Contenu du sommaire : Innovation and Finance

Revue Journal of Innovation Economics Mir@bel
Numéro no 29, 2019
Titre du numéro Innovation and Finance
Texte intégral en ligne Accessible sur l'internet
  • Innovation: The Janus Face of Finance - Blandine Laperche, Thierry Burger-Helmchen p. 1-5 accès libre
  • Financing the Next Generations of Innovation: New Dimensions in the Private Equity Model - Laure-Anne Parpaleix, Kevin Levillain, Blanche Segrestin p. 7-41 accès libre avec résumé en anglais
    It is widely acknowledged that, for firms to grow, they need to regularly introduce new generations of innovation; however, this is rarely addressed in the finance or private equity literature. If the private equity investment class is structured based on the business cycle, little is known about how it fosters firms' capacity to regenerate. This leads to the question: How can private equity support firms' ability to repeatedly innovate? Building on the literature in innovation management and design theory, we propose complementing private equity models with new dimensions: the design of potential future products and their expected value. This model is used to analyze in-depth a longitudinal case provided by a French investment fund. We show that it is far better suited to certain investment strategies than are classical models. Among other important implications, we suggest that private equity must not only provide seed, venture, or buyout capital, but also support firms' innovation portfolio regeneration.
    JEL Codes: G320, O32
  • SMEs and Junior Stock Markets: A Comparison between European and Japanese Markets - Caroline Granier, Valérie Revest, Alessandro Sapio p. 43-67 accès libre avec résumé en anglais
    The financing of SMEs has been a central concern for industrialized countries over the last couple of decades. Stock markets dedicated to SMEs, called junior markets, are increasingly seen as an alternative to bank financing. This article examines the functions of the junior markets that are located in continental Europe and in Japan. Based on the analytical framework developed by Lazonick and O'Sullivan (2004) and Lazonick (2007), we evaluate the functions performed by junior markets through the listing criteria and ongoing requirements and through the collection of market statistics. Market models appear to be heterogeneous: continental European markets lie between the UK Alternative Investment Market (AIM) and the oldest Japanese junior markets. According to their organization, they may stimulate more growth or exit. This contribution can play a useful role in informing policy makers about junior markets.
    JEL Codes: G10, G24, O30
  • On financial innovation in developing countries: The determinants of mobile banking and financial development in Africa - Christian-Lambert Nguena p. 69-94 accès libre avec résumé en anglais
    This study addresses the question of financial innovation in developing countries by focusing on the determinants of mobile banking development in Africa. Data on mobile banking across countries is partially constructed by the author, to which is applied panel data and cross-sectional econometric technics, to investigate the determinants of mobile banking development. Statistical analysis reveals that there is a positive link between the different proxies of mobile banking and an indicator of mobile banking development using the principal component analysis technique is constructed. Overall, the estimation of the four models highlights the following determinants: human capital development, credible monetary policy, infrastructure development, remittances facilitation, urbanization, trade openness and the facilitation of access to domestic credit from the banking sector. Also, the results of our robustness check are uncontroversial. A general recommendation to African governments is that they should pursue good performance in the light of the determinants highlighted above by implementing specific and well conditioned economic policies.
    JEL Codes: G21, R1, O4
  • Focus

    • Looking Back Again to the Brazilian Crises of the 1990s: The Role of Financial Derivatives - Ayca Sarialioglu Hayali p. 95-131 accès libre avec résumé en anglais
      The presence of financial derivatives can be a very effective destabilizing factor in economies which are rapidly liberalized and which, especially, have poorly structured and improperly regulated imbalanced derivatives markets, like the emerging market economies, including Brazil in the 1990s. Since Brazil was subject to the rapid and almost complete liberalization of her economy in the 1990s, and had poorly structured imbalanced derivative markets, she was highly vulnerable to the harmful usages of financial derivatives in the 1990s. Although financial derivatives were initially developed for beneficial purposes, such as the handling of risks and volatilities, they turned into channels creating them. This paper aims to analyze and test statistically their potential role in the Brazilian financial crises in the 1990s through a time-series approach. The major findings indicate that they had an increasing impact on crisis pressures of Brazil in the 1990s, both in the short and long term.JEL Codes: F37, G01, G15
  • Syllogism

    • Innovation Dynamics and Financialisation: Is Another Regulation Possible to Re-Industrialise the Economy? - Faruk Ülgen p. 133-158 accès libre avec résumé en anglais
      Innovation is the source of capitalist accumulation. Schumpeter termed this process “Creative Destruction” and related it to entrepreneurial activities and to the functioning of the monetary and financial system. Recent research on economic development has also placed the emphasis on financial innovations and financial markets. The financial liberalisation era of the 1990s and 2000s is regarded as a growth period and a positive relationship is assumed between financial innovations and entrepreneurial innovations. However, financial innovations provoked an economy-wide financialisation, reduced the share of real entrepreneurial activities and generated systemic crises. The subsequent turmoil hampered the access of innovative projects to stable financial resources. This article maintains that in order to set the economy on a re-industrialisation path, an alternative organisation of financial markets is required. I then suggest some directions for possible relevant recovery policies and argue that an alternative re-industrialisation/de-financialisation process calls for a specific public regulation that should seek to lead financial institutions to finance sustainable innovative activities in order to ensure global recovery and prevent systemic catastrophes.JEL Codes: G18, G20, O31, O38
  • Varia

    • Construction of an Operational Concept of Technological Military/Civilian Duality - François-Xavier Meunier p. 159-182 accès libre avec résumé en anglais
      The concept of duality covers a vast and complex area. This contribution provides a systemic analytical framework for understanding dual technological innovation beyond case studies. The question is to know in which institutional perimeter and according to which organization of the innovation process the dual potential of a technology must be understood. Thus, in parallel with the Defense Industrial and Technological Base DITB concept, for dual technologies, the Dual Innovation System concept would allow a more integrated management between defence innovation policy and industrial policy. The objective is to highlight a complementarity between the two concepts, the first serving to approach, defence as a whole, while the second focuses more specifically on a technical system in order to consider all its applications.JEL Codes: O32
    • Are the Innovation Needs of Low-Technological Small and Medium-Sized Enterprises in Line with Knowledge Production by Research Institutions? - Camille Aouinait, Danilo Christen, Agnieszka Kosinska, Wilfried Andlauer, Christoph Carlen p. 183-211 accès libre avec résumé en anglais
      Small agricultural firms have to cope with increasing economic, legal and environmental difficulties. The purpose of the paper is to identify whether there are available research outputs to these challenges, focusing on the Swiss traditional fruit sector. Identification of firms' needs using face-to-face interviews and a focus group allowed us to prioritize innovations. Knowledge and innovation transfer gaps were identified thanks to bibliometric analysis, providing hints for research program orientations. The main sectoral needs were related to varieties like increasing pest and disease resistance, weather sensitivity, and ripening behavior. Knowledge produced by research institutions was partly related to the firms' needs. The study demonstrated a need for better coordination between agricultural stakeholders and researchers. Knowledge must be transferred and shared in the network with greater efficiency by extending interactions and involving stakeholders earlier in the innovation process. However, the search for scientific outputs should include more specificities of the local environment.JEL Codes: O31, O32
  • Trends and comments