Accounting and Finance

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The application of an immersive design process to investigate theories for motion sickness in virtual reality data visualisations
(University College Cork, 2020-01-04) Hill, Ultan; Mcavoy, John; Emerson, William; State Street
Virtual Reality (VR) technology allows a person to be taken from their current environment and into an entirely new, digital and immersive one. Because of this capability, it has been used in several fields as a data visualisation tool to completely immerse researchers and industry professionals in their data. In industry, companies derive value from their data by relying on their employees’ ability to create meaningful information from it. Data literacy, in brief, is the ability to effectively manage, use, and understand data to produce meaningful information. However, given the recent increase in volume and complexity of data, the data literacy ability of these employees is now often inadequate. It has been speculated that, by addressing the core pillars of data literacy with VR instead of more traditional 2D visualisations, this problem can be addressed more effectively. This thesis conducts research to examine how this can be done. A common concern of creating VR visualisations is that they can be problematic to design in terms of the design process used. The design process for immersive visualisations can often be based on trial and error. This is not the optimal process for design as it is more time-consuming and relies on the designer guessing what the client wants instead of relying on requirements and feedback from them. To address this problem, this thesis details a novel design process which was created using the Design Science Research (DSR) methodology. This is then tested and iterated on in a real- world industry collaborative project. Another concern of creating VR experiences is the adverse effects on the user. Motion sickness is one of the most prominent physiological effects users experience. However, while there have been numerous studies into what causes it and how it can be mitigated, there has yet to be a study into why it occurs in VR data visualisations and how severe it could be. While the Sensory Conflict Theory is the most widely accepted reason for motion sickness in VR games and simulations, it has yet to be determined if this is the case for motion sickness in VR data visualisations. This thesis describes an experiment that was conducted to investigate this issue and determine how severe the effect of motion sickness could be in VR data visualisations. 2 The research objective of this thesis is to examine how an immersive design process for data visualisation can explain the effects of motion sickness. As a first step, data literacy is examined and, once a more comprehensive understanding is achieved, the research then investigates how VR can theoretically be applied to increasing data literacy. Once this theoretical grounding is provided, a practical application of VR is then examined which consisted of creating a prototype immersive visualisation in conjunction with State Street to visualise their numerous financial product and service offerings. This project not only resulted in a completed prototype but also in a research chapter detailing the creation of a novel process to design immersive data visualisations. Once this design process was created, a new research question was discovered in terms of how much of an effect motion sickness can have in VR data visualisations and what are the potential reasons that can cause it to occur. This led to an experiment where two different navigation conditions were implemented to determine the theory that best describes motion sickness in VR data visualisations and how severe motion sickness could be. Through these chapters, several new insights into immersive technologies and VR can be gained. Firstly, a greater understanding of the relationship between VR and data literacy can be appreciated. Secondly, the thesis shows how to design an immersive visualisation in a more efficient manner. Finally, potential reasons for, and the effect of, motion sickness on users of VR data visualisations are detailed.
The asset pricing effects of UK market liquidity shocks: evidence from tick data
(Elsevier, 2014-03) Foran, Jason; Hutchinson, Mark C.; O'Sullivan, Niall; Irish Research Council for Humanities and Social Sciences; University College Cork
Using tick data covering a 12 year period including much of the recent financial crisis we provide an unprecedented examination of the relationship between liquidity and stock returns in the UK market. Previous research on liquidity using high frequency data omits the recent financial crisis and is focused on the US, which has a different market structure to the UK. We first construct several microstructure liquidity measures for FTSE All Share stocks, demonstrating that tick data reveal patterns in intra-day liquidity not observable with lower frequency daily data. Our asymptotic principal component analysis captures commonality in liquidity across stocks to construct systematic market liquidity factors. We find that cross-sectional differences in returns exist across portfolios sorted by liquidity risk. These are strongly robust to market, size and value risk. The inclusion of a momentum factor partially explains some of the liquidity premia but they remain statistically significant. However, during the crisis period a long liquidity risk strategy experiences significantly negative alphas.
