U.S. flag

An official website of the United States government

The .gov means it’s official. Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.

The site is secure. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.

  • Publications
  • Account settings
  • Advanced Search
  • Journal List
  • Korean J Anesthesiol
  • v.71(2); 2018 Apr

Introduction to systematic review and meta-analysis

1 Department of Anesthesiology and Pain Medicine, Inje University Seoul Paik Hospital, Seoul, Korea

2 Department of Anesthesiology and Pain Medicine, Chung-Ang University College of Medicine, Seoul, Korea

Systematic reviews and meta-analyses present results by combining and analyzing data from different studies conducted on similar research topics. In recent years, systematic reviews and meta-analyses have been actively performed in various fields including anesthesiology. These research methods are powerful tools that can overcome the difficulties in performing large-scale randomized controlled trials. However, the inclusion of studies with any biases or improperly assessed quality of evidence in systematic reviews and meta-analyses could yield misleading results. Therefore, various guidelines have been suggested for conducting systematic reviews and meta-analyses to help standardize them and improve their quality. Nonetheless, accepting the conclusions of many studies without understanding the meta-analysis can be dangerous. Therefore, this article provides an easy introduction to clinicians on performing and understanding meta-analyses.


A systematic review collects all possible studies related to a given topic and design, and reviews and analyzes their results [ 1 ]. During the systematic review process, the quality of studies is evaluated, and a statistical meta-analysis of the study results is conducted on the basis of their quality. A meta-analysis is a valid, objective, and scientific method of analyzing and combining different results. Usually, in order to obtain more reliable results, a meta-analysis is mainly conducted on randomized controlled trials (RCTs), which have a high level of evidence [ 2 ] ( Fig. 1 ). Since 1999, various papers have presented guidelines for reporting meta-analyses of RCTs. Following the Quality of Reporting of Meta-analyses (QUORUM) statement [ 3 ], and the appearance of registers such as Cochrane Library’s Methodology Register, a large number of systematic literature reviews have been registered. In 2009, the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) statement [ 4 ] was published, and it greatly helped standardize and improve the quality of systematic reviews and meta-analyses [ 5 ].

An external file that holds a picture, illustration, etc.
Object name is kjae-2018-71-2-103f1.jpg

Levels of evidence.

In anesthesiology, the importance of systematic reviews and meta-analyses has been highlighted, and they provide diagnostic and therapeutic value to various areas, including not only perioperative management but also intensive care and outpatient anesthesia [6–13]. Systematic reviews and meta-analyses include various topics, such as comparing various treatments of postoperative nausea and vomiting [ 14 , 15 ], comparing general anesthesia and regional anesthesia [ 16 – 18 ], comparing airway maintenance devices [ 8 , 19 ], comparing various methods of postoperative pain control (e.g., patient-controlled analgesia pumps, nerve block, or analgesics) [ 20 – 23 ], comparing the precision of various monitoring instruments [ 7 ], and meta-analysis of dose-response in various drugs [ 12 ].

Thus, literature reviews and meta-analyses are being conducted in diverse medical fields, and the aim of highlighting their importance is to help better extract accurate, good quality data from the flood of data being produced. However, a lack of understanding about systematic reviews and meta-analyses can lead to incorrect outcomes being derived from the review and analysis processes. If readers indiscriminately accept the results of the many meta-analyses that are published, incorrect data may be obtained. Therefore, in this review, we aim to describe the contents and methods used in systematic reviews and meta-analyses in a way that is easy to understand for future authors and readers of systematic review and meta-analysis.

Study Planning

It is easy to confuse systematic reviews and meta-analyses. A systematic review is an objective, reproducible method to find answers to a certain research question, by collecting all available studies related to that question and reviewing and analyzing their results. A meta-analysis differs from a systematic review in that it uses statistical methods on estimates from two or more different studies to form a pooled estimate [ 1 ]. Following a systematic review, if it is not possible to form a pooled estimate, it can be published as is without progressing to a meta-analysis; however, if it is possible to form a pooled estimate from the extracted data, a meta-analysis can be attempted. Systematic reviews and meta-analyses usually proceed according to the flowchart presented in Fig. 2 . We explain each of the stages below.

An external file that holds a picture, illustration, etc.
Object name is kjae-2018-71-2-103f2.jpg

Flowchart illustrating a systematic review.

Formulating research questions

A systematic review attempts to gather all available empirical research by using clearly defined, systematic methods to obtain answers to a specific question. A meta-analysis is the statistical process of analyzing and combining results from several similar studies. Here, the definition of the word “similar” is not made clear, but when selecting a topic for the meta-analysis, it is essential to ensure that the different studies present data that can be combined. If the studies contain data on the same topic that can be combined, a meta-analysis can even be performed using data from only two studies. However, study selection via a systematic review is a precondition for performing a meta-analysis, and it is important to clearly define the Population, Intervention, Comparison, Outcomes (PICO) parameters that are central to evidence-based research. In addition, selection of the research topic is based on logical evidence, and it is important to select a topic that is familiar to readers without clearly confirmed the evidence [ 24 ].

Protocols and registration

In systematic reviews, prior registration of a detailed research plan is very important. In order to make the research process transparent, primary/secondary outcomes and methods are set in advance, and in the event of changes to the method, other researchers and readers are informed when, how, and why. Many studies are registered with an organization like PROSPERO ( http://www.crd.york.ac.uk/PROSPERO/ ), and the registration number is recorded when reporting the study, in order to share the protocol at the time of planning.

Defining inclusion and exclusion criteria

Information is included on the study design, patient characteristics, publication status (published or unpublished), language used, and research period. If there is a discrepancy between the number of patients included in the study and the number of patients included in the analysis, this needs to be clearly explained while describing the patient characteristics, to avoid confusing the reader.

Literature search and study selection

In order to secure proper basis for evidence-based research, it is essential to perform a broad search that includes as many studies as possible that meet the inclusion and exclusion criteria. Typically, the three bibliographic databases Medline, Embase, and Cochrane Central Register of Controlled Trials (CENTRAL) are used. In domestic studies, the Korean databases KoreaMed, KMBASE, and RISS4U may be included. Effort is required to identify not only published studies but also abstracts, ongoing studies, and studies awaiting publication. Among the studies retrieved in the search, the researchers remove duplicate studies, select studies that meet the inclusion/exclusion criteria based on the abstracts, and then make the final selection of studies based on their full text. In order to maintain transparency and objectivity throughout this process, study selection is conducted independently by at least two investigators. When there is a inconsistency in opinions, intervention is required via debate or by a third reviewer. The methods for this process also need to be planned in advance. It is essential to ensure the reproducibility of the literature selection process [ 25 ].

Quality of evidence

However, well planned the systematic review or meta-analysis is, if the quality of evidence in the studies is low, the quality of the meta-analysis decreases and incorrect results can be obtained [ 26 ]. Even when using randomized studies with a high quality of evidence, evaluating the quality of evidence precisely helps determine the strength of recommendations in the meta-analysis. One method of evaluating the quality of evidence in non-randomized studies is the Newcastle-Ottawa Scale, provided by the Ottawa Hospital Research Institute 1) . However, we are mostly focusing on meta-analyses that use randomized studies.

If the Grading of Recommendations, Assessment, Development and Evaluations (GRADE) system ( http://www.gradeworkinggroup.org/ ) is used, the quality of evidence is evaluated on the basis of the study limitations, inaccuracies, incompleteness of outcome data, indirectness of evidence, and risk of publication bias, and this is used to determine the strength of recommendations [ 27 ]. As shown in Table 1 , the study limitations are evaluated using the “risk of bias” method proposed by Cochrane 2) . This method classifies bias in randomized studies as “low,” “high,” or “unclear” on the basis of the presence or absence of six processes (random sequence generation, allocation concealment, blinding participants or investigators, incomplete outcome data, selective reporting, and other biases) [ 28 ].

