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A new type of hydrophone using optical technologies has distinct advantages over traditional types.

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.

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.

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.

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

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.

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.

The hospital–physician relationship (HPR) has been the focus of many scholars given the potential impact of this relationship on hospitals’ ability to achieve socially and organizationally desirable health care outcomes. Hospitals are dominated by professionals and share many commonalities with professional service firms (PSFs). In this chapter, we explore an alternative HPR based on the governance models prevalent in PSFs.

We summarize the issues presented by current HPRs and discuss the governance models dominant in PSFs.

We identify the non-equity partnership model as a governance archetype for hospitals; this model accounts for both the professional dominance in health care decisions and the increasing demand for higher accountability and efficiency.

There should be careful consideration of existing regulations such as the Stark law and the antikickback statue before the proposed governance model and the compensation structure for physician partners is adopted.

While our governance archetype is based on a review of the literature on HPRs and PSFs, further research is needed to test our model.

Given the dominance of not-for-profit (NFP) ownership in the hospital industry, we believe the non-equity partnership model can help align physician incentives with those of the hospital, and strengthen HPRs to meet the demands of the changing health care environment.

This is the first chapter to explore an alternative hospital–physician integration strategy by examining the governance models in PSFs, which similar to hospitals have a high reliance on a predominantly professional staff.

A vast amount of research has been carried out to help us understand the main factors influencing mergers and acquisitions (M&A) performance. Although the existing body of knowledge focuses mainly on macro-level factors, there is an increasing interest from scholars and practitioners in understanding the micro-foundational factors occurring at individual and team levels. This chapter focuses on the importance of emotions – a central facet in individual reactions to workplace events – in M&A processes. To this end, the authors carried out a multi-phased search for articles on micro-foundations in M&A settings published by Business and Management (B/M) and Organizational Behavior and Psychology (O/P) journals. The authors reviewed 41 papers and used the circumplex model to identify and categorize 19 themes related to individual emotions involved in M&A processes in terms of positive/negative valence and high/low activation. The findings show that scholars mainly assume a risk mitigation perspective and focus on themes related to change resistance (negative emotions with high activation) by providing prescriptions on how negative emotions could be mitigated to avoid eroding acquisition performance. Hence, the authors suggest that (a) there should be more efforts to integrate different streams of literature, namely between the strategic and operational/behavioral areas of knowledge and (b) future research should focus on understanding how positive emotions like change proactivity (positive emotions with high activation) might be essential to enhance acquisition performance.

The authors set out to study institutional work under complexity building on the struggle for legitimacy of the Lesbian, Gay, Bisexual, and Transgender (LGBT) community in Israel as their case study. The authors took a discursive approach and were interested in what actors claim they do. The findings suggest that actors manipulate the intentions and outcomes of their acts, thereby claiming for actorhood or negating it. These differential constructions are not random but echo the norms of the discursive spaces within which they are presented and interact with other actors’ work. Overall, the authors argue that actorhood is not a pre-condition for institutional work, nor is it its outcome, but rather an integral part thereof.

In elite professional firms, minorities are actively recruited but struggle to move upward. The authors argue that initiatives aimed at general skill development can have unintended consequences for firm diversity. Specifically, the authors contend that approaches that win partner support through motivational significance and interpretive clarity provide a more effective avenue to skill development for minorities, who have less access than White peers to informal developmental opportunities. The authors also argue that a longer “partnership track,” which imposes a time limit on skill development, will benefit minority professionals. Using data on 601 offices of large US law firms in 1996 and 2005, the authors investigate the effects of five developmental initiatives and partnership track length on the representation of African-Americans, Latinxs, and Asian-Americans among partners. Observed effects are consistent with expectations, but patterns vary across racial-ethnic groups.

This chapter examines collaboration among highly autonomous, powerful, professional peers to explain why the benefits of teamwork that scholars typically find in traditional teams may not apply. The chapter analyzes the perspectives of individual professionals to show that, in this setting, collaboration is often seen as more costly than rewarding for the individuals involved. It presents a conceptual framework exploring this paradox and suggests directions for future research to elaborate an underlying theory.

The chapter draws on extensive qualitative data from surveys and interviews in three professional service firms, including a top 100 global law firm, a boutique executive search firm, and a large, US-based commercial advisory firm. Findings are married integrated with organizational theory to develop testable propositions for future research.

