| Summary: | 碩士 === 國立臺灣科技大學 === 企業管理系 === 100 === The debate on sources of firms’ profitability which are driven by industries or firms’ strategies is one of the most concerned issues by strategic management scholars. Early industrial organization theorists advocate industry structure is the central determinant influencing firms’ profitability and the theory is on the basis of conduct-behavior-performance view. However, in 1980s, resource-based theory proposes that firm’s resources and core competences are the main factors. In addition, Taiwanese business groups’ play an important role in Taiwan economics. As a result, this study discusses the central sources of firms’ profitability driven by firm factors, group enterprises factors or industry factors.
This study analyzes listed companies, OTC listed companies and emerging companies’ profitability from the years 1997 to 2010 by using hierarchical linear modeling method. The results support resource-based view and reveal that subsidiary company effects are the most important factor. In other words, subsidiary companies’ strategies and resources are the main sources of firm’s profitability. After that, we partition samples into two subsamples and discuss the difference of group effects among economic recovery and recessions. The results show that group effects are higher during recessions. Furthermore, we also discuss the importance of time effects on firms’ profitability, and the results prove that time effects exist and are the biggest part of the variance of firms’ profitability.
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