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This paper empirically examines whether the order of liability and preferred stock accounts presented on the balance sheet is consistent with how the stock market values their riskiness.

This paper measures a firm’s riskiness with idiosyncratic risk and employs the first-difference design to test the relation between idiosyncratic risk and the order of current liabilities, noncurrent liabilities and preferred stock, respectively. Further, the paper tests whether operating liabilities are viewed as riskier than financial liabilities. Finally, the authors partition their sample based on the degree of financial distress and investigate whether the results differ between the two subsamples.

The paper finds that current liabilities are viewed as riskier than noncurrent liabilities and preferred stock is viewed as less risky than current and noncurrent liabilities, consistent with the ordering on the balance sheet. Further, the paper finds that operating liabilities are viewed as riskier than financial liabilities. Finally, the authors find that total liabilities and preferred stock (redeemable and convertible classes) are viewed as riskier for distressed firms than for nondistressed firms.

The authors thoroughly investigate the riskiness of several classes of claims and document that the classification of liabilities and preferred stock classes is relevant to common stockholders for assessing their associated risk.

This article examines the experiences of women leaders and their challenges in Brunei Darussalam. Globally, women are underrepresented in leadership positions. Though the Brunei government does not discriminate against any gender in delivering free education, medical facilities and healthcare, women in leadership positions are as well underrepresented. I try to understand the factors that challenge as well as motivate women to become leaders in Brunei. For this research, I conducted qualitative interviews with some respondents selected purposively. The study results show that women leaders in Brunei face challenges in obtaining financial support and accessing resources. Despite the challenges, there are some women who have been assuming and excelling in their leadership roles. The study identified that personal strengths have also been critical in contributing to their successful leadership.

Privilege is often silent, invisible and not made explicit, and silence is a key question for theorizing on organizations. This paper examines interrelations between privilege and silence for relatively privileged professionals in high-intensity knowledge businesses (KIBs).

This paper draws on 112 interviews in two rounds of interviews using the collaborative interactive action research method. The analysis focuses on processes of recruitment, careers and negotiation of boundaries between work and nonwork in these KIBs. The authors study how relative privilege within social inequalities connects with silences in multiple ways, and how the invisibility of privilege operates at different levels: individual identities and interpersonal actions of privilege (micro), as organizational level phenomena (meso) or as societally constructed (macro).

At each level, privilege is reproduced in part through silence. The authors also examine how processes connecting silence, privilege and social inequalities operate differently in relation to both disadvantage and the disadvantaged, and privilege and the privileged.

This study is relevant for organization studies, especially in the kinds of “multi-privileged” contexts where inequalities, disadvantages and subordination may remain hidden and silenced, and, thus, are continuously reproduced.