The Cochrane Collaboration’s Tool for Assessing the Risk of Bias [ 28 ]

Data extraction

Two different investigators extract data based on the objectives and form of the study; thereafter, the extracted data are reviewed. Since the size and format of each variable are different, the size and format of the outcomes are also different, and slight changes may be required when combining the data [ 29 ]. If there are differences in the size and format of the outcome variables that cause difficulties combining the data, such as the use of different evaluation instruments or different evaluation timepoints, the analysis may be limited to a systematic review. The investigators resolve differences of opinion by debate, and if they fail to reach a consensus, a third-reviewer is consulted.

Data Analysis

The aim of a meta-analysis is to derive a conclusion with increased power and accuracy than what could not be able to achieve in individual studies. Therefore, before analysis, it is crucial to evaluate the direction of effect, size of effect, homogeneity of effects among studies, and strength of evidence [ 30 ]. Thereafter, the data are reviewed qualitatively and quantitatively. If it is determined that the different research outcomes cannot be combined, all the results and characteristics of the individual studies are displayed in a table or in a descriptive form; this is referred to as a qualitative review. A meta-analysis is a quantitative review, in which the clinical effectiveness is evaluated by calculating the weighted pooled estimate for the interventions in at least two separate studies.

The pooled estimate is the outcome of the meta-analysis, and is typically explained using a forest plot ( Figs. 3 and ​ and4). 4 ). The black squares in the forest plot are the odds ratios (ORs) and 95% confidence intervals in each study. The area of the squares represents the weight reflected in the meta-analysis. The black diamond represents the OR and 95% confidence interval calculated across all the included studies. The bold vertical line represents a lack of therapeutic effect (OR = 1); if the confidence interval includes OR = 1, it means no significant difference was found between the treatment and control groups.

An external file that holds a picture, illustration, etc.
Object name is kjae-2018-71-2-103f3.jpg

Forest plot analyzed by two different models using the same data. (A) Fixed-effect model. (B) Random-effect model. The figure depicts individual trials as filled squares with the relative sample size and the solid line as the 95% confidence interval of the difference. The diamond shape indicates the pooled estimate and uncertainty for the combined effect. The vertical line indicates the treatment group shows no effect (OR = 1). Moreover, if the confidence interval includes 1, then the result shows no evidence of difference between the treatment and control groups.

An external file that holds a picture, illustration, etc.
Object name is kjae-2018-71-2-103f4.jpg

Forest plot representing homogeneous data.

Dichotomous variables and continuous variables

In data analysis, outcome variables can be considered broadly in terms of dichotomous variables and continuous variables. When combining data from continuous variables, the mean difference (MD) and standardized mean difference (SMD) are used ( Table 2 ).

Summary of Meta-analysis Methods Available in RevMan [ 28 ]

The MD is the absolute difference in mean values between the groups, and the SMD is the mean difference between groups divided by the standard deviation. When results are presented in the same units, the MD can be used, but when results are presented in different units, the SMD should be used. When the MD is used, the combined units must be shown. A value of “0” for the MD or SMD indicates that the effects of the new treatment method and the existing treatment method are the same. A value lower than “0” means the new treatment method is less effective than the existing method, and a value greater than “0” means the new treatment is more effective than the existing method.

When combining data for dichotomous variables, the OR, risk ratio (RR), or risk difference (RD) can be used. The RR and RD can be used for RCTs, quasi-experimental studies, or cohort studies, and the OR can be used for other case-control studies or cross-sectional studies. However, because the OR is difficult to interpret, using the RR and RD, if possible, is recommended. If the outcome variable is a dichotomous variable, it can be presented as the number needed to treat (NNT), which is the minimum number of patients who need to be treated in the intervention group, compared to the control group, for a given event to occur in at least one patient. Based on Table 3 , in an RCT, if x is the probability of the event occurring in the control group and y is the probability of the event occurring in the intervention group, then x = c/(c + d), y = a/(a + b), and the absolute risk reduction (ARR) = x − y. NNT can be obtained as the reciprocal, 1/ARR.

Calculation of the Number Needed to Treat in the Dichotomous table

Fixed-effect models and random-effect models

In order to analyze effect size, two types of models can be used: a fixed-effect model or a random-effect model. A fixed-effect model assumes that the effect of treatment is the same, and that variation between results in different studies is due to random error. Thus, a fixed-effect model can be used when the studies are considered to have the same design and methodology, or when the variability in results within a study is small, and the variance is thought to be due to random error. Three common methods are used for weighted estimation in a fixed-effect model: 1) inverse variance-weighted estimation 3) , 2) Mantel-Haenszel estimation 4) , and 3) Peto estimation 5) .

A random-effect model assumes heterogeneity between the studies being combined, and these models are used when the studies are assumed different, even if a heterogeneity test does not show a significant result. Unlike a fixed-effect model, a random-effect model assumes that the size of the effect of treatment differs among studies. Thus, differences in variation among studies are thought to be due to not only random error but also between-study variability in results. Therefore, weight does not decrease greatly for studies with a small number of patients. Among methods for weighted estimation in a random-effect model, the DerSimonian and Laird method 6) is mostly used for dichotomous variables, as the simplest method, while inverse variance-weighted estimation is used for continuous variables, as with fixed-effect models. These four methods are all used in Review Manager software (The Cochrane Collaboration, UK), and are described in a study by Deeks et al. [ 31 ] ( Table 2 ). However, when the number of studies included in the analysis is less than 10, the Hartung-Knapp-Sidik-Jonkman method 7) can better reduce the risk of type 1 error than does the DerSimonian and Laird method [ 32 ].

Fig. 3 shows the results of analyzing outcome data using a fixed-effect model (A) and a random-effect model (B). As shown in Fig. 3 , while the results from large studies are weighted more heavily in the fixed-effect model, studies are given relatively similar weights irrespective of study size in the random-effect model. Although identical data were being analyzed, as shown in Fig. 3 , the significant result in the fixed-effect model was no longer significant in the random-effect model. One representative example of the small study effect in a random-effect model is the meta-analysis by Li et al. [ 33 ]. In a large-scale study, intravenous injection of magnesium was unrelated to acute myocardial infarction, but in the random-effect model, which included numerous small studies, the small study effect resulted in an association being found between intravenous injection of magnesium and myocardial infarction. This small study effect can be controlled for by using a sensitivity analysis, which is performed to examine the contribution of each of the included studies to the final meta-analysis result. In particular, when heterogeneity is suspected in the study methods or results, by changing certain data or analytical methods, this method makes it possible to verify whether the changes affect the robustness of the results, and to examine the causes of such effects [ 34 ].


Homogeneity test is a method whether the degree of heterogeneity is greater than would be expected to occur naturally when the effect size calculated from several studies is higher than the sampling error. This makes it possible to test whether the effect size calculated from several studies is the same. Three types of homogeneity tests can be used: 1) forest plot, 2) Cochrane’s Q test (chi-squared), and 3) Higgins I 2 statistics. In the forest plot, as shown in Fig. 4 , greater overlap between the confidence intervals indicates greater homogeneity. For the Q statistic, when the P value of the chi-squared test, calculated from the forest plot in Fig. 4 , is less than 0.1, it is considered to show statistical heterogeneity and a random-effect can be used. Finally, I 2 can be used [ 35 ].

I 2 , calculated as shown above, returns a value between 0 and 100%. A value less than 25% is considered to show strong homogeneity, a value of 50% is average, and a value greater than 75% indicates strong heterogeneity.

