This thesis explores how perceived risk, which has been primarily developed in Western contexts, may help understand consumers' action in relation to the Chinese Internet banking services market. This market is new and acknowledged as having great potential, but there is insufficient information regarding potential consumers and their perceptions or decision-making. The theory of perceived risk is a key construct influencing Western consumers' decision making; whether it is applicable in the current context is unknown. A wider customer perspective is therefore important to improve both our understanding of perceived risk theory and its usefulness in the Chinese Internet banking services market. The thesis reviews the major research perspectives on perceived risk within consumer behaviour literature. It provides a comprehensive understanding of the concept itself, to identify research gaps, and also develops a research model to evaluate consumers' risk perception within the context of Chinese Internet banking services. This research is conducted through the application of a critical realist approach, utilizing mixed methods. This approach enables the research to address a main controversy in the perceived risk field by evaluating the two common measurement models. It also develops an understanding of Chinese consumers' risk perceptions and how consumers' perceptions are formed and influenced by considering a range of contextual issues. This approach highlights the importance of obtaining social and cultural meanings to understand the measurement of risk perception- this is seldom addressed in the majority of perceived risk research. Results are thoroughly analysed, compared and contrasted to relevant Western research. Perceived risk, as a construct, is meaningful in helping to understand potential Chinese Internet banking services users. The principle risk dimensions identified in this research are consistent with those detailed in Western studies. However, the underlying relationships between the risk variables are different. Such differences can be attributed to the specific The measurement of risk is best operationalised through the application of one of the commonly used models - the multiplicative. This model produces results that are more consistent with the qualitative patterns derived from the application of mixed methods research. Whilst this research advocates the use of the multiplicative model, it also contends that future researchers should evaluate both common models- as the impact of context needs to be addressed sensitively,and this would also be consistent with the application of a critical realist perspective. Further, when considering perceived risk measurement, this research has found that the application of multiple variables is useful to test validity and reliability. These two issues are seldom considered or evaluated in previous perceived risk studies. This application also lends itself to the development of greater depth in data analysis, and therefore provides a more specific perspective to understand risk perceptions through detailed measurement. Future research in perceived risk should also address risk evaluation by considering the purchase stages, as consumers risk perceptions may be influenced and subject to change at different stages. Without such an approach results generated may be misleading, and may not provide an adequate basis for understanding consumers and developing appropriate marketing strategies to meet these concerns.

This thesis examines the impact of banking regulation, external governance and bank-specific variables on commercial and savings bank performance, as estimated by efficiency and financial indicators, in the Asian market, between 2000 and 2012. Furthermore, the thesis analyses the effect of deposit diversification and insurance on the bank's liquidity risk tolerance in G7 and BRICS countries. It further investigates the impact of expected government support on bank risk-taking in China. Firstly, we examine the impact of Credit Rating Agencies (CRAs) on bank performance in general, and in particular on how this impact can be moderated by the strict regulation of banking criteria and the quality of investor protection embedded in different institutional environments. We find that CRAs enhances bank performance. CRAs as the flexible governance power, their positive monitoring impact is further enhanced by the quality of investor protection but mitigated by the inflexible and strict banking regulations. Secondly, this research investigates the impact of market power and revenue diversification on bank performance and stability. We find that market power could not only improve banking performance, but also increase individual bank fragility in an emerging market. Although revenue diversification reduces bank efficiency, it improves individual stability. Thirdly, we study the relationship between liquidity risk, deposit diversification and insurance in 12 countries during the period 2005-2014. We capture liquidity risk by focusing on the unfunded loan commitments. We find that higher diversification in the deposit base can reduce the impact of liquidity demand risk during the crisis by decreasing the cost of funding, increasing the funding inflow, maintaining the total amount of loan lending and enhancing the liquid ratio. Additionally, the results suggest that although deposit insurance has a positive impact during the crisis, its effect cannot mitigate the liquidity demand risk. Fourthly, this research examines the impacts of expected government support on bank risk-taking behaviour, and in particular how its impact can be stronger in state-owned and large banks. We find that the willingness and capacity of government support enhance bank's risk-taking behaviour through increasing non-performance loan as well as doubtful loan, and decreasing Z-score as well as liquid ratio. This moral hazard problems are further enhanced in state-owned banks and large banks. Finally, we outline our conclusions along with the limitations of this research and a plan for any future work.

