| Summary: | 碩士 === 國立臺灣科技大學 === 企業管理系 === 98 === To investigate the main determinant of firm performance has been the center of industry organization theorem and resource-based theorem, both schools have published many articles about the relative importance of the influence of different analysis levels-industry, corporation and business units on the variance of firm performance. Whereas there are many researchers have confirmed the existence of strategic groups with correlation between the performances, but only few literatures consider the impact of industry, strategic groups and corporation on the performance variability at the same time. Furthermore, the past approach (variance component analysis or ANOVA) can only capture categorical effects but do not examine specific strategic factors within each effect which indeed is beneficial to understand the firm performance for managers, and both techniques assume that effects are generated independently which may not be met by the underlying nested data. Therefore this research applied Hierarchical Linear Modeling (HLM) to investigate the non-independent relationship among industry, strategic groups and corporation, and also can to explore the influence of different levels of specific factors on performance. The result supports the view of resource-based theorem, and show firm size and slack which positively related to firm performance, while firm leverage, variance of R&D intensity of strategic groups and industry capital intensity are negatively related to firm performance. Hence, managers could improve performance by following ways: increasing operation scale, maintaining slightly higher slack than peers to grasp external opportunity, using internal capital as main financial strategy based on information asymmetry and cost of capital, and moving to strategic groups with consistently and stablely investing in competitive advantage(R&D) and observing the strategic variables of reprehensive firms within that strategic group, regarding them as the reference points, understanding its reaction and interpretation of market information, and creating win-win situation by coordinating with each other and establishing reputation. In addition, the higher the industry capital intensity was, represented higher exit barrier and lack of adjusting output in response to changes in demand. Therefore firm must carefully anticipate future economy to avoid over investment which leads to excess capacity and is harmful to firm’s gross profit and performance.
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