G acia Bus elo, José Luis; Mi ó Pé ez, Albe ; Me u ia To ez, Ha old
A icle
The de e minan s o he concen a ion o supe s a
i ms: Clus e analysis and i s ela ionship wi h economic
de elopmen and a i icial in elligence
Economies
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Sugges ed Ci a ion: G acia Bus elo, José Luis; Mi ó Pé ez, Albe ; Me u ia To ez, Ha old (2025) :
The de e minan s o he concen a ion o supe s a i ms: Clus e analysis and i s ela ionship wi h
economic de elopmen and a i icial in elligence, Economies, ISSN 2227-7099, MDPI, Basel, Vol. 13,
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Recei ed: 14 Janua y 2025
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Published: 14 Feb ua y 2025
Ci a ion: Bus elo, J. L. G.,
Pé ez, A. M., & To ez, H. M. (2025).
The De e minan s o he
Concen a ion o Supe s a Fi ms:
Clus e Analysis and I s Rela ionship
wi h Economic De elopmen and
A i icial In elligence. Economies,13(2),
52. h ps://doi.o g/10.3390/
economies13020052
Copy igh : © 2025 by he au ho s.
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dis ibu ed unde he e ms and
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licenses/by/4.0/).
A icle
The De e minan s o he Concen a ion o Supe s a Fi ms:
Clus e Analysis and I s Rela ionship wi h Economic
De elopmen and A i icial In elligence
José Luis G acia Bus elo 1,* , Albe Mi ó Pé ez 2and Ha old Me u ia To ez 3
1
Depa men o Economics and Business, ESERP Business and Law School, Uni e si a Cen al de Ca alunya,
08010 Ba celona, Spain
2Depa men o Economics and Business, Uni e si a Obe a de Ca alunya, 08018 Ba celona, Spain;
ami ope [email p o ec ed]
3Ma ke ing, Communica ion and Sales Depa men , EAE Business School, 08015 Ba celona, Spain;
ha old. o [email p o ec ed]
*Co espondence: [email p o ec ed]
Abs ac : This s udy analysed he de e mining ac o s o he concen a ion o “supe s a
i ms” in speci ic economies, wi h a ocus on he in e ac ion be ween echnological inno-
a ion, economic de elopmen , and ma ke s uc u es. Using global da a om S a is a
on supe s a i ms o he yea 2022, s a is ical me hods such as co ela ion analysis, an
ANOVA, and clus e analysis we e applied o iden i y pa e ns and ela ionships be ween
a iables like he GDP, ma ke capi aliza ion, and he de elopmen o a i icial in elli-
gence (AI). The analysis in his pape e ealed signi ican posi i e co ela ions be ween
he numbe o supe s a i ms and key economic indica o s such as he GDP and ma -
ke capi aliza ion, sugges ing ha hese i ms d i e economic g ow h and echnological
ad ancemen . The clus e analysis iden i ied g oupings o coun ies based on hei echno-
logical capabili ies and economic pe o mance, highligh ing ha a g ea numbe o hese
i ms a e concen a ed in ad anced economies. This wo k emphasizes he impo ance o
echnological in as uc u e, inno a ion policies, and egula o y amewo ks in p omo ing
compe i i e en i onmen s o supe s a i ms. Addi ionally, i add esses he socioeconomic
implica ions, including challenges ela ed o weal h concen a ion, inequali y, and he
ans o ma ion o he labou ma ke . Public policies a e ecommended o os e inclusi e in-
no a ion, STEM educa ion, and in e na ional go e nance o balance global compe i i eness
wi h equi able economic g ow h.
Keywo ds: supe s a i ms; echnological inno a ion; economic de elopmen ; a i icial
in elligence; egula o y policies
1. In oduc ion
Supe s a i ms ha e become dominan in he global economy, eshaping indus ies
and concen a ing weal h (Ami i e al.,2024). Wi h high p oduc i i y, inno a ion, and
ma ke leade ship, hey use global alue chains (GVCs) and Global Weal h Chains (GWCs)
o op imize p oduc ion and consolida e in luence (Bai e al.,2023). Thei dominance
has g own wi h digi aliza ion, especially pos -COVID-19 (Yoon,2020). This phenomenon
is analyzed h ough heo ies and case s udies ac oss indus ies like en e ainmen and
logis ics (Guan,2023).
The ise in supe s a i ms has d awn academic in e es , ocusing on hei concen a-
ion and expansion. Key ac o s include ma ke powe , consume beha iou , echnology,
Economies 2025,13, 52 h ps://doi.o g/10.3390/economies13020052
Economies 2025,13, 52 2 o 20
and human capi al (Eeckhou ,2022), which ha e widened income dispa i ies, highligh ing
he need o s uc u al analysis (Au o e al.,2020). Coun ies ha p omo e echnological
inno a ion a ac and os e leading i ms (Bloom e al.,2017).
The li e a u e highligh s he impac o na ional con ex s on supe s a i ms’ success.
In Eu ope, hese i ms cap u e la ge ma ke sha es while educing labou pa icipa ion by
sp eading ixed cos s e icien ly (S iel & Schie sch,2020). Policies, echnological in as uc-
u e, and R&D unding a e c ucial o os e ing inno a ion (Ca e a Mo a e al.,2021). The
AI Readiness Index de eloped by he IMF measu es a coun y’s capaci y o echnological
ad ancemen (Ox o d Insigh s,2023). Recen ly, go e nmen s ha e aimed o a ac ech
i ms h ough in es men s in da a in as uc u e, ade libe aliza ion, and AI p omo ion
(McKinsey Global Ins i u e,2022).
