This study analyzed the impact of Higher-order resources on profit sustainability for domestic companies using a mathematical statistical model. Higher-order resources refer to resources that do not directly affect profits but influence other resources that directly contribute to profits. As a result of analysis using 30 years of actual data from more than 650 domestic companies, the average duration of competitive advantage including high-order resources was found to be about twice as long as the period suggested by the autoregressive model excluding high-order resources. Through this, if companies want to earn more profits over a long period of time than their competitors, they must not only possess resources that are more valuable, rare, difficult to imitate, and non-substitutable compared to their competitors, but also that higher-order resources can contribute to changes in these resources over time. It was confirmed that it must lead the long-term profit difference. High-level resources include strategic planning, mergers and acquisitions (M&A) capabilities, and good forecasting.

1. 서 론
2. 이론적 배경
3. 연구 설계 및 분석
    3.1 자료수집과 변수의 조작적 정의
    3.2 Box-Jenkins 방법
    3.3 베이지안 추론
4. 연구결과
    4.1 기술통계량, 자기상관, 최대우도추정
    4.2 베이지안 추론
    4.3 경쟁우위 기간에 관한 영향
5. 결 론
References

• Min Jo Kim(Graduate Department of Management Consulting, Hanyang University) | 김민조 (한양대학교(ERICA) 일반대학원 경영컨설팅학과)
• Yun Pyo Lee(Graduate Department of Management Consulting, Hanyang University) | 이윤표 (한양대학교(ERICA) 일반대학원 경영컨설팅학과)
• Seung June Hwang(Divsion of Business Administration, Hanyang University) | 황승준 (한양대학교(ERICA) 경상대학 경영학부) Corresponding author