School of Social Sciences
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Item Using non-manual features (NMF) to check alignment in BSL pragmatics(Heriot-Watt University, 2025-08) Quinn, Gary Austin; Napier, Professor Jemina; Kusters, Professor AnneliesThis thesis explores how non-manual features (NMF) in British Sign Language (BSL) manage dialogue and ensuring comprehension. Typically, NMF are produced alongside manual signs to add intensity or meaning and these functions have been well documented by previous research (Johnston & Schembri, 2007). This study argues that additionally they also function as tools to check watcher understanding. When used in this way, this study calls them ‘aligns’ and the subsequent responses from the watcher are termed ‘align responses’ The research employs both quantitative and qualitative approaches: the quantitative analysis identifies specific NMF used to align the conversation, while the qualitative analysis provides supporting evidence and insights. Clark’s (1996) Joint Action Ladders are applied to examine whether sign language dialogues follow the same structural process as spoken language dialogues. The findings suggest that Clark’s (1996) concept of Collateral Communication can be usefully applied: Track One for conversational content and Track Two for conversation management, in this instance specifically for ensuring comprehension. Data from twelve conversational dyads were collected using Map Tasks (Brown et al., 1984), enabling natural interaction. The tables present NMF frequency, highlighting their role as aligns and the patterns of align responses. A categorised list of NMF types further explores their pragmatics function. A total of 770 aligns and aligns response instances were recorded, along with an additional 38 instances of Blinding aligns. Six distinct types of NMFs were identified as functioning as aligns: Head Nodding, Raised Eyebrows, Narrowed Eyes, Widened Eyes, Wrinkled Nose, and Furrowed Eyebrows. This study provides new insights into how NMFs facilitate dialogue management in BSL, contributing to a structural understanding of their role in communication.Item Investor sentiments and stock market behaviour in the UK : an empirical analysis(Heriot-Watt University, 2021-08) Sakariyahu, Rilwan; Sherif, Doctor Mo; Chatzivgeri, Doctor Eleni; Paterson, Doctor AudreyIn finance literature, the behaviour of stocks is often analogised with that of a drunkard because of the erratic and unpredictable movements in prices. Consequently, over the years, stock traders have devised strategies to predict and possibly outperform the market, even though it is generally believed that stock markets cannot be beaten consistently and persistently. Similarly, several academic researchers have proposed theories, approaches and concepts, aimed at exploring trading strategies and patterns. A recent stratum that has been widely embraced in modern finance is the role of human sentiment on the behaviour of stocks and its subsequent impact on market outcomes. This aspect of finance, commonly referred to as behavioural finance, emphasises the irrationality and subjectivity of investors in decision making. This thesis focuses on the impact of investor sentiment on the behaviour of UK stock market. By analysing the behaviour, this study specifically examines the effects of activities of sentiment-induced investors on both risk and returns in the UK stock market. Hence, this thesis is divided into three empirical chapters. The first empirical chapter examines the relationship between sentiment-apt investors and UK stock returns, at sector level, using monthly data, from January 1988 to December 2017. Adopting two new sentiment proxies (laggards to leaders and growth opportunity index) and analysed using self-exciting threshold autoregressive (SETAR) model, the chapter provides novel evidence on how sectoral returns in the UK stock market react to the activities of sentiment-prone investors. The findings reveal that aggregate returns in the sector are affected by activities of investors who embark on profit-taking when there is an increase in the proportion of lagging to leading stocks beyond the threshold value. Furthermore, when using the growth opportunity sentiment proxy, the chapter reports that the increase in growth above the growth threshold value has a significant impact on sectoral returns. The second empirical chapter explores the inclusion of sentiment proxies as a risk factor in asset pricing. Specifically, the chapter investigates whether investor sentiment indices improve the performances of extant asset pricing models - CAPM, 3 Factor models and 4 Factor models. Using UK monthly data from January 1993 to March 2017, we observe that the sentiment-induced models produce a small distance error compared to the traditional models, thus validating the use of sentiment measures in our asset pricing mechanism. In the first two empirical chapters, the impact of activities of sentiment-disposed investors on stock market returns was established. In the third chapter, new insights into the impact of human psychology on market