Corporate Governance In The Australian Banking Industry: A Study On The Big 5 Firms

The Big 5 Firms in the Australian Banking Industry

Corporate governance plays a vital role in an institution operating in the banking industry. The research is based on the 5 big banking instructions within Australia namely Australian and New Zealand Bank, Commonwealth Bank of Australia, Westpac Bank, the National Australian Bank and Macquarie Group which combined hold 89.8% of the market share within the industry. This shows that the above-stated banking institutions has a vital impact on the overall stock market and are a financial giant in the market.  Regulatory and ethical breaches have been identified through the recently committed royal commission within AFSI which show that although the company was earning financial wealth through operation customer and other stakeholder associated with the companies were not benefitted. It has been observed that consumer was neglected by these companies as a result of which there is a negative light on the stated firms. Below the share trends show the downturn of share prices within the industry.

After such regulatory and ethical breach the level of securitization have increased considerably which has lead to bigger audit over the firm to know there real liquid and asset strength. 

The purpose of this research is to dig deep into the reason of such regulatory breaches and ways in which consumer, employees and other stakeholder were neglected at such a large extent. The purpose is also to highlight the use of corporate governance policies to make the situation better for a firm in terms of association with different types of internal and external stakeholders. Further recommendations will also be made to ensure the proper solution to current problems within the big 5 firms stated above.

Australian and New Zealand Bank:  Founded on 2 March 1835 Australia And New Zealand Bank now has total revenue of 21,071 billion and the net income of 7,493 billion which shows it financial size.

Commonwealth Bank of Australia: Established in 1911 the companies operate in the banking industry of Australia and currently have revenue and net income of 26,005 billion and 881 billion respectively.

Westpac Bank: The Company was founded in 1817 and currently hold revenue and net income of 21,642 and 8012 billion respectively. The company also operates internationally.  

National Australia Bank:  Founded in 1982 the firm currently holds revenue of 20,176 billion and net income of 6,357.

Macquarie Group: The financial group was founded in 1969 and currently holds  10.9 Billion of revenue and 2.6 billion of net income.

The research questions for the current project based on which research objectives will be developed are as follows:

1. What was the reason leading to regulatory and ethical breaches in the big 5 companies?
2. How the customer, employees and other stakeholder were ignored by the firms?
3. What is a problem within the corporate governance of this big 5 firms?
4. What is a possible solution which can be recommended in the current situation?

The research objective is objective which the researcher will look to achieve through the current research:

1. To know the reason leading to regulatory and ethical breaches in the big 5 companies
2. To gain knowledge on how the customer, employees and other stakeholder were ignored by the firms
3. To analyze the problem within the corporate governance of this big 5 firms
4. To know a possible solution which can be recommended in a current situation

Research Objectives

In this review of the literature, there will be discussion over the subject topic important information related to the current situation will be provided. Different theories will also be discussed in relation to the subjected topic. It is to be noted that the cause of the problem will be discussed in order to get deepful insights on the current based on which research will process.

The causes of such regulatory and ethical breach can be referred to the intentions of the big five firm. It is very normal that companies in the banking industry tend to like the ways in which they can expand their financial size and strengthen their financial stability. It is important to consider that through the help of effective strategies companies within the financial industry tend to develop financial strengths. It is very evident that is some major cause to the regulatory breach which has been identified in the Royal Commissions and they are discussed as follows:

1. Lack of effective corporate governance: It can be stated  that one of the major causes which can be said to play a major role in the current scenario is lack of effective corporate governance within big 5 banking institution (Montague et al. 2016). This is because corporate governance is all about to maintain the regulatory and ethical boundaries within an organization and to make sure that stakeholder of the company are the most benefited through the operations of the company. Although it has been that the companies did not hesitate to cross regulatory and ethical boundaries and ignored its principal stakeholders. This shows that the corporate governance within these organizations was weak and inefficient to maintain effective governance options within the firm (Batten et al. 2018).   
2. Financial expansion: Now financial expansion within any form is considered to be a very positive element as it helps an organization to effectively operate in the market. However, the company’s intention also matters in the case of financial expansion. There are various ways in which a company can expand financial his includes some way which is out o regulated bounder (Gentilin, 2016). The five banks which have subject to such breaches when out of the regulatory boundaries just to satisfy there need of growing financial size. For this reason, all these companies compensated on this thing causing in beaches and ignorance of key stakeholders. As a result of which there can be a huge effect on overall share prices of the company as the element of consumer confidence and loyalty to the firm will diminish in an effective manner (Kashif et al. 2017).

