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The current thesis explores the relationship between corporate governance and business ethics in Saudi-listed banks using an accountability framework and by examining the perceptions of key stakeholder groups. In order to achieve the study’s aims, two methods were employed: semi-structured interviews and a questionnaire survey. The findings show that corporate governance is now seen as one of the most important concepts for Saudi banks and the nation’s financial sector in general. However, there are different views regarding the sufficiency and effectiveness of corporate governance codes. However, and although it is not required by the regulatory bodies in Saudi Arabia, all listed banks also have their own codes of business ethics; the findings show that there is a strong perceived relationship between corporate governance and business ethics, which has a positive impact on the banks’ practices, although any meaningful developments in ethical standards will require mandating of the key principles.

Recent developments in governmental accounting show a shift from the traditional cash basis towards the accrual basis of accounting. New Zealand and Australia for example, have already adopted accrual accounting for the whole of government reporting. This study aims to describe governmental accounting and reporting in Malaysia; trace its development; identify the factors that play major roles in its development; and seek opinions on the current governmental accounting and reporting practices in Malaysia. The study also examined the variables identified in Lüder's contingency model and the impact these might be expected to have on developments in governmental accounting in Malaysia. The study contributes towards the knowledge and comparative research in governmental accounting by providing a description of governmental accounting in Malaysia and extending the application of Lüder's contingency model to the Malaysian government. The primary research on which this study is based was undertaken through three stages. The first stage consisted of archival research, which examined the practices and development of governmental accounting in Malaysia. The second stage was a questionnaire survey of 77 accountants in the federal and state governments aimed at obtaining opinions on issues related to the current development in accounting and reporting practices and the prospect for accrual accounting in the Malaysian government. The final stage was a series of interviews with senior officers in the Accountant General's Department, the National Audit Department, Treasury, government agencies and professional bodies to gain further insights and supplement the results of the questionnaire survey. Although the basis for governmental accounting in Malaysia is modified cash, accrual accounting was also adopted for internal purposes and for providing financial information required by international creditors. The respondents to the surveys indicated that the current reporting is sufficient for decision-making and accountability. The existence of financial crisis did not exert enough force to create a change in the government accounting system. The societal and administrative structural variables were unfavourable for innovation. The costs to implement a new system would be high, which include costs of training and new infrastructures.

This thesis provides a theoretical analysis of off-balance sheet financing schemes and empirical evidence on the use of related companies as off-balance sheet financing vehicles. Using extant capital structure theories the thesis develops a debt structure framework in which related company off-balance sheet financing transactions are analysed as effective mechanisms for the minimisation of bankruptcy and debt agency costs. A model of the existence of related companies in group structures is developed based on the debt structure framework. The thesis provides some evidence to support the minimisation of bankruptcy and agency costs role of related companies.

