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Publications news

The size and growth of microfinance institutions

British Accounting Review -coverDecember 2017: New research by Professor John Wilson, with Dr José Liñares-Zegarra published in the British Accounting Review examines the relationship between size and growth for a worldwide sample of microfinance institutions with different ownership forms and commercial orientation for 120 countries over the period 2000-2014. The authors find little evidence that size confers growth advantages to microfinance institutions. However, they do find some evidence that growth rates for credit unions and microfinance institutions with a not-for-profit commercial orientation present negative growth persistence. The variability of growth rates differs across the size distribution of microfinance institutions, and this result is consistent across commercial orientation and ownership form. Other factors found to affect the growth of microfinance institutions include age (new microfinance institutions grow faster than young and mature counterparts), levels of bad debt, efficiency and regulation.

Street names, culture and identity

street-names-thumbnailNovember 2017: In research published in the Journal of Economic Geography, Dr Daniel Oto-Peralías shows that people living in Scottish areas with street names commemorating Britain, such as 'Queen', 'Royal', 'Regent' or 'London' are less likely to define themselves as Scottish only. In addition to national identity, the study, "What do street names tell us? The 'city text' as socio-cultural data", considers religion and gender.
The findings are illustrated in the context of Great Britain in a second publication, "What do street names tell us? An application to Great Britain's streets".
See also: University of St Andrews press release Street names indicate how "Scottish" you feel.

Future Horizons in financial services

October 2017: The UK Financial Conduct Authority has published a Future Horizons Report which examines some of the possible major challenges facing financial services over the next 15 years. Members of the School of Management contributed three expert papers which informed the narrative of the report. These included:

A copy of the report, the expert papers and further details can be found at: 

Watching or being watched? The double life of your smartphone

A paper co-authored by Professor Kirstie Ball has won the best full paper prize in the eBusiness and eGovernment track at this year's British Academy of Management conference. The paper is entitled 'Watching or being watched? The double life of your smartphone' and was written with Professor Sally Dibb and Dr Sara Degli Espostifrom the Centre for Business in Society at Coventry University. Focusing on smartphone geolocation tracking, the paper explains how citizens' reactions to it are tempered by their views on the trustworthiness of security institutions and the social proximity of surveillance. Social proximity is a form of surveillance NIMBYism. It refers to whether citizens believe that surveillance is directed at them or at criminalised others and is captured by the phrase 'nothing to hide nothing to fear'. The paper showed that if citizens perceived the social proximity of smartphone surveillance to be low, they were more likely to find it acceptable. The paper draws on data from the EU FP7 project SurPRISE, which examined citizen acceptance of different surveillance-oriented security technologies across 9 European countries.

Management BAM award

Race under wraps

British businesses must break their "silence" on the under-representation of black, Asian and minority ethnic groups (BAME) in key roles, according to new research commissioned by the British Academy of Management (BAM) and the Chartered Management Institute (CMI) and co-authored by Dr Lisi Gordon, from the School of Management at University of St Andrews.

Further information on this project can be found on the University’s news page.

Delivering Diversity Coverage Report (PDF, 528 KB)

Race under wraps

Industrial Organization: Competition, Strategy and Policy, fifth edition, published

Industrial Organization: Competition, Strategy and Policy - 5th edition cover‌The fifth edition of Industrial Organization: Competition, Strategy and Policy, written by Professor John Wilson of the School of Management (with John Lipczynski and John Goddard) was published in June 2017 by Pearson Education. First published in 2001, the book provides a thorough treatment of the core concepts and theories underlying the economics of industrial organisation. In the new fifth edition, the authors use empirical examples and case studies to analyse the structure, behaviour and performance of firms and industries. New additions to this edition include:

· a chapter on game theory
· a new section on international diversification
· revised case studies
· coverage of recent empirical literature
· a new set of quantitative problems with solutions and revised questions for discussion at the end of each chapter.

SME funding research

OECD and European Commission logosDr Ross Brown from the School of Management, an expert on small business finance, was commissioned by the OECD with the European Commission to investigate the effectiveness of financial lending instruments for small and medium-sized enterprise (SMEs). These are funding mechanisms for SMEs (e.g. credit guarantees, public sector venture capital and soft loans) designed to alleviate imperfections within small business financial markets. These instruments are playing a growing role within economic development and regional policy across advanced economies. The European Commission intends that the research will help inform future EU cohesion policy.

