This doctoral thesis investigates the evolution of trust in investment bank(er)-client relationship in mergers and acquisitions by focusing on deals over EUR 1 billion. As sub-areas of research interest, this work explores the reasons responsible for the decline of trust in the research context, and also enquires if trust can be regained.
The author’s findings indicate that the investment bank(er)-client relationship cannot exist without trust. The bank(er)-client relationship begins with Performance trust in the introductory phase, evolves to a stronger Experiential Performance trust in the second phase, and reaches at its zenith in the third phase i.e. the last phase of trust evolution. The third phase is quintessentially marked by a situation in which a client is left with the choice of choosing either the investment banker or the bank. The former concludes the evolution of trust in form of Superior Interpersonal trust, while the latter marks the end of the phenomenon with Superior Company trust.
Scams, dishonesty and irresponsible behaviour, lack of transparency predictability and performance, can result in termination of trust. The authors’ findings suggest that regaining trust is possible at an organisational level, but not at an interpersonal level.:Chapter I: Introduction
Chapter II: The background and motivation
2.1 Trust in investment banks: An overview of the present scenario
2.2 The M&A business, investment banker-client relationship, and trust
2.3 The theoretical view on the research gap, and research questions
Chapter III: Literature review
3.1 Defining trust as a concept
3.2 A platform to comprehend the phenomenon of trust
3.2.1 Trust through the lens of transaction cost theory
3.2.2 Trust freedom, and vulnerability – an ethical perspective
3.3 A theoretical framework to study the phenomenon of trust
3.4 Trust vs. time
3.4.1 Relationship life cycle
3.4.2 The model of trust & distrust in relationship building
3.5 Trust and network approach
3.6 Epilogue
Chapter IV: Methodology
4.1 Prologue: The choice of qualitative research as a methodological approach
4.1.1 Validity of qualitative research
4.1.2 Reliability, credibility and characteristics of qualitative research
4.2 Phenomenology – studying a phenomenon
4.3 Sampling
4.3.1 Judgement sampling
4.3.2 Snowball sampling
4.4 Questionnaire
4.5 The data
4.6 Epilogue of the methodological approach
Chapter V: Analysis
5.1 The coding manual
5.2 Coding technique for the first cycle
5.3 Recoding and categorising – Second cycle
5.4 Post- second cycle coding findings
5.5 Does the research require a third cycle coding?
5.6 Data saturation in qualitative interviews
5.6.1 Factors determining data saturation
5.6.2 Guidelines on the size of the sample
Chapter VI: Results
6.1 Prologue
6.1.1 The ‘pre-relationship’ stage in a ‘successful’ bank(er)-client relationship
6.1.2 The constructs of goodwill at the “pre-relationship” phase
6.2 Exordium – The introduction phase
6.3 Incrementum – The growth/build-up phase
6.4 Maturitatem – The maturity phase
6.4.1 Situation 1: Superior interpersonal trust
6.4.2 Situation 2: Superior company trust
6.5 How does trust evolve in an investment bank(er)-client relationship?
6.6 Declino – The decline phase: The sub-areas of research interest
6.6.1 Scams
6.6.2 Living up to the expectations
6.6.3 Issue with additional services
6.6.4 Transparency and predictability
6.6.5 Can trust be regained? – A contextual question
Chapter VII: Discussion of results
7.1 A pragmatic approach in relation to the research gap
7.2 Transaction cost theory and a ‘free’ perspective
7.3 Goodwill and resource-based theory
7.4 Stakeholder theory, service/performance quality, and relationship marketing
7.5 The debate on trust and time
7.5.1 The model of trust and distrust in relationship development
7.5.2 Relationship life cycle
7.6 Network approach, recommendation, and 3D negotiation
7.7 Contractual trust and a phase of ‘neutrality’
7.8 Trust vs. reliance
Chapter VIII: Conclusion
Publication bibliography
Appendices
| Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:21328 |
| Date | 30 May 2018 |
| Creators | Ash, Anirban |
| Contributors | Pinkwart, Andreas, Vilks, Arnis, HHL Leipzig Graduate School of Management |
| Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
| Language | English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, doc-type:doctoralThesis, info:eu-repo/semantics/doctoralThesis, doc-type:Text |
| Rights | info:eu-repo/semantics/openAccess |
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