This thesis explores UK payday loan consumers' lived experience of managing money, to better understand financial decisions made by indebted individuals. Payday loans offer a high cost, short-term credit solution to individuals without a savings safety net. Recent legislation has improved lender behaviour, and reduced the size of market. However, the number of complaints logged by payday loan users remains high. Scant research regarding payday loan users is available; that which exists tends to be commissioned by lenders or consumer protection groups, or US-based. The theoretical domain of this research is consumer decision-making (CD-M). CD-M is theorised within the field of consumer behaviour. However, this field tends towards an economic and rational underpinning, which often fails to take context and emotive state into account. This research aims to give voice to real life payday loan users, and consider the wider context of emotions in CD-M. Existential-phenomenological interviews and participant-generated Post-it® models were used to explore the lived experience of payday loan consumers. The data was analysed using a customised, innovative method that draws upon an existential-phenomenological analysis, thematic analysis, and voice-centred relational method. An original model of movement around credit sources was created, identifying several orbits on which groups of credit products exist. Reasons for movement between the orbits are also explored, with a chapter that explores borrowing at Christmas. The findings address several issues within the literature, in particular where traditional CD-M theory does not adequately explain the decisions made by payday loan consumers. This is important for lenders and policymakers to better understand the financial decisions of consumers, with implications for future payday loan policy, business strategy and communications.

The aim of the current study is to investigate the relationship between earnings management (EM) and voluntary disclosure quality (VDQ) on Islamic and non-Islamic banks (IBs and NIBs) listed in Middle East and North African (MENA) countries during the period from 2006 to 2015. In accordance with the empirical work of Kanagaretnam et al., (2004) and Yasuda et al., (2004), the two-stage and modified Jones models were employed as major and alternative models respectively to measure EM practices. The multidimensional method of Beretta & Bozzolan (2008) was developed in order to measure VDQ. The panel regression analysis was utilised for the regression model used in the current study. The findings show that the VDQ has a negative and significant impact on EM in both IBs and NIBs, which are in line with the perspectives of both signalling and agency theories. In addition, this result remains unchanged after robustness and several additional tests. Furthermore, the findings of the multivariate analysis show that IBs and NIBs behave differently in terms of both EM practices and VDQ. This result was supported by several alternative tests. Overall, the methodological contribution of this study is the further development of the multidimensional framework of Beretta & Bozzolan, (2008) in order to measure VDQ. It is also the first empirical research, to the best of the researcher's knowledge, on the relationship between EM and VDQ in the banking industry, especially in Islamic banking. Additionally, it provides empirical evidence on the differences between IBs and NIBs that are listed in MENA countries in terms of EM and VDQ.

Focusing on the United Kingdom (UK) and the United States of America (US) in the period since the mid-1990s, this thesis analyses the changes in retail financial markets and associated questions of financial democratisation, financial inclusion and exclusion. Specifically, it concentrates on the rise and crisis in the subprime sector of mortgages and consumer credit markets which targeted borrowers who had previously been excluded on a range of grounds. The analysis offered situates these changes and developments in the financialisation of economic life; processes understood as produced through three co-constitutive forces: financialised accumulation, financialised risk management, and financialised discipline. Together, the financialisation of accumulation, risk management and discipline are shown to have driven forward changes in retail finance in general and the rise of subprime in particular, apparently furthering financial inclusion and enabling homeownership. However, experiences of financial inclusion are shown to have been ambiguous, marked by increased levels of indebtedness and rates of interest higher than those prevailing in mainstream markets. Moreover, the forces of financialisation are also shown to have contained contradictions and tensions that were crucial to the crisis in the subprime sector. The crisis, then, is held to raise yet further analytical and policy questions about the problems and prospects of market-led financial inclusion. Ultimately, the thesis argues that unless policymakers support and re-start a closely regulated subprime sector, stark exclusion will characterise post-crisis financialised economic life in the UK and US.

