Abstract
This paper explains the intra-industry variations of profit in Australian manufacturing. Considering three groups of firms, viz leading, secondary and follower groups, a profit model is developed for each group. Indicators of ``strategic behavior'' and ``efficiency'' are considered along with other control variables. Both equilibrium and dynamic versions of the model are tested using unpublished data at the enterprise level between 1977/78 and 1992/93. The findings support the importance of both strategic behavior and efficiency in determining group profits.
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