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Article
Publication date: 2 March 2015

Mark Edward Pickering

The purpose of this paper is to explore the implications on former accounting firm partners becoming employees of a publicly owned accounting corporation, the responses of…

Abstract

Purpose

The purpose of this paper is to explore the implications on former accounting firm partners becoming employees of a publicly owned accounting corporation, the responses of the former partners and impacts on the acquiring company. Partners of accounting and other professional service firms selling their firms to publicly owned companies often remain with the acquiring company as employees and receive company shares as consideration for their firms. Agency theory suggests public ownership will result in changes to the roles of senior professionals with potential resistance and motivation consequences.

Design/methodology/approach

This paper uses a case study approach involving the review of publicly available information and interviews with executives and senior professionals of an Australian publicly owned accounting company, Stockford Limited.

Findings

The Stockford case indicates that selling their firm to a publicly owned company can have significant negative implications for accounting firm partners. The former partners struggled to adapt to their new roles as senior professional employees and shareholders. Their responses had significant impacts on company performance, which ultimately contributed to the collapse of the company, thus reflecting the power senior professionals retain regardless of the change of ownership form.

Research limitations/implications

Care is required when generalising findings of a single case to other professions and other geographic jurisdictions.

Practical implications

This paper has significant implications for entrepreneurs and executives consolidating professional service firms, partners considering selling their firms and investors in publicly owned professional service firms.

Originality/value

Despite the emergence of publicly owned accounting and other professional service companies and the importance and power of senior professionals in professional service firms, this is the first study to explore the implications on senior professionals of selling their firms to public companies.

Details

Journal of Accounting & Organizational Change, vol. 11 no. 1
Type: Research Article
ISSN: 1832-5912

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Article
Publication date: 16 March 2012

Mark Edward Pickering

The purpose of this paper is to explore the company‐related benefits expected by executives of public accounting companies consolidating accounting practices and the…

Abstract

Purpose

The purpose of this paper is to explore the company‐related benefits expected by executives of public accounting companies consolidating accounting practices and the implications of these expectations for company performance.

Design/methodology/approach

This paper uses a case study approach involving the review of publicly available information and interviews with executives and senior professionals of two Australian, publicly‐owned accounting companies. Analysis of the financial performance of the two companies was performed using data from annual reports.

Findings

Executives predominantly expected to achieve revenue growth and efficiency benefits through consolidation and change in ownership form. In one of the cases these benefit expectations emerged over the course of the acquisition program. The paper highlights the difficulty in estimating and realising the magnitude, timing and associated costs of consolidation benefits and the consequences of failure to achieve expected benefits; also it suggests advantages in a more conservative consolidation approach.

Research limitations/implications

Care is required generalising findings to other professions and other geographic jurisdictions.

Practical implications

This paper has implications for entrepreneurs and executives consolidating professional service firms, partners considering selling their firms and investors in publicly‐owned professional service firms.

Originality/value

This is the first study to consider the benefits expected by executives of the recently emerged, publicly‐owned accounting companies and the associated costs of implementation. The paper highlights opportunities for researchers provided by the availability of data for publicly‐owned accounting and other professional service firms.

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Article
Publication date: 1 August 1941

An interesting report has been submitted to the Brighton Watch Committee by Mr. T. J. Metcalfe, Chief Inspector of Weights and Measures. In his report Mr. Metcalfe…

