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PurposeThe purpose of this paper is to examine how utilization of non‐financial manufacturing performance (NFMP) measures impacts the lean manufacturing/financial performance relationship.Design/methodology/approachA structural equation model (SEM) is estimated using data provided by 121 US manufacturing executives. In addition to examining direct effects, the study examines whether NFMP measurement mediates or moderates the lean manufacturing/financial performance relationship.FindingsThe results provide substantial evidence that utilization of NFMP measures mediates the relationship between lean manufacturing and financial performance.Research limitations/implicationsThe study's findings regarding NFMP measurement suggest that the mixed results of prior studies of the lean manufacturing/financial performance relationship may be due in part to a failure to account for NFMP measurement. Limitations of the study are the non‐random sample and its small sample size, relative to the SEM estimated.Practical implicationsManagers who implement lean manufacturing without utilizing supportive NFMP measures may experience disappointing financial results.Originality/valueThis is the first known study that adopts a SEM framework to examine: how NFMP measurement affects the relationship between lean production and profitability; the direct relationship between NFMP measurement and firm performance; and the impact of lean manufacturing on externally audited, objective measures of firm performance.

AbstractFinancial performance is an important issue even for microfinance institutions, which need sustainability and self‐sufficiency in the long run.

AbstractConsensus about financial performance measurement remains elusive for nonprofit organization (NPO)
researchers and practitioners alike, due in part to an overall lack of empirical tests of existing and new
measures. The purpose of the current study was to explore potential similarities of financial performance measures
derived from two sources: current NPO research and key informant interviews with NPO foundation constituencies. The
authors examined financial performance measurement ratios with data from fifteen Internal Revenue Service
(IRS) Form 990 line items. Using factor analytic techniques, they found three performance factors, each
with two associated financial measurement ratios, to be present. They categorized the performance factors as
fundraising efficiency, public support, and fiscal performance. This article discusses implications of the findings
and future research.

This paper attempts to examine the relationship of equity ownership and financial performance of firms in India. The study explored the possibility that whether equity ownership type affects the financial performance of listed Indian firms. The study examined the relationship of equity ownership with accounting as well as market measures of financial performance of the firms. The study sampled the 500 listed companies constituting BSE 500 indices of Bombay Stock Exchange of India. The 397 most actively listed companies on BSE 500 indices of Bombay Stock Exchange of India, which constitute the bulk of trading, were chosen to constitute the sample of the study as of end of 2009-10. The study used Ordinary least square (OLS) to examine the relationship between the equity ownership and financial performance of the Indian listed firms. The findings of the study depict the presence of highly concentrated ownership structure in the Indian market. The results of the regression analyses interestingly indicate that the dispersed equity ownership influences certain dimensions of accounting financial performance measures (i.e. ROA and ROE) but not market performance measures (i.e. Tobin's Q, P/E and P/BV ratios), which indicate that there might be other factors (Behavioral, macro economic, political, contextual) affecting firms performance other than ownership structure. The findings of the study might be relevant for practitioners and investors for taking their financing and investment decisions.

We construct a measure of corporate purpose within a sample of U.S. companies based on approximately 500,000 survey responses of worker perceptions about their employers. We find that this measure of purpose is not related to financial performance. However, high-purpose firms come in two forms: firms characterized by high camaraderie between workers and firms characterized by high clarity from management. We document that firms exhibiting both high purpose and clarity have systematically higher future accounting and stock market performance, even after controlling for current performance, and that this relation is driven by the perceptions of middle management and professional staff rather than senior executives or hourly or commissioned workers. Taken together, these results suggest that firms with midlevel employees with strong beliefs in the purpose of their organization and the clarity in the path toward that purpose experience better performance. The online appendices are available at https://doi.org/10.1287/orsc.2018.1230 .