A meta-analysis of results from 320 published studies relates environmental, strategic and organizational factors to financial performance. Some factors (e.g., concentration and growth) have been studied widely and have a relatively consistent positive impact on performance. Other widely-studied factors (e.g., size) have few consistent effects. Many factors (particularly organizational variables) are understudied. We suggest implications for research and management practice.
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Capon et al. (1990) studied this question.