary when the major part is owned by the creditors then the
company is considered as highly leveraged. As it can be observed from the computation table
that the 47% of the company’s assets are held by creditors whereas 53% is held by the
shareholders. Therefore, the company will be regarded as less leveraged.
Profitability ratio – this metric is used by the company for evaluating and measuring the
ability to generate income after meeting all the expenses. Creditors, stockholders and
investors use this ratio for judging the return on investment of the company on the basis of
relative level of the assets and resources. In other words, the profitability ratio is associated
with the efficiency as they reveal the efficiency of the company regarding using of its assets
for generating profits. Looking at the profitability ratios of the company it can be recognized
Ratio analysis
Liquid ratio – the term liquidity states the company’s ability to meet the financial obligation.
It measures the ability of the company for paying off its short-term obligation on becoming
its due (Post & Byron, 2015). Current ratio measures the current liabilities of the company
against its current assets. On the other hand the quick ratio or acid test ratio measures the
liquidity position of the company without taking into consideration the least liquid assets like
prepaid expenses and inventories. Looking into the liquid ratio computation of the company
for the year 2017 it has been found that the both the current ratio as well as the quick ratio of
the company both are better than average (Albertini, 2013). Therefore, the liquidity status of
the company is stable and strong.
Financial leverage – it measures the equity value of the company through analysis of the
overall debt status. To be more specific, financial leverage measures overall load of debt as
compared to the equity or assets of the company. It reveals the percentage of assets belongs
to the shareholders and the percentage of asset belongs to the creditors (Saeidi et al., 2015).
When the major part is owned by the shareholders then the company is considered as less
leveraged and on the contrary when the major part is owned by the creditors then the
company is considered as highly leveraged. As it can be observed from the computation table
that the 47% of the company’s assets are held by creditors whereas 53% is held by the
shareholders. Therefore, the company will be regarded as less leveraged.
Profitability ratio – this metric is used by the company for evaluating and measuring the
ability to generate income after meeting all the expenses. Creditors, stockholders and
investors use this ratio for judging the return on investment of the company on the basis of
relative level of the assets and resources. In other words, the profitability ratio is associated
with the efficiency as they reveal the efficiency of the company regarding using of its assets
for generating profits. Looking at the profitability ratios of the company it can be recognized
6PRINCIPLES OF BUSINESS
that the company’s profitability position is stable and strong as the gross profit ratio is
44.58% and the operating profit margin is 13.47%
Market value ratio, per share ratio and relative value measurement ratio – the market value
ratios are used by the company for analyzing the current price of the share of company’s
stock. Market value ratios are not watched closely by business mangers as the individuals are
much concerned regarding the operational issues (Karna, Richter & Riesenkampff, 2016).
However, these ratios are used or applied only for the publicly held entities and not for the
privately held companies as no accurate ways are there to allocate the market value to its
shares. Relative measurement is the method of deriving the ratio scales from the paired
comparisons that is represented through absolute numbers. It assists the business owners and
investors to determine the company’s financial health (Karim & Arif-Uz-Zaman, 2013). For
measuring these metrics the ratios those are mainly used by the investors are the earning per
share and price earnings ratio. Earnings per share are the percentage of profit that is allocated
to each outstanding common stock of the company. On the other hand, price earnings ratio is
used for valuing the company through measuring the current stock price of the company as
compared to the earning per share. Looking into the annual report of the company and its
stock prices it is found that the EPS of the company for the year ended 2017 was $ 2.56
whereas the PE ratio of the company for the same period was 20.43. As it can be seen that
both the ratios of the company are strong, it can be stated that the company is running its
business efficiently (Melnyk et al., 2014).
Activity ratio – it is the tools for analyzing the financial health of the company for measuring
the ability to convert its assets, capital accounts and liabilities into sales or cash. If the
business can do it quickly it will be regarded as more efficient (Delen, Kuzey & Uyar, 2013).
