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Intra-industry Profitability Differences in U.S. Manufacturing, 1953-1983

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  • Schmalensee, Richard

Abstract

Over the period 1953-83, twelve accounting measures of profitability, which are not on average highly correlated, imply measures of the profitability advantage of large firms that move closely together. All twelve measures decline significantly and substantially over this entire period; there is no acceleration in the 1970s. All measures move countercyclically. Together with recent work on the dynamics of the interindustry concentration-profitability relation, these results point to the existence of important procyclical industry-level changes in the strength of the concentration-profitability relation. Copyright 1989 by Blackwell Publishing Ltd.

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  • Schmalensee, Richard, 1989. "Intra-industry Profitability Differences in U.S. Manufacturing, 1953-1983," Journal of Industrial Economics, Wiley Blackwell, vol. 37(4), pages 337-357, June.
    • Handle: RePEc:bla:jindec:v:37:y:1989:i:4:p:337-57
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    Cited by:

    1. Cristina Gaio & Rita Henriques, 2018. "Are Large Firms More Profitable Than Small And Medium Firms In The European Union?," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 23(1), pages 25-48.
    2. Dedman, Elisabeth & Lennox, Clive, 2009. "Perceived competition, profitability and the withholding of information about sales and the cost of sales," Journal of Accounting and Economics, Elsevier, vol. 48(2-3), pages 210-230, December.
    3. Tong, Hui & Wei, Shang-Jin, 2014. "Does trade globalization induce or inhibit corporate transparency? Unbundling the growth potential and product market competition channels," Journal of International Economics, Elsevier, vol. 94(2), pages 358-370.
    4. Niron Hashai & Sarit Markovich, 2017. "Market Entry by High Technology Startups: The Effect of Competition Level and Startup Innovativeness," Strategy Science, INFORMS, vol. 2(3), pages 141-160, September.
    5. Peter Lukacs, 2000. "A decomposition of price-cost margins in UK manufacturing," Applied Economics Letters, Taylor & Francis Journals, vol. 7(10), pages 681-686.
    6. Carlos A. Molina & Lorenzo A. Preve, 2009. "Trade Receivables Policy of Distressed Firms and Its Effect on the Costs of Financial Distress," Financial Management, Financial Management Association International, vol. 38(3), pages 663-686, September.
    7. Margarita Katsimi & Sarantis Kalyvitis & Thomas Moutos, 2009. ""Unwarranted" Wage Changes and the Return on Capital," CESifo Working Paper Series 2804, CESifo.
    8. Patrick McCloughan & Seán Lyons & William Batt, 2007. "The Effectiveness of Competition Policy and the Price-Cost Margin: Evidence from Panel Data," Papers WP209, Economic and Social Research Institute (ESRI).

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