Even when the data cannot be shown to be homogeneous, a fixed-effect model can be used, ignoring the heterogeneity, and all the study results can be presented individually, without combining them. However, in many cases, a random-effect model is applied, as described above, and a subgroup analysis or meta-regression analysis is performed to explain the heterogeneity. In a subgroup analysis, the data are divided into subgroups that are expected to be homogeneous, and these subgroups are analyzed. This needs to be planned in the predetermined protocol before starting the meta-analysis. A meta-regression analysis is similar to a normal regression analysis, except that the heterogeneity between studies is modeled. This process involves performing a regression analysis of the pooled estimate for covariance at the study level, and so it is usually not considered when the number of studies is less than 10. Here, univariate and multivariate regression analyses can both be considered.

Publication bias

Publication bias is the most common type of reporting bias in meta-analyses. This refers to the distortion of meta-analysis outcomes due to the higher likelihood of publication of statistically significant studies rather than non-significant studies. In order to test the presence or absence of publication bias, first, a funnel plot can be used ( Fig. 5 ). Studies are plotted on a scatter plot with effect size on the x-axis and precision or total sample size on the y-axis. If the points form an upside-down funnel shape, with a broad base that narrows towards the top of the plot, this indicates the absence of a publication bias ( Fig. 5A ) [ 29 , 36 ]. On the other hand, if the plot shows an asymmetric shape, with no points on one side of the graph, then publication bias can be suspected ( Fig. 5B ). Second, to test publication bias statistically, Begg and Mazumdar’s rank correlation test 8) [ 37 ] or Egger’s test 9) [ 29 ] can be used. If publication bias is detected, the trim-and-fill method 10) can be used to correct the bias [ 38 ]. Fig. 6 displays results that show publication bias in Egger’s test, which has then been corrected using the trim-and-fill method using Comprehensive Meta-Analysis software (Biostat, USA).

An external file that holds a picture, illustration, etc.
Object name is kjae-2018-71-2-103f5.jpg

Funnel plot showing the effect size on the x-axis and sample size on the y-axis as a scatter plot. (A) Funnel plot without publication bias. The individual plots are broader at the bottom and narrower at the top. (B) Funnel plot with publication bias. The individual plots are located asymmetrically.

An external file that holds a picture, illustration, etc.
Object name is kjae-2018-71-2-103f6.jpg

Funnel plot adjusted using the trim-and-fill method. White circles: comparisons included. Black circles: inputted comparisons using the trim-and-fill method. White diamond: pooled observed log risk ratio. Black diamond: pooled inputted log risk ratio.

Result Presentation

When reporting the results of a systematic review or meta-analysis, the analytical content and methods should be described in detail. First, a flowchart is displayed with the literature search and selection process according to the inclusion/exclusion criteria. Second, a table is shown with the characteristics of the included studies. A table should also be included with information related to the quality of evidence, such as GRADE ( Table 4 ). Third, the results of data analysis are shown in a forest plot and funnel plot. Fourth, if the results use dichotomous data, the NNT values can be reported, as described above.

The GRADE Evidence Quality for Each Outcome

N: number of studies, ROB: risk of bias, PON: postoperative nausea, POV: postoperative vomiting, PONV: postoperative nausea and vomiting, CI: confidence interval, RR: risk ratio, AR: absolute risk.

When Review Manager software (The Cochrane Collaboration, UK) is used for the analysis, two types of P values are given. The first is the P value from the z-test, which tests the null hypothesis that the intervention has no effect. The second P value is from the chi-squared test, which tests the null hypothesis for a lack of heterogeneity. The statistical result for the intervention effect, which is generally considered the most important result in meta-analyses, is the z-test P value.

A common mistake when reporting results is, given a z-test P value greater than 0.05, to say there was “no statistical significance” or “no difference.” When evaluating statistical significance in a meta-analysis, a P value lower than 0.05 can be explained as “a significant difference in the effects of the two treatment methods.” However, the P value may appear non-significant whether or not there is a difference between the two treatment methods. In such a situation, it is better to announce “there was no strong evidence for an effect,” and to present the P value and confidence intervals. Another common mistake is to think that a smaller P value is indicative of a more significant effect. In meta-analyses of large-scale studies, the P value is more greatly affected by the number of studies and patients included, rather than by the significance of the results; therefore, care should be taken when interpreting the results of a meta-analysis.

When performing a systematic literature review or meta-analysis, if the quality of studies is not properly evaluated or if proper methodology is not strictly applied, the results can be biased and the outcomes can be incorrect. However, when systematic reviews and meta-analyses are properly implemented, they can yield powerful results that could usually only be achieved using large-scale RCTs, which are difficult to perform in individual studies. As our understanding of evidence-based medicine increases and its importance is better appreciated, the number of systematic reviews and meta-analyses will keep increasing. However, indiscriminate acceptance of the results of all these meta-analyses can be dangerous, and hence, we recommend that their results be received critically on the basis of a more accurate understanding.

1) http://www.ohri.ca .

2) http://methods.cochrane.org/bias/assessing-risk-bias-included-studies .

3) The inverse variance-weighted estimation method is useful if the number of studies is small with large sample sizes.

4) The Mantel-Haenszel estimation method is useful if the number of studies is large with small sample sizes.

5) The Peto estimation method is useful if the event rate is low or one of the two groups shows zero incidence.

6) The most popular and simplest statistical method used in Review Manager and Comprehensive Meta-analysis software.

7) Alternative random-effect model meta-analysis that has more adequate error rates than does the common DerSimonian and Laird method, especially when the number of studies is small. However, even with the Hartung-Knapp-Sidik-Jonkman method, when there are less than five studies with very unequal sizes, extra caution is needed.

8) The Begg and Mazumdar rank correlation test uses the correlation between the ranks of effect sizes and the ranks of their variances [ 37 ].

9) The degree of funnel plot asymmetry as measured by the intercept from the regression of standard normal deviates against precision [ 29 ].

10) If there are more small studies on one side, we expect the suppression of studies on the other side. Trimming yields the adjusted effect size and reduces the variance of the effects by adding the original studies back into the analysis as a mirror image of each study.

Duke University Libraries

Literature Reviews

  • Getting started

What is a literature review?

Why conduct a literature review, stages of a literature review, lit reviews: an overview (video), check out these books.

  • Types of reviews
  • 1. Define your research question
  • 2. Plan your search
  • 3. Search the literature
  • 4. Organize your results
  • 5. Synthesize your findings
  • 6. Write the review
  • Thompson Writing Studio This link opens in a new window
  • Need to write a systematic review? This link opens in a new window

literature review ratio analysis

Contact a Librarian

Ask a Librarian

literature review ratio analysis

Definition: A literature review is a systematic examination and synthesis of existing scholarly research on a specific topic or subject.

Purpose: It serves to provide a comprehensive overview of the current state of knowledge within a particular field.

Analysis: Involves critically evaluating and summarizing key findings, methodologies, and debates found in academic literature.

Identifying Gaps: Aims to pinpoint areas where there is a lack of research or unresolved questions, highlighting opportunities for further investigation.

Contextualization: Enables researchers to understand how their work fits into the broader academic conversation and contributes to the existing body of knowledge.

literature review ratio analysis

tl;dr  A literature review critically examines and synthesizes existing scholarly research and publications on a specific topic to provide a comprehensive understanding of the current state of knowledge in the field.

What is a literature review NOT?