The concen a ion o supe s a i ms in ce ain economies can heigh en inequali y by
concen a ing p o i s and ma ke powe (Philippon,2019). Digi aliza ion has p o ided
ad anced ools o da a analysis and ma ke segmen a ion, d i ing global expansion
(Mo illo-Aguila ,2022). Beyond inno a ion, economic sus ainabili y—measu ed by he
pe capi a GDP, labou p oduc i i y, and da a in as uc u e—also in luences hei g ow h.
High-p oduc i i y economies wi h s ong domes ic ma ke s acili a e expansion by lowe -
ing cos s and inc easing e iciency (Au o e al.,2020).
This s udy in oduces he Inno a ion Capabili ies Index and he Economic Sus ainabil-
i y Index o analyze ac o s d i ing he concen a ion o supe s a i ms ac oss di e en
na ional con ex s. Despi e hei global ele ance, gaps emain in he unde s anding o he
condi ions ha enable hei eme gence and sus ainabili y, wi h limi ed esea ch in eg a ing
inno a ion, economic de elopmen , and he ole o na ional policies and ma ke s uc u es.
This esea ch aimed o add ess he ques ion o wha ac o s de e mine he concen a ion
o supe s a i ms in speci ic economies, wi h h ee main objec i es: analyzing he impac
o hese i ms on economic g ow h and ma ke capi aliza ion, pa icula ly ega ding AI
de elopmen ; explo ing hei sec o al dis ibu ion in echnology, inance, indus y, and
ene gy; and o e ing policy ecommenda ions o help go e nmen s os e en i onmen s
ha suppo i m g ow h while ackling inequali y and weal h concen a ion.
By in eg a ing echnological, economic, and policy aspec s, his s udy con ibu es o
he ongoing deba e on he ole o supe s a i ms in global economic dynamics. As hese
i ms eshape indus ies, egula o y amewo ks mus e ol e o balance inno a ion-d i en
g ow h wi h sus ainable de elopmen . Addi ionally, esea ch has shown ha co po a e
sus ainabili y ini ia i es play a ole in he expansion o supe s a i ms, as hey adop
g een supply chains, ene gy-e icien p oduc s, and enewable ene gy p ojec s. Howe e ,
challenges like “g eenwashing”, whe e i ms exagge a e hei en i onmen al e o s wi hou
meaning ul change, ha e also been no ed (Paluš e al.,2024;Lyon & Mon gome y,2015).
In global economic go e nance, he e is a g owing call o a cohesi e, mul ila e al
egula o y amewo k o add ess he ansna ional challenges posed by supe s a i ms
(Mazu ,2023). Addi ionally, a new esea ch ield is eme ging on how hese i ms a e
eshaping labou ma ke s, d i ing a ansi ion owa d highly digi ized and specialized
employmen , and al e ing global skill demands (Biondo e al.,2024).
In con as o p e ious s udies examining he impac o supe s a i ms on income
dis ibu ion (Pike y,2014) o he labou ma ke s uc u e (Biondo e al.,2024), ou esea ch
enhances unde s anding by in oducing wo key indices: he Inno a ion Capabili ies Index
and he Economic Sus ainabili y Index. These indices assess he p esence o supe s a
i ms based on a coun y’s echnological and economic en i onmen and allow o he
segmen a ion o economies in o homogeneous g oups acco ding o hei de elopmen
and compe i i eness.
Economies 2025,13, 52 3 o 20
Ou indings suppo p e ious s udies on he ole o AI and echnological in as-
uc u e in he concen a ion o hese i ms (Acemoglu & Res epo,2018) bu challenge
he con en ional iew by showing ha he co ela ion be ween supe s a i ms and AI
de elopmen is mode a e, sugges ing o he s uc u al ac o s a e in ol ed.
This s udy con ibu es o he li e a u e by o e ing an inno a i e me hodology o
segmen economies based on he supe s a i m p esence and p o iding an analy ical
amewo k o e alua e he condi ions a ou ing hei concen a ion. I also p esen s
public policy ecommenda ions suppo ed by empi ical da a, o e ing ools o design
s a egies ha enhance compe i i eness while add essing economic inequali y. Building on
exis ing esea ch on he impac o supe s a i ms on economic de elopmen and inno a ion
(Au o e al.,2020;B ynjol sson e al.,2019), ou s udy ook a no el app oach by applying
quan i a i e me hods, including clus e analysis, co ela ions, and s a is ical models, using
ecen da a om S a is a o he yea 2022.
The a icle is o ganized as ollows: Sec ion 2 e iews he li e a u e on supe s a i ms,
examining hei de ini ion, cha ac e is ics, and global economic impac , along wi h he
ac o s p omo ing hei concen a ion in speci ic coun ies and sec o s and he implica ions
o inequali y and compe i i eness. Sec ion 3ou lines he me hodology, including he
S a is a da ase and s a is ical me hods used o iden i y pa e ns and signi ican ela ion-
ships. Sec ion 4p esen s he analysis esul s, while Sec ion 5discusses he indings in
ela ion o he exis ing li e a u e. Finally, Sec ions 6–8o e conclusions and public policy
ecommenda ions, highligh ing he need o a suppo i e en i onmen o hese i ms
while add essing he challenges o hei economic concen a ion.
2. Theo e ical F amewo k
The concen a ion o supe s a i ms in ce ain economies has cap u ed he in e es
o academics and in es men g oups due o hei signi ican impac on he global econ-
omy and he s uc u e o local ma ke s (Yoon,2020). These i ms, cha ac e ized by hei
leade ship in inno a ion, high ma ke capi aliza ion, and compe i i e ad an ages in e ms
o p o i abili y and p oduc i i y, ep esen a dis inc i e phenomenon in he con empo-
a y economy
(Au o e al.,2020).
