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1、WhatDoManagersDo?ExploringPersistentPerformanceDifferencesamongSeeminglySimilarEnterprisesRobertGibbonsRebeccaHendersonWorkingPaper13-020August17,2012Copyright©2012byRobertGibbonsandRebeccaHendersonWorkingpapersareindraftform.Thisworkingpaperisdistributedf
2、orpurposesofcommentanddiscussiononly.Itmaynotbereproducedwithoutpermissionofthecopyrightholder.Copiesofworkingpapersareavailablefromtheauthor.WhatDoManagersDo?ExploringPersistentPerformanceDifferencesamongSeeminglySimilarEnterprises*RobertGibbonsRebeccaHen
3、derson23:30,July23,2012*WeareverygratefulforhelpfromDanBarron,NickBloom,SylvainChassang,ElizaForsythe,MarinaHalac,CaseyIchniowski,NicoLacetera,RuitianLang,HongyiLi,JinLi,MariaPolyakova,MikePowell,JanRivkin,JohnRoberts,AnnalisaScognamiglio,KathrynShaw,ChadS
4、yverson,JohnVanReenen,SarahVenables,andseminaraudiencesatBrown,Columbia,Dartmouth,Emory,Harvard,LBS,LSE,UniversityofMichigan,UniversityofMinnesota,Stanford,Sydney,TilburgUniversity,UnviersityofToronto,Vanderbilt,WashingtonUniversity,andYale.Thisprojectwoul
5、dnothavebeenpossiblewithoutyearsofcrucialsupportfromMITSloan’sProgramonInnovationinMarketsandOrganizations,especiallyNancyBeaulieu,NelsonRepenning,JohnSterman,andTommyWang.WhatDoManagersDo?ExploringPersistentPerformanceDifferencesamongSeeminglySimilarEnter
6、prisesRobertGibbonsandRebeccaHenderson1.IntroductionDecadesofresearchusingawidevarietyofdetailedplant-andfirm-leveldatahasprovidedstrongevidenceofpersistentperformancedifferencesamongseeminglysimilarenterprises(hereafter,PPDsamongSSEs).BartelsmanandDoms(20
7、00)reviewedthesizeableinitialliteratureonthisissue,andarecentreviewbySyverson(2011)highlightingmuchnewresearchhasonlystrengthenedtheresult.Asonestrikingexample,Syverson(2004a)findsthat“within4-digitSIC[StandardIndustrialClassification]industriesintheU.S.ma
8、nufacturingsector,theaveragedifferenceinththloggedtotalfactorproductivity(TFP)betweenanindustry’s90and10percentileplantsisth0.651…[meaningthat]theplantatthe90percentileoftheproductivitydistributionmakesthalmo