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– The purpose of this paper is to increase understanding of the often questioned willingness of family businesses (FBs) to seek external advice on challenges they face.
Abstract
Purpose
The purpose of this paper is to increase understanding of the often questioned willingness of family businesses (FBs) to seek external advice on challenges they face.
Design/methodology/approach
Mixed methods were employed gaining 140 responses to a survey of FB CEOs on their use of advice, followed by 51 semi-structured interviews of FB owners, managers and advisers. It drew upon institutional theory and those concerning both trust and organisational knowledge creation; also upon experiential knowledge gained in advising FBs.
Findings
Cost was found to deter use of professional advice, also unawareness of where it was to be found. Dissatisfaction with many advisers’ “soft” skills was prevalent. Clients took as given advisers’ technical knowledge; empathy and listening skills being the discriminants of successful practice. Effective means of skills creation were identified but seen to be obtained fortuitously, not systematically. The professional institutions of accountants, the most frequently used professional advisers, require tertiary institutions seeking their accreditation to develop their students’ “generic skills”, including “the ability to listen effectively”: conditions not being complied with. However, advice-seeking is found to be greater than assumed because of an unexpected resort to peers, often through networking. Widespread peers’ recommendations of professional advisers impart instantaneous “vicarious” trust, found to be more common than the “slow maturing” kind posited by previous researchers.
Originality/value
This paper offers a rarely recorded FB client perspective on their use of external advice. It extends understanding of the trust upon which they rely. It discloses how some achieve a mutual learning that expands understanding of organisational knowledge creation. It describes a route, “shadowing”, through which professional advisers have achieved outstanding performance.
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David J. Burns and Nick Collett
The purpose of this chapter is to explain why ethical evaluation of the impact of a merger or acquisition matters, to place ethical evaluation of M&A in the wider context of…
Abstract
The purpose of this chapter is to explain why ethical evaluation of the impact of a merger or acquisition matters, to place ethical evaluation of M&A in the wider context of knowledge of business ethics and corporate governance, and to develop and demonstrate a framework for evaluating the treatment of stakeholders during M&A. This contribution surveys the relevant governance, ethical and M&A literature. A new stakeholder framework is proposed and then applied to an important case study.
We found that M&A has important consequences for a variety of stakeholders; the strategy and finance literature has concentrated on top management and shareholders and neglected advisers, employees, customers, and suppliers. We also found that a stakeholder analysis framework can be adopted to evaluate each merger or takeover.
This chapter establishes a new framework for evaluating M&A beyond the conventional shareholder value approach; however only one case study is analyzed.
Managers and other stakeholders can use the proposed method to determine the likely impact of an M&A upon themselves and others and consequently weigh up the desirability of doing a deal in a wider context than currently.
The consequences for stakeholders following a merger or acquisition are often profound. The key protagonists ought to be more aware of these consequences which can be detrimental to stakeholders and the organization itself. The approach taken in this chapter provides a new method for both academics and practitioners to evaluate the impact of M&A.
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Anthony Lavers and Alistair MacFarquhar
Explores judicial attitudes in professional negligence casesaffecting liability for property investment advice. Focuses on thestandard of work required to discharge the legal duty…
Abstract
Explores judicial attitudes in professional negligence cases affecting liability for property investment advice. Focuses on the standard of work required to discharge the legal duty of care and on apparent contradictions in approach by the courts. Reviews a series of cases which are taken to exhibit traditional attitudes to professional liability and studies modern cases which are irreconcilable with those attitudes. Includes liability to third party mortgagors and to third party mortgagees in an analysis of the duty of care, and considers the implications of the perceived expansion of the advisor′s professional duties, which include potential conflicts of interest and the dichotomy between the standards current among professionally qualified and unqualified practitioners. Suggests that judicial attitudes are influential in shaping the practice of property investment advice, but that this intervention is fraught with difficulties as it creates uncertainty among professional advisors about the nature of the tasks undertaken.
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This article considers briefly the general background to tax evasion, why it is a crime and the relationship between tax evasion and money laundering.
