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c This study uses financial statement data restated to a similar reporting basis to compare the operating performance of U. S. and Japanese companies, identifying possible strategic and environmental explanations for the differences observed. Comparisons are made for U. S. and Japanese samples as a whole, for groups of Japanese firms (keiretsu v. nonkeiretsu), and for I1 industries. The results show that neither country appears to generate systematically higher profit margins, but that U.S. firms turnover assets other than inventory more quickly and therefore have higher rates of return on assets. More intensive examination of these results suggests that environmental factors, such as cultural or structural differences, are the primary causes of the observed differences in the data analyzed.

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