Complementing a positivist approach to investment analysis with critical realism: Challenges and a way forward

Journal article


O'Donnell, Loretta, Kramar, Dyball, Maria Fe Caridad and Professor, Robin J. Kramar. (2013). Complementing a positivist approach to investment analysis with critical realism: Challenges and a way forward. Qualitative Research in Financial Markets. 5(1), pp. 6 - 25. https://doi.org/10.1108/17554171311308931
AuthorsO'Donnell, Loretta, Kramar, Dyball, Maria Fe Caridad and Professor, Robin J. Kramar
Abstract

Purpose: The purpose of this paper is to identify the challenges in adding a critical realist epistemological perspective to a positivist approach in research on listed companies by equity researchers and other financial services professionals.

Design/methodology/approach: A purposive sample of publicly available equity research reports was examined to assess the dominant epistemological approach to investment analysis.

Findings: It was found that there is an absence of a critical realist epistemological approach to investment analysis, confirming the dominance of a positivist approach to obtaining and analysing investment information.

Research limitations/implications: This research drew on a small, purposive sample, and could be followed by more wide‐scale research. Taking a critical realist approach may create a clash of “institutional logics” which will need to be considered by a range of stakeholders.

Originality/value: Equity research reports are examined through the lens of critical realism. This exploration allows for an additional epistemological perspective on analysis of firm value.

Keywordsinvestments; critical realism; epistemology; financial analysis; public companies
Year2013
JournalQualitative Research in Financial Markets
Journal citation5 (1), pp. 6 - 25
PublisherEmerald Publishing Limited
ISSN1755-4179
Digital Object Identifier (DOI)https://doi.org/10.1108/17554171311308931
Page range6 - 25
Research GroupPeter Faber Business School
Publisher's version
File Access Level
Controlled
Place of publicationUnited Kingdom
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https://acuresearchbank.acu.edu.au/item/88xv5/complementing-a-positivist-approach-to-investment-analysis-with-critical-realism-challenges-and-a-way-forward

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