Market-oriented systems carry higher corporate debt levels than bank-oriented systems.
The study looked at how much debt companies in different countries had compared to their value. They found that companies in countries like the US and UK had more debt compared to their value than companies in countries like Germany, France, and Italy. In the US, companies with higher book-to-market ratios had less debt. This could be because of how companies in market-oriented countries get their money, or because of the tough stock market during the financial crisis.