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Firm performance

This analysis relates standardized firm-year MQ to return on assets and sales growth in the linked public-firm sample.

flowchart LR
    panel[(Public-firm analysis dataset)]
    prepare[[Filter, derive controls,<br/>winsorize, and standardize MQ]]
    estimate[[Estimate FE and clustering grid]]
    csv[(table8_firm_performance.csv)]
    roa[/table8_roa.tex/]
    growth[/table8_sales_growth.tex/]

    panel --> prepare --> estimate --> csv
    csv --> roa
    csv --> growth

    classDef input fill:#eee5f5,stroke:#76528c,stroke-width:2px
    classDef code fill:#f3f3f3,stroke:#666,stroke-width:2px
    classDef support fill:#fff0cc,stroke:#a66b00,stroke-width:2px
    classDef tableOutput fill:#e2f2e7,stroke:#3b7a4b,stroke-width:2px
    class panel input
    class prepare,estimate code
    class csv support
    class roa,growth tableOutput

The analysis requires at least the configured number of scored workers per firm-year, constructs sales growth within firm, applies common complete-case filtering, winsorizes continuous variables, and standardizes MQ. The current specification grid varies:

  • industry definitions: NAICS 2-, 3-, and 4-digit and RICS;
  • fixed effects: industry plus year, industry-by-year, and firm plus year;
  • clustering: firm or the selected industry definition.

Controls include employment, score count, R&D, market value, book-to-market, leverage, tangibility, acquisition activity, Tobin's Q, and return volatility.

Input: Public-firm analysis dataset Module: analyses/modules/table8_firm_performance.R

Rscript pipelines/run_table8_firm_performance.R \
  --config config/config_one_percent.yaml
Rscript pipelines/run_table8_firm_performance.R \
  --config config/config_tables89_full.yaml

/artifacts/<coverage>/analyses/table8_firm_performance/
  table8_firm_performance.csv
  table8_roa.tex
  table8_sales_growth.tex

Preliminary manuscript formatting

The module is runnable, but it writes simple outcome-specific tabular fragments and does not save fitted models or metadata. The output filenames retain legacy table numbering.