This dissertation contributes to the global political economy of finance by examining the historical evolution of the German financial system. The origins of Germany's nonmarket financial structure are consistently identified as path-dependent influences of its system of “patient” rather than “speculative” financial capitalism. This thesis revisits the historical evolution and crystallization of German corporate banks on universal, as opposed to specialized, financial practices. In stark contrast to the existing literature that relies on efficiency-based explanations, it emphasizes the political nature of bankers' financial practices, and the role of social power in shaping financial structure. Examining universal banking in this way stands its significance upside down by showing its roots in speculative practices and the politics of industrialization rather than patient finance and efficient calculation. The thesis consists of three parts: Part I delineates the intellectual riddle posed by the received scholarship: “despite obvious connections,” between economics and politics, orthodox political economists have been mystified by the role of power in universal banking's development. It therefore outlines an historical sociology of financial development to reassemble this puzzle. Part II charts the developmental path of German banks from the 18th to mid 19th century. This section first stresses how early universal banking—“mixed-banking”—was an unintended product of the speculative practices of Rhenish financiers engaged in a political struggle over industrialization. It further demonstrates that the adoption of “mixed-banking” practices by corporate banks must similarly be understood in terms of power rather than as a solution to market failure. Part III charts the historical narrative to 1914 highlighting how the early speculative character of “mixed-banking” engendered a transformation into the concrete form of universal banking following social struggles around the introduction of deposit banking. The thesis underscores the general importance of examining economic institutions from the perspective of power.

This thesis examines the impact of several types of business regulations on bank performance, as measured by cost efficiency, in the EU economies over the 2000-2010 periods. First we investigate the impact of credit, labour and business regulation on the performance of the banking systems of the EU-10. The regulation indices are sourced from the Fraser Index of Economic Freedom (Gwartney et. al, 2012). In further analysis, we decompose the credit regulation variable in its components (private ownership of banks, foreign bank competition, private sector credit, limitations from interest rate controls and regulations) in order to find which type of credit regulation is more important for performance. Second, we examine the impact of several type of business regulations derived from the “Doing Business” project of the World Bank on bank performance as measured by cost efficiency in the EU-10 economies. More specifically we use regulation indices related to: i) starting a business, ii) getting credit, iii) paying taxes, iv) enforcing contracts, v) resolving insolvency, vi) protecting investors, and vii) employing workers. We put special emphasis on regulations related to “getting credit”, “paying taxes” and “starting a business” as the first type is directly relevant to the banking sector while the next two on the top of the EU agenda. In further analysis we investigate if the impact of business regulation on bank performance is influenced by institutional quality as measured by rule of law and corruption variables. Third, we assess the impact of different types of labour regulation on bank performance, as measured by cost efficiency, in the five countries of the eurozone periphery (Greece, Ireland, Italy, Portugal, Spain) over the 2000-2010 periods. We source the labour regulation variables from the Fraser Index of Economic Freedom (Gwartney et. al, 2012) and from the Employment Protection Index produced by the Organisation for Economic Co-operation and Development (OECD). In further analysis we investigate if the impact of labour regulation on bank performance is influenced by the country-level law enforcement capacity. Finally, some conclusions are provided along with limitations of this research and an agenda for future work.