Howe e , he eme gence and p e alence o supe s a
i ms a e no uni o m ac oss all con ex s; ins ead, hey a e hea ily in luenced by he
speci ic s uc u al cha ac e is ics o each coun y, such as he inno a ion en i onmen ,
compe i i eness in a ac ing o eign di ec in es men (FDI), and economic sus ainabili y
(B ynjol sson e al.,2019).
The phenomenon o supe s a i ms no only ede ines compe i i e dynamics a
a global le el bu also has di ec implica ions o he economic s uc u e, such as he
ma ke concen a ion and income dis ibu ion (De Loecke e al.,2020). These i ms o en
consolida e in speci ic sec o s whe e hei compe i i e ad an ages allow hem o cap u e
disp opo iona e ma ke sha es, con ibu ing o inc eased income inequali y and a decline
in he labou ’s sha e o he GDP (Au o e al.,2020;Ab aham & Bo mans,2020). This
phenomenon is exace ba ed by he g owing digi aliza ion o he economy and he e ec s o
ma ke s concen a ing success in a ew highly inno a i e and p oduc i e i ms (Schulz &
Maye ho e ,2021).
On he o he hand, supe s a i ms also gene a e spillo e e ec s in local and global
ma ke s. Recen esea ch has sugges ed ha hese i ms, by in eg a ing wi h local i ms
h ough global alue chains o o eign di ec in es men , signi ican ly boos he p oduc-
i i y o linked i ms, al hough hese bene i s a e o en accompanied by highe le els o
concen a ion and unequal compe i ion (V olijk,2021;Ami i e al.,2024). Howe e , hei
high capaci y o capi al accumula ion and low dependence on ex e nal inancing can e-
Economies 2025,13, 52 4 o 20
duce he esou ce alloca ion e iciency in global ma ke s, exace ba ing economic inequali y
(Xu e al.,2020).
Fo his eason, he impac o supe s a i ms ex ends beyond he economic sphe e
o decision-making in educa ion and employmen (Choi e al.,2021). The isibili y and
success o hese i ms ha e in luenced he choice o uni e si y ca ee s, which, in he long
e m, can c ea e imbalances be ween he supply and demand o ce ain ypes o human
capi al, nega i ely a ec ing ini ial wages in some sec o s.
As no ed in Schumpe e ’s seminal wo k, he de elopmen o inno a ion capabili ies is
highligh ed as a undamen al elemen o c ea ing leading i ms, as inno a i e economies
end o gene a e a ou able condi ions o p oduc and se ice di e en ia ion, which
is c ucial o compe ing in highly dynamic ma ke s (Aghion e al.,2019;Endzejczyk &
Schmi ka,2020). Simila ly, a coun y’s capaci y o a ac in es men and he s abili y o
go e nmen suppo a e decisi e ac o s in he loca ion o supe s a i ms, as a compe i i e
in es men en i onmen allows hese i ms o access inancial esou ces and achie e long-
e m s abili y (Globe man & Shapi o,2021). Thus, poli ical s abili y plays a c ucial ole in
a ac ing o eign di ec in es men (FDI), as i c ea es a p edic able en i onmen , imp o es
in es o con idence, and ensu es p ope y igh s p o ec ion, os e ing long- e m s abili y
o i ms in compe i i e in es men clima es (Jansen,2024).
Mo eo e , economic sus ainabili y, e lec ed in labou ma ke s abili y and high p o-
duc i i y, is essen ial o supe s a i ms o ope a e e icien ly and p ojec sus ained g ow h
(McKinsey Global Ins i u e,2022). Consequen ly, economic sus ainabili y, cha ac e ized
by a s able labou ma ke and high p oduc i i y, is c ucial o i ms o h i e. Inc eased
labou p oduc i i y enhances economic g ow h and sa egua ds agains ex e nal chal-
lenges by suppo ing ope a ional e iciency and sus ained g ow h o supe s a i ms
(Fedulo a e al.,2019).
The ela ionship be ween he numbe o supe s a i ms— i ms no ed o hei ma ke
in luence and leade ship—and a coun y’s economic and echnological de elopmen has
been ex ensi ely explo ed in he economic and business li e a u e. Supe s a i ms, ypically
cha ac e ized by a high ma ke capi aliza ion and inno a i e capaci y, no only lead in
hei espec i e sec o s bu also ha e a no able impac on he economies o hei home
coun ies. They also play a c ucial ole in gene a ing p oduc i i y wi hin hei ecosys ems,
wi h posi i e spillo e e ec s on o he i ms h ough hei supply chains. These in e ac ions
no only imp o e he pe o mance o collabo a ing i ms bu also encou age he adop ion
o ad anced echnologies and be e business p ac ices ac oss indus ies (Ami i e al.,2024).
Thus, supe s a i ms ac as ca alys s o economic and echnological g ow h, p omo ing
compe i i eness in an inc easingly dynamic global en i onmen .
Hence, i is sugges ed ha he g ow h o hese i ms is associa ed wi h ma ke concen-
a ion and p oduc i i y inc eases, which in u n ein o ce hei ole in de eloping mo e
obus and compe i i e economies globally (Au o e al.,2020).
The li e a u e shows ha he p esence o supe s a i ms is co ela ed wi h key eco-
nomic a iables such as he G oss Domes ic P oduc (GDP) and co po a e ma ke capi al-
iza ion. I has been con i med ha economies wi h highe ma ke capi aliza ion hos mo e
leading i ms in s a egic sec o s, indica ing a symbio ic ela ionship be ween GDP g ow h
and he expansion o s andou i ms (F eund & Sidhu,2017).
