The Performance of US Corporations: 1981–1994

Anita M. McGahan

Journal of Industrial Economics, 1999, vol. 47, issue 4, 373-398

Abstract: 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.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:bla:jindec:v:47:y:1999:i:4:p:373-398

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Journal of Industrial Economics is currently edited by Pierre Regibeau, Yeon-Koo Che, Kenneth Corts, Thomas Hubbard, Patrick Legros and Frank Verboven

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