Search results for: innovation accounting.

Authors: Sara Tessitore, Tiberio Daddi, Fabio Iraldo

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The article aims to investigate the presence of a correlation between eco-innovation and economic performance within industrial districts. The case analyzed in this article is based on a study concerning a sample of 54 Italian industrial clusters entitled "Eco-Districts" that has compiled a list of the most eco-efficient districts at the national level. After selecting two districts, this study assesses the economic performance of the last three years through the analysis of trends in four indicators. The results show that only in some cases there is a connection between eco innovation and economic performance.

Keywords: clusters, industrial districts, eco-innovation, economic performance.

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Authors: Mario Gómez, José Carlos Rodríguez

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This paper analyzes innovation trends in South Korea by means of the number of patent applications filed by residents and nonresidents during the period 1965 to 2012. Making use of patent data released by the World Intellectual Property Organization (WIPO), we search for the presence of multiple structural changes in patent application series in this country. These changes may suggest that firms’ innovative activity has been modified as a result of implementing some science, technology and innovation (STI) policies. Accordingly, the new regulations implemented in this country in the last decades have influenced its innovative activity. The question conducting this research is thus how STI policies in South Korea have influenced its innovation activity. The results confirm the existence of multiple structural changes in the series of patent applications resulting from alternative STI policies implemented during these years.

Keywords: Econometric methods, innovation activity, South Korea, patent applications, science, technology and innovation (STI) policy.

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Authors: T. Konst

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Most jobs include training and communication tasks, but often the people in these jobs lack pedagogical competences to plan, implement and assess learning. This paper aims to discuss how a learning approach called innovation pedagogy developed in higher education can be utilized for learning development in various organizations. The methods presented how to implement innovation pedagogy such as process consultation and train the trainer model can provide added value to develop pedagogical knowhow in organizations and thus support their internal learning and development.

Keywords: Innovation pedagogy, learning, organizational development, process consultation.

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Authors: Jieun Kim, Yongtae Park, Hakyeon Lee

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The emergence of mobile application services and App Store has led to the explosive growth of user innovation, which users voluntarily contribute to. User innovation communities where end users freely reveal innovative ideas and needs with other community members are becoming increasingly influential in this area. However, user-s ideas in user innovation community are not enough to be new service opportunity, because some of them can already developed as existing services in App Store. Moreover, the existing services similar to new service opportunity can be significant references to apply analogy to develop service concept. In response, this research proposes Case-Based Reasoning approach to matching the user needs and existing services, identifying unmet opportunistic user needs, and retrieving similar services with opportunity. Due to its intuitive and transparent algorithm, users related to App Store innovation communities can easily employ Case-Based Reasoning based approach to their innovation.

Keywords: App Store, Case-Based Reasoning, Mobile Application Service, User innovation community.

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Authors: Noor Mohammad

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Environmental accounting is a recent phenomenon in the modern jurisprudence. It may reflect the corporate governance mechanisms in line with the natural resources and environmental sound management and administration systems in any country of the world. It may be a corporate focused on the improving of the environmental quality. But it is often identified that it is ignored due to some reasons such as unconsciousness, lack of ethical education etc. At present, the world community is very much concerned about the state of the environmental accounting and auditing systems as it bears sustainability on the mother earth for our generations. It is one of the important tools for understanding on the role played by the natural environment in the economy. It provides adequate data which is highlighted both in the contribution of natural resources to economic well-being as well as the costs imposed by pollution or resource degradation. It can play a critical role as on be a part of the many international environmental organizations such as IUCN, WWF, PADELIA, WRI etc.; as they have been taking many initiatives for ensuring the environmental accouting for our competent survivals. The global state actors have already taken some greening accounting initiatives under the forum of the United Nations Division for Sustainable Dedevolpment, the United Nations Statistical Division, the United Nations Conference on Environment and development known as Earth Summit in Rio de Janeiro, Johannesburg Conference 2002 etc. This study will provide an overview of the environmental accounting education consisting of 25 respondents based on the primary and secondary sources.