Recen s udies ha e ein o ced his connec ion, highligh ing ha a de eloped capi al
ma ke no only d i es economic g ow h bu also os e s he expansion o key i ms in
s a egic sec o s. This is because supe s a i ms, by leading in ma ke capi aliza ion,
con ibu e o sus ainable economic g ow h while acili a ing he adop ion o ad anced
echnologies and a ac ing capi al. Consequen ly, he s eng hening o inancial ma ke s
Economies 2025,13, 52 5 o 20
and hei in e ac ion wi h he GDP is posi ioned as a key d i e o economic de elopmen
(Bekh i e al.,2022).
Simila ly, economic g ow h and ma ke capi aliza ion o en accompany he eme gence
o hese i ms in ad anced economies, sugges ing a ecip ocal ela ionship: while economic
de elopmen d i es he g ow h o supe s a i ms, hese i ms in u n con ibu e o GDP
g ow h (Cab al,2021).
Beyond adi ional economic a iables, he g ow h o supe s a i ms has been linked
o he de elopmen and adop ion o eme ging echnologies, pa icula ly in AI. In es men s
in AI e lec na ions’ commi men o inco po a ing cu ing-edge echnologies in o hei
p oduc i e and go e nmen al sec o s. Fo his eason, leading i ms end o alloca e
signi ican esou ces o AI de elopmen and da a managemen (Da aAI), le e aging hei
inancial capaci y o emain a he echnological o e on (Ag awal e al.,2018). The
adop ion o AI by he mos in luen ial i ms in an economy can ha e a mul iplie e ec ,
con ibu ing o he coun y’s echnological ad ancemen and s eng hening he o e all
economic ecosys em (Acemoglu & Res epo,2018).
This leads o he o mula ion o he i s hypo hesis, which ou lines whe he he
exis ence o supe s a i ms posi i ely impac s hei coun y o o igin. The hypo hesis o be
add essed is as ollows:
Hypo hesis 1. The numbe o supe s a i ms in a coun y is posi i ely associa ed wi h highe
ma ke capi aliza ion, GDP, and AI de elopmen .
Classi ying i ms by hei sec o allows o a be e unde s anding o how supe s a
i ms a e dis ibu ed and specialized ac oss di e en sec o s, which in u n can impac he
economies in which hey ope a e. In he li e a u e, supe s a i ms a e ypically hose i ms
ha , due o hei size, inno a ion, and ma ke capi aliza ion, exe disp opo iona e in luence
o e he ma ke and, a imes, he egula o y amewo k o hei sec o s (Au o e al.,2020).
The sec o s in which hese i ms ope a e can de e mine hei abili y o inno a e, a ac
signi ican capi al, and de elop and implemen speci ic ypes o echnologies.
Acco ding o ecen s udies, he ypes o p edominan i ms in a coun y can signi i-
can ly in luence he p esence o supe s a i ms, sugges ing ha hese leading i ms end
o be concen a ed in ce ain sec o s like echnology and inance (Bessen,2019). Supe s a
i ms in echnological and inancial sec o s demons a e a no able abili y o a ac capi al
and domina e in e ms o he ma ke sha e, while o he sec o s like indus y and ene gy
also hold conside able weigh , albei wi h di e en g ow h and compe i ion dynamics
(Bessen,2019). In line wi h his app oach, he ypology o a i m can be unde s ood as a
ele an a iable o comp ehending he dis ibu ion pa e ns o supe s a i ms ac oss
di e en coun ies.
Based on he heo e ical e iew, he ollowing hypo hesis was p oposed:
Hypo hesis 2. The p esence o supe s a i ms a ies signi ican ly acco ding o he ype o i m,
being highe in echnology and inance sec o s compa ed o indus ial and ene gy sec o s.
The segmen a ion o coun ies in o g oups o clus e s based on hei economic and
echnological cha ac e is ics is a common me hodology in in e na ional economics s udies
o unde s and pa e ns o de elopmen and compe i i eness. An app oach ha in eg a es
he numbe o supe s a i ms—leading i ms domina ing he ma ke in e ms o capi aliza-
ion and hei inno a ion capaci y—along wi h economic and echnological de elopmen
a iables allows o he c ea ion o coun y g oupings wi h simila cha ac e is ics, acili a -
ing compa isons o hei de elopmen le els (Rod ik,2016). Thus, he p esence o s andou
i ms in an economy e lec s no only a high le el o compe i i eness bu also a obus
Economies 2025,13, 52 6 o 20
echnological in as uc u e and an economic policy ha os e s inno a ion and business
g ow h (López-Rubio e al.,2024).
Using clus e analysis in his con ex helps g oup coun ies acco ding o he numbe
o supe s a i ms and key economic a iables such as he GDP and ma ke capi aliza ion,
as well as AI de elopmen indica o s. P e ious s udies ha e demons a ed ha he numbe
o supe s a i ms is o en associa ed wi h economies ha exhibi g ea e echnological
sophis ica ion and highly compe i i e business ecosys ems (F eund & Sidhu,2017). Pa ic-
ula ly, mo e supe s a i ms end o be concen a ed in coun ies wi h a highe adop ion
o ad anced echnologies, especially AI, os e ing clus e s o inno a ion and sus ained
economic g ow h (Acemoglu & Res epo,2018).
Aligned wi h his, clus e analysis has been applied o iden i y pa e ns and simi-
la i ies among economies wi h a high deg ee o AI de elopmen and concen a ion o
high-pe o ming i ms. This sugges s ha clus e s based on AI indica o s and he concen-
a ion o leading echnology i ms allow o a be e unde s anding o na ional inno a ion
s a egies and in es men policies. Acco ding o he li e a u e, ce ain g oups o coun ies
may sha e dis inc i e cha ac e is ics in e ms o he numbe o supe s a i ms and le els o
AI de elopmen , esul ing in clus e s de ined by a combina ion o economic powe and
ad anced echnological capabili ies (Ag awal e al.,2019).
