Complementing a positivist approach to investment analysis with critical realism

Loretta O'Donnell, Robin Kramar and Maria Dyball

Qualitative Research in Financial Markets, 2013, vol. 5, issue 1, 6-25

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.

Keywords: Investments; Critical realism; Epistemology; Financial analysis; Public companies (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eme:qrfmpp:v:5:y:2013:i:1:p:6-25

DOI: 10.1108/17554171311308931

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