❌ An annotated bibliography

❌ Original research

❌ A summary

❌ Something to be conducted at the end of your research

❌ An opinion piece

❌ A chronological compilation of studies

The reason for conducting a literature review is to:

literature review ratio analysis

Literature Reviews: An Overview for Graduate Students

While this 9-minute video from NCSU is geared toward graduate students, it is useful for anyone conducting a literature review.

literature review ratio analysis

Writing the literature review: A practical guide

Available 3rd floor of Perkins

literature review ratio analysis

Writing literature reviews: A guide for students of the social and behavioral sciences

Available online!

literature review ratio analysis

So, you have to write a literature review: A guided workbook for engineers

literature review ratio analysis

Telling a research story: Writing a literature review

literature review ratio analysis

The literature review: Six steps to success

literature review ratio analysis

Systematic approaches to a successful literature review

Request from Duke Medical Center Library

literature review ratio analysis

Doing a systematic review: A student's guide

  • Next: Types of reviews >>
  • Last Updated: Feb 15, 2024 1:45 PM
  • URL: https://guides.library.duke.edu/lit-reviews

Duke University Libraries

Services for...

  • Faculty & Instructors
  • Graduate Students
  • Undergraduate Students
  • International Students
  • Patrons with Disabilities


  • Harmful Language Statement
  • Re-use & Attribution / Privacy
  • Support the Libraries

Creative Commons License

Book cover

International Symposium in Management Innovation for Sustainable Management and Entrepreneurship

SIM 2019: Innovation in Sustainable Management and Entrepreneurship pp 229–244 Cite as

A Review of the Research on Financial Performance and Its Determinants

  • Mihaela Brindusa Tudose 5 &
  • Silvia Avasilcai 5  
  • Conference paper
  • First Online: 30 May 2020

1280 Accesses

3 Citations

Part of the Springer Proceedings in Business and Economics book series (SPBE)

To carry out the review, the study was designed in such a manner as to enable us to: (a) identify the degree of interest that researchers displayed for scientific grounding of concepts they operate with and (b) identify the degree to which new lines of research have been shaped on determinants of financial performance. Based on a sample of 45 articles which analyzed the corporate financial performance, published during 2014–2019, was established a database which details: the researches’ topic; dependent and independent analyzed variables (and the indicators used for their assessment); samples; sources of data and periods in which they have been collected; results of the research; and authors’ contributions in defining the concept of performance. In terms of study’s first aim, we have shown that authors are concerned with grounding concepts with which they operate, but they mostly focus on the determinants and not on the financial performance. In terms of determinants of the financial performance, the study reveals that the research is more detailed and they extend the analyses with new variables (such as ethics of stakeholders, corporate lobbying, corporate culture, green credit or non-financial reporting) for explaining the dynamics of the financial performance.

  • Performance
  • Financial performance
  • Determinants
  • Authors’ contributions

This is a preview of subscription content, log in via an institution .

Buying options

  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
  • Available as EPUB and PDF
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
  • Durable hardcover edition

Tax calculation will be finalised at checkout

Purchases are for personal use only

Al-Sa’eed, M.A.A.: The impact of ownership structure and dividends on firm’s performance: evidence from manufacturing companies listed on the amman stock exchange. Australas. Account. Bus. Financ. J. 12 (3), 87–106 (2018). https://doi.org/10.14453/aabfj.v12i3.7

Article   Google Scholar  

Anghel, I., Siminică, M., Cristea, M., Sichigea, M., Noja, G.G.: Intellectual capital and financial performance of biotech companies in the pharmaceutical industry. Amfiteatru Econ. 20 (49), 631–646 (2018)

Google Scholar  

Arda, O.A., Bayraktar, E., Tatoglu, E.: How do integrated quality and environmental management practices affect firm performance? Mediating roles of quality performance and environmental proactivity. Bus. Strat. Env. 28 , 64–78 (2019)

Baker, H.K., Veit, E.T., Powell, G.E.: Factors influencing dividend policy decisions of Nasdaq firms. Financ. Rev. 36 (3), 19–37 (2001)

Batchimeg, B.: Financial performance determinants of organizations: the case of mongolian companies. J. Compet. 9 (3), 22–33 (2017)

Belás, J., Gabčová, L.: The relationship among customer satisfaction, loyalty and financial performance of commercial banks. Ekonomie a Manag. 19 (1), 132–147 (2016). https://doi.org/10.15240/tul/001/2016-1-010

Brown, D.M., Laverick, S.: Measuring corporate performance. Long Range Plan 27 , 89–98 (1994)

Capon, N., Farley, J., Hoenig, S.: Determinants of financial performance: a meta-analysis. Manage. Sci. 36 (10), 1144–1159 (1990)

Chandler, A.D.: Strategy and Structure. MIT Press, Cambridge (1962)

Chatman, J., Caldwell, D., O’Reilly, C., Doerr, B.: Parsing organizational culture: how the norm for adaptability influences the relationship between culture consensus and financial performance in high-technology firms. J. Organ. Behav. 35 , 785–808 (2014). https://doi.org/10.1002/job.1928

Cherrington, D.J.: Organizational Behavior: The Management of Individual and Organizational Performance. Allyn & Bacon, Boston (1989)

Dobija, D., Kravchenko, G.: Supervisory board composition and firm financial performance: a case of companies listed on the warsaw stock exchange. J. Manage. Bus. Adm. Cent. Eur. 25 (4), 75–95 (2017). https://doi.org/10.7206/jmba.ce.2450-7814.208

Donkor, J., Agyekum Donkor, G.N., Kankam-Kwarteng, C.: Innovative capability, strategic goals and financial performance of SMEs in Ghana. Asia Pacific J. Innov. Entrep. 12 (2), 238–254 (2018). https://doi.org/10.1108/APJIE-10-2017-0033

Dumitru, V.F., Jinga, G., Mihai, F., Ștefănescu, A.: Innovative information technologies and their impact on the performance of the entities which activate in the retail industry. Amfiteatru Econ. 17 (39), 520–535 (2015)

Dutescu, A., Popa, A.F., Ponorîcă, A.G.: Sustainability of the tourism industry, based on financial key performance indicators. Amfiteatru Econ. XVI (8), 1048–1062 (2014)

Egbunike, C.F., Okerekeoti, C.U.: Macroeconomic factors, firm characteristics and financial performance: a study of selected quoted manufacturing firms in Nigeria. Asian J. Account. Res. 3 (2), 42–168 (2018). https://doi.org/10.1108/AJAR-09-2018-0029

García-Sánchez, I.M., Martínez-Ferrero, J.: Chief executive officer ability, corporate social responsibility, and financial performance: the moderating role of the environment. Bus. Strat. Env. 28 , 542–555 (2019)

Hamann, M., Schiemann, F., Bellora, L., Guenther, T.: exploring the dimensions of organizational performance a construct validity study. Organ. Res. Meth. 16 (1), 67–87 (2013). https://doi.org/10.1177/1094428112470007

Hamdan, A., Khamis, R., Anaswel, M.: IT Governance and Firm Performance: Empirical Study from Saudi Arabia. SAGE Open 1–8 April–June (2019). https://doi.org/10.1177/2158244019843721

Henri, J.F., Boiral, O., Roy, M.J.: Strategic cost management and performance: the case of environmental costs. Brit. Acc. Rev. 48 (2), 269–282 (2016)

Ho, C.L.P., Nguyen, C.N., Adhikari, R., Miles, M., Bonney, L.: Exploring market orientation, innovation, and financial performance in agricultural value chains in emerging economies. J. Innov. Knowl. 3 , 154–163 (2018). https://doi.org/10.1016/j.jik.2017.03.008

Hussain, N., Rigoni, U., Cavezzali, E.: Does it pay to be sustainable? Looking inside the black box of the relationship between sustainability performance and financial performance. Corp. Soc. Resp. Env. Ma. 25 , 1198–1211 (2018). https://doi.org/10.1002/csr.1631

Ionașcu, M., Ionașcu, I., Săcărin, M., Minu, M.: Exploring the impact of ISO 9001, ISO 14001 and OHSAS 18001 certification on financial performance: the case of companies listed on the Bucharest stock exchange. Amfiteatru Econ. 19 (44), 166–180 (2017)

