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Exploring the influence of regulation on the innovation process

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  • Dieter De Smet

Abstract

The influence of regulation on the innovation process in the financial services industry is at present an area that is understudied. The Grand-Duchy of Luxembourg provides an interesting case study because it was the first to quickly and effectively transpose a major EU directive for financial services, namely the Undertakings for Collective Investment in Transferable Securities (UCITS) directive. Additionally, no prior study was done on the mechanisms which facilitated a faster innovation process in Luxembourg's financial services industry. The interplay between the government, professional associations and private actors was studied. A positive influence of this interplay on the implementation of the UCITS directive was found, offering a better understanding of the mechanism of externally induced innovation. The obtained results provide interesting new venues of research and indicate the importance of reputation and the existing mechanisms of relational embeddedness to enhance the innovation process in Luxembourg's financial services industry.

Suggested Citation

  • Dieter De Smet, 2012. "Exploring the influence of regulation on the innovation process," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 16(1/2), pages 73-97.
    • Handle: RePEc:ids:ijeima:v:16:y:2012:i:1/2:p:73-97
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    Cited by:

    1. Ernkvist, Mirko, 2015. "The double knot of technology and business-model innovation in the era of ferment of digital exchanges: The case of OM, a pioneer in electronic options exchanges," Technological Forecasting and Social Change, Elsevier, vol. 99(C), pages 285-299.

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