This study focuses on exploring the determinants of the use of financial services in Tanzania with respect to the role of household behavioural factors. This is achieved by attempting three interrelated research questions: i) What are the financial experiences of households in Tanzania? ii) What are beliefs held by households in Tanzania about the use of financial services? iii) What are the effects of household behavioural characteristics for intention to use financial services and subsequent usage of financial services? Both quantitative and qualitative research methods are employed to achieve the research objective. The empirical findings suggest that behavioural factors matter for the use of financial services. Firstly, the examination of household financial experiences on a sample of 30 households through the application of financial diary methodology revealed a variety of household financial experiences that highlight the necessity of financial services to households. Secondly, despite the fact that most households do not use financial services, it is found that households hold positive beliefs about financial services for saving facilities, security, finance, money management and improving economic well-being. Thirdly, structural equations models indicate that attitudes towards financial services, perceived behavioural control and subjective norms significantly impact the intention to use financial services. Perceived behavioural control is observed to prominently influence the use of financial services. The study offers the following contributions: Firstly, it develops a behavioural conceptual framework that integrates financial and psychological perspectives. This framework facilitates a broader understanding of the determinants for the use of financial services from various perspectives. Secondly, it provides distinct insights into the influence of behavioural characteristics in the use of financial services. This adds to the limited empirical literature about the determinants for the use of financial services specifically the effects of behavioural factors. Based on the findings, implications for financial inclusion initiatives and relevant future research have been identified.

The overall purpose of this thesis is to examine the models for effective compliance, and those currently adopted in practice within the financial service sector. The need for financial service organisations to maintain a robust compliance function has developed due to ever increasing regulatory demands following the most recent global financial crisis, alongside concerns over compliance culture within financial service organisations. An overarching research question exists of why the compliance function is often viewed as business inhibiting within practice. This research engaged with practitioners with experience of working in financial service organisations and regulatory bodies. Repertory grid interviews (a technique stemming from Personal Construct Theory) explored practitioners’ personal worldviews of what comprises effective compliance via consideration of experiences ranging from ‘worst’ to ‘aspirational’ compliance. Practitioners do not align perceptions of benefits and costs of compliance in a linear fashion, when comparing worst and aspirational compliance experiences, which challenges the traditional models presented within academic literature. Barriers to regulatory compliance were highlighted, when exploring personal constructs with recurring themes of culture (management buy in) and also judgement (spirit, as opposed to, letter of the law). Compliance officer are highly aware of the importance of relationships with the regulator, and remain proactive in prioritising workload around the regulatory approach. An alternative model for compliance is presented in the form of the ‘Compliance Trust’. The model results in a compliance community which would operate independently from the financial service firms that they serve, and differs from traditional commercial consultancy or outsourcing with the emphasis on societal contribution and integrity, rather than economic motivations. The compliance trust would benefit organisations, via rotation of experience and knowledge sharing. This research provokes reflection on current practice in comparison to existing academic theories, and seeks to identify whether alternative models are viable for the future of compliance approaches within financial service practice.

This thesis provides topically a study of budgeting in an English local authority, Northtown district council. Unusually, it is based upon 'behind the scenes' participant observation, primarily of politicians in key financial roles. Influenced by "grounded theory" (Glaser and Strauss: 1967), Part I provides context and a study of accounting in action which successfully generates "thick description" (Der2in: 1983) of the budget planning process. Although the methods employed initially focused attention on action, the importance of structural dimensions of explanation is developed progressively. Budgeting is presented as a multi-layered process of decision making, cower and ritual and symbolisi which Parts II and III seek to 'peel away'. Decision making provides the apparent focus for financial participants who appear keen to develop formally rational procedures. However, the culture of conflict and contestation draws attention to a second layer of power. Attributions of power potential and use in budgeting are ccrnmonplace, but significantly the thesis also reveals "non-decision maldng" (Bachrath and Baratz: 1970). Strategic control of information and interpretation of the financial 'rules of the game' is used to cover up an embarassing and potentially damaging administrative error. It will be shown that although the decision process was non rational it was not irrational. The employment by politicians of different discursive symbols or metaphors reveals the third layer. Images of the authority as 'manager', 'guardian' and 'prisoner' daninated in the private, hybrid and public forums respectively. The premium placed upon formal rationality meant that cover up of non rationality to maintain internal and external legitimacy was a logical response. The metaphors will be shown to derive from the central/local relationship and the role of the state. The outward appearance of order and control, which convincingly disguised a more muddled reality, raises questions about its likely replication elsewhere. Some indicative suggestions for future research are suggested.