Abstract

An interesting report has been submitted to the Brighton Watch Committee by Mr. T. J. Metcalfe, Chief Inspector of Weights and Measures. In his report Mr. Metcalfe observes that the Sale of Food (Weights and Measures) Act, 1926, which controls trading methods in connection with the sale of most articles of food, does not require that jams, marmalades, syrups or honey should be sold by weight and manufacturers and packers, with few exceptions, have not hitherto applied any weight statement to their prepacked products. Trading has generally been in standard sizes, referred to as “1's” and “2's,” and although most members of the public have understood that packs contain 1‐lb. or 2‐lb. net, no offence can be proved to have been committed when the seller makes no purportation of weight at the time of sale. The introduction of rationing has caused your Inspectors, in association with the Enforcement Officers of the Food Control Committee, to inquire more fully into the position which has developed. A purchaser is entitled to receive from the retailer with whom he is registered a maximum quantity of 2 ozs. of preserves per week. If the retailer, following the established practice, cancels eight ration coupons, hands over a jar of preserve and charges the maximum permitted price per pound, then there would appear to be prima facie evidence of a representation of weight of 1lb. Any deficiency would apparently constitute an offence by the retailer. As, however, the retailer could prove that he purchased the pack in the condition in which he sold it, that the manufacturer or packer should know the implications of the Rationing Order and the Sale of Food Act, and that the packer would strongly object to a retailer interfering with any prepacked preserve or syrup in such manner as might imperil the quality or brand repute of the product, it would appear that the retailer has an adequate defence. He could not, however, rely on a warranty, it not being the custom of the trade to mark a statement of weight on the jars, nor to insert a sufficient warranty in invoices. While the Board of Trade, under powers conferred by Section 9 (1) of the Act of 1926, can make a regulation bringing preserves within the First Schedule to the Act and thus requiring them to be sold only by net weight, this has never been done because manufacturers and packers have emphasised that there are practical difficulties, in my opinion not insurmountable, in guaranteeing the net weight content of a commodity packed gross in containers which may vary appreciably in tare weight. We have recently had evidence of deficiencies of ⅜ oz. and ¾ oz. in jars of golden syrup sold against eight ration coupons and for which the maximum permitted price per pound has been charged. The packers admit the possibility of such deficiencies and, while stating that they are doing their best to give 1lb. net weight they claim that no offence was committed against the Price Control Order in the case of the pack found to be ⅜ oz. short because the value of the shortage was not one farthing, nor was an offence committed against the Sale of Food Act because the deficiency in a single pack sold at the one time was inconsiderable. But the cumulative effect of such a deficiency in thousands of sales must be considerable and the loss to the purchasing public, in an article of food of which they receive so small a ration, is one of some gravity. In taking any legal proceedings for short weight under Section I of the Sale of Food Act, 1926, the Inspector is under an obligation to prove (a) that the deficiency was a considerable one, or (b) that inconsiderable deficiencies existed in a reasonable number of articles of the same kind sold or held for sale at the same time. It would be most undesirable for the Inspector, in seeking to establish proof of short weight, to interfere with, say, a dozen jars of preserves or syrups, having regard to the present supply position. It should not have to be necessary for the Inspector to have to rely on Section I standing alone. If the Board of Trade made a regulation under Section 9 (1) requiring such articles of food to be sold by net weight only, then the manufacturer or packer would need to guarantee the accuracy of weight content and he, I submit, is the person best able to ensure it.

Details

British Food Journal, vol. 43 no. 8
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 February 1974

Frances Neel Cheney

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here…

Abstract

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Term. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Details

Reference Services Review, vol. 2 no. 2
Type: Research Article
ISSN: 0090-7324

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Book part
Publication date: 23 July 2016

Daniele Besomi

This chapter enquires into the contribution of two British writers, Herbert Somerton Foxwell and Henry Riverdale Grenfell, who elaborated upon the hints provided by Jevons…

Abstract

This chapter enquires into the contribution of two British writers, Herbert Somerton Foxwell and Henry Riverdale Grenfell, who elaborated upon the hints provided by Jevons towards a description of long waves in the oscillations of prices. Writing two decades after Jevons, they witnessed the era of high prices turning into the great depression of the last quarter of the nineteenth century, the causes of which they saw in the end of bimetallism. Not only did they take up Jevons’s specific explanation of the long fluctuations, but they also based their discussion upon graphical representation of data and incorporated in their treatment a specific trait (the superposition principle) of the ‘waves’ metaphor emphasized by the Manchester statisticians in the 1850s and 1860s. Their contribution is also interesting for their understanding of crises versus depressions at the time of the emergence of the interpretation of oscillations as a cycle, which they have only partially grasped – as distinct from the approach of later long wave theorists.