From June 2017, a copy of the report can be obtained from Dr Brown.

Paperback Edition Oxford Handbook of Banking

The Oxford Handbook of Banking, Second Edition cover‌A paperback version of The Oxford Handbook of Banking, Second Edition (Oxford Handbooks in Finance), edited by Professor John Wilson, with Allen N Berger and Philip Molyneux, has been published (Spring 2017). The volume provides an overview and analysis of developments and research in banking. This edition includes new chapters on:
· banking in Africa
· competition in banking
· complexity and systemic risk
· corporate governance in banking
· liquidity creation
· market discipline in financial markets
· securitisation
· shadow banking
· sovereign debt crises
· supervision of systemically important banks.

Doing more with less: Scottish hospital productivity and efficiency

Health Services and Outcomes Research Methodology - coverJune 2017: Multidisciplinary journal Health Services and Outcomes Research Methodology publish research by Dr Manouchehr Tavakoli and Professor Michael Rosko from the School of Management. In work done with an international team, they ask whether Scottish hospitals improved their productivity and efficiency over time in an environment where they were required to improve their services. By using regression, the authors find a definite and statistically significant trend of improvement, which could encourage hospital management that they have been doing more with less — news that could be particularly relevant in times of more austerity in government spending but without a decrease in demand.

See "Measuring performance change in Scottish hospitals: a Malmquist and times-series approach", DOI:10.1007/s10742-016-0151-y 

Myths and entrepreneurship policy

Entrepreneurship and Regional Development - journal coverFebruary 2017: Dr Ross Brown from the School of Management has had a paper published in the journal Entrepreneurship and Regional Development exploring myths embedded in entrepreneurship policy. Ever since the economist David Birch provocatively asked the question "who creates jobs?" in the 1970s the topic of rapid firm growth has captivated the entrepreneurship and small business community. Birch's pioneering work found that small rapidly growing firms – so-called "gazelles" – were in fact the primary source of new net job creation within the US economy. However, research by Dr Brown has discovered that policy makers have certain misconceptions about the nature of these firms. These "myths" are at odds with empirical evidence and are crucially important as they continue to shape and misinform public policy.

Centre for Entrepreneurs  - logoSee a summary of the paper posted as a guest blog for the Centre for Entrepreneurs.

See the Forbes coverage, The 7 Myths Of High Growth Firms, which calls the research "a wakeup call for governments to consider whether their interventions are as effective as they could be."

For further information and/or a copy of the paper contact:

Frontiers, inequality, and development

Journal of the European Economic Association - cover (crop)February 2017: Historical frontiers can shape the economic geography of countries by generating persistent patterns of inequality and underdevelopment. These are the conclusions from research by Daniel Oto-Peralías and Diego Romero-Ávila from the Centre for Responsible Banking and Finance published in the Journal of the European Economic Association. They study the effect of a medieval frontier that existed in southern Spain between Castile and the Emirate of Granada. Their analysis shows that the insecurity created by the frontier led to the concentration of power in the hands of the military elite, generating a pattern of inequality that has persisted until the second half of the 20th century. In turn, it is shown that the territory exposed to frontier insecurity is relatively poorer today.

Research in "Les Echos"

"Les Echos" logoJanuary 2017: "Les Echos", one of Frances's largest business newspapers, publishes an article by Lecturer in Management Francois-Regis Puyou. Written with colleagues from Nantes, the piece is based on their research on how to manage tensions between venture capitalists and owner managers.

"Levée de fonds: réduire les tensions entre entrepreneurs et investisseurs"

Relative importance of Islamic banks: research published

Dr Pejman Abedifar‌December 2016: New research by Pejman Abedifar, Amine Tarazi and Iftekhar Hasan, published in the Journal of Economic Behavior & Organization, highlights the importance of Islamic banking in financial deepening and economic development of Muslim countries. The study shows a positive relationship between the market share of Islamic banks and the development of financial intermediation and economic welfare in countries where Islamic and conventional banks operate alongside each other. They find that the relationship is stronger in low income or predominantly Muslim countries. The authors also explore the possible implications for conventional banks operating in a dual-banking system. The analysis reveals that a greater market share of Islamic banks is associated with higher efficiency of conventional banks.

