Table 4 Open in new tab Fractions of...

Window	All firms	Superior firms
1954–1958	0.04	0.68	0.28	0.12	0.16
(4.36)	(7.05)	(11.67)	(11.28)	(11.96)
1957–1961	0.17	0.59	0.24	0.10	0.14
(3.06)	(6.06)	(10.15)	(10.15)	(10.15)
1960–1964	0.21	0.57	0.21	0.11	0.11
(3.00)	(6.01)	(8.72)	(9.66)	(7.77)
1963–1967	0.29	0.50	0.21	0.11	0.11
(2.13)	(6.61)	(8.94)	(9.66)	(8.22)
1966–1970	0.34	0.56	0.09	0.09	0.00
(2.00)	(6.49)	(9.84)	(9.84)	(n.a.)
1969–1973	0.22	0.59	0.19	0.05	0.14
(0.69)	(4.69)	(7.97)	(9.67)	(7.30)
1972–1976	0.35	0.62	0.03	0.03	0.00
(0.86)	(6.49)	(12.90)	(12.90)	(n.a.)
1975–1979	0.26	0.63	0.11	0.02	0.09
(0.55)	(5.77)	(9.28)	(11.95)	(8.62)
1978–1982	0.28	0.68	0.04	0.02	0.02
(0.56)	(6.21)	(14.19)	(16.90)	(11.47)
1981–1985	0.10	0.76	0.14	0.06	0.08
(−9.41)	(2.77)	(9.21)	(8.33)	(9.87)
1984–1988	0.14	0.69	0.17	0.10	0.07
(0.25)	(2.68)	(9.83)	(11.60)	(7.47)
1987–1991	0.08	0.74	0.18	0.08	0.10
(0.87)	(2.87)	(8.46)	(8.95)	(8.09)
1990–1994	0.21	0.68	0.11	0.04	0.07
(0.84)	(3.10)	(5.73)	(5.79)	(5.70)
1993–1997	0.24	0.72	0.03	0.00	0.04
(0.63)	(4.58)	(7.19)	(n.a.)	(7.19)
1996–2000	0.19	0.76	0.05	0.00	0.05
(0.43)	(5.49)	(10.64)	(n.a.)	(10.64)
1999–2003	0.32	0.59	0.09	0.00	0.09
(−0.38)	(6.47)	(12.87)	(n.a.)	(12.87)
2002–2006	0.28	0.68	0.04	0.00	0.04
(1.02)	(8.67)	(13.61)	(n.a.)	(13.61)

Window

All firms

Superior firms

Submodal firms

Modal firms

Superior firms

Persistently superior firms

Transitory superior firms

1954–1958

0.04

0.68

0.28

0.12

0.16

(4.36)

(7.05)

(11.67)

(11.28)

(11.96)

1957–1961

0.17

0.59

0.24

0.10

0.14

(3.06)

(6.06)

(10.15)

1960–1964

0.21

0.57

0.21

0.11

(3.00)

(6.01)

(8.72)

(9.66)

(7.77)

1963–1967

0.29

0.50

0.21

0.11

(2.13)

(6.61)

(8.94)

(9.66)

(8.22)

1966–1970

0.34

0.56

0.09

0.00

(2.00)

(6.49)

(9.84)

(n.a.)

1969–1973

0.22

0.59

0.19

0.05

0.14

(0.69)

(4.69)

(7.97)

(9.67)

(7.30)

1972–1976

0.35

0.62

0.03

0.00

(0.86)

(6.49)

(12.90)

(n.a.)

1975–1979

0.26

0.63

0.11

0.02

0.09

(0.55)

(5.77)

(9.28)

(11.95)

(8.62)

1978–1982

0.28

0.68

0.04

0.02

(0.56)

(6.21)

(14.19)

(16.90)

(11.47)

1981–1985

0.10

0.76

0.14

0.06

0.08

(−9.41)

(2.77)

(9.21)

(8.33)

(9.87)

1984–1988

0.14

0.69

0.17

0.10

0.07

(0.25)

(2.68)

(9.83)

(11.60)

(7.47)

1987–1991

0.08

0.74

0.18

0.08

0.10

(0.87)

(2.87)

(8.46)

(8.95)

(8.09)

1990–1994

0.21

0.68

0.11

0.04

0.07

(0.84)

(3.10)

(5.73)

(5.79)

(5.70)

1993–1997

0.24

0.72

0.03

0.00

0.04

(0.63)

(4.58)

(7.19)

(n.a.)

