Financial development and innovation: Do institutions and human capital matter?

This paper explores the dynamic link between financial development and innovation, while accounting for human capital and institutional quality for 29 OECD countries spanning 40 years (1980–2019). The findings based on Generalized Method of Moments (GMM) and the Fully Modified Ordinary Least Squares...

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Detalles Bibliográficos
Autores principales: Atsu, Francis, Adams, Samuel
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier 2023
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10457509/
https://www.ncbi.nlm.nih.gov/pubmed/37636354
http://dx.doi.org/10.1016/j.heliyon.2023.e19015
Descripción
Sumario:This paper explores the dynamic link between financial development and innovation, while accounting for human capital and institutional quality for 29 OECD countries spanning 40 years (1980–2019). The findings based on Generalized Method of Moments (GMM) and the Fully Modified Ordinary Least Squares (FMOLS) estimators show that trade, institutional quality, human capital and financial development promote innovation activities, while foreign direct investment has the opposite effect. Further, the findings show a non-linear relationship between finance and innovation.

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