Ionașcu, M., Ionascu, I., Săcărin, M., Minu, M.: Women on boards and financial performance: evidence from a european emerging market. Sustainability 10 (1644), 1–18 (2018). https://doi.org/10.3390/su10051644

Ittner, C., Larcker, D.: Product development cycle time and organizational performance. J. Mark. Res. 34 (1), 13–23 (1997)

Jenatabadi, H.S.: An overview of organizational performance index: definitions and measurements. Available via SSRN (2015). https://doi.org/10.2139/ssrn.2599439

Kassi, D.F., Rathnayake, D.N., Louembe, P.A., Ding, N.: Market risk and financial performance of non-financial companies listed on the moroccan stock exchange. Risks 7 (20), 1–29 (2019). https://doi.org/10.3390/risks7010020

Kennerley, M., Neely, A.: A framework of the factors affecting the evolution of performance measurement systems. Int. J. Oper. Prod. Manage. 22 (11), 1222–1245 (2002). https://doi.org/10.1108/01443570210450293

Khan, A.W., Subhan, A.Q.: Impact of board diversity and audit on firm performance. Cogent Bus. Manage. 6 , 1–16 (2019). https://doi.org/10.1080/23311975.2019.1611719

Khrawish, H.A.: Determinants of commercial banks performance: evidence from Jordan. Int. Res. J. Financ. Econ. 81 , 148–159 (2011)

Kiessling, T., Isaksson, L., Yasar, B.: Market orientation and CSR: performance implications. J. Bus. Ethics. 137 , 269–284 (2016). https://doi.org/10.1007/s10551-015-2555-y

Kurniaty, S., Handayani, S.R., Rahayu, S.M.: Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian J. Acc. Res. 2443–5175 (2018). https://doi.org/10.1108/AJAR-07-2018-0021

Lebans, M., Euske, K.: A Conceptual and Operational Delineation of Performance. Cambridge University Press, Cambridge, Business Performance Measurement (2006)

Lee, J.: Does size matter in firm performance? Evidence from US public firms. Int. J. Econ. Bus. 16 (2), 189–203 (2009). https://doi.org/10.1080/13571510902917400

Lin, C.S., Chang, R.Y., Dang, V.T.: An integrated model to explain how corporate social responsibility affects corporate financial performance. Sustainability 7 , 8292–8311 (2015). https://doi.org/10.3390/su7078292

Lin, W.L.: Do firm’s organisational slacks influence the relationship between corporate lobbying and corporate financial performance? More is not always better. Int. J. Financ. Stud. 7 (2), 1–23 (2019). https://doi.org/10.3390/ijfs7010002

Lozano, R.: A holistic perspective on corporate sustainability drivers. Corp. Soc. Responsib. Environ. Manag. 22 (1), 32–44 (2015). https://doi.org/10.1002/csr.1325

Luo, C., Fan, S., Zhang, Q.: Investigating the influence of green credit on operational efficiency and financial performance based on hybrid econometric models. Int. J. Financ. Stud. 5 (27) (2017). https://doi.org/10.3390/ijfs5040027

Mahrani, M., Soewarno, N.: The effect of good corporate governance mechanism and corporate social responsibility on financial performance with earnings management as mediating variable. Asian J. Account. Res. 3 (1), 41–60 (2018). https://doi.org/10.1108/AJAR-06-2018-0008

Manrique, S., Martí-Ballester, C.P.: Analyzing the effect of corporate environmental performance on corporate financial performance in developed and developing countries. Sustainability 9 (1957), 1–30 (2017). https://doi.org/10.3390/su9111957

March, J., Sutton, R.: Crossroads—organizational performance as a dependent variable. Organ. Sci. 8 (6), 698–706 (1997). https://doi.org/10.1287/orsc.8.6.698

McWilliams, A., Siegel, D.: Corporate social responsibility and financial performance: correlation or misspecification? Strateg. Manag. J. 21 , 603–609 (2000)

Mehmood, R., Hunjra, A.I., Chani, M.I.: The impact of corporate diversification and financial structure on firm performance: evidence from South Asian countries. J. Risk Financ. Manag. 12 (49), 1–17 (2019). https://doi.org/10.3390/jrfm12010049

Müller, V.O., Ienciu, I.A., Bonaci, C.G., Filip, C.I.: Board characteristics best practices and financial performance. Evidence from the European capital market. Amfiteatru Econ. XVI (36):672–683 (2014)

Naser, K., Mokhtar, M.Z.: Firm performance, macro-economic variables and firm size. J. Financ. 1 , 543–679 (2004)

Naude, P., Zaefarian, G., Tavani, Z.N., Neghabi, S., Zaefarian, R.: The influence of network effects on SME performance. Ind. Mark. Manage. 43 (4), 630–641 (2014). https://doi.org/10.1016/j.indmarman.2014.02.004

Neeveditah, P.M., Karishma, A., Devi, R.N.: Environmental management systems and financial performance: the case of listed companies in Mauritius. Theor. Econ. Lett. 7 , 2054–2069 (2017). https://doi.org/10.4236/tel.2017.77139

Nenu, A.E., Vintilă, G., Gherghina, S.C.: The impact of capital structure on risk and firm performance: empirical evidence for the Bucharest stock exchange listed companies. Int. J. Financ. Stud. 6 (41), 1–29 (2018). https://doi.org/10.3390/ijfs6020041

Odrizola, M.D., Baraibar-Diez, E.: Do work-life balance practices mediate in the relationship between female participation and financial performance? Eur. J. Manage. Bus. Econ. 27 (3), 249–265 (2018). https://doi.org/10.1108/EJMBE-08-2017-0009

Orozco, L.A., Vargas, J., Galindo-Dorado, R.: Trends on the relationship between board size and financial and reputational corporate performance: the Colombian case. Eur. J. Manage. Bus. Econ. 27 (2), 183–197 (2018). https://doi.org/10.1108/EJMBE-02-2018-0029

Palaniappan, G.: Determinants of corporate financial performance relating to board characteristics of corporate governance in Indian manufacturing industry: an empirical study. Eur. J. Manage. Bus. Econ. 26 (1), 67–85 (2017). https://doi.org/10.1108/EJMBE-07-2017-005

Peleckis, K., Krutinis, M., Slavinskaitė, N.: Daugiakriterinis alkoholio pramonės įmonių pagrindinės veiklos efektyvumo vertinimas. Verslo ir teisės aktualijos l (8), 1–16 (2013)

Peterson, W., Gijsbers, G., Wilks, M.: An organizational performance assessment system for agricultural research organizations: concepts, methods, and procedures. ISNAR Res. Manage. Guidelines 7 , 1–81 (2003)

Pizzi, S.: The Relationship between Non-financial reporting, environmental strategies and financial performance. Empirical Evid. Milano Stock Exch. Adm. Sci. 8 (76), 1–9 (2018). https://doi.org/10.3390/admsci8040076

Pletzer, J.L., Nikolova, R., Kedzior, K.K., Voelpel, S.C.: Does gender matter? Female representation on corporate boards and firm financial performance—a meta-analysis. PLoS ONE 10 (6), 1–20 (2015). https://doi.org/10.1371/journal.pone.0130005

Prahalathan, B., Ranjany, R.P.: The impact of capital structure choice on firm performance: empirical investigation of listed companies in Columbo stock exchange, Sri Lanka. Int. J. Res. Commer. Manage. 2 (4), 12–16 (2011)

Pucheta-Martinez, M.C., Garcia-Meca, E.: Monitoring, corporate performance and institutional directors. Aust. Acc. Rev. 88 (29–1), 208–219 (2019). https://doi.org/10.1111/auar.12262

Rajnoha, R., Lesníková, P., Korauš, A.: From financial measures to strategic performance measurement system and corporate sustainability: empirical evidence from Slovakia. Econ. Sociol. 9 (4), 134–152 (2016). https://doi.org/10.14254/2071-789X.2016/9-4/8

