Who's in the Forbes Global 2000? The Role of Home Market, Multinational Firms and Economic Development

摘要

We investigate the determinants of the share of very large enterprises that a country has at the industry-level at the industry-level, using data from the Forbes Global 2000 across 48 countries and 16 industries in the period of 2004-2010. We find significant and positive evidence for three effects affecting such share: the home market effect (HME), multinational firm effect (MFE) and economic development effect (EDE). A further industry-specific analysis of the HME suggests that the industry-level degree of increasing returns to scale may only partly explain the effects being positive without them being different across industries.