A computationally efficient method for obtaining standard error estimates for the promax and related solutions

A computationally efficient algorithm for computing the asymptotic standard errors for the promax factor solution is proposed. The algorithm covers promax rotation with or without row normalization of the pre-rotated factor matrix. It also covers situations with either even- or odd-powered promax targets. With some modifications, the algorithm applies to Procrustean rotations with fixed or random independent targets. Simulation results show that the algorithm provides reasonable approximate standard errors for the promax solution with N = 200. In a real data example, the numerical results of the standard error computation using the proposed algorithm match those of an existing method based largely on the augmented information approach. The reasons why the proposed algorithm is more efficient than the augmented information approach are discussed.