The Determinants of Firm Profitability Differences in EU Food Processing
使用分层线性模型分解欧盟食品行业资产回报率的方差，发现企业效应比行业结构更能决定盈利能力，企业规模和行业集中度是正向驱动因素。
Abstract This paper decomposes the variance in EU food industry return‐on‐assets into year, country, industry and firm effects using a hierarchical linear model ( HLM ). The HLM approach accounts for some of the methodological drawbacks of conventional approaches of variance decomposition such as anova and components of variance and additionally allows the estimation of the impact of covariates within each effect level. The results for selected EU countries show that firm effects are far more important than industry structure in determining food industry profitability. In particular, firm size and industry concentration are drivers of profitability while firm risk and age as well as industry growth have a negative influence.