AI is he e o e seen o play a key ole in ans o ming he global business landscape and in
he concen a iono supe s a i ms, as i enables p ocessau oma ion, aluechain op imiza ion,
and he mass cus omiza ion o p oduc s and se ices
(B ynjol sson & McA ee,2023)
. In his
s udy, AI was concep ualized as an indica o o echnological de elopmen ha in luences
he compe i i eness and g ow h o ma ke -leading companies. To measu e his a iable,
da a om Ox o d Insigh s’ AI Readiness Index 2023 (Ox o d Insigh s,2023), which assesses
he abili y o go e nmen s and p i a e sec o s o adop AI, as well as in o ma ion om
S a is a (2022) on AI in es men in di e en economies, we e used.
Recen esea ch has indica ed ha he p esence o supe s a i ms is co ela ed wi h
high le els o AI adop ion, as hese companies ha e he in as uc u e, capi al, and o ga-
niza ional capaci y o lead he implemen a ion o ad anced echnologies (Howa d,2019).
Howe e , his s udy challenges he adi ional iew ha di ec ly associa es AI de elop-
men wi h he concen a ion o hese i ms, inding ha he co ela ion be ween bo h
a iables is mode a e, sugges ing ha he e a e o he s uc u al ac o s, such as ma ke
egula ion and economic in as uc u e, which also play a key ole in shaping he global
business ecosys em.
Based on he heo e ical e iew, he ollowing hypo hesis was p oposed:
Hypo hesis 3. Coun ies g oup in o homogeneous clus e s based on hei numbe o supe s a
i ms, economic de elopmen , and AI ad ancemen , wi h mo e supe s a i ms and AI ad ancemen s
concen a ed in he mos compe i i e and de eloped coun ies.
3. Me hodology
3.1. Va iables and Me hodology
The analysis inco po a ed a se o key a iables essen ial o unde s anding he impac
o supe s a i ms ac oss a ious economic sec o s. Below is an ou line o hese a iables,
along wi h hei desc ip i e s a is ical cha ac e is ics, summa ized in Table 1. Addi ion-
ally, o insigh s in o he dis ibu ion o supe s a i ms by coun y, e e o Table A1
(Appendix A).
To e alua e his ela ionship, i ms we e classi ied in o ca ego ies o ypologies based
on hei p edominan sec o , ep esen ed by dicho omous a iables: T1 o ene gy i ms
(including oil, na u al gas, and pe ochemicals), T2 o echnology i ms, T3 o indus ial
Economies 2025,13, 52 7 o 20
and pha maceu ical i ms, and T4 o he inancial and in es men sec o . Each o hese
ca ego ies is associa ed wi h di e en business models, g ow h expec a ions, and sec o al
egula ions— ac o s ha can impac each sec o ’s capaci y o p oduce supe s a i ms
(Kolle e al.,2020).
Table 1. De ini ion and desc ip ion o key a iables in analysis o supe s a i ms.
Dep. Va iable Nomencla u e To al
Supe s a Fi ms Supe s a Fi ms 100
Indep. Va iable Nomencla u e Mean S d. Des. Ku osis Skewness
G oss Domes ic P oduc GDP 3994.987 7040.427 7.779 2.838
Ma ke Capi aliza ion MC 2751.748 8961.095 17.847 4.217
To al A i icial In elligence 1To al IA 72.618 5.026 0.792 0.299
Ene gy Fi ms (Including Oil, Na u al Gas, Pe ochemicals) T1 0.441 0.5111 −2.199 0.244
Technology Fi ms T2 0.444 0.615 0.387 1.085
Indus y and Pha maceu icals T3 0.667 0.485 −1.594 −0.773
Financial and In es men Sec o T4 0.388 0.501 1.987 0.498
1
whe e STATISTA de ines AI as he ollowing: “AI e e s o he abili y o a compu e o machine o mimic he
compe encies o he human mind, which o en lea ns om p e ious expe iences o unde s and and espond o
language, decisions, and p oblems”.
Addi ionally, i was no ed ha he echnology sec o (T2) has exhibi ed exponen ial
g ow h in he concen a ion o supe s a i ms, while he inancial sec o (T4) main ains
a signi ican p esence due o i s abili y o mobilize la ge olumes o capi al (F eund &
Sidhu,2017). In compa ison, he indus ial (T3) and ene gy (T1) sec o s may ha e a lowe
concen a ion o supe s a i ms bu emain ele an in eme ging economies and na ions
wi h abundan na u al esou ces.
3.2. Me hodology
The p esen s udy employed a combina ion o s a is ical analyses o explo e he
ela ionships be ween he numbe o supe s a i ms (leading i ms) and a ious economic
and echnological a iables. The me hodology was di ided in o he ollowing subsec ions:
co ela ion analysis, a T- es o independen samples, an analysis o a iance (ANOVA),
and clus e analysis. The analyses we e conduc ed using SPSS so wa e, e sion 29.
3.2.1. Co ela ion Analysis Be ween Supe s a Fi ms and Con inuous Va iables
The pu pose o his analysis was o de e mine whe he he e was a signi ican associ-
a ion be ween he numbe o supe s a i ms in a coun y and key con inuous a iables
such as ma ke capi aliza ion (MC), he G oss Domes ic P oduc (GDP), and he A i icial
In elligence De elopmen Indica o (To al AI). Pea son’s co ela ion coe icien was used o
his pu pose, a s a is ical me hod ha quan i ies he s eng h and di ec ion o linea ela ion-
ships be ween a iables. This is why we in es iga ed pa o he ela ionship be ween he
ma ke concen a ion and he decline in labou pa icipa ion in he GDP
(Au o e al.,2020).
