Fernández, EstebanIglesias Antelo, SusanaLópez López, Vicente ÁngelRodríguez Rey, MarcosFernández Jardón, Carlos María2020-03-272020-03-272019Fernández, E., Iglesias-Antelo, S., López-López, V., Rodríguez-Rey, M. and Fernandez-Jardon, C. (2019). Firm and industry effects on small, medium-sized and large firms’ performance. BRQ Business Research Quarterly, 22(1), 25-352340-9436http://hdl.handle.net/10347/20952This paper examines whether or not the relative importance of the firm and industry effects in explaining performance variations is the same regardless of the firm size. In relation to size, we think that there has been particular neglect of studying medium-sized firms separately from SMEs in general. That is why we study separately large, medium-sized and small firms. We also contribute to knowledge on the firm-industry debate testing empirically both effects distinguishing the firms by size according to a standard classification in the EU. Our results show that the performances of large and small firms are mainly explained by the firm effect, albeit for different reasons, while the performance of medium-sized firms is explained primarily by the industry effect.eng© 2018 ACEDE. Published by Elsevier España, S.L.U. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)https://creativecommons.org/licenses/by-nc-nd/4.0/Firm effectIndustry effectFirm sizeSMEsOrganizational performancejournal article10.1016/j.brq.2018.06.005open access