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Entrepreneurial profitability and persistence: Chile versus the U.S.A

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  • Tarziján, Jorge
  • Brahm, Francisco
  • Daiber, Luis Felipe
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    Abstract

    This article empirically evaluates the main determinants of business performance, focusing on the emergence and sustainability of profits for an emerging economy such as Chile. Furthermore, the paper compares the results obtained with Chilean data to those for the U.S.A. This comparison is interesting because of the recent emergence of some literature that relates geographic location to performance. The results show that the industry effect is more important in Chile than in the U.S.A., that the persistence of rents in Chile is explained more evenly for reasons associated to business-, industry- and corporate-specific effects, and that the path to lower rents is more difficult to revert in Chile than in the U.S.A.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Research.

    Volume (Year): 61 (2008)
    Issue (Month): 6 (June)
    Pages: 599-608

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    Handle: RePEc:eee:jbrese:v:61:y:2008:i:6:p:599-608

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    Web page: http://www.elsevier.com/locate/jbusres

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    1. Peter W Roberts, 2001. "Innovation and firm-level persistent profitability: a Schumpeterian framework," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 22(4-5), pages 239-250.
    2. Jack Glen & Kevin Lee & Ajit Singh, 2003. "Corporate profitability and the dynamics of competition in emerging markets: a time series analysis," Economic Journal, Royal Economic Society, vol. 113(491), pages F465-F484, November.
    3. Gabriel Hawawini & Venkat Subramanian & Paul Verdin, 2003. "Is performance driven by industry or firm-specific factors? A new look at the evidence," ULB Institutional Repository 2013/14188, ULB -- Universite Libre de Bruxelles.
    4. Andrew Benito, 2001. "'Oscillate Wildly': asymmetries and persistence in company-level profitability," Bank of England working papers 128, Bank of England.
    5. Anita M. McGahan & Michael E. Porter, 1999. "The Persistence of Shocks to Profitability," The Review of Economics and Statistics, MIT Press, vol. 81(1), pages 143-153, February.
    6. Villalonga, Belen, 2004. "Intangible resources, Tobin's q, and sustainability of performance differences," Journal of Economic Behavior & Organization, Elsevier, vol. 54(2), pages 205-230, June.
    7. Schmalensee, Richard, 1985. "Do Markets Differ Much?," American Economic Review, American Economic Association, vol. 75(3), pages 341-51, June.
    8. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
    9. Mueller, Dennis C, 1977. "The Persistence of Profits above the Norm," Economica, London School of Economics and Political Science, vol. 44(176), pages 369-80, November.
    10. B. Burcin Yurtoglu, 2004. "Persistence of firm-level profitability in Turkey," Applied Economics, Taylor & Francis Journals, vol. 36(6), pages 615-625.
    11. Robert Jacobson & Gary Hansen, 2001. "Modeling the competitive process," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 22(4-5), pages 251-263.
    12. Waring, Geoffrey F, 1996. "Industry Differences in the Persistence of Firm-Specific Returns," American Economic Review, American Economic Association, vol. 86(5), pages 1253-65, December.
    13. Pankaj Ghemawat, 2003. "Semiglobalization and international business strategy," Journal of International Business Studies, Palgrave Macmillan, vol. 34(2), pages 138-152, March.
    14. Furman, Jeffrey L. & Porter, Michael E. & Stern, Scott, 2002. "The determinants of national innovative capacity," Research Policy, Elsevier, vol. 31(6), pages 899-933, August.
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