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|Title:||Financial market development and the effectiveness of R&D investment: Evidence from developed and emerging countries||Authors:||Chowdhury, R.H.
|Issue Date:||2012||Journal:||Research in International Business and Finance||Abstract:||Does financial market development enhance the effectiveness of R&D investment in an economy? To address this question, we apply three distinct approaches including (i) ordinary least square method, (ii) cross-country instrumental variable regression approach, and (iii) panel regression method. By using a dataset of both developed and emerging countries, we find that financial market development significantly contributes to the effectiveness of total R&D investment. This finding remains robust across different model specifications and individual estimation methods. Our finding provides an important guidance to policy makers in implementing a sound financial environment that can facilitate the total contribution of R&D investment. © 2012 Elsevier B.V.||URI:||http://hdl.handle.net/20.500.12216/101||DOI:||10.1016/j.ribaf.2011.12.003|
|Appears in Collections:||Articles|
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