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Article
Publication date: 17 September 2021

Daniel W. Richards, Sarath Lal Ukwatte Jalathge and Prem W. Senarath Yapa

This paper researches the professionalization of financial planning in Australia. The authors investigate how the institutional logic of major institutions inhibits this…

940

Abstract

Purpose

This paper researches the professionalization of financial planning in Australia. The authors investigate how the institutional logic of major institutions inhibits this occupation from moving toward a professional status.

Design/methodology/approach

The study uses documentary analysis of government inquiries into Australian financial services from 1997 to 2017 to ascertain the various institutional logics relating to the professionalization of financial planning. The method involves generating ideas from the data and applying an institutional logic framework to make sense of impediments to the professionalization of financial planning in Australia.

Findings

The regulator adopted a self-regulation logic that empowered financial institutions to govern financial advice. These financial institutions have a logic of profit maximization that creates conflicts of interest in financial planning. The financial planning professional bodies adopted a logic of attracting and retaining members due to a competitive professional environment. Thus, financial planners have not been defined as fiduciaries, professional standards have not increased and an ineffective disciplinary resolution system exists.

Research limitations/implications

This research illustrates the various institutional logics that need to be addressed to professionalize financial planning in Australia. However, the data used is limited to that drawn from the parliamentary inquiries.

Originality/value

Prior research on the emergence of professions such as accounting has shown that financial institutions are sites of professionalization. This research shows that financial institutions impede professionalization in financial planning. Also, where the state granted legitimacy to other professions, this research indicates that the state regulator's logic of self-regulation has not legitimized financial planning.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 34 no. 2
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 28 June 2021

Daniel W. Richards and Maryam Safari

Scandals in the Australian financial services industry highlight the conflicts of interest between those who provide financial advice (financial planners) and their clients…

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Abstract

Purpose

Scandals in the Australian financial services industry highlight the conflicts of interest between those who provide financial advice (financial planners) and their clients. Disclosure is a potential governance tool to manage these conflicts of interest by reducing asymmetries in information. Yet, the efficacy of disclosure is questionable as scandals persist, so this paper aims to research the effectiveness of disclosure in financial planning.

Design/methodology/approach

This research used a qualitative approach involving the triangulation of data from parliamentary inquiries in financial services with data collected in semi-structured interviews with financial planning professionals.

Findings

The findings draw a clear portrayal of the disclosure requirements and illustrate how disclosure processes are onerous and complex. Starting with detangling the complex interactions between the beneficial role of disclosure in reducing information asymmetry and unethical behaviour and the detrimental effect of information overload, the authors then highlight effective disclosure techniques used by financial planners, including visualisation of material information. The study reveals that financial planners perceive their role as filtering information for clients and ensuring clients’ comprehension, due to the onerous disclosure requirements.

Research limitations/implications

The study is of interest to researchers, practitioners, policymakers and society as it implies that how disclosure occurs is as important as what information is disclosed. Those who wish to foster effective disclosure in the financial services industry need to consider the quantity, quality and process of disclosure. A limitation is the research focusses on financial planning practices and not client outcomes, which could be considered in future research.

Originality/value

The study adds to the understanding of how disclosure is used as a governance tool and how the quantity of information may impede the effectiveness of disclosure in the financial planning industry. In addition, the study identifies and elaborates on the influential factors and best practices for enhancing the disclosure effectiveness by financial planners.

Details

Qualitative Research in Financial Markets, vol. 13 no. 5
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 15 March 2022

Muhammad S. Tahir, Ahmad Usman Shahid and Daniel W. Richards

This paper explores the direct and indirect associations between financial resilience and life satisfaction, using the moderation of non-impulsive behavior and mediation of…

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Abstract

Purpose

This paper explores the direct and indirect associations between financial resilience and life satisfaction, using the moderation of non-impulsive behavior and mediation of financial satisfaction.

Design/methodology/approach

The authors analyze the Australian household dataset, named the Household, Income and Labour Dynamics in Australia (HILDA) Survey, to meet the objectives of this paper. Furthermore, the authors use the PROCESS Models 4 and 7 to test the mediation and the combined moderated mediation relationships, respectively.

Findings

The authors find the complete mediation of the relationship between financial resilience and life satisfaction by financial satisfaction. Also, this study finds that both financial resilience and non-impulsive behavior positively contribute to financial satisfaction, which is positively associated with life satisfaction.

Practical implications

This research supports the need for consumers to build emergency funds as financial resilience is related to consumer well-being. This research also recommends that impulsive behavior should be addressed by the personal finance curriculum and financial advisors.

Originality/value

This research contributes by showing that financial satisfaction is an important predictor of consumers’ well-being. The ability to access financial resources, which increases for non-impulsive consumers, is associated with increased life satisfaction but only via financial satisfaction.

Details

International Journal of Bank Marketing, vol. 40 no. 4
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 20 March 2023

Muhammad S. Tahir, Daniel W. Richards and Abdullahi D. Ahmed

Financial risk-taking attitude (FRT) plays an important role in consumers' financial decisions, thereby determining consumer well-being. Motivated by the recent research on…

717

Abstract

Purpose

Financial risk-taking attitude (FRT) plays an important role in consumers' financial decisions, thereby determining consumer well-being. Motivated by the recent research on consumer well-being, this paper explores the relationships between financial literacy, a propensity to plan (PTP), FRT, financial satisfaction and life satisfaction.

