본문 내용으로 건더뛰기

KDI 경제정보센터

ENG
  • Economic

    Information

    and Education

    Center

최신자료
Megafirms and Recent Trends in the US Innovation: Empirical Evidence from the US Patent Data
CATO
2024.02.16
Recent research shows that, like the increase in market concentration, the share of patents held by the firms that hold more patents than 99 percent of other firms has been rising over the past several decades. It suggests that megafirms may be increasingly collecting patents that make it difficult for other firms to compete in the technology domain, leading to slower diffusion of knowledge and deceleration in business dynamism. Alternatively, megafirms may be increasingly investing in innovation that could potentially create room for subsequent innovation by other firms.

Our research provides new evidence that sheds light on these issues. First, we define megafirms as the top 50 firms by sales in any given year among all public firms. Second, we examined megafirms’ innovation not only by examining all patents but also by focusing on novel patents―patents that introduce new combinations of technological components that had never been utilized together before. Novel patents have been the subject of burgeoning research in recent years; this is motivated in part by the notion that many patents may be filed for purely strategic reasons and never applied to produce a commercial product. Novel patents represent economic experimentation and, if successful, may create pathways for new technological trajectories generating new products or adding new qualities to existing products.