Hoạt động đổi mới và phát triển tài chính: Bằng chứng thực nghiệm tại một số quốc gia Đông Nam Á
DOI:
https://doi.org/10.24311/jabes/2020.31.2.869Keywords:
Innovation, Finance, Southeast AsiaAbstract
This article aims to explore the relationship between financial development and innovation in selected Southeast Asian countries (Vietnam, Singapore, Thailand, Indonesia, Malaysia, Bruney, Philippines). The data were collected from the World Intellectual Property Organization, International Monetary Fund, World Bank, with Pooled OLS, random-effects, and fixed-effects methods were used. The research results show that financial institution development has a positive impact on the innovation activities of some Southeast Asian countries as well as the economic development is a factor which promotes the renovation activities of some Southeast Asian countries. In addition, the innovation activities of some Southeast Asian countries are still very low. Based on the research result, Southeast Asian countries need to have appropriate policies to develop financial institutions, especially focus on developing bank credit for the private sector in an economy, facilitating the innovation activities of the private sector.
References
Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. Quarterly Journal of Economics, 120(1), 173–222.
Aghion, P., & Howitt, P. (2009). The Economics of Growth. Cambridge, Massachusetts: MIT Press.
Ang, J. B. (2010). Financial reforms, patent protection, and knowledge accumulation in India. World Development, 38(8), 1070–1081.
Ang, J. B. (2011). Financial development, liberalization and technological deepening. European Economic Review, 55(5), 688–701.
Arcand, J.-L., Berkes, E., & Panizza, U. (2012). Too much finance?. IMF Working Paper 12/161. Washington: International Monetary Fund.
Barbosa, N., & Faria, A. P. (2011). Innovation across Europe: How important are institutional differences?. Research Policy, 40(9), 1157–1169.
Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking and Finance, 28(3), 423–442.
Beck, T., & Levine, R. (2005). Legal institutions and financial development. In Handbook of New institutional economics (pp. 251–278). Boston, MA: Springer.
Bertschek, I. (1995). Product and process innovation as a response to increasing imports and foreign direct investment. Journal of Industrial Economics, 43(4), 341–357.
Blackburn, K., & Hung, V. T. Y. (1998). A theory of growth, financial development and trade. Economica, 65(257), 107–124.
Calantone, R. J., Vickery, S. K., & Droge, C. (1995). Busisness performance and strategic new product development activities: An empirical investigation. The Journal of Product Innovation management, 12(3), 214–223.
Cihák, M., Demirguc-Kunt, A., Feyen, E., & Levine, R. (2013). Financial Development in 205 Economics, 1960 to 2010 (NBER Working Paper No. 18946). Retrieved from the National Brueau of Economic Research: https://www.nber.org/papers/w18946
Cheung, K.-Y., & Lin, P. (2004). Spillover effects of FDI on innovation in China: Evidence from the provincial data. China Economic Review, 15(1), 25–44.
Dabla-Norris, E., & Srivisal, N. (2013). Revisiting the link between finance and macroeconomic volatility. IMF Working Paper 13/29. Washington: International Monetary Fund.
Dosi, G. (1988). Technocal Change and Economic Theory. London: Pinter Publishers.
Dosi, G. (1990). Finance, innovation, and industrial change. Journal of Economic Behavior and Organization, 13(3), 299–319.
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimtion with sptially dependent panel data. The Review of Economics and Statistics, 80(4), 549–560.
Edquist, C. (1997). Systems of Innovation: Technologies, Institutions, and Organizations. London: Pinter Publishers.
Faber, J., & Hesen, A. B. (2004). Innovation capabilitites of European Nations cross-national analysis of patents and sales of product innovations. Research Policy, 33(2), 193–207.
Furman, J., L., Porter, M. E., & Stern, S. (2002). The determinants of nation innovative capacity. Research Policy, 31(6), 899–933.
Galindo, M.-Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825–829.
Griliches, Z. (1984). R&D, Patents and Productivity. Chicago: Chicago University Press.
Griliches, Z. (1990). Patent statistics as economic indicators: A surver. Journal of Economic Literature, 28(4), 1661–1707.
Greene, W. (2002). Econometric Analysis. Upper Saddle River, NJ: Prentice-Hall.
Habibullah, M. S., & Eng, Y.-K. (2006). Does financial development cause economic growth? A panel data dynamic analysis for the Asian developing countries. Journal of the Asia Pacific Economy, 11(4), 377–393. doi: 10.1080/13547860600923585
Hair, J. F. Jr., Anderson, R. E., Tatham, R. L., & Black, W. C. (1995). Multivariate Data Analysis (3rd ed.). New York: Macmillan.
Hsu, P.-H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Cross-country evidence. Journal of Financial Economics, 112(1), 116–135. doi: 10.1016/j.jfineco.2013.12.002
Hyytinen, A., & Toivanen, O. (2005). Do financial constraints hold back innovation and growth? Evidence on the role of public policy. Research Policy, 34(9), 1385–1403.
IMF. (2020). Access to Macroeconomic & Financial Data. Retrieved from https://data.imf.org/?sk=388DFA60-1D26-4ADE-B505-A05A558D9A42
King, R. G., & Levine, R. (1993). Finance, entrepreneurship, and growth: Theory and Evidence. Journal of Monetary Economics, 32(3), 513–542.
