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A special issue of Journal of Open Innovation: Technology, Market, and Complexity (ISSN 2199-8531).

Deadline for manuscript submissions: closed (15 June 2021) | Viewed by 75850

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Special Issue Editors

Dr. Alexey Mikhaylov

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Guest Editor

Financial University under the Government of the Russian Federation, Moscow, Russia
Interests: machine learning; sustainability; metal composites; financial markets; energy; innovation

Dr. Mir Sayed Shah Danish

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Guest Editor

Strategic Research Project Center, University of the Ryukyus, Nishihara, Okinawa 903-0213, Japan
Interests: energy strategy; energy policy; sustainable development; environmental science; strategic management; renewable energy deployment; energy technologies; socioeconomic studies

Special Issue Information

Dear Colleagues,

This Special Issue will publish some selected papers from the annual conference of IETSO 2020 (https://repa.jp/ietso-poland/). The development of financial technologies is responsible for significant tensions on the demand on financial assets and sustainable economic growth. Some financial assets can become strategic and critical resources. The development of financial technologies is determined by the success achieved in studying the formation processes and properties of the economic system.

This Special Issue aims to gather recent advances in the field of sustainable development and financial innovation. These challenges are related to fintech, but environmental, societal, economic, and financial tools as well as process management are also of interest.

This Special Issue is on the emerging technologies and applications in the field of financial innovation, including but not limited to:

Smart payment and open innovation;
Blockchain and open innovation;
Cryptocurrencies and open innovation;
Cashless payments and open innovation;
Venture investments and open innovation;
Roboadvising and open innovation;
Cloud investment computing and open innovation;
Virtual reality and open innovation;
Artificial intelligence;
Machine learning;
Big data and analytics.

Dr. Alexey Mikhaylov
Dr. Mir Sayed Shah Danish
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Open Innovation: Technology, Market, and Complexity is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

cryptocurrencies
blockchain
machine learning
sustainability
financial markets
energy
innovation
sustainable development goals

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Published Papers (10 papers)

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Research

15 pages, 1707 KiB

Open AccessArticle

Digital Trading Applications and Bank Performance: Evidence from Russia

by Anton Lisin, Kristina Shvandar, Artur Meynkhard, Mafura Uandykova, Serhat Yuksel, Konstantin Kalmikov, Oleg Litvishko and Xenia Tabachkova

J. Open Innov. Technol. Mark. Complex. 2021, 7(3), 194; https://doi.org/10.3390/joitmc7030194 - 1 Sep 2021

Cited by 4 | Viewed by 2785

Abstract

Digital trading apps are evidence of developing open innovations in the financial sector. The investment industry (including banks and brokers) can greatly benefit from the utilization of digital trading applications and corresponding tools, such as smart contracts. The goal of this research paper is to examine the possibility that brokers’ existing mobile apps outperform banks without mobile apps in the Russian financial sector. The efficiency of brokers is compared to banks in Russia. The results of these institutions’ activities are related to the number of profitable banks, which declines as a sign of high efficiency. The paper uses methods of t-test, linear and polynomial regression analysis between assets (dependent variable) and the profit to assets (independent variable) in Russia. The article finds the different directions of the utilization of the discussed technology, and they all share the consequential growth after the technology’s introduction. The paper also discusses the various areas of digital trading apps implementation and the future contributions for the Russian banking system and economy. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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16 pages, 1026 KiB

Open AccessArticle

Blockchain-Based Solutions in Achieving SDGs after COVID-19

by Ahmet Faruk Aysan, Fouad Bergigui and Mustafa Disli

J. Open Innov. Technol. Mark. Complex. 2021, 7(2), 151; https://doi.org/10.3390/joitmc7020151 - 9 Jun 2021

Cited by 29 | Viewed by 6375

Abstract

In this paper, we attempt to explore the extent to which the hard won development gains over the last several years could be reversed due to the unfolding COVID-19 global pandemic, how we can reboot the global response to accelerate the SDGs in times of uncertainties, and most importantly how to turn the recovery into an opportunity to build back better and more resilient economies. To do so, we examine the case of blockchain as one of the emerging innovative work-streams in development practices that could lead the way forward and pave the path for new developmental narratives as we all navigate the uncharted territories of the new digital age. This paper provides useful insights about the underlying dynamics underpinning the adoption of blockchain backed-solutions for sustainable development, and it showcases some of the promising use-cases being developed through trial-and-error experiments by its early adopters. The paper offers a deep dive into a burgeoning development practice in search of disrupting business-as-usual to solve increasingly complex development challenges by mainstreaming innovations such as blockchain-enabled solutions to rethink the ways in which development solutions are being delivered across the SDG spectrum. This work points to the significant potential of blockchain technology as a game changer in solving some of the most pressing issues hindering the global recovery post Covid-19 to transition towards greener and more inclusive economies. Nevertheless, we also stress that the hype-cycle behind the “let’s blockchain it” trend does not mean that blockchain-backed solutions are necessarily superior to other alternatives which might be less costly and less technical in nature. Development practitioners prototyping and implementing blockchain-based solutions for sustainable development can utilize these insights and discussions to make informed decisions in their journey to harness the disruptive potential of blockchain alone or in tandem with other emerging technologies in the new world of business as unusual. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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20 pages, 766 KiB