Agency theory relates to the current scenario because it defines the actions of the agents of the firm in accordance with the principles of the company. In the current scenario as an organization is an artificial person the people operating the following are agents which are responsible for its activities (Pepper & Gore, 2015). The big five form tend to have there once operational managers and CEO hence there are run by a certain group of individuals who will be held in the companies did something ethically wrong.  Under agency, theory agent takes a decision in accordance to the company’s principle as their strong relationship between agent and company’s protocol (Bosse and Phillips, 2016). However, of an agent fail to do so there is chaos and their breaches which occur causing on the company both internally and externally. The same goes with big 5 firms the gent of the company did not respond to the principal efficiency leading to unethical behaviors and decision causing a problem in the company in an effective manner. In accordance to the theory in the current case, the boards of director are key personnel which will be held responsible based on which there will be an effect on the stakeholder decision (Frohlich & Flynn, 2017). The employees may revolt creating a slow down to the company’s operation causing the effect to its market value. Where is the customer may breakdown decrease investment amounts affecting the overall demand of the share decreasing its value. In accordance with the Agency theory, it has been mentioned that both employees and customer can affect the organization’s breach of contract effectively which will result in a decrease of the share value of the firm (Bahli and Rivard, 2017).

Literature Review

In accordance to Enlightened Shareholder theory, the corporation or the company should look after the shareholder benefits on a long-term orientation this will benefit the firm on a long-term basis (Westermann-Behaylo, 2018). The Enlightened Shareholder value should depend on the full range of shareholders interest (Prasad, 2017). Now in the context of the current scenario, it has been seen that shareholders within the firm have been ignored for profit maximization and to build financial stability within the firm (Cooper, 2017).  The theory is based on shareholder orientation and directs the norms and regulations on the basis of which shareholders are to be benefited but the big five companies have not implemented for follow such theory and have ignored the shareholder which will cause consequential damage to the share price of the firm in the market (Queen, 2015).  

The theory based on the dynamic process and was made by Hegel in the 19th century. After that, the system theory was used by Marx and Darwin by them for their work research ass we all know (Qiu et al. 2017). Therefore the system theory is being used by the great sinusitis since the very past of our civilization in order to judge disciple, investigate and dynamic process. The system process is the transparent study of the independent sustains like the spatial or temporal scale of existence. The system theory is mainly divided into four part and all of them are described below with the proper explanation (Wichers et al. 2015). The first object being part of the elements used for the system by the system, these can be any kind of parts like physical, with respect to the nature of the parts or elements used. Secondly, the system consists of the attributes meaning the quality or the properties used by the elements in the making process. Thirdly, the relationship between the objects or the elements. And lastly, the existence of the system in the environment and its verification of the objects are working in a current manner or not (Domen et al. 2015). This conceals a strong reason for the research conducted in this research paper. The five banks discussed have a great impact on the financial value of the given countries in past and even today. Most of the banks being governance bank it is more likely to have less maintenance in the public field. This concludes to a strong reason to believe that the politics were highly involved in the banks and the, therefore, the growing and share part was missing completely (Liu et al. 2016).

