The measurement problems of the latter perspectives are obvious. Furthermore, Murphy et al. (1996) report that
most empirical studies use financial metrics such as ROI or ROS, which are consistent with the goal approach. In
this study we also use financial data to measure performance. However, in order to account for the perils of a
performance perspective which is too narrow (Venkatraman and Ramanujam 1986, p. 807), we decided to use
Altman’s Z-score as a financial but multidimensional performance measure (Altman 1968). One further advantage
of this approach is that a multidimensional performance index is more robust than single performance measures
such as ROI or ROS.