Research on the determinants of social capital published

Economics Letters - coverDecember 2016: New research on the determinants of social capital by School of Management Lecturer in Banking and Finance Dr Daniel Oto-Peralías and Diego Romero-Ávila from the Centre for Responsible Banking and Finance has been published in Economic Letters. The article establishes and tests the hypothesis that persistent inequality undermines social capital. By using blood donation data to measure social capital and land inequality as a proxy for persistent inequality, the authors find a robust negative effect of inequality on blood donation in a municipal-level analysis. Therefore, a society suffering severe inequality may develop social and political apathy. If the situation persists for a long time, this apathy becomes a cultural trait hindering the creation of social capital. Given the importance of social capital in the economy, this has clear implications for economic well-being in the medium and long run.

Nuffield Trust publishes "Managing doctors, doctors managing"

"Managing doctors, doctors managing" cover‌December 2016: "Managing doctors, doctors managing" is published today by independent health charity the Nuffield Trust. Dr Alison Powell and Professor Huw Davies undertook a new survey of hospital managers and senior doctors, along with interviews, a focus group and a review of academic literature.

Commenting on the results of their research, Huw said:
"The NHS faces a complicated, difficult task in delivering high quality, safe and compassionate care under rapidly changing demands, significant financial constraints and relentless media and political scrutiny.
"Good working relationships between managers and doctors mean that their complementary knowledge, skills and experience can be harnessed to address these challenges. But a key finding from our study was that successive and often conflicting government policies have undermined the stability of these relationships.
"When the link between doctors and managers fractures, it makes providing good care within the available resources much harder. NHS managers – both medical and non-medical – need to be valued by government, given enough resources, and provided with a stable context in order for them and the hospitals they manage to flourish."

See "Managing doctors, doctors managing" web page where you can download the report.

See also from the Nuffield Trust:

· Press Release: NHS pressures undermining relations between doctors and managers, study shows.
· "Doctors and managers: a narrative literature review" [pdf] (Powell and Davies, November 2016).
· Huw Davies and Alison Powell's guest blog: "What does the future hold for clinical directors in the NHS?" (1 December 2016).

"Banking: A Very Short Introduction" published

Banking: A Very Short Introduction - cover‌December 2016: Banking: A Very Short Introduction, written by Professor of Banking and Finance John Wilson (with John Goddard, Bangor University) is published by Oxford University Press. As part of the bestselling Very Short Introductions series, which has sold over seven million copies sold worldwide, this book provides a comprehensive introduction to banking. The authors explore issues of supervision and regulation of the banking industry in light of the recent global financial crisis and subsequent sovereign debt crises as well as providing a thoughtful consideration of the future of the banking industry.

Financial Times cites tattoo research

Financial Times logoOctober 2016: The Financial Times cites research from School of Management Reader Andrew Timming. Under the "Managing yourself" theme, the London-based publication quotes Andrew and his research on tattoos in the workplace in their article, "Tattoos bring a new form of body language to the office".

Recognition for interdisciplinary research literature

Professor Rob Gray‌Summer 2016: Congratulations to Emeritus Professor of Social and Environmental Accounting Rob Gray, who has been inducted to the Accounting, Auditing and Accountability Journal/Asia-Pacific Interdisciplinary Research in Accounting Hall of Fame. This award is in recognition of distinguished service contributions to the progress of interdisciplinary accounting research - and a literature that reflects several decades of methodological and theoretical experiences and development. Rob is one of only seven members to have received this accolade to date.

Reader writes Guardian column on police and tattoos

Dr Andrew R TimmingAugust 2016: Reader in Management Andrew Timming writes Guardian opinion column, 'How would you react if you met a tattooed police officer?' . In the article, he comments on the Police Federation of England's challenge to a ban on visible tattoos "on the beat", and draws on his research about effects of body art on employment chances.

