Journal of Health Organisation and Management, 2009
This paper aims to utilise cultural theory of risk to provide a broad analytic framework for exam... more This paper aims to utilise cultural theory of risk to provide a broad analytic framework for examining how risk is constructed within the dominant discourses around patient safety within the domain of psychiatry. It also seeks to examine notions of blame and to consider the possibility of the creation of a no-blame culture. The empirical element of the paper draws on qualitative interviews with a sample of psychiatrists to explore how culture may give rise to different perceptions and responses in respect of "risky behaviour" and "safe practice". The paper discusses how psychiatry may be differentiated from other branches of medicine and concludes that the cultural grouping that appears to be most apposite in respect of psychiatrists is the egalitarian culture. However, changes in the NHS are resulting in the imposition of an individualistic culture on the community of psychiatrists with the effect that behaviours are being adopted as measures to avoid potential blame. The paper finds that if the NHS is to improve patient safety then it must recognise that it is not possible to create a no-blame culture and, therefore, it is more important to consider which type of culture will impact most positively on patient safety. It appears that psychiatrists are being compelled to adopt an individualistic culture when an egalitarian culture would be more advantageous for patient safety. In contrast with the methodological individualism of the current safety orthodoxy which interprets risk as an objective and measurable phenomenon, the paper draws on cultural theory of risk to develop a critical perspective on current safety policy and to explore how "risky" and "safe" practices are socially constructed in the context of psychiatry.
Abstract It is important that stakeholders receive relevant information to be able to understand ... more Abstract It is important that stakeholders receive relevant information to be able to understand the risk profile of any financial firm they have an interest in. This study examines risk disclosure practices within annual reports of Canadian and UK banks; these being ...
ABSTRACT Purpose – The purpose of this paper is to examine risk disclosures by UK companies withi... more ABSTRACT Purpose – The purpose of this paper is to examine risk disclosures by UK companies within their annual reports. Tests are performed to measure the level of the readability of the risk disclosures and to assess whether directors are deliberately obscuring bad risk news. Design/methodology/approach – The paper draws upon methodologies developed in prior empirical studies of annual report readability. Thus it uses the Flesch Reading Ease formula to measure the readability of the risk disclosures and coefficients of variation are used to measure obfuscation. A content analysis approach is adopted to identify risk disclosures. Findings – The paper finds that the mean Flesch reading ease ratings for the sample companies are all below 50 indicating that the level of readability of the risk disclosures is difficult or very difficult and this supports prior research examining the readability of sample passages in annual reports. No evidence is found to suggest that directors are deliberately obfuscating or concealing bad risk news through their writing style. Research limitations/implications – The paper also finds that the Flesch reading ease ratings measure the readability, not the understandability, of disclosures and whilst actions can be taken to minimise problems associated with reliability when performing content analysis they cannot be wholly eliminated. Practical implications – The paper shows that there have been calls for improved risk disclosures to enable stakeholders to better understand a company's risk position. Requiring directors to issue extra risk information will not, however, lead to enhanced risk communication unless the readability of the risk disclosures is also improved. Originality/value – In this paper it is shown that there have been no prior studies that focus upon testing for readability and obfuscation in risk disclosures. It is important that transparent risk information is provided to the marketplace and therefore this study is valuable in its examination of the clarity of communication of published risk information.
ABSTRACT There has been near-universal reliance upon Hofstede's cultural dimensions as th... more ABSTRACT There has been near-universal reliance upon Hofstede's cultural dimensions as the theory base for culturally related accounting research. Given the criticisms that have been raised in respect of Hofstede this paper proposes Mary Douglas's cultural theory as a more appropriate theory base for future research. Central to Douglasian cultural theory is the notion of cultural dialogues which proposes that within any community four solidarities will be present and in constant competition. The paper identifies cultural dialogues through an analysis of comments letters submitted to the Financial Reporting Council (FRC) in response to their ‘complexity of corporate reporting’ discussion paper. To understand how a particular solution has been arrived at when an accounting or auditing issue is reviewed, the debates that precede the outcome need unscrambling by reference to cultural dialogues and the analysis of the comments letters reveals the voices of the different solidarities as they seek to persuade others of the validity of their way of life. The paper proposes a clumsy solutions approach is appropriate for resolving debates on accounting and auditing issues. This approach recognises that, because the solutions offered up by each culture have limitations, all four voices need to be heard in any debate.