Keywords: Environmental Accounting, Auditing Education and Sustainable Development

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Authors: Zhanna Mingaleva, Irina Mirskikh

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Innovational development of regions in Russia is generally faced with the essential influence from federal and local authorities. The organization of effective mechanism of innovation development (and self-development) is impossible without establishment of defined institutional conditions in the analyzed field. Creative utilization of scientific concepts and information should merge, giving rise to continuing innovation and advanced production. The paper presents an analysis of institutional conditions in the field of creation and development of innovation activity infrastructure and transferring of knowledge and skills between different economic agents in Russia. Knowledge is mainly privately owned, developed through R&D investments and incorporated into technology or a product. Innovation infrastructure is a strong concentration mechanism of advanced facilities, which are mainly located inside large agglomerations or city-regions in order to benefit from scale effects in both input markets (human capital, private financial capital) and output markets (higher education services, research services). The empirical results of the paper show that in the presence of more efficient innovation and knowledge transfer and transcoding system and of a more open attitude of economic agents towards innovation, the innovation and knowledge capacity of regional economy is much higher.

Keywords: knowledge economy, innovational development, transfer of knowledge, institutional preconditions, innovation andknowledge capacity.

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Authors: Bubaker F. Shareia, Almuetaz R. Boubakr

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The aim of this paper is to show how Libya’s legal, economic, political, social, and cultural systems have shaped Libyan development. This will provide a background to develop an understanding of the current role of the accounting information system in Libya and the challenges facing the design of the aeronautical information system to meet the development needs of Libya. Our knowledge of the unified economic operating systems of the world paves the way for the economic development of every developing country. In order to achieve this understanding, every developing country should be provided with a high-efficiency communications system in order to be able to interact globally. From the point of view of the theory of globalization, Libya's understanding of its socio-economic and political systems is vital in order to be able to adopt and apply accounting techniques that will assist in the economic development of Libya.

Keywords: Accounting, economic development, globalisation theory, information system.

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Authors: Numtip Trakulmaykee, Ahmad Suhaimi Baharudin, Muhammad Rafie Mohd. Arshad

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This study investigates theoretical model of tourist intention in the context of mobile tourism guide. The research model consists of three constructs: mobile design quality, innovation characteristics, and intention to use mobile tourism guide. In order to investigate the effects of determinants and examine the relationships, partial least squares is employed for data analysis and research model development. The results show that mobile design quality and innovation quality significantly impact on tourists’ intention to use mobile tourism guide. Furthermore, mobile design quality has a strong influence on innovation characteristics, and cannot be the moderator on the relationship between innovation characteristics and tourists’ intention to use mobile tourism guide. Our findings propose theoretical model for mobile research and provide an important guideline for developing mobile application.

Keywords: Design quality, Innovation characteristics, Intention, Mobile tourism guide.

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Authors: Nadia Albu, Cătălin Nicolae Albu, Mădălina Maria Gîrbină, Maria Iuliana Sandu

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Professions are concerned about the public image they have, and this public image is represented by stereotypes. Research is needed to understand how accountants are perceived by different actors in the society in different contexts, which would allow universities, professional bodies and employers to adjust their strategies to attract the right people to the profession and their organizations. We aim to develop in this paper a framework to be used in empirical testing in different environments to determine and analyze the accountant-s stereotype. This framework will be useful in analyzing the nuances associated to the accountant-s image and in understanding the factors that may lead to uniformity in the profession and of those leading to diversity from one context (country, type of countries, region) to another.