Agency Theory and its relevance to the current scenario

Resource dependency theory (RDT) is the study of the external resources used by the organization which can affect the behavior of the organization (Yeager et al. 2014). The theory defines the organization is how much dependent on resources. Also the testing of the fact that the organization basis or power is the resources and how much true is that to the current situation. The organization environment study and the ultimate resources generated by the organization which affect the organization environment (Cambria et al. 2016). The independent organization can legally be dependent on the dependent organization and vice versa for the sake of resource exchanges and policies which can be applied to both of the organizations. Power and resources are directly linked depending on the type of resources used by the company. Power is relational meaning the power can be subjective can other organizations can possess different power status but the situation and the potential of the organizations which can be directly related to the field status or the market status can be and in most cases are mutual (Brouthers et al. 2015). As these are the most important aspects of the resource dependency theories and now how they related to the research paper will b discussed. The five banks have given to the research objective and the same field of the market and share the same platforms may be in different countries ( Berger et al. 2018).

In accordance to Bell et al. (2018), the big five firms have dominated the Australian Banking industry but there is a need of better returns to the shareholder because of which the investment tends to diminish. On this Conroy Crane and Matten, (2016) said that the Big 5 firm has been paying good returns but have not done justice to their employees pay scale which can hamper their operational activities affecting the overall share price of the firm.  On the basis of Goldratt, (2017), it has been observed that regulatory and ethical breaker performed by a firm hampers it’s over reputation and goodwill in the market which can ultimately decrease trust of an investor in the company causing a negative effect on the overall share prices of the firm as the demand will decrease ultimately.

Conclusion

Concluding on the above literature review it has become clear that there were some serious lacks in the corporate governance system of the big five firms which lead to regulatory and ethical breaches within the firm. It is to be mentioned that the theory mentioned above shows on the way which hampered the company’s relationship with its internal and external stakeholder which can affect the overall.

Enlightened Shareholder Theory and its relevance to the current scenario

The researcher will follow a flexible research methodology which will help in drawing an effective conclusion on the subject topic (Weber, 2017). It is to be mentioned that the researcher has used a descriptive design, deductive approach and positivist philosophy to conduct the research. The reach also uses the data collection method of qualitative research in which data will be taken from both primary and secondary sources. The research will use random sampling and qualitative data analysis to extract the actual site of information which is required by the company in order to achieve a precise conclusion.

Research philosophy use is a mental approach which the researcher takes in order to make a prominent research over the subjected topic (Hammersley, 2018). To is to be mentioned that in this research the research has used a positivist philosophy which it will take in order to approach the research process is a positive manner and analyze every aspect with an effective mental approach.  

There are two types of research approaches and here we use deductive research approach. A deductive approach generally begins with a developing a hypothesis and its emphasis is generally on causality (Lewis, 2015). Deductive theory means reasoning from the particular to the general and if there is a casual relationship present or any link seems to be implied then it might be true in many cases. Here the researcher used the deductive theory because there is a possibility to explain the causal relationship between variables and concept (Vaioleti, 2016). There is also a possibility to measure the concepts quantitatively and this research approach also helps to generalize the findings of the research to a certain extent.

A study which was designed to depict the participants in an accurate way is called Descriptive design research (Palinkas et al. 2015). Descriptive design research  described the people who take part in the study and there are three ways by which a researcher can do a descriptive research project and which are as follows:

1. Observation: In this method the researcher view and record the data of participants.
2. Case study: In this method the researcher study the data of individual or group of individuals in details.
3. Survey/Interview: In this part, the researcher takes a short interview or having a discussion about a specific topic with an individual.

Since the current research has been conducted using both primary and secondary data, therefore the data can be can be classified into various types or aspects in the following research (Sutton and Austin, 2015). Secondary data collection type means the data which were collected by the means of books, journals, and some valuable theories in the current given research paper. The primary data being so being in terms of variability.  The primary data can be further classified into two categories quantitative and qualitative data collection process. Therein this research paper qualitative data collection type has been used.