Kleinknecht, A., Montfort, K. V., & Brouwer, E. (2002). The non-trivial choice between innovation indicators. Economics of Innovation and New Technology, 11(2), 109–121.
Kortum, S. (1993). Enquilibrium R&D and the patent-R&D ratio: U.S evidence. American Economic Review, 83(2), 450–457.
Lall, S. (1992). Technological capabilities and industrialization. World Development, 20(2), 165–186.
Levine, R. (1997). Financial development and economic growth: Views and Agenda. Journal of Economic Literature, 35(2), 688–726.
Levine, R. (2002), Bank-based or market-based financial systems: Which is better?. Journal of Financial Intermediation, 11(4), 398–428.
Malarvizhi, C. A. N., Zeynali, Y., Mamun, A. A., & Ahmad, G. B. (2018). Financial development and economic growth in ASEAN-5 countries. Global Business Review, 20(1), 1–15. doi: 10.1177/0972150918802684
Maskus, K. E., Neumann, R., & Seidel, T. (2012). How national and international financial development affect industrial R&D. European Economic Review, 56(1), 72–83.
Meierrieks, D. (2014). Financial development and innovation: Is there evidence of a Schumpeterian Finance-Innovation nexus?. Annals of Economics and Finance, 15(2), 343–363.
Merton, R. C., & Bodie, Z. (1995). A conceptual framework for analyzing the financial environment. In D. B. Crane, K. A. Froot, S. P. Mason, A. Perold, R. C. Merton, Z. Bodie, E. R. Sirri, & P. Tufano (Eds.), The Global Dinancial System: A Functional Perspective (pp. 3–21). Cambridge, MA: Harvard Business School Press.
Morales, M. F. (2003). Financial intermediation in a model of growth through creative destruction. Macroeconomic Dynamics, 7(3), 363–393.
Morck, R., & Nakamura, M. (1999). Banks and corporate control in Japan. Journal of Finance, 54(1), 319–339. doi: 10.1111/0022-1082.00106
Nanda, R., & Rhodes-Kropf, M. (2011). Financing Risk and Innovation. Unpublished Working Paper. Havard University.
Nelson, R. R. (1993). National Innovation Systems: A Comparative Analysis. New York: Oxford University Press.
OECD. (2005). Oslo Manual: Proposed guidelines for collecting and interpreting technological innovation data. Paris. Retrieved from https://www.oecd-ilibrary.org/science-and-technology/oslo-manual_9789264013100-en
OECD. (2013). Innovation in Southeast Asia. Retrieved from https://www.oecd.org/sti/inno/innovation-in-southeast-asia-2012-9789264128712-en.htm
Rajan, R. G., & Zingales, G. (1998). Financial dependence and growth. American Economic Review, 88(3), 559–586.
Pan, X., Uddin, Md. K., Han, C., & Pan, X. (2019). Dynamics of financial development, trade openness, technological innovation and energy intensity: Evidence from Bangladesh. Energy, 171, 456–464.
Pradhan, R. P., Arvin, M. B., Hall, J. H., & Nair, M. (2016). Innovation, financial development and economic growth in Eurozone countries. Journal Applied Economics Letters, 23(16), 1141–1144. doi: 10.1080/13504851.2016.1139668
Romer, P. M. (1994). The origins of endogenous growth. Journal of Economic Perspectives, 8(1),
3–22.
Sahay, R., Cihák, M., N’Diaye, P., Barajas, A., Bi, R., Ayala, D., ... Yousefi, S. R. (2015). Rethinking Financial Deepening: Stability and Growth in Emerging Markets. IMF staff discussion note.
Schumpeter, J. A. (1934). The Theory of Economic Development. New York: Oxford University Press.
Schumpeter, J. A. (1947). Theoretical problems of economic growth. Journal of Economic History Supplement, 7(1), 1–9. doi: 10.1017/S0022050700065189
Smith, K. (2004). Measuring Innovation. In Fagerberg, J., Mowery, D.C., & Nelson, R. R. (Eds.), The Oxford Handbook of Innovation. Oxford University Press.
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312–320.
Tee, L. T., Low, S.-W., & Kew, S. R. (2014). Financial development and innovation activity: Evidence from selected East Asian countries. Prague Economic Papers, 2(2), 162–180. doi: 10.18267/j.pep.478
Teitel, S. (1994). Patents, R&D expenditures, country size, and per-capita income: An international comparison. Scientometrics, 29(1), 137–159.
Therrien, P., Doloreux, D., & Chamberlin, T. (2011). Innovation novelty and (commercial) performance in the service sector: A Canadian firm-level analysis. Technovation, 31(12),
655–665.
Varsakelis, N. (2006). Education, political institutions and innovative activity: A cross-country empirical investigation. Research Policy, 35(7), 1083–1090.
Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data. Cambridge,
MIT Press.
Wooldridge, J. M. (2008). Introducción a la Econometría: Un Enfoque Moderno. Madrid: Thomson.
WIPO. (2020). WIPO IP Statistics Data Center. Retrieved from https://www3.wipo.int/ipstats/index.htm
World Bank. (2020). World Development Indicators. Retrieved from https://databank.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/1ff4a498/Popular-Indicators
Downloads
Published
Issue
Section
License
Copyright (c) 2020 JOURNAL OF ASIAN BUSINESS AND ECONOMIC STUDIES
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