Biosimilar infliximab introduction into the gastro-enterology care pathway in a large acute Irish teaching hospital: a story behind the evidence
(Pro Pharma Communications International, 2018-02-27) O'Brien, Gary L.; Carrol, Donal; Mulcahy, Mark; Walshe, Valerie; Courtney, Garry; Byrne, Stephen; Irish Research Council
Background and aim: Biosimilar medicines are not considered exact replicas of originator biological medicines. As a result, prescribers can be hesitant to introduce such medicines into the clinical setting until evidence surfaces confirming their safety and effectiveness. In Ireland, a national biosimilar medicines policy is currently in development but the decision to prescribe biosimilar medicines remains at the discretion of the physician. The aim of this descriptive review is to tell the story of the evidence used by a large acute Irish teaching hospital to introduce biosimilar infliximab CT-P13 for the treatment of inflammatory bowel disease (IBD) in a safe and timely manner into routine care. Methods: To explore the evidence supporting the effective introduction of biosimilar infliximab in a large acute Irish teaching hospital, a literature review was conducted. Evidence consisted of published studies, reviews, reports, position statements, articles, clinical guidelines, and recommendations from national bodies, regulatory authorities and professional organizations. All evidence was published in English. Results and discussion: In September 2014, the accumulated evidence base provided physicians with reassurance to prescribe biosimilar infliximab CT-P13 for new patients suffering from IBD in this large acute Irish teaching hospital. In September 2016, as the evidence base grew, physicians began to safely and confidently switch patients from the originator infliximab product to the biosimilar product. Conclusion: There was a significant time lag between regulatory approval and clinical acceptance given that the European Medicines Agency had granted market authorization for biosimilar infliximab CT-P13 three years prior to the initiation of this hospital's switching process. Although conservative in their execution, the authors conclude that with the existential concern and uncertainty still surrounding biosimilar medicines, a distinct and individualized approach for biosimilar medicine implementation is required. It is with hope that the Irish biosimilar medicines policy will improve upon biosimilar medicine clinical acceptance once published.
Block-ownership structure, bank nominee director and crash-risk
(Elsevier, 2015-07-13) Chauhan, Yogesh; Wadhwa, Kavita; Syamala, Sudhakar Reddy; Goyal, Abhinav
We study the effect of outside block-ownership on the future firm-specific crash-risk of Indian firms. Major and dedicated block-owners play a significant role in aggravating the firm’s susceptibility towards crash-risk. Within a novel regulatory setup in India, where borrowing firms are entitled to a bank nominated board-member, we find an ancillary influence of bank nominee’s presence in dissipating block-owners influence on firm-level crash-risk. These results support the monitoring hypothesis in alleviating future firm-level crash-risk. Our results are robust to alternate model specifications, different crash-risk and block-ownership measures, clustering, and an array of control variables.
Cash dividends and investor protection in Asia
(Elsevier, 2013-03-26) Goyal, Abhinav; Muckley, Cal B.
We study the importance of investor rights in payout policy determination in Asia, using a sample of up to 52,778 firm years. The listed Asian firms located in relatively high investor protection, common law countries, have a greater tendency to payout and, if they do so, they tend to pay out more. We also examine the importance of distinctive creditor and minority shareholder rights in respect to payout policy determination. In our study of a variety of payout events (decisions to pay out, to initiate or omit payout and to markedly increase or decrease payout), we show that this set of payout events is principally determined by competing creditor and minority shareholder rights, rather than managerial sought reputation related effects, to diminish the cost of capital. Our findings indicate that creditors exert significant and far reaching influence over corporate payout policy decision-making, however, the importance of the agency costs of equity predominates.
