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Complementing a positivist approach to investment analysis with critical realism

Author

Listed:
  • Loretta O'Donnell
  • Robin Kramar
  • Maria Dyball

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.

Suggested Citation

  • Loretta O'Donnell & Robin Kramar & Maria Dyball, 2013. "Complementing a positivist approach to investment analysis with critical realism," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 5(1), pages 6-25, April.
    • Handle: RePEc:eme:qrfmpp:v:5:y:2013:i:1:p:6-25
    DOI: 10.1108/17554171311308931
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