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Tylecote, A., Ramirez, P., 'UK Corporate Governance and Inovation' CISC Working Paper No. 14

How well does the UK corporate governance and financial system (CG&FS) support and encourage innovation? Each CG&FS faces four challenges which vary by sector: novelty, reconfiguration, visibility and spill-overs. High novelty in technologies and markets requires high industry-specific expertise; need for radical reconfiguration requires strong pressure for shareholder value. Low visibility of innovation processes requires shareholder engagement; high spill-overs to and from stakeholders require substantial stakeholder inclusion. The UK CG&FS is rated in these terms, drawing on recent fieldwork, and the ratings are shown to account well for the technological performance and specialisation of UK-owned firms. (96 words)

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