Keywords: accounting profession, accounting stereotype, framework, public image

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Authors: Sawsan J. Al-husseini, Talib A. Dosa

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Educational institutions are today facing increasing pressures due to economic, political and social upheaval. This is only exacerbated by the nature of education as an intangible good which relies upon the intellectual assets of the organisation, its staff. Top management support has been acknowledged as having a positive general influence on knowledge management and creativity. However, there is a lack of models linking top management support, knowledge sharing, and innovation within higher education institutions, in general within developing countries, and particularly in Iraq. This research sought to investigate the impact of top management support on innovation through the mediating role of knowledge sharing in Iraqi private HEIs. A quantitative approach was taken and 262 valid responses were collected to test the causal relationships between top management support, knowledge sharing, and innovation. Employing structural equation modelling with AMOS v.25, the research demonstrated that knowledge sharing plays a pivotal role in the relationship between top management support and innovation. The research has produced some guidelines for researchers as well as leaders, and provided evidence to support the use of knowledge sharing to increase innovation within the higher education environment in developing countries, particularly Iraq.

Keywords: Top management support, knowledge sharing, innovation, structural equation modelling.

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Authors: Chiara Verbano, Maria Crema, Karen Venturini

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The company-s ability to draw on a range of external sources to meet their needs for innovation, has been termed 'open innovation' (OI). Very few empirical analyses have been conducted on Small and Medium Enterprises (SMEs) to the extent that they describe and understand the characteristics and implications of this new paradigm. The study's objective is to identify and characterize different modes of OI, (considering innovation process phases and the variety and breadth of the collaboration), determinants, barriers and motivations in SMEs. Therefore a survey was carried out among Italian manufacturing firms and a database of 105 companies was obtained. With regard to data elaboration, a factorial and cluster analysis has been conducted and three different OI modes have emerged: selective low open, unselective open upstream, and mid- partners integrated open. The different behaviours of the three clusters in terms of determinants factors, performance, firm-s technology intensity, barriers and motivations have been analyzed and discussed.

Keywords: Open innovation, R&D management, SMEs.

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Authors: Dorine M. Mattar, Rim M. El Khoury

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This paper examined the influence of matching students- learning preferences with the teaching methodology adopted, on their academic performance in an accounting course in two types of learning environment in one university in Lebanon: classes with PowerPoint (PPT) vs. conventional classes. Learning preferences were either for PPT or for Conventional methodology. A statistically significant increase in academic achievement is found in the conventionally instructed group as compared to the group taught with PPT. This low effectiveness of PPT might be attributed to the learning preferences of Lebanese students. In the PPT group, better academic performance was found among students with learning/teaching match as compared with students with learning/teaching mismatch. Since the majority of students display a preference for the conventional methodology, the result might suggest that Lebanese students- performance is not optimized by PPT in the accounting classrooms, not because of PPT itself, but because it is not matching the Lebanese students- learning preferences in such a quantitative course.

Keywords: Accounting education, learning preferences, learning/teaching match, Lebanon, Student performance.

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Authors: Lovorka Galetic, Zeljko Vukelic

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The advanced concepts of strategic and innovation management in the sphere of company dynamic and innovation capabilities, and achieving their mutual alignment and a synergy effect, are important elements in business today. This paper analyses the theory and empirically investigates the influence of a company’s dynamic capabilities on its innovation capabilities. A new multidimensional model of dynamic capabilities is presented, consisting of five factors appropriate to real time requirements, while innovation capabilities are considered pursuant to the official OECD and Eurostat standards. After examination of dynamic and innovation capabilities indicated their theoretical links, the empirical study testing the model and examining the influence of a company’s dynamic capabilities on its innovation capabilities showed significant results. In the study, a research model was posed to relate company dynamic and innovation capabilities. One side of the model features the variables that are the determinants of dynamic capabilities defined through their factors, while the other side features the determinants of innovation capabilities pursuant to the official standards. With regard to the research model, five hypotheses were set. The study was performed in late 2014 on a representative sample of large and very large Croatian enterprises with a minimum of 250 employees. The research instrument was a questionnaire administered to company top management. For both variables, the position of the company was tested in comparison to industry competitors, on a fivepoint scale. In order to test the hypotheses, correlation tests were performed to determine whether there is a correlation between each individual factor of company dynamic capabilities with the existence of its innovation capabilities, in line with the research model. The results indicate a strong correlation between a company’s possession of dynamic capabilities in terms of their factors, due to the new multi-dimensional model presented in this paper, with its possession of innovation capabilities. Based on the results, all five hypotheses were accepted. Ultimately, it was concluded that there is a strong association between the dynamic and innovation capabilities of a company. 

