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Determinants of Financial Performance: A Meta-Analysis


  • Noel Capon

    (Graduate School of Business, Columbia University, New York, NY 10027)

  • John U. Farley

    (Graduate School of Business, Columbia University, New York, NY 10027)

  • Scott Hoenig

    (Graduate School of Business Administration, Fordham University, New York, NY 10023)


A meta-analysis of results from 320 published studies relates environmental, strategic and organizational factors to financial performance. Some factors (e.g., concentration and growth) have been studied widely and have a relatively consistent positive impact on performance. Other widely-studied factors (e.g., size) have few consistent effects. Many factors (particularly organizational variables) are understudied. We suggest implications for research and management practice.

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  • Noel Capon & John U. Farley & Scott Hoenig, 1990. "Determinants of Financial Performance: A Meta-Analysis," Management Science, INFORMS, vol. 36(10), pages 1143-1159, October.
  • Handle: RePEc:inm:ormnsc:v:36:y:1990:i:10:p:1143-1159

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    meta-analysis; financial performance;


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