The DOI matches its Crossref record; 132 of the 132 references it cites were found in a registry or an index.
Stock market liberalization and innovation
Open accessAbstract
Abstract We investigate the effect of stock market liberalization on technological innovation. Using a sample of 20 economies that experience stock market liberalization, we find that these economies exhibit a higher level of innovation output after liberalization and that this effect is disproportionately stronger in more innovative industries. The relaxation of financial constraints, enhanced risk sharing between domestic and foreign investors, and improved corporate governance are three plausible channels that allow stock market liberalization to promote innovation. Finally, we show that technological innovation is a mechanism through which stock market liberalization affects productivity growth and therefore economic growth. Our paper provides new insights into the real effects of stock market liberalization on productivity growth and the economy.
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Cites
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Additional evidence on equity ownership and corporate value
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Metadata
- Authors
- Moshirian, F., Tian, X., Zhang, B., & Zhang, W.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2021-03
- Volume
- 139
- Issue
- 3
- Pages
- 985-1014
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W3123197402
- Cited by
- 409
- References
- 132
- FWCI
- 34.70
- Type
- journal article
- Language
- en
- Open access
- green
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
