RT Article
T1 Safety Culture in Financial Trading: An Analysis of Trading Misconduct Investigations
JF Journal of business ethics
VO 154
IS 2
SP 461
OP 481
A1 Leaver, Meghan P.
A1 Reader, Tom W.
LA English
PB Springer Science + Business Media B. V
YR 2019
UL https://www.ixtheo.de/Record/1785667416
AB High-profile failures in financial trading have led to interest in how the culture of the industry produces risky and unethical behaviours among traders. Yet, there is no established theoretical framework for studying this: we apply safety culture theory to examine ten recent high-profile trading mishaps investigated by the UK financial regulator. The results show that the dimensions of safety culture (e.g. Management Commitment to Safety, Systems and procedures) used to understand organisational accidents in domains such as aviation also explain failures in Risk Management within financial trading organisations. This counters narratives focusing on traders who are unethical ‘rule breakers’, and emphasises the value of a systemic approach, whereby safety culture theory is used to explain why risky behaviours in financial trading occur. Safety culture therefore provides a conceptual basis for further research on risky and unethical behaviours in financial trading, alongside providing insights for possible intervention.
K1 Culture measurement
K1 Regulation
K1 Financial trading
K1 Risk-taking
K1 Failure
K1 Safety culture
DO 10.1007/s10551-017-3463-0