Australian School of Business > Schools
Honorary Visiting Fellow Cass Business School City University London
Director of Masters of Technology and Innovation Management
Dr Carol Royal (BA, M Com, PhD, UNSW) is the Director of the Masters of Technology Management and an academic at the Australian School of Business at the University of New South Wales in Sydney, Australia. Her research evaluates publicly listed companies through Human Capital analysis and its links to corporate performance, Corporate Sustainability and Human Capital and Organisational Change Management Systems, Qualitative Research Methodology and Human Capital analysis in investment and financial markets Human Resource Management in Professional Services.
As Director and Principal of Research 7 Pty Ltd, a consultancy established to enhance the quality of intangibles analysis in the equity market she has provided research/advisory services to Investment Management, Investment Banking and Stock broking industries in the International Equity Markets (UK, USA, Australia) on Human Capital Intangibles, Management Quality. Prior to her consulting and academic roles, she held senior line human resource management positions with the manufacturing and retail sectors.
Refereed journal articles
- 2011 Royal, C. and O'Donnell, L. (under review) "Knowledge Acquisition Competencies for Nonprofit Leaders", submitted to the International Journal of Management Reviews in July, 2011
- Forthcoming Royal, C. and O'Donnell, L. 'Beyond the illusion of power and hyper-reality: The role of human capital in global financial regulation', Journal of Sustainable Finance and Investment
- Forthcoming Ross, D., O'Donnell, L. and Royal, C.'Finance and Sustainability: Defining ESG in the Investment Process', book chapter in Research Handbook in Sustainability, ed. G. Jones
- 2010 O'Donnell, L. and Royal, C. 'The Business Case for Human Capital Metrics', Chapter 6 in Strategic HRM: Contemporary Issues in the Asia Pacific Region, eds J. Connell and S. Teo, Tilde University Press, Melbourne
- 2009 Royal, C. 'Knowledge Acquisition in Investment Banking: Opportunities for HR Professionals', The International Journal of Knowledge, Culture and Change Management, Volume 8, No. 11, 73-84, 2009
- 2008 Royal C. and O'Donnell, L., 'Differentiation In Financial Markets: The Human Capital Approach', Journal of Intellectual Capital, Volume 9, No. 4, 2008
- 2008 Royal C. and O'Donnell, L., 'Emerging Human Capital Analytics for Investment Processes', Journal of Intellectual Capital, Volume 9, No. 3, 2008
- 2007 Royal. C., and O'Donnell. L.,'Education for Sustainability - Creating Skills in Human Capital Analysis', Journal of Information and Knowledge Management, Vol.6,No.2, 2007
- 2005 Daneshgar F., Royal C. and O'Donnell L., 'Representation of Human Capital Knowledge in Investment Processes', Investment Management and Financial Innovations
- 2005 Royal C. and O'Donnell L., 'Embedding Human Capital Analysis in the Investment Process: A Challenge for Human Resources', Asia Pacific Journal of Human Resource Management. Vol. 43, No. 1
- 2004 Royal C. 'Regulation, Human Capital and Increasing the Level of Transparency in Investment Recommendations', The Economic and Labour Relations Review, June Vol 15, No.1
- 2004 Royal C. and O'Donnell, L. 'The Human Factor: Why it Matters', Banking and Financial Services Journal, Vol. 123, No. 11 Melbourne, Australia, Dec 2003-January 2004
- 2003 Royal C., Daneshgar, F. and O'Donnell, L. 'Facilitating Organisational Sustainability Through Expert Investment Systems', Electronic Journal of Knowledge Management, Vol. 1, Issue 2, 2003, pp.167-176
- 2003 Royal C., 'Snakes and Career Ladders in the Investment Banking Industry. The Making of Barclays De Zoete Wedd (BZW), 1982 1996' Accounting, Business and Financial History, Vol.13, No.2 (July 2003)
- 2003 Royal C. and Althauser, 'The Labour Markets of Knowledge Workers: Investment Banker's Careers in the Wake of Corporate Restructuring,' Work and Occupations, Vol. 30. No.2 (May 2003)
- 2002 Royal C. and O'Donnell L., 'The Human Factor: Taking a Less Subjective Approach to Investment Decisions' Banking and Financial Services Journal ,Vol. 118, No.6
- 1998 Frenkel.S., and Royal.C,'Inside the Global Corporation, A Comparative Analysis of changes in Workplace Relations,' Relations Industrielles/Industrial Relations, Vol. 53(1)
- 1998 Royal C. and Frenkel S., 'Globalization & Employment Relations', Research in the Sociology of Work, Vol. 7, JAI Press, Connecticut
Chapters in books and monographs
- 2009 Royal. C. and O'Donnell.L. forthcoming chapter in Connell.J and Teo.S. 'Strategic HRM: Contemporary Issues in the Asia Pacific Region. ( Palgrave MacMillan).
