{"title":"International Differences in Profitability*","authors":"Harry Bloch, Yixiao Zhou","doi":"10.1111/1475-4932.12769","DOIUrl":null,"url":null,"abstract":"<p>We examine the global distribution of company profitability over the 30 years from 1989 to 2018 focusing on the international dimension. We find the international component of profitability differences first declines and then rises. Regression analysis of time-series data shows that transitory shocks to international profitability differences mostly dissipate over a few years, although there is evidence of persistent profitability differences for many countries. Dividing the sample to accommodate a structural break, the rate of dissipation declines between 1989–2002 and 2003–2018 subperiods. The extent of persistent differences also declines, suggesting convergence of international differences in profitability may have reached its limit.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 328","pages":"101-116"},"PeriodicalIF":1.1000,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12769","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Record","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1475-4932.12769","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
We examine the global distribution of company profitability over the 30 years from 1989 to 2018 focusing on the international dimension. We find the international component of profitability differences first declines and then rises. Regression analysis of time-series data shows that transitory shocks to international profitability differences mostly dissipate over a few years, although there is evidence of persistent profitability differences for many countries. Dividing the sample to accommodate a structural break, the rate of dissipation declines between 1989–2002 and 2003–2018 subperiods. The extent of persistent differences also declines, suggesting convergence of international differences in profitability may have reached its limit.
期刊介绍：
Published on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoretical, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.
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