Advertising, concentration and profitability in Greek food manufacturing industries
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The conventional framework for cross-sectional studies of industrial organisation focuses on the hypothesised relations among structure,
conduct and performance (SCP). This paper investigates these relationships for the food and beverage manufacturing industries in a
European country, i.e., Greece. 3SLS method is used to estimate the parameters of the profitability, concentration and advertising model for
a sample of 38 four-digit industries in 1994. The main results, which are in line with the relevant empirical work, show that profitability is
determined by advertising, which, in tum, is affected by both profitability and concentration, while the latter is determined by economies of
scale. © 1998 Elsevier Science B. V.