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Abstract
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It is not enough to have a governance structure that is self-enforcing. The firm’s
long-term survival is not possible without continuous adaptation. The sustainability of
the firm is increased, if the firm is able to innovate. Innovation means more than mere
maximising, optimising, or reacting to changes in circumstances. Innovation is a form
of useful organisational learning and change. This requires two things. First, the firm
should create and maintain organisational capabilities (Chandler 1990), and improve
and adapt its skill base (Lazonik 2010). 3795
9.1 General Remarks
It is not enough to have a governance structure that is self-enforcing. The firm’s
long-term survival is not possible without continuous adaptation. The sustainability of
the firm is increased, if the firm is able to innovate.
Innovation means more than mere maximising, optimising, or reacting to
changes in circumstances. Innovation is a form of useful organisational learning and
change. This requires two things. First, the firm should create and maintain
organisational capabilities (Chandler 1990),
1
and improve and adapt its skill base
(Lazonik 2010).
2
Organisational capabilities and skills can enable the firm to “set the
agenda” before its competitors do (Arrow 1974).
3
Second, the firm should use an
organisation structure that is “built to change”. The necessary capabilities change as
the business environment changes.
4
Innovation can relate to all business processes. It is not limited to productdevelopment or to what takes place in the R&D department.
5
For example, the ability
of the firm’s top management to change the organisational architecture of the firm is
particularly important for the firm’s sustainability.
Ensuring the firm’s ability to innovate requires the right combination of strategy,
organisation, and finance (Lazonik 2010).
6
From the perspective of commercial law, it
requires the use of a large number of legal tools and practices at all three levels of
corporate decision-making (strategic, operational, and transaction level, see Sect. 4.7).
There are threats to the firm’s ability to innovate. Some of them are characteristic
of the self-enforcing corporate governance model. When choosing the balance
between delegation and centralisation (Sects. 8.3 and 8.4), ensuring the firm’s ability
to innovate should therefore be one of the key objectives.
The purpose of this chapter is to study the firm’s governance structure as a way
to foster innovation. The firm must use various legal tools and practices in order to
achieve and maintain its ability to innovate. The firm is again studied as an
organisational construction (governance structure).
9.2 The Problem of Measurement
When is the firm innovative? There are alternative ways to measure the firm’s
ability to innovate. The choice can depend on the research area. Innovation can be
studied in different disciplines. In addition, the perspective may vary.
Traditional corporate governance research. In traditional corporate governance
research, it is customary to choose between the shareholder primacy approach, the
managerial approach, and the stakeholder approach.When is the firm innovative? There are alternative ways to measure the firm’s
ability to innovate. The choice can depend on the research area. Innovation can be
studied in different disciplines. In addition, the perspective may vary.
Traditional corporate governance research. In traditional corporate governance
research, it is customary to choose between the shareholder primacy approach, the
managerial approach, and the stakeholder approach.
For example, one could focus on the effect of various innovation-related aspects
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