Keywords: Dynamic capabilities, innovation capabilities, competitive advantage, business results.

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Authors: Hanadi Mubarak AL-Mubaraki, Michael Busler

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Innovation is the process of making changes, differences, and novelties in the products and services, adding values and business practices to create economic and social benefit. The purpose of this paper is to identify the strengths and weaknesses of innovation programs in developed and developing countries. We used a mixed-methods approach, quantitative as survey and qualitative as a multi-case study to examine innovation best practices in developed and developing countries. In addition, four case studies of innovation organisations based on the best practices and successful implementation in the developed and developing countries are selected for examination. The research findings provide guidance, suggestions, and recommendations for future implementation in developed and developing countries for practitioners such as policy makers, governments, funded organizations, and strategic institutions. In conclusion, innovation programs are vital tools for economic growth, knowledge, and technology transfer based on the several indicators such as creativity, entrepreneurship, role of government, role of university, strategic focus, new products, survival rate, job creation, start-up companies, and number of patents. The authors aim to conduct future research which will include a comparative study of innovation case studies between developed and developing countries for policy implications worldwide. The originality of this study makes a contribution to the current literature about the innovation best practice in developed and developing countries.

Keywords: Economic development, entrepreneurship, developed countries, innovation program.

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Authors: José Carlos Rodríguez, Mario Gómez

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This paper analyzes innovation trends in Latin America countries by means of the number of patent applications filed by residents and non residents during the period 1965 to 2012. Making use of patent data released by the World Intellectual Property Organization (WIPO), we search for the presence of multiple structural changes in patent application series in Argentina, Brazil Chile, and Mexico. These changes may suggest that firms’ innovative activity has been modified as a result of implementing a particular science, technology and innovation (STI) policy. Accordingly, the new regulations implemented in these countries during 1980s and 1990s have influenced their intellectual property regimes. The question conducting this research is thus how STI policies in these countries have affected their innovation activity? The results achieved in this research confirm the existence of multiple structural changes in the series of patent applications resulting from STI policies implemented in these countries.

Keywords: Econometric methods, innovation activity, Latin America countries, patents, science, technology and innovation (STI) policy.

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Authors: Y. W. Chen, H. L. Fan

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Evidence shows that start-ups success is positively correlated with the launch of the first product. However, new ventures are seldom able to acquire abundant resources for new product development (NPD), which means that entrepreneurs may depend on personal creativity instead of physical investments to achieve and accelerate innovation speed. This study accentuates the role of entrepreneurial bricolage, which defined as making do by applying combinations of the resources at hand to new problems and opportunities, in the relations of creative self-efficacy and innovation speed. This study uses the multiple regression analysis to test the hypotheses in a sample of 203 start-ups operating in various creative markets in Taiwan. Results reveal that creative self-efficacy is positively and directly associated with innovation speed, whereas entrepreneurial bricolage plays a full mediator. These findings offer important theoretical and practical implications.

Keywords: Creative self-efficacy, innovation speed, entrepreneurial bricolage, new ventures.

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Authors: Wen-Pai Wang

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The growing influence of service industries has prompted greater attention being paid to service operations management. However, service managers often have difficulty articulating the veritable effects of their service innovation. Especially, the performance evaluation process of service innovation problems generally involves uncertain and imprecise data. This paper presents a 2-tuple fuzzy linguistic computing approach to dealing with heterogeneous information and information loss problems while the processes of subjective evaluation integration. The proposed method based on group decision-making scenario to assist business managers in measuring performance of service innovation manipulates the heterogeneity integration processes and avoids the information loss effectively.

