Research in Accounting and Finance

Our Divisional vision places a high priority on research. We are proud of our world leading research that is both excellent academically, policy relevant, and of benefit to society generally. The Accounting and Finance Division contributed significantly to Stirling Management School’s exceptional performance in REF2014, which placed the school among the UK’s top 25 institutions for Business and Management, out of 101 business schools, and in the top five schools in Scotland. Ian Fraser’s research on audit and assurance was the subject of one of the five impact case studies which were submitted to the REF by Stirling Management School. 60% of these were rated as outstanding and 92% as internationally excellent. Previously, we were ranked 1st (equal) in Scotland and 5th in the UK for UOA 35 (Accounting and Finance) in the 2008 Research Assessment Exercise, with virtually all (90 percent) research activity considered to be of international standing.

Our colleagues are represented on editorial boards of nationally and internationally highly regarded academic journals, are invited to present key note and plenary addresses, attend and host conferences, workshops and seminar series, and have close links with professional associations.

Individual research interests are detailed on the home pages of members of Accounting & Finance staff.

Our research is given cohesion through its organisation around several key research areas in which the Division has particular research strengths:

Research Areas

Accounting and Financial History

Our research in accounting and financial history explores accounting and finance in its historical social and economic settings and aims to offer insights for social, economic and environmental historians as well as for modern contexts. It draws on quantitative and qualitative approaches, and covers medieval and monastic accounting and the history of bookkeeping (Alisdair Dobie); insights offered by contemporary econometric techniques on investor behaviour and governance structures in the nineteenth century (Graeme Acheson); accounting for social and moral control and the development of the accounting profession (Lisa Evans). We also explore the historical development of the rules relating to tax avoidance (David Stopforth); and portrayals of accounting and accountants in historical fiction (Lisa Evans, Ian Fraser).

Please see our pages on Recent Research Outputs and Knowledge Transfer, Academic and Professional Engagement for information on our engagement with academe and the wider impact of our work. The latter includes hosting the annual Scottish Business and Industrial History conference. The inaugural conference took place on 5 March, 2014. The second event took place on 22 April 2015. Furthermore, the Division presented a workshop on Banking and Financial History on 12, February 2016.

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Banking and Finance Workshop, 2016.
SBIH Photo 4 Swooning lady
Behavioural Finance and Investments

Our research in this area looks at a multitude of investment decisions by individuals and institutions and firms. Often, these decisions are affected by behavioural aspects not covered in the more traditional finance models, and our research often incorporates new findings and concepts from behavioural finance and economics. We employ mostly quantitative/statistical methods, but some research also considers qualitative approaches or theoretical and methodological issues.

The vast variety in investment decisions and determinants is reflected in our research output. We cover psychological influences on individual financial decision making and risk perceptions (Boram Lee); ‌ finance and the arts (Boram Lee); investor behavior, including herding and feedback trading, institutional investors and inter-firm relationships (Konstantinos Gavriillidis, Patrick Herbst); incentives in individual or firm decision-making (Patrick Herbst); personal financial planning, housing tenure choices, stock market participation, mental accounting anchoring and financial capability and engagement (Kevin Campbell; Isaac Tabner).

Please see our pages on Recent Research Outputs and Knowledge Transfer, Academic and Professional Engagement.

Corporate Governance

Corporate governance is an important field of research, concerned with the relationships among the Board of Directors, management, shareholders, and other stakeholders, that influence how a company operates. Good corporate governance helps companies operate more efficiently, improves access to capital and, ultimately, fosters economic growth. Our research in corporate governance spans accounting, auditing and finance. It covers work on the reform of audit and assurance, and audit reporting (Ian Fraser); audit market concentration, auditor switching and fees (Alan Goodacre); stock market listing changes and corporate governance, board gender diversity, the value of code of conduct disclosures and the financial consequences of corporate social reporting (Kevin Campbell); corporate finance and corporate governance (Isaac Tabner); and the structure and nature of corporate ownership in historical contexts (Graeme Acheson).

Please see our pages on Recent Research Outputs and Knowledge Transfer, Academic and Professional Engagement for information on our links with and contribution to academe and practice.

Empirical Finance

‌‌Our research in empirical finance includes work examining behaviour on both the corporate and market/investments elements. More specifically, this includes both modeling and forecasting volatility and its relationship with market risk, predicting stock returns and examining the relationship between macroeconomic and financial data, with implications for asset pricing models (David McMillan, Dimos Kambouroudis); seasoned equity offerings, event-studies and asset pricing models; liquidity, default and earnings management (Dionysia Dionysiou); earnings management around IPOs (Kevin Campbell); asset management and R&D management (Patrick Herbst); house prices, the interelationship between corporate governance, stock index concentration and volatility (Isaac Tabner). Several members of this group sit on the editorial boards of international journals, such as the European Journal of Finance, Journal of Asset Management, and Journal of Financial Economic Policy. David McMillan is an Editor of the Taylor and Francis published Cogent Economics and Finance journal.

Please see our pages on Recent Research Outputs and Knowledge Transfer, Academic and Professional Engagement.

Financial Reporting and Auditing

Our past and present research covers a variety of projects and interest, from mainstream financial reporting and auditing research to interdisciplinary and critical work. The former includes research on leasing (Alan Goodacre, Sarah Smith); charity reporting (Alan Goodacre); intellectual capital reporting (Sarah Smith); the development and international implementation of accounting and audit regulation (Lisa Evans); audit markets and the interface between auditing and corporate governance (Alan Goodacre, Ian Fraser); the auditing of narrative disclosures and the relevance of national culture to audit (Ian Fraser). Our interdisciplinary and critical work focuses on social accounting and reporting, including external social accounting (Colin Dey); interfaces between accounting and law and accounting and language (Lisa Evans); and accounting and literature (Lisa Evans, Ian Fraser); accounting education and the development of the accounting discipline (Sarah Smith); and accounting scholarly knowledge (Alan Goodacre).

Virtually all of our research is highly practice and policy relevant. Please see our pages on Recent Research Outputs and Knowledge Transfer, Academic and Professional Engagement for information on our links with and contribution to academe and practice.

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