Novel approaches to the regulatory control of financial services providers: The importance of cultural context |
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| Institution: | 1. Cork University Business School, University College Cork, College Road, Cork, Ireland;2. Department of Sociology, University College Cork, Cork, Ireland;1. School of Management (Emeritus), University of St Andrews, UK;2. Lytham St Annes, UK;1. School of Accounting, RMIT University, Melbourne, Victoria, Australia;2. Cardiff Business School, Colum Drive, Cardiff, CF10 3EU, United Kingdom;3. Research Professor in Accounting, Adam Smith School of Business, The University of Glasgow, Scotland, United Kingdom;1. Bangor Business School, University of Bangor, Bangor, Gwynedd, LL57 2DG, UK;2. Hull University Business School, University of Hull, Hull, HU6 7RX, UK;1. University of Florence, Economics and Management School, Accounting and Finance Division, Via delle Pangette 9, Building D6, 50127, Florence, Italy;2. Durham University, Durham University Business School, Mill Hill Lane, Durham, DH1 3LB, UK;3. University of Glasgow, Adam Smith Business School, West Quadrangle, Main Building, Room G683, University Avenue, Glasgow, G12 8QQ, Scotland, UK;4. University of Bath, School of Management, Wessex House, Room 9.52, Claverton Down, Bath, BA2 7AY, UK;1. Work Research Institute, Oslo Metropolitan University, Department for Innovation and Business Development, Norway;2. Department of Accounting, University of Oviedo, Spain;3. Department of Economics & Management, University of Ferrara, Via Voltapaletto, 11, 44121, Ferrara, Italy;4. Stockholm Business School, Stockholm University, Sweden;5. Secretariat for Research and Development, NLA University College, Bergen, Norway;6. Copenhagen Business School, Department of Accounting, Solbjerg Plads 3, 2000, Frederiksberg, Denmark;7. Essex Business School, University of Essex, Wivenhoe Park, Colchester, CO4 3SQ, UK |
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| Abstract: | This study investigates the effectiveness of a public sector financial management initiative. Specifically, the powers awarded to the Irish Financial Services Ombudsman (FSO) in 2013 to name and shame malfeasance by financial service providers (FSPs) in its annual reports. As the first country to award such powers to its public sector financial ombudsman, Ireland represents a novel setting in which to test the impact of regulatory disclosure as a way to promote accountability and transparency. Our results show that the number of complaints lodged against malfeasants dropped in the immediate aftermath of this and, following a one-year lag, so did the percentage of complaints lodged that proceeded to a full investigation and legally binding finding. Despite the failure of such strategies in some jurisdictions, the Irish experience indicates that regulatory disclosure can, in line with Neo-Durkheimian institutional theory and consistent with the accounting and accountability literature, have considerable impact where and when contextual preconditions are met. These findings have important implications for the operationalisation of regulatory disclosure as an accountability enhancing measure in other jurisdictions. |
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| Keywords: | public sector reform Regulatory disclosure Accountability Transparency Cultural context G01 G18 G28 M41 M48 |
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