Matthew K. Kerfoot, Jay R. Alicandri and Russel G. Perkins
To review and analyze the key structural considerations secondaries funds and funds of funds must consider when negotiating credit facilities secured by limited partnership (LP…
Abstract
Purpose
To review and analyze the key structural considerations secondaries funds and funds of funds must consider when negotiating credit facilities secured by limited partnership (LP) interests.
Design/methodology/approach
This article provides an overview of the primary issues that arise with credit facilities secured by LP interests. These issues include the ability to provide a perfected security interest in LP interests, understanding a credit facility’s borrowing base and advance rates, and the potential impact of certain types of events of default.
Findings
Secondaries funds and funds of funds have raised significant amounts of equity capital in recent years. These funds acquire portfolios of LP interests and are increasingly deploying leverage to amplify the returns of these portfolios and provide these funds with a limited degree of liquidity. The leverage is secured by the LP interests. The credit facilities that the funds are structuring and negotiating present a host of issues unique to this type of fund finance. Provided the facilities are properly structured and negotiated, secondaries funds and funds-of-funds borrowers will be able to use these facilities to help meet investment-return objectives and address important portfolio-management needs.
Practical implications
Secondaries funds and funds of funds can benefit from leverage secured by their portfolios of LP interests. This article provides a road map for borrowers when structuring and negotiating these credit facilities.
Originality/value
Practical analysis from a premier corporate law firm on the issues presented by the increasing use of credit facilities by secondaries funds and funds of funds.
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Rahul Rao, Christoph Mueller and Matthew Broadbent
There is a dearth of literature examining the impact of the COVID-19 pandemic on older people with dual diagnosis referred to mental health services. The purpose of this study was…
Abstract
Purpose
There is a dearth of literature examining the impact of the COVID-19 pandemic on older people with dual diagnosis referred to mental health services. The purpose of this study was to compare dual diagnosis before and after lockdown in people aged between 55 and 74 with alcohol use.
Design/methodology/approach
Data were collected for people referred to mental health services using an anonymised database of de-identified records to identify people with both substance use disorder alone, or accompanied by co-existing mental disorders.
Findings
In total, 366 older people were assessed with the Alcohol Use Disorders Identification Test (AUDIT), 185 before and 181 after lockdown. People with dual diagnosis were more likely to be referred than those without, after compared to before lockdown (13 and 6%, respectively, p < 0.05). People with any substance use disorder with and without dual diagnosis showed an even greater likelihood of referral after, compared with before, lockdown (61 and 34%, respectively, p < 0.0001). Opioid use more than once a month was more likely to be reported after, compared with before, lockdown (66 and 36%, respectively, p < 0.005).
Research limitations/implications
The finding of a higher likelihood of opioid use after compared with before lockdown during the COVID-19 pandemic warrants further exploration. There is also further scope for further studies that involve older non-drinkers.
Originality/value
A greater likelihood of both dual diagnosis and substance use disorder alone after, compared with before lockdown has implications for both mental health and addiction service provision during a pandemic.
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Shannon L. Rawski, Emilija Djurdjevic and Leah D. Sheppard
Findings regarding the relationship between biological sex and job stress remain inconsistent. In the present chapter, we suggest that this is due to the overly simplistic and…
Abstract
Findings regarding the relationship between biological sex and job stress remain inconsistent. In the present chapter, we suggest that this is due to the overly simplistic and synonymous treatment of biological sex and gender. Specifically, researchers have operationalized gender as sex, neglecting the inherent complexity of the gender construct. To address this, we take a more nuanced approach and develop a theory around the effects of biological sex and gender on job stress, considering how sex, gender, sex-based prescribed gender roles and work roles interact to create role conflict. We predict that a lack of congruence between any of the aforementioned variables results in various types of role conflict, leading to stress, and requiring coping. Drawing on the literature on role conflict, emotional labor, and facades of conformity, we introduce the concept of gender façades as a coping mechanism. Theoretical and practical implications are discussed.
