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Innovation policies of Cyprus during the global economic crisis: Aligning financial institutions with National Innovation System

Author

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  • Kapetaniou, Chrystalla
  • Samdanis, Marios
  • Lee, Soo Hee

Abstract

Previous research has overlooked the complementarity between National Innovation Systems and financial institutions. This paper extends the literature on National Innovation Systems, arguing that innovation policies should incorporate the particular needs of a nation's innovation system and the current conditions of that nation's financial environment. This development is important because the financial environment is malleable and subject to exogenous events, such as the recent global financial crisis. The relationship between a National Innovation System and the financial environment is presented through an analytical framework, which can be used to assess and instigate national innovation policies. The analytical framework is demonstrated using the case of Cyprus, which was on the frontline of the European debt crisis. By integrating the views of leaders from the Cypriot manufacturing and service sectors with widely available reports and indices concerning innovation performance, we demonstrate that the lack of a developed financial environment impedes national innovation performance. This research introduces policy and managerial implications for innovation, especially within the context of underdeveloped National Innovation Systems, which focus on improving innovation performance by enhancing the availability of financial instruments and the access that entrepreneurs have to them.

Suggested Citation

  • Kapetaniou, Chrystalla & Samdanis, Marios & Lee, Soo Hee, 2018. "Innovation policies of Cyprus during the global economic crisis: Aligning financial institutions with National Innovation System," Technological Forecasting and Social Change, Elsevier, vol. 133(C), pages 29-40.
    • Handle: RePEc:eee:tefoso:v:133:y:2018:i:c:p:29-40
    DOI: 10.1016/j.techfore.2018.02.019
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    Cited by:

    1. Huarng, Kun-Huang & Yu, Tiffany Hui-Kuang, 2022. "Analysis of Global Innovation Index by structural qualitative association," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    2. Silva, Sergio Evangelista & Venâncio, Ana & Silva, Joaquim Ramos & Gonçalves, Carlos Alberto, 2020. "Open innovation in science parks: The role of public policies," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    3. Elena Calvo-Gallardo & Nieves Arranz & Juan Carlos Fernandez de Arroyabe, 2022. "Contribution of the Horizon2020 Program to the Research and Innovation Strategies for Smart Specialization in Coal Regions in Transition: The Spanish Case," Sustainability, MDPI, vol. 14(4), pages 1-28, February.
    4. Daniele Archibugi & Andrea Filippetti & Marion Frenz, 2018. "Investment in innovation for European recovery: a public policy priority," Management Working Papers 16, Birkbeck Department of Management, revised Feb 2021.
    5. Sergey Novikov & Elmira Amirova & Elena Kosykh & Marina Chudinovskikh & Olga Nikolaevskaya, 2019. "Strategic Planning and Management of High-Tech Developments and Innovative Technical Solutions," Research in World Economy, Research in World Economy, Sciedu Press, vol. 10(3), pages 309-314, December.
    6. Tyurchev, Kirill, 2021. "Управление Инновационными Системами: От Национального До Локального Уровня [Management of Innovative Systems: From National to Local LeveL]," MPRA Paper 111908, University Library of Munich, Germany.
    7. Erzurumlu, S. Sinan & Erzurumlu, Yaman O. & Yoon, YongKi, 2022. "National innovation systems and dynamic impact of institutional structures on national innovation capability: A configurational approach with the OKID method," Technovation, Elsevier, vol. 114(C).
    8. Hameeda A. AlMalki & Christopher M. Durugbo, 2023. "Systematic review of institutional innovation literature: towards a multi-level management model," Management Review Quarterly, Springer, vol. 73(2), pages 731-785, June.
    9. Hong Xu & Baozhen Liu & Kai Lin & Yunyun Zhang & Bei Liu & Mingjie Xie, 2022. "Towards Carbon Neutrality: Carbon Emission Performance of Science and Technology Finance Policy," IJERPH, MDPI, vol. 19(24), pages 1-22, December.
    10. Daquan Gao & Christina W. Y. Wong & Kee-hung Lai, 2023. "Development of Ecosystem for Corporate Green Innovation: Resource Dependency Theory Perspective," Sustainability, MDPI, vol. 15(6), pages 1-28, March.
    11. Fernandez de Arroyabe, Juan Carlos & Schumann, Martin & Sena, Vania & Lucas, Pablo, 2021. "Understanding the network structure of agri-food FP7 projects: An approach to the effectiveness of innovation systems," Technological Forecasting and Social Change, Elsevier, vol. 162(C).
    12. Olha Popelo & Maksym Dubyna & Nataliia Kholiavko, 2021. "World Experience In The Introduction Of Modern Innovation And Information Technologies In The Functioning Of Financial Institutions," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 7(2).

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