A firm’s performance depends on efficient management of economic resources. Performance is usually a function of firm-specific economic factors and macroeconomic factors. In other words, an efficient allocation, management and manipulation of these factors is required to enhance profitability. This study attempts to identify some factors to understand how and to what extent these factors influence the profitability of the Indian cement industry. Seven hypotheses were framed. Panel data of 146 firms were gathered over a period of 22 years, spanning from 1996 to 2017. Thereafter, a Fixed Effect Regression (FER) model was fitted to the data. Results suggested that both firm-specific (e.g. size of firm; age of firm; fixed asset turnover) and macroeconomic variables (e.g. GDP; inflation; export intensity) made a significant impact on profitability of this industry. The findings of this study should assist managers as well as policy makers to frame sustainable policies of this mature industry. This research fulfills a need for a study that shows the degree of contribution of firm-specific and macroeconomic factors to profitability of the Indian cement industry.

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印度水泥行业的表现：驱动因素、模型和经验

公司的业绩取决于对经济资源的有效管理。绩效通常是公司特定经济因素和宏观经济因素的函数。换言之，需要对这些因素进行有效的分配、管理和操纵，以提高盈利能力。本研究试图确定一些因素，以了解这些因素如何以及在多大程度上影响印度水泥行业的盈利能力。提出了七个假设。从 1996 年到 2017 年，在 22 年间收集了 146 家公司的面板数据。此后，对数据拟合了固定效应回归 (FER) 模型。结果表明，企业特定（例如企业规模；企业年龄；固定资产周转率）和宏观经济变量（例如 GDP；通货膨胀；出口强度）对该行业的盈利能力产生了重大影响。这项研究的结果应该有助于管理者和政策制定者制定这个成熟行业的可持续政策。这项研究满足了一项研究的需要，该研究显示了公司特定和宏观经济因素对印度水泥行业盈利能力的贡献程度。