“…In finance such factors as working capital management, taxes & theft, ownership structure and portfolio concentration and the their relationships with firm profitability have also been explored (Aktas, Croci, & Petmezas, 2015;Ekholm & Maury, 2014;Huang & Boateng, 2013;Mironov, 2013). Finally the effects of technology-related factors, operational efficiency and business ethics on firm profitability have equally been the subject of studies on firm performance literature (Baik, Chae, Choi, & Farber, 2013;Eisenbeiss, Knippenberg, & Fahrbach, 2015;Chae, Koh, & Prybutok, 2014;Piget & Kossai, 2013 ;Shan & Jolly, 2013). This section provides research background to the study on the relative effects of industry and business-specific factors on firm performance.…”