System Theory and its relevance to the current scenario

The data type used in this following research is based on both primary and secondary data collection type. The primary data collection methods include face-to-face interviews with the respective bank executives and as well the survey based on the data needs to be collected by the help of the number of eligible people selected for this purpose (Alvesson and Sköldberg, 2017). This strategy comes in handy and these methods are tried and tested. And the secondary data types includes the data collected from the journals, books, articles, and books. As these data are also very important in research paper presentations. In this research paper, both types of data were used because a vast number of data were needed to test and analysed.

In order to maintain the relevancy of the data collected mainly the secondary data collected a

the method is used to implement to check the relevancy and the emphasis of the data collected in the given research (Urquhart and Fernandez, 2016). It is a very important method to find out the dependencies of the data type collected in the given research paper. It has been mentioned that the data are the most vital elements used in the research paper and evaluating that the research papers are made. In addition, the sampling process is focused on qualitative data collection type to obtain the desired data which are important for the given research work done.  

Data analysis method which has been used by the researcher related to the secondary qualitative method of data collection (Hughes and Sharrock, 2016). Data collected in the searchiong of relevant articles will be analyzed through effective in with comparison and summary of each analyzed part to get to a prominent result.

The researcher has followed ethical values in the line of conducting research which related to plagiarism and moral values. The researcher had stayed in Acad, mic limit while conducting the following academic research.

Activities	Week 1	Week 2	Week 3	Week 4	Week 5	Week 6	Week 8
Selecting the topic
Review of Literature
Selection of research methodology
Data collection
Data analysis
Conclusion and recommendations
Reviewing
Final submission

 In this section of the study qualitative data would be collected by conducting a precise and indepth evaluation of the secondary resources from the IBIS company report and other reliable sources. This will include the 3 local companies that are some of the external major stakeholders of the Big Five companies.  Descriptive analysis of the resources found on the impact of ove the share price will also be discussed.

The performance of the Australian banking sector depends upon factors that sometimes remains within the control and sometimes without control influencing the host by government reforms and policies. It is quite obvious to understand that every aspect in society is directly or indirectly elected to the operation of an organisation. Clear objectivity of understanding the macro and micro Segment relates to the understanding of the way the share market of an organisation will work. Response to the situation of the Australian share market for the banking sector we observe a series of changes in the share market price in terms of ups and down with every button changes.

Resource Dependency Theory and its relevance to the current scenario

When considered the report of national Australia Bank we see that return of revenue from 2013 to 2017 has increased from 10.9 to 16.4 percentage that is quite notable. The development of the written on Revenue to 16.4 percentage is quite a factor that can be due to the good development of the operation in terms of financial management. Where is the return on shareholders fund showed a fall from 11.6 in 2013 to 10.3 in 2017 that is obviously alarming for an organisation like the National Australian Bank (Koskei, Kibet and Nyang’au, 2016). One of the obvious reason behind the fall in the return on shareholders fund can be because the bank has been borrowing aggressively resulting in an increase on return on equity and equality is equal to assets which are being deducted from the debt caused by the bank. The situation of buying its own stocks back by National Australia Bank may have also caused the scenario of fall in return on shareholders’ fund.

While observing the report of Macquarie Group Limited in Australia we observe, fall in the total gross revenue from 11.8% in 2015 to 2.8% in 2018. There is a shortfall in the total gross revenue resulting in a serious situation of elementary changes that have been made in the banking sector of Australia. The sales revenue growth also fell from 14.4 percentage in 31st March 2015 23.1 percentage 31st March 2018 this clear suggest that the organisation must have been facing issues related to their business ideas and models that could not cope with the upcoming changes in business environment (macquarie.com, 2018). While investigating on return on shareholders fund, we observe that from 11.1 % rise in 31st March 2015 there has been 14.1% in 31st March 2018. Search rise in the stakeholder equity can be due to the increased amount of retained earning maintained by the Macquarie Group Limited.

Westpac banking corporation of Australia as per the Ibis world report for company Have shown a fall or negative percentage for the total growth revenue by 0.4% on 30th September 2017. On 30th September 2017 positive result for the return on Revenue by 23 % came up, whereas, it was around 19.6 percentage on 30th September 2014. This result clearly evaluates that The Governance of the banking sector proves to be well determined in responsibly increase the products and service sale (Rosette, 2015).

