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<p>The study explores the relationship between firm performance, macro-economic variables, and firm size. The analysis was conducted over a period of 12 years, for seven non-financial sectors of Pakistan economy, considering an emerging economy. The analysis was conducted stepwise. First estimation of models considering all co-efficient constant across time and individuals (Sector) was conducted. Secondly, to know the significant difference among the sectors with respect to firm size, return ondoi:10.19030/jabr.v30i3.8554 fatcat:vrckc4zp5rey7kffst5ycgqyxq