This study aims to identify the most profitable segment of construction firms amongst real estate, industrial construction and infrastructure. This paper also examines the determinants of profitability of real estate, industrial construction and infrastructure firms.,The data of 67 firms (20 real estate, 21 industrial construction and 26 infrastructure) is collected for a 15-year period (2003–2017). Two models are created using total return on assets (ROA) and return on invested capital (ROIC) as dependent variables.. Leverage, liquidity, age, growth, size and efficiency of the firm are identified as firm-specific independent variables. Two economic variables, i.e. growth in GDP and inflation, are also used as independent variables. Initially, the models are tested for stationarity, multicollinearity and heteroscedasticity, and finally, the coefficients are estimated using Arellano–Bond dynamic panel data estimation to account for heteroscedasticity and endogeneity.,The results suggest that industrial construction is the most profitable segment of construction, followed by real estate and infrastructure. Their profitability is positively driven by liquidity, efficiency and leverage. The real estate firms are somewhat less profitable compared to industrial construction firms, and their profitability is positively driven by liquidity. The infrastructure firms have low ROA and ROIC.,The real estate, infrastructure and industrial construction drastically differ from each other. The challenges involved in real estate, infrastructure and industrial construction are altogether different. Therefore, authors present a comparative analysis of the profitability of real estate, infrastructure and industrial construction segments of the construction and compare their determinants of profitability. The results provided in the study are robust and reliable because of the use of a superior econometric model, i.e. Arellano–Bond dynamic panel data estimation with robust estimates, which accounts for heteroscedasticity and endogeneity in the model.

中文翻译：

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房地产，工业建筑和基础设施公司的盈利能力比较分析：来自印度的证据

本研究旨在确定房地产，工业建筑和基础设施领域中建筑公司中利润最高的部分。本文还研究了房地产，工业建筑和基础设施公司的盈利能力的决定因素。收集了15年（2003-2017年）内67家公司（20家房地产，21家工业建筑和26家基础设施）的数据。使用总资产回报率（ROA）和投资资本回报率（ROIC）作为因变量来创建两个模型。公司的杠杆，流动性，年龄，成长，规模和效率被确定为公司特定的独立变量。两个经济变量，即GDP增长和通货膨胀，也用作自变量。最初，测试模型的平稳性，多重共线性和异方差，最后，使用Arellano–Bond动态面板数据估计来估计系数，以说明异方差性和内生性。结果表明，工业建筑是建筑业中利润最高的部分，其次是房地产和基础设施。他们的盈利能力受到流动性，效率和杠杆的积极推动。与工业建筑公司相比，房地产公司的利润要少一些，而其盈利能力受流动性的积极推动。基础设施公司的ROA和ROIC较低。房地产，基础设施和工业建筑之间存在很大差异。房地产，基础设施和工业建设涉及的挑战完全不同。因此，作者对房地产的盈利能力进行了比较分析，基础设施和工业建筑部门的建设，并比较其盈利能力的决定因素。由于使用了上等的计量经济学模型，即具有可靠估计的Arellano-Bond动态面板数据估计，该研究提供的结果是可靠且可靠的，这说明了模型中的异方差和内生性。