MARKETS VS. MANAGEMENT: WHAT ‘DRIVES’ PROFITABILITY?
研究分析了行业、公司和战略业务单元效应对资产回报率（ROA）差异的相对贡献，在控制商业周期及其与行业交互作用后，发现存在此前未被检测到的公司效应。
This study addresses the issue of the relative degree of variance in ROA accounted for by industry, corporate, and SBU effects while controlling for the business cycle and the interaction between the business cycle and industry. Two key articles, Schmalensee (1985) and Rumelt (1991), are discussed in detail. Research results on a recent data base (COMPUSTAT), using variance components analysis (VARCOMP) are presented that not only confirm most of the Rumelt (1991) findings, but also suggest the existence of a corporate effect, heretofore undetected.