本論文共分成四章。除第一章導論外，第二章探討金融創新對銀行績效的影響，以及若加入不同制度面，會不會影響金融創新對銀行績效的關係。為了探討此問題，以1989年到2011年間40個國家(OECD和非OECD國家)為樣本，實證研究有三個發現。首先，位於創新水平較高的國家，銀行在資產增加、貸款和利潤各方面都表現良好。這樣的結果尤其在不考慮2007-2008年全球金融危機的情況下，特別明顯。其次，我們發現銀行監督、金融改革和國家治理指標，往往會削弱金融創新與銀行績效之間的關係。第三、我們也發現全球化傾向加強金融創新與銀行績效間的關係。
第三章探討貪污腐敗是否是影響公司創新的可能性的關鍵因素。利用世界銀行2006到2016年新興和發展中國家企業為樣本，我們發現貪污腐敗對公司創新的可能性有負面影響，這結果與破壞作用假說相符。另外，實證結果顯示，這樣負面影響明顯發生在貪污腐敗的公司、製造業的公司以及治理極差或更腐敗的地區。因此，國家治理在貪污腐敗公司中扮演特別重要的角色。因此，本章提供政策意涵，乃是要強化政府效能、法治或監管質量和控制腐敗貪污，以改善企業在貪污腐敗環境下的創新的可能性。
在第四章探討了另一個普惠金融的議題，開發中國家為了推動普惠金融，希望公司結合創新來提升普惠金融的服務。我們探討普惠金融會不會帶動發展中國家的公司銷售成長。我們透過在不同子樣本(如金融危機和非金融危機、亞洲和非亞洲公司、製造業和非製造業、中小型和中大型公司) 評估這影響效果是否有不同。我們第一個發現是，普惠金融可增加企業的銷售成長，特別是在亞洲地區和正常時期(非金融危機時)。引進普惠金融與金融創新作為交乘項的做法，我們進一步發現，金融創新對參與普惠金融的企業來說，會對公司銷售成長有負面的影響。我們研究結果為政策制定者和監管者提供了深度的見解和啟示。

This thesis consists of four chapters. Except the first chapter of overviewing the thesis, the second chapter evaluates the impact of financial innovation on banks’ performance and how their performance is affected by various dimensions of institutional environments’ interaction with financial innovation. To address these relationships, we use different measures of financial innovation and bank performance from a panel dataset of 40 countries (OECD and non-OECD) over a sample period spanning from 1989 to 2011. There are three main findings herein. First, banks located in countries with a higher level of financial innovation exhibit better performances in asset growth, loans, and profits. This positive linkage remains highly significant in the subsample without considering the 2007-2008 global financial crisis. Second, bank regulations, financial reforms, and country governance indicators tend to weaken the relationship between financial innovation and bank performance. Third, globalization tends to strengthen this relationship.
In the third chapter, we discuss whether corruption is a key factor affecting the possibility of firms’ sales growth. By using a sample of firms from the World Bank Enterprise Survey for the period 2006-2016 in emerging and developing countries, we find that corruption has a negative impact on the likelihood of innovations, thus supporting the “sanding-the-wheels” hypothesis. Our empirical results also show that corruption at the firm level, in the manufacturing industry, and in regions with the worst governance or that are more corrupt has a significant negative effect on innovation. In addition, country governance plays a particularly important role in innovative activity for corrupt firms. The policy implication is that the government or authority should strengthen the positive role of government effectiveness, rule of law, regulatory quality, and control of corruption in order to improve firms’ innovation within an environment of corruption.
In the fourth chapter, another issue of financial inclusion is discussed. In order to promote financial inclusion, developing countries expect that firms can combine financial innovation to improve access to financial services. We examine whether the effect of financial inclusion on firms’ sales growth in developing countries and also investigates how this effect varies depending on different subsamples (such as during a crisis versus a non-crisis, Asia versus non-Asia, manufacturing versus non-manufacturing, and small- and medium-sized firms versus large- and medium-sized firms). Our first finding is that financial inclusion helps firms increase their sales growth during normal times and in non-Asia regions. After using interaction terms between financial inclusion and financial innovation, our second finding is that financial innovation has a negative impact on the sales growth rate of firms engaging in financial inclusion. Our results provide insights and implications for policy makers and regulators.

論文審定書 i
誌謝 ii
摘要 iii
Abstract iv
Chapter 1. Overview of the thesis 1
Chapter 2. Research on financial Innovation and bank performance: the role of institutional environments 2
2.1. Introduction 2
2.2. Prior literature and hypothesis development 5
2.2.1. Financial innovation as an efficient mechanism 5
2.2.2. Institutional environments affect the nexus between financial innovation and bank performance 6
2.3. Research design 8
2.3.1. Data 8
2.3.2. Variable definitions 9
2.3.3. Models 11
2.4. Empirical results 12
2.4.1. Financial innovation and bank performance 12
2.4.2. The effects of bank regulations on the nexus between financial innovation and banking performance 13
2.4.3. The effects of globalization or financial reforms on the nexus between financial innovation and banking performance 13
2.4.4. The effects of country governance indicators on the nexus between financial innovation and banking performance 14
2.5. Additional analyses on the global financial crisis 15
2.6. Other measures of bank performance and endogeneity concern 16
2.6.1. Other measures of bank performance 16
2.6.2. Two-stage least-squares regression (2SLS) 16
2.7. Conclusion 16
2.8. References 22

