European Business Schools Librarian's Group
Working Papers,
University of Aarhus, Aarhus School of Business, Department of Management
No 2003-3: Financial techniques, institutions and innovation
John Howells ()
Additional contact information
John Howells: Department of Organisation and Management, Aarhus School of Business, Postal: The Aarhus School of Business, Fuglesangs Allé 4, 8210 Aarhus V, Denmark
Abstract: This paper reviews the relationship between financial evaluation and control techniques and innovative activity in a range of contexts. The relationship is broadly conceived to include both the financial techniques developed and deployed within the firm and the evaluative behaviour of financial institutions external to the firm such as venture capital and industrial investment banking. With innovative and investment opportunities tending to vary over time within an industry, it becomes apparent that there can be no permanent solution to the common problem of how to trade off financial control for organisational stability against the need to trust devolved organisational forms in control of innovative development projects.
Keywords: Financial evaluation; Innovation
52 pages, November 26, 2003
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