Richard, P., Devinney, T., Yip, G., Johnson, G.: Measuring organizational performance: towards methodological best practice. J. Manag. 35 , 718–804 (2009)

Robbins, S.P.: Organizational Theory: Structure, Design, and Application. Prentice-Hall, San Diego (1987)

Saliba de Oliveira, J.A., Cruz Basso, L.F., Kimura, J., Amorim Sobreiro, L.: Innovation and financial performance of companies doing business in Brazil. Int. J. Innov. Stud. 2 , 153–164 (2018). https://doi.org/10.1016/j.ijis.2019.03.001

Searcy, C.: Corporate sustainability performance measurement systems: a review and research agenda. J. Bus. Ethics 107 (3), 239–253 (2012). https://doi.org/10.1007/s10551-011-1038-z

Siminică, M., Crăciun, L., Dinu, A.: The impact of corporate sustainability strategies on the financial performance of Romanian companies in the context of green marketing. Amfiteatru Econ. 17 (40), 994–1010 (2015)

Sjödin, D., Parida, V., Kohtamäki, M.: Relational governance strategies for advanced service provision: multiple paths to superior financial performance in servitization. J. Bus. Res. 101 , 906–915 (2019). https://doi.org/10.1016/j.jbusres.2019.02.042

Sroufe, R., Remani, V.G.: Management, social sustainability, reputation, and financial performance relationships: an empirical examination of U.S. firms. Organ. Environ. SAGE Publ. I (32), 1–33 (2018) https://doi.org/10.1177/1086026618756611

Suriyankietkaew, S., Avery, G.: Sustainable leadership practices driving financial performance: empirical evidence from Thai SMEs. Sustainability 8 (327) (2016). https://doi.org/10.3390/su8040327

Taebi Noghondari, A., Taebi Noghondari, A.: The mediation effect of financial leverage on the relationship between ownership concentration and financial corporate performance. Iran. J. Manag. Stud. 10 (3), 697–714 (2017)

Vernimmen, P.: Finance d’enterprises, 7th edn. Dalloz Publishing House, Paris (2009)

Vuță, M., Cioacă, S.I., Vuţă, M., Enciu, A.: An empirical analysis of corporate social responsibility effects on financial performance for Romanian listed companies. Amfiteatru Econ. 21 (52), 607–622 (2019). https://doi.org/10.24818/EA/2019/52/607

Wen, W.: Ownership structure and bank performance in China: does ownership concentration matter? SSRN (2010). https://doi.org/10.2139/ssrn.1747655

Xu, J., Wang, B.: Intellectual capital, financial performance and companies’ sustainable growth: evidence from the Korean manufacturing industry. Sustainability 10 (4651), 2–15 (2018). https://doi.org/10.3390/su10124651

Download references

Author information

Authors and affiliations.

Gheorghe Asachi Technical University of Iasi, Iasi, Romania

Mihaela Brindusa Tudose & Silvia Avasilcai

You can also search for this author in PubMed   Google Scholar

Corresponding author

Correspondence to Mihaela Brindusa Tudose .

Editor information

Editors and affiliations.

Polytechnic University of Timişoara, Timișoara, Romania

Gabriela Prostean

University of Burgos, Burgos, Spain

Juan José Lavios Villahoz

West University of Timișoara, Timișoara, Romania

Laura Brancu

Budapest Business School, Budapest, Hungary

Gyula Bakacsi

Rights and permissions

Reprints and permissions

Copyright information

© 2020 Springer Nature Switzerland AG

About this paper

Cite this paper.

Tudose, M.B., Avasilcai, S. (2020). A Review of the Research on Financial Performance and Its Determinants. In: Prostean, G., Lavios Villahoz, J., Brancu, L., Bakacsi, G. (eds) Innovation in Sustainable Management and Entrepreneurship. SIM 2019. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-44711-3_17

Download citation

DOI : https://doi.org/10.1007/978-3-030-44711-3_17

Published : 30 May 2020

Publisher Name : Springer, Cham

Print ISBN : 978-3-030-44710-6

Online ISBN : 978-3-030-44711-3

eBook Packages : Business and Management Business and Management (R0)

Share this paper

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

  • Publish with us

Policies and ethics

  • Find a journal
  • Track your research

Academia.edu no longer supports Internet Explorer.

To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to  upgrade your browser .

Enter the email address you signed up with and we'll email you a reset link.

  • We're Hiring!
  • Help Center

paper cover thumbnail

The Analysis and Use of Financial Ratios: A Review Article

Profile image of Paul Barnes

1987, Journal of Business Finance & Accounting

Related Papers

Journal of Business Finance & Accounting

Ronald Bird

literature review ratio analysis

Usman kabir

The certainty of the reliance on the use of financial ratio analysis in making investment decisions by potential investors still remained a mystery. This has to do with the choice of ratios to select when making investment decisions. Many shareholders in Nigeria are uneducated or illiterate, and due to their ignorance, they cannot use ratio analysis in evaluating firms for investment decisions. Thus, this paper explores the concept of financial ratio analysis in terms of the decision usefulness of financial ratios. The paper suggests that the relevant financial information needed for the purposes of making investment decision can be sourced through the use of financial ratio analysis. Therefore, management must ensure that disclosure of comprehensive financial ratios form part of financial statement prepared for the overall appraisal of firms.

David Woodliff

Thankgod Agwor

Financial ratios are assumed to be very useful predictors of business performance, growth and financial status. This study evaluates the collinearity and correlation of financial ratios to establish a pattern of relationship that could serve s n empirically supported guide for financial ratios reliance in business evaluation decisions. The research data were gathered from the annual account report of vita foam Plc and analyzed using collinearity and correlation to test the research propositions. The paper found the existence of correlation and collinearity in the financial ratios, and concludes that financial ratios are reliable business status indicators. We therefore recommend the application of financial ratios in the evaluation of business performance, growth and financial strength.

navneet joshi

The current business environment has forced business units to devise innovative means and mechanisms so as to stay competitive in the market. This necessitates the need for constantly evaluating their performance measures. Business units have identified several measures which depict the performance yet ambiguities remain with respect to what is appropriate measure for performance measurement. Ratio analysis is one such measure which business units have been using for sufficient period of time. Yet there exists certain points of consideration which form the basis for this paper and their convergence into research question namely (a) What constitutes ratio analysis and (b) Which of the component of ratio analysis, has the greatest contribution? While addressing these questions, HUDCO’s secondary data is used as a base. Ratio analysis is used to depict the measure of performance while descriptive statistics is used for data interpretation. Findings indicate that there is no single comp...

Accounting, Management and Information Technologies

Duarte Trigueiros

Ratios are routinely used for extracting information from accounting reports. However, ratios present only part of the information available and can be easily complemented provided that information-technology facilities are accessible. This study infers the functional form of the information discarded by ratios. Then it develops extensions of ratios incorporating the discarded information, showing examples of their use and discussing the benefits obtained. Extensions of ratios seem promising as a facility attached to computerized databases of accounting reports. The concepts developed here are a step toward a more technology-supported analysis of financial statements.

Paul Barnes

Empirical studies have shown distributions of financial ratios are skewed. An explanation for this is given and it is argued that in such circumstances comparison of a fmancial ratio with some norm (e.g. industry average) is likely to misinform. It is also shown that where financial ratios are used as inputs to statistical models normality is irrelevant but a method of transformation into a normal distribution is provided whereby original interrelationships are preserved. Finally, because of the inadequacies of financial ratios, it is shown how regression analysis may be used in financial statement analysis.


