The paper looked at what factors affect the development of corporate bond markets in different countries from 2008 to 2017. They found that the inefficiency and lack of transparency in the over-the-counter secondary market can hinder corporate bond market growth. This means that when companies issue bonds, the way they are traded in the secondary market can impact how well the market develops. The researchers also discovered that economic growth, domestic credit availability, and corruption levels can influence how much companies issue bonds in their own country.