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Peters T.J., and Waterman R.H. Search of Excellence: Lessons from America's Best Run Companies (1982), Harper & Row, New York However, even those companies they identified as superior long-term performers soon fell back to average or worse since, by selecting firms based on a small number of criteria for a limited period of time, they failed to account for the natural variability and stickiness in performance. What was discovered (but not by Peters and Waterman) was that most of their 'excellent' firms had regressed to the mean by the time the second edition of their very popular book went to press
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There are many discussions of the GE saga. Two relevant cases to the discussion here are. Bartlett C.A. GE's Growth Strategy: The Immelt Initiative (2006), Harvard Business School Case 9-306-087
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For a more technical and comprehensive comparison, readers are directed to, in press
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For a more technical and comprehensive comparison, readers are directed to T. M. Devinney, G. Johnson and G. S. Yip, Using frontier analysis to evaluate company performance, British Journal of Management, in press.
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Do markets differ much?
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Industry and market segment effects on performance are well established. Various studies have examined the relative contributions of industry, company and business unit effects on firm performance. See particularly. Schmalensee R. Do markets differ much?. American Economic Review 75 3 (1985) 341-351
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Frontier analysis has the added advantage of being flexible with respect to weighting. One could, if desired, weight the various measures according to some rule - in this analysis we assume that any measure is equally valid and what matters is the mixture of measures.
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The frontier with 3 measures was as good as others with more measures. In other words, little if any additional information was gleaned from the other measures and hence a simpler frontier could be formed without any loss of generality. The firm-year combinations represented the highest performance combinations over the full study period from the full list of all major oil companies - this accounts for the fact that three of these four companies do not appear in Tables 1 and 2.
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