The Performance of US Corporations: 1981–1994
将1981-1994年间美国上市公司的绩效分解为年份、行业、公司聚焦和公司效应，发现公司效应比行业效应更重要，但行业效应更持久，竞争优势与行业影响至少同等重要。
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.