This version of the article has been accepted for publication, after peer review, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: https://doi.org/10.1108/EBR-02-2020-0038[Abstract]: Purpose – This paper aims to examine how sample design affects the relative importance of firm and
industry factors in explaining performance variations.
Design/methodology/approach – Using a sample of 14,204 Spanish firms over a 10-year time frame,
this study uses partial sensitivity analysis to examine the biases in results as a consequence of three
methodological relevant concerns: outliers, industry classification and period.
Findings – Results indicate that the industry effect, supported by the industrial organization theory, has
been underestimated in the empirical tests.
Originality/value – This study examines the biases in results as a consequence of three methodological
relevant concerns (outliers, sector classification and period), which have not been sufficiently studied to date.
Moreover, the study provides some new evidence favourable to the Industrial Organization (IO) perspective,
which could have been biased and underestimated by the literature, as most of the analyses do not consider
the methodological issues studied in this paper