Keywords: Group decision-making, Heterogeneity, Linguisticcomputing, Multi-criteria, Service innovation

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Authors: Marco Ogê Muniz, Luiz Fernando Gonçalves De Figueiredo

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Design, as an area of knowledge, is subject to changes that affect it through different approaches, both theoretical and practical; its include matters related with responsibility, environment, social worries, and things alike. Commensurately, such contemporary aspects open room for social initiatives. This scenario begins to be looked at, especially in creative communities. Such proposal for a systemic approach of design is seen as a way to involve the stakeholders in the processes of investigation and of social innovation, which can decisively contribute for the development of traditional local communities. As a theoretical basis for the research, this paper outlines some especial features of design and social innovation, in their particular and in their complementary aspects, as well as in the way they relate with each other.

Keywords: Responsible design, social innovation, creative community, systemic approach, network.

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Authors: Somchai Supattarakul, Anya Khanthavit

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This study aims at providing empirical evidence on a comparison of two equity valuation models: (1) the dividend discount model (DDM) and (2) the residual income model (RIM), in estimating equity values of Thai firms during 1995-2004. Results suggest that DDM and RIM underestimate equity values of Thai firms and that RIM outperforms DDM in predicting cross-sectional stock prices. Results on regression of cross-sectional stock prices on the decomposed DDM and RIM equity values indicate that book value of equity provides the greatest incremental explanatory power, relative to other components in DDM and RIM terminal values, suggesting that book value distortions resulting from accounting procedures and choices are less severe than forecast and measurement errors in discount rates and growth rates. We also document that the incremental explanatory power of book value of equity during 1998-2004, representing the information environment under Thai Accounting Standards reformed after the 1997 economic crisis to conform to International Accounting Standards, is significantly greater than that during 1995-1996, representing the information environment under the pre-reformed Thai Accounting Standards. This implies that the book value distortions are less severe under the 1997 Reformed Thai Accounting Standards than the pre-reformed Thai Accounting Standards.

Keywords: Dividend Discount Model, Equity Valuation Model, Residual Income Model, Thai Stock Market

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Authors: Victoria Wolf, Renata Dobrucka, Robert Prezkop, Stephan Haubold

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The COVID-19 causes a worldwide crisis and has an impact in every dimension of the economy. Organizations with the ability to adapt to new developments and which innovate solutions for the disrupted world during and after the Corona crises have the opportunity to not only survive the crisis but rather to use new trends to implement new business models and gain advantage. In this context, startups seem to have better opportunities to manage the Corona crisis through their innovation-based nature. The main result of this paper is the understanding that by applying a startup orientated innovation (SOCI) strategy, established companies can be motivated to meet the challenge of COVID-19 in a similar way like startups. This result can be achieved by describing the role of innovation and a SOCI strategy as helpful methods for organizations to meet the coming challenges during and after the COVID-19 epidemics. In addition to this, this paper presents a practical application of SOCI through the PANDA approach of the Fresenius University of Applied Sciences in Germany and discuss it in the context of COVID-19 as an exemplary successful real-world implementation of SOCI strategy.

Keywords: COVID-19, innovation, open innovation, startup, SOCI framework.

