Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

The Study of the Relationship Among Gci, Gii, Disruptive Technology, and Social Innovations in MNCs: How Do We Evaluate Financial Innovations Made by Firms? A Preliminary Inquiry

AUREL BURCIU
* ORCID logo ,
ROZALIA KICSI
,
SIMONA BUTA
ORCID logo ,
MIHAELA STATE
ORCID logo ,
IULIA BURLAC
ORCID logo ,
DENISA CHIFAN
,
BEATRICE IPSALAT
Version 1 : Received: 9 June 2023 / Approved: 12 June 2023 / Online: 12 June 2023 (03:03:36 CEST)

A peer-reviewed article of this Preprint also exists.

Burciu, A.; Kicsi, R.; Buta, S.; State, M.; Burlac, I.; Chifan, D.A.; Ipsalat, B. The Study of the Relationship among GCI, GII, Disruptive Technology, and Social Innovations in MNCs: How Do We Evaluate Financial Innovations Made by Firms? A Preliminary Inquiry. FinTech 2023, 2, 572-613. Burciu, A.; Kicsi, R.; Buta, S.; State, M.; Burlac, I.; Chifan, D.A.; Ipsalat, B. The Study of the Relationship among GCI, GII, Disruptive Technology, and Social Innovations in MNCs: How Do We Evaluate Financial Innovations Made by Firms? A Preliminary Inquiry. FinTech 2023, 2, 572-613.

Abstract

This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both firm and country level. There are few studies of this type that "cross-examine" technical/social innovative capacity at the firm level vs. the same innovative capacity at the level of the world's major countries. Our proposed study brings some novel elements to the literature on this topic. First, the study synthesizes the factors/variables explaining technical/social innovative capacity as ranked by the GCI (Global Competitiveness Index) and GII (Global Innovation Index) at the country level and then correlates these variables with the factors explaining innovative capacity for the 50 companies in the BCG (Boston Consulting Group) ranking. Second, the study identifies three "driving forces" (digital technologies, managers and the market) as the main variables determining financial innovativeness at firm level. Third, based on the "cross" analysis of the information/data provided by the BCG study vs. the GII and GCI studies, the study suggests some ways to delineate and quantify financial innovation as part of social innovation (e.g., it is argued that 80% of the social innovation achieved annually by a firm relates to the financial relationships engaged by the firm with various categories of stakeholders). Finally, the study is also important from a pragmatic point of view as it suggests/proposes a number of principles that can be considered by managers for building a KM (knowledge management) and continuous innovation strategy. From a theoretical perspective, the study provides a starting point for further research aimed at explaining firm-level financial innovation through the massive use of disruptive technologies.

Keywords

disruptive technology; financial innnovation; social innovation; MNCs

Subject

Business, Economics and Management, Business and Management

Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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