There is a wide variation in central bank policy stances across developing countries: Some central banks emphasise stability, in both prices and the financial system; some emphasise financial deepening; and some place equal emphasis on both goals. This thesis explores the argument that those who control the sources of finance on which countries rely for investment shape central bank policy stances. The argument has its roots in the theory of the structural power of capital; a theory which has remained under-explored for developing countries. This thesis seeks to contribute to the literature on structural power by further developing and probing the structuralist theory in the context of developing countries, notably those dependent on aid and natural resource rents. Combining insights from the literature on structural power and on the economic and political correlates of aid and natural resource dependence, I explore whether and how those who control the sources of finance on which countries rely for investment shape central bank policy stances. To explore these questions the thesis employs a combination of qualitative and quantitative methods. First, I use case studies from Kenya, Nigeria and Uganda to shed light on the mechanisms through which variations in a country's major sources of investible funds induce changes in the stance of central bank policy. Second, I explore the relationship between dependence on aid and on natural resources and the stance of central bank policy econometrically, using crossnational statistical analysis. The statistical analysis contributes to theory-building by developing quantitative measures of key theoretical concepts and probes structuralist theory by examining the generalisability of the findings of the case studies. Collectively, the evidence presented in this thesis suggests that power rooted in the control of capital helps to account for central bank policy stances. The results of my research contribute to extending the theory of the structural power of capital to finance in developing countries and to the debate about the costs and benefits of different economic development strategies.

This doctoral investigation considers the exploration of two theoretical concepts, namely Trust and Emotional Intelligence (EI) within Intercultural Service Encounters (ICSEs), taking into consideration customers΄ and employees΄ perception. The conducted systematic and narrative literature review on ICSEs provided the foundations for the development of an initial conceptual framework on affective trust during ICSEs. The researcher as a symbolic interactionist adopts a case study approach to explore the role of EI on the development of affective trust during ICSEs in the banking industry of Cyprus. Cyprus used to have an extremely sizeable financial and banking industry but the financial crisis has influenced adversely customers΄ trust towards the employees and the banking institutions. In order to gain a deeper understanding on ICSEs in Cyprus, the researcher adopts the critical incident technique (CIT) and conducts semi-structured interviews with frontline service employees (FSEs) and foreign customers within the banking industry. The collected data were analyzed via the template technique with the assistance of qualitative data analysis software NVivo 10. The research findings suggest that affective trust is very important for the financial services that aim to develop trust during ICSEs. The empirically validated conceptual framework reflects an in-depth exploration of the negative emotions that emerge during ICSEs and innovatively enables a holistic understanding on the role of EI in the development of affective trust in the banking industry of Cyprus. As a practical contribution, the researcher delineates a training agenda to local retail banking institutions, which includes strategies and specific emotion management tactics that directly address the development of affective trust during ICSEs.

