Financial markets, financial dependence, and the allocation of capital

被引：27

作者：

Pang, Jiaren ^{[2
]}

Wu, Haibin ^{[1
]}

机构：

[1] Univ Alberta, Dept Econ, Edmonton, AB T6G 2H4, Canada

[2] Tulane Univ, Freeman Sch Business, New Orleans, LA 70118 USA

来源：

JOURNAL OF BANKING & FINANCE | 2009年 / 33卷 / 05期

关键词：

Capital allocation; Financial development; Financial dependence; Investment; LAW;

D O I：

10.1016/j.jbankfin.2008.09.015

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We explore one specific channel through which finance promotes growth: the allocation of capital. Using international industrial data, we find that countries with developed financial markets invest more in growing industries, and pull out more funds of declining ones. Most interestingly, this pattern is more eminent for those industries more dependent on external financing. Various robustness checks show that the results are not driven by reverse causality, omitted variables, specific countries or industries. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：810 / 818

页数：9

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