Cash or non-cash: that is the question - the story of e-payment for social welfare in Ireland part 2
(2012-05) Csáki, Csaba; O'Brien, Leona; Giller, Kieran; Tan, Kay-Ti; McCarthy, James B.; Adam, Frédéric; Weerakkody, Vishanth; Ghoneim, Ahmad; Kamal, Muhammad
E-Government in its various forms and extensions, notably T-Government, is often presented as the panacea for resolving such complex social problems as social exclusion, lack of governance transparency, poor value for money and other ailments of modern societies. Yet, E-Government has not been adopted up to predicted levels. Many case studies investigating success factors, maturity models, and the application of acceptance models have been presented over the last 15 years, but a deep understanding of the potential impact and consequences of E-Government is still lacking. This is especially true for those initiatives that involve socio-economic and cultural contexts, which makes their evaluation and the prediction of their impact difficult. This paper reports on an on-going E-Government initiative in Ireland aimed at implementing E-payments for G2C, notably in the social welfare area. Three sets of personal surveys have been carried out to understand the perceived impact of governmental plans of moving from an almost fully cash-based payment system to a fully electronic based solution. Early results indicate that perceived pre-requisites for the planned change may be misleading. The impact on recipients’ lives cannot solely be measured in terms of economic gains: the consequences of such implementation may well reach further than expected.
Commonality in liquidity: An empirical examination of emerging order-driven equity and derivatives market
(Elsevier, 2014-09-16) Syamala, Sudhakar Reddy; Reddy, V. Nagi; Goyal, Abhinav
Using a sample of actively traded stocks and options from emerging order-driven market, this study examines and provides satisfactory evidence for the existence of commonality in liquidity for both spot and derivatives market. For equities, the market- and industry-wide commonality remain strong even after controlling for market returns and individual firm volatility and for options after accounting for the underlying stock market liquidity and implied volatility. Compared to the stock market, options market exhibit an increased commonality in liquidity with market capitalization. Here, information asymmetry acts as an important microstructure related source of commonality in liquidity across markets. The findings are robust across call and put options with negligible evidence of cross-sectional error correlation for all the liquidity measures.
Comparing financial transparency between for-profit and nonprofit suppliers of public goods: Evidence from microfinance
(Elsevier, 2019-11-08) Goodell, John W.; Goyal, Abhinav; Hasan, Iftekhar
Previous research finds market financing is favored over relationship financing in environments of better governance, since the transaction costs to investors of vetting asymmetric information are thereby reduced. For industries supplying public goods, for-profits rely on market financing, while nonprofits rely on relationships with donors. This suggests that for-profits will be more inclined than nonprofits to improve financial transparency. We examine the impact of for-profit versus nonprofit status on the financial transparency of firms engaged with supplying public goods. There are relatively few industries that have large number of both for-profit and nonprofit firms across countries. However, the microfinance industry provides the opportunity of a large number of both for-profit and nonprofit firms in relatively equal numbers, across a wide array of countries. Consistent with our prediction, we find that financial transparency is positively associated with a for-profit status. Results will be of broad interest both to scholars interested in the roles of transparency and transaction costs on market versus relational financing; as well as to policy makers interested in the impact of for-profit on the supply of public goods, and on the microfinance industry in particular.
Conflicting expectations in transforming government service processes: the story of e-payment for social welfare in Ireland
(Brunel University, London, 2011-03) O'Brien, Leona; Giller, Kieran; Tan, Kay-Ti; McCarthy, James B.; Csáki, Csaba; Adam, Frédéric; Ghoneim, Ahmad; Weerakkody, Vishanth; Kamal, Muhammad; Enterprise Ireland; Briconi Holdings Ltd
Despite its clear potential and attractiveness as a solution to a broad range of societal problems, E-Government has not been adopted to levels predicted in early 2000 literature. Whilst case studies of punctual development of E-Government initiatives abound, few countries have progressed to high levels of maturity in the systematic use of ICT in the relationship between government and citizens. At the same time, the current period brings challenges in terms of access to public services and costs of delivering these services which make the large scale use of ICT by governments more attractive than ever, if not even a necessity. This paper presents a detailed case study of a specific E-Government initiative in Ireland in the area of E-payments for G2C, in the social welfare area. Locating the current initiative in its historical context, it analyses the varied motivations and conflicting requirements of the numerous stakeholders and discusses the constraints that bear on the potential scenarios that could be followed at this point in time.
