The shifting corporate culture in the financial services industry: Explaining the emergence of the ‘culture of greed’ in an Australian Financial Services Company

Keneley, Monica

doi:10.1080/00076791.2020.1821660

Cited by 3 publications

(4 citation statements)

References 22 publications

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“…The findings are further supported by Explanatory Statement Select Legislative Instrument 102, 2014, which found that small financial planning businesses have been impacted with higher costs to manage the FOFA reforms and do not have the benefits of scale. The financial planning industry in Australia is governed by a high level of regulation and policy, which requires advisers to continue to meet substantial ongoing compliance costs (Gilligan, 2018; Keneley, 2020).…”

Section: Resultsmentioning

confidence: 99%

Factors affecting the growth of small privately‐owned financial planning businesses

Pawski

Powell

Golab

2022

Australian Economic Papers

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Section: Resultsmentioning

confidence: 99%

Factors affecting the growth of small privately‐owned financial planning businesses

Pawski

Powell

Golab

2022

Australian Economic Papers

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“…Lastly, financial literacy remains a significant barrier for both young and older females, limiting their ability to exercise their power. As a result, the findings suggest that basic financial literacy concepts should be strengthened among Australian female consumers so that they can assess the gains and losses associated with all complex financial products (Lusardi, 2019; Keneley, 2020; Worthington and West, 2021; Goyal and Kumar, 2021). It is also suggested that the government and institutions deliver programs at various levels of educational and corporate organizations so that females can become more confident in purchasing financial products and avoid market manipulation.…”

Section: Theoretical and Practical Contributionsmentioning

confidence: 99%

“…Simply put, consumer power allows individuals to exercise their freedom of choice in making purchase decisions. Nevertheless, several instances of manipulation and misconduct that have been recently reported in the financial product markets show quite the opposite (Keneley, 2020).…”

Section: Introductionmentioning

confidence: 99%

“…In 2018, the number of cases involving financial manipulation (such as duplicating charges to consumer accounts, providing consumers with misleading information on insurance premiums and lending rates) was estimated to be around 4,000 (ASIC, 2022). Some studies claim that these unfortunate market conditions show a culture of greed among the banking firms (Keneley, 2020; Lodhia and Mitchell, 2022; Crofts, 2020; Hayne, 2019). This has created emotional vulnerabilities among consumers who may feel powerless when purchasing financial products.…”

Section: Introductionmentioning

confidence: 99%

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How do Australian female consumers exercise their decision-making power when making financial product decisions? The triad of financial market manipulation, rationality and emotions

Sharma

Hewege

Perera

2023

IJBM

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PurposeThis study explores the decision-making powers of Australian female consumers in the financial product market. More precisely, it examines how the integrative effects of rationality, emotions and personality traits influence the decision-making powers of Australian female consumers when making financial product purchase decisions.Design/methodology/approachThe study employs a quantitative research approach, utilising a survey strategy. The proposed conceptual model was tested using structural equation modelling (AMOS) on a valid 357 responses from Australian female consumers.FindingsThe findings revealed that rationality, self-efficacy and impulsivity have a positive impact on the decision-making powers of Australian female consumers. Besides this, self-efficacy and anxiety had significant moderating effects on the decision-making power of Australian female consumers when buying financial products, whereas anger and impulsivity were found to have no moderating effects.Research limitations/implicationsThe study offers understanding on the role of emotions and personality traits in financial decision-making, which can help financial institutions design sound products and services that can also ensure consumers' overall well-being.Originality/valueInformed by the theoretical notions of the appraisal-tendency framework (ATF) and emotion-imbued choice model (EIC), the study makes a unique contribution by investigating the impact of rationality, emotions and personality traits on the decision-making powers of female consumers in the Australian financial product market.

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Violations of CSR Practices in the Australian Financial Industry: How Is the Decision-Making Power of Australian Women Implicated?

2022

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Financial institutions have made significant efforts in recent decades to integrate CSR activities into their core business approaches; however, several studies have shown that CSR violations have increased in the Australian financial industry, with financial institutions engaging in unethical practices and deceptive strategies to benefit their organizational profits over consumer interests. So far, research has shed light on how financial institutions have used CSR violation and manipulative strategies to bias consumer decision making, but there has been little investigation into how these manipulative techniques bias an individual’s rational, emotional, and decision-making powers when purchasing financial products. As a result, this study employs the theoretical notions of the emotion-imbued choice model (EIC) to investigate on how rational decision making, along with moderating effects of emotions (such as anxiety) and behavioural traits (such self-efficacy), influence the decision-making powers of Australian women when making financial product purchase decisions. It employs an online survey with 357 usable responses from Australian women, where several complex products and services are offered, and contentious claims of financial misconducts are reported. Data analysis is carried out through SPSS where regression analysis is performed along with double moderation performed through Hayes Process Model 2, with anxiety and self-efficacy chosen as moderators. Results reveal that anxiety significantly affects decision-making power of Australian women whereas moderating effects of self-efficacy was found to be insignificant. In addition, the regression results also showed that in the face of CSR violations, rational decision making has the greater influence on decision-making power of Australian women as compared to anxiety and self-efficacy. This study will be useful to a wide range of stakeholders, including the government, regulators, marketers, CSR activists, consumer watchdogs as they provide a comprehensive understanding of the interactions between rationality, emotions, and behavioural traits and how they affect the decision making of Australian women when making financial product purchase decisions.

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The shifting corporate culture in the financial services industry: Explaining the emergence of the ‘culture of greed’ in an Australian Financial Services Company

Cited by 3 publications

References 22 publications

Factors affecting the growth of small privately‐owned financial planning businesses

Factors affecting the growth of small privately‐owned financial planning businesses

How do Australian female consumers exercise their decision-making power when making financial product decisions? The triad of financial market manipulation, rationality and emotions

Violations of CSR Practices in the Australian Financial Industry: How Is the Decision-Making Power of Australian Women Implicated?

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