Open AccessCapital 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.