Cost minimization analysis of intravenous or subcutaneous trastuzumab treatment in patients with HER2-positive breast cancer in Ireland
(Elsevier Inc., 2019-02-06) O'Brien, Gary L.; O'Mahony, Cian; Cooke, Katie; Kinneally, Ada; Sinnott, Sarah-Jo; Walshe, Valerie; Mulcahy, Mark; Byrne, Stephen; Irish Research Council; Leading Edge Group Ltd., Ireland
Background: Two large acute Irish University teaching hospitals changed the manner in which they treated human epidermal growth factor receptor (HER)2-positive breast cancer patients by implementing the administration of trastuzumab via the subcutaneous (SC) route into their clinical practice. The study objective is to compare the trastuzumab SC and trastuzuamb intravenous (IV) treatment pathways in both hospitals and assess which route is more cost-effective and time saving in relation to active health care professional (HCP) time. Materials and Methods: A prospective observational study in the form of cost minimization analysis constituted the study design. Active HCP time for trastuzumab SC- and IV-related tasks were recorded. Staff costs were calculated using fully loaded salary costs. Loss of productivity costs for patients were calculated using the human capital method. Results: On average, the total HCP time saved per trastuzumab SC treatment cycle relative to trastuzumab IV treatment cycle was 59.21 minutes. Time savings in favor of trastuzumab SC resulted from quicker drug reconstitution, no IV catheter installation/removal, and less HCP monitoring. Over a full treatment course of 17 cycles, average HCP time saved accumulates to 16.78 hours, with an estimated direct cost saving of â ¬1609.99. Loss of productivity for patients receiving trastuzumab IV (2.15 days) was greater than that of trastuzumab SC (0.60 days) for a full treatment course. Conclusion: Trastuzumab SC treatment has proven to be a more cost-effective option than trastuzumab IV treatment that generated greater HCP time savings in both study sites. Healthcare policymakers should consider replacing trastuzumab IV with trastuzumab SC treatment in all eligible patients.
Cost-effectiveness analysis of a physician-implemented medication screening tool in older hospitalised patients in Ireland
(Springer International Publishing AG, 2018-07-13) O'Brien, Gary L.; O'Mahony, Denis; Gillespie, Paddy; Mulcahy, Mark; Walshe, Valerie; O'Connor, Marie N.; O'Sullivan, David.; Gallagher, James; Byrne, Stephen; Health Research Board; Irish Research Council
Background: A recent randomised controlled trial conducted in an Irish University teaching hospital that evaluated a physician-implemented medication screening tool, demonstrated positive outcomes in terms of a reduction in incident adverse drug reactions. Objective: The present study objective was to evaluate the cost effectiveness of physicians applying this screening tool to older hospitalised patients compared with usual hospital care in the context of the earlier randomised controlled trial. Method: We used a cost-effectiveness analysis alongside a conventional outcome analysis in a cluster randomised controlled trial. Patients in the intervention arm (n = 360) received a multifactorial intervention consisting of medicines reconciliation, communication with patients’ senior medical team, and generation of a pharmaceutical care plan in addition to usual medical and pharmaceutical care. Control arm patients (n = 372) received usual medical and pharmaceutical care only. Incremental cost effectiveness was examined in terms of costs to the healthcare system and an outcome measure of adverse drug reactions during inpatient hospital stay. Uncertainty in the analysis was explored using a cost-effectiveness acceptability curve. Results: On average, the intervention arm was more costly but was also more effective. Compared with usual care (control), the intervention was associated with a non-statistically significant increase of €877 (95% confidence interval − €1807, €3561) in the mean healthcare cost, and a statistically significant decrease of − 0.164 (95% confidence interval − 0.257, − 0.070) in the mean number of adverse drug reaction events per patient. The associated incremental cost-effectiveness ratio per adverse drug reaction averted was €5358. The probability of the intervention being cost effective at threshold values of €0, €5000 and €10,000 was 0.236, 0.455 and 0.680, respectively. Conclusion: Based on the evidence presented, this physician-led intervention is not likely to be cost effective compared with usual hospital care. To inform future healthcare policy decisions in this field, more economic analyses of structured medication reviews by other healthcare professionals and by computerised clinical decision support software need to be conducted.