Kiplinger cites spending research

Kiplinger logoAugust 2016: Kiplinger's Retirement Report cites research from School of Management Senior Lecturer Kristian Myrseth. The Washington, D.C.-based publication refers to Kristian's work on spending and perceptions of life expectancy in their article, "Shifting gears from saving to spending in retirement". The business forecasts and personal finance advice periodical recommends that retirees adjust spending plans annually. See Kristian's findings (in research with RZ Heimer and RS Schoenle), "Mortality beliefs and household finance puzzles".

Alternative images of 'foundations'

Dr Tobias Jung‌July 2016: the School of Management's Dr Tobias Jung blogs about popular images of 'foundations'. Tobias is director of the Centre for the Study of Philanthropy & Public Good (CSPPG).  He wrote the blog with CSPPG associates Jenny Harrow and Diana Leat. The Alliance Magazine piece considers philanthropic foundations through lenses of construction, make-up and undergarments: are they useful in helping us to think about philanthropy?

See the blog: "Because you’re worth it" exploring some alternative images of 'foundations'

Routledge Companion to Philanthropy published

Routledge Companion to Philanthropy - cover‌The Routledge Companion to Philanthropy, edited by School of Management Lecturer Tobias Jung (with Susan D Phillips and Jenny Harrow), was published on 17 May 2016.

Philanthropy – the use of private resources for public purposes – is undergoing a transformation, both in practice and as an emerging field of study.

With contributions from an international team of leading contemporary thinkers on philanthropy, this book provides a rich and valuable resource for students, researchers, practitioners and policymakers.

Expectations of what philanthropy can achieve have risen significantly in recent years, reflecting a substantial, but uneven, increase in global wealth and the rolling back of state services in anticipation that philanthropy will fill the void. In addition to this, experiments with entrepreneurial and venture philanthropy are producing novel intersections of the public, non-profit and private spheres, accompanied by new kinds of partnerships and hybrid organisational forms. The Routledge Companion to Philanthropy examines these changes and other challenges that philanthropists and philanthropic organisations face.

Knowledge and Practice in Business and Organisations - book launch

Knowledge and Practice in Business and Organisations - book cover‌The Knowledge and Practice research thematic group of the School of Management are pleased to announce that our edited collection, "Knowledge and Practice in Business and Organisations", was launched during the Organizational Learning, Knowledge and Capabilities conference (OLKC) in St Andrews, 27-28 April 2016.
‌A series of events around the launch was held at the OLKC opening reception in MUSA and during the conference. In the foyer of the Medical Sciences Building, delegates visited our publicity stand, met the authors and entered a raffle to win a free copy of the book. The book was available for sale from the stand at a 50% discount.
See Routledge's web page for the book.

Organizational Learning, Knowledge and Capabilities 2016 - small logo

This video slideshow (below and at introduces the content of the book and the process by which it was produced.

Professor's contribution to parliament committee

Professor Brad MacKay‌April 2016: The UK government's Department for Business, Innovation and Skills published written evidence from the School of Management.
See the paper by Brad MacKay, Professor of Strategic Management, which was included in their consultation about business views on the EU referendum.

Business and human rights special issue

Business and Human Rights Resource Centre - logo‌The Accounting Auditing and Accountability Journal has just published (spring 2016) a special issue on business and human rights. The special issue, entitled "The Past, The Present and The Future of Social Accounting for Human Rights", is edited by Professor Ken McPhail (University of Manchester) and School of Managment Professor John Ferguson.
The Business and Human Rights Resource Centre picked up on the publication of the journal.  See the Resource Centre's website for a good link to the articles and related topics.

Evolution of human cooperation

Proceedings of the National Academy of Sciences of the United States of America - cover April 2016: Proceedings of the National Academy of Sciences of the USA include a letter by School of Management Lecturer Dr Kristian Myrseth in a lively conversation with Yale academics Bear and Rand. 

"Models inconsistent with altruism cannot explain the evolution of human cooperation", co-written with CE Wollbrant, makes a case that cogent models of the evolution of human cooperation must take into account the survival and success of altruistic individuals.

