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
Year of publication: |
1999
|
---|---|
Authors: | McGahan, Anita M |
Published in: |
Journal of Industrial Economics. - Wiley Blackwell. - Vol. 47.1999, 4, p. 373-98
|
Publisher: |
Wiley Blackwell |
Saved in:
freely available
Saved in favorites
Similar items by person
-
Fighting Fires Together: Essays on Alliances among Fire Departments
Horwitz, Jay Robert, (2011)
-
Horwitz, Jay R, (2018)
-
Openness, hedging incentives and foreign exchange exposure: A firm-level multi-country study
McGahan, Anita M, (2010)
- More ...