“…To avoid the limitations of regression analysis for studying configurations, in a considerable number of studies, researchers have instead employed cluster analysis (e.g., Bensaou & Venkatraman, 1995;Cool & Schendel, 1987;Desarbo, Di Benedetto, Song, & Sinha, 2005;Dess & Davis, 1984;Ferguson, Deephouse, & Ferguson, 2000;Fiegenbaum & Thomas, 1990;Hambrick, 1983;Ketchen et al, 1993;Lim, Acito, & Rusetski, 2006;Moores & Yuen, 2001). Typically, these studies use clustering algorithms to identify distinct groups of firms and then employ ANOVA or MANOVA to examine whether the distinct groups show differences in their performance.…”