Description: U.S. Corporate Profitability and Capital Formation: Are Rates of Return Sufficient Very Good Condition // FreeShip in the USA!!! US Seller - Packed Carefully & Ships *with Tracking* within 1 Day After Order. Herman I. Liebling U.S. Corporate Profitability and Capital Formation: Are Rates of Return Sufficient ? Year Published: 1979 Publisher: Pergamon Policy Studies LanguageEnglish ISBN-100080246222 ISBN-139780080246222 Item Weight1.74 pounds Pages 148 This book titled "U.S. Corporate Profitability and Capital Formation: Are Rates of Return Sufficient?" by Herman I. Liebling is a hardcover edition published by Pergamon Press Inc. in 1979. It has 148 pages and weighs 1.74 pounds. The book is written in English and belongs to the genre of business and economics. The book covers various topics related to corporate finance, personal finance, and money management. It also includes a summary statement of the conclusion, a capsule of the findings, and a preview of the profitability concepts and issues. The book is an excellent resource for anyone interested in the subject of corporate profitability and capital formation. About the Author HERMAN 1. LIEBLING (Ph.D. - American University, Washington, D.C.) is presently the Frank Lee and Edna Smith Professor of Economics and Business at Lafayette College and Consultant to the Department of the Treasury. Prior to September 1976, he was senior economic advisor to several Secretaries of the Treasury with responsibilities related to the nature of the general domestic economic and financial outlook and technical assistance on formation of overall macroeconomic policy. Dr. Liebling also served as the Treasury's career service delegate on the Federal interagency "Troika," the group concerned with macroeconomic policies in the Federal Government, and, during 1969-76, was the Treasury's chief forecaster of the domestic economy. For these activities, Dr. Liebling received the Meritorious Service Award of the Treasury Department in 1969. In 1973 he was nominated by the Department for the Rockefeller Public Service Award, and in 1976 received the Department's Exceptional Service Award. Pergamon Press Offices: U.S.A. U.K. CANADA AUSTRALIA FRANCE FEDERAL REPUBLIC OF GERMANY Pergamon Press Inc., Maxwell House, Fairview Park, Elmsford, New York 10523, U.S.A. Pergamon Press Ltd.. Headington Hill Hall, Oxford OX3 OBW. England Pergamon of Canada, Ltd.. 150 Consumers Road, Willowdale, Ontario M2J, 1P9, Canada Pergamon Press (Aust) Pty. Lid., P O Box 544, Potts Point, NSW 2011, Australia Pergamon Press SARL, 24 rue des Ecoles. 75240 Paris, Cedex 05. France Pergamon Press GmbH, 6242 Kronberg/Taunus, Pferdstrasse 1. Federal Republic of Germany Copyright © 1980 Pergamon Press Inc. Library of Congress Cataloging in Publication Data Liebling, Herman I U.S. corporate profitability and capital formation. (Pergamon pollcy studies) Bibllography: p. Includes index. 1. Corporate profits-United States. 2. Saving and investment-United States. I. Title. HC110.P7L53 1979 338.5 16 0973 79-14095 ISBN 0-08-024622-2 All Rights reserved No part of this publication may be reproduced. stored in a retrieval system or transmitted in any form or by any means electronic, electrostatic, magnetic tape, mechanical, photocopying. recording or otherwise, without permission in writing from the publishers Printed in the Unifed States of America Contents List of Figures and Tables Preface Acknowledgments SUMMARY AND PUBLIC POLICY ISSUES A Summary Statement of the Conclusion A Capsule of the Findings The "Cyclically Adjusted" Results Some Causal Factors "Inflation-Adjusted" Results: Myth or Reality? The Choice of Profitability Standard: A Preview PROFITABILITY CONCEPTS AND ISSUES Channeling Resources into Saving Which Rate of Return? Income Statements and Inflation Accounting Inventory Profits Capital Consumption The Balance Sheet, The Income Statement and Inflation The Holding Gain on Debt and Pension Reserves The "Social" Return to Capital Measuring the Capital Stock Taxes and Profitability Cyclical Adjustments WHICH WAY PROFITABILITY: SURVEY OF THE RECENT LITERATURE Concepts of Profitability Studies of Pre-Tax Profitability Contents Okun-Perry Nordhaus Feldstein-Summers CEA Estimates Studies of Post-Tax Profitability Holland and Myers Corcoran Kopcke General Studies of Profitability The Debate Over q The Rate of Return to Equity Holders 48 49 4. A REFUTATION OF THE FELDSTEIN AND SUMMERS RESULTS SHOWING NO DECLINE IN PRETAX PROFITABILITY F/S and Time Trends 5. THE RESULTS OF THE STATISTICAL ANALYSIS: 53 55 DECLINES IN SECULAR PROFITABILITY Profit Margins and Profits Rates of Return on Assets The Dilemma of the Cyclical Adjustment The