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In business management, the critical issue is identifying those activities that are drivers of value. One of the indicators stakeholders are interested in is return on equity (ROE). For managers, it is important to identify those activities that affect its growth or decline. The aim of the study is disaggregation of the ROE indicator on the parts depicting the operating activities through Return on Net Operating Assets (RNOA) and non-operational activities through financial leverage and spread. Then more detailed ...