Competitive dynamism in nascent markets: trademarks and superstar firm entry in the metaverse
利用美国专利商标局数据和准实验设计，研究超级明星企业（如Facebook）进入元宇宙如何改变新兴行业的竞争动态，发现其进入导致产品引入数量下降10-12%，但扩大了国际地理范围。
Does entry by a superstar firm change the competitive dynamics of nascent industries? Using USPTO trademark data and a quasi-experimental design, we analyse the introduction of new products in the metaverse. We develop a theoretical framework of heterogeneous strategies for market entry under uncertainty, contrasting digital vs. physical industries. Empirically, we show that firm size has a strong positive correlation with metaverse participation, and this effect is amplified for international, physical-goods firms and reversed for born-digital firms. Following Facebook’s entry in 2014, we document a 10–12% decline in metaverse product introductions, particularly among smaller and international physical-goods firms. This decline coincides with an increase in the international scope of metaverse trademarks, suggesting that superstar firm entry into the metaverse reduced the quantity but increased the geographic scope of product introductions. Our analysis highlights intangible assets as key drivers of firms’ competitive advantage in the global, digital economy, with implications for antitrust regulation.