Vol. 10 No. 3 (2022): Business & Management Studies: An International Journal

Governance content, financial risk and innovation: A panel data analysis

PhD, Department of Business Administration Faculty of Economics, Administrative and Social Sciences, Cyprus Science University, Kyrenia / TRNC Mersin 10 – Turkey
PhD, Department of Economics, Eastern Mediterranean University, Famagusta, Mersin 10, Turkey

Published 2022-09-25


  • Financial Development, Financial Risk Ratings, Governance Content, Poisson Regression, Negative Binomial Regression, Patent, R&D Expenditure, Foreign Direct Investment, Intellectual Property Rights
  • Finansal Gelişme, Finansal Risk Derecelendirmeleri, Yönetişim İçeriği, Poisson Regresyonu, Negatif Binomial Regresyonu, Patent, Ar-Ge Harcamaları, Doğrudan Yabancı Yatırım, Fikri Mülkiyet Hakları

How to Cite

İMAMOĞLU, H., & PAYASLIOĞLU, C. (2022). Governance content, financial risk and innovation: A panel data analysis. Business & Management Studies: An International Journal, 10(3), 977–996. https://doi.org/10.15295/bmij.v10i3.2092


The effects of governance content characteristics, financial risk, financial development, and innovation infrastructure variables on the size of patent applications in advanced nations during the post-crisis period are examined in this research. For the 2010-2015 period, a panel dataset of 29 advanced economies was employed. The paper uses a Poisson and a Negative Binomial framework to accommodate national heterogeneity and dispersion concerns. According to the estimation results, financial development and financial risk index benefit patent applications, research and development expenditure, intellectual property rights, and gross fixed capital creation. In addition, according to this study, controlling corruption and upholding the rule of law boost innovation, whereas regulatory quality inhibits innovation in advanced economies.


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