Is Performance Driven By Industry - or Firm - Specific Factors ? A Response to Hawawini, Subramanian, and Verdin  

Oleh:

Aime, Federico ; McNamara, Gerry ; Vaaler, Paul M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 26 no. 11 (Nov. 2005), page 1075-1082.
Topik: film; variance components; outliers; industy and firm effects

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.20 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Hawawini, subrmanian and verdin (2003) examined the relative impact of industry versus firm - level factors shaping firm performance. They demostrated that variance in firm performance attributable to industry - level factors increases, while variance attributable "T" to firm - level factors decerases when "exceptionally" higher and lower - performing outlier firms in each industry are excluded. They concluded that previous research underestimated the relative impact of industry - level factors for "average" firms that make up the bulk of an industry. We take issue with their methods used to identify and exclude outliers as well as their conclusions drawn from such analyses. Rather than exculding true "outlier" firms, we argue that they incorporated an artificial restriction of within - industry sample variance that almost deterministically led to a comparable sample of data to which we apply progressively greater restrictions on within - industry sample variance leading to similar results. Finally, we show that exclusion of firms from a data sample based on commonly understood standards of outlier identification leads to little change in industry and firm variance component estimates compared to sull - sample estimates.

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