Size, Growth, Profits, and Executive Compensation in the Large Corporation: A Study of the 500 Largest United Kingdom and United States Industrial Corporations

By David J. Smyth; William J. Boyes | Go to book overview

10 Conclusions

I INTRODUCTION

This study has used data for large U.K. and U.S. corporations to analyse a number of topics - the relationship between alternative measures of firm size, the growth rates of firms of different size, concentration indices, the behaviour of firm profitability and the relationship between executive compensation, sales and profits. Where data permitted, similar analyses were undertaken for both countries; the results obtained for the two economies were quite similar.

Before summarising our results we must stress that they relate only to large corporations. For most analyses the data bases consisted of observations for the 500 largest industrial corporations for a series of years. Our results may not hold for smaller corporations; however, the large corporations studied do account for a considerable proportion of the economic activity in the industrial sectors of the United Kingdom and the United States. The results may not hold either for the non-industrial sector as our data are usually for industrial corporations - for instance, in Chapter 9 when we use data for U.S. utilities, the results obtained differ to those obtained in Chapter 8 for non-utilities.


2 ALTERNATIVE MEASURES OF FIRM SIZE:
THEORY AND EVIDENCE

The first topic taken up was the extent to which the choice of a measure of firm size influenced the results obtained in industrial and business-economics studies. We showed that a high correlation between two alternative firm-size measures provides no guarantee that the empirical results obtained will be independent of the firm-size measure used. The necessary and sufficient conditions for measures to be interchangeable without the results being affected differ according to the type of analysis being undertaken. In Chapter 2, we demonstrated that in studies relating some variable to firm size with the

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