Behera, Jitamitra and Sharma, Ruchi <br/><br/>
Identification of star firms and decoding investment in intangibles: Evidence from the INDIAN manufacturing industry 

 - Economic & Political Weekly   
 - 61(16), Apr 18, 2026: p.80-89 
<br/><br/> 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. –Reproduced <br/><br/>https://www.epw.in/journal/indias-industrial-transformation/identification-star-firms-and-decoding-investment.html<br/>