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Sustainable competitive advantage and profitability persistence: Sources versus outcomes for assessing advantage

机译：可持续竞争优势和盈利能力持续性：评估优势的来源与结果

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摘要

This paper explores how variables measuring firms' sustainable competitive advantages influence profitability persistence. Using a large sample of firms from MSCI 23 developed countries during 1985-2013, I find that an index of economic rents (such as size and market share) significantly reduce profit mean reversion, whereas traditional barriers-to-entry measures do not lower mean reversion. Higher previous long-term performance and sustained market share are associated with lower future mean reversion in profitability. Outcomes dominated sources of advantages, although both were useful in predicting future profitability persistence.
机译：本文探讨了衡量企业可持续竞争优势的变量如何影响盈利能力的持久性。使用1985-2013年间来自MSCI 23个发达国家的大量公司样本，我发现经济租金指数（例如规模和市场份额）显着降低了利润均值回归，而传统的进入壁垒指标并未降低均值反转。先前较高的长期业绩和持续的市场份额与较低的未来平均收益率下降相关。成果是优势的主要来源，尽管两者都可用于预测未来的盈利能力持续性。

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