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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. 
Maung, M. 
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.
DOI: 10.1016/j.ribaf.2011.12.003
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