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Authors: Mariann Veresne Somosi, Zoltan Nagy, Krisztina Varga

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Innovation is the key element of economic development and a key factor in social processes. Technical innovations can be identified as prerequisites and causes of social change and cannot be created without the renewal of society. The study of social innovation can be characterised as one of the significant research areas of our day. The study’s aim is to identify the process of social innovation, which can be defined by input, transformation, and output factors. This approach divides the social innovation process into three parts: situation analysis, implementation, follow-up. The methods associated with each stage of the process are illustrated by the chronological line of social innovation. In this study, we have sought to present methodologies that support long- and short-term decision-making that is easy to apply, have different complementary content, and are well visualised for different user groups. When applying the methods, the reference objects are different: county, district, settlement, specific organisation. The solution proposed by the study supports the development of a methodological combination adapted to different situations. Having reviewed metric and conceptualisation issues, we wanted to develop a methodological combination along with a change management logic suitable for structured support to the generation of social innovation in the case of a locality or a specific organisation. In addition to a theoretical summary, in the second part of the study, we want to give a non-exhaustive picture of the two counties located in the north-eastern part of Hungary through specific analyses and case descriptions.

Keywords: Factors of social innovation, methodological combination, social innovation process, supporting decision-making.

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Authors: Pairaya J., Buddhagarn R., Sukree S., Punthumadee K.

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Application of Information Technology (IT) has revolutionized the functioning of business all over the world. Its impact has been felt mostly among the information of dependent industries. Tourism is one of such industry. The conceptual framework in this study represents an innovation of travel information searching system on mobile devices which is used as tools to deliver travel information (such as hotels, restaurants, tourist attractions and souvenir shops) for each user by travelers segmentation based on data mining technique to segment the tourists- behavior patterns then match them with tourism products and services. This system innovation is designed to be a knowledge incremental learning. It is a marketing strategy to support business to respond traveler-s demand effectively.

Keywords: Tourism, Innovation, Information Searching, Data Mining.

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Authors: Ujjwala Bhand, Mridula Goel

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Global Competitiveness Index (GCI) prepared by World Economic Forum has become a benchmark in studying the competitiveness of countries and for understanding the factors that enable competitiveness. Innovation is a key pillar in competitiveness and has the unique property of enabling exponential economic growth. This paper attempts to analyze how the pillars comprising the Global Competitiveness Index affect innovation and whether GDP growth can directly affect innovation outcomes for a country. The key objective of the study is to identify areas on which governments of developing countries can focus policies and programs to improve their country’s innovativeness. We have compiled a panel data set for top innovating countries and large emerging economies called BRICS from 2007-08 to 2014-15 in order to find the significant factors that affect innovation. The results of the regression analysis suggest that government should make policies to improve labor market efficiency, establish sophisticated business networks, provide basic health and primary education to its people and strengthen the quality of higher education and training services in the economy. The achievements of smaller economies on innovation suggest that concerted efforts by governments can counter any size related disadvantage, and in fact can provide greater flexibility and speed in encouraging innovation.

Keywords: Innovation, Global Competitiveness Index, BRICS, economic growth.

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Authors: Satya Pilla

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This study explores how the mechanics of learning paves the way to engineering innovation. Theories related to learning in the new product/service innovation are reviewed from an organizational perspective, behavioral perspective, and engineering perspective. From this, an engineering team-s external interactions for knowledge brokering and internal composition for skill balance are examined from a learning and innovation viewpoints. As a result, an integrated learning model is developed by reconciling the theoretical perspectives as well as developing propositions that emphasize the centrality of learning, and its drivers, in the engineering product/service development. The paper also provides a review and partial validation of the propositions using the results of a previously published field study in the aerospace industry.

Keywords: Engineering Services, Integrated Learning, NewProduct Development, Service Innovation

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Authors: S. M. Azad, H. Ghodsipour, F. Roshannafas

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In recent years ‘technology management and policymaking’ is one of the most important problems in management science. In this field, different generations of innovation and technology management are presented which the earliest one is Innovation System (IS) approach. In a general classification, innovation systems are divided in to 4 approaches: technical, sectoral, regional, and national. There are many researches in relation to each of these approaches in different academic fields. Every approach has some benefits. If two or more approaches hybrid, their benefits would be combined. In addition, according to the sectoral structure of the governance model in Iran, in many sectors, such as information technology, the combination of three other approaches with sectoral approach is essential. Hence, in this paper, combining two IS approaches (technical and sectoral) and using system dynamics, a generic model is presented for a sample of software industry. As a complimentary point, this article is introducing a new hybrid approach called Techno-Sectoral Innovation System. This TSIS model is accomplished by Changing concepts of the ‘functions’-which came from Technological IS literature- and using them into sectoral system as measurable indicators.