volatility are documented. Using UK daily market data, from January 1988 to December 2017, the third chapter empirically outlines the roles of lagged volatility, asymmetric shocks, and investors’ sentiments on the behaviour of stocks within the UK financial sector. With the aid of a variety of generalised autoregressive conditional heteroscedasticity (GARCH) models, the model specifications are classified into the mean equation (returns) and variance equation (volatility). The chapter documents that sentiment and volatility levels prior to the financial crisis were not as high as during and post the crisis. Essentially, based on the information selection criteria, the findings reveal that volatility in the sector is significantly influenced by its own lagged volatility, unanticipated news, events, and shocks. More importantly, the study also shows that the sentiment variable significantly predicts volatility, thus indicating that volatility in the sector at any given period is essentially characterised by preceding investors’ sentiment in the sector. The findings are robust having been subjected to different model and residual diagnostic tests. This thesis offers some important recommendations to the academic community, stock market participants and regulators. It shows that sentiment is a crucial systematic risk factor and by implication, all stakeholders must take serious cognisance of its propensities when formulating policies and procedures for the stock market. We show that four factor model is inadequate and needs a sentiment factor to improve asset pricing. This study is informative to academia by revealing that traditional asset pricing models may not be sufficient to capture anomalies in asset pricing. We show that conditioning on sentiment is important to predict volatility of assets. The findings from this study can be useful to investors on market timing and in designing the appropriate investment and trading strategies for their stocks or portfolio. Our results also provide instructive measures to regulators on how to checkmate the activities of market participants, especially those, whose actions distort stock market standards. We also recommend transparency of the market and education of investors to reduce sentiment-based decisions. This thesis therefore confirms that sentiments have significant implications on the behaviour of stock markets.Item Her identity is much more than her dress and body ; a study of the accounting profession and changing work “spaces” for women accountants in the UAE(Heriot-Watt University, 2025-07) Afzal, Momina; Kamla, Professor Rania; Ndiweni, Doctor Esinath; Praulins, Doctor ArtursWhile previous research has examined women’s experiences across Arab countries, the United Arab Emirates (UAE) remains relatively underexplored. The UAE’s distinctive socio-cultural landscape marked by diversity, rapid modernisation, and deep-rooted traditions offers a complex and compelling context in which to examine the intersections of gender, dress, body, and space. Drawing on Edward Soja’s theories of thirdspace and spatial justice, this study explores how women navigate these themes within the accounting profession. Data was collected through 26 semi-structured interviews with women from diverse ethnic and religious backgrounds working in accounting, revealing intricate dynamics surrounding their appearance, including the wearing or not wearing of the hijab (Islamic headscarf). Through thematic analysis, this research finds that women’s dress and body contribute to spatial disparities and exclusion in the accounting profession. First, women’s dress is controlled by managers, organizations, and societal norms, affecting their visibility, treatment, and opportunities while reinforcing spatial injustices. This study found that strict dress codes in local and professional bodies negatively impact women’s personal identity, whereas multinational companies with more flexible policies help mitigate marginalisation. Second, women’s bodies serve as a site of exclusion in the accounting profession’s thirdspace, influencing their mental well-being, recruitment prospects, and confidence due to societal perceptions of physical appearance. Third, the shift to remote work following COVID-19 has allowed women to feel more empowered, included, and better able to manage their professional and personal responsibilities. Women actively create counter-spaces within the accounting profession to challenge marginalisation by supporting other women, asserting their expertise, and fostering mental resilience. Notably, in the UAE, the hijab has emerged as a counter-space, a source of empowerment rather than exclusion. Remote work has further enabled women to establish thirdspaces free from spatial biases, contributing to greater equity within the profession.Item “Everything you can do, I can do better”: an historical perspective of human vulnerability, accounting and technology in early-modern England(Heriot-Watt University, 2025-07) Niezynski, Lesley; McLaughlin, Professor Eoin; Baroudi, Doctor SarraAs accounting research, and wider society, strives to understand