To the extent that financial institutions have a crucial role in the development and stability of the economy, poor performance of banks affects the financial fragility of the whole economy. In turn, accounting and regulatory bodies propose an array of regulations to shape banks operations and risk. This thesis examines financial accounting, regulation and governance issues in banks. It comprises three studies that cover these issues, In the first study, using a sample of U.S . bank holding companies over the period 2001-2009, I test and find strong evidence of regulatory capital management and income smoothing behavior using loan loss provisions. Bank holding companies accelerate loan loss provisions to smooth income when banks (1) hit the regulatory minimum target, (2) are in non-recessionary periods, and (3) are more profitable. In line with the topical debate on the overhaul of accounting standards for loan loss provisioning, I test and find support for the regulators' claim that the current accounting rules reinforce procyclicality in regulatory capital. The procyclicality inherent in loan loss provisions tends to accentuate regulatory capital management during economic downturns. The second study examines whether regulatory capital ratios are significantly associated with bank distress. It investigates whether the association is affected by the bank's proximity to the minimum required capital ratios. The results reveal that the association between the regulatory capital ratio and bank distress becomes significant if the bank holding company has a capital ratio of less than 6 percent, below which U.S. bank regulators do not regard banks as being well capitalized. During the financial crisis period of 2007-2009, I predict and find an insignificant association when the criterion for banks to To the extent that financial institutions have a crucial role in the development and stability of the economy, poor performance of banks affects the financial fragility of the whole economy. In turn, accounting and regulatory bodies propose an array of regulations to shape banks operations and risk. This thesis examines financial accounting, regulation and governance issues in banks. It comprises three studies that cover these issues, In the first study, using a sample of U.S . bank holding companies over the period 2001-2009, I test and find strong evidence of regulatory capital management and income smoothing behavior using loan loss provisions. Bank holding companies accelerate loan loss provisions to smooth income when banks (1) hit the regulatory minimum target, (2) are in non-recessionary periods, and (3) are more profitable. In line with the topical debate on the overhaul of accounting standards for loan loss provisioning, I test and find support for the regulators' claim that the current accounting rules reinforce procyclicality in regulatory capital. The procyclicality inherent in loan loss provisions tends to accentuate regulatory capital management during economic downturns. The second study examines whether regulatory capital ratios are significantly associated with bank distress. It investigates whether the association is affected by the bank's proximity to the minimum required capital ratios. The results reveal that the association between the regulatory capital ratio and bank distress becomes significant if the bank holding company has a capital ratio of less than 6 percent, below which U.S. bank regulators do not regard banks as being well capitalized. During the financial crisis period of 2007-2009, I predict and find an insignificant association when the criterion for banks toTo the extent that financial institutions have a crucial role in the development and stability of the economy, poor performance of banks affects the financial fragility of the whole' economy. In turn, accounting and regulatory bodies propose an array of regulations to shape banks ' operations and risk. This thesis examines financial accounting, regulation and governance issues in banks. It comprises three studies that cover these issues, In the first study, using a sample of U.S . bank holding companies over the period 2001-2009, I test and find strong evidence of regulatory capital management and income smoothing behavior using loan loss provisions. Bank holding companies accelerate loan loss provisions to smooth income when banks (1) hit the regulatory minimum target, (2) are in non-recessionary periods, and (3) are more profitable. In line with the topical debate on the overhaul of accounting standards for loan loss provisioning, I test and find support for the regulators' claim that the current accounting rules reinforce procyclicality in regulatory capital. The procyclicality inherent in loan loss provisions tends to accentuate regulatory capital management during economic downturns. The second study examines whether regulatory capital ratios are significantly associated with bank distress. It investigates whether the association is affected by the bank's proximity to the minimum required capital ratios. The results reveal that the association between the regulatory capital ratio and bank distress becomes significant if the bank holding company has a capital ratio of less than 6 percent, below which U.S. bank regulators do not regard banks as being well capitalized. During the financial crisis period of 2007-2009, I predict and find an insignificant association when the criterion for banks to be classified as well capitalized is set to its current threshold of 6 percent. The significance increases when I set the criterion to the higher levels of 8 percent, 10 percent and 12 percent respectively. Finally, the association is significantly enhanced when simultaneously including regulatory requirements with respect to both the leverage ratio and the tier I capital ratio. The third study investigates the influence of ownership structure of U.S. bank holding companies on risk-taking behavior during the period 2002-2009. More specifically, I test and find that concentrated shareholders discourage banks from investing in risky position: with respect to total assets, loans and off-balance-sheet items. Regarding the effect of the regulatory capital adequacy on the association between ownership concentration and bank risk taking, I find that the larger the regulatory capital, the less negative is the association between ownership concentration and risk taking in banks. Additionally, I find that this effect is more pronounced for well-capitalized bank holding companies than for poorly capitalized bank holding companies. Finally, T examine whether this effect differs significantly between the crisis period of 2007-2009 and the pre-crisis boom of 2002-2006. Results show that the effect of regulatory capital adequacy on the association between ownership concentration and risk taking is less pronounced for bank holding companies during a period of financial crisis relative to a pre-crisis boom period. Key Words: loan loss provisions, regulatory capital management, income smoothing, procyclicality, distress, default probability, financial crisis, ownership concentration, risk taking, bank holding company

