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Literatur zur Politischen Ökonomie
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Referenz:
Mueller (2009): Profits on the long run
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www.pol-oek.de/objekt_start.fau?prj=poloeklit&zeig=16044
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Verf./Hrsg./KS:
Titel:
Profits on the long run
erstmals:
1986
Ort: Verl.:
Jahr:
2009
Faksimile:
Kleinbild
Deskribierung:
Inhalt:
Are there peristent differences in profitability across firms? If so, what accounts for them? This book answers these questions using data for the 1000 largest U.S. manufacturing firms in 1950 and 1972. It finds that there are peristent differences in profitability and market power across large U.S. companies. Companies with peristently high profits are found to have high market shares and sell differentiated products. Mergers do not result in synergistic increases in profitability, but they do have an averging effect. Companies with above normal profits have their profits lowered by mergers. Companies with initially below normal profits have them raised. In addition, the influence of other variables on long run profitability, including risk, sales, diversification, growth and managerial control, is explored. The implications of antitrust policy are likewise addressed. (Verlag)

1 The persistence of firms 1
2 The persistence of profits above the norm 8
A The hypothesis 8
B The models 10
C Some examples 14
D The results 17
E Predicting 1980 profitability 27
F Summary and implications 31

3 The persistence of market power 33
A The companies with persistently high or low profits 33
B Leadership stability by individual firms in separate markets 39
C The determinants of leadership stability 43
D The stability of market shares 47
E Conclusions 49

4 Profitability and market structure 50
A The industry approach to explaining firm profitability 52
B The firm approach to explaining firm profitability 54
C On modeling oligopolistic interdependence 56
D Empirical estimates: industry approach 61
E Empirical estimates: firm approach 77
F Conclusions 80

5 The results in perspective 85
A The profit profiles of selected companies 86
B A comparison with other structureperformance studies 101
C The use of accounting rates of return 105

6 Profitability and the firm's own advertising, patent activity, risk, and other characteristics 111
A Profitability, firm advertising, and patent intensity 111
B Issues raised by the investment-like character of advertising and inventive activity 120
C Profitability and risk 130
D Growth, size, diversification, and profitability 137
E Conclusions 141

7 Profitability and managerial control and compensation 143
A Background 143
B Managerial discretion and corporate profitability 149
C The determinants of managerial compensation 157
D Summary and conclusions 162

8 Mergers and profitability 166
A The effects of mergers on profitability 167
B Estimates of the effects of merger activity on long-run profit projections 170
C The effects of mergers on profits: individual cross-sectional results 173
D The averaging effects of mergers: an example from the flat-glass industry 179
E Summary and conclusions 181

9 Mergers and market share 184
A The effects of changes in efficiency, product quality, and the degree of cooperation on market share 184
B Data and methodology 191
C The results 194
D Biases and caveats 200
E Discussion 202
F Conclusions 206

10 The threads gathered and conclusions woven 209
A The complete model 209
B Implications of the results for the structureperformance literature 217
C Implications for future research
D Policy implications


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