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1、MANAGERIALANDDECISIONECONOMICSManage.Decis.Econ.22:239–250(2001)DOI:10.1002/mde.1018InnovationandFirm-LevelPersistentProfitability:ASchumpeterianFrameworkPeterW.Roberts*ColumbiaBusinessSchool,ColumbiaUniersity,NewYork,NY,USAStudiesoffirm-levelprofitdynamicstendtoattributethevariancein
2、profitpersistencetovariabilityintheextenttowhichimitativepressuresareresisted.Thismonopoly-basedexplanationofpersistentprofitabilityimplicitlyassumesaone-to-onecorrespondencebe-tweenfirm-levelandproduct-levelprofitdynamics.FollowingSchumpeter,thispaperbeginstodevelopaframeworkforfirm-l
3、evelprofitpersistencethatembracesproductinnovation,competitorimitation,and,moreimportantly,theprospectthatseveralproductinnovationsmaybeembodiedwithinasinglefirm.Suchanapproachopensthedoorforaninnovation-basedexplanationofprofitpersistencetoaccompanythemonopoly-basedargumentsthataretyp
4、icallyoffered.Copyright©2001JohnWiley&Sons,Ltd.[D]ocompaniesliveeternallyanddotheypaynormallyhighandlowprofitstowardsmorenor-diidendsforeer?Certainlytherearesuch,butmallevels(Mueller,1977,1986).Thatis,itisnotbroadlyonlytwogroupsofthem.First,thereareoverlyproblematicthatsomefirmsearnr
5、elativelybranchesofindustry...whichhave,ifnotper-petual,yetanassuredmonopolyforalonghighprofitsatapointintimebecausecompeti-time...thentherearekindsofenterpriseswhichtionshouldensurethatsuchhighprofitabilityisabynatureandprogrammearecontinuallydoingtransitory,andnotapersistent,phenomen
6、on.newthingsandarereallynothingbutformsforTheproblemisthatonedoesobserveexamplescontinualnewenterprises(Schumpeter,1934,p.offirm-levelpersistentprofitability.Empiricalre-208,emphasisadded).searchundertakenbyIOeconomistsdemonstratesTheobservationthatsomefirmsexperiencerel-that,whileitis
7、normalforfirms’supernormalativelyhighprofitabilityoverprotractedperiodsprofitstovanishwiththepassageoftime,thereoftimeisofgreatinteresttoscholarsandpracti-aredocumentedexceptionstothisnorm(e.g.tioners.StrategicmanagersandstrategyscholarsMueller,1986;Jacobson,1988).Stateddifferently,s
