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Financial innovation in the UK
Shelagh A. Heffernan1; Xiaolan Fu2; Xiaoqing (Maggie) Fu3
Source PublicationApplied Economics
ISSN0003–6846 1466–4283

This study employs a national survey of over 1100 British financial firms to ascertain the determinants of financial innovation and their sales success using the logit and the generalized Tobit models. We find that the likelihood of financial innovation rises with the size of financial firms, employee education, greater expenditure on research and development, the availability of finance and the extent to which firms cooperate with each other. Perceptions of economic risk and innovation costs are also influential. R&D, cooperation and human capital are the main variables driving the success of financial innovation, measured by the percentage share of innovations sold. Firms in London/the south have a significantly greater tendency to innovate, though Scotland also does well. Stock broking, fund management and related activities are more innovative than firms in the financial intermediation and pension/insurance sectors.

KeywordDeterminants/success Of Financial Innovation Iscore Uk Financial Sector
Indexed BySSCI ; SSCI
WOS Research AreaBusiness & Economics
WOS SubjectEconomics
WOS IDWOS:000309271300002
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Cited Times [WOS]:5   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
Corresponding AuthorXiaoqing (Maggie) Fu
Affiliation1.Faculty of Finance, Cass Business School, City University, London EC1Y 8TZ, UK
2.Department of International Development, University of Oxford, Oxford OX1 3TB, UK
3.Faculty of Business Administration, University of Macau, Taipa, Macau, China
Corresponding Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Shelagh A. Heffernan,Xiaolan Fu,Xiaoqing . Financial innovation in the UK[J]. Applied Economics,2013,45(24):3400–3411.
APA Shelagh A. Heffernan,Xiaolan Fu,&Xiaoqing .(2013).Financial innovation in the UK.Applied Economics,45(24),3400–3411.
MLA Shelagh A. Heffernan,et al."Financial innovation in the UK".Applied Economics 45.24(2013):3400–3411.
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