100 Years of Rising Corporate Concentration

• 成果类型: Article
• 署名作者: Kwon, Spencer Y.; Ma, Yueran; Zimmermann, Kaspar
• 署名单位: Brown University; University of Chicago; National Bureau of Economic Research; Frankfurt School Finance & Management
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20220621
• 发表日期: 2024
• 页码: 2111-2140
• 关键词: industry concentration; size distribution; us industries; market power; TRENDS; GROWTH; rise

摘要

We collect data on the size distribution of US businesses for 100 years , and use these data to estimate the concentration of production ( e.g. , asset share or sales share of top businesses ) . The data show that concentration has increased persistently over the past century. Rising concentration was stronger in manufacturing and mining before the 1970s , and stronger in services , retail , and wholesale after the 1970s. The results are robust to different measurement methods and consistent across different historical sources. Our findings suggest that large firms have become more important in the US economy for a long period of time. ( JEL D22, E24, L11, L25, N12 )