Cross-border exchanges and volatility forecasting
(Taylor & Francis, 2018-01-23) Goyal, Abhinav; Kallinterakis, Vasileios; Kambouroudis, Dimos; Laws, Jason
We test for the performance of a series of volatility forecasting models (GARCH 1,1; EGARCH 1,1; CGARCH) in the context of several indices from the two oldest cross-border exchanges (Euronext; OMX). Our findings overall indicate that the EGARCH (1,1) model outperforms the other two, both before and after the outbreak of the global financial crisis. Controlling for the presence of feedback traders, the accuracy of the EGARCH (1,1) model is not affected, something further confirmed for both the pre and post crisis periods. Overall, ARCH effects can be found in the Euronext and OMX indices, with our results further indicating the presence of significant positive feedback trading in several of our tests.
Developing a framework for mobile payments integration
(Academic Publishing International Ltd., 2012) Carton, Fergal; Hedman, Jonas; Dennehy, Denis J.; Damsgaard, Jan; Tan, Kay-Ti; McCarthy, James B.; Copenhagen Fintech Innovation and Research, Denmark; Danish Enterprise and Construction Authority, Denmark
This paper derives a theoretical framework for consideration of both the technologically driven dimensions of mobile payment solutions, and the associated value proposition for customers. Banks promote traditional payment instruments whose value proposition is the management of risk for both consumers and merchants. These instruments are centralised, costly and lack decision support functionality. The ubiquity of the mobile phone has provided a decentralised platform for managing payment processes in a new way, but the value proposition for customers has yet to be elaborated clearly. This inertia has stalled the design of sustainable revenue models for a mobile payments ecosystem. Merchants and consumers in the meantime are being seduced by the convenience of on-line and mobile payment solutions. Adopting the purchase and payment process as the unit of analysis, the current mobile payment landscape is reviewed with respect to the creation and consumption of customer value. From this analysis, a framework is derived juxtaposing customer value, related to what is being paid for, with payment integration, related to how payments are being made. The framework provides a theoretical and practical basis for considering the contribution of mobile technologies to the payment industry. The framework is then used to describe the components of a mobile payments pilot project being run on a trial population of 250 students on a campus in Ireland. In this manner, weaknesses in the value proposition for consumers and merchants were highlighted. Limitations of the framework as a research tool are also discussed.
Does tenure matter: role of the corporate secretary in Chinese-listed firms
(American Accounting Association, 2018-07) Wang, Chen; Ye, Qing; Goyal, Abhinav
We study the impact of corporate secretary tenure on the governance quality of Chinese A-share listed firms. Results show that corporate secretary tenure is negatively associated with board meeting frequency, outside director in-meeting dissent, and incidence of fraud and lawsuit. Key findings are robust to an array of additional tests including propensity score matching, instrument variable analysis, as well as alternate governance measures such as analyst coverage, modified auditor opinion, number of institutional shareholders, and outside director board meeting absence. Overall, our study confirms the importance of corporate secretary in favor of modern corporate governance outcomes and board processes.
Does the information content of payout initiations and omissions influence firm risks?
(Elsevier, 2014-05-20) Von Eije, Henk; Goyal, Abhinav; Muckley, Cal B.
We study the influence on firm risks of NASDAQ and NYSE firm payout initiations and omissions. These payout events can be interpreted as managerial signals of firm financial life-cycle maturation resulting in concomitant changes in firm risks. We remove confounding payout types and we match on the propensity to initiate or omit informed by determinants of payout known to investors in advance. For payout event and matched firms, we apply the difference-in-differences method to estimate the effect of the information content of actual initiations and omissions on firm risks. We find consistent significant declines in total, aggregate systematic, and idiosyncratic firm risks after cash dividend initiations and increases after dividend omissions, but only incidentally after share repurchase initiations and omissions.
