Capital markets, financial intermediaries and financing of new technologies: International evidence from industry data | Zendy

Félix J. LópezIturriaga | Zendy

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Capital markets, financial intermediaries and financing of new technologies: International evidence from industry data

Author(s) -

Félix J. LópezIturriaga

Publication year - 2011

Publication title -

corporate ownership and control

Language(s) - English

Resource type - Journals

eISSN - 1810-0368

pISSN - 1727-9232

DOI - 10.22495/cocv8i2c4p1

Subject(s) - business , sample (material) , intermediary , financial intermediary , financial system , capital market , finance , capital (architecture) , chemistry , chromatography , archaeology , history

Using a sample of 18 industries from 18 OECD countries, I perform an industry-level analysis of the influence of the country’s financial-system orientation, i.e., bank- or market-oriented, on R&D intensity. Using OLS, GMM, and VAR methods, my results show a positive relation between capital market development and the importance of the most R&D-intensive sectors. Nevertheless, there are some exceptions to this pattern, which may be related to the legal and institutional framework of each country.

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