A different approach to a complex problem

In forming the research questions and hypotheses, a corpus is, in the first step in the analysis as discussed, a conceptual search space in which variables can alter position. This provides a theoretical framework in order to answer primarily: has there been a pre to post-

Crash change in the perceptions of corporate value? The variables – perceived corporate

value, along with its moderating biases – can therefore undergo assessment and mapping. It is, hence, on that basis – of movement – that there is a formulation of the hypotheses. The next step is to identify and conceptualize the associations of the variables themselves, whose movements within that search space will require mapping. The

accomplishment of this, as will become increasingly apparent, is through the extraction of relevant terms representing the variables from the corpus narratives. And based on these extracted terms, this research thus examines ideas about the moderating biases of primacy and temporality in unison – and as they are associated with managerial perceptions of corporate value creation. It thus extends previous work from the corporate governance field on the relative merits of shareholder versus stakeholder primacy – and long-termism versus short-termism – as considered separately (see eg Lazonick and O’Sullivan, 2002, p17;

23

Freeman, 1985), by recognizing and addressing the complexity involved. This perspective underpins a multivariate formulation of the concepts.

To evaluate such complexity requires an appropriate method. Hence, the novel

qualitative approach of narrative staining presented in this investigation helps to untangle the ideas within the debate. In addition to directing the construction of the variables, the method does this by analyzing, objectively, how organizations altered their intricate discourses over the period, reevaluating their strategic responses on corporate value generation.

Narrative staining thus introduces a different type of approach for comparing the pre to post-Crash corpus narrative of organizations. More specifically, the technique allows the assessment of complex (combined) narrative terms organizations employ, synthesizing narrative components like primacy and termism. And as an extension of the corpus linguistic analysis toolbox, the technique departs from many types of corpus linguistic analytic methods by employing terms1 related to value in some way and chosen in advance of a consideration of a corpus. It is only then that there is an analysis of the corpus, with frequency counts made of the usage of all these value-related terms (VRTs). But, in original fashion, by assessing in mathematical combinations the frequencies for VRTs and terms for time horizon dimensions, along with shareholder terms like ‘investor’ and stakeholder terms like ‘employee’, potential variation over time is identified. This is an objective consideration of these variables, as opposed to a general tendency to consider them

separately, though somewhat vaguely impacting one another. It therefore usefully integrates

1_{For example, ‘price’, ‘share’, and ‘strategy’ (labelled value-related terms or VRTs). Similarly considered are} pre-selected terms for comparison dimensions (DimSyns). These, for example, are terms referring to how executives can be short-term or long-term in outlook: like ‘now’ or ‘lasting’ (ie time horizon), which may bias their actions.

24

these concepts for the business arena, and specifically with respect to commercial experiences of the financial crisis.

The basis of the analytical approach, therefore, is the extraction of term frequencies for pre-selected categories of terms appearing in stakeholder corpuses for pre and post-Crash time points. But, crucially, as will be shown in Chapter 4, a consideration of these complex terms - based on their frequencies – is in colour-coded combinations in the next step of the procedure. This then feeds a graphical mapping analysis (including in 3D if required). In this way, there can a visual assessment of any split of the colour coded and interacting term based variables. How these variables change over time is then observable with respect to the main primary corporate and regulatory corpuses, as well as the secondary corpuses of peripheral stakeholder organizations, this study examines. Hence, comparisons can be made of multiple corpuses, both contemporary or at different time points.

There are several new concepts in this research. Fig 1.4 therefore shows a summary of the whole process and how there can be a generation of results in a consolidated manner on a simple graphic, the narrative strip.

Furthermore, narrative staining is applicable to an extensive dataset of multiple and varied stakeholder corpuses, and there is therefore an original broadening of the

investigation. And by consolidating and assessing large-scale perceptual bias regarding value creation across the economy, insights are provided, hitherto inaccessible - and particularly with the production of the narrative strip. Thus, the procedures employed in narrative staining allow the revealing of a multi-actor discourse with respect to corporate value creation.

That, in sum, is the approach presented in this investigation that utilizes the concept of

perceived corporate value to look at organizations and their potentially changing biases on

25

Fig

. 1

.4

26

And though a focus in the corporate governance discussion of this investigation is on the shareholder and stakeholder primacy debate, as the next chapter highlights, a corollary of examining perceived corporate value in this research is that identifying what best creates value is not the aim, nor is it about taking sides in the shareholder versus stakeholder debate. Instead, for what appears the first time, the purpose of this research is to understand whether the type of primacy, which dominated prior to the 2008 Crash, corresponded to popular or pre-analytic beliefs. Hence, this research examines observationally from a variety of organizational corpuses who was favoured to create value, and whether this changed with respect to the financial crisis.

Presented here then is an approach providing a different way, a new tune, that hopefully sheds light on what has been a notoriously difficult area to explore.

27