Can accountability be legislated into a banking system? Evidence from the recent unpleasantness Online publication date: Thu, 21-Apr-2016
by Ronald Eastburn; Alex Sharland
International Journal of Society Systems Science (IJSSS), Vol. 8, No. 1, 2016
Abstract: The financial crisis created economic havoc. To prevent a reoccurrence, many legislatures are passing laws that will require banks to be more accountable. The result is voluminous, turgid and complex regulation that tries to govern banking activity. The extent to which the new regulations will accomplish their goals is open to question. This study examines bank executive decision-making in the context of mindfulness and organisational routines to evaluate whether the regulations will work. Data is gathered from a group of senior bank executives. The results of the study indicate that legislating accountability is probably not viable and that cultural changes are more likely to be successful.
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