The accounts receivable turnover under the activity ratio is the technique that is used for
measuring the efficiency of the company in collecting the money that is due from the
that the company’s profitability position is stable and strong as the gross profit ratio is
44.58% and the operating profit margin is 13.47%
Market value ratio, per share ratio and relative value measurement ratio – the market value
ratios are used by the company for analyzing the current price of the share of company’s
stock. Market value ratios are not watched closely by business mangers as the individuals are
much concerned regarding the operational issues (Karna, Richter & Riesenkampff, 2016).
However, these ratios are used or applied only for the publicly held entities and not for the
privately held companies as no accurate ways are there to allocate the market value to its
shares. Relative measurement is the method of deriving the ratio scales from the paired
comparisons that is represented through absolute numbers. It assists the business owners and
investors to determine the company’s financial health (Karim & Arif-Uz-Zaman, 2013). For
measuring these metrics the ratios those are mainly used by the investors are the earning per
share and price earnings ratio. Earnings per share are the percentage of profit that is allocated
to each outstanding common stock of the company. On the other hand, price earnings ratio is
used for valuing the company through measuring the current stock price of the company as
compared to the earning per share. Looking into the annual report of the company and its
stock prices it is found that the EPS of the company for the year ended 2017 was $ 2.56
whereas the PE ratio of the company for the same period was 20.43. As it can be seen that
both the ratios of the company are strong, it can be stated that the company is running its
business efficiently (Melnyk et al., 2014).
Activity ratio – it is the tools for analyzing the financial health of the company for measuring
the ability to convert its assets, capital accounts and liabilities into sales or cash. If the
business can do it quickly it will be regarded as more efficient (Delen, Kuzey & Uyar, 2013).
The accounts receivable turnover under the activity ratio is the technique that is used for
measuring the efficiency of the company in collecting the money that is due from the
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7PRINCIPLES OF BUSINESS
customer. On the other hand, the inventory turnover ratio gauges how many times the
company is able to sell its inventories under specific accounting period. If the inventory
turnover rate is high then the business will be considered as efficient (Sharda, Delen &
Turban, 2013). Looking into the activity ratios of the company is found that the trade
receivable turnover as well as the inventory turnover ratio of the company both is strong and
the company will therefore be regarded as efficient.
Cash flow ratio – this is regarded as important as it states the relationship among the cash
generated from sales and operations. Each company requires cash for paying service debt,
supplier’s dues, dividends and investing into new asset (Rosenbusch, Rauch & Bausch,
2013). Looking into the cash flow ratio of the company it can be observed that the company
has sufficient cash to pay off its operating expenses and short-term obligations.
Computation of return on equity under DuPont system
As per DuPont system the return on equity = Net profit margin * Asset turnover * Equity
multiplier (Padake & Soni, 2015).
Revenue = $ 34,350
Net income = $ 4,240
Assets = $ 23,259
Shareholder’s equity = $ 12,407
Net profit margin = Net profit / sales = $ 4,240 / $ 34350 = 0.1234
Asset turnover = Revenue / Assets = $ 34,350 / $ 23,259 = 1.4768
Equity multiplier = Assets / Shareholders’ equity = $ 23,259 / $ 12,407 = 1.8747
customer. On the other hand, the inventory turnover ratio gauges how many times the
company is able to sell its inventories under specific accounting period. If the inventory
turnover rate is high then the business will be considered as efficient (Sharda, Delen &
Turban, 2013). Looking into the activity ratios of the company is found that the trade
receivable turnover as well as the inventory turnover ratio of the company both is strong and
the company will therefore be regarded as efficient.
Cash flow ratio – this is regarded as important as it states the relationship among the cash
generated from sales and operations. Each company requires cash for paying service debt,
supplier’s dues, dividends and investing into new asset (Rosenbusch, Rauch & Bausch,
2013). Looking into the cash flow ratio of the company it can be observed that the company
has sufficient cash to pay off its operating expenses and short-term obligations.
