Intangibles and Industry Concentration: A Cross‐Country Analysis
研究了2002-2017年间美国、日本及11个欧洲国家行业集中度的上升趋势，发现无形资产投资（尤其是创新资产、软件和数据）是主要驱动因素，且该效应在全球化程度更高的行业中更强。
ABSTRACT This paper presents new evidence on the growing scale of large businesses in the United States, Japan and 11 European countries. It documents a broad increase in industry concentration across the majority of countries and sectors over the period 2002–2017. The rising concentration is strongly linked to investment in intangibles—particularly innovative assets; and software and data—and this relationship is magnified in more globalised industries. The results are consistent with intangibles disproportionately benefiting large firms, enabling them to scale up and increase their market shares by leveraging intangibles across multiple markets.