✦ LIBER ✦

HOW MUCH DOES INDUSTRY MATTER, REALLY?

✍ Scribed by ANITA M. McGAHAN; MICHAEL E. PORTER

Publisher: John Wiley and Sons
Year: 1997
Tongue: English
Weight: 167 KB
Volume: 18
Category: Article
ISSN: 0143-2095
DOI: 10.1002/(sici)1097-0266(199707)18:1+<15::aid-smj916>3.0.co;2-1

No coin nor oath required. For personal study only.

✦ Synopsis

In this paper, we examine the importance of year, industry, corporate-parent, and businessspecific 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 detailed analysis suggests that industry, corporate-parent, and business-specific effects are related in complex ways.

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