Keywords: Innovation system, technology, techno-sectoral system, functional indicators, system dynamics.

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Authors: Yan-Fang Niu

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In view of current IT integration development of SOA, this paper examines AIS design based on SOA, including information sources collection, accounting business process integration and real-time financial reports. The main objective of this exploratory paper is to facilitate AIS research combing the Web Service, which is often ignored in accounting and computer research. It provides a conceptual framework that clarifies the interdependency between SOA and AIS, and also presents the major SOA functions in different areas of AIS

Keywords: AIS, SOA, Web Service

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Authors: Noemy Witt Ferreira, Flávio de São Paulo Filho

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Innovation, technology and knowledge are the trilogy of impact to support the challenges arising from uncertainty. Evidence showed an opportunity to ask how to manage in this environment under constant innovation. In an attempt to get a response from the field of Management Sciences, based in the Contingency Theory, a research was conducted, with phenomenological and descriptive approaches, using the Case Study Method and the usual procedures for this task involving a focus group composed of managers and employees working in the pharmaceutical field. The problem situation was raised; the state of the art was interpreted and dissected the facts. In this tasks were involved four establishments. The result indicates that these focused ventures have been managed by its founder empirically and is experimenting agility described in this work. The expectation of this study is to improve concepts for stakeholders on creativity in business.

Keywords: Administration. Innovation. Knowledge, Management Technology

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Authors: Lucian Munteanu

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The move towards internationalization of accounting encountered a great boost, when in 2002 EU delegated the IASB to provide the accounting standards to be applied inside its frontiers. Among the incentives of the standardization of accounting on the international level, is the reduction of the cost of capital. Romania made the move towards IFRS before EU, when the country was not yet a member of it. Even if this made Romania a special case, it was scarcely approached. The leak of real data is usually the reason for avoiding. The novelty of this paper is that it offers an insight from the reality of Romanian companies and their view regarding the IFRS. The paper is based on a survey that the authors made among the companies listed on the first two tiers of the Bucharest Stock Exchange (BSE), which are basically, the most important companies in the country.

Keywords: Cost of capital, IFRS, information asymmetry, transparency.

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Authors: Amalia Suzianti

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This research elaborates decision models for product innovation in the early phases, focusing on one of the most widely implemented method in marketing research: conjoint analysis and the related conjoint-based models with special focus on heuristics programming techniques for the development of optimal product innovation. The concept, potential, requirements and limitations of conjoint analysis and its conjoint-based heuristics successors are analysed and the development of conceptual framework of Genetic Algorithm (GA) as one of the most widely implemented heuristic methods for developing product innovations are discussed.

Keywords: Product Innovation, Conjoint Analysis, Heuristic Model, Genetic Algorithm

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Authors: Abdel Aziz, Hadia H.

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Since the 1980s, banks and financial service institutions have been running in an endless race of innovation to cope with the advancing technology, the fierce competition, and the more sophisticated and demanding customers. In order to guide their innovation efforts, several researches were conducted to identify the success and failure factors of new financial services. These mainly included organizational factors, marketplace factors and new service development process factors. They almost all emphasized the importance of customer and market orientation as a response to the highly perceptual and intangible characteristics of financial services. However, they deemphasized the critical characteristics of high involvement of risk and close correlation with the economic conditions, a factor that heavily contributed to the Global financial Crisis of 2008. This paper reviews the success and failure factors of new financial services. It then adds new perspectives emerging from the analysis of the role of innovation in the global financial crisis.

Keywords: Financial innovation, global financial crisis, lessons learned from global financial crisis, success factors in financial innovation.

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