I have noticed that the definition of the "Quality Factor" in financial research seems to be somewhat fragmented, with many studies focusing primarily on individual financial metrics such as gross profits over Assets (Novy, Marx 2013). I have found that many index providers also tend to formulate their own definitions of what constitutes "quality", which adds to the inconsistency in this area of study.
I am particularly interested in research that takes a more comprehensive approach, perhaps incorporating a combination of various metrics to evaluate the quality factor more holistically, and thus potentially uncover the premium associated with it. Specifically, I am looking for studies or insights that not only delve into the theoretical aspects but also consider practical viewpoints from investors.
Has there been any significant research conducted in this realm, which seeks to unify or at least categorize the diverse perspectives on the quality factor in financial analysis? Additionally, are there any known attempts from the investor community to formulate a more standardized or consensus-driven definition of "quality" in this context?
I appreciate any guidance or references to pertinent research in this area. Thank you.