the impact of technologies such as artificial intelligence (AI) upon society and accounting they are met with a significant obstacle: how do we analyse a relationship that has not yet happened? AI and humanity do not have a history of a working relationship. However, humanity and technology have coexisted for thousands of years in a relationship that reaches to the very beginnings of human history. Using the precedent of historical technology, this thesis addresses the research gap within accounting literature concerning the role of humans in the accounting-technology relationship. By analysing how, and why, humans throughout history have chosen to utilise technology this study asks if the role of the human is more than that of a victim to technological advancement and if, in contrast, the human can be both instigator and victim? Through historical analysis of Early Modern English Mercantile activity and maritime technology, this study thus proposes that technology and accounting do not exist within an isolated partnership, but instead form two parts of a Relational Triad, a tri-part relationship that places the role of humans and human society at the centre of accounting and technological development and adoption. This new analytical framework developed in this research, suggests that humanity, accounting, and technology exist in a co-dependent and symbiotic relationship, one that is powered by human psychology, particularly the human desire to attain enhancement and avoid vulnerability. By tracing technology to the source of its implementation (humans), and further tracing the source into human psychology the study will chiefly ask if technology is adopted solely to achieve organisational enhancement or, if it also allows (often more privileged) groups in social and organisational hierarchies to choose and implement technology for their own benefit i.e., technology is not the true ‘villain’ in the story. Simultaneously, the study also looks to the role of accounting in this relationship, wherein it will be found that accounting becomes the mechanism of decision-making and control for human emotion. Both acting as a justification for technology adoption and, a voice, framework, and record of the human-technology relationship.Item Lean Six Sigma in manufacturing SMEs : exploring the factors that affect the balance between Lean and Six Sigma(Heriot-Watt University, 2025-07) Alexander, Paul; Bititci, Professor UmitLean Six Sigma (LSS) is an methodology that integrates both Lean and Six Sigma principles to improve efficiency, reduce waste and enhance quality in various industries. LSS is also used within Small and Medium Enterprises (SMEs) that account for more than 99% of all companies. Although SMEs are important to the economy, they are not just smaller versions of larger organisations. It is observed that the adoption and use of LSS remains low across the manufacturing SMEs. The gap in knowledge is that, from an SME perspective the factors around the adoption and use of the integrated concept of LSS is not widely understood. Following critical and systematic literature reviews, the aim of this research was formulated to better understand the factor conditions that drive the adoption and success of LSS within manufacturing SMEs. An important concept which underpins this research is the LSS barycentre concept, which was borrowed from astrophysics which is described as the relative balance between Lean and Six Sigma. Empirical research was performed to obtain data from manufacturing SMEs in two phases with first phase comprising a survey and second phase comprising five in depth case studies. The research was performed through a Critical Realism lens, using an abductive strategy and a qualitative method. The findings of this research provide five contributions. First, a deeper understanding of the factors effecting the barycentre between lean and six sigma. Second, an insight into the LSS tools SMEs use and how these could be better bundled together for facilitate different stages of their journey. Third, a better understanding of the factors that shape LSS infrastructure necessary to support SMEs. Forth, a model (ACES), integrating strengths of previous models with the findings of this research, for facilitating implementation of LSS in SMEs. Fifth, challenging the appropriateness of monetary targets for delineating between Yellow, Green and Black belt LSS qualifications as well as the appropriateness of the exiting LSS maturity models in the context of SMEs.Item Community, heritage, sustainability and tourism : a practical exploration for future regeneration in post-industrial case-studies along the River Clyde(Heriot-Watt University, 2025-07) Hinshelwood, Lucy M. H.; Kockel, Doctor Ullrich; Pfeiffer, Doctor KerstinThis research focuses on the role of heritage in community regeneration, particularly in how sustainable heritage can address issues of community cohesion in post-industrial areas. It highlights the importance of grassroots knowledge and traditions when planning future sustainable projects, allowing individuals within communities to feel represented and