(7.19)

1996–2000

0.19

0.76

0.05

0.00

0.05

(0.43)

(5.49)

(10.64)

(n.a.)

(10.64)

1999–2003

0.32

0.59

0.09

0.00

0.09

(−0.38)

(6.47)

(12.87)

(n.a.)

(12.87)

2002–2006

0.28

0.68

0.04

0.00

0.04

(1.02)

(8.67)

(13.61)

(n.a.)

(13.61)

Window	All firms	Superior firms
1954–1958	0.04	0.68	0.28	0.12	0.16
(4.36)	(7.05)	(11.67)	(11.28)	(11.96)
1957–1961	0.17	0.59	0.24	0.10	0.14
(3.06)	(6.06)	(10.15)	(10.15)	(10.15)
1960–1964	0.21	0.57	0.21	0.11	0.11
(3.00)	(6.01)	(8.72)	(9.66)	(7.77)
1963–1967	0.29	0.50	0.21	0.11	0.11
(2.13)	(6.61)	(8.94)	(9.66)	(8.22)
1966–1970	0.34	0.56	0.09	0.09	0.00
(2.00)	(6.49)	(9.84)	(9.84)	(n.a.)
1969–1973	0.22	0.59	0.19	0.05	0.14
(0.69)	(4.69)	(7.97)	(9.67)	(7.30)
1972–1976	0.35	0.62	0.03	0.03	0.00
(0.86)	(6.49)	(12.90)	(12.90)	(n.a.)
1975–1979	0.26	0.63	0.11	0.02	0.09
(0.55)	(5.77)	(9.28)	(11.95)	(8.62)
1978–1982	0.28	0.68	0.04	0.02	0.02
(0.56)	(6.21)	(14.19)	(16.90)	(11.47)
1981–1985	0.10	0.76	0.14	0.06	0.08
(−9.41)	(2.77)	(9.21)	(8.33)	(9.87)
1984–1988	0.14	0.69	0.17	0.10	0.07
(0.25)	(2.68)	(9.83)	(11.60)	(7.47)
1987–1991	0.08	0.74	0.18	0.08	0.10
(0.87)	(2.87)	(8.46)	(8.95)	(8.09)
1990–1994	0.21	0.68	0.11	0.04	0.07
(0.84)	(3.10)	(5.73)	(5.79)	(5.70)
1993–1997	0.24	0.72	0.03	0.00	0.04
(0.63)	(4.58)	(7.19)	(n.a.)	(7.19)
1996–2000	0.19	0.76	0.05	0.00	0.05
(0.43)	(5.49)	(10.64)	(n.a.)	(10.64)
1999–2003	0.32	0.59	0.09	0.00	0.09
(−0.38)	(6.47)	(12.87)	(n.a.)	(12.87)
2002–2006	0.28	0.68	0.04	0.00	0.04
(1.02)	(8.67)	(13.61)	(n.a.)	(13.61)

Table 4

Open in new tab

Fractions of firms per performance stratum

Window	All firms			Superior firms
Window	Submodal firms	Modal firms	Superior firms	Persistently superior firms	Transitory superior firms
1954–1958	0.04	0.68	0.28	0.12	0.16
1954–1958	(4.36)	(7.05)	(11.67)	(11.28)	(11.96)
1957–1961	0.17	0.59	0.24	0.10	0.14
1957–1961	(3.06)	(6.06)	(10.15)	(10.15)	(10.15)
1960–1964	0.21	0.57	0.21	0.11	0.11
1960–1964	(3.00)	(6.01)	(8.72)	(9.66)	(7.77)
1963–1967	0.29	0.50	0.21	0.11	0.11
1963–1967	(2.13)	(6.61)	(8.94)	(9.66)	(8.22)
1966–1970	0.34	0.56	0.09	0.09	0.00
1966–1970	(2.00)	(6.49)	(9.84)	(9.84)	(n.a.)
1969–1973	0.22	0.59	0.19	0.05	0.14
1969–1973	(0.69)	(4.69)	(7.97)	(9.67)	(7.30)
1972–1976	0.35	0.62	0.03	0.03	0.00
1972–1976	(0.86)	(6.49)	(12.90)	(12.90)	(n.a.)
1975–1979	0.26	0.63	0.11	0.02	0.09
1975–1979	(0.55)	(5.77)	(9.28)	(11.95)	(8.62)
1978–1982	0.28	0.68	0.04	0.02	0.02
1978–1982	(0.56)	(6.21)	(14.19)	(16.90)	(11.47)
1981–1985	0.10	0.76	0.14	0.06	0.08
1981–1985	(−9.41)	(2.77)	(9.21)	(8.33)	(9.87)
1984–1988	0.14	0.69	0.17	0.10	0.07
1984–1988	(0.25)	(2.68)	(9.83)	(11.60)	(7.47)
1987–1991	0.08	0.74	0.18	0.08	0.10
1987–1991	(0.87)	(2.87)	(8.46)	(8.95)	(8.09)
1990–1994	0.21	0.68	0.11	0.04	0.07
1990–1994	(0.84)	(3.10)	(5.73)	(5.79)	(5.70)
1993–1997	0.24	0.72	0.03	0.00	0.04
1993–1997	(0.63)	(4.58)	(7.19)	(n.a.)	(7.19)
1996–2000	0.19	0.76	0.05	0.00	0.05
1996–2000	(0.43)	(5.49)	(10.64)	(n.a.)	(10.64)
1999–2003	0.32	0.59	0.09	0.00	0.09
1999–2003	(−0.38)	(6.47)	(12.87)	(n.a.)	(12.87)
2002–2006	0.28	0.68	0.04	0.00	0.04
2002–2006	(1.02)	(8.67)	(13.61)	(n.a.)	(13.61)

