Résumé
Exploiting variability in the managerial dimension, this paper presents firm management through firm and time effects in a production function that uses a three-way fixed effect model and a unique panel dataset that tracks multiple managers for each firm from 1980–2007. We allow for time-varying firm management through learning. The model is applied to the French purse-seine fleet harvesting tuna in the Indian Ocean. We find that skippers' learning-by-doing as measured by experience and job tenure plays no significant role, meaning that managerial ability is time-invariant.