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Time-limited monopolies: Firms' financial characteristics and innovation concentration

Author

Listed:
  • Driver, James

Abstract

I develop novel innovation classification systems using firms' patent portfolio text and CPC codes to study market concentrations/monopoly power. My annual text network explains firms' financial characteristics better than most existing systems among public, patenting firms, and offers additional explanatory power for private, patenting firms. I attribute increases in explanatory power to my network's ability to update classifications at an annual frequency. Upon evaluating measures of industry concentration for sales and R&D, my network confirms increases in sales concentration and reveals an increase in R&D concentration that is unobserved when categorizing firms via four-digit NAICS or three-digit SIC codes.

Suggested Citation

  • Driver, James, 2026. "Time-limited monopolies: Firms' financial characteristics and innovation concentration," Global Finance Journal, Elsevier, vol. 69(C).
    • Handle: RePEc:eee:glofin:v:69:y:2026:i:c:s1044028326000086
    DOI: 10.1016/j.gfj.2026.101240
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    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O34 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies

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