[1] Khan, A. H., & Hasan, M. A. (1988). Financial Repression, Financial Development and Structure of Savings in Pakistan [with Comments]. The Pakistan Development Review, 27(4), 701-713.
[2] Bapuji, H. (2002). Examining the Relationship between External Knowledge Management and Performance. 2nd Doctoral Consortium on KM, Ontario 2004, 33(2), 143-161.
[3] Hong, J. P. (2017). Causal Relationship between ICT R&D Investment and Economic Growth in Korea. Technological Forecasting and Social Change, 116(C), 70-75.
[4] Choi, C., & Yi, M. H. (2017). The Internet, R&D expenditure and economic growth. Applied Economics Letters, 1-4.
[5] Lawrence, J. N. (2011). R&D Investment Link to Profitability: A Pharmaceutical Industry Evaluation. Undergraduate Economic Review, 8(1), 1-15.
[6] Kurik, S., Lumiste, R., Terk, E. & Heinlo, A. (2002). Innovation in Estonian enterprises 1998-2000. Innovation Studies, 2.
[7] Lipczynski, J. Wilson, J. & Goddard, J. (2005). Industrial Organization, Second Edition. Pearson Education limited, Harlow et al.
[8] Gosens, J., & Lu, Y. (2013). From lagging to leading? Technological innovation systems in emerging economies and the case of Chinese wind power. Energy Policy, 60, 234-250.
[9] Jafari, M. (2016), The impact of investment security on the mobilization of financial resources in the capital market of Iran. Thesis, Mofid University. {In Persian}.
[10] Muritala, T. A. & Ogunji, M. (2017). Does the capital market spur economic growth? Evidence from Nigeria. Cyberleninka,11(1). 90-99. https://cyberleninka.ru/search?q=Morufat%20Ogunji.
[11] Kolapo, F. T. & Adaramola, A. O. (2012). The Impact of the Nigerian Capital Market on Economic Growth (1990-2010).International Journal of Developing Societies, 1(1). 11-19.
[12] Shahabadi, A. & Heidari, A. (2011). Investigating determinant factors of R&D intensity in selected developing and developed countries: panel data approach, Journal of Science and Technology Policy, 4(1), 95-108. {In Persian}.
[13] Chen, D. H. C. & Dahlman, C. J. (2006). The knowledge economy the KAM methodology and world bank operations. World Bank Policy Research. Working Paper 35867.
[14] Shaw, E. (1973). Financial Deepening in Economic Development. New York: Oxford University Press.
[15] Narayan, P., Sharma, S. S. & Thuraisamy, K. (2015). Can governance quality predict stock market returns? New global evidence. Pacific-Basin Finance Journal, 35(Part A), 367-380.
[16] Asongu, S. A. (2011). Government qualify determinants of stock market performance in African countries. African Governance and Development Institue, WP/ 11/ 019, 1-40.
[17] Billmeier, A. & Massa, I. (2009). What Drives Stock Market Development in Emerging Markets Institutions, Remittances, or Natural Resources? Emerging Markets Review, 10(1), 23-35.
[18] Shahabadi, A. & Salimi, S. (2015). Impact of Good Governance on R&D Intensity of Selected Developed and Developing Countries. Journal of Science and Technology Policy, 7(2), 35-46. {In Persian}.
[19] Nurhayati, S. (2017). The Analysis of the Effect of Intellectual Capital on Market and Financial Performanct in lq45 Listed in Indonesia Stock Exchange. Jurnal Akuntansi Riset, 6(1). 127-165.
[20] Asgharian, H., Liu, L. & Lundtofte, F. (2014). Institutional quality, trust and stock-market participation: Learning to forget.Department of Economics School of Economics and Management, Working Paper, No. 39.
[21] Chen, D. H. C., & Dahlman, C. J. (2004). Knowledge and development: a cross-section approach (Vol. 3366). World Bank Publications.
[22] Atkinson, R. D., & McKay, A. S. (2007). Digital prosperity: understanding the economic benefits of the information technology revolution. Washington D.C.: Information Technology and Innovation Foundation.
