The Influence of Capital Market Intermediaries on The Innovation of The Asean Countries

Abstract

The aim of the paper is to analyze the influence of capital market intermediaries on the innovation of the ASEAN countries. For this purpose, data were collected from the World Bank Indicators (WBI) and STATA was employed to test the hypothesis through generalize movementmethods (GMM). The outcomes shows that capital market intermediaries such as retail investors, investment banks, venture capitalists, portfolio managers and underwrites have positive nexus with the innovation of the ASEAN countries. These findings guided to the police makers that they should enhance their focus on the capital market intermediaries such as retail investors, investment banks, venture capitalists, portfolio managers and underwrites that enhancethe innovation in the company.