In accounting returns, the other primary method of measuring CFP generally focus on how a firm’s earnings respond to managerial policies (Cochran and Wood 1984). These measures capture only historical aspects of firm performance (McGuire et al., 1986). They are subject, moreover, to bias from managerial manipulation (Orlitzky et al., 2003) and differences in accounting procedures (Branch, 1983; Brilloff, 1972). They include operating income growth, sales growth, asset growth and debt to asset ratio (McGuire et al., 1988), operating return on sales and operating return on assets (Cochran and Wood 1984).