The calcula ion was pe o med using he ollowing equa ion:
=∑Xi−XYi−Y
q∑Xi−X2∑Yi−Y2(1)
whe e X
i
and Y
i
ep esen he sco es o each coun y in e ms o he numbe o supe -
s a i ms and he selec ed con inuous a iables (ma ke capi aliza ion, GDP, To al AI),
espec i ely. X and Y a e he means o he co esponding a iables.
Economies 2025,13, 52 8 o 20
3.2.2. T-Tes o Independen Samples: Supe s a Fi ms and Fi m Typology
The pu pose o his analysis was o unde s and he ela ionship be ween he numbe
o supe s a i ms and he i m ypology, ep esen ed by dicho omous a iables (T1, T2,
T3, T4), as ou lined in Table 1. We e alua ed bo h he di e ences in he a e age numbe o
supe s a i ms based on he p esence o each i m ype and he impac o each ypology on
he likelihood o ha ing a high numbe o leading i ms (Chu ch & Wa e,2000).
He e, he dicho omous a iables (T1, T2, T3, T4) we e con igu ed as g ouping a iables
o analyze whe he signi ican di e ences exis ed in he numbe o supe s a i ms. Fo his
pu pose, a T- es o wo independen samples was de ined as ollows:
=X1−X2
s2
1
n1+s2
2
n2
(2)
whe e
X1
and
X2
a e he means o he supe s a i ms o each i m ypology g oup. Thus,
s2
1
and
s2
2
a e he a iances o each g oup. Finally,
n1
and
n2
a e he sample sizes o
each g oup.
3.2.3. Analysis o Va iance (ANOVA) Be ween Supe s a Fi ms and Indus y Types
To u he in es iga e he impac o supe s a i ms, he goal was o examine whe he
he e we e signi ican di e ences in he numbe o supe s a i ms ac oss di e en indus y
ypes and i hese di e ences we e associa ed wi h a ia ions in economic indica o s such as
ma ke capi aliza ion o he GDP. The analysis sough o iden i y which sec o s, ep esen ed
by ca ego ies such as T1, T2, T3, and T4, exhibi ed highe le els o ma ke capi aliza ion o
he GDP based on he numbe o supe s a i ms p esen , shedding ligh on he sec o ial
impac o hese leading i ms on he s udied economies.
The me hodological p ocedu e was based on an analysis o a iance using an ANOVA
able, whe e indus ies we e se as he ca ego ical independen a iable and he num-
be o supe s a i ms as he dependen a iable. This app oach allowed o he mod-
elling o he a e age di e ences in he numbe o supe s a i ms ac oss indus y ypes,
wi h he equa ion used desc ibing he ela ionship be ween he indus ial ca ego ies and
he dependen a iable o assess he s a is ical signi icance o he obse ed a ia ions
(Ližbe ino á e al.,2019). The equa ion was as ollows:
F=Be ween −g oup a ia ion
Wi hin −g oup a ia ion =∑K
k=1nkXk−X2
∑K
k=!∑nk
i=1Xik −Xk2(3)
whe e K is he numbe o g oups (indus ies),
nk
is he sample size o he g oup k,
Xk
e is
he mean o g oup k, and X is he o e all mean.
3.2.4. Clus e Analysis: G ouping Coun ies Based on Supe s a Fi ms and Economic and
Technological De elopmen Va iables
The clus e analysis aimed o g oup coun ies based on hei le el o economic, ech-
nological, and business de elopmen , conside ing he numbe o supe s a i ms and o he
key a iables such as AI de elopmen , he GDP, and ma ke capi aliza ion. This me hodol-
ogy allowed o he iden i ica ion o simila i ies in de elopmen p o iles be ween coun ies,
e ealing pa e ns ha link he numbe o leading i ms wi h economic and echnological
indica o s and acili a ing he classi ica ion o economies in o homogeneous g oups.
To pe o m he analysis, a hie a chical clus e ing me hod was used, which allowed
o he obse a ion o how g oups o coun ies o med a di e en le els o simila i y.
This app oach used hie a chical clus e analysis, which ypically measu es he simila i y
Economies 2025,13, 52 15 o 20
Table 10. ANOVA.
Clus e E o
Roo Mean Squa e gl Roo Mean Squa e gl F Sig.
Supe s a i ms 1067.676 3 1.670 14 636.278 0.000
To al AI 119.394 3 5.096 14 23.430 0.000
MC 16.788 3 0.567 14 11.972 0.000
GDP 15.515 3 0.508 14 10.856 0.001
1a e wo ked in loga i hms.
5. Discussion
The esul s ob ained in his s udy p o ide an in e es ing insigh in o he ela ionship
be ween supe s a i ms and economic and echnological a iables, as well as he g ouping
pa e ns o coun ies. Fi s , he indings indica e a s ong co ela ion be ween supe s a
i ms and o he key a iables, such as ma ke capi aliza ion (MC), he G oss Domes ic
P oduc (GDP), and a i icial in elligence de elopmen (To al AI). Addi ionally, he clus e
analysis and ANOVA es s e ealed signi ican di e ences be ween g oups o coun ies
based on hei pe o mance on hese a iables. In he ollowing, we will discuss hese
esul s in ela ion o he specialized li e a u e.