Results of the Regression Analysis The First Trials The Results with Pressure Variables Dummy Variables: Appropriate for the 1960s The Inflation-Adjusted Rate of Return Cost of Capital and Profitability 6. RISING DEBT: THE EMERGENCE OF REDUCED PROFITABILITY Sources of Internal Funds Retained Earnings in Perspective "Adjusted" Retained Earnings with Double-Declining Depreciation The "Cash Flow" Estimates Debt-Financing As a Source of Funds The Changing Debt-Equity Relationship 7. GENERAL CONCLUSIONS AND POLICY IMPLICATIONS Statistical Appendix A Glossary of Variables B Trends in the Rate of Return to Nonfinancial Corporate Capital, 1950-77, Without Dummy Variables C Trends in the Rate of Return to Nonfinancial Corporate Capital, 1950-77, With Dummy Variables D General Statistical Tables Bibliography Index About the Author of Figures and Tables Figures 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Alternative Measures of Gap Between Actual and Potential and Trend GNP Shares of Compensation of Employees and Profits Plus Interest in Nonfinancial Corporate Product Capital Income Profits (NIPA), and Reported Profits Before Tax as a Percentage of Non-financial Gross Corporate Product Capital Income, Profits (NIPA), and Reported Profits After Tax as a Percentage of Nonfinancial Gross Corporate Product Nonfinancial Corporations Rates of Return on Profits Before Tax (NIPA) Nonfinancial Corporations Rates of Return on Profits After Tax (NIPA) Rates of Return on Profits Before Tax (NIPA) Plus Interest, Nonfinancial Corporations: Actual and Cyclically Adjusted Profits After Tax (NIPA) as a Percent of Depreciable Assets and of Stockholders Equity Nonfinancial Corporations Rates of Return on Profits After Tax (NIPA) Plus Interest ix 1.10 3.1 3.2 3.3 5. 1 6.1 6.2 List of Figures and Tables Nonfinancial Corporations Rates of Return on Profits Before Tax (NIPA) Plus Interest Comparison of Rates of Return Difference Between Rate of Return on Corporate Assets and Cost of Capital Normal After-Tax Returns on Capital for Nonfinancial Corporations After Tax Profit Rates on Nonfinancial Corporate Capital Compared to the Cost of Capital and Replacement Cost of Depreciation (Non-Retained Earnings, Repot Depreciation Ted For IVA financial Corporations) Financing Gap: Nonfinancial Corporations Table: Rates of Return, Nonfinancial Corporations Nonfinancial Corporations: Rate of Return on Profits Actual and Cyclically Adjusted Netore Tax (NIPA) Plus litstest on Depreciable Assets. Nonfinancial Corporators Ratle A Retun on Profits After Tax (NIPA) on Depreciable Assets, Actual and Cyclically Adjusted Nonfinancial Corporations: Rates of Return on Total Capital Nonfinancial Corporations: "gulation Adjusted" Rates of Return on Stockholders' Equity Nonfinancial Corporations: The Simple Effect of Inflation on Reported Profits Effective Tax Rates, Nonfinancial Corporations Nonfinancial Corporations: Nominal and Effective Tax Rates Nonfarm Nonfinancial Corporations: Profits Including and Excluding Adjustments for the Effects of Inflation List of Figures and Tables Annual Rate of Return on Nonfinancial Corporate CaDilal Shares of Profits Before Tax (NIPA) and Labor compensation of Gross Product, Nonfinancial Corporations 59 Annual Rate of Return, Nonfinancial Corporations Weighted Coefficients for "Time" Values for "*" on Time Variable 64 Nonfinancial Corporations: Profits After Tax (NIPA) as Percent of Depreciable Assets and Stockholders' Equity Inflation-Adjusted After-Tax Return on Stockholders' Equity Cost of Capital and Profit Rates Capacity Utilization in Manufacturing Nonfinancial Corporations: "Adjusted" Gross Saving Nonfinancial Corporations: "Adjusted" Retained Earnings Nonfinancial Corporations: NIPA Profits After Taxes as a Percent of Gross Domestic Produc Nonfinancial Corporations: Measures of Debt Burden Nonfinancial Corporations: Debt-Equity Ratio Nonfarm Business Sector: Percent Average Annual Growth
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Literary Movement: Enlightenment, Expressionism, Medieval, Naturalism, Post-Modernism, Modernism, Renaissance, Romantic Period, Realism
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Era: 1970s
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Item Weight: 20 oz
Number of Pages: 148
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Publisher: Elsevier Science & Technology Books
Topic: Personal Finance / Money Management, Corporate Finance / General
Publication Year: 1980
Book Title: U. S. Corporate Profitability and Capital Formation : Are Rates of Return Sufficient?
Language: English
Genre: Business & Economics
Author: Herman I. Liebling
Book Series: Policy Studies Ser.
Format: Hardcover
