Q$.$ Scholars found that approximately up to $($a$)q,$ percent of a company's performance can be determined by firm effects and $($b$)q,$ percent by industry effects, and the remaining $25$ percent is explained by other effects such as business cycle effects, which is the periodic growth and decline of a nation's economy.

Firm effects refer to firm performance that is attributed to managerial actions.

Industry effects describe firm performance explained by the underlying economic structure of the industry where the company operates.

$($a$)35$

$($b$)40$

$($a$)55$

$($b$)20$

$($a$)40$

$($b$)35$

$($a$)20$

$($b$)55$