Other findings from the study: There are 333 companies in the industry; in 2018, the average sales per company were $56.4 million; companies average a

fixed asset turnover ratio of 1.8; employee productivity is $369,463; 3.3% of expenses are spent on health insurance; in 2018, industry operating expenses declined -0.1%; in 2018, payroll per employee was $58,572; 4.2% of employees in the industry are in management positions; and the average industry hourly pay for office and administrative jobs is $19.55.

Later, by applying the Hazard model, he found

fixed asset turnover, capital turnover and price to book value as having a positive impact on failure probability.

Fixed asset turnover ratio measures sales generated by the company out of investment made in fixed assets.

The inventory turnover and

fixed asset turnover ratios are significantly higher in U.K.

--The

fixed asset turnover ratio is much higher than the industry average indicating lower levels of fixed assets.

Therefore, the ratio of fixed assets to profit,

fixed asset turnover ratio (sales to net fixed assets), and current asset turnover ratio are used to measure capital investment efficiency.

To sum up, as it is confirmed by the F-test statistics, the main explanatory variables of the profitability of the real estate companies were the

fixed asset turnover, the return on sales and the level of fixed assets and debt (included into the asset coverage ratio), all of them provided by an expansive economic cycle characterized by a high level of sales and a high leverage of the companies.

Firm size is represented by share capital, profitability is measured through EPS, public ownership is in percentage, capital structure is represented by the ratio of long term debt to total assets, dividend payout at actual, efficiency is measured through

fixed asset turnover, growth rate is noted through sales growth rate, liquidity is measured by current ratio, and business risk is represented by operating leverage.

For

fixed asset turnover ratios (sales over fixed assets), subsidiary firms had higher ratios than did parent firms, indicating that the fixed assets of subsidiary companies were more productive than those of parent firms.

Their performance measures, used in this analysis, included net working capital

fixed asset turnover, equity financing, and markup and net takedown (see Table 3 for a definition of each measure).

Fixed asset turnover. Finally, Table X shows

fixed asset turnover ratios.