HOW MUCH DOES INDUSTRY MATTER? AN ALTERNATIVE EMPIRICAL TEST
使用联邦贸易委员会的业务线数据，研究发现行业因素解释了企业绩效差异的约20%，并通过高管感知的替代样本和方法验证了这一结论。
Empirical studies using Federal Trade Commission Line of Business data have reported that industry membership explains between 17 percent and 20 percent of financial performance variance among firms. This study attempts to replicate these findings using an alternative sample and a methodology based on executives' perceptions. The results support those reported in previous studies, with industry factors explaining about 20 percent of overall performance variance. Moreover, the analysis produces empirically derived industry factors, and examines their relative power in explaining industry performance variance.