Country-effect on firm performance: a multi-level approach

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Rafael Guilherme Burstein Goldszmidt
Flávio Carvalho de Vasconcelos
Luiz Artur Ledur Brito


This paper analyses country effects on fi rm performance. Empirical analysis was based on a sample of 83,641 observations and 10,927 fi rms in 37 countries and 224 industries, in a 10 year time span. A cross-classifi ed 3-level hierarchical linear model allowed the estimation of country, industry and country-industry interaction effects, which had approximately the same relative importance. Altogether, these effects were nearly as important as fi rm effect. The influence of each specific country on the performance of its fi rms was also studied and a ranking of countries based on fi rm profitability was developed.


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GOLDSZMIDT, R. G. B.; VASCONCELOS, F. C. de; BRITO, L. A. L. Country-effect on firm performance: a multi-level approach. RAE - Revista de Administracao de Empresas , [S. l.], v. 47, n. 4, p. 12–25, 2007. Disponível em: Acesso em: 21 feb. 2024.

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