The past decade has witnessed rapid change in many areas of life and business has been at the forefront of this change. Technological change, globalisation and the opening of…
Abstract
The past decade has witnessed rapid change in many areas of life and business has been at the forefront of this change. Technological change, globalisation and the opening of markets (both internationally and within national boundaries) are arguably the most significant change factors impacting on the business environment.
Since their creation through the Industrial Training Act 1964 to hear appeals against levies, the jurisdiction of industrial tribunals has grown considerably. One aspect of this…
Abstract
Since their creation through the Industrial Training Act 1964 to hear appeals against levies, the jurisdiction of industrial tribunals has grown considerably. One aspect of this jurisdiction, unfair dismissal, is examined here. Basic principles related to the law of unfair dismissal are examined. The practice and procedure of an industrial tribunal solely in connection with unfair dismissal cases are examined in greater detail. A case study is used to illustrate the important aspects of procedure. Appendices give relevant forms and extracts from the appropriate Code of Practice.
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Barry Howcroft and Anthony Beckett
Suggests that the competitive threat faced by banks and building societies from direct banking and other technology‐driven distribution channels has serious implications for the…
Abstract
Suggests that the competitive threat faced by banks and building societies from direct banking and other technology‐driven distribution channels has serious implications for the future viability of their comprehensive branch networks. Costs associated with any significant reduction in branch networks are likely to be too high, at least in the short term. Focuses on the less radical policy of adapting branch networks to the changing needs of the marketplace. As such it attempts to identify an appropriate strategy which will increase the effectiveness of branches by delivering a wide range of relatively complicated financial products traditionally associated with financial institutions without comprehensive branch networks. These objectives are facilitated by a questionnaire which examines the attitude and behaviour of customers towards financial products.
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This paper aims to explain the regulations in Indonesia that apply to lawyers and other professional advisers in terms of their obligations as reporting parties of suspicious…
Abstract
Purpose
This paper aims to explain the regulations in Indonesia that apply to lawyers and other professional advisers in terms of their obligations as reporting parties of suspicious financial transactions with respect to money laundering and other financial crimes. As lawyers and other professional advisers offer services to the business community in Indonesia, they are vulnerable to becoming parties to illegal business transactions. The results could lead to bribery, graft, tax crime and corruption in Indonesia.
Design/methodology/approach
This paper explores and analyzes the obligations of lawyers and other professional advisers under Indonesian law, with particular reference to their obligations as reporting parties in efforts to prevent economic crime within the country’s business community.
Findings
Lawyers and other professional advisers, as reporting parties, can be viewed as the gatekeepers that inhibit economic and financial crimes. Consequently, a new perspective is needed for all of the legal professions so that they can protect themselves from the risks of being targeted by nefarious clients/offenders. To strengthen the role of these advisers, it is recommended that both a code of ethics and know your customer principle to be implemented.
Practical implications
This paper can serve as a resource that explores the functions of lawyers and other professional advisers as reporting parties whose aim is to prevent financial and economic crime in Indonesia.
Originality/value
This paper encourages lawyers, other professional advisers, and public and private institutions to implement a code of ethics, and also integrity and professionalism, with a view to preventing economic and financial crimes. According to the code, the functions and obligations of lawyers and other professional advisers include discouraging such offenses. The code becomes effective when legal professionals adhere to legal ethics and integrity.
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Julianne Cheek, Alison Ballantyne, David Gillham, Jane Mussared, Penny Flett, Gill Lewin, Marita Walker, Gerda Roder‐Allen, James Quan and Suzanne Vandermeulen
Enabling optimal care transitions for older people remains a key challenge facing policy‐makers and service providers. This qualitative Australian study aimed to provide a…
Abstract
Enabling optimal care transitions for older people remains a key challenge facing policy‐makers and service providers. This qualitative Australian study aimed to provide a comprehensive picture of the factors/issues surrounding care transitions from the perspective of older people and their carers. It documents how supports and services are searched for and gained during the care transition process and the effect of this process on older people and their families. These findings have implications for service provision and policy relating to both assisting older people to age in place wherever possible and facilitating optimal care transitions when they are required.
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