Poverty, inequality and eating more

Appetite journal coverMarch 2016: School of Management Lecturer Dr Boyka Bratanova published research into the psychological mechanisms behind the links between poverty and food consumption. The study, in the journal Appetite, provides evidence that people who perceive themselves as poor are more likely to eat more.
See "Poverty, inequality, and increased consumption of high calorie food: Experimental evidence for a causal link" online (open access) in Appetite until early May 2016. The work has been reported widely on websites including,  MedicalxPress and US News.
See also:
· University of St Andrews Press Releases "Appetite and poverty" and "How poverty and inequality make us eat more food".
· Herald Scotland "New research shows psychological links between poverty and obesity".
· The Scotsman "Poverty and inequality driving obesity epidemic, says new study".
· STV News "Poverty and inequality linked to overeating, claims study".

Commercialisation by Scottish universities shown to be "Mission Impossible"

Industry and Innovation journal cover‌Scottish universities are limited in their abilities when it comes to commercialising research, according to a new study by the University of St Andrews. The research, published in the journal Industry and Innovation in March 2016, calls into question increasing pressure on universities to act as drivers of economic growth. The study, carried out by Dr Ross Brown, a lecturer in the University's School of Management, found that pressure on universities to act as generators of high-tech start-ups has largely failed.
Dr Brown said, "While very much the received wisdom that universities are good for business and good at creating businesses, unfortunately the reality doesn't quite match these expectations. The strongly engrained view of universities as some kind of innovation panacea is deeply flawed. As occurred in the past when inward investment was seen as a 'silver bullet' for promoting economic development, university research commercialisation has been granted an equally exaggerated role in political and policy making circles. Universities are not quasi economic development agencies."
The paper provides some explanations as to why this myth has been perpetuated and how policy can be re-focused to help improve the innovative capacity of SMEs.
The paper is online at: "Mission impossible? Entrepreneurial universities and peripheral regional innovation systems".
See also:
· University of St Andrews Press Release "Commercialisation by Scottish universities is 'Mission Impossible'".
· Herald Scotland 29 March 2016 "Experts: Focus on Scottish universities as economic driver 'misplaced'".
· BBC logo‌BBC News 1 April 2016 "Minding Scotland's research gap".
· Times Higher Education 7 April 2016 "Knowledge transfer: is this 'third mission' a mission impossible?". cites lecturer's work on Spanish history and economy

Dr Daniel Oto-Peralias‌Financial Times has cited work by School of Management Lecturer in Banking and Finance Dr Daniel Oto-Peralias. In the 24 March 2016 piece, "Free Lunch: The long shadow of history", Martin Sandbu cites Oto-Peralias' Royal Economic Society media briefing, "Deep historical roots of modern inequality: How the Reconquista still shapes Spain's economy". Sandbu uses the work to illustrate 'the extraordinarily persistent effects of social institutions'.

Millennials buying insurance

Broker World, Broker World - logo‌the insurance magazine addressing the brokerage marketplace, has cited work by School of Management Lecturer Dr Kristian Myrseth. In the March 2016 article "Designing Insurance To Be Bought Instead Of Sold", Dr Jack Marrion refers to Myrseth's Federal Reserve Bank of Cleveland working paper, "YOLO: Mortality Beliefs and Household Finance Puzzles", and suggests new directions for the design of life insurance.

Philanthropic foundations as black boxes

March 2016: The Conversation - logo‌"Philanthropic foundations: black boxes that must become more transparent", by School of Management Senior Lecturer Dr Tobias Jung, has been published in online academic journal The Conversation. The article contributes to a week-long series on 'The problem with Big Charity'. In it, Jung calls for closer social and political examination of, and stronger critical engagement with, foundations.

"Strong, bold, and kind"

Experimental Economics journal cover (crop)‌"Strong, bold, and kind: self-control and cooperation in social dilemmas", by School of Management Lecturer Dr Kristian Myrseth (with co-authors Martin G Kocher, Peter Martinsson and Conny E Wollbrant), has been published in Experimental Economics, a journal of the Economic Science Association. The article contributes to the growing body of work on motives for cooperation in social dilemmas. It is a report of research supported by funds from the Swedish Research Council and the University of Munich, as well as Formas through the programme Human Cooperation to Manage Natural Resources (COMMONS).

Handbook of Post Crisis Financial Modelling published

The Handbook of Post Crisis Financial Modelling, coverThe Handbook of Post Crisis Financial Modelling, edited by School of Management Professor John Wilson (with Emmanuel Haven, Phil Molyneux, Sergei Fedotov and Meryem Duygun), was published in December 2015 by Palgrave Macmillan.