The primary focus of this study is to investigate the relation between Earnings Management (EM) and Corporate Social Responsibility (CSR) in the UK. While there are few studies in the existing literature that examined the relationship between EM and CSR, there is a lack of studies examining this relation in the UK. Furthermore, the existing academic literature appears to provide inconsistent results. These considerations motivate this study to bridge this gap in the literature by providing evidence of whether or not EM and CSR are related in the UK. The present study carried out through three empirical stages based on the data obtained from the FTSE 350 Index between 2008 and 2010. The first stage examined the EM practice using three EM models to estimate discretionary accruals as proxy for EM. The models were the Jones (1991), modified Jones (Dechow et al. 1995) and performance - matched (Kothari et al. 2005) models. Firstly, these models were tested using multivariate analysis; the findings revealed that the performance - marched model has been identified as the model that could most accurately measure the presence of EM. Secondly, by applying univariate analysis, the study has found insignificant differences between the high and low EM practices in UK firms and that the highest and the lowest levels of EM were in 2008. Similar results were discovered when comparing the differences between income - increasing and income - decreasing EM. The second stage tested CSR by applying both content analysis and disclosure index approaches to identify the level of Corporate Social Responsibility Disclosure (CSD) as proxy of CSR. The findings from the content analysis revealed that the employees (EMP) theme had the highest level of CSR information, followed by community (COM), environment (ENV), others (OTH), products and services (PRO), and customers (CUS). Similar results were obtained when the disclosure index approach was employed. The relationship between EM and CSR was tested in the final stage by using univariate and multivariate analyses. The findings revealed that firms with more CSR information reported lower EM. Further tests were performed to investigate the link between EM and CSR themes and the findings revealed that firms with more information of EMP, COM, EVE and PRO reported lower EM. However, no evidence suggested that CUS and OTH information affect EM. Overall, the findings suggest that the level of CSR improve financial reports’ quality. This study aspires to contribute to our understanding and knowledge on the issue related to the role of CSR regarding the quality of reported earnings.

The impact of dividend announcements on firm value represents one of the longest standing puzzles in the literature of modern finance. Based on either a behavioural or empirical approach, studies have provided rationales to address the issue of why companies pay dividends and whether the market response to the announcements can be predicted. However, these studies have failed to resolve the dividend puzzle, as no single convincing explanation about the observed dividend behaviour of firms has emerged. Moreover, most of these studies have been conducted in countries with developed capital markets; there is very little attention to corporate dividend policy research that addresses issues related to the development of emerging stock markets of sub-Saharan Africa, such as Nigeria. This study aims to provide additional evidence from an emerging market by investigating the managerial perspectives on dividend policy and the impact of dividend announcements on share prices of listed companies in Nigeria. For the purpose of the research in this thesis, a mixed-method research design, consisting of both the quantitative and qualitative approaches was employed. A postal questionnaire survey was employed to investigate the perspectives of Nigerian managers on the factors that drive dividend decision and the relevance of dividend policy to firm value. This was followed by an empirical investigation of the stock market reaction to cash dividend announcements in Nigeria employing a market-based standard event study methodology. Finally, interviews were conducted with 21 financial managers of Nigerian listed companies to ascertain their views on various dividend policy as a means of validating the findings from the questionnaire survey and the event study analysis. The findings from the questionnaire survey and interviews indicate that Nigerian listed companies’ exhibit dividend conservatism and typically focus on the level of current earnings, the stability of earnings and liquidity considerations such as the availability of cash when determining their current dividend levels. Nigerian managers believe that dividend policy affect firm valuation. Nigerian managers express strong support for the signalling explanation for paying dividends, but not for the bird-in-the-hand, tax-preference and agency cost explanations. However, majority of Nigerian listed companies do not have target payout ratios; instead, companies target the dividend per share when determining the disbursement level. Nevertheless, views regarding some of these issues differ between financial and non-financial firms. The results of the event study analysis show that the Nigerian stock market reacts significantly to cash dividend announcements, implying that dividends do convey price-sensitive information to the market. However, there is evidence of both lagging and sluggish response to cash dividend announcements, suggesting that the Nigerian stock market is not semi-strong efficient. The thesis makes a novel contribution to the growing body of corporate finance literature by providing additional evidence on the impact of dividend announcements on share prices from the context of an emerging market. As well as being timely in view of the dearth of empirical studies on stock market reaction to cash dividend announcements in Nigeria, the research is also important because it takes account of a novel feature of the Nigerian tax environment, where personal income from dividends is taxable while capital gains are exempt from taxation during the period of this study. In addition, the study is also unique because it examined the views of managers from both the financial and non-financial firms, thereby contributing to the literature on industry-related dividend effect. The focus of the investigation is also novel in that the study is the first comprehensive investigation of the perceptions of Nigerian corporate managers on dividend policy.