Details

Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

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Article
Publication date: 1 June 2002

George K. Chacko

Develops an original 12‐step management of technology protocol and applies it to 51 applications which range from Du Pont’s failure in Nylon to the Single Online Trade…

Abstract

Develops an original 12‐step management of technology protocol and applies it to 51 applications which range from Du Pont’s failure in Nylon to the Single Online Trade Exchange for Auto Parts procurement by GM, Ford, Daimler‐Chrysler and Renault‐Nissan. Provides many case studies with regards to the adoption of technology and describes seven chief technology officer characteristics. Discusses common errors when companies invest in technology and considers the probabilities of success. Provides 175 questions and answers to reinforce the concepts introduced. States that this substantial journal is aimed primarily at the present and potential chief technology officer to assist their survival and success in national and international markets.

Details

Asia Pacific Journal of Marketing and Logistics, vol. 14 no. 2/3
Type: Research Article
ISSN: 1355-5855

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Article
Publication date: 1 August 1939

SEPTEMBER is the month when, Summer being irrevocably over, our minds turn to library activities for the winter. At the time of writing the international situation is…

Abstract

SEPTEMBER is the month when, Summer being irrevocably over, our minds turn to library activities for the winter. At the time of writing the international situation is however so uncertain that few have the power to concentrate on schemes or on any work other than that of the moment. There is an immediate placidity which may be deceptive, and this is superficial even so far as libraries are concerned. In almost every town members of library staffs are pledged to the hilt to various forms of national service—A.R.P. being the main occupation of senior men and Territorial and other military services occupying the younger. We know of librarians who have been ear‐marked as food‐controllers, fuel controllers, zone controllers of communication centres and one, grimly enough, is to be registrar of civilian deaths. Then every town is doing something to preserve its library treasures, we hope. In this connexion the valuable little ninepenny pamphlet issued by the British Museum on libraries and museums in war should be studied. In most libraries the destruction of the stock would not be disastrous in any extreme way. We do not deny that it would be rather costly in labour and time to build it up again. There would, however, be great loss if all the Local Collections were to disappear and if the accession books and catalogues were destroyed.

Details

New Library World, vol. 42 no. 2
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 February 1938

THERE are now so many meetings of the Library Association and its branches and sections that the good custom of recording meetings and the discussions at them has fallen…

Abstract

THERE are now so many meetings of the Library Association and its branches and sections that the good custom of recording meetings and the discussions at them has fallen into desuetude. In a way it is a gain, for when the discussion was commonplace the account of a meeting became a mere list of those who attended and spoke, bones without flesh; but in the days when The Library Association Record really was a record, its reports were a part of the educational and informational material of every librarian. Something should be done about this, because 1938 opened with a series of meetings which all deserved the fullest report. The principal one was the investiture meeting of the President of the Library Association on January 17th. The attendance was greater than that at any meeting of librarians in recent years, of course other than the Annual Conference. Chaucer House was beautifully arranged, decorated and lighted for the occasion, an atmosphere of cheerfulness and camaraderie pervaded the affair. The speeches were limited to a few preliminary words by the retiring President, the Archbishop of York, before placing the badge on his successor's neck; a brief, but deserved panegyric of Dr. Temple's services by Mr. Berwick Sayers; and then a delightful acknowledgment from His Grace. The serious point the Archbishop made was his surprise at learning the wide extent of the library movement and his conviction that it must be of great value to the community. His lighter touch was exquisite; especially his story of the ceremonial key, which broke in the lock and jammed it when he was opening a library in state, and of his pause to settle mentally the ethical point as to whether he could conscientiously declare he had “opened” a place when he had made it impossible for anyone to get in until a carpenter had been fetched. Altogether a memorable evening, which proved, too, as a guest rightly said, that one cannot easily entertain librarians, but, if you get them together in comfortable conditions, they entertain themselves right well.

