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- W2098386702 abstract "The aim of our paper is to highlight the main results of the literature on profit persistence and to provide new empirical findings which can deal with the drawbacks of previous empirical studies. Using a panel of more than 5,000 Italian manufacturing firms for the period 1989-1997, we set up an empirical investigation which enables us to specify an ordered probit model, which defines three different firm profitability levels (high, mean and low) as a function of firm and sectoral characteristics. We use a panel order probit technique to estimate the impact of such variables on profit status, and then test for persistency. Firm size and market concentration have a negligible impact on the probability of being a highly profitable firm, while a firm's propensity to innovate strongly affects such a probability. Sectoral fixed effects are also taken into account, and they highlight the fact that operating in one of most of the traditional industries (food, beverages and tobacco, wearing, leather) and large-scale assembly industries (e.g., the machinery and equipment industry), negatively contributes to the probability of being a successful firm, i.e. a highly profitable firm. The opposite result is found for those sectors (chemicals, electrical machines, professional, scientific and optical goods) in which technological opportunities are higher as measured by standard indicators (R&D and patent activity). Persistence is tested for by looking at possible state dependence, i.e. the effect of a lagged profit status variable. Our estimates suggest that state dependence is highly significant, in that a firm's profit condition at time t is crucially affected by its profit condition at time t-1. Our results emphasise how the probability of being a highly profitable firm depends more on the firm's ability to innovate than on market structure or firm size, thus indicating possible policy issues." @default.
- W2098386702 created "2016-06-24" @default.
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- W2098386702 date "2005-01-01" @default.
- W2098386702 modified "2023-09-27" @default.
- W2098386702 title "THE PERSISTENCE OF PROFITS: AN ORDERED PROBIT APPROACH §" @default.
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