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Industry and firm influences on corporate performance

Summary/Abstract: The main aim of the article is to present the impact of industry and firm-level effects on the financial performance of companies. The sample consisted of 221 Polish public companies listed on the Warsaw Stock Exchange, the data were collected for the period 2007- 2012, and the empirical analysis was conducted with the use of the panel data analysis with fixed effects. The results of international research show divergent outcomes, with an average three times higher impact of firm-level effects in comparison to those from industry-level. The results of the current study indicate that the firm-level effects have a slightly stronger impact on companies’ performance than industry-level effects, though the differences largely depend on the model applied to research. In the 1st panel (dependent variable ROA) the results indicate around three times higher impact of firm-level effects in comparison to those from industry-level. In the 2nd panel (dependent variable ROS) the difference between these two types of variables is approximately 15%.

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