Window	All firms			Superior firms
Window	Submodal firms	Modal firms	Superior firms	Persistently superior firms	Transitory superior firms
1954–1958	0.04	0.68	0.28	0.12	0.16
1954–1958	(4.36)	(7.05)	(11.67)	(11.28)	(11.96)
1957–1961	0.17	0.59	0.24	0.10	0.14
1957–1961	(3.06)	(6.06)	(10.15)	(10.15)	(10.15)
1960–1964	0.21	0.57	0.21	0.11	0.11
1960–1964	(3.00)	(6.01)	(8.72)	(9.66)	(7.77)
1963–1967	0.29	0.50	0.21	0.11	0.11
1963–1967	(2.13)	(6.61)	(8.94)	(9.66)	(8.22)
1966–1970	0.34	0.56	0.09	0.09	0.00
1966–1970	(2.00)	(6.49)	(9.84)	(9.84)	(n.a.)
1969–1973	0.22	0.59	0.19	0.05	0.14
1969–1973	(0.69)	(4.69)	(7.97)	(9.67)	(7.30)
1972–1976	0.35	0.62	0.03	0.03	0.00
1972–1976	(0.86)	(6.49)	(12.90)	(12.90)	(n.a.)
1975–1979	0.26	0.63	0.11	0.02	0.09
1975–1979	(0.55)	(5.77)	(9.28)	(11.95)	(8.62)
1978–1982	0.28	0.68	0.04	0.02	0.02
1978–1982	(0.56)	(6.21)	(14.19)	(16.90)	(11.47)
1981–1985	0.10	0.76	0.14	0.06	0.08
1981–1985	(−9.41)	(2.77)	(9.21)	(8.33)	(9.87)
1984–1988	0.14	0.69	0.17	0.10	0.07
1984–1988	(0.25)	(2.68)	(9.83)	(11.60)	(7.47)
1987–1991	0.08	0.74	0.18	0.08	0.10
1987–1991	(0.87)	(2.87)	(8.46)	(8.95)	(8.09)
1990–1994	0.21	0.68	0.11	0.04	0.07
1990–1994	(0.84)	(3.10)	(5.73)	(5.79)	(5.70)
1993–1997	0.24	0.72	0.03	0.00	0.04
1993–1997	(0.63)	(4.58)	(7.19)	(n.a.)	(7.19)
1996–2000	0.19	0.76	0.05	0.00	0.05
1996–2000	(0.43)	(5.49)	(10.64)	(n.a.)	(10.64)
1999–2003	0.32	0.59	0.09	0.00	0.09
1999–2003	(−0.38)	(6.47)	(12.87)	(n.a.)	(12.87)
2002–2006	0.28	0.68	0.04	0.00	0.04
2002–2006	(1.02)	(8.67)	(13.61)	(n.a.)	(13.61)

Notes: Results of estimations of the non-parametric strata model per 5-year rolling window as discussed in Section 3.2. We document the estimations for every third window. The numbers refer to the fraction of firms in a particular stratum. In parentheses, we provide the average ROA in the samples. “n.a.” means that the average cannot be calculated.

Sources: Fortune Global 500 and authors’ analysis.

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