Despite difficult economic conditions, profit margins of listed companies have remained exceptionally strong compared with historical values.
One reason for this development was globalisation. Cost management has been improved, but also legal tax evasion and the establishment of dominant market positions were facilitated.
Stock markets also have changed structurally: commoditised businesses lost in importance relative to high-margin-industries witch are based on complexity, knowledge, strong brands or social developments.
Most of the arguments in favour of growing operating margins will continue to prevail in the future. However, tax evasion and market dominance do not seem sustainable factors for the long-term.