Design/methodology/approach

The authors use the Household, Income and Labour Dynamics in Australia (HILDA) survey to achieve the purpose of this paper. Furthermore, the authors use the variance-based partial least square structural equation modeling (PLS-SEM), also known as the PLS path modeling approach to test our proposed hypotheses empirically.

Findings

The study finds a strong partial mediation of FRT between financial literacy and financial satisfaction. Moreover, the analyses reveal that a high PTP combined with a high FRT results in achieving high financial satisfaction, which leads to improved life satisfaction.

Practical implications

The findings show the importance of creating financial plans in accordance with risk tolerance. While increasing financial literacy is relevant, the research suggests that tools that help consumers plan and invest in appropriate risky investments will lead to better outcomes.

Originality/value

Though scholarly acumen of consumer well-being is rapidly developing, little remains known regarding the collective roles of financial literacy, PTP and FRT. The study addresses this gap by showing that financial literacy, risk-taking attitudes and planning propensities are all interconnected and necessary ingredients to improve financial and life satisfaction.

Details

International Journal of Bank Marketing, vol. 41 no. 4
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 12 July 2021

Muhammad S. Tahir, Abdullahi D. Ahmed and Daniel W. Richards

This study aims to test a moderated mediation model for a twofold purpose. First, to examine the mediating role of financial capability (FC) in the association between financial…

2916

Abstract

Purpose

This study aims to test a moderated mediation model for a twofold purpose. First, to examine the mediating role of financial capability (FC) in the association between financial literacy (FL) and financial well-being (FW). Second, to analyze if non-impulsive future-oriented behavior (NIB) moderates the associations of FL with FC and FL with FW.

Design/methodology/approach

The authors use the PROCESS macros in IBM SPSS Statistics to test the moderated mediation model and analyze the 2016 wave of the Household, Income and Labor Dynamics in Australia Survey.

Findings

The empirical analysis shows that FC partially mediates the association between FL and FW. Furthermore, the moderated mediation analysis shows that NIB strengthens the associations of FL with FC and FL with FW. Specifically, the positive associations of FL with FC and FL with FW significantly increase for those consumers who score high on NIB.

Practical implications

The findings have implications for the financial services industry. Professional financial planners can positively improve the ability of consumers to deal with their financial matters by highlighting the importance of FL and NIB.

Social implications

The study findings suggest educating consumers to discourage impulsive behavior and encourage them to create financial plans as it will enhance their ability to conduct financial tasks efficiently, improving their FW.

Originality/value

To the authors’ knowledge, this is the first study to assess a moderated mediation model, which examines the role of FC as a mediator variable and NIB as a moderator variable in the association between FL and FW.

Details

International Journal of Bank Marketing, vol. 39 no. 7
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 1 May 1989

Karen Legge

The monograph analyses (a) the potential impact of informationtechnology (IT) on organisational issues that directly concern thepersonnel function; (b) the nature of personnel’s…

1022

Abstract

The monograph analyses (a) the potential impact of information technology (IT) on organisational issues that directly concern the personnel function; (b) the nature of personnel’s involvement in the decision making and activities surrounding the choice and implementation of advanced technologies, and (c) their own use of IT in developing and carrying out their own range of specialist activities. The monograph attempts to explain why personnel’s involvement is often late, peripheral and reactive. Finally, an analysis is made of whether personnel specialists – or the Human Resource Management function more generally – will play a more proactive role in relation to such technologies in the future.

Details

Personnel Review, vol. 18 no. 5
Type: Research Article
ISSN: 0048-3486

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Article
Publication date: 22 January 2019

Timothy O. Olawumi and Daniel W.M. Chan

The purpose of this paper is to explore building information modeling (BIM) implementation and practices in developed economies by developing a benchmarking model that will…

2067

Abstract

Purpose

The purpose of this paper is to explore building information modeling (BIM) implementation and practices in developed economies by developing a benchmarking model that will enhance BIM adoption and implementation in developing countries.

Design/methodology/approach

The research design adopted a qualitative approach which includes the desktop review of the extant literature as well as case study reviews of ten BIM projects using an explanatory case study technique to form the foundation upon which the study proposed the model. The moving basis heuristics technique was adopted to develop the scoring system.

Findings

The BIM benchmarking model and assessment template were developed which consisted of three-level concepts modeled to aid project organizations and project team in developing countries to assess and score the level of improvement and implementation of BIM in a project. A desktop review of BIM projects in developed countries demonstrated the significant improvements and benefits possible through the implementation of the established BIM benchmarking model.

Practical implications

The assessment template in conjunction with the benchmarking model is useful for a comparative evaluation of similar BIM projects and benchmarking purposes. The study also discussed how current findings extends and contradicts previous findings.

Originality/value

The findings have provided policymakers, construction stakeholders and professional bodies in the construction industry in developing countries with valuable insights and counter-intuitive perspective that could facilitate the uptake of BIM in construction projects.

Details

Benchmarking: An International Journal, vol. 26 no. 4
Type: Research Article
ISSN: 1463-5771

Keywords

Available. Content available
Book part
Publication date: 14 October 2022

Petra Nordqvist and Leah Gilman

Free Access. Free Access

Abstract

Details

Donors
Type: Book
ISBN: 978-1-80043-564-3

Available. Content available
Book part
Publication date: 14 September 2018

Abstract

Details

Authenticity & Tourism
Type: Book
ISBN: 978-1-78754-817-6

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Article
Publication date: 1 January 1977

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that…

2153

Abstract

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

Details

Managerial Law, vol. 20 no. 1
Type: Research Article
ISSN: 0309-0558

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