@article {1968946,
	title = {Employees, Firm Size, and Profitability in U.S. Manufacturing Industries},
	journal = {Investment Management and Financial Innovations},
	volume = {7},
	year = {2010},
	month = {2010},
	pages = {7-23},
	abstract = {This study examines the relation between firm size and profitability within 109 SIC four-digit manufacturing industries.~ Depending on our measure of profitability, we find that profitability increases at a decreasing rate and eventually declines in up to 47 of our industries.~~ No relation between profitability and size is found in up to 52 of our industries.~ These two categories account for 97 of our 109 industries.~ Profitability continues to increase as firms become larger in up to 11 industries.~~ Hence, the relation between size and profitability is industry specific.~ But, regardless of the shape of the size profitability function, we find that profitability is negatively correlated with the number of employees for firms of a given size measured in terms of total assets and sales.~},
	keywords = {Finance},
	author = {Becker-Blease,John and Kaen,Fred and Etebari,Ahmad and Baumann,Hans}
}