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The Performance of US Corporations: 1981–1994

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  • Anita M. McGahan

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.

Suggested Citation

  • Anita M. McGahan, 1999. "The Performance of US Corporations: 1981–1994," Journal of Industrial Economics, Wiley Blackwell, vol. 47(4), pages 373-398, December.
    • Handle: RePEc:bla:jindec:v:47:y:1999:i:4:p:373-398
    DOI: 10.1111/1467-6451.00105
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    Cited by:

    1. Kohls, Tobias & Mager, Ferdinand & Regele, Tobias, 2023. "Competitive advantage and firm, industry, and country effects: An asset pricing perspective," Journal of Economics and Business, Elsevier, vol. 127(C).
    2. Stefano Castriota & Alessandro Fedele, 2021. "Does Excellence Pay Off? Theory and Evidence from the Wine Market," BEMPS - Bozen Economics & Management Paper Series BEMPS77, Faculty of Economics and Management at the Free University of Bozen.
    3. Sefa Awaworyi Churchill & Yeti Nisha Madhoo & Shyam Nath, 2022. "Ethnic diversity and firm performance: Evidence from India," ASARC Working Papers 2022-01, The Australian National University, Australia South Asia Research Centre.
    4. Manuel Chaves-Maza & Eugenio M. Fedriani, 2022. "Defining entrepreneurial success to improve guidance services: a study with a comprehensive database from Andalusia," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-26, December.

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