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.
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