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其他書名
Leaders and Laggards
出版SSRN, 2005
URLhttp://books.google.com.hk/books?id=Uj7fzwEACAAJ&hl=&source=gbs_api
註釋This paper considers the relative productivity growth performance of a balanced sample of 80 large UK firms over 9 years (1986-95), using two different benchmarks from which to compute productivity growth differences. We find that there is almost no persistence in superior productivity growth performance however measured - firms that enjoy high productivity growth rates relative to (say) the average in one year, are as likely as not to display sub-average performance in the following year. Our examination of the determinants of the length of time in which particular firms outperform the average suggests that innovative firms carrying low debt who are relatively free from financial distress are likely to display whatever persistently superior performance we observe in the data.