Does Size Matter in Firm Performance? Evidence from US Public Firms

Jim Lee

337 citations0/0 files storedInternational Journal of the Economics of Business

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Firm Innovation and Growth Corporate Finance and Governance Financial Analysis and Corporate Governance

Abstract

This paper reexamines the determinants of firm performance and, in particular, the role that firm size plays in profitability. A fixed‐effects dynamic panel data model for over 7,000 US publicly‐held firms during the period 1987–2006 provides evidence that profit rates are positively correlated with firm size in a non‐linear manner, holding an array of firm‐ and industry‐specific characteristics constant. In addition, industry‐specific fixed effects play a negligible role in the presence of firm‐specific fixed effects.

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References

1978Specification Tests in Econometrics 1980Competitive Strategy: Techniques for Analyzing Industries and Competitors 1985Competitive Advantage: Creating and Sustaining Superior Performance 1985Competitive advantage, creating and sustaining superior performance 2024The Quarterly Journal of Economics 1957Barriers to New Competition 1956Barriers to New Competition 1977From Entry Barriers to Mobility Barriers: Conjectural Decisions and Contrived Deterrence to New Competition*

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