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
This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both the firm and country level. The analysis proposed by the present study brings useful theoretical/pragmatic insights on the application of financ...
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-08-01
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| Series: | FinTech |
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| Online Access: | https://www.mdpi.com/2674-1032/2/3/33 |
| _version_ | 1797580140639682560 |
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| author | Aurel Burciu Rozalia Kicsi Simona Buta Mihaela State Iulia Burlac Denisa Alexandra Chifan Beatrice Ipsalat |
| author_facet | Aurel Burciu Rozalia Kicsi Simona Buta Mihaela State Iulia Burlac Denisa Alexandra Chifan Beatrice Ipsalat |
| author_sort | Aurel Burciu |
| collection | DOAJ |
| description | This study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both the firm and country level. The analysis proposed by the present study brings useful theoretical/pragmatic insights on the application of financial technologies in the context of the “fintech” revolution, as a disruptive innovation. 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 informal/empirical 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 (fintech revolution) at the firm level. Third, based on the “over-cross assessment” (non- statistical) 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 up to 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 financial innovation strategy. From a theoretical perspective, the study provides a starting point for further research aimed at explaining firm-level financial innovation (fintech as a disruptor) through the massive use of disruptive technologies. |
| first_indexed | 2024-03-10T22:46:07Z |
| format | Article |
| id | doaj.art-386b41b4c11b480aab4d361a1284a9d8 |
| institution | Directory Open Access Journal |
| issn | 2674-1032 |
| language | English |
| last_indexed | 2024-03-10T22:46:07Z |
| publishDate | 2023-08-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | FinTech |
| spelling | doaj.art-386b41b4c11b480aab4d361a1284a9d82023-11-19T10:39:51ZengMDPI AGFinTech2674-10322023-08-012357261310.3390/fintech2030033The 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 InquiryAurel Burciu0Rozalia Kicsi1Simona Buta2Mihaela State3Iulia Burlac4Denisa Alexandra Chifan5Beatrice Ipsalat6Department of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaDepartment of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaDepartment of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaDepartment of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaDepartment of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaDepartment of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaDepartment of Management, Business Administration and Tourism, Faculty of Economics and Business Administration, “Ștefan cel Mare” University of Suceava, 720229 Suceava, RomaniaThis study aims to assess and identify the role of disruptive/digital technologies in financial innovation strategies as part of social innovations at both the firm and country level. The analysis proposed by the present study brings useful theoretical/pragmatic insights on the application of financial technologies in the context of the “fintech” revolution, as a disruptive innovation. 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 informal/empirical 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 (fintech revolution) at the firm level. Third, based on the “over-cross assessment” (non- statistical) 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 up to 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 financial innovation strategy. From a theoretical perspective, the study provides a starting point for further research aimed at explaining firm-level financial innovation (fintech as a disruptor) through the massive use of disruptive technologies.https://www.mdpi.com/2674-1032/2/3/33disruptive technologyfinancial innovationsocial innovationfintech revolutionMNCs |
| spellingShingle | Aurel Burciu Rozalia Kicsi Simona Buta Mihaela State Iulia Burlac Denisa Alexandra Chifan Beatrice Ipsalat 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 disruptive technology financial innovation social innovation fintech revolution MNCs |
| title | 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 |
| title_full | 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 |
| title_fullStr | 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 |
| title_full_unstemmed | 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 |
| title_short | 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 |
| title_sort | 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 |
| topic | disruptive technology financial innovation social innovation fintech revolution MNCs |
| url | https://www.mdpi.com/2674-1032/2/3/33 |
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