Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/105581
Authors: 
Schiefer, Jan
Hirsch, Stefan
Hartmann, Monika
Gschwandtner, Adelina
Year of Publication: 
2013
Series/Report no.: 
School of Economics Discussion Papers 1309
Abstract: 
We decompose the variance of food industry return-on-assets into industry, firm, year and country effects. After determining significance in a nested ANOVA, we estimate the magnitude using components of variance in a large sample of corporations. As a robustness check, we estimate a multilevel model that additionally allows us to estimate the impact of several covariates at each level. The results show that firm characteristics are more important than industry structure in determining food industry profitability. In particular, firm size seems to be an important driver of profitability while firm risk, age and, surprisingly market share have a negative influence.
Subjects: 
ROA
decomposition
variance components
MBV
RBV
JEL: 
L00
C22
L66
Document Type: 
Working Paper

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