Abstract

Business results can be explained by diverse factors that, in turn, influence the survival of an enterprise. Therefore, this article pursues two objectives: first, to make a bibliographic review of the factors that explain and influence business results, and second, to contrast the theoretical proposals in order to contribute empirical evidence through a comparative analysis with earlier studies. The contrasting is carried out using a complete panel of Spanish industrial enterprises for the period 2000- 2005. Employing variable component analysis, factors that explain 95.6% of business results are identified and, using a random effects model, it is discovered that these also influence results. Results of the study suggest that the effect of the company is 17.8 times higher in relation to the effect of the sector on determining entrepreneurial results; and the locality effect explains 7.39% of the results. Finally, conclusions are that the factors of sector, time and locality, and, principally, the factor of company ought to be considered by those organizations that wish to achieve better results.