An empirical investigation into the use of Lean Six Sigma in a complex, resource constrained environment
(University College Cork, 2017) Healy, Joseph O.; Hutchinson, Mark; O'Kane, Tom
This dissertation examines the use Lean Six Sigma (LSS) in a Complex Resource Constrained Environment. In particular, three distinct research topics are analysed: the impact on Stakeholder Theory and LSS when operating in an environment where customer needs are not the most salient; the impact on LSS when operating in a complex environment and; the impact on LSS when operating in a resource constrained environment. The research findings show that customer needs will only be fully satisfied by LSS project outcomes where customer needs are more salient that that of other stakeholders. The findings also show that in a complex environment there is a role for the use of both simpler, useful and familiar LSS tools and techniques as well as more complex and advanced tools and techniques. The research classifies these tools and techniques and identifies the tools and techniques used in a LSS project aimed at implementing a financial system. A project roadmap in this regard is also provided. The research shows the role of tools and techniques associated with the Implement and Control phases when utilising a Design for Lean Six Sigma (DfLSS) approach. It highlights three key enablers for successful deployment in such projects; a structured approach, good communication and a clear customer focus. The research shows the appropriateness of Public Service organisations deploying LSS. The findings show that resource constraints affect the execution of LSS projects and impact on LSS Project outcomes. LSS practitioners must employ upfront, open and honest communication to set expectations. In addition, the findings show that in resource constrained environments, practitioners should focus on achieving the best LSS outcomes given the resource constraints. The research also contributes to the expansion of the Theory of Constraints into the Public Sector in the context of the execution of a LSS project.
Evaluating the impacts of legacy infrastructure and stranded assets on energy markets and utilities in low carbon energy systems
(University College Cork, 2020) Hickey, Conor; O'Gallachoir, Brian; O'Brien, John; Environmental Protection Agency; Science Foundation Ireland
This thesis contributes improvements to the modelling methods and evidence base for developing low-carbon policy measures and investment strategy. Techno-economic energy system models are integrated into investment appraisal frameworks to support policy and investment analysis. Beginning with a review of the literature on stranded assets; risks to gas infrastructure, subsequent impacts on energy markets and methods of measuring stranded assets, particularly the impacts of stranded assets on corporate debt, are highlighted as areas for further research. Consequently, gas infrastructure is analysed in two parts and at a national and European level. The first part questions whether there is a role for a gas network in a low carbon energy system by analysing its expected utilisation and subsequent tariffs. Next, both gas-fired power plants and gas transmission networks are evaluated based on their impacts on the harmonisation objectives of energy markets in Europe in 2030. Finally, the utilities operating this infrastructure are assessed under a novel investment framework. This framework measures the financial capacity that utilities have to transition to European net zero carbon targets, by proxy of their credit rating. Concluding that in all instances the financial risks arising from these fossil fuel infrastructures and climate policy targets could be mitigated if timely prudent management of these assets was pursued.
An evaluation of the implications of the best interests of the child principle in the context of same-sex parenting in Ireland
(University College Cork, 2016) Bracken, Lydia L.; O'Mahony, Conor; Department of Children and Youth Affairs, Ireland; Law, College of Business and Law, University College Cork
Same-sex parenting is by no means a new phenomenon but the legal recognition and acceptance of gay and lesbian couples as parents is a relatively recent development in most countries. Traditionally, such recognition has been opposed on the basis of the claim that the best interests of children could not be met by gay and lesbian parents. This thesis examines the validity of this argument and it explores the true implications of the best interests principle in this context. The objective is to move away from subjective or moral conceptions of the best interests principle to an understanding which is informed by relevant sociological and psychological data and which is guided by reference to the rights contained in the UN Convention on the Rights of the Child. Using this perspective, the thesis addresses the overarching issue of whether the law should offer legal recognition and protection to gay and lesbian families and the more discrete matter of how legal protection should be provided. It is argued that the best interests principle can be used to demand that same-sex parenting arrangements should be afforded legal recognition and protection. Suggestions are also presented as to the most appropriate manner of providing for this recognition. In this regard, guidance is drawn from the English and South African experience in this area. Overall, the objective is to assess the current laws from the perspective of the best interests principle so as to ensure that the law operates in a manner which adheres to the rights and interests of children.
