Innovation in Services: Corporate Culture and Investment Banking
Richard K. Lyons
University of California, Berkeley; National Bureau of Economic Research (NBER)
University of California, Berkeley - Haas School of Business, Organizational Behavior & Industrial Relations Group
Caneel K. Joyce
London School of Economics
California Management Review, Vol. 50, No. 1, pp. 174-191, 2007
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.
Number of Pages in PDF File: 19
Keywords: innovation, service innovation, corporate culture, investment banking, service sector, financial services, organizational culture, management, business, hiring, promotions, leadership, creativity
JEL Classification: M14, D23
Date posted: March 3, 2010
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