Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries

In the financial industry, two relationships are well-researched: i) innovation and financial performance and, ii) sustainability and financial performance, both focused primarily on Western and advanced countries. The relationship between innovation and sustainability, however, is underresearched....

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Autores:
Sempere-Ripoll, Francisca
Estelles-Miguel, Sofia
Rojas-Alvarado, Ronald
Hervas-Oliver, Jose-Luis
Tipo de recurso:
Article of journal
Fecha de publicación:
2020
Institución:
Corporación Universidad de la Costa
Repositorio:
REDICUC - Repositorio CUC
Idioma:
eng
OAI Identifier:
oai:repositorio.cuc.edu.co:11323/6912
Acceso en línea:
https://hdl.handle.net/11323/6912
https://repositorio.cuc.edu.co/
Palabra clave:
Innovation
Financial industry
Sustainability
Central and Eastern Europe
CIS data
Rights
openAccess
License
CC0 1.0 Universal
Description
Summary:In the financial industry, two relationships are well-researched: i) innovation and financial performance and, ii) sustainability and financial performance, both focused primarily on Western and advanced countries. The relationship between innovation and sustainability, however, is underresearched. This study’s purpose consists of determining whether there is a relationship between innovation and corporate sustainability in the financial industry. In doing so, this study responds to a critical question: are the most innovative firms also the most sustainability-oriented? We empirically explore sustainability-oriented innovation in the financial industry of 11 catchingup countries in Central and Eastern Europe (CEE). Using Community Innovation Survey (CIS) data for 2012–2014, this study empirically analyzes a large sample of 1574 firms in the financial industry. Our results suggest that innovation is positively linked to corporate sustainability, pointing out that innovation capabilities are positively related to sustainability. Our study proposes a framework for analyzing innovation and sustainability from a capability-perspective.