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Financial techniques, institutions and innovation

Author

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  • Howells, John

    (Department of Organisation and Management, Aarhus School of Business)

Abstract

This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and the evaluative behaviour of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial control for organisational stability against the need to trust devolved organisational forms in control of innovative development projects.

Suggested Citation

  • Howells, John, 2003. "Financial techniques, institutions and innovation," Working Papers 2003-3, University of Aarhus, Aarhus School of Business, Department of Management.
    • Handle: RePEc:hhb:aardom:2003_003
    as

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    References listed on IDEAS

    as
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    3. Mayer, Colin & Alexander, Ian, 1990. "Banks and securities markets: Corporate financing in Germany and the United Kingdom," Journal of the Japanese and International Economies, Elsevier, vol. 4(4), pages 450-475, December.
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    6. Mayer, Colin, 1997. "The City and Corporate Performance: Condemned or Exonerated?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 21(2), pages 291-302, March.
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    Keywords

    Financial evaluation; Innovation;

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