Because senior professionals collaborate with peers who have the autonomy to choose to work collectively or independently, power and authority are not means to create a team or make it effective. Findings show how professionals interpret the relative costs and benefits of collaboration, and suggest that in most cases, senior professionals will not attempt it or give it up before collaborations can reap important benefits. Thus, short-term costs prevent opportunities to experience longer term benefits for many professionals. Yet, some professionals have figured out how to use “instrumental collaboration” to shift the balance in their favor. The chapter’s conceptual framework uses a longitudinal perspective to resolve this seeming paradox.

The chapter presents a nascent theory of instrumental collaboration, including five testable hypotheses, an emergent conceptual framework, and suggestions for specific future research directions.

Undoubtedly, digital transformation is permeating all domains of business and society. We envisage this volume as an opportunity to explore how manifestations of digital transformation require rethinking of our understanding and theorization of institutional processes. To achieve this goal, a collaborative forum of organization and management theory scholars and information systems researchers was developed to enrich and advance institutional theory approaches in understanding digital transformation. This volume’s contributions advance the three institutional perspectives. The first perspective, institutional logics, technological affordances and digital transformation, seeks to deepen our understanding of the pervasive and increasingly important relationship between technology and institutions. The second perspective, digital transformation, professional projects and new institutional agents, explores how existing professions respond to the introduction of digital technologies as well as the emergence of new professional projects and institutional agents in the wake of digital transformation. The third perspective, institutional infrastructure, field governance and digital transformation, inquires how new digital organizational forms, such as platforms, affect institutional fields, their infrastructure and thus their governance. For each of these perspectives, we outline an agenda for future research, complemented by a brief discussion of new research frontiers (i.e., digital work and sites of technological (re-)production; artificial intelligence (AI) and actorhood; digital transformation and grand challenges) and methodological reflections.

The purpose of this study is to investigate to what extent the professional identity of accountants, as manifested in a set of advanced cognitive, emotional and social intelligence competencies relevant to their professional activities, varies with the respective accounting position.

The systematically developed, formally clearly structured job advertisements for accounting positions provide content-rich representations of those holding the advertised position and thus contribute to revealing the professional identity. This study conducts a content analysis of 600 profiles of accountants presented in job advertisements of German organizations to identify the characteristic set of advanced cognitive, emotional and social intelligence competencies, juxtaposing different accounting positions at various stages of professional life. German organizations were targeted because they traditionally clearly differentiate between financial accounting and management accounting.

The job advertisements suggest that accountants develop a multifaceted professional identity reflecting their area of specialization and their level of entry. Financial accountants are more likely to be team-oriented than management accountants, and non-executive accountants are more likely than executive accountants. Analytical thinking seems to characterize management accountants rather than financial accountants. An independent way of working appears to be more pronounced among financial accountants than among management accountants.

This study refines the understanding of the professional identity of accountants by exploring the recruitment of accountants, the initial step of professional socialization. It identifies the most relevant advanced cognitive, emotional and social intelligence competencies based on a broad sample of job advertisements for accounting positions in organizations of different sizes and industries. By contrasting the competencies relevant to different positions and at different stages of their professional lives, it becomes evident that distinct professional identities of accountants coexist. The relevant competencies may be developed during higher education and continuing professional education. They may also be incorporated into individual performance evaluations and used as the basis for promotion decisions.

The fund management sector plays an important role in society. The sector exists in close proximity to the accounting profession and the concerns of the paper reflect themes discussed by accounting scholars, particularly financialization, inequality and life within elite professional service organizations.

This is an interpretive study of the fund management field based in the UK. It is based on 32 semi-structured interviews with individuals with personal experience of the field, combined with reflections from the researcher's own experience as a practitioner within the field.

The paper describes the backgrounds and motivations of individuals entering the field, the recruitment processes through which they are admitted, and the different strategies used to gain admission to the field. It explores the habitus of successful professionals in the field and the effects of this habitus.

An important social implication of the paper is the problematization of the fund management industry's dislocation from broader society.

By identifying the different strategies employed by applicants from different backgrounds, it highlights the role of reflexive agency and the complicity between agent and field. Recognizing that professional fund management is organized as a game, it suggests that individuals are so committed to the game they know they are playing that they fail to realize that they are also drawn into a different game, namely the absorbing game of being a fund manager.