Purpose- The aim of this research is to address the current gap in the disclosure literature by investigating risk disclosure in a developing economy (Saudi Arabia). The current study aims to widen the understanding of risk disclosure levels, determinants and economic consequences, by firstly examining the levels of risk disclosure in the annual reports of both Islamic and non-Islamic listed banks, secondly by empirically exploring corporate governance and the demographic traits of top management teams as the determinants of voluntary risk disclosure practices in and thirdly by investigating whether the levels of voluntary risk disclosure in Saudi listed banks are value-relevant or not. Design/Methodology/Approach- The sample consists of all banks listed on Tadawul. All data was collected from the annual reports of the sample banks from 2009 to 2013 using manual content analysis. Other variables were collected using DataStream and Bloomberg. This study develops two holistic risk disclosure indices to measure the levels of risk disclosure in both Islamic and non-Islamic banks. It also uses ordinary least squares regressions analysis to examine the effect of a combination of determinants stemming from corporate governance and demographic traits on risk disclosure. Ordinary least squares regressions analysis is also used in determining whether the levels of voluntary risk disclosure in Saudi listed banks are value-relevant or not. Results- The first empirical analysis shows that Islamic banks report less risk information than non-Islamic banks. However, the analysis also reveals that both Islamic and non-Islamic banks report relatively the same amount of risk information regarding the banks’ non-Islamic risk-related items. The second empirical analysis shows that Islamic banks report very low levels concerning Islamic risk-related items. It also shows that external ownership, audit committee meetings, gender diversity, education levels and profitability are primary determinants of risk disclosure practices in Saudi listed banks. Thirdly findings also exhibit that there is no association between the levels of voluntary risk disclosure and firm value as measured by the market to book value (MTBV). But, the results generated from the accounting based measure (ROA) show that there is a positively significant association between the levels of voluntary risk disclosure and firm value. Potential Contributions- This study contributes to the literature on general accounting disclosure and in particular advances and contributes to the literature on risk disclosure in developing economies. It also contributes to the understanding of the role of accounting information in relation to the levels, determinants and market valuation of a firm. Specifically, this study is significant in that it sheds light on the voluntary risk-disclosing practices of banks that operate in an environment that is often considered to be opaque. This investigation makes major contributions to the literature and increases the knowledge on risk disclosure and reporting practices in the annual reports of all listed Saudi banks, namely Islamic and non-Islamic banks. It makes a healthy contribution to the discussion on the levels, determinants, economic consequences and risk disclosure in banks annual reports. To the best of the researchers’ knowledge, no prior research has been conducted on the levels or the determinants voluntary of risk disclosure in Saudi Arabia. Also no prior research has been conducted on the relationship between firm value and levels of risk disclosure in general or in emerging markets. Therefore, this is the first study to investigate the levels, determinants and economic consequences of risk disclosure in this context. This study has also pioneered a novel contribution to the field of disclosure by incorporating the upper echelons theory into investigating disclosure. Particularly in this study this theory is extended into exploring the determinants of voluntary risk disclosure. Implications- The reported results should be useful to accounting and regulatory bodies by providing information about the inadequacies of risk reporting in Saudi banking sector. Regulatory institutions should be above all concerned about the disclosure needs of users. Therefore, SAMA, SOCOPA and CMA are called upon to find solutions to improve the reporting of risk information in the Saudi banking industry. The study also provides information for managers to keep investors satisfied about the risk that their banks encounter. Investors may use the findings for understanding risk disclosure behaviour of listed banks. It also informs regulators and investors about the importance and current levels of risk disclosure in all Saudi listed banks as well as informing them of the influence voluntary risk disclosure has on the value of the firm. It also calls upon managers who prefer to withhold from offering information to shareholder to be more transparent if they prefer to increase their banks market value and entice more investment. This can be used to increase the value relevance in the banking sector.

The aim of the current study is to analyse the association between the determinants and the value relevance of risk disclosure in the Indonesian banking sector. The purpose will be derived into four research objective: to measure the extent of risk disclosure in the Indonesian banking sector; to compare the risk disclosure practice between listed and unlisted banks, and between Islamic and non-Islamic banks; to study the determinants of risk disclosure and what factors affect a bank's decision to disclose risk information; and to analyse the value relevance information on risk disclosure of listed banks, unlisted banks, Islamic banks, and non-Islamic banks. Agency theory, signalling theory, stakeholder theory, and communication theory were used for underpinning theory. The annual reports of 120 banks which released between 2008 and 2012 were employed for testing in this research. Risk disclosure was measured by the number of Indonesian risk keywords divided by the number of Indonesian sentences in annual reports. Firm value for listed banks was measured by Tobin’s Q. The Black Scholes Merton model was employed for measuring firm value of unlisted banks. The number of risk keywords, number of sentences, and risk disclosure in the Indonesian banks showed an upward trend. The delta of size, liquidity, profitability, leverage, and earnings reinvestment did not have association with the delta of risk disclosure in all banks, LB IB, NIB. The delta of firm value in all banks, LB, ULB, and NIB has an association with aggregate the delta of firm characteristics and the delta of risk disclosure. Risk disclosure in annual reports was not value relevant for stakeholders. This method will construct a new measurement of risk disclosure; and firm value for unlisted banks. The regulators, banks’ managers and bank supervisory should pay more attention to increasing the usefulness of disclosure, the completeness of the risk information, and how to deliver signals and information more understandably and readably for stakeholders. This research adds to the limited literature relating to earnings reinvestment, new measurement of risk disclosure, and firm value for unlisted banks. The results enrich agency, signalling, stakeholder, communication and dividend theories.

