Capital Markets, Financial Intermediaries and Financing of New Technologies: International Evidence from Industry Data

28 Pages Posted: 19 Oct 2006

See all articles by Félix J. López-Iturriaga

Félix J. López-Iturriaga

University of Valladolid - Department of Financial Economics and Accounting; National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy

Date Written: October 2006

Abstract

Using a sample of 18 industries from 18 OECD countries, an industry level analysis of the influence of the financial system's orientation (bank-oriented vs. market-oriented) on R&D intensity is carried out. Our results, with OLS, GMM and VAR methodologies, 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.

Keywords: capital markets, financial intermediaries, R&D, VAR

JEL Classification: O16, G21, O14

Suggested Citation

Lopez-Iturriaga, Felix Javier, Capital Markets, Financial Intermediaries and Financing of New Technologies: International Evidence from Industry Data (October 2006). Available at SSRN: https://ssrn.com/abstract=938703 or http://dx.doi.org/10.2139/ssrn.938703

Felix Javier Lopez-Iturriaga (Contact Author)

University of Valladolid - Department of Financial Economics and Accounting ( email )

Avda. Valle Esgueva 6
47011 Valladolid
Spain
+34 983 184 395 (Phone)
+34 983 183830 (Fax)

HOME PAGE: http://www2.eco.uva.es/flopez

National Research University Higher School of Economics - International Laboratory of Intangible-driven Economy ( email )

Lebedeva,27
Perm, Perm 614070
Russia

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