- 1999 Frenkel.S., and Royal.C,'Workers, Unions & Change in the Global Corporation: Contemporary Experience & Future Possibilities,' in J. Waddington, Globalization & Patterns of Labour Resistance, Cassell/Mansell, London
Refereed conference papers
- 2011 Royal, C. Human Capital and Systems for Change: the Missing Link in the HR Metrics Debate, International Conference of Global Human Resource Management, Tel Aviv, November 2011
- 2009 Royal. C. 'An Analysis of Leadership Development Gaps for Arts Executives in the not-for-profit sector' forthcoming 5th European Conference on Management, Leadership and Governance, 5th – 6th November, Hellenic American University, Athens Greece
- 2008 Royal. C. 'The Role of HR in Investment Banking', Eighth International Conference on Knowledge, Culture and Change in Organisations, Cambridge University, United Kingdom, 5th-8th August
- 2008 Royal, C. 'Making Better Decisions' National Funds Executive Association Conference (FEAL) August 2008. Panel Member Presentation discussed the following perspectives:
- Theory v reality of board/management delegation within super funds
- How are decisions really made and by whom?
- Is the current trustee system adequate for modern requirements of a fund, do super funds have the right model to make decisions into the future or are there alternative board/management models worth considering?
- Governance of investments – are super funds still able to adequately govern the vast array of investment and fund options available? The role of expert professional advisors, how do they fit in to the decision making structure?
- Can a manager be swayed unduly by the 'experts'?
- The role of regulators; do their staff have the skill, experience and expertise or depth of knowledge required to adequately regulate the superannuation industry?
- FEAL is an industry association dedicated to supporting the professional development of CEOs in superannuation, who manage in excess of $1 trillion in retirement savings on behalf of more than 10 million Australians. Held annually, the National Conference is FEAL's flagship event. The Conference provides superannuation fund CEOs and senior staff from around the country with a valuable opportunity to hear from thought leaders, discuss industry developments and network with one another
- 2006 O'Donnell, L. and Royal, C. ' The New Challenge for Global Equity Markets Complementary Research products Based on Intangibles', Best Paper Award at the 3rd Asia Pacific International Conference on Knowledge Management (KMAP,2006 12th to 15th December, 2006)
- 2006 Royal, C. ' Human Capital Systems, the Knowledge Gap between the HR Profession and Investment Markets', Human Capital Metrics Conference, Graduate School of Management, La Trobe University, Melbourne, 20th to 21st November, 2006
- 2005 Royal C. and O'Donnell, L. ' Knowledge management tools to embed the logic of human capital analysis within the financial markets: an open systems approach' . Conference Proceedings, first volume. The 6th European Conference on Knowledge Mangement, Limerick, Ireland
- 2005 Royal C. and O'Donnell L., National Conference of Australian Human Resources Institute (AHRI), 'The challenge for HR professionals: bridging the knowledge gap between perceptions of 'management quality': the internal perception and the perception of the financial markets', Sydney, June 7
- 2005 Royal C., 'The qualitative edge in the new era: lifting the securities and derivatives game by profiting from human capital and management quality insights', Securities and Derivatives Industry Association (SDIA) National Conference, Sydney, June 3
- 2004 Daneshgar, F., Royal C. and O'Donnell, L., 'Representation of Human Capital Knowledge in Investment Processes'. European Conference on Knowledge Management, Paris, September, 2004
- 2003 Royal C., Daneshgar, F. and O'Donnell, L., 'A Knowledge Management Framework for Transparency of the Investment Recommendation Process', European Conference on Knowledge Management, 18-19 September 2003, Oxford University, United Kingdom, MAL, Reading, UL: ISBN: 0-9540488-6-6 pp: 767-774
