Corporate effects and dynamic managerial capabilities

摘要: Corporate effects in variance decomposition capture heterogeneity of business performance derived from factors internal to firms at the corporate level. Most estimates do not include associated with fluctuations returns over time, except insofar as affect average return for time period question. Exclusion time-varying dimension effect makes it difficult fully understand strategy and actions managers, particularly response a changing environment. The evidence this article shows that within single industry, where managers face same external environment, level managerial decisions are statistically significant. We introduce concept dynamic capabilities underpin finding firm conditions. Copyright © 2003 John Wiley & Sons, Ltd.