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Cited by 1,702

The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.

Financial development and innovation: Cross-country evidence

Open access
Hsu, Po-Hsuan, Tian, Xuan, Xu, Yan·2014·Journal of Financial Economics
DOI 10.1016/j.jfineco.2013.12.002
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Abstract

We examine how financial market development affects technological innovation. Using a large data set that includes 32 developed and emerging countries and a fixed effects identification strategy, we identify economic mechanisms through which the development of equity markets and credit markets affects technological innovation. We show that industries that are more dependent on external finance and that are more high-tech intensive exhibit a disproportionally higher innovation level in countries with better developed equity markets. However, the development of credit markets appears to discourage innovation in industries with these characteristics. Our paper provides new insights into the real effects of financial market development on the economy.

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Metadata

Authors
Hsu, P.-H., Tian, X., & Xu, Y.
Venue
Journal of Financial Economics
Publisher
Elsevier BV
Published
2014-04
Volume
112
Issue
1
Pages
116-135
ISSN
0304-405X (ISSN-L)
DOI
10.1016/j.jfineco.2013.12.002
OpenAlex
W3124376267
Cited by
1,702
References
6
FWCI
79.24
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Financial development and innovation: Cross-country evidence. https://app.cochat.ai/papers/10.1016/j.jfineco.2013.12.002
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Hsu, P.-H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2013.12.002

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.