Open AccessArticle

Detecting and Analyzing Fraudulent Patterns of Financial Statement for Open Innovation Using Discretization and Association Rule Mining

by Siriporn Sawangarreerak and Putthiporn Thanathamathee

J. Open Innov. Technol. Mark. Complex. 2021, 7(2), 128; https://doi.org/10.3390/joitmc7020128 - 9 May 2021

Cited by 8 | Viewed by 5295

Abstract

Identifying fraudulent financial statements is important in open innovation to help users analyze financial statements and make investment decisions. It also helps users be aware of the occurrence of fraud in financial statements by considering the associated pattern. This study aimed to find associated fraud patterns in financial ratios from financial statements on the Stock Exchange of Thailand using discretization of the financial ratios and frequent pattern growth (FP-Growth) association rule mining to find associated patterns. We found nine associated patterns in financial ratios related to fraudulent financial statements. This study is different from others that have analyzed the occurrence of fraud by using mathematics for each financial item. Moreover, this study discovered six financial items related to fraud: (1) gross profit, (2) primary business income, (3) ratio of primary business income to total assets, (4) ratio of capitals and reserves to total debt, (5) ratio of long-term debt to total capital and reserves, and (6) ratio of accounts receivable to primary business income. The three other financial items that were different from other studies to be focused on were (1) ratio of gross profit to primary business profit, (2) ratio of long-term debt to total assets, and (3) total assets. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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13 pages, 1536 KiB

Open AccessArticle

Cryptocurrency Open Innovation Payment System: Comparative Analysis of Existing Cryptocurrencies

by Valery Titov, Mafura Uandykova, Oleg Litvishko, Tatyana Kalmykova, Sergey Prosekov and Tomonobu Senjyu

J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 102; https://doi.org/10.3390/joitmc7010102 - 19 Mar 2021

Cited by 9 | Viewed by 6387

Abstract

This study was conducted to evaluate the implementation of an open innovation cryptocurrency financial system using a statistical approach. The data array reflects the actual speed of the cryptocurrency system, expressed in transactions per second (TPS), taken as the average annual speed. The article offers a comprehensive approach for choosing the optimal cryptocurrency financial system. The final analysis shows that the reasons for the adoption of the cryptocurrency financial system are practicality and convenience, as well as efficient transaction time, faster payment, and simplicity of the payment process. The impact of social factors, expected efforts, and conditions of assistance on the attitude to the cryptocurrency financial system were evaluated. In addition, social factors that have a significant impact on the implementation of the cryptocurrency financial system were identified. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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14 pages, 305 KiB

Open AccessArticle

Environmental Management, Green Innovation, and Social–Open Innovation

by Pham Thu Huong, Jacob Cherian, Nguyen Thi Hien, Muhammad Safdar Sial, Sarminah Samad and Bui Anh Tuan

J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 89; https://doi.org/10.3390/joitmc7010089 - 9 Mar 2021

Cited by 30 | Viewed by 3928

Abstract

The present study aims to determine the impact of green innovation (GI) on the overall performance of an organization while keeping the variable of environmental management (EM) as a moderator. We used a dataset consisting of four data years, from 2014 to 2017, of A-share companies listed on the Shanghai Stock Exchange (SSE). The concept of green innovation refers to the use of advancements in technology that enable savings in energy, along with the recycling of waste material. When advanced technology is utilized in the production process, the products are referred to as green products and the whole process of adopting such technologies and product design is referred to as “Corporate Environmental Management”. Such innovations improve the overall financial performance of companies as it enables them to improve their social image by reducing their carbon footprint and ensures their long-term sustainability. The main issue is the limited focus and attention given to the topic, from the perspective of companies. This research focuses on the impact of green innovation and the importance of environmental management for the sustainability of companies. Our findings suggest that the relationship between green innovation and the performance of the company is positive and verifies the existence of moderating effects of environmental management on the relationship between green innovation and firm performance. Implications are given to academia and practitioners. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

15 pages, 1420 KiB

Open AccessArticle

Mathematical Modeling for Financial Analysis of an Enterprise: Motivating of Not Open Innovation

by Alex Borodin, Irina Mityushina, Elena Streltsova, Andrey Kulikov, Irina Yakovenko and Anzhela Namitulina

J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 79; https://doi.org/10.3390/joitmc7010079 - 1 Mar 2021

Cited by 12 | Viewed by 5763

Abstract

The article develops economic and mathematical models as a tool for conducting factor financial analysis of the prospects for the development of an industrial enterprise. The functioning of the developed economic and mathematical models is based on the DuPont model, which allows analyzing the dynamics of the company’s profitability in the course of two-factor and three-factor financial analysis. The proposed model tools are based on the convergence of deterministic financial analysis methods embedded in the DuPont model and simulation methods that allow analysis under the influence of random factors. The constructed economic and mathematical models for forecasting profitability use the company’s retrospective data on its financial condition: the amount of profit, revenue, assets, and equity. The constructed simulation models are implemented in the OMEGA software product and included in the computer technology for predicting the profitability of an industrial enterprise. The architecture of the proposed tools is presented, and the results of simulation experiments performed on models are demonstrated. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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27 pages, 6420 KiB