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The thesis extends most previous studies on static version of style effects in the overall period to their time-varying properties in the dynamic macroeconomic conditions and market states in the UK Stock Market. It deals with four research questions on style effects in the UK Stock Market in four empirical chapters, respectively. Firstly, the thesis uses two indicators, long/short return Rlms and style coefficient (Sd(B, to examine whether the time-variation in style effects with short- /medium-/long-term horizon exists in the UK Stock Market. The research finds stronger momentum effect with 6/12 months' formation horizon and 6/12 months' holding horizon from 1956 to 2008, but its volatile pattern over time with the strongest in the 1990s and the weakest in the 1970s. Empirical evidence presents no existence of significant size effect from 1979 to 2008 due to the rotation between (marginally) significant small-cap effect in the 1980s and marginally significant large-c ap effect in the 1990s. It finds significant value effect, strengthening from 5 months' to 24 months' holding horizon, from 1980 to 2008 due to persistent outperformance of shares with low price-to-book ratio over time. Secondly, the thesis applies time-series regression to investigate what factors can significantly explain time-varying style effects in the overall period from 1980 to 2008 and three subperiods. It finds that macroeconomic variables, such as annual change of GDP(GDP(Y)), unexpected annual change of TBILL(UEXTBILL(Y)), annual change of CPI(CPI(Y)), and lagged 8-year's market return (MR(-8)), can offer significant explanatory power for the time-variation in momentum effect (12 12/12), size effect (12), and value effect (24) stronger than corresponding style effects with other holding horizons from 1980 to 2008. The decline in GDP(Y) and the increase in UEXTBILL(Y) imply strong momentum effect and large-cap effect. The decline in CPI(Y) and high MR(-8) means st sensitivity to the same economic forces can explain the findings on correlation among style effects. The thesis shows the variation in significant macroeconomic variables to explain style effects through holding horizons and over time. Thirdly, the thesis discusses whether the dynamic style effects can be indeed predictable by using some lagged macroeconomic variables from 1980 to 2008. It uses statistics PIS, POOS, and PSS to test the performance of recursive in-sample regression model and out-of-sample forecasting model relative to sample mean model. With the model test, the research examines the reliability/or pitfall of insample predictability. Different from momentum effect (12/6, 12/12) and size effect (12), out-of-sample forecasting model for value effect (24) performs poorly relative to the historical mean model even though its in-sample regression model does better. The test shows that the recursive out-of-sample forecasting model offers succes sful signal to capture momentum effect (12/6, 12/12) in higher percentage of all observations, followed by size effect (12) and value effect (24). Finally, the thesis explores whether active trading strategies with filter threshold and signal from out-of-sample forecasting model can capture style rotation from 1980 to 2008. Empirical work shows the significant gains to timing momentum effect. Active trading strategy on any equal-weighted decile momentum portfolio (12/6) and value. Thirdly, the thesis discusses whether the dynamic style effects can be indeed predictable by using some lagged macroeconomic variables from 1980 to 2008. It uses statistics PIS, POOS, and PSS to test the performance of recursive in-sample regression model and out-of-sample forecasting model relative to sample mean model. With the model test, the research examines the reliability/or pitfall of insample predictability. Different from momentum effect (12/6, 12/12) and size effect (12), out-of-sample forecasting model for value effect (24) performs poorly relative to the historical mean model even though its in-sample regression model does better. The test shows that the recursive out-of-sample forecasting model offers successful signal to capture momentum effect (12/6, 12/12) in higher percentage of all observations, followed by size effect (12) and value effect (24). Finally, the thesis explores whether active trading strategies with filter threshold and signal from out-of-sample forecasting model can capture style rotation from 1980 to 2008. Empirical work shows the significant gains to timing momentum effect. Active trading strategy on any equal-weighted decile momentum portfolio (12/6) and value effect (24).