The volume explores themes of distributional assumptions and efficiency as well as considering how financial modelling may be re-interpreted in light of the 2008 crisis. It brings together original research by leading practitioners and academics in the areas of banking, mathematics and law.

Older People's Services research findings

OPSWISE (Older People’s Services and Workforce Interventions: a Synthesis of Evidence) animation snapshot‌School of Management Professor of Public Policy and Management Sandra Nutley has been co-investigator in a research project which undertook an evidence review to understand how and why workforce development interventions can improve the skills and care standards of support workers in older people's services. The findings were published in December 2015 by OPSWISE (Older People’s Services and Workforce Interventions: a Synthesis of Evidence) as an OPSWISE animation: Healthcare Support Workers.
See more details about the study on the OPSWISE website

Banking text in translation

Oxford Handbook of Banking (first edition) - Serbian editionIndustrial organization: Competition, Strategy and Policy - cover of Greek editionSchool of Management Professor of Banking and Finance John Wilson continues to be read in ever-increasing international circles.

The Serbian edition of his Oxford Handbook of Banking, First Edition, was published in 2015.  The Greek translation of Industrial organization: Competition, Strategy and Policy has been available since 2012, and the Italian version since 2010.

Blog cites lecturer's work on self-control

SOCIAL PSYQ, SOCIAL PSYQ blog logo‌the USA social psychology blog dedicated to making research accessible, cites the work of School of Management Lecturer Dr Kristian Myrseth in its pre-Thanksgiving 2015 blog.
See the research: Self-control: A function of knowing when and how to exercise restraint.
See the blog: Psy applied: self-control strategies for life (part 2).

Creative Industries book launch

ICC logo‌The School of Management's Institute for Capitalising on Creativity (ICC) launched their new book on Tuesday 10 November 2015 at the Royal Concert Hall in Glasgow. Tales from the Drawing Board: IP wisdom and woes from Scotland's creative industries helps creative businesses to manage and benefit from Intellectual Property (IP). The book launch was part of a Creative Industries Federation roadshow which featured a keynote speech from Fiona Hyslop, Scottish Cabinet Secretary for Culture, Europe and External Affairs.
The book is the result of a research project conducted by the ICC on behalf of Creative Scotland. More than 120 leaders of creative organisations were interviewed about IP management, challenges and solutions.
Following the event, Tales from the Drawing Board is now available free for download from the ICC.

Retirement findings featured

Dr Kristian Myrseth‌Dow Jones & Co. online publication MarketWatch has featured research by School of Management Lecturer Dr Kristian Myrseth (with RZ Heimer and RS Schoenle). In Retirement Weekly, 6 November 2015, Myrseth's Federal Reserve Bank of Cleveland working paper, "YOLO: Mortality Beliefs and Household Finance Puzzles", forms the basis for the Retirement research Q&A.
See the MarketWatch article "How people's visions of their own mortality affect financial decision making".

Crowdfunding findings launched: "Harnessing the crowd"

crowdfunding imageSeptember 2015: School of Management Lecturer Dr Ross Brown launched the findings from the first major investigation of equity crowdfunding in the UK. 

Harnessing the Crowd: The Demand-Side Dynamics of Equity Crowdfunding in Nascent Entrepreneurial Ventures was published by the Centre for Responsible Banking & Finance in its RBF Working Paper Series.

The findings have been widely publicised across the print media and on BBC Radio Scotland. Hear the "Good Morning Scotland" interview (at 1hr 43 mins) until 21 October 2015.

See "Crowdfunding: Enter the disruptive finance revolution".
See CITY A.M. Thursday 1 October 2015: "Enter the disruptive finance revolution" (pdf p20)
See in The Scotsman: "Call for Scots companies to boost crowdfunding".
See University of St Andrews Press Release: "British start-ups embrace the £146m crowdcube economy".

Does debt affect health?

Social Science and Medicine journal logo‌Short, medium and long term aggregate household debt can affect population health in different ways. That is one of the key findings of research by the School of Management's Maya Clayton, José Liñares-Zegarra and John Wilson, which was published in April 2015 in Social Science and Medicine (DOI: 10.1016/j.socscimed.2015.02.002).

