Is performance driven by industry- or firm-specific factors? A reply to McNamara, Aime, and Vaaler

• 成果类型: Editorial Material
• 署名作者: Hawawini, G; Subramanian, V; Verdin, P
• 署名单位: Universite Libre de Bruxelles; INSEAD Business School; University of Hong Kong
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.500
• 发表日期: 2005
• 页码: 1083-1086
• 关键词: firm and industry-specific factors; performance

摘要

We revisit the questions of identification of outlying firms within industries and their impact on the relative importance of firm- and industry-specific factors for firm performance. In response to McNamara, Aime and Valler (2005), we argue that the key results in Hawawini, Subramnian and Verdin (2003) are insensitive to the varying methods used to identify firm outliers. Further, we argue that conducting tests on industry outliers are inconsistent to what is indicated by theory and past empirical results on the relative importance of firm and industry effects to firm performance. Firm effects may matter most for outperfonning and underpeforming firms, while industry effects may be tit least as important to firms 'stuck in the middle'. Copyright (c) 2005 John Wiley & Sons, Ltd.