Strategic Adjustment Capacity, Sustained Competitive Advantage, and Firm Performance: An Evolutionary Perspective on Bird Flocking and Firm Competition

Table 1

Variable names and definitions.

Variable	Definition
Return on asset (ROA)	The ratio of net income to total assets	Knauer and Wöhrmann (2013) [46]
ΔROA		Knauer and Wöhrmann (2013) [46]
Net profit margin (NPM)	Net margin/operating income	Baños-Caballero et al. (2014) [47]
Operating cost ratio (OCR)	Operating cost/operating income	Salman et al. (2014) [48]
Selling, administrative and financial expense ratio (SGFR)	(Operating expenses + administrative expenses + financial expenses)/operating income	Afrifa (2016) [49]
Cash holding rate (CHR)	Monetary capital/assets total	Aktas et al. (2015) [50]
Inventory turnover (IT)	Operating cost/((initial inventory net + final inventory Ne)/2)	Tran et al. (2017) [51]
Liquid asset turnover (LT)	Operating cost/((initial mobile assets + final mobile assets)/2)	Tranet al. (2017) [51]
Fix asset turnover (FT)	Operating cost/((initial fixed assets + final fixed assets)/2)	Tran et al. (2017) [51]
Firm size (size)	Natural logarithm of total assets	Tran et al. (2017) [51]
	The organizational learning capacity from the top firms	—
	The learning capability from the previous best operational capacity vector	—
	The inertia control ability of the current operational capacity vector	—

Note. ROA and ROA are dependent variables in the two studies, respectively; the other variables are treated as independent variables, in which one is used as a control variable, namely, firm size.