The research examines aggregate debt and health data across 17 European countries over the period 1995 to 2012. The results suggest that both short and medium-term debt has a positive effect on health outcomes. However, long-term unsecured aggregate household debt and mortgage debt are associated with poorer health outcomes.

Overall, the results suggest that aggregate household debt is an important determinant of population health across countries. The authors conclude that: "Household debt is a corner-stone of modern market economies, and many policy choices either encourage or inhibit individuals from taking on that debt. Given the potentially important health consequences of debt (for individuals and in aggregate), and given the complex implications of debts of different types and maturities, greater research-based understanding and greater policy consideration are warranted."

Entrepreneurship research published

Regional Studies journal cover (crop)New research examining the controversial Scottish Government funded innovation initiative, the Intermediate Technology Institutes (ITIs), was published in January 2015.  Dr Ross Brown from the School of Management led the team of entrepreneurship researchers from the Universities of St Andrews, Glasgow and Edinburgh whose work examines the spectacular failure of the ITIs programme. The findings, published in the journal Regional Studies, have strong implications for the design of future innovation policy.
See University of St Andrews Press Release: "Academics warn policy-makers must learn from their mistakes".
See The Scotsman: "Academics say lessons must be learned from ITIs failure".
See BBC News: "Warning to learn from failed scheme to aid technology businesses".

The Oxford Handbook of Banking, Second Edition (Oxford Handbooks in Finance)

Professor John WilsonThe Oxford Handbook of Banking, Second Edition (Oxford Handbooks in Finance), edited by Professor John Wilson, with Allen N. Berger and Philip Molyneux, has been published (2015).

The volume provides an overview and analysis of developments and research in banking. This edition includes new chapters on: banking in Africa, competition in banking, complexity and systemic risk, corporate governance in banking, liquidity creation, market discipline in financial markets, securitization, shadow banking, sovereign debt crises, and supervision of systemically important banks.

Philanthropy Education research report

Philanthropy Education in the UK and Continental Europe - coverLeading journal Third Sector has featured research by School of Management Senior Lecturer Dr Tobias Jung - highlighting a "skills and knowledge gap". The research report, co-authored with Charles Keidan and Cathy Pharoah, calls for new measures to boost the provision of philanthropy education at universities. Philanthropy Education in the UK and Continental Europe: current provision, perceptions and opportunities was published by the Centre for Charitable Giving and Philanthropy at Cass Business School (City University London) and the University of St Andrews. It was funded as part of a legacy grant from The Diana, Princess of Wales Memorial Fund.
See the Third Sector article, 28 October 2014.
See also: Times Higher Education feature "Why philanthropy merits scholarly study".

Scottish Journal of Performance showcased

Scottish Journal of Performance (SJOP) logoBen Fletcher-Watson and Beth Whiteside are research students with with ICC (the School of Management's Institute for Capitalising on Creativity). Based at the Royal Conservatoire of Scotland, they are now guiding preparation of the third issue of the Scottish Journal of Performance (SJOP), the multi-institution journal which they launched in December 2013. The the Centre for Academic, Professional and Organisational Development (CAPOD) showcased the achievement at the one-day event, "Managing journals: challenges and opportunities" on Thursday 23 October 2014. Academic/research staff and research postgraduate students from a wide range of disciplines attended.
See blog from the University of St Andrews Open Access team: "Scottish Journal of Performance now available in the repository".

Ecological Accounts, One Day Workshop, 26 August 2014

Accounting, Auditing and Accountability Journal coverThe interdisciplinary Ecological Accounts project aims to examine, engage and critique the interrelationships between accounts and accountability in the context of socio-ecological change. The one day workshop will be held on 26 August 2014 in The Gateway, University of St Andrews. Participants will have the opportunity to discuss research projects that link to the forthcoming special issue of Accounting, Auditing and Accountability Journal, to be published in 2017. For further information or if you wish to participate, please contact Shona Russell (Email:
Download: Ecological Accounts Workshop poster (PDF, 963 KB)

