초록 열기/닫기 버튼
We examine the empirical relationship between financial structure and the growth of different industries in various countries. Examining the different financial structures, whether they are market-based or bank-based, of a sample of 26 OECD countries that have achieved some degree of financial development, and classifying 26 manufacturing industries by technological rather than financing characteristics, we find that industries with high R&D intensity, high operating risk, and high capital intensity tend to grow faster in countries that feature a market-based financial system over countries that feature a bank-based financial system. The results of this study imply that the financial structure and the industrial structure of a country need to be congruous for high economic growth.