Details

New Library World, vol. 40 no. 7
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 September 1909

In the days of our childhood we were told that the process of picking tea in China involved a preliminary purificatory ritual on the part of the picker. Thus, he ate no…

Abstract

In the days of our childhood we were told that the process of picking tea in China involved a preliminary purificatory ritual on the part of the picker. Thus, he ate no fish, indulged in baths, and dressed himself in clean clothes as essential preliminaries before pursuing his occupation. This may have been true so far as the tea that was to be consumed by the Chinese went. So far as this country was concerned, it is on record that somewhere about the year of grace 1850 the ingenious Celestial was sending us consignments alleged to contain silkworm‐dung faced with tea‐dust and a little Prussian blue, sand, and gum, and so forth, a decoction of this being drunk by certain inhabitants of this happy land under the firm belief that they were partaking of the “cup that cheers but not inebriates.” Such frauds were possible, as at that time but little attention had been paid to the subject of food chemistry, and no attention at all to the kind of food that was being eaten by the people of London and elsewhere. The subject of food was chiefly dealt with from the point of view of the requirements of the inland revenue, and so long as the Government obtained the duty that was demanded, but little heed was paid to the quality of the product taxed. Very recently we have had arriving at the docks a carge of foods from Hankow, China, consisting largely of frozen pigs. We are assured that these redoubtable porkers have been fed on rice, and while alive have been carefully tended. It is not stated that they were fed from golden troughs, or that they were slaughtered by, say, members of the Chinese aristocracy, but it is stated and assumed that they are all that any self‐respecting Englishman can possibly desire. A point in their favour is also made of the cheapness of the pork yielded by them. At the present time our food is nothing if not cheap, and “cheap food” has become a party cry whose success depends on the obsession of the minds of a large number of ill‐informed persons with the idea that the only attribute of a food which is worthy of consideration is its cheapness. The fact that we are receiving foodstuffs of the nature of meat from China is one that demands special and more serious consideration from the authorities in view of its possible prejudicial influence on public health, and the important changes that may take place in the nature and origin of our meat supplies. The consignment in question consists of game of various kinds, eggs, ducks, and pork. About 4,600 frozen pig carcases were unloaded. It is asserted that the pigs were fed on rice, or at all events on clean food, and there seem no grounds for disbelieving the truth of this statement; but the increase in this trade which is looked for from those financially interested in it does not necessarily mean that the goodness of future consignments is assured. The fact that the trade may greatly develop makes it difficult to see how a proper supervision can be maintained over the Chinese farmers who will presumably furnish the material of future consignments. Inspection in China is, however, imperatively demanded in the interests of public health on this side. Only a small proportion of the consignment we refer to has been put on the market up to the present, and this was subjected to a very careful and thorough inspection at this end before it was put on the market. The process of inspecting every carcase that may be landed is one that from the mere amount of time and labour involved presents serious difficulties, and the thawing process necessarily leads to a certain amount of deterioration. But if the trade in Chinese pork increases, and the resources of China to supply pigs to the world's markets are practically illimitable, we do not see how it will be possible to adequately inspect every consignment that comes across, while on the other hand no country requires more careful looking after than China in this respect. Inspection on the other side must apparently be left in the hands of the exporters, a most undesirable course to adopt, and one that should therefore not be encouraged. It need hardly be pointed out that the Chinese authorities can or will do nothing in the matter. For a system of inspection to be thorough and adequate, and such inspection is absolutely necessary in this case, it is needful to have inspectors who are experts at their work, capable of exercising independent judgment, and who are above suspicion. It is hopeless to expect to find such people among the ranks of the ordinary Chinese. The farmers whose stock and premises are to be inspected must also be people with some elementary notions of what is required of them. It need hardly he pointed out that no such state of affairs exists in China, and indeed, under present circumstances, is unthinkable, nor is it right that we in this country should run risks while a system of adequate inspection is worked out; in other words, that we should educate the Chinese farmer for his own benefit while running risks ourselves. It is stated that the stockyards and plant are well adapted for the work they have to do, and this we readily believe, but in an Oriental country in which there are no such things as health laws in existence, and where each man in this respect may do very much as seems right in his own eyes, the fact that we are obtaining from it an important article of food wherewith to feed large numbers of our poorer population is not one that can be viewed without serious apprehension as to the possible consequences. Stress has been laid on the fact that the pork is cheap, and that when an adequate system of inspection has been devised, the complete thawing out of the consignment will be no longer necessary and that Chinese pork will rank with the meat supplies that we obtain from the colonies. We have heard of the Greek Kalends, and it is possible that by the time they arrive the Chinese pig breeder and coolie will be a sufficiently cleanly person to be trusted with matters of this sort, but until that time does arrive we most strongly dissent from any line of action that would tend to shift any responsibility on to his shoulders. The pig is a dirty feeder, and the Chinese variety of the genus sus has the fullest opportunity for indulging his propensities for filth. He is also an animal peculiarly liable to various forms of disease of which swine fever is not the least objectionable. The care that is taken by the local authorities in this country regarding swine is sufficient evidence of this. But to make the British farmer conform to certain regulations while permitting pigs to be imported from China where no such regulations, or indeed, any at all, are enforced, seems to us to be the limit of hardship and absurdity. Sir PATRICK MANSON in the year 1881, at the request of the Chinese Government, made a careful examination of the bazaar pigs in Amoy. As a result of this examination he came to the conclusion that the flesh of such pigs was not sufficiently healthy to allow of its being safely eaten by Europeans at least. Though the proportion of pigs affected by Trichina spiralis was about 1 per cent., his conclusion was that with pork “cooked as the natives cook it, there can be little danger, but a roast leg of pork cooked in foreign style would certainly be a most dangerous dish.” The method adopted by natives was to cut the pork into small pieces and very thoroughly cook it. These were bazaar pigs, and of Amoy, which is far south of Hankow, but the bazaar pig in Hankow is probably not very different to his southern brother, and the conditions now in China are probably not much altered for the better since 1881. The pigs for the English market must be obtained from native breeders, and unless these breeders exercise unusual care in the feeding and housing of their stock, it is unlikely that any somewhat perfunctory system of inspection will do much towards‐mitigating the danger arising from The consumption of their pork It may be remarked that no people are more conservative than the Chinese, and to expect a Chinese peasant to radically alter his method of treating his stock, for reasons that he is entirely unable to appreciate, because there happens to be a market in England for the pork is really expecting too much. Nor does it seem that a consular invoice would be any real remedy. The time for insisting on consular invoices would probably be at the end of another series of “revelations,” and moreover, to attempt to make a consul professionally responsible for the soundness of large quantities of such pork, would be to impose a strange burden upon him.