The British Accounting Review

This study identifies general postulates underlying the validity of the financial ratio measurement. Then, new relationships are suggested obeying the same postulates, which may replace the ratio form in the case of non-proportionality. Where proportionality holds, these relationships revert to the traditional ratio. The paper also reviews the reasons for expecting non-proportional components in ratios and presents application examples of the new relationships.

Vichy Pattiasina , Victor Pattiasina

A Company will be interested in investors if its financial report is relevant and reliable. The relevance and reliable financial report can be reflected in the Asset Number and Liability Report on a Financial Position Statement (Balance Sheet). The success of a company can be measured by company ability, which is reflected in management performance. A company's performance parameter that commonly used is profit change. Profit itself is important to the company since this will be decision basis for investors to invest in the company. Profit Change reflected in financial statements using fair value will bring benefits to market participants, as the financial statements itself reflects the real market value. This research aims to examine the influence of Current Ratio, Total Asset Turnover, Price Earnings Ratio, and Return on Asset, towards profit changes that based on fair value. Research problem discussed in this study was how CR, TATO, PER, and ROA influence profit changes of a property company, real estate, and building construction, in period 2013-2016. The study was based on fair value. The population was company property, real estate, and building construction, that have been listed in Indonesia Stock Exchange (ISE). It consisted of 63 companies. Through Purposive Sampling technique, 12 companies were selected to be examined. Data analysis was conducted through a multiple linear regression analysis. Results of multiple linear regression analysis showed that the CR, TATO, and PER had an influence towards Profit Changes, while ROA had no influence toward it.


Revista Brasileira de Inovação

Thiago EF Silva

Journal of Medicine

mahbub mayukh

The Journal of Supercomputing

Romain Dolbeau

Journal of the Korean Society of Tribologists and Lubrication Engineers


Geología de la Cueva de Nerja: 55-90. Publ. Patronato Cueva de Nerja.

Francisco Serrano

Claudio Zarate Max

Anales del Sistema Sanitario de Navarra

Pedro Villarroel

Quaderni Di Storia

Stefano Giovanni Caneva

Jurnal Studi Gender dan Anak

Purnama Rika Perdana

in Proceedings of the 27th Annual Conference …

Peter Slezak


Marcela Mastrocola

Biologia plantarum

Ivana Macháčková

Clinical Neuropharmacology

gabriela raina

Timothy Shilston

Trends in Mathematics

Aparajita Dasgupta

Linear Algebra and its Applications

jkjhgg kukiyujt

Stacy Mcintyre275


David Findlay

Conference proceedings

Assoc. prof. Neli Gradinarova, LLM, MPH, PhD


  •   We're Hiring!
  •   Help Center
  • Find new research papers in:
  • Health Sciences
  • Earth Sciences
  • Cognitive Science
  • Mathematics
  • Computer Science
  • Academia ©2024

Natural Language Processing for Arabic Sentiment Analysis: A Systematic Literature Review

Ieee account.

  • Change Username/Password
  • Update Address

Purchase Details

  • Payment Options
  • Order History
  • View Purchased Documents

Profile Information

  • Communications Preferences
  • Profession and Education
  • Technical Interests
  • US & Canada: +1 800 678 4333
  • Worldwide: +1 732 981 0060
  • Contact & Support
  • About IEEE Xplore
  • Accessibility
  • Terms of Use
  • Nondiscrimination Policy
  • Privacy & Opting Out of Cookies

A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. © Copyright 2024 IEEE - All rights reserved. Use of this web site signifies your agreement to the terms and conditions.

Jagran Josh

ISC Class 12 English Literature Paper Analysis 2024: Student Feedback, Difficulty Level and Expert Review

i mg src="https://img.jagranjosh.com/images/2024/February/1322024/isc-english-literature-paper-review-analysis-2024.jpg" width="1200" height="675" />

ISC Class 12 English Literature Exam Analysis 2024: The Council for the Indian School Certificate Examinations (CISCE) board is conducting its Indian School Certificate (ISC) examinations 2023-24. The ISC exams for 2024 started on February 13, 2024. Today, February 13, 2024, the English Literature (Paper-2) successfully concluded. The paper brought out the creative language skills in students as the questions were from poetry, drama, and prose. 

The exam started as per the schedule and finished on time. The ISC English Literature 2024 exam was conducted in the evening shift from 2:00 p.m. to 5:00 p.m. As per the students’ reactions, the paper was a bit lengthy and moderate to solve. To learn more about the CISCE Class 12 English Paper 2, check out this report.

ISC Class 12 English Literature Exam 2024 Highlights

Check important highlights from ISC 12th English Paper 2, 2024 in the table below:

ISC Class 12 English Literature 2024 Analysis

Understanding a paper is important to analyse its difficulty and expect the result. Students, tutors, and schools check the paper review for the above reasons. This also helps teachers make variations in their teaching strategies to prepare the next batch well. 

The 2024 ISC English Paper 2 format was as follows:

  • Questions 1 and 2 of Section A were from the drama: The Tempest: William Shakespeare: Acts 3, 4, and 5.
  • Question 1 had ten MCQs.
  • Question 2 had ten fill-in-the-blank questions.
  • Question 3 was from The Tempest by William Shakespeare. It had three subparts with one internal choice. 
  • Question 4 was from Echoes: Prose, with three subparts and one internal choice.
  • Question 5 was from Reverie: Poetry, with three subparts and one internal choice.

ISC English Literature Pupil Analysis 2024

As per the pupil’s reaction, the ISC Class 12th English Literature paper was easy to moderate as the questions were direct. Some students felt that the paper was a bit lengthy, but they were able to solve all the questions till the end. Check out some of the frequent responses by students:

  • Solving the specimen papers and previous year's questions helped the students.
  • No questions were irrelevant and were asked from the syllabus.
  • The paper pattern was similar to the specimen paper.
  • Long-answer questions were comparatively safer, as students were able to express their thoughts properly. 

This ISC English 2 pupil analysis was based on the interaction with only a limited number of students. Therefore, the thoughts of other students might vary based on their knowledge, speed of writing, and exam preparation.

ISC Class 12 English Literature Paper 2024: Review by Expert

The experts rated the paper as moderate. They say that the questions were from the topics that were taught well to students and covered as per the syllabus. Students who have used creative and easy language will get good marks.

  • ISC Class 12 Date Sheet 2024
  • ISC Class 12 English Language Paper Review 2024
  • ISC Class 12 Syllabus for 2024 Exams
  • ISC Class 12 Specimen Papers for 2024 Exams


  1. How to Write a Stellar Literature Review

    literature review ratio analysis

  2. literature review article examples Sample of research literature review

    literature review ratio analysis

  3. Systematic Review and Literature Review: What's The Differences?

    literature review ratio analysis

  4. 🌷 Literature review on ratio analysis. Review of Literature on

    literature review ratio analysis

  5. literature review for financial performance mba project

    literature review ratio analysis

  6. Review of literature on ratio analysis by Smith Evelyn

    literature review ratio analysis


  1. Review of literature

  2. Part 2 Writing the Review of Literature

  3. Literature Review 101

  4. Ratio Analysis


  6. Ratio Analysis Complete Lecture 1 of 2


  1. Review Of Literature Of Ratio Analysis

    Review Of Literature Of Ratio Analysis. October 2019. PDF. Bookmark. This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA.

  2. A practical guide to data analysis in general literature reviews

    The general literature review is a synthesis and analysis of published research on a relevant clinical issue, and is a common format for academic theses at the bachelor's and master's levels in nursing, physiotherapy, occupational therapy, public health and other related fields. ... (Risk ratio 2.32 (1.74-3.11) Success rate for placement ...

  3. Introduction to systematic review and meta-analysis

    A systematic review collects all possible studies related to a given topic and design, and reviews and analyzes their results [ 1 ]. During the systematic review process, the quality of studies is evaluated, and a statistical meta-analysis of the study results is conducted on the basis of their quality. A meta-analysis is a valid, objective ...