[23] McKinnon, R. (1973). Money and capital in economic development. The Bookings Institution, Washington D. C.
[24] Colin, A. & Magda, M. (2002). A Framework for Practicing Knowledge Management. Long Range Planning, 35(1), 49-71.
[25] Gu, L. (2016). Product market competition, R&D investment, and stock returns. Journal of Financial Economics, 119(2), 441-455.
[26] Kumar, P. & Li, D. (2016). Capital Investment, Innovative Capacity, and Stock Returns. The Journal of Finance, LXXI(5), 2059-2094.
[27] Yartey, C. A. (2010). The Institutional and Macroeconomic Determinants of Stock Market Development in Emerging Economies. Applied Financial Economics, 20(2), 1615–1625.
[28] Stringham, E., Boettke, P. & Clark, J. R. (2008). Are Regulations the Answer for Emerging Stock Markets? Evidence from the Czech Republic and Poland. The Quarterly Review of Economics and Finance, 48(3), 541–566.
[29] Garcia, F. V. & Liu, L. (1999). Macroeconomic determinants of stock market development. Journal of Applied Economics, 2(1), 29–59.
[30] Flahati, A., Shahiki Tash, M., Rezaei, E. & Korani, A. (2016). The Impact of the Innovation and R&D Expenditure on Profitability of Manufacturing Sector with Different Levels of Technology. Journal of Industrial economics studies, 1(1), 23-36. {In Persian}.
[31] Jun, Z., Hongzhong, Z., Thierry, B. & Yannick, G. Z. S. (2015). Macroeconomic Determinants of Stock Market Development in Cameroon. International Journal of Scientific and Research Publications, 5(1), 1-11.
[32] Aduda, J., Masila, J. M. & Onsongo, E. N. (2012). The Determinants of Stock Market Development: The Case for the Nairobi Stock Exchange. International Journal of Humanities and Social Science, 2(9), 214-230.
[33] Cherif, M. & Gazdar, K. (2010). Institutional and Macroeconomic Determinants of Stock Market Development in Mena Region: New results from a panel data analysis. The International Journal of Banking and Finance, 7(1), 139-159.
[34] Naceur, S. B., Ghazouani, S. & Omran, M. (2007). The determinants of stock market development in the Middle-Eastern and North African. Managerial Finance, 33(7), 477-489.
[35] Googerdchian, A., Fathi, S., Amiri, H. & Varnamkhasti, N. S. (2015). Comparing Analysis the Effect of Political Riske on Stock Market Developing in Selected Countries, Jounal Managmet System, 4(3), 135-156. {In Persian}.
[36] Rezaie Dolatabadi, H., Faghani, F. & Tabatabaee, S. M. (2013). Information technology development on stock market development. Empirical study in the World’s leading capital markets. International Journal of Academic Research in Accounting, Finance and Management Sciences, 3(1), 382–390.
[37] Chinn, M. D. & Ito, H. (2005). What matters for financial development? Capital controls, institutions, and interactions.NBER Working Paper, No. 11370.
[38] Faghani, F., Solmaz Habibi, S., Tabatabaee, S. M., Razavi, L. & Emadzadeh, M. K. (2013). The role of information technology on stock market development. International Journal of Academic Research in Accounting, Finance and Management Sciences, 3(1), 353–358.
[39] Balogun, W. O., Dahalan, J. D. & Hassan, S. B. (2016). Interest rate liberalization, quality institutions and stock market development in selected Sub-Saharan African countries. International Journal of Economics and Financial Issues, 6(2), 786-792.
[40] Deng, Z., Lev, B. & Narin, F. (1999). Science and technology as predictors of stock performance. Financial Analysts Journal, 55(3), 20-32.
[41] Ghysels, E. (1994). On the Economics and Econometrics of Seasonality. In Advances in Econometrics, 6’th World Congress, Vol. I, Edit. By C.A. Sims, Cambridge University Press.
)