supported. It also attempts to constructively critique local heritage and tourism policy documents which can be referenced and used in planning and evaluating future work, to help establish the wider context. To provide different community outlooks, two case-study communities are considered, namely New Lanark and Greenock, which are located by the River Clyde. Noted for its outstanding natural and cultural heritage, this region is also known for its hard-pressed communities – a legacy of the collapse of heavy industry with subsequent unemployment and social hardship. This exploration engages with approaches to heritage, regeneration, and tourism, conducting research with and not just on local communities – the overall aim being to provide a deeper insight into community life and potential future heritages to help inform public policy and future sustainable projects. The relationship with visitors and tourists to the area is further considered, critiquing and adding to already established local policy documents and strategies. The originality of this work is in providing evidence and insights from local communities through ‘dialogic engagement’ (Kindon et al., 2007, p. 2) and reflexive methods, where adapting to difficult Covid pandemic circumstances were required. This disruption was turned into an opportunity, detailing an adaptive research process which provides deeper insights and information about local community concerns which would have otherwise been unknown or lost to time. Some of the observations included revelations about tensions between parties, a need for further marketing and promotion, an emotional attachment to place that can transcend geographical boundaries (Castells, 2005, p. 4), and a need for intervention to encourage working together. Particular focus is also given to the concepts of social capital, place attachment and identity which through community empowerment and participation can contribute to providing support for future sustainable projects.Item Same content, different context : exploring perspectives on student engagement across a transnational multi-campus university(Heriot-Watt University, 2025-06) Stuart, Rebecca Maxwell; Gibson, Professor Stephen; Buckley, Doctor AlexTransnational education initiatives, such as international branch campuses, allow students to study and gain degrees from universities based in other countries. Despite concerns about the quality and equivalence of learning experiences at these branch campuses, few studies have examined and compared student engagement across a university’s domestic and international campuses. Guided by Kahu’s (2013) Student Engagement Framework, this research explores in-depth qualitative perspectives of students (n=36) and teachers (n=35) on the influences and dimensions of student engagement at a transnational university with campuses in Scotland, Dubai and Malaysia. Using Template Analysis, the research identifies commonalities and differences in structural and psychosocial influences impacting student engagement. This study extends Kahu’s (2013) framework by highlighting variances between perspectives, suggesting that student engagement is a situated practice deeply embedded in the sociocultural context of each campus. The findings indicate that common approaches to fostering student engagement may not be transnationally effective. In addition, the study suggests that a standardised curriculum across diverse locations acts as a homogenising agent, insufficiently addressing the unique needs of local students at each campus.Item Essays on monetary policy frameworks(Heriot-Watt University, 2025-06) Sullivan, Megan Jacqueline; Cobham, Professor David; Ersoy, Doctor ErkalThis thesis presents three essays on monetary policy frameworks (MPFs) within emerging and developing countries. In the first essay I examine the choice of MPF of 87 countries over three decades (1985–2017). I split the factors that determine MPF choice into three thematic groups: optimum currency area (OCA), financial strength, and political/institutional strength. By using a multinomial logit model, I confirm the importance of a range of factors including financial development, trade networks, strength of democracy, and size of the economy. Furthermore, I use two different cross-validation methods to find that the model is good at predicting emerging and developing countries’ choice of MPF. In the second essay, I analyse how MPF choice impacts foreign direct investment (FDI) inflows for 83 countries. estimate the average treatment effects on the treated (ATT) using four different approaches: (1) inverse probability weighting (IPW) with propensity scores estimated via logistic regression, (2) treatment-weighted estimation using logistic propensity scores, (3) treatment-weighted propensity scores estimated via generalised boosted modelling (GBM) using the twang package, and (4) double debiased machine learning (DDML) with stacking. The preferred model—DDML with stacking—estimates that D-framework countries receive, on average, 2.84 percentage points less FDI (as a share of GDP) than ER-framework countries. This