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Innovation in services: corporate culture and investment banking

Author

Listed:
  • Lyons, Richard K.
  • Chatman, Jennifer A.
  • Joyce, Caneel K.

Abstract

The article discusses service innovation in the investment banking industry. Service industry innovations differ from innovations in industries that produce physical products because they rarely have intellectual property and patent protections. However, investment banking services are typically a series of interrelated businesses such as consulting, wealth management and accounting, and innovations require a business wide coordinated approach. The authors argue that a strong corporate culture can support rather than hinder innovation. The creation of such a culture requires strong leadership and an emphasis on innovation in hiring and promotions.

Suggested Citation

  • Lyons, Richard K. & Chatman, Jennifer A. & Joyce, Caneel K., 2007. "Innovation in services: corporate culture and investment banking," LSE Research Online Documents on Economics 26940, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:26940
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    File URL: http://eprints.lse.ac.uk/26940/
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    Cited by:

    1. Hasan, Tahseen & John, Kose & Teng, Haimeng & Wu, Qiang, 2024. "Creative corporate culture and corporate tax avoidance," The British Accounting Review, Elsevier, vol. 56(3).
    2. Qaisar Ali & Hakimah Yaacob & Shazia Parveen & Zaki Zaini, 2021. "Big data and predictive analytics to optimise social and environmental performance of Islamic banks," Environment Systems and Decisions, Springer, vol. 41(4), pages 616-632, December.
    3. Li, Yunjian & Chen, Jiawen & Li, Li & Huang, Xiaojun, 2024. "Government innovation awards, innovation funds acquisition and enterprise innovation," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 846-864.
    4. Thakur, Ramendra & Hale, Dena, 2013. "Service innovation: A comparative study of U.S. and Indian service firms," Journal of Business Research, Elsevier, vol. 66(8), pages 1108-1123.
    5. Vittoria Marino & Raffaella Montera, 2014. "Entrepreneurial woman and territory: A cross-sectoral analysis," Local Economy, London South Bank University, vol. 29(8), pages 826-840, December.
    6. Senay DEMÝREL & Suha Erdem YABAS & Caglar UCLER & Sait SENER & Metin Recep ZAFER, 2021. "Idea Evaluation in Innovation Management for the New Normal in Banking: A Case Study in Vakýfbank," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 15(1), pages 1-26.
    7. Köhler, Christian & Sofka, Wolfgang & Grimpe, Christoph, 2009. "Selectivity in search strategies for innovation: from incremental to radical, from manufacturing to services," ZEW Discussion Papers 09-066, ZEW - Leibniz Centre for European Economic Research.
    8. Tor Helge Aas & Nina Jentoft & Mikaela Vasstrøm, 2016. "Managing innovation of care services: An exploration of Norwegian municipalities," Cogent Business & Management, Taylor & Francis Journals, vol. 3(1), pages 1215762-121, December.
    9. Snyder, Hannah & Witell, Lars & Gustafsson, Anders & Fombelle, Paul & Kristensson, Per, 2016. "Identifying categories of service innovation: A review and synthesis of the literature," Journal of Business Research, Elsevier, vol. 69(7), pages 2401-2408.
    10. Hoewer, Daniel & Schmidt, Tobias & Sofka, Wolfgang, 2011. "An information economics perspective on main bank relationships and firm R&D," ZEW Discussion Papers 11-055, ZEW - Leibniz Centre for European Economic Research.
    11. Intekhab Alam & Pouya Seifzadeh, 2020. "Marketing Islamic Financial Services: A Review, Critique, and Agenda for Future Research," JRFM, MDPI, vol. 13(1), pages 1-19, January.
    12. Ruth Maria Stock & Nils Lennart Schnarr, 2016. "Exploring The Product Innovation Outcomes Of Corporate Culture And Executive Leadership," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(01), pages 1-33, January.
    13. Martin Mende, 2019. "The innovation imperative in healthcare: an interview and commentary," AMS Review, Springer;Academy of Marketing Science, vol. 9(1), pages 121-131, June.
    14. Szczepańska-Woszczyna Katarzyna, 2018. "Strategy, Corporate Culture, Structure and Operational Processes as the Context for the Innovativeness of an Organization," Foundations of Management, Sciendo, vol. 10(1), pages 33-44, March.
    15. Ksenija Kuzmina & Rhoda Trimingham & Tracy Bhamra, 2020. "Organisational Strategies for Implementing Education for Sustainable Development in the UK Primary Schools: A Service Innovation Perspective," Sustainability, MDPI, vol. 12(22), pages 1-16, November.
    16. Santos-Vijande, María Leticia & López-Sánchez, Jose Ángel & Pascual-Fernández, Primitiva & Rudd, John M., 2021. "Service innovation management in a modern economy: Insights on the interplay between firms’ innovative culture and project-level success factors," Technological Forecasting and Social Change, Elsevier, vol. 165(C).
    17. Jeongwook Khang & Yung-Mok Yu & Hong-Hee Lee, 2014. "Moderating effects of the fit between service tangibilization and organizational performance," Service Business, Springer;Pan-Pacific Business Association, vol. 8(2), pages 239-266, June.
    18. Megbel Aleidan, 2017. "Hotel Industry Regulations and Cross-Border Franchising: The Case of Saudi Arabia," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(9), pages 1-94, August.
    19. Oihana Basilioa & Philippe Laredob & Paloma Sánchezc, 2019. "The Organization Of R&D Activities In Large Knowledge Intensive Business Services: The Case Of A “Big Four” Consultancy," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(03), pages 1-32, April.
    20. Adam J. Bock & Andreas B. Eisengerich & Dmitry Sharapov & Gerard George, 2015. "Innovation and Leadership," SAGE Open, , vol. 5(2), pages 21582440155, June.
    21. Małgorzata Okręglicka, 2015. "Key Factors of Small Business Success: Literature Review," Journal of Social and Development Sciences, AMH International, vol. 6(4), pages 30-36.

    More about this item

    JEL classification:

    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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