Details

British Food Journal, vol. 11 no. 9
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 December 1939

The Twentieth Annual Report of the Chief Medical Officer of the Ministry of Health, Sir Arthur MacNalty, for the year 1938, begins with a review of the nature of progress…

Abstract

The Twentieth Annual Report of the Chief Medical Officer of the Ministry of Health, Sir Arthur MacNalty, for the year 1938, begins with a review of the nature of progress and the application of the conception to questions of health. Life in primitive society is not so healthy as is sometimes supposed, and the true condition is cloaked by the law of survival of the fittest. Civilisation has its cost; certain diseases follow in its train, e.g., tuberculosis. Besides the “new humanity” of the eighteenth century improvements in public health began to appear, and the population increased rapidly. Then came the progress of the Industrial Revolution, accompanied by new problems, especially in the domain of health. It can be concluded, however, that the growth of the health services, and the proof of their effectiveness as shown by the improvement of the nation's vital statistics, is real evidence of progress. In 1938 there was a rise of 10,647 births over the number registered in 1937, representing a birth rate of 15·1 per 1,000 living—a slight improvement on the rate of 14·9 for 1937. It is 0·7 above the rate for 1933, which was the lowest recorded. The infant mortality rate is 53 per 1,000 births as against 58 for 1937, and is now the lowest on record. The deaths in 1938 were 478,829, as compared with 509,574 in 1937, a decrease of 30,745. The five principal killing diseases remain the same as for many years past and occur in the same order, viz.:— (1) Diseases of the heart and circulatory system; (2) cancer—malignant disease; (3) bronchitis, pneumonia and other respiratory diseases; (4) diseases of the nervous system; (5) all forms of tuberculosis. If, however, the diseases are re‐arranged to show the principal killing diseases operating during the years of working life—15–65—then tuberculosis takes the third place instead of the fifth, and diseases of the nervous system occupy the fifth place.

Details

British Food Journal, vol. 41 no. 12
Type: Research Article
ISSN: 0007-070X

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