ABSTRACT Different ethical frameworks have been proposed as appropriate for integrating into cris... more ABSTRACT Different ethical frameworks have been proposed as appropriate for integrating into crisis management strategies. This study examines an ethic of care approach to crisis management analysing the case of Northern Rock bank which was at the centre of the recent financial crisis in the UK. The development and maintenance of relationships is fundamental to an ethic of care approach and the research recognises this by examining the bank–stakeholder relationship both before and after the crisis. Considerable anger was directed at the bank post-crisis and, subsequently, the management team resigned. An important contention is that because an ethic of care approach had not been followed external parties judged that management should have foreseen the crisis and the harm caused was deemed intentional, even though predicting the crisis would have been difficult and it is improbable any harm was intended. Additionally, this negative reaction was heightened due to three facets of Northern Rock’s history: (i) its previous existence as a building society, (ii) the ‘local’ nature of the bank and (iii) the creation of The Northern Rock Foundation. These historical factors caused local stakeholders to presume a ‘caring’ relationship between themselves, and the bank had continued to exist post-demutualisation. The events of the crisis compelled stakeholders to re-appraise this presumption, amplifying the post-crisis anger.
Journal of International Financial Markets, Institutions and Money, 2014
ABSTRACT We employ a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based... more ABSTRACT We employ a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based learning algorithm to develop trading rules based on a survival of the fittest principle. Employing returns data for the Russell 1000, Russell 2000 and Russell 3000 indices the STGP method produces greater returns compared to random walk benchmark forecasts, and the forecasting models are statistically significant in respect of their predictive effectiveness for all three indices both in- and out-of-sample. Using one-step-ahead STGP models to investigate the differences in return patterns between small and large stocks we demonstrate the superiority of models developed for small-cap stocks over those developed for large-cap stocks, indicating that small stocks are more predictable. We also investigate the relationship between trading volume and returns, and find that trading volume has negligible predictive strength, implying it is not advantageous to develop volume-based trading strategies.
International Journal of Financial Services Management, 2008
Risk events can cause significant damage to a firm's reputation and legitimacy. F... more Risk events can cause significant damage to a firm's reputation and legitimacy. From the perspective of legitimacy theory, there are four broad strategies to restore reputation and repair legitimacy in response to a risk event. The annual report is a potential vehicle for communicating these strategies to the firm's stakeholders and, therefore, the discretionary disclosures explaining the strategies implemented can
Journal of Health Organisation and Management, 2009
This paper aims to utilise cultural theory of risk to provide a broad analytic framework for exam... more This paper aims to utilise cultural theory of risk to provide a broad analytic framework for examining how risk is constructed within the dominant discourses around patient safety within the domain of psychiatry. It also seeks to examine notions of blame and to consider the possibility of the creation of a no-blame culture. The empirical element of the paper draws on qualitative interviews with a sample of psychiatrists to explore how culture may give rise to different perceptions and responses in respect of "risky behaviour" and "safe practice". The paper discusses how psychiatry may be differentiated from other branches of medicine and concludes that the cultural grouping that appears to be most apposite in respect of psychiatrists is the egalitarian culture. However, changes in the NHS are resulting in the imposition of an individualistic culture on the community of psychiatrists with the effect that behaviours are being adopted as measures to avoid potential blame. The paper finds that if the NHS is to improve patient safety then it must recognise that it is not possible to create a no-blame culture and, therefore, it is more important to consider which type of culture will impact most positively on patient safety. It appears that psychiatrists are being compelled to adopt an individualistic culture when an egalitarian culture would be more advantageous for patient safety. In contrast with the methodological individualism of the current safety orthodoxy which interprets risk as an objective and measurable phenomenon, the paper draws on cultural theory of risk to develop a critical perspective on current safety policy and to explore how "risky" and "safe" practices are socially constructed in the context of psychiatry.
Abstract It is important that stakeholders receive relevant information to be able to understand ... more Abstract It is important that stakeholders receive relevant information to be able to understand the risk profile of any financial firm they have an interest in. This study examines risk disclosure practices within annual reports of Canadian and UK banks; these being ...