  4. (PDF) Ratio Analysis: A Comparative Study of National ...

    (PDF) Ratio Analysis: A Comparative Study of National Petrochemicals Co. and Sahara Petrochemicals Co. of Saudi Arabia Ratio Analysis: A Comparative Study of National Petrochemicals Co....

  5. (PDF) Ratio analysis for decision making, a study

    Ratio analysis for decision making, a study February 2023 Brazilian Journal of Science 2 (5):29-41 DOI: CC BY 4.0 Authors: Pradip Kumar Das Sidho Kanho Birsha University Abstract and Figures...

  6. Financial Ratio Analysis: A Theoretical Study

    This paper is based on review of literature. There are so many ratios are used by different user as research tool. The ratio analysis has long history in its own field. ... This paper proposes the ...

  7. PDF Financial Ratio Analysis: A Theoretical Study

    A ratio is a mathematical calculation to analyze relationship of two or more variables by using fraction, proportion, percentage and a number of times. When figures are calculated by referring to two accounting numbers derived from the financial statement, it is termed as accounting ratio.

  8. PDF Ratio Analysis and Equity Valuation: From Research to Practice

    The extensive "time-series-of-earnings" literaturesummarizedinBrown(1993)focusesonforecastingearnings,oftenwithvaluation inmind.PaperssuchasLipe(1986),Ou(1990),OuandPenman(1989),LevandThiagarajan (1993) and Fairfield, Sweeney and Yohn (1996), to name just a few, have examined the role of particular financial statement components and ratios in fore...

  9. Ratio Analysis and Equity Valuation: From Research to Practice

    The financial statement analysis is hierarchical, withratios lower in the ordering identified as finer information about those higher up.To provide historical benchmarks for forecasting, typical values for ratios aredocumented for the period 1963-1999, along with their cross-sectionalvariation and correlation.

  10. PDF A Comparison of Financial Performance Based On Ratio Analysis (With

    An Enterprise. A Ratio Is A Mathematical Relationship Between Two Items Expressed In A Quantitative Form. In This Emprical Paper Highlights The Objective Of The Study, Scope Of The Study, Limitation Of The Study, Review Of Literature, Data Analysis And Interpretation, Finding, Suggestion And Conclusion Regarding

  11. Getting started

    What is a literature review? Definition: A literature review is a systematic examination and synthesis of existing scholarly research on a specific topic or subject. Purpose: It serves to provide a comprehensive overview of the current state of knowledge within a particular field. Analysis: Involves critically evaluating and summarizing key findings, methodologies, and debates found in ...

  12. Literature Review Literature On Ratio Analysis

    Literature Review - Financial Ratio Analysis Firms and Companies include 'Ratios' in their external report to which it can be referred as 'highlights'. Only with the help of ratios the financial statements are meaningful. It is therefore, not surprising that ratio analysis feature are prominently in the literature on financial management.

  13. A Literature Review of Financial Performance Measures and Value

    The study is based on the theory background and relevant researches in the areas of performance measures disclosed in financial statements. The sample of the case studies and sorts of literature are specifically collected from the well-known and respected accounting journals investigating in performance measures areas from 2010 to 2016, which are available on open access.

  14. Financial reporting quality of financial institutions: Literature review

    The literature review section comes after the introduction and is followed by the research methodology section to present the sample collection and analysis approaches. ... & Terzidis, O. (2019) A systematic literature review on competitor analysis: Status quo and start-up specifics. Management Review Quarterly, 69 , 415-458. Springer ...

  15. A Review of the Research on Financial Performance and Its ...

    The analysis of the entire sample of articles enabled us to identify the following aspects: 36 articles were written by foreign authors and 9 by Romanian authors; 25 articles presented analyses of samples comprising less than 120 companies, and 15 contain empirical research on samples comprising between 121 and 500 companies; five articles had samples of 1000 and 5025 companies, respectively ...

  16. The Analysis and Use of Financial Ratios: A Review Article

    The Analysis and Use of Financial Ratios: A Review Article ... H E USE O F FINANCIAL RATIOS Which Ratios Are Most Usef.13 There has been considerable debate in the traditional literature as to which ratios are most useful, and in particular, for assessing the likelihood of failure. ... (April 1968), pp. 284-294. -(1965), 'Some Empirical Bases ...

  17. PDF A Study on Financial Performance Using Ratio Analysis of Bhel, Trichy

    The Ratio analysis is a systematic use of ratio which is used to determine current financial condition, its historical performance, strength and weakness of the firm and also to interpret the financial statements. It helps to conclude in the aspects of financial health, operating efficiency and profitability of the firm.

  18. PDF An Empirical Analysis of Efficiency and Profitability Ratios in ...

    Efficiency ratios vary widely across retailers and over time. Historically, a lot of analysis has been done in the retail sector, but the focus was solely on inventory. On the other hand, some researchers employed ratio analysis to analyze general procedures and failures prediction.

  19. Financial Statement Analysis: A Review and Current Issues

    The literature on financial statement analysis attempts to improve fundamental analysis and to identify market inefficiencies with respect to financial statement information. In this paper, I review the extant research on financial statement analysis.


    chapter-2 review of literature sr. no. particular p. no 2.1 introduction 29 2.2 review on financial performance 29 2.3 review of empirical studies on profitability, investment capital structure ...

  21. Literature Review.doc

    Literature Review: Ratio analysis includes techniques of calculating and interpreting financial ratios to analyze and monitor firm's performance. The basic inputs to ratio analysis are the firm's income statement and balance sheet (Gitman, 2009). Ratios assume a significant part in the management accounting function of any organization.

  22. Theoretical Review of the Role of Financial Ratios

    Findings - The study was able to identify and categorise past studies into areas of Financial evaluation, Insolvency Prediction, Valuation, Inter-linkage studies, Benchmarking & Decision making, Technical Analysis. Limitations of ratios identified from the literature are Proliferation of ratios, Lack of Normality and Accounting framework impact.

  23. Natural Language Processing for Arabic Sentiment Analysis: A Systematic

    Sentiment analysis involves using computational methods to identify and classify opinions expressed in text, with the goal of determining whether the writer's stance towards a particular topic, product, or idea is positive, negative, or neutral. However, sentiment analysis in Arabic presents unique challenges due to the complexity of Arabic morphology and the variety of dialects, which make ...


    ... Salah satu alat yang digunakan untuk menilai kinerja keuangan adalah dengan menggunakan rasio keuangan. Menurut (Rashid, 2021) analisis rasio keuangan sebagai indikator untuk mengukur kinerja...

  25. Antioxidants

    Sub-group analysis and meta-regression further explored heterogeneity (PSMD < 0.05, I2 > 50%, n ≥ 10). Supplementation with tannins reduced the feed conversion ratio (p < 0.01) but increased the final body weight (p < 0.01) of weaned piglets. Chestnut and grape seed proanthocyanidin tannin sources yielded higher effects on growth performance.

  26. The Role of Pelvic Exenteration in Cervical Cancer: A Review of the

    Pelvic exenteration represents a radical procedure aimed at achieving complete tumor resection with negative margins. Although it is the only therapeutic option for some cases of advanced tumors, it is associated with several perioperative complications. We believe that careful patient selection is related to better oncologic outcomes and lower complication rates. The objectives of this review ...

  27. ISC Class 12 English Literature Paper Analysis 2024: Student ...

    ISC Class 12 English Literature 2024 Analysis Understanding a paper is important to analyse its difficulty and expect the result. Students, tutors, and schools check the paper review for the above ...

  28. The Analysis and Use of Financial Ratios: A Review Article

    Financial ratios (i.e., ratios comparing the relative values of accounts or account categories in financial statement analysis) enable researchers and professionals to evaluate a firm's...