Conclusion

Commonwealth bank in Australian share prices went down by 9% in the year 2017 which is a huge price drop for the bank in the last few years. It is not that the peoples have invested less in the financial industry of the banking industry within Australia but they have been insecure over the investment and savings ratios.  they feel investing in shares and equity is for financial and banking institution will Heal them know about the benefits which they will receive from a non-banking financial company (Jones et al. 2017). Through the regulatory breaches and unethical code of conduct, the big five companies have distorted the trust and loyalty of the investors within the market over their investment redeems.  The ignorance of the companies over the benefits of the wealth maximization of the stakeholders or the investors Directly impacted on the demand of the share with have been called by the companies in an evident manner.  although the companies have incurred a good amount of profit and have use market shares within the Australian stock exchange market the amount of benefits which is received by the shareholders is minimal as compared to the investment made by them. This has led to the decrease of confidence with industry shareholders to invest in such companies as they do not fairly value the benefits of the returns which are to be paid back to the investors in an evident form.  It can be said that the investors have decreased the overall demand for shares leading to a price drop of the shares in the market.  It is not that the investments within the company which has been less but the number of shareholders who is the company had before have decreased by 12% in the last 2 years. This shows that the company has lost some of its loyal shareholders due to its unethical activities.  financial and banking industry who is an evident position within the Australian stock exchange market but in the few years, it has been seen the dominant position of this industry has been shaking due to the low amount of shareholders which have been investing at a low basis (Chopra, 2015).  There Are investors which have been investing on a large basis but the lower amount of investment done by some has been decreased by a prominent manner. It is to be mentioned that through such incidents the balance of both large and small investments within the company has got imbalanced the equilibrium between different types of investments have been lower which is why there can be a misbalanced within the Debt capital and share capital of these companies. If the corporate governance of the company is not being able to fix the issue in the current moment it will be hard for these companies to cope up and to gather more shareholders with investing in small forms which can be harmful to the overall investment received by the company through different sources of investment (Shakeela, Becken and Johnstone, 2015).  

Conclusion and recommendation

 In the above research, it can be seen that the research has been conducted with the help of the five big firms in the field of banks, internationally. Australian and New Zealand Bank, Commonwealth Bank of Australia, Westpac Bank, National Australia Bank and Macquarie Group are the big banking giants based on the international study. It was seen that these five banks or groups were leading to regulatory and ethical breaching from form the past few years. The discussion and the point or important factors have already been discussed in the above reach. As these companies were the global giants in the field of banking and posses the global power the same field. The customers, employees and the other stakeholders were ignored by the big 5 firms. The reasons were discussed in the given research and have been explained more thoroughly. Another main objective in the given research was to find out or analyse the problem within the corporate governance in the case of these 5 companies. The analysis of the problems within corporate governance has been discussed in the above research paper. The continuous ignorance of the banks to their stakeholders, lead to the fact that their beliefs and acceptance towards the banks was reduced to an extent. The further stakeholders now didn’t invest in the banking firms, as their belief in the banking firms were not present. The banks neglected the interests of the stakeholders. The banks should have an eye on the benefits of the stakeholders on a long-term basis as the reason the stakeholders of the company wants to spend in the company on a long-term basis.

1. It is recommended that the banks should give more attention to the customer, employees and most important stakeholders. The ignorance toward the stakeholder as well as the employees of the forms lead the banks to the position as such, ere it is a global matter now. The banks should be considered a corporate governance, as a committee, how controls the big banks in the long-run (Veblen, 2017).
2. The governance should create or develop some norms for the big banking giants, in the field for the customer, employees as well as the stakeholders. So that the banks become in control of the public services, that should be offered to the customers as their rights. This strategy will also take care of the fact that the banks behaving strangely to the stakeholders and their colleagues. The following governance will also take care of the regulatory and ethical breaches which are herded by customers every now and then. This factor will not the banks to stay in the market and gain the trust of customers, employee and the stakeholders but also lead to the growth of the financial market, internationally. These were the strategies and the factor which could affect the current scenario of the banks or can improve the bank’s scenario from before. Concluding it can be stated  that the current banking sector needs to be improved in vast forms, a step is to be needed by the officials to improve the current situation (Brannen et al. 2017).