ABSTRACT Purpose – The purpose of this paper is to examine risk disclosures by UK companies withi... more ABSTRACT Purpose – The purpose of this paper is to examine risk disclosures by UK companies within their annual reports. Tests are performed to measure the level of the readability of the risk disclosures and to assess whether directors are deliberately obscuring bad risk news. Design/methodology/approach – The paper draws upon methodologies developed in prior empirical studies of annual report readability. Thus it uses the Flesch Reading Ease formula to measure the readability of the risk disclosures and coefficients of variation are used to measure obfuscation. A content analysis approach is adopted to identify risk disclosures. Findings – The paper finds that the mean Flesch reading ease ratings for the sample companies are all below 50 indicating that the level of readability of the risk disclosures is difficult or very difficult and this supports prior research examining the readability of sample passages in annual reports. No evidence is found to suggest that directors are deliberately obfuscating or concealing bad risk news through their writing style. Research limitations/implications – The paper also finds that the Flesch reading ease ratings measure the readability, not the understandability, of disclosures and whilst actions can be taken to minimise problems associated with reliability when performing content analysis they cannot be wholly eliminated. Practical implications – The paper shows that there have been calls for improved risk disclosures to enable stakeholders to better understand a company's risk position. Requiring directors to issue extra risk information will not, however, lead to enhanced risk communication unless the readability of the risk disclosures is also improved. Originality/value – In this paper it is shown that there have been no prior studies that focus upon testing for readability and obfuscation in risk disclosures. It is important that transparent risk information is provided to the marketplace and therefore this study is valuable in its examination of the clarity of communication of published risk information.
ABSTRACT There has been near-universal reliance upon Hofstede's cultural dimensions as th... more ABSTRACT There has been near-universal reliance upon Hofstede's cultural dimensions as the theory base for culturally related accounting research. Given the criticisms that have been raised in respect of Hofstede this paper proposes Mary Douglas's cultural theory as a more appropriate theory base for future research. Central to Douglasian cultural theory is the notion of cultural dialogues which proposes that within any community four solidarities will be present and in constant competition. The paper identifies cultural dialogues through an analysis of comments letters submitted to the Financial Reporting Council (FRC) in response to their ‘complexity of corporate reporting’ discussion paper. To understand how a particular solution has been arrived at when an accounting or auditing issue is reviewed, the debates that precede the outcome need unscrambling by reference to cultural dialogues and the analysis of the comments letters reveals the voices of the different solidarities as they seek to persuade others of the validity of their way of life. The paper proposes a clumsy solutions approach is appropriate for resolving debates on accounting and auditing issues. This approach recognises that, because the solutions offered up by each culture have limitations, all four voices need to be heard in any debate.
ABSTRACT Different ethical frameworks have been proposed as appropriate for integrating into cris... more ABSTRACT Different ethical frameworks have been proposed as appropriate for integrating into crisis management strategies. This study examines an ethic of care approach to crisis management analysing the case of Northern Rock bank which was at the centre of the recent financial crisis in the UK. The development and maintenance of relationships is fundamental to an ethic of care approach and the research recognises this by examining the bank–stakeholder relationship both before and after the crisis. Considerable anger was directed at the bank post-crisis and, subsequently, the management team resigned. An important contention is that because an ethic of care approach had not been followed external parties judged that management should have foreseen the crisis and the harm caused was deemed intentional, even though predicting the crisis would have been difficult and it is improbable any harm was intended. Additionally, this negative reaction was heightened due to three facets of Northern Rock’s history: (i) its previous existence as a building society, (ii) the ‘local’ nature of the bank and (iii) the creation of The Northern Rock Foundation. These historical factors caused local stakeholders to presume a ‘caring’ relationship between themselves, and the bank had continued to exist post-demutualisation. The events of the crisis compelled stakeholders to re-appraise this presumption, amplifying the post-crisis anger.
Journal of International Financial Markets, Institutions and Money, 2014
ABSTRACT We employ a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based... more ABSTRACT We employ a special adaptive form of the Strongly Typed Genetic Programming (STGP)-based learning algorithm to develop trading rules based on a survival of the fittest principle. Employing returns data for the Russell 1000, Russell 2000 and Russell 3000 indices the STGP method produces greater returns compared to random walk benchmark forecasts, and the forecasting models are statistically significant in respect of their predictive effectiveness for all three indices both in- and out-of-sample. Using one-step-ahead STGP models to investigate the differences in return patterns between small and large stocks we demonstrate the superiority of models developed for small-cap stocks over those developed for large-cap stocks, indicating that small stocks are more predictable. We also investigate the relationship between trading volume and returns, and find that trading volume has negligible predictive strength, implying it is not advantageous to develop volume-based trading strategies.
International Journal of Financial Services Management, 2008
Risk events can cause significant damage to a firm's reputation and legitimacy. F... more Risk events can cause significant damage to a firm's reputation and legitimacy. From the perspective of legitimacy theory, there are four broad strategies to restore reputation and repair legitimacy in response to a risk event. The annual report is a potential vehicle for communicating these strategies to the firm's stakeholders and, therefore, the discretionary disclosures explaining the strategies implemented can
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Papers by Philip Linsley