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Sustainability
Volume 12
Issue 6
10.3390/su12062261
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Article

Does Technological Innovation Drive Corporate Sustainability? Empirical Evidence for the European Financial Industry in Catching-Up and Central and Eastern Europe Countries

by
Francisca Sempere-Ripoll
1,
Sofia Estelles-Miguel
1,*,
Ronald Rojas-Alvarado
2,3 and
Jose-Luis Hervas-Oliver
1,4,5
1
Management Department, Universitat Politècnica de València, 46022 València, Spain
2
Gestión Organizacional, Universidad ICESI, Cl. 18 #122-135, Cali 760032, Colombia
3
Escuela de Ciencias Básicas, Tecnología e Ingeniería, Universidad Universidad Nacional Abierta y a Distancia, Bogota 110111, Colombia
4
Unidad Permanente de Investigación, ESIC Business & Marketing School, 28223 Madrid, Spain
5
Industrial Engineering Department, Universidad de la Costa, Cl. 58 ##55–66, Barraquilla 080001, Colombia
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(6), 2261; https://doi.org/10.3390/su12062261
Submission received: 28 January 2020 / Revised: 3 March 2020 / Accepted: 6 March 2020 / Published: 13 March 2020
(This article belongs to the Special Issue Sustainable Banking: Issues and Challenges)
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Abstract

In the financial industry, two relationships are well-researched: (i) innovation and financial performance and, (ii) sustainability and financial performance, both focused primarily on Western and advanced countries. The relationship between innovation and sustainability, however, is underresearched. This study’s purpose consists of determining whether there is a relationship between innovation and corporate sustainability in the financial industry. In doing so, this study responds to a critical question: are the most innovative firms also the most sustainability-oriented? We empirically explore sustainability-oriented innovation in the financial industry of 11 catching-up countries in Central and Eastern Europe (CEE). Using Community Innovation Survey (CIS) data for 2012–2014, this study empirically analyzes a large sample of 1574 firms in the financial industry. Our results suggest that innovation is positively linked to corporate sustainability, pointing out that innovation capabilities are positively related to sustainability. Our study proposes a framework for analyzing innovation and sustainability from a capability-perspective.
Keywords: innovation; financial industry; sustainability; Central and Eastern Europe; CIS data innovation; financial industry; sustainability; Central and Eastern Europe; CIS data

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MDPI and ACS Style

Sempere-Ripoll, F.; Estelles-Miguel, S.; Rojas-Alvarado, R.; Hervas-Oliver, J.-L. Does Technological Innovation Drive Corporate Sustainability? Empirical Evidence for the European Financial Industry in Catching-Up and Central and Eastern Europe Countries. Sustainability 2020, 12, 2261. https://doi.org/10.3390/su12062261

AMA Style

Sempere-Ripoll F, Estelles-Miguel S, Rojas-Alvarado R, Hervas-Oliver J-L. Does Technological Innovation Drive Corporate Sustainability? Empirical Evidence for the European Financial Industry in Catching-Up and Central and Eastern Europe Countries. Sustainability. 2020; 12(6):2261. https://doi.org/10.3390/su12062261

Chicago/Turabian Style

Sempere-Ripoll, Francisca, Sofia Estelles-Miguel, Ronald Rojas-Alvarado, and Jose-Luis Hervas-Oliver. 2020. "Does Technological Innovation Drive Corporate Sustainability? Empirical Evidence for the European Financial Industry in Catching-Up and Central and Eastern Europe Countries" Sustainability 12, no. 6: 2261. https://doi.org/10.3390/su12062261

APA Style

Sempere-Ripoll, F., Estelles-Miguel, S., Rojas-Alvarado, R., & Hervas-Oliver, J.-L. (2020). Does Technological Innovation Drive Corporate Sustainability? Empirical Evidence for the European Financial Industry in Catching-Up and Central and Eastern Europe Countries. Sustainability, 12(6), 2261. https://doi.org/10.3390/su12062261

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