The Performance of US Corporations: 1981-1994
This study decomposes the performance of US public firms between 1981 and 1994 into year, industry, corporate-focus and firm effects. Performance is measured by Tobin's q, accounting profitability, and a hybrid measure. The results show that firm effects were more important to performance than industry effects, although industry effects had a large permanent component. Corporate focus was not important. The stylized facts suggest that competitive advantages--that is, differences between direct competitors in the same industry--were at least as important as industry influences on performance. Industry influences were more predictable and sustainable than competitive advantages, however. Copyright 1999 by Blackwell Publishing Ltd
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Volume (Year): 47 (1999)
Issue (Month): 4 (December)
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