Computation of return on equity under DuPont system
As per DuPont system the return on equity = Net profit margin * Asset turnover * Equity
multiplier (Padake & Soni, 2015).
Revenue = $ 34,350
Net income = $ 4,240
Assets = $ 23,259
Shareholder’s equity = $ 12,407
Net profit margin = Net profit / sales = $ 4,240 / $ 34350 = 0.1234
Asset turnover = Revenue / Assets = $ 34,350 / $ 23,259 = 1.4768
Equity multiplier = Assets / Shareholders’ equity = $ 23,259 / $ 12,407 = 1.8747
8PRINCIPLES OF BUSINESS
Therefore, return on equity = 0.1234 * 1.4768 * 1.8747 = 0.3417 or 34.17%
Economic value added (EVA)
Rf = 1.3%, Rm = 4%, Beta = 0.55
Therefore, cost of equity that is Ke = Rf + b (Rm – Rf) (Wild, Wild & Han, 2014).
Where, Rf = risk free rate, Rm = market return and b = beta
Ke = 1.3 + 0.55 (4 – 1.3) = 2.65%
Cost of debt = 0.86%
Tax rate = 13.2%
Capital type Amount %
Long term debt $ 3,471.00 22%
Equity $ 12,407.00 78%
Total capital $ 15,878.00 100%
Weighted average cost of capital (WACC) = We*Ke + Wd*Kd (1 – tax rate)
WACC = 0.78*0.0265 + 0.22*0.0086(1-0.132)
WACC = 0.022 or 2.23%
EVA = NPAT – (capital invested * WACC) (Schawel & Billing, 2018).
EVA = $ 4,240 – ($ 23,259 * 2.23%)
EVA = $ 3,721.32 million
All the measures those are used for analyzing the performance of the company, EVA
is the most accurate among all. As it can be seen that the EVA of the company is positive and
Therefore, return on equity = 0.1234 * 1.4768 * 1.8747 = 0.3417 or 34.17%
Economic value added (EVA)
Rf = 1.3%, Rm = 4%, Beta = 0.55
Therefore, cost of equity that is Ke = Rf + b (Rm – Rf) (Wild, Wild & Han, 2014).
Where, Rf = risk free rate, Rm = market return and b = beta
Ke = 1.3 + 0.55 (4 – 1.3) = 2.65%
Cost of debt = 0.86%
Tax rate = 13.2%
Capital type Amount %
Long term debt $ 3,471.00 22%
Equity $ 12,407.00 78%
Total capital $ 15,878.00 100%
Weighted average cost of capital (WACC) = We*Ke + Wd*Kd (1 – tax rate)
WACC = 0.78*0.0265 + 0.22*0.0086(1-0.132)
WACC = 0.022 or 2.23%
EVA = NPAT – (capital invested * WACC) (Schawel & Billing, 2018).
EVA = $ 4,240 – ($ 23,259 * 2.23%)
EVA = $ 3,721.32 million
All the measures those are used for analyzing the performance of the company, EVA
is the most accurate among all. As it can be seen that the EVA of the company is positive and
9PRINCIPLES OF BUSINESS
is amounted to $ 3,712 million it can be stated that the company is creating value from the
invested funds. Further, the management’s performance is appreciable as the company is
creating positive value (Blerck & George, 2013).
Financial risks associated with the international operation of the company
Nike Inc is exposed to the global market risk that includes the impact of changes in
the rate of interest and exchange rate of foreign currency (Cavusgil et al., 2014). It uses the
derivatives for managing the financial exposures that takes place under the normal course of
operation. Other risks that the company may face are the foreign exchange risk that is
associated with fluctuation in the currency value and political risks like changes in the policy,
political leadership that may create the trade barriers.
