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The aim of this paper is to identify factors that affect the pricing policy  in Slovenian manufacturing firms in terms of the markup size and, most of  all, to explicitly account for the possibility of differences in pricing  procedures among manufacturing industries. Accordingly, the analysis of the  dynamic panel is carried out on an industry-by-industry basis, allowing the  coefficients on the markup determinants to vary across industries. We find  that the oligopoly theory of markup determination for the most part holds for  the manufacturing sector as a whole, although large variability in markup  determinants exists across industries within the Slovenian manufacturing. Our  main conclusion is that each industry should be investigated separately in  detail in order to assess the precise role of markup factors in the  markup-determination process

Are the determinants of markup size industry-specific? The case of Slovenian manufacturing firms