Lecturer reports on high growth SMEs for ICAS

Institute of Chartered Accountants Scotland (ICAS) logoDr Ross Brown, Lecturer in Management, together with Dr Neil Lee from London School of Economics, has authored a report examining the funding issues facing high growth SMEs. The work, Funding issues confronting high growth SMEs in the UK, was undertaken for the Institute of Chartered Accountants Scotland (ICAS) and found many high growth SMEs were reluctant to give up equity or borrow in case this diminishes their autonomy. It contains important policy implications for both the supply and, the often neglected, demand-side of SME funding. News of the work, which was published in June 2014, has been widely disseminated in media including The Herald and the Financial Times.
See University of St Andrews Press Release: "Debt-averse businesses are holding back economic recovery".

CSR, well-being and environmental stewardship

Accountability, Social Responsibility and Sustainability (Gray et al., 2014) coverAccountability, Social Responsibility and Sustainability: Accounting for Society and the Environment
Rob Gray, Carol Adams, Dave Owen
Jan 2014.

Accountability, Social Responsibility and Sustainability examines how current ways of managing organisations and measuring their success can so often be antithetical to the very concerns of any civilised society. It explores the interactions between organisational life, civil society, governance and markets and how those interactions influence such matters as inequality and environmental degradation. The authors offer a detailed examination of what accounting, accountability, responsibility and sustainability could mean for societal well-being and environmental stewardship. Alternative ways of measuring and managing are explored and the key motifs of conflict and accountability are offered as essential components of a more civilised economic realm.

The text starts from the point that it is increasingly urgent for all organisations to face – honestly – what environmental management, corporate social responsibility (CSR) and sustainability can do for (and to) organisations and most importantly what they cannot do. Only when CSR and sustainability are grounded in sensible and realistic systems of representation and accountability will humanity start to make any serious progress on any alternative to its current headlong flight towards un-sustainability.

Book Launch and Panel Debate

Capitalism, Corporations and the Social Contract cover‌Dr Samuel Mansell, Lecturer in Business Ethics, launched his book Capitalism, Corporations and the Social Contract, published by Cambridge University Press, with a panel debate.

Tuesday, 3 September 2013, 5:15pm
Gateway Lecture Room 4

The panel debated the question: 'In whose interests should a corporation be run?'
Panel participants:

  • Lorna Stevenson (Chair), Reader in Accounting, University of St Andrews
  • John Ferguson, Reader, University of Strathclyde Business School
  • Rob Gray, Professor of Social and Environmental Accounting, University of St Andrews
  • Andreas Hoepner, Associate Professor of Finance, Henley Business School (from Oct 2013)
  • Samuel Mansell, Lecturer in Business Ethics, University of St Andrews.

This event followed the first day of the 25th CSEAR International Congress on Social & Environmental Accounting Research. A wine reception followed the debate.

Professor receives 2012 Louis Brownlow Award

Kevin Orr, Public Administration Review coverProfessor of Management, has received a prestigious award from the American Society for Public Administration for his research exploring academic-practitioner collaborations. Professor Orr and his co-researcher, Mike Bennett, are the recipients of the 2012 Louis Brownlow Award for the Best Article Written with a Practitioner in Public Administration Review, for their piece 'Public Administration Scholarship and the Politics of Co-Producing Research.' Professor Orr said, 'We are honoured to receive this award from our American colleagues. It is especially nice because it celebrates research which has been co-created by an academic working alongside a practitioner. Co-production is a mode of knowledge creation of great interest to many in our School, and in the academy more widely, and we are pleased that our writing has been able to make a contribution to the conversation about relationships between scholars and practitioners.'
Kevin Orr & Mike Bennett. 2012. 'Public Administration Scholarship and the Politics of Co-Producing Research.' Public Administration Review. Vol. 72, Iss. 4, pp. 487–496.
doi: 10.1111/j.1540-6210.2011.02522.x

Curling up with a good book

Gogo curling up with a good book - Using EvidenceA Canadian cat (GoGo) and her guardians are finding that Using Evidence (2007), by Professors Sandra Nutley and Huw Davies and Dr Isabel Walter, provides a good foundation for their work (and dreams). See editorial by David Phipps, Director of Research Services, Knowledge Exchange at York University, Toronto:

More information on research publications and activities: