Innovation in Services: Corporate Culture and Investment Banking

California Management Review, Vol. 50, No. 1, pp. 174-191, 2007

19 Pages Posted: 3 Mar 2010  

Richard K. Lyons

University of California, Berkeley; National Bureau of Economic Research (NBER)

Jennifer Chatman

University of California, Berkeley - Haas School of Business, Organizational Behavior & Industrial Relations Group

Caneel K. Joyce

London School of Economics

Date Written: Fall 2007

Abstract

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.

Keywords: innovation, service innovation, corporate culture, investment banking, service sector, financial services, organizational culture, management, business, hiring, promotions, leadership, creativity

JEL Classification: M14, D23

Suggested Citation

Lyons, Richard K. and Chatman, Jennifer and Joyce, Caneel K., Innovation in Services: Corporate Culture and Investment Banking (Fall 2007). California Management Review, Vol. 50, No. 1, pp. 174-191, 2007. Available at SSRN: https://ssrn.com/abstract=1559470

Richard K. Lyons (Contact Author)

University of California, Berkeley ( email )

Haas School of Business
Berkeley, CA 94720
United States
510-642-1059 (Phone)
510-643-1420 (Fax)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Jennifer Chatman

University of California, Berkeley - Haas School of Business, Organizational Behavior & Industrial Relations Group ( email )

Berkeley, CA 94720
United States
510-642-4723 (Phone)

Caneel K. Joyce

London School of Economics ( email )

London
United States

HOME PAGE: http://caneelian.com

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