The Rise of Star Firms: Intangible Capital and Competition

• 成果类型: Article
• 署名作者: Ayyagari, Meghana; Demirguc-Kunt, Asli; Maksimovic, Vojislav
• 署名单位: George Washington University; University System of Maryland; University of Maryland College Park
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad065
• 发表日期: 2024
• 页码: 882
• 关键词: CORPORATE GOVERNANCE; PUBLIC CORPORATION; cross-section; AGENCY COSTS; market power; INVESTMENT; cash; OWNERSHIP; PRODUCTIVITY; creation

摘要

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.Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online