On the validity of subjective measures of company performance

Toby D. Wall, Jonathan Michie, Malcolm Patterson, Steve J. Woods, Maura Sheehan, Crish W. Clegg, Michael A. West

Research output: Contribution to journalArticlepeer-review


Subjective measures of company performance are widely used in research and typically are interpreted as equivalent to objective measures. Yet, the assumption of equivalence is open to challenge. We compared the use of both types of measure in 3 separate samples. Findings were consistent in showing that: (a) subjective and objective measures of company performance were positively associated (convergent validity); (b) those relationships were stronger than those between measures of differing aspects of performance using the same method (discriminant validity); and (c) the relationships of subjective and objective company performance measures with a range of independent variables were equivalent (construct validity).
Original languageEnglish
Pages (from-to)95-118
Number of pages24
JournalPersonnel Psychology
Issue number1
Publication statusPublished - Mar 2004


  • subjective measures
  • company performance
  • objective measures
  • assumption of equivalence


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