Laitinen, Erkki K. - In: Journal of entrepreneurial finance : JEF ; official … 19 (2017) 2, pp. 1-28
This study develops a mathematical framework to analyze the time series of profitability ratios in the early stages of … identical flow of revenue in each period. The profitability in terms of the internal rate of return (IRR) and the lag structure … adjustment processes of three kinds of profitability ratios are investigated: return on investment ratio, profit margin (as …