FSA techniques appear to offer valuable complementary theoretical and empirical insights to conventional finance research methods in order to better understand the financial impact of corporate diversification strategies. FSA can provide a conceptual framework to integrate the often confusing and conflicting theoretical explanations and empirical results of past research. This thesis explores the potential usefulness of FSA in addressing finance research problems or paradoxes that are characterised by large numbers of inter-connected variables, complex causality and where different configurations lead to similar outcomes. Specifically fuzzy set analysis is used on cross-sectional data from firms listed in London stock exchange FTSE All-share index (2001-2010) in order to address a gap in the literature as to "how corporate diversification necessarily and sufficiently leads to favourable financial performance". The results of this research show that there is no sim ple answer to this question nor is there a simple theoretical explanation. It appears that a diversification strategy per se is neither a necessary nor a sufficient indicator of favourable or unfavourable financial performance. The FSA results showed multiple configurations of corporate diversifications and other firm attributes which are usually or more often than not sufficiently associated with favourable firm value, profitability, and risk-return performance. This indicates presence of complex causality, asymmetric causality, and equifinality in examining determinants of financial performance. The results are partially explained by elements of standalone theories but better explained by the construction of a series of hybrid theoretical frameworks. The usefulness of FSA in helping understand and improve decision making processes that rely on complex financial or numeric information has been demonstrated, and it is hoped that this research acts as a "stepping stone" to legitimate a new set of analytical techniques for accounting and finance researchers to use. This would help corporate managers/CEOs, analysts, and investors in decision making processes.

This study might interest academics, researchers, accounting regulators, practitioners and investors. Its main objective is to provide empirical evidence on how IFRS has affected earnings, intangible assets, financial reporting approach and the value relevance of intangible assets. This study hypothesises that the IFRS adoption would; increase earnings and intangible assets; have further shifted financial reporting approach towards a valuation approach; increase earnings volatility (reduce earnings persistence) and consequently increase the value relevance of intangible assets. The main methods of investigation are regression analysis. In accounting, reporting intangible assets remain controversial and challenging. IFRS to some degree would benefit U.K. investors if it increases reporting of intangible assets, particularly of different classes of intangible assets. However, existing research offers very little empirical evidence as most value relevance studies focus on earnings and book value of equity. This study reveals several key findings. First, earnings are significantly greater under IFRS but not at all different profit levels, which suggests that IFRS brings offsetting effects on earnings. However, IFRS produces mixed effects on earnings volatility and earnings persistence. Earnings are slightly more volatile but no significant impact on earnings persistence. Second, intangible assets are higher under IFRS and reporting of different classes of intangible assets is increasing. Third, this study documents broadly classified intangible assets are not value relevant which signifies the importance of specific classifications of intangible assets. Fourth, IFRS has minimal impact on the value relevance of intangible assets but intangible assets have significantly greater predictive value under IFRS. This study contributes to the existing literature by providing new findings on the impact of IFRS on accounting information in general and on intangible assets in sp ecific. This study differs from prior study by several aspects. First, financial companies were not excluded but were separately analysed. Second, it further investigates the impact of IFRS on the two primary qualities for relevant information (informative and predictive values). Third, this study contributes to the literature by providing new empirical evidence on the value relevance of intangible assets and different classes of intangible assets. In the future, researchers can investigate the impact of adopting IFRS on the reliability of accounting information as reliability is the other specific quality for producing decision-useful information.

This research will attempt to theorise engagement from the perspective of advancing and aiding social change. This will include a review of both theoretical and empirical insights within the existing literature, but crucially will also provide a practical example of what we can do to engage more effectively by giving a social account of carers in Scotland.