全球发展中心：2024年企业不平等：竞争与制度的作用报告（英文版）

In this paper, we analyze micro panel data from over 70 countries over 1980-2017 to understand the presence and behavior of star firms, defined as the top 10 percentile of firms in the world in terms of return on invested capital (ROIC). While star firms are more likely to occur in high income countries and manufacturing industry, there is an increasing share of star firms from middle income countries and the services sector over time. Star firms have higher markups and produce and invest mor