5.1. Co ela ion Be ween Supe s a Fi ms and Economic Va iables
The co ela ion analysis showed ha supe s a i ms a e closely linked wi h he GDP
and ma ke capi aliza ion, suppo ing he idea ha hese i ms a e key playe s in na ional
economies and hei de elopmen . This ela ionship aligns wi h p e ious s udies ha
ha e highligh ed he impac o la ge i ms on economic g ow h. The e o e, a signi ican
po ion o he economic ou pu ends o be concen a ed in supe s a i ms, as hey no
only gene a e a subs an ial sha e o employmen and weal h bu also lead echnological
inno a ions ha d i e economic g ow h (Au o e al.,2019).
Addi ionally, he posi i e co ela ion wi h AI a iables, especially he To al AI, sug-
ges s ha he p esence o supe s a i ms is linked o he echnological de elopmen o
coun ies. These indings align wi h wha he li e a u e sugges s: la ge echnological i ms
a e no only d i e s o economic g ow h bu also ca alys s o he ad ancemen in he
adop ion o eme ging echnologies such as AI (B ynjol sson & McA ee,2014).
5.2. Clus e Analysis: G ouping Coun ies Based on Economic and Technological Cha ac e is ics
The clus e analysis e ealed ha coun ies we e g ouped in o ou dis inc ca ego ies
based on hei pe o mance on a iables such as supe s a i ms, ma ke capi aliza ion, he
GDP, and he To al AI. Clus e 1, which included he Uni ed S a es, s ood ou o i s high
concen a ion o supe s a i ms and signi ican de elopmen in AI, ein o cing he no ion
ha coun ies wi h ad anced echnological sec o s end o ha e a highe concen a ion o
p ominen i ms. This pa e n aligns wi h he li e a u e sugges ing ha coun ies wi h a
compe i i e business en i onmen and a obus echnological sec o a e mo e likely o ha e
a high numbe o ou s anding i ms (Cunningham e al.,2020).
Clus e 2, which included China, showed a simila economic p o ile, al hough wi h
ewe supe s a i ms. This could e lec he phenomenon o economic powe being
concen a ed in a small numbe o echnological i ms, such as he la ge ech i ms in China,
which, despi e hei size, ha e no ye eached he concen a ion o i ms like hose in he
Uni ed S a es. Thus, China has expe ienced explosi e g ow h in echnology and supe s a
i ms, bu he business concen a ion is s ill somewha lowe han in mo e de eloped
coun ies, like he U.S. (Xu e al.,2020).
Economies 2025,13, 52 16 o 20
As o Clus e s 3 and 4, which g ouped Eu opean and eme ging coun ies, he lowe
p esence o supe s a i ms and he educed de elopmen in AI and ma ke capi aliza ion
sugges a di e en economic s uc u e, mo e dis ibu ed among medium and small en e -
p ises. This obse a ion allows us o see ha in coun ies wi h mo e di e si ied and less
concen a ed economies, g ow h is mo e balanced, and he impac o supe s a i ms is
smalle (Acemoglu e al.,2020).
The esul s o he ANOVA es s show signi ican di e ences be ween he clus e s in
he a iables o supe s a i ms, he To al AI, ma ke capi aliza ion, and he GDP, u he
ein o cing he idea ha coun ies a e g ouped acco ding o dis inc i e cha ac e is ics. This
suppo s he no ion ha he concen a ion o weal h (in his case, ep esen ed by supe s a
i ms) is s ongly linked o economic de elopmen and he ma ke s uc u e (Pike y,2014).
The di e ence in he means o supe s a i ms be ween he clus e s unde sco es he cen al
ole o la ge i ms in dominan economies, while he g ea e he e ogenei y in he coun ies
in Clus e s 3 and 4 e lec s less concen a ed economies.
The ac ha supe s a i ms a e associa ed wi h a highe GDP and ma ke capi al-
iza ion in Clus e s 1 and 2 is also consis en wi h heo ies on he “economy o he ew”
(Gabaix,2016), which a gues ha a small numbe o la ge i ms ha e a disp opo iona e
impac on key economic a iables in a coun y. The di e ences in he a iabili y o ma ke
capi aliza ion and he GDP ac oss he clus e s highligh he ele ance o hese i ms in he
global economic and inancial s uc u e.
6. Policy Implica ions
I is essen ial ha public policies p omo e a compe i i e en i onmen h ough an-
i us egula ions ha limi he excessi e concen a ion o ma ke powe and encou age
inclusi e inno a ion h ough ax incen i es and subsidies o eme ging sec o s and small
businesses ha ha e no ye eached a obus le el o global compe i ion. Addi ionally, i is
ecommended o in es in ad anced echnological in as uc u e and human capi al de el-
opmen , pa icula ly in a eas such as a i icial in elligence and digi al echnology, o help
less de eloped economies close echnological gaps be ween hem and leading coun ies.
Public policies should also conside he c ea ion o in e na ional go e nance amewo ks
o add ess ax e asion and ha monize egula ions be ween coun ies o a oid egula o y
a bi age and ensu e ai compe i ion condi ions. Fu he mo e, i is c ucial o de elop
educa ional and con inuous aining p og ammes ocused on STEM skills o p epa e he
wo k o ce o he demands o digi ized economies and minimize he ad e se e ec s o
labou displacemen caused by au oma ion and ad anced echnologies. In his con ex ,
sus ainabili y should be in eg a ed as a s a egic axis h ough policies ha encou age
esponsible and anspa en business p ac ices, a oiding phenomena like g eenwashing
and p omo ing business models ha balance p o i abili y wi h en i onmen al and social
esponsibili y. Finally, a balanced app oach is equi ed ha p io i izes bo h global compe i-
i eness and economic inclusion, ensu ing ha he bene i s gene a ed by supe s a i ms
a e dis ibu ed equi ably and con ibu e o sus ainable de elopmen .
