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1、Finance,InvestmentandGrowthWendyCarlinandColinMayerUniversityCollegeLondonandSaïdBusinessSchool,UniversityofOxford25June2000TheresearchforthisprojectwasfundedfromadonationfromthePeterMooresFoundationtotheSaidBusinessSchool.WearegratefultoEsraErdemforresearchassistanceont
2、heprojectandtoJennyCorbettandNicholasOultonforprovisionofdataonJapanesebankfinanceandskilllevelsinGermanyrespectively.StevenCasper,ThomasCusackandStephenMachinprovideduswithadditionaldata.WehavebenefitedfromcommentsonapreviousdraftfromMarcoBecht,JohnCable,JeremyEdwards,G
3、ünterFranke,JanMahrt-Smith,GiovannaNicodano,VicençSalas,AndreiShleifer,OrenSussman,DavidUlphandSigurtVitols,andfromparticipantsatconferencesandseminarsinAmsterdam,Barcelona,Berlin,Florence,Leeds,Milan,ParisandReading.MuchoftheresearchwasdonewhileColinMayerwasonleaveatthe
4、DepartmentofEconomicsatStanfordUniversity,andheisgratefulforthefacilitiesthatwereprovided.AbstractThispaperproposesanempiricalapproachtoinvestigatinghowthestructureofcountries’financialandownershipsystemsandthecharacteristicsofindustriesrelatetoindustryactivityindifferen
5、tcountries.Activityismeasuredin“abnormal”ratherthanabsolutetermsbythegrowth,fixedinvestmentsharesandR&Dsharesofparticularindustriesindifferentcountriesrelativetotheirindustryandcountryaverages.Usingdataon27industriesin14advancedOECDcountriesfrom1970-1995,weregressactivit
6、yonasetofvariablesthatinteractcountryfinancialandownershipstructureswithindustrycharacteristics.WefindevidenceofarelationandthattherearesimilaritiesinthecombinationsofcountrystructureandindustrycharacteristicassociatedwithgrowthandR&D(butnotfixedinvestment).Consistentwit
7、htheoriesoffinancialdevelopment,therelationsaresensitivetostagesofeconomicdevelopment.Forexample,theinteractionofbank-orientedsystemwithexternal-financedependentindustriesisassociatedwithabnormalgrowthinlowbutnothighGDPpercapitacountries.Keywords:financialsystems,ownersh
8、ip,legalform,growth,investmentJELclassification:E2,G3,O41IntroductionThereisalargeliteratureondifferenc