- 2002 Royal C., 'Lend Lease Corporation Incorporating Human Capital analysis In Investment Recommendations: A Case Study'. Triple Bottom Line National Forum, Melbourne 22-23 October
- 2002 Royal C., 'Recruitment Selection and Human Resource Practices- Evidence from Three Divisions of an International Investment Bank' American Sociological Association Meetings 12-15 August Chicago,USA. (presented by R.Althauser)
- 2002 Royal C., 'Working in The Turbulence of Mergers and Acquisitions: The Shape of Careers and Labour Markets In Three Divisions of an International Investment Bank' The Future of the Workplace Symposium Australian Graduate of Management Sydney, July 4-5
- 2001 Royal C., 'A Matter of Choice Recruitment and Selection in Three Dimensions of an Investment Bank'. Human Resources Global Management Conference - Comparative HRM, Barcelona, 20-22 June
- 2001 Royal C., 'The Importance of History for Understanding the Origins and Functions' etc. '17th European Group of Organization Studies Colloquium, Lyon, France, July 5-7
- 1999 Royal C., 'The Application of Internal Labour Market Theory to Investment Banks - A Theoretical Framework and Conceptual Model' 51st International Industrial Relations Research Association Congress PhD Symposium, New York, USA, 2-5 January
- 1996 Royal C., 'Globalisation and Employment Relations - Evidence from the Pharmaceutical Industry', Published Conference Proceedings:Globalisation Conference, University of Warwick, UK, 11-13 September (with S. Frenkel)
- 2011 Dr Carol Royal and Dr Loretta O'Donnell, Beware of Fund Managers Bearing Human Capital Products, Human Capital Handbook, Volume 1, No. 2, June. Human Potential Accounting HubCap, UK.
- 2011 O'Donnell, L. and Royal, C. Giving Value to Human Capital, University of New South Wales, Centre for Social Impact guest blog, 2nd May.
- 2007 Dr Carol Royal: Sustainable Human Capital Management - Linking CSR, Human Capital and Investment Performance, Melbourne, Sofitel Hotel, Sponsored by ANZ, Hewitt and Human Resources Magzine. March 2007
- 2005 Royal C. and O'Donnell L., 'The Role of Good Governance and Human Capital in Public Sector Reform' Aushs International Asian and African Public Sector Reform Delegation Conference Dr Behnam Tai Covenyor, UTS Sydney, 1 September
- 2004 Royal C. and O'Donnell L., 'New Directions in Equity Research' seminar hosted by SIRCA, Securities Industry Research Centre Asia Pacific, Sydney, 25 February
- 2003 Royal C., SDIA Securities and Derivatives Industry Association, National Conference, May 25
- 2003 Royal C. and O'Donnell L., 'Sustainable human capital' HR Star Alliance, Sydney, Feb 14
- 2002 Royal C. and O'Donnell L., 'The Human Capital Process and Transparency in Investment Recommendations', Australian Securities and Investments Corporation, ASIC, Sydney, 14 August
- 2003 'The Human Capital Classification Process: Evaluating Companies Using a Qualitative Lens', School of Industrial Relations & Organisational Behaviour #146(with L. O'Donnell)
- 2002 'Lend Lease Corporation Incorporating Human Capital Analysis in Investment Recommendations: A Case Study', School of Industrial Relations & Organisational Behaviour #145 (with L. O'Donnell)
- 2002 'The Case For Human Capital Analysis In The Financial Markets:Creating A Qualitative Picture Of Organisations For The Purpose Of Making More Transparent Investment Recommendations', School of Industrial Relations & Organisational Behaviour #144
- 2002 'Working In The Turbulence Of Mergers And Acquisitions: The Shape Of Careers And Labour Markets In Three Divisions Of An International Investment Bank', School of Industrial Relations & Organisational Behaviour #143
- 2002 'The Case For Human Capital Analysis In the Financial Markets: Creating A Qualitative Picture Of Organisations For The Purposes of Making More Transparent Investment Recommendations'. Invited Paper to the Australian Securities and Investment Commission 14 August
- 2001 'Recruitment, Selection and Internal Labour Markets - Evidence from Three Divisions of an International Investment Bank', School of Industrial Relations & Organisational Behaviour #137
