decomposes unobserved heterogeneity in profitability into firm and industry effects and quantifies the relative importance of …, significantly enhances profitability, but also that this relationship is not identical among firms …

This paper identifies the determinants of firm profitability and quantifies their relative importance. Using a panel of … and across firms. Estimation results indicate that firm profitability is predominantly determined by firm … effects, productivity and productivity persistence enhance profitability …