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The Determinants of Technology Diffusion: Evidence from the UK Financial Sector

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  • Gourlay, Adrian
  • Pentecost, Eric

Abstract

We investigate the role of firm- and industry-specific factors in the diffusion of automated teller machines in the UK financial sector. A duration model of technology adoption is employed in the empirical modelling and is applied to an annual panel of adoption histories over the period 1972-97. The main factors affecting the diffusion of new technology are found to be endogenous learning, cumulative learning-by-doing effects, firm size, growth and profitability, and price expectations. There is little evidence, however, to support the role of stock effects in the diffusion process. The results are found to be robust across a number of specifications of the baseline hazard function. Copyright 2002 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal Manchester School.

Volume (Year): 70 (2002)
Issue (Month): 2 (March)
Pages: 185-203

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Handle: RePEc:bla:manchs:v:70:y:2002:i:2:p:185-203

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Cited by:
  1. Bos, Jaap W.B. & Kolari, James W. & van Lamoen, Ryan C.R., 2013. "Competition and innovation: Evidence from financial services," Journal of Banking & Finance, Elsevier, vol. 37(5), pages 1590-1601.
  2. Stefanie Haller & Iulia Siedschlag, 2011. "Determinants of ICT adoption: evidence from firm-level data," Applied Economics, Taylor & Francis Journals, vol. 43(26), pages 3775-3788.
  3. Arghya Ghosh & Munirul Nabin Haque, 2006. "Sequential technology adoption with asymmetric firms," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 15(2), pages 157-172.
  4. Fuentelsaz, Lucio & Gómez, Jaime & Palomas, Sergio, 2009. "The effects of new technologies on productivity: An intrafirm diffusion-based assessment," Research Policy, Elsevier, vol. 38(7), pages 1172-1180, September.
  5. Hudson, John & Orviska, Marta, 2013. "Firms’ adoption of international standards: One size fits all?," Journal of Policy Modeling, Elsevier, vol. 35(2), pages 289-306.
  6. Marc Fusaro, 2009. "The rank, stock, order and epidemic effects of technology adoption: an empirical study of bounce protection programs," The Journal of Technology Transfer, Springer, vol. 34(1), pages 24-42, February.
  7. Byoung-Min Kim & Richard Widdows & Tansel Yilmazer, 2005. "The determinants of consumers’ adoption of Internet banking," Conference Series ; [Proceedings], Federal Reserve Bank of Boston.
  8. José Alberto Bayo-Moriones & Gilberto Carvalho-Vasconcelos & Fernando Lera-López, 2005. "A firm-level analysis of differences between adopters and non-adopters of ICT," ERSA conference papers ersa05p645, European Regional Science Association.

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