References

Alvesson, M. and Sköldberg, K., 2017. Reflexive methodology: New vistas for qualitative research. Sage.

Bahli, B. and Rivard, S., 2017. The Information Technology Outsourcing Risk: A Transaction Cost and Agency Theory-Based Perspective. In Outsourcing and Offshoring Business Services (pp. 53-77). Palgrave Macmillan, Cham.

Batten, J.A., Lon?arski, I. and Szilagyi, P.G., 2018. When Kamay Met Hill: Organizational Ethics in Practice. Journal of Business Ethics, 147(4), pp.779-792.

Bell, E., Bryman, A. and Harley, B., 2018. Business research methods. Oxford university press.

Berger, J., Eyre, D.P. and Zelditch, M., 2018. Theoretical structures and the micro-macro problem. In Status, Power, and Legitimacy (pp. 55-70). Routledge.

Bosse, D.A. and Phillips, R.A., 2016. Agency theory and bounded self-interest. Academy of Management Review, 41(2), pp.276-297.

Brannen, M.Y., Piekkari, R. and Tietze, S., 2017. The multifaceted role of language in international business: Unpacking the forms, functions and features of a critical challenge to MNC theory and performance. In Language in International Business (pp. 139-162). Palgrave Macmillan, Cham.

Brouthers, K.D., Nakos, G. and Dimitratos, P., 2015. SME entrepreneurial orientation, international performance, and the moderating role of strategic alliances. Entrepreneurship Theory and Practice, 39(5), pp.1161-1187.

Cambria, E., Poria, S., Bajpai, R. and Schuller, B., 2016. SenticNet 4: A semantic resource for sentiment analysis based on conceptual primitives. In Proceedings of COLING 2016, the 26th International Conference on Computational Linguistics: Technical Papers (pp. 2666-2677).

Chopra, M., 2015. Corporate Governance Disclosure Practices By Banking Sector.

Cooper, S., 2017. Corporate social performance: A stakeholder approach. Routledge.

Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.

Domen, S., Gotoda, H., Kuriyama, T., Okuno, Y. and Tachibana, S., 2015. Detection and prevention of blowout in a lean premixed gas-turbine model combustor using the concept of dynamical system theory. Proceedings of the Combustion Institute, 35(3), pp.3245-3253.

Falzon, M.A., 2016. Introduction: Multi-sited ethnography: Theory, praxis and locality in contemporary research. In Multi-sited ethnography (pp. 15-38). Routledge.

Frohlich, M., & Flynn, B. B. (2017). Intramodal Supply Chain Chokepoints: An Agency Theory Perspective. In Academy of Management Proceedings (Vol. 2017, No. 1, p. 11032). Briarcliff Manor, NY 10510: Academy of Management.

Gentilin, D., 2016. The Origins of Ethical Failures: Lessons for Leaders. Routledge.

Goldratt, E.M., 2017. Necessary but not sufficient: a theory of constraints business novel. Routledge.

Hammersley, M., 2018. Routledge Revivals: What’s Wrong With Ethnography?(1992): Methodological Explorations. Routledge.

Hughes, J.A. and Sharrock, W.W., 2016. The philosophy of social research. Routledge.

Jones, T.M., Wicks, A.C. and Freeman, R.E., 2017. Stakeholder theory: The state of the art. The Blackwell guide to business ethics, pp.17-37.

Kashif, M., Zarkada, A. and Thurasamy, R., 2017. The moderating effect of religiosity on ethical behavioural intentions: An application of the extended theory of planned behaviour to Pakistani bank employees. Personnel Review, 46(2), pp.429-448.