An examination of the mutual relationship between information & communications technology and democracy
(University College Cork, 2016) Hayes, Martin; Murphy, Ciaran; Dockstader, Jason
There is a widely held view that information and communications technology (ICT) has the potential to enhance democracy by enabling all citizens to participate actively in public affairs. Many theorists suggest that the drive to maximise participation in politics could lead to totalitarianism, while a certain level of apathy can provide political stability. Democracy is a middle way between totalitarianism and anarchy and pushing it too far in any of its attributes is likely to lead to its collapse. There is a complex web of relationships between bureaucracy, government and citizens with democracy and ICT weaving through them as they each take on different roles in society. The overreach of bureaucracy is becoming a major threat to the future of democracy today. Politics is about compromise and transforming conflict into cooperation. This is best achieved through face-to-face embodied interaction rather than through virtual channels although the latter can be valuable when used to support face-to-face meetings rather than as a substitute for them. With the possible exception of electricity, no other technology has transformed our society to the extent that ICT has done. Since the technology has such a strong impact on our lives and on society generally, we should have a say in its design and distribution. Even if we refuse to actively use the technology, it nevertheless affects our social environment and it is impossible to avoid becoming passive users. The question then arises as to whether ICT is a neutral, deterministic or an autonomous technology. Some theorists have proposed ways in which people could have a democratic input to the development of technology but it is difficult to find any who have focused on the disingenuous business model which ICT industry has adopted and which leaves no room for democratic input from users.
An exploratory study of the financial and non-financial performance impacts of interactions between ecosystem actors of the FinTech revolution
(University College Cork, 2022) Browne, Oliver; Hutchinson, Mark; O'Reilly, Philip
FinTech is an abbreviation of financial technology, characterised by start-ups and emerging technologies that have the potential to transform traditional financial services by making transactions and processes less expensive, more convenient, and more secure. This thesis conducts three studies on FinTech firms at various corporate life cycle stages. These studies explore the financial and non-financial impacts of interactions between incumbents, new entrants, and regulators as key FinTech ecosystem actors. The first study seeks to understand the barriers to technology adoption for an incumbent multinational systemically important financial institution. This study explores emerging financial technologies as a potential solution to issues of historic myopic investment in information technology. Second, this thesis examines new FinTech ventures and their decision-making process around accelerator programmes, exploring whether high-quality ventures choose to participate in accelerators and their impact on performance and external capital. Third, this thesis seeks to understand the relationship between board diversity and performance for a sample of private FinTech firms. Incumbent FS firms encounter legacy information system (LIS) issues and competing priorities for the provision of internal investment resources. Many incumbents’ labyrinth of legacy systems are prone to lacking documentation, poor data quality and manual processes. At the same time, routine rigidity persists due to fears of system downtime affecting core customers. The first study in this thesis describes the design and development of a novel ontology-based framework to illustrate how ontologies can interface with existing distributed data sources. The framework is then tested using a survey instrument and an integrated research model of user satisfaction and technology acceptance. The results reveal a significant reduction in manual processes, increased data quality, and improved data aggregation from employing the framework. In contrast to incumbents, new ventures often have limited resources and may seek external investment to survive. However, private firms face significant competition for scarce resources and information asymmetries between investors and new entrants. To reduce information asymmetry, new entrants may seek certification from accelerators as a signal of venture quality. The second study in this thesis uses a handcollected dataset of 1,253 private UK firms to explore the impact of accelerator participation on firm performance. This study shows that firms that participate in an accelerator raise greater amounts of capital than a matched sample of non-accelerator FinTech firms. However, these firms, in turn, exhibit poorer financial performance. This finding indicates that accelerators do not attract the highest quality firms, and high-quality firms may choose to avoid participating in accelerators as a countersignal of venture quality. In contrast, evidence suggests that regulatory accelerator participation may signal venture quality. The final study assesses the effect of board characteristics on firm performance in a sample of 189 UK registered FinTech firms as new ventures may signal quality through cultivating a large, more diverse, or prestigious board. The final empirical chapter provides evidence that increased female board representation contributes to improved performance in early-stage private FinTech firms. Furthermore, more than half of firms have no female board representation, and only one-in-ten directors are female. FinTech is characterised by increased start-up activity and innovations that threaten to disrupt incumbent processes. This thesis contributes to assessing the efficacy of FinTech firms’ efforts to signal venture quality, the impact of board characteristics on private firm performance, and incumbents’ response to FinTech. This thesis, therefore, provides significant contributions to the FinTech domain through advancing science and knowledge. It creates value for those operating accelerator programmes, incumbent organisations seeking to integrate new financial technologies with legacy information systems, and for effective governance of FinTech firms towards optimum performance.

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