What percentage of companies/startups in the US or any other country could have a consistent lower "return on capital" to its owners/shareholders and at the same time a higher risk than the S&P 500 with reinvested dividends?
I find it illogical why would someone continue with operating such a business, but at the same time it wouldn't surprise me much.
I couldn't find any academic/professional research/estimates on that.
Please mind that the "return on capital" is a basic accounting metric, taught early on in accounting/finance/business/management degrees, perhaps if you had to google what it means or how to calculate it, then please consider not answering.