The purpose of this thesis is to understand and explore the foundations of FSMP process in the banking industry. The primary research objectives are: to identify the managerial and performance related benefits of an FSMP approach; to understand the process of FSMP practice in the LCBs; to analyse the impact of contextual factors (internal and external factors) on the current state of development of an FSMP approach in the LCBs; and to conclude as to the potential benefits of an enhanced rate of FSMP adoption and recommend how it would best be achieved. It is important here to confirm that the research was carried out prior to the events in Libya in February 2011. Since the ideas for this research were based on the reality within the largest commercial banks situated in Libya, an interpretive approach was considered the appropriate option to address the research questions posed. Therefore, this study opted for a realistic approach because of its exploratory power and its adequacy to reveal the underlying causes of FSMP within this industry. To address the research objectives the survey strategy has chosen to answer the research questions. The combination of qualitative, quantitative techniques and archival data suggested by the interpretive philosophy and deductive approach is used for the reasons given above. The descriptive statistic analysis is used to analyse the structured questionnaires, and the pattern matching and coding analysis is utilised in order to analyse the semi-structured interviews. The major findings revealed that comprehensive strategic plans are in place, but that the processes by which they are created have significant limitations. In addition, FSMP in the LCBs is still evolving and that it is, currently, in growth. In terms of marketing lifecycle, marketing in LCBs is in its infancy stage, it was found, contrary to expectations that marketing departments have only been established recently. For this reason a number of barriers to FSMP were found. Based on these results, LCBs need to be aware of the strengths that they have and consider how to take advantage of them to capture the current opportunities in the Libyan market, without allowing their weaknesses and limitations to threaten their future and impede the banks' full potential. The main contributions of the current research are: understanding of the process of FSMP that is being introduced into LCBs; determining the contextual factors that affect the implementation of FSMP; identifying the major barriers to the success of the implementation of FSMP and providing a practical framework for FSMP in the LCBs in order to enhance its success.

The literature on the World Bank in neoliberal governance tends to assume that its strategies are largely shaped by the objectives of the US. The hegemony of neoliberalism as a political paradigm in the US is conventionally considered to be expressed in the Bank as the ‘Washington Consensus'. The structural adjustment loan is the medium through which the Washington Consensus is extended to the realm of ‘development'. Yet structural adjustment lending was developed before the neoliberal paradigm became hegemonic in the US, in the service of Bank policy objectives which did not express the tenets of the Washington Consensus. The tendency of critical accounts to ignore this disjuncture and adopt the Washington Consensus narrative suggests that they take the Bank's capacity to enact US objectives for granted. My central claim in response to this is that the Bank has never been a passive recipient of the American hegemonic agenda. I articulate this argument at two levels of analysis. Firstly, I draw upon Constructivist accounts in arguing that the agency of management was crucial in creating an organisational structure which allowed the Bank to meet the imperatives associated with the development of its operations. The process of developing a viable organisational structure allowed management to carve out a proprietary terrain in which their agency is decisive in constructing the tools and strategies of governance. However, I move beyond the Constructivist tendency to de-contextualise managerial agency, by arguing that management's strategic choices are socially anchored in the infrastructure of American financial capital. Secondly, I argue that the social basis of the Bank in private American finance means its relationship with the US is defined by its imperative as an institution: is to secure access to the uniquely deeply capitalised US financial system. In pursuing this institutional imperative, the Bank's agenda has become increasingly intertwined with US objectives. However, the parameters of its capacity to act are set by the basis of its operations in private US finance. On this basis, I offer a revisionist history of development of Bank's structure and lending practices at four critical moments from the 1930s to 1980s, which leads me to cast the turn to neoliberal governance in a new light. Firstly, I explore the enlistment of US financiers in support of the Bank at Bretton Woods. Secondly I illustrate how the Bank's imperative of capitalisation crystallised as it began lending. Thirdly, I demonstrate how management's pragmatic negotiation of the Bank's institutional imperative shaped the technology of governance during the Bretton Woods era. Finally, I present the origins of structural adjustment lending in McNamara's strategic renovation of the Bank's institutional structure and lending practices in order to render pro-poor lending strategy legible to US financiers. Structural adjustment was not an artefact of American power, but was rooted in management's pragmatic negotiation of the imperatives which followed from the social anchoring of the Bretton Woods order in the unique infrastructure of American finance. Ultimately I will show that American hegemony cannot be understood without the agency of the Bank.