Title Page
Contents
Abstract 9
Acronyms and Abbreviations 11
CHAPTER 1. Introduction 12
1.1. Research Background 12
1.2. Research Problem 15
1.3. Research Objectives 16
1.4. Significance of the Study 17
CHAPTER 2. Literature Review 18
2.1. Financial Ratios 18
2.2. Classification of Financial Ratios 20
2.3. Financial Performance 22
2.4. Previous Study on the Effect of Financial Ratios on Performance 25
CHAPTER 3. Methodology 32
3.1. Research Strategy 32
3.1.1. Data Collection & Sampling 32
3.1.2. Research Methodology 33
3.1.3. Framework 34
3.2. Variables in Financial Ratio Analysis 34
3.2.1. Independent Variables 35
3.2.2. Dependent Variables 39
3.3. Hypothesis 43
CHAPTER 4. Analysis and Interpretation 46
4.1. Descriptive Statistics 46
4.2. Correlation Analysis 49
4.3. Regression Analysis 52
4.3.1. Results of regression analysis on the service industry 52
4.3.2. Results of regression analysis on the Group 1 56
4.3.3. Results of regression analysis on the Group 2 61
CHAPTER 5. Conclusion 66
5.1. Summary & Conclusion 66
5.2. Limitations and Recommendations for Future Research 71
References 73
Table 1. The calculation formula of major financial indicators 25
Table 2. Descriptive statistics result 48
Table 3. Correlation analysis result about Group 1 50
Table 4. Correlation analysis result about Group 2 51
Table 5. Results of multiple regression analysis on ROA of... 53
Table 6. Results of multiple regression analysis on ROE of... 54
Table 7. Results of multiple regression analysis on ROS of... 55
Table 8. Results of multiple regression analysis on OITS of... 56
Table 9. Results of multiple regression analysis on ROA of... 57
Table 10. Results of multiple regression analysis on ROE of... 58
Table 11. Results of multiple regression analysis on ROS of... 59
Table 12. Results of multiple regression analysis on OITS of... 60
Table 13. Results of multiple regression analysis on ROA of... 62
Table 14. Results of multiple regression analysis on ROE of... 63
Table 15. Results of multiple regression analysis on ROS of... 64
Table 16. Results of multiple regression analysis on OITS of... 65
Table 17. Summary of analysis results 68
Figure 1. Study Framework 34