How much does industry matter, really?

• 成果类型: Article
• 署名作者: McGahan, AM; Porter, ME
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/(SICI)1097-0266(199707)18:1+<15::AID-SMJ916>3.3.CO;2-T
• 发表日期: 1997
• 页码: 15-30
• 关键词: profit components; firm performance; industry effects

摘要

In this paper, we examine the importance of year, industry, corporate-parent, and business-specific 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 derailed analysis suggests that industry, corporate-parent, and business-specific effects are related in complex ways. (C) 1997 by John Wiley & Sons, Ltd.