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
id RCUC2_634f2fedb0b6e5dba63a887fefc45178
oai_identifier_str oai:repositorio.cuc.edu.co:11323/6912
network_acronym_str RCUC2
network_name_str REDICUC - Repositorio CUC
repository_id_str
dc.title.spa.fl_str_mv Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
title Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
spellingShingle Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
Innovation
Financial industry
Sustainability
Central and Eastern Europe
CIS data
title_short Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
title_full Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
title_fullStr Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
title_full_unstemmed Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
title_sort Does technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countries
dc.creator.fl_str_mv Sempere-Ripoll, Francisca
Estelles-Miguel, Sofia
Rojas-Alvarado, Ronald
Hervas-Oliver, Jose-Luis
dc.contributor.author.spa.fl_str_mv Sempere-Ripoll, Francisca
Estelles-Miguel, Sofia
Rojas-Alvarado, Ronald
Hervas-Oliver, Jose-Luis
dc.subject.spa.fl_str_mv Innovation
Financial industry
Sustainability
Central and Eastern Europe
CIS data
topic Innovation
Financial industry
Sustainability
Central and Eastern Europe
CIS data
description 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.
publishDate 2020
dc.date.accessioned.none.fl_str_mv 2020-08-12T15:39:23Z
dc.date.available.none.fl_str_mv 2020-08-12T15:39:23Z
dc.date.issued.none.fl_str_mv 2020
dc.type.spa.fl_str_mv Artículo de revista
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dc.type.content.spa.fl_str_mv Text
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dc.type.version.spa.fl_str_mv info:eu-repo/semantics/acceptedVersion
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dc.identifier.issn.spa.fl_str_mv 2071-1050
dc.identifier.uri.spa.fl_str_mv https://hdl.handle.net/11323/6912
dc.identifier.doi.spa.fl_str_mv doi:10.3390/su12062261
dc.identifier.instname.spa.fl_str_mv Corporación Universidad de la Costa
dc.identifier.reponame.spa.fl_str_mv REDICUC - Repositorio CUC
dc.identifier.repourl.spa.fl_str_mv https://repositorio.cuc.edu.co/
identifier_str_mv 2071-1050
doi:10.3390/su12062261
Corporación Universidad de la Costa
REDICUC - Repositorio CUC
url https://hdl.handle.net/11323/6912
https://repositorio.cuc.edu.co/
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.references.spa.fl_str_mv 1. Forcadell, F.J.; Aracil, E. Can multinational companies foster institutional change and sustainable development in emerging countries? A case study. Bus. Strateg. Dev. 2019, 2, 91–105.
2. Amore, M.D.; Schneider, C.; Žaldokas, A. Credit supply and corporate innovation. J. Financ. Econ. 2013, 109, 835–855.
3. Hsu, P.H.; Tian, X.; Xu, Y. Financial development and innovation: Cross-country evidence. J. Financ. Econ. 2014, 112, 116–135.
4. Laukkanen, T. Consumer adoption versus rejection decisions in seemingly similar service innovations: The case of the Internet and mobile banking. J. Bus. Res. 2016, 69, 2432–2439.
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9. Esteban-Sanchez, P.; de la Cuesta-Gonzalez, M.; Paredes-Gazquez, J.D. Corporate Social Performance and its relation with Corporate Financial Performance: International evidence in the banking industry. J. Clean. Prod. 2017, 162, 1102–1110.
10. Adams, R.; Jeanrenaud, S.; Bessant, J.; Denyer, D.; Overy, P. Sustainability-oriented innovation: A systematic review. Int. J. Manag. Rev. 2016, 18, 180–205.
11. Yip, A.W.H.; Bocken, N.M.P. Sustainable business model Archetypes for the banking industry. J. Clean. Prod. 2018, 174, 150–169.
12. Fijałkowska, J.; Zyznarska-Dworczak, B.; Garsztka, P. Corporate social-environmental performance versus financial performance of banks in central and eastern European countries. Sustainability 2018, 10, 772, doi:10.3390/su10030772.
13. Furrer, O.; Egri, C.P.; Ralston, D.A.; Danis, W.; Reynaud, E.; Naoumova, I.; Molteni, M.; Starkus, A.; Darder, F.L.; Dabic, M. Attitudes toward corporate responsibilities in Western Europe and in Central and East Europe. Manag. Int. Rev. 2010, 50, 379–398.
14. Castellacci, F.; Archibugi, D. The technology clubs: The distribution of knowledge across nations. Res. Policy 2008, 37, 1659–1673.
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17. Awaysheh, A.; Heron, R.; Perry, T.; Wilson, J. On the Relation between corporate social responsibility and Financial Performance. Strateg. Manag. J. 2020, doi:10.1002/smj.3122.
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22. Bocken, N.; Short, S.W.; Rana, P.; Evans, A. A literature and practice review to develop sustainable business model archetypes. J. Clean Prod. 2014, 65, 42–56.