difference is not only statistically significant, but also economically meaningful, exceeding the average annual increase in FDI inflows for developing countries during key benchmark years. In the third essay, I see how MPF affects exchange rate pass-through (ERPT) for four emerging countries that are not major oil exporters: Brazil, Chile, Israel, and South Africa. This essay analyses how a change in MPF, from pre-inflation targeting (pre-IT) to inflation targeting (IT) affects ERPT. I employ a time-varying parameter VAR model with stochastic volatility (TVP-VAR-SV). This allows for a more flexible representation of gradually evolving macroeconomic relationships, including the dynamics of ERPT. I generate 3D impulse response plots separately for each regime to assess whether changes in the MPF are associated with shifts in ERPT. The 3D impulse response functions (IRFs) indicate that, across all four countries, the adoption of IT is associated with a decline in ERPT, although the extent and pattern of this decline vary by country. Moreover, some of the observed shifts in the IRFs correspond closely with the timing of MPF changes as classified in the classification, lending additional credibility to the results.Item Understanding the impact of congruence factors on negative consumer-brand relationships in live streaming commerce : the role of celebrity characteristics, endorsements, and live content(Heriot-Watt University, 2025-05) Shao, Zhucheng; Ho, Professor Jessica; Grant, Professor IanIn live streaming commerce, practitioners and brand parties often prioritise celebrity endorsements, assuming that reputation alone maximizes performance. However, ignoring congruence factors with consumer perceptions can backfire. When consumers perceive a mismatch between celebrity endorsement factors and their expectations, they may view celebrities as profit-driven, leading to negative consumer-brand relationships. This study, grounded in congruity theory, match-up hypothesis, expectancy disconfirmation theory, and the triangle theory of hate, examines how congruence factors (i.e., celebrity characteristics, endorsements, and live content) affect negative consumer-brand attitudes (i.e., brand betrayal and hate), which in turn influence consumer-brand relationships (i.e., negative engagement and disengagement) in live streaming commerce. Using a quantitative and cross-sectional approach, data was collected from 827 Chinese consumers through an online survey. The integrated analysis method, combining Partial least squares structural equation modelling (PLS-SEM) and Artificial neural network (ANN), revealed several findings. Theoretically, the findings contribute to brand marketing and live streaming commerce literature, expanding the applicability of adopted theories. Methodologically, high-order constructs (e.g., brand hate, negative engagement, disengagement) deepen the understanding of consumer-brand relationships, while the integrated analytical approach (i.e., PLS-SEM and ANN) ensures rigour in revealing causation between congruence factors and these relationships. Practically, the findings guide celebrities, practitioners and brand parties to align endorsement with consumer expectations, avoid negative brand attitudes, and build sustainable consumer-brand relationships.Item Women on boards : the role of female chairs and board interlocks in shaping UK corporate governance(Heriot-Watt University, 2025-03) Salgado, Claudine Pereira; Sarabi, Doctor Yasaman; Christopoulos, Professor Dimitris; McGregor, Professor Dame HeatherThis thesis investigates the impact of female leadership on corporate governance in UK FTSE 350 companies, with a focus on women chairing boards and central committees (audit, remuneration, and nomination) over the period 2011–2021. As women’s representation on boards increases, this study explores whether female leadership enhances corporate governance performance and if this effect is sustained in companies with substantial board interlocks. Guided by Agency Theory, the research emphasizes the board's monitoring function, enhancing transparency and accountability and contributing to higher governance scores as measured by the Bloomberg ESG ‘G’ Index. It also explores how board interlocks with female directors may moderate the relationship between female board leadership and governance outcomes, while Resource Dependency Theory frames the direct relationship between interlocks and governance. Using network analysis to assess the degree centrality of board interlocks, results indicate that gender-diverse boards and female-chaired remuneration committees are positively associated to higher governance scores and that companies chaired by women with substantial interlocks tend to perform better in governance. This study contributes to corporate governance literature by highlighting the effects of gender diversity and interlocks on governance practices. Methodologically, it provides a unique dataset combining extensive corporate governance, financial, and board composition variables, creating a comprehensive, publicly accessible resource to support future research.