Identification of Star Firms and Decoding Investment in Intangibles : Evidence from the Indian Manufacturing Industry

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  • Economic and Political Weekly Vol.61; No.16 - 18 April 2026 pp. 80-89
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Summary: The star firms phenomenon, focusing on the changing structure of investment dynamism in Indian manufacturing industries, is explored. Analysing firm-level information from the Centre for Monitoring Indian Economy Prowess database for 2000 to 2023, this study investigates the emergence of star (superstar) firms and presents a comparative analysis highlighting intangible expenditure and intangible assets. We find that star firms are intangible-intensive relative to non-star peers and such investment in intangibles increases the likelihood of transforming a firm into a star. So, a regulatory framework is suggested that encourages investment in intangibles to leverage scale advantage and enhance performance.
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The star firms phenomenon, focusing on the changing structure of investment dynamism in Indian manufacturing industries, is explored. Analysing firm-level information from the Centre for Monitoring Indian Economy Prowess database for 2000 to 2023, this study investigates the emergence of star (superstar) firms and presents a comparative analysis highlighting intangible expenditure and intangible assets. We find that star firms are intangible-intensive relative to non-star peers and such investment in intangibles increases the likelihood of transforming a firm into a star. So, a regulatory framework is suggested that encourages investment in intangibles to leverage scale advantage and enhance performance.

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