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25. Surroca, J.A.; Aguilera, R.V.; Desender, K.; Tribo, J.A. Is managerial entrenchment always bad and corporate social responsibility always good? A cross-national examination of their combined influence on shareholder value. Strateg. Manage. J. 2020, doi:10.1002/smj.3132.
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28. Lu, B.; Li, B.; Wang, L.; Yang, J.; Liu, J.; Wang, X.V. Reusability based on Life Cycle Sustainability Assessment: Case Study on WEEE. Procedia CIRP 2014, 15, 473–478.
29. Urban, M.A.; Wójcik, D. Dirty banking: Probing the gap in sustainable finance. Sustainability 2019, 11, 1745.
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spelling Sempere-Ripoll, FranciscaEstelles-Miguel, SofiaRojas-Alvarado, RonaldHervas-Oliver, Jose-Luis2020-08-12T15:39:23Z2020-08-12T15:39:23Z20202071-1050https://hdl.handle.net/11323/6912doi:10.3390/su12062261Corporación Universidad de la CostaREDICUC - Repositorio CUChttps://repositorio.cuc.edu.co/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.Sempere-Ripoll, FranciscaEstelles-Miguel, SofiaRojas-Alvarado, RonaldHervas-Oliver, Jose-LuisengCorporación Universidad de la CostaCC0 1.0 Universalhttp://creativecommons.org/publicdomain/zero/1.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Sustainabilityhttps://www.mdpi.com/2071-1050/12/6/2261InnovationFinancial industrySustainabilityCentral and Eastern EuropeCIS dataDoes technological innovation drive corporate sustainability? Empirical evidence for the European financial industry in catching-up and central and Eastern Europe countriesArtículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/acceptedVersion1. Forcadell, F.J.; Aracil, E. Can multinational companies foster institutional change and sustainable development in emerging countries? A case study. Bus. Strateg. Dev. 2019, 2, 91–105.2. Amore, M.D.; Schneider, C.; Žaldokas, A. Credit supply and corporate innovation. J. Financ. Econ. 2013, 109, 835–855.3. Hsu, P.H.; Tian, X.; Xu, Y. Financial development and innovation: Cross-country evidence. J. Financ. Econ. 2014, 112, 116–135.4. Laukkanen, T. Consumer adoption versus rejection decisions in seemingly similar service innovations: The case of the Internet and mobile banking. J. Bus. Res. 2016, 69, 2432–2439.5. Epstein, M.J.; Roy, M.-J. Improving sustainability performance: Specifying, implementing and measuring key principles. J. Gen. Mana. 2003, 29, 15–31.6. Freeman, R.E. Stakeholder Management: Framework and Philosophy; Pitman: Mansfield, MA, USA, 1984.7. Simpson, G.; Kohers, T. The link between corporate social and financial performance: Evidence from the banking industry. J. Bus. Ethics 2002, 35, 97–109.8. Wu, M.-W.; Shen, C.-H. Corporate social responsibility in the banking industry: Motives and financial performance. J. Bank. Financ. 2013, 37, 3529–3547.9. Esteban-Sanchez, P.; de la Cuesta-Gonzalez, M.; Paredes-Gazquez, J.D. Corporate Social Performance and its relation with Corporate Financial Performance: International evidence in the banking industry. J. Clean. Prod. 2017, 162, 1102–1110.10. Adams, R.; Jeanrenaud, S.; Bessant, J.; Denyer, D.; Overy, P. Sustainability-oriented innovation: A systematic review. Int. J. Manag. Rev. 2016, 18, 180–205.11. Yip, A.W.H.; Bocken, N.M.P. Sustainable business model Archetypes for the banking industry. J. Clean. Prod. 2018, 174, 150–169.12. Fijałkowska, J.; Zyznarska-Dworczak, B.; Garsztka, P. Corporate social-environmental performance versus financial performance of banks in central and eastern European countries. Sustainability 2018, 10, 772, doi:10.3390/su10030772.13. Furrer, O.; Egri, C.P.; Ralston, D.A.; Danis, W.; Reynaud, E.; Naoumova, I.; Molteni, M.; Starkus, A.; Darder, F.L.; Dabic, M. Attitudes toward corporate responsibilities in Western Europe and in Central and East Europe. Manag. Int. Rev. 2010, 50, 379–398.14. Castellacci, F.; Archibugi, D. The technology clubs: The distribution of knowledge across nations. Res. Policy 2008, 37, 1659–1673.15. Cai, W.G.; Zhou, X.L. On the drivers of eco-innovation: Empirical evidence from China. J. Clean. Prod. 2014, 79, 239–248.16. Cainelli, G.; De Marchi, V.; Grandinetti, R. Does the development of environmental innovation require different resources? Evidence from Spanish manufacturing firms. J. Clean. Prod. 2015, 94, 211–220.17. Awaysheh, A.; Heron, R.; Perry, T.; Wilson, J. On the Relation between corporate social responsibility and Financial Performance. Strateg. Manag. J. 2020, doi:10.1002/smj.3122.18. Barney, J.B. The resource-based theory of the firm. Organ. Sci. 1996, 7, 469–593.19. 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