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Platformness premium in valuation multiples of U.S. listed firms: A panel econometric assessment

Author

Listed:
  • Alexey Rozhkovskiy

    (PJSC “SFI”, Moscow, Russian Federation)

Abstract

Using data on U.S. publicly listed companies over the period 2019–2024, this study estimates a platform premium in valuation multiples. The sample is constructed in a matched-pairs design, pairing 100 platform firms with non-platform counterparts matched on product category, target customer segment, and geographic scope of operations, with a preliminary restriction based on market capitalization. The empirical design relies on log-linear multifactor panel regressions that control for standard multiple determinants and apply post-double selection (PDS) of controls, with pair×year fixed effects. The estimated premium is positive and statistically significant, ranging from approximately 100–160% in the baseline specification to 130–180% with fixed effects. The results document heterogeneity across firm growth, profitability, stock liquidity, and intangible investment. Overall, the evidence refines the use of the market approach for valuing platform firms and provides practical benchmarks for interpreting multiples in valuation and investment analysis.

Suggested Citation

  • Alexey Rozhkovskiy, 2026. "Platformness premium in valuation multiples of U.S. listed firms: A panel econometric assessment," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 82, pages 124-149.
    • Handle: RePEc:ris:apltrx:022713
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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software

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