Abstract
The article examines the determinants of profitability of companies in India from 1980 to 1996 and assesses the relative importance of firm and industry effects on corporate profitability over the period. The changing balance between the industry effects was evaluated as a regime of control and regulation was replaced by partial liberalization between 1985 and 1991 and to more decisive liberalization after 1991. It was found that firm effects are significant during all periods, when rent seeking opportunities increased, and when the scope for strategic decisions increased under competition caused by institutional change.
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