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1、AnalysisofEnglishAcademicPaper:ISPERFORMANCEDRIVENBYINDUSTRYORFIRM-SPECIFICFACTORS?ARESPONSETOHAWAWINI,SUBRAMANIAN,ANDVERDIN(绩效的驱动力是行业因素还是企业特定因素？对HAWAWINI、SUBRAMANIAN和VERDIN的文章的回应)²ApaperfromtheStrategicManagementJournal²Strat.Mgmt.J.,26:1075-1081(2005)Number:0616
2、20Name:陈燕Tele:13770613178Email:cendy-803@163.comBlog:cendy803.blog.edu.cnMajor:TechnicalEconomicsandManagement-18-ThisistheoriginalpaperwithsomemarksthatImade:(*Asthetables(table1,2)havenouseformyanalysis,inordertobeautifymyedition,Ihaveadjustedthelocationoftwotab
3、les.)ABSTRACTHawawini,Subramanian,andVerdin(2003)examinedtherelativeimpactofindustry-vs.firm-levelfactorsshapingfirmperformance.Theydemonstratedthatvarianceinfirmperformanceattributabletoindustry-levelfactorsincreases,whilevarianceattributabletofirm-levelfactorsde
4、creaseswhen‘exceptionally’higher-andlower-performing‘outlier’firmsineachindustryareexcluded.Theyconcludedthatpreviousresearchunderestimatedtherelativeimpactofindustry-levelfactorsfor‘average’firmsthatmakeupthebulkofanindustry.Wetakeissuewiththeirmethodsusedtoident
5、ifyandexcludeoutliersaswellastheirconclusionsdrawnfromsuchanalyses.Ratherthanexcludingtrue‘outlier’firms,wearguethattheyincorporatedanartificialrestrictionofwithin-industrysamplevariancethatalmostdeterministicallyledtolowerfirmandhigherindustryvariancecomponentest
6、imates.Wedemonstratethispointwithacomparablesampleofdatatowhichweapplyprogressivelygreaterrestrictionsonwithin-industrysamplevarianceleadingtosimilarresults.Finally,weshowthatexclusionoffirmsfromadatasamplebasedoncommonlyunderstoodstandardsofoutlieridentificationl
7、eadstolittlechangeinindustryandfirmvariancecomponentestimatescomparedtofull-sampleestimates.-18-INTRODUCTION[1]Recently,Hawawini,Subramanian,andVerdin(2003)askedwhetherfindingsfrompastresearchondeterminantsofvariabilityinfirmperformance(e.g.,Rumelt,1991;McGahanand
8、Porter,1997)aregeneralizableacrossallfirmsinanindustryorwhethertheyare,instead,drivenbyafewexceptional,outlierfirms.Theseresultsareimportantsincetheyshe