Conclusion and recommendation
It has been concluded from the above discussion that if the financial performance of
the company is considered it will be considered that financially the company is stable and
healthy. Looking into the liquid ratio of the company it has been found the liquidity status of
the company is stable and strong. Further, the company is regarded as less leveraged and
efficient in converting its assets into cash. Moreover, it is able to create shareholder’s wealth
as the return of equity of the company is quite high that is 34.17%. The positive EVA also
stating that the management is efficient in creating value from the invested funds. However,
the company is recommended to raise additional fund through debt instead of equity as the
long term debt of the company is only 22% of total capital.
is amounted to $ 3,712 million it can be stated that the company is creating value from the
invested funds. Further, the management’s performance is appreciable as the company is
creating positive value (Blerck & George, 2013).
Financial risks associated with the international operation of the company
Nike Inc is exposed to the global market risk that includes the impact of changes in
the rate of interest and exchange rate of foreign currency (Cavusgil et al., 2014). It uses the
derivatives for managing the financial exposures that takes place under the normal course of
operation. Other risks that the company may face are the foreign exchange risk that is
associated with fluctuation in the currency value and political risks like changes in the policy,
political leadership that may create the trade barriers.
Conclusion and recommendation
It has been concluded from the above discussion that if the financial performance of
the company is considered it will be considered that financially the company is stable and
healthy. Looking into the liquid ratio of the company it has been found the liquidity status of
the company is stable and strong. Further, the company is regarded as less leveraged and
efficient in converting its assets into cash. Moreover, it is able to create shareholder’s wealth
as the return of equity of the company is quite high that is 34.17%. The positive EVA also
stating that the management is efficient in creating value from the invested funds. However,
the company is recommended to raise additional fund through debt instead of equity as the
long term debt of the company is only 22% of total capital.
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10PRINCIPLES OF BUSINESS
Reference
Albertini, E. (2013). Does environmental management improve financial performance? A
meta-analytical review. Organization & Environment, 26(4), 431-457.
Blerck, V., & George, T. (2013). The relationship between executive remuneration at
financial institutions and economic value added (Doctoral dissertation, University of
Pretoria).
Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L.
(2014). International business. Pearson Australia.
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios:
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Karim, A., & Arif-Uz-Zaman, K. (2013). A methodology for effective implementation of
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organizations. Business Process Management Journal, 19(1), 169-196.
Karna, A., Richter, A., & Riesenkampff, E. (2016). Revisiting the role of the environment in
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Management Journal, 37(6), 1154-1173.
Melnyk, S. A., Bititci, U., Platts, K., Tobias, J., & Andersen, B. (2014). Is performance
measurement and management fit for the future?. Management Accounting
Research, 25(2), 173-186.
Nike.Just Do It.Nike.com. (2018). https://www.nike.com/us/en_us/. Retrieved 26 March
2018, from https://www.nike.com/us/en_us/
Reference
Albertini, E. (2013). Does environmental management improve financial performance? A
meta-analytical review. Organization & Environment, 26(4), 431-457.
Blerck, V., & George, T. (2013). The relationship between executive remuneration at
financial institutions and economic value added (Doctoral dissertation, University of
Pretoria).
Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L.
(2014). International business. Pearson Australia.
Delen, D., Kuzey, C., & Uyar, A. (2013). Measuring firm performance using financial ratios:
A decision tree approach. Expert Systems with Applications, 40(10), 3970-3983.
Karim, A., & Arif-Uz-Zaman, K. (2013). A methodology for effective implementation of
lean strategies and its performance evaluation in manufacturing
organizations. Business Process Management Journal, 19(1), 169-196.
Karna, A., Richter, A., & Riesenkampff, E. (2016). Revisiting the role of the environment in
the capabilities–financial performance relationship: A meta‐analysis. Strategic
Management Journal, 37(6), 1154-1173.
Melnyk, S. A., Bititci, U., Platts, K., Tobias, J., & Andersen, B. (2014). Is performance
measurement and management fit for the future?. Management Accounting
Research, 25(2), 173-186.
Nike.Just Do It.Nike.com. (2018). https://www.nike.com/us/en_us/. Retrieved 26 March
2018, from https://www.nike.com/us/en_us/
11PRINCIPLES OF BUSINESS
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