Profit persistence in the food industry: evidence from five European countries
首次分析欧洲食品行业利润持续性，发现其低于其他制造业，原因是食品加工商竞争激烈和零售商集中度高；企业规模是重要驱动因素，而企业年龄、风险和研发强度有负面影响。
The present article is the first that analyses profit persistence in the European food industry. Based on the Arellano and Bond GMM estimator, the degree of profit persistence and the drivers of persistence are quantified for a large sample of food processing firms. The analysis reveals that the degree of profit persistence in the food industry is lower compared with other manufacturing sectors due to strong competition among food processors and high retailer concentration. Furthermore, firm size is an important driver of persistence, while firm age, risk and R&D intensity have a negative influence