The Rise of Star Firms: Intangible Capital and Competition

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-08-11 DOI:10.1093/rfs/hhad065

Meghana Ayyagari, Asli Demirguc-Kunt, Vojislav Maksimovic

引用次数: 0

Abstract

The large divergence in the returns of top-performing star firms and the rest of the economy is substantially reduced when we account for the mismeasurement of intangible capital. Star firms produce and invest more per dollar in invested capital, have more valuable innovations as measured by the market value of patents, and are as exposed to competitive shocks as nonstars. Star firms have higher markups that are predicted early in their life cycle at a time when they are small. Overall, after we correct for the mismeasurement of intangibles, the evidence points to the superior ability of star firms.

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明星企业的崛起:无形资本与竞争

当我们考虑到对无形资本的错误衡量时，表现最好的明星公司和其他经济部门之间的巨大差异就大大缩小了。明星公司在每一美元的投资资本中生产和投资更多，以专利的市场价值衡量，有更多有价值的创新，并且与非明星公司一样容易受到竞争冲击。明星公司的利润率较高，这是在其生命周期的早期预测到的，当时它们还很小。总的来说，在我们纠正了无形资产的错误计量后，证据表明明星公司的能力更强。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.