Koskei, L., Kibet, L. and Nyang’au, A., 2016. A comparison of the effect of foreign portfolio equity on stock returns of listed banking and non-banking institutions in Kenya. African Journal of Business Management, 10(22), pp.569-575.

Lewis, S., 2015. Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), pp.473-475.

Liu, S., Yang, Y., Xie, N. and Forrest, J., 2016. New progress of grey system theory in the new millennium. Grey Systems: Theory and Application, 6(1), pp.2-31.

macquarie.com, (2018) Available from https://static.macquarie.com/dafiles/Internet/mgl/global/shared/about/investors/results/2018/Macquarie-Group-FY18-Annual-Report.pdf? Accessed on  7 December 2018

Montague, A., Larkin, R. and Burgess, J., 2016. Where was HRM? The crisis of public confidence in Australia’s banks. In Asia Pacific Human Resource Management and Organizational Effectiveness (pp. 67-86).

Palinkas, L.A., Horwitz, S.M., Green, C.A., Wisdom, J.P., Duan, N. and Hoagwood, K., 2015. Purposeful sampling for qualitative data collection and analysis in mixed method implementation research. Administration and Policy in Mental Health and Mental Health Services Research, 42(5), pp.533-544.

Pepper, A., & Gore, J. (2015). Behavioral agency theory: New foundations for theorizing about executive compensation. Journal of management, 41(4), 1045-1068.

Prasad, M., 2017. Companies Act, 2013: Incorporating Stakeholder Theory Approach into the Indian Corporate Law. Statute Law Review.

Qiu, W.R., Sun, B.Q., Xiao, X., Xu, D. and Chou, K.C., 2017. iPhone?Pse Evo: Identifying Human Phosphorylated Proteins by Incorporating Evolutionary Information into General PseAAC via Grey System Theory. Molecular Informatics, 36(5-6), p.1600010.

Queen, P.E., 2015. Enlightened shareholder maximization: is this strategy achievable?. Journal of Business Ethics, 127(3), pp.683-694.

Rosette, P.O., 2015. Effect of Global Recession on Indian Realty Sector and its Future Developments. IARS’International Research Journal, 5(2).

Shakeela, A., Becken, S. and Johnstone, N., 2015. Gaps and disincentives that exist in the policies, laws and regulations which act as barriers to investing in climate change adaptation in the tourism sector of the Maldives: Increasing Climate Change Resilience of Maldives through Adaptation in the Tourism Sector.

Sutton, J. and Austin, Z., 2015. Qualitative research: data collection, analysis, and management. The Canadian journal of hospital pharmacy, 68(3), p.226.

Urquhart, C. and Fernandez, W., 2016. Using grounded theory method in information systems: the researcher as blank slate and other myths. In Enacting Research Methods in Information Systems: Volume 1 (pp. 129-156). Palgrave Macmillan, Cham.

Vaioleti, T.M., 2016. Talanoa research methodology: A developing position on Pacific research. Waikato Journal of Education, 12(1).

Veblen, T., 2017. Absentee Ownership: Business Enterprise in Recent Times-The Case of America. Routledge.

Weber, M., 2017. Methodology of social sciences. Routledge.

Westermann-Behaylo, M., 2018. Andreas Rühmkorf, Corporate Social Responsibility, Private Law and Global Supply Chains (Cheltenham, UK: Edward Elgar Publishing, 2015), 288 pp. Business and Human Rights Journal, 3(1), pp.149-151.

Wichers, M., Wigman, J.T.W. and Myin-Germeys, I., 2015. Micro-level affect dynamics in psychopathology viewed from complex dynamical system theory. Emotion Review, 7(4), pp.362-367.

Yeager, V.A., Menachemi, N., Savage, G.T., Ginter, P.M., Sen, B.P. and Beitsch, L.M., 2014. Using resource dependency theory to measure the environment in health care organizational studies: A systematic review of the literature. Health Care Management Review, 39(1), pp.50-65.