7. Limi a ions and Fu u e Di ec ions
While his s udy o e s a signi ican con ibu ion o he analysis o he concen a ion o
supe s a i ms and i s impac on economic de elopmen and echnological inno a ion, i
p esen s some limi a ions ha should be conside ed.
Economies 2025,13, 52 17 o 20
Fi s , al hough he s udy employed ecen da a om S a is a (2022) and applied
igo ous s a is ical me hodologies such as clus e analysis and a co ela ion analysis o
economic a iables, da a a ailabili y emained a challenge. The esea ch elied on a
limi ed se o mac oeconomic and echnological indica o s, which may no cap u e all
dimensions ha in luence he concen a ion o hese i ms, such as iscal policies, in es men
in educa ion, o ins i u ional s abili y.
Second, his s udy ocused on a coun y-le el analysis, which allowed o he iden-
i ica ion o gene al pa e ns in he dis ibu ion o supe s a i ms bu did no add ess
sec o al o egional dynamics wi hin coun ies. Fu u e esea ch could del e deepe in o he
ole o speci ic indus ial clus e s o he ela ionship be ween hese i ms and small- and
medium-sized en e p ises (SMEs) in di e en economic en i onmen s.
Thi d, he me hodology used allowed o he es ablishmen o associa ions be ween
a iables, bu no causali y. Al hough we ound s ong co ela ions be ween he p esence
o supe s a i ms, he de elopmen o a i icial in elligence, and GDP g ow h, we canno
claim ha he exis ence o hese i ms is he di ec cause o economic o echnological
de elopmen . Fu u e s udies could employ mo e ad anced app oaches, such as panel
econome ic models o causali y analysis, o e ine his ela ionship.
Finally, his s udy in eg a ed he impac o supe s a i ms on he global economy
in o academic deba es, aligning i sel wi h p e ious esea ch highligh ing hei ole in
capi al concen a ion and inno a ion (Au o e al.,2020;Bessen,2019), bu also challenging
ce ain adi ional app oaches by showing ha he ela ionship wi h a i icial in elligence is
mo e complex han has been sugges ed. By p oposing an analy ical amewo k based on
indices o inno a ion and economic sus ainabili y, his a icle opens new lines o esea ch
on he in e ac ion be ween public policy, echnology, and he business concen a ion in he
global economy.
8. Conclusions
Supe s a i ms a e eme ging as key playe s in global economic dynamics, and hei
abili y o concen a e weal h and gene a e echnological inno a ion ep esen s a majo
phenomenon. This s udy highligh s ha he concen a ion o hese i ms is no only linked
o hei size and ma ke powe , bu also o hei undamen al ole in he adop ion and
de elopmen o ad anced echnologies, especially a i icial in elligence.
AI ac s as a d i e o ans o ma ion, allowing supe s a i ms o op imize p ocesses,
educe cos s, and imp o e he quali y o hei p oduc s and se ices. Signi ican in es men s
in AI by hese i ms no only inc ease hei compe i i eness bu also consolida e hei
dominan posi ion in he ma ke . This ansla es in o a i uous cycle whe e echnological
supe io i y uels ma ke g ow h and, in u n, allows supe s a s o explo e new business
oppo uni ies h ough adical inno a ions.
Fu he mo e, he p esence o supe s a i ms in echnology-in ensi e sec o s, such as
a i icial in elligence, has p o ound implica ions o he s uc u e o he labou ma ke and
income dis ibu ion. On he one hand, hese i ms gene a e high-quali y jobs, bu hey can
also con ibu e o g owing inequali y, as access o he skills needed o h i e in an AI-d i en
en i onmen may be limi ed o a na ow po ion o he popula ion.
Finally, i is c ucial o conside ha he dominance o supe s a i ms and hei in lu-
ence on he AI ecosys em pose signi ican challenges in e ms o egula ion and public
policy. Policymake s mus s ike a balance be ween os e ing inno a ion and ensu ing ha
he bene i s o economic g ow h a e dis ibu ed mo e equi ably. This includes conside -
ing s a egies ha p omo e e ec i e compe i ion and egula ions ha mi iga e he isk o
ma ke powe becoming e en mo e concen a ed in he hands o a ew en i ies.
Economies 2025,13, 52 18 o 20
Au ho Con ibu ions: Concep ualiza ion, J.L.G.B. and H.M.T.; me hodology, A.M.P.; so wa e,
A.M.P.; alida ion, J.L.G.B., A.M.P. and H.M.T.; o mal analysis, A.M.P.; in es iga ion, J.L.G.B.; e-
sou ces, H.M.T.; da a cu a ion, H.M.T.; w i ing—o iginal d a p epa a ion, A.M.P.;
w i ing— e iew
and edi ing, J.L.G.B.; isualiza ion, J.L.G.B.; supe ision, A.M.P.; p ojec adminis a ion, J.L.G.B.; und-
ing acquisi ion, J.L.G.B. All au ho s ha e ead and ag eed o he published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : The sou ce o he da a o S a is a (www.s a is a.com (accessed on
4 Feb ua y 2024)).
Con lic s o In e es : The au ho s decla e no con lic o in e es .
Appendix A
Table A1. Rela ionship be ween coun ies and supe s a i ms.
Rank Coun y Supe s a Fi ms
1 U.S. 60
2 China 9
3 UK 5
4 F ance 4
5 Ge many 3
6 India 3
7 Swi ze land 3
8 Aus alia 2
9 Hong Kong 2
10 Belgium 1
11 Canada 1
12 Denma k 1
13 I eland 1
14 Ne he lands 1
15 Saudi A abia 1
16 Sou h Ko ea 1
17 Taiwan 1
18 UAE 1
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