- 2000 'Internal labour Markets - The Current Debate and a Theoretical Framework' School of Industrial Relations & Organisational Behaviour #134 1999 'Workers, Unions & Change in the Global Corporation: Contemporary Experience & Future Possibilities', AGSM Corporate Centre for Change working paper #064 (with S. Frenkel)
- 1998 'Inside the Global Corporation, A Comparative Analysis of Changes, in Workplace Relations', AGSM Corporate Centre for Change working paper #072 (with S. Frenkel)
- 1997 'Globalisation & Employment Relations, publication 'Globalisation & Employment Relations', AGSM Corporate Centre for Change working paper #063 (with S.Frenkel)
- 2012 'Trusts body: Super has no role in IR', Australian Financial Review, 24 January
- 2010 'Leave it out, boss, you need a holiday' Australian Financial Review, 15 January
- 2009 'Happy Dividends: A Strong Link between Staff Satisfaction and Business Performance May Mean Handsome Returns for Investors', Business Review Weekly, 30th April
- 2009 'A Burden Shared: Job Sharing is Taking Off' Business Review Weekly, 21 May
- 2008 'Changing of the Guard', ANZ CEO Agenda, Vol.6, 2008
- 2008 ' Doing the numbers' HRMonthly, September, 2008. 2007 'Jobs Vacant' ANZ CEO Agenda Magzine, November
- 2007 'Crunching HR's numbers is critical', Human Resources Magazine, October 2007 'Fund Fare', HR Monthly, September
- 2007 'People, Power and Sustainability', The Australian School Business Journal (Launch Edition), September 2006 'The Balancing Act' Human Capital, issue 4.6, June
- 2006 'HR: The Future Analyst Link' Human Resources, 28 August 2005 'Three Cheers for the Office Bludger', August 20, SMH
- 2005 'Tools of the Trade' Bulletin, July 2005 'AHRI to Push for Investors to get Human Capital Analysis', 012 Government Relations, June HR Monthly
- 2003 'How Investors Rate Human Capital' August, HR Monthly, 2005 2003 'Managing X Numbers' Feb HR Monthly, 2005
- 2002 'Not Just the Numbers' Australian Financial Review's Boss Magazine, October,2002 (with Loretta O'Donnell)
- 2002 'Human Factor Crucial to Securities Analysis', Uniken UNSW Community Magazine, October, 2002. Issue 8
- Advisory services to the Investment Management, Investment Banking and Stockbroking Industries. Advisory Services for International and Australian Investment Management, Investment Banks and Stock broking Organisations, which includes:
- Evaluating internationally publicly listed companies in the areas of management quality/governance, leadership and human capital and their links to their current corporate performance in the international equity markets. Companies analysed include: Dow component stocks, FTSE 100, ASX 200, and selected European stocks for international broking houses and international hedge funds.
- Qualitative modeling and investment analytics in Human Capital intangibles in equity investments.
- Analysis of event driven change management strategies for hedge funds and traditional funds management clients.
- Evaluating Socially Responsible Investments and Governance and Organisational Change.
Dr Royal has advised in change management and human capital analysis to the finance industry and to corporations in the following industries:
- Investment banking
- Building products
- Tertiary education
- Public sector
Senior management roles
Previously occupied senior human capital/change management roles in a diverse range of industries: manufacturing, retail and broking industries.
- Journal of Sustainable Finance and Investment, UK
- Corporate sustainability and human capital and organisational Change management systems
- Evaluating ASX publicly listed companies through human capital analysis and its links to corporate performance
- Qualitative research methodology and human capital analysis in investment and financial markets
- Human resource management in professional services
- MGMT5910 Towards Corporate Sustainability: Effective Human Resources and Organisations
- MGMT5948 Human Resource Recruitment, Selection and Development
- MNGT6372 Managerial Skills
- MNGT6274 Systems for Change
- MNGT6271 Approaches to Change
- MNGT6273 Redesigning the Organisation
- MNGT8371 Strategic Human Resources Management