Anti-Money Laundering has become the term for many stakeholders including Financial Institutions and law enforcement agencies that attempt to prevent the movement of money obtained from criminal activity. This research combines two important areas within the money laundering arena: Anti-Money Laundering preventative measures and Anti-Money Laundering Policy. This study aims to discover significant determinants that influence the current anti-money laundering policy (AML) by understanding the relationship between criminal activity, stakeholder activity and public policy. This research adopts a pragmatic approach which embraces the use of mixed methods. The strategy using mixed method (triangulation) approach for data collection increase the rigor and robustness of the research in terms of exploration, validation and confirmation of findings. From a pragmatic perspective a better understanding of the research problem could be achieved that overcomes complexities in the context of the research, such as access to key stakeholders. The research question “What are the factors that influence the effectiveness of AML policy implementation in the UK?” is answered using a four phase approach to data collection and analysis that incorporates theme identification from literature, focus group interviews, survey questionnaire and verification of factors through individual participation. The findings of the research point to three areas of activity that could be confirmed as areas in which policy changes can be applied. These are ‘sentencing’ as a deterrent to crime; ‘reporting regime’ for suspicious activity reports, and ‘criminal knowledge’ based on law enforcement tactics’. The methods used also provided an abundance of additional material that set the findings in their appropriate environment.

It is increasingly being recognised that service quality has a strong correlation with customer satisfaction. Researchers have debated the topic of private banking sector versus public banking sector in both Western and Far East countries, and found that the private banking sector outperforms the public banking sector in many areas, including productivity, efficiency, and profitability. However, literature and empirical studies on banking service quality in Libya are scarce, and this potentially impacts on organisation performance. This research aimed to assess and compare the levels of service quality provided by the Libyan private and public banking sectors to identify if there are significant differences between the private and public banking sectors in terms of service quality levels, as perceived by bank customers. The research adopted a survey questionnaire based on the amended Banking Service Quality Scale. It included six service quality dimensions, broken down into 31 statements, for capturing the wide range of services offered by banks. A total of 2000 questionnaires were administered to customers of the two banking sectors (public and private) and 740 (370 from each sector) were returned, which amounts to a 37% response rate. The research findings show that there are significant differences between the Libyan private and public banking sectors in terms of customer perceptions of service quality and the degree of importance attached to various dimensions of service quality. The results also suggest there is a relationship between bank status and customers’ age, occupation, number of branch visits, and period of relationship with a bank. The study has revealed, however, that there is no relationship between customer gender and bank status. The research has significant implications for Libyan banks in terms of developing operational, marketing and human resource strategies, and can help Libyan banks to incorporate service quality issues into their strategic planning. The study may be useful for application in countries with a similar banking culture as Libya. This study contributes to the understanding of service quality in terms of the Libyan banking context. The added value of this study emanates from the fact the research was conducted in Libya (a developing country with an extremely limited amount of service quality research conducted therein), and the fact it measured and assessed the service quality in both Libyan private and public banking sectors which form, along with the central bank, the entire Libyan banking system.