Open AccessArticle

Non-Classical Approach to Identifying Groups of Countries Based on Open Innovation Indicators

by Pavel Baboshkin, Natalia Yegina, Elena Zemskova, Diana Stepanova and Serhat Yuksel

J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 77; https://doi.org/10.3390/joitmc7010077 - 27 Feb 2021

Cited by 3 | Viewed by 3081

Abstract

This article aims to highlight various methods and approaches to grouping countries, according to the behavior of their open innovation indicators. GDP, inflation and unemployment are the most important indicators of the economic and social policies of states, allowing them to be evaluated and models built. To find the relationships between open innovation indicators the paper uses marginal analysis and feature reduction, as well as machine learning methods (shift to the mean, agglomerative clustering and random forest methods). The results showed that, after isolating all groups, the importance of the signs was established and the patterns of behavior of indicators for each group were compared and open innovation dynamics was analyzed. The conclusions showed that it is obvious that increasing the number of variables in the model and using more extensive indicators can greatly increase the accuracy, in contrast to the generally accepted simple classifications. This approach makes it possible to more accurately find the connections between sectors of the economy or between state economies in general. An accompanying result of the study was the clarification of the equality of open innovation indicators for the analysis of their interrelationships between countries. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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23 pages, 2416 KiB

Open AccessArticle

Central Banks Digital Currency: Detection of Optimal Countries for the Implementation of a CBDC and the Implication for Payment Industry Open Innovation

by Sergio Luis Náñez Alonso, Javier Jorge-Vazquez and Ricardo Francisco Reier Forradellas

J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 72; https://doi.org/10.3390/joitmc7010072 - 24 Feb 2021

Cited by 47 | Viewed by 16657

Abstract

This article analyzes the current situation of Central Bank Digital Currencies (CBDCs), which are digital currencies backed by a central bank. It introduces their current status, and how several countries and currency areas are considering their implementation, following in the footsteps of the Bahamas (which has already implemented them in its territory), China (which has already completed two pilot tests) and Uruguay (which has completed a pilot test). First, the sample of potential candidate countries for establishing a CBDC was selected. Second, the motives for implementing a CBDC were collected, and variables were assigned to these motives. Once the two previous steps had been completed, bivariate correlation statistical methods were applied (Pearson, Spearman and Kendall correlation), obtaining a sample of the countries with the highest correlation with the Bahamas, China, and Uruguay. The results obtained show that the Baltic Sea area (Lithuania, Estonia, and Finland) is configured within Europe as an optimal area for implementing a CBDC. In South America, Uruguay (already included in the comparison) and Brazil show very positive results. In the case of Asia, together with China, Malaysia also shows a high correlation with the three pioneer countries, and finally, on the African continent, South Africa is the country that stands out as the most optimal area for implementing a CBDC. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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19 pages, 3005 KiB

Open AccessArticle

Cryptocurrency Market Analysis from the Open Innovation Perspective

by Alexey Mikhaylov

J. Open Innov. Technol. Mark. Complex. 2020, 6(4), 197; https://doi.org/10.3390/joitmc6040197 - 17 Dec 2020

Cited by 46 | Viewed by 20597

Abstract

The paper focuses on the analysis of the cryptocurrency open innovation market to predict sustainable growth in the future. The nature of cryptocurrencies ‘development leads to the rapid increase in their popularity and spread of trading at this new market. The high volatility of these assets is encouraging to understand and predict their price in ever changing market environment. The paper proposed the pool complexity approach to choose optimal technology using social activity in the internet, trading parameters, technical indicators and other cryptocurrency data. According to the results of the analysis, the most effective and promising cryptocurrency is EOS cryptocurrency, which has the lowest complexity and commission level among the analyzed digital currencies and allows you to implement third-party applications in the system. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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19 pages, 310 KiB

Open AccessArticle

The Role of Complementary Monetary System as an Instrument to Innovate the Local Financial System

by Alexandra Lenis Escobar, Ramón Rueda López, Miguel Ángel Solano-Sánchez and María de los Baños García-Moreno García

J. Open Innov. Technol. Mark. Complex. 2020, 6(4), 141; https://doi.org/10.3390/joitmc6040141 - 11 Nov 2020

Cited by 9 | Viewed by 2939

Abstract

For decades, complementary monetary systems (CMSs) and open innovation in the local area have coexisted alongside official currencies. Today, when it is most necessary to innovate and act locally to solve global problems, it is appropriate to increase the usefulness of financial instruments, such as social and complementary currencies, which can contribute to building more sustainable and resilient cities and thus achieve the Sustainable Development Goals (SDGs). This research, through a synthetic analysis, contributes to the scientific debate on the usefulness of the CMSs. It examines the practical way in which these instruments can be used to innovate in local financial systems as elements capable of promoting and dynamizing the economic and social relations of a locality. Full article

(This article belongs to the Special Issue Financial Open Innovations for Sustainable Economic Growth)

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