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Richard P. Rumelt
Article very first printed on the internet: 8 NOV 2006
DOI: 10.1002/smj.4250120302
Copyright © 1991 John Wiley & Sons,Tiffany Ring, Ltd.
Volume 12,Tiffany Online, Issue 3, pages 167–185,Pandora Necklace, March 1991
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Article
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Rumelt,Pandora Beads Günstig, R. P. (1991), How much does industry matter?. Strategic Management Journal, 12: 167–185. doi: 10.1002/smj.4250120302
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Anderson Graduate School of Management, University of California, Los Angeles,Tiffany Bracelet Heart, California,Pandora Silver Charms, U.S.A.
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This study partitions the total variance in rate of return among FTC Line of Business reporting units into industry factors (whatever their nature),Tiffany Necklaces, time factors, factors associated with the corporate parent, and business-specific factors. Whereas Schmalensee (1985) reported that industry factors were the strongest, corporate and market share effects being extremely weak, this study distinguishes between stable and fluctuating effects and reaches markedly different conclusions. The data reveal negligible corporate effects,Pandora Charms Sale, small stable industry effects, and very large stable business-unit effects. These results imply that the most important sources of economic rents are business-specific; industry membership is a much less important source and corporate parentage is quite unimportant.
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