Chapter 3. Research on Country Governance, Corruption, and the Likelihood of firms’ Innovation 44
3.1. Introduction 44
3.2. Theoretical background and literature review 46
3.2.1. The impact of corruption on firm innovation 46
3.2.2. The role of country governance on innovation and corruption 47
3.2.3. The expected effect of country governance on the corruption-innovation nexus 47
3.3. Model 48
3.4. Data description and summary statistics 49
3.4.1. Data 49
3.4.2. Summary statistics 50
3.5. Empirical results 52
3.5.1. Direct effect of corruption on firm’s innovating behavior 52
3.5.2. Indirect effect: the role of country governance on firm innovation 53
3.5.3. Indirect effect: role of country governance interacts with corruption variables 54
3.5.4. Robustness check 54
3.5.5. Additional analysis 55
3.5.6. Endogeneity concern 56
3.6. Conclusions and implications 57
3.7. References 61
Chapter 4. Research on Financial Inclusion, Financial Innovation, and Firms’ Sales Growth 84
4.1. Introduction 84
4.2. Literature review and theoretical background 86
4.2.1. Financial inclusion and firms’ sales growth 86
4.2.2. Financial innovation affects the relation between financial inclusion and firms’ sales growth 87
4.3. Data, variable definitions, and model specifications 88
4.3.1. Data and variable definitions 88
4.3.2. Model specification 92
4.4. Empirical results 94
4.4.1. The baseline model: Financial inclusion and firms’ sales growth 94
4.4.2. The role of different subsamples 95
4.4.3. The extended model: Financial inclusion, financial innovation, and firms’ sales growth 96
4.5. Robustness checks 97
4.6. Conclusion 98
4.7. References 102

Table of Appendixes

Appendix 2A. Country labels with ISO 3-digit Country Codes 18
Appendix 2B. Summary of Variables, Descriptions, and Data Source 20
Appendix 3A. Variable descriptions and data sources 59
Appendix 3B. 139 countries of the regions sampled 60
Appendix 4A. Definitions of variables and data sources 99
Appendix 4B. List of sectors and numbers of firms 101

List of Figure

Figure 2.1. The trend for the relationship between innovation (patent) and Corruption (bribe frequency) by time 64


List of Tables

Table 2.1. Summary statistics 25
Table 2.2. Pair-wise correlation matrix 27
Table 2.3. Baseline regression 28
Table 2.4. Extended regression 29
Table 2.5. Extended regression 31
Table 2.6. Extended regression 35
Table 2.7. Subsample Analysis 43
Table 2.8. Robustness check 44
Table 2.9. Endogeneity (2SLS) 43
Table 3.1. Descriptive statistics 65
Table 3.2. Mean of variables categorized by different regions 66
Table 3.3. Descriptive statistics of variables 67
Table 3.4. Cross-correlation table 68
Table 3.5. Relation between innovation and corruption 69
Table 3.6. Analysis controlling for additional country-level governance 70
Table 3.7. Interaction effects of country governance with bribery frequency on quality certificates 71
Table 3.8. The results for the innovation-corruption nexus under highly corrupt and low quality of governance regions [Africa and South Asia] and very clean and high quality of governance regions [Eastern European and Central Asia (ECA) and Latin America and the Caribbean (LAC) 72
Table 3.9. The effects of innovation (quality certificates) and corruption variables with governance variables under the worst governance region [Africa] and the best governance region [Eastern European and Central Asia (ECA)], as well as under the more corrupt region [South Asia] and the less corrupt region [Latin America and the Caribbean LAC] 74
Table 3.10. Effects of corruption variables on firms’ innovation strategies 76
Table 3.11. Effects of bribe frequency and governance variables on firms’ innovation strategies 77
Table 3.12. Effects of bribe frequency interacting with governance variables on firms’ innovation strategies 78

Table 3.13. The results for the innovation-corruption nexus and the interactions of country governance indicators with bribe frequency on quality certificates under the manufacturing or service industry 80
Table 3.14. Robustness test results with two instrument variables 82
Table 3.15. Robustness test results of the one-year lagged bribe frequency and the one-year lagged governance variables 83
Table 4.1. List of developing countries 105
Table 4.2. Mean and standard deviation for the main variables of the subsamples 107
Table 4.3. Pair-wise correlation matrix 108
Table 4.4. Baseline regression 109
Table 4.5. Results for the impact of financial inclusion (I-loan) on firms’ sales growth 110
Table 4.6. Results for the impact of financial inclusion (I-overdraft) on firms’ sales growth 111
Table 4.7. Results for the impact of financial (I-wcbank) on firms’ sales growth 112
Table 4.8. Extended regression 113
Table 4.9. Robustness check 114
Table 4.10. The two-step system GMM estimation 115

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