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How much does industry matter, really?
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DOI：10.1002/(SICI)1097-0266(199707)18:1+<15::AID-SMJ916>3.3.CO;2-T.png)
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摘要
En 中文
In this paper, we examine the importance of year, industry, corporate-parent, and business-specific effects on the profitability of U.S. public corporations within specific 4-digit SIC categories. Our results indicate that year, industry, corporate-parent, and business-specific effects account for 2 percent, 19 percent, 4 percent, and 32 percent, respectively, of the aggregate variance in profitability We also find that the importance of the effects differs substantially across broad economic sectors. Industry effects account for a smaller portion of profit variance in manufacturing but a larger portion in lodging/entertainment, services, wholesale/retail trade, and transportation. Across all sectors we find a negative covariance between corporate-parent and industry effects. A derailed analysis suggests that industry, corporate-parent, and business-specific effects are related in complex ways. (C) 1997 by John Wiley & Sons, Ltd.
Keyword:
profit components
firm performance
industry effects