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Joshua Woods and Vladimir Shlapentokh
This article investigates the possibility of studying modern organizations with the feudal model. We introduce feudalism as an ideal type and explain why it is necessary for…
Abstract
This article investigates the possibility of studying modern organizations with the feudal model. We introduce feudalism as an ideal type and explain why it is necessary for understanding organizations. The model synthesizes several perspectives on intra-organizational conflict. After defining the feudal model and tracing its theoretical roots, we review several empirical studies to identify the conditions under which feudal conflicts arise. These factors include decentralization, structural interdependence, uncertainty and informal power. The feudal model highlights several overlooked aspects of organizations, including personal relations, the manipulation of formal rules, bribery, corruption and sabotage. However, given the model's limitations, we propose a “segmented approach” to social analysis, which emphasizes the need for multiple models to explain any organization, past or present.
Large accounting firms lay claim today to a broad focus on staff diversity and inclusion. Related initiatives focus on gender, culture, age and sexuality. This paper aims to seek…
Abstract
Purpose
Large accounting firms lay claim today to a broad focus on staff diversity and inclusion. Related initiatives focus on gender, culture, age and sexuality. This paper aims to seek insight from publicly available discourse provided by the “Big 4” in Australia (Deloitte, Ernst and Young, KPMG and PwC), along with two second-tier firms, into the nature and drivers of diversity initiatives for lesbian, gay, bisexual, transgender and intersex (LGBTI) staff.
Design/methodology/approach
Web-based discourse provided as at May 2017 is examined and analysed.
Findings
All six firms provided a range of related disclosures, suggesting that a cultural shift for LGBTI staff was underway. Detail provided on actual policies and procedures was limited, and a struggle was suggested, between balancing the needs of diverse staff, with concerns for some, perhaps, more conservative clients. Some repositioning of arguments was suggested, focussed on shifting responsibility to staff and on shifting the object of celebration from staff to the firm.
Research limitations/implications
This study is limited to an interpretation of carefully constructed publicly disclosed statements. Further studies could explore the lived experience of these apparent changes with staff.
Practical implications
Recruitment and staff retention continue to be on-going challenges within the accounting profession. This study provides insight into initiatives targeted to support LGBTI staff.
Social implications
Availing space to bring ‘whole selves’ into the workplace is an important element of creating a pleasant, comfortable and engaging environment for staff. This study provides insight into the perspective of employers on the importance of such initiatives.
Originality/value
Little attention has been directed to exploring sexual diversity in the workplace or to sexuality within accounting studies.
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Vincenza Priola and Matthew J. Brannan
The growth of women in management has been argued to offer a route to reduce organizational and social inequality. The purpose of this paper is to explore the careers and…
Abstract
Purpose
The growth of women in management has been argued to offer a route to reduce organizational and social inequality. The purpose of this paper is to explore the careers and experiences of female managers from a variety of organizations operating in the West Midlands region of the UK.
Design/methodology/approach
This study is based on 56 interviews conducted with women managers within various sectors. The interviewees also completed pictorial careers maps, which along with interview recordings were analyzed.
Findings
The key themes to emerge from this research centre upon the factors that draw women into management (which we term seductive elements) as well as some of the hindering practices that prevent women from progressing. Significantly, we find that managerial careers are associated with gendered assumptions and practices (e.g. facilitating and developing people) which contribute to construct management (done by women) as bounded‐up characteristically with “feminized” behaviours.
Research limitations/implications
The research is based upon a relatively small sample that is multi‐sectorial. Wider studies that increase population size, together with deeper studies that hold sectorial variables constant would further add weight to the findings presented here.
Practical implications
The paper draws attention to the “lived reality” of doing management, which, we argue often, for women in particular involves the reconciliation of contradictions and conflicting pressures. We draw attention to the lack of “alternative models” of organization and highlight the potential for gender‐focus mentoring and management education.
Originality/value
The paper is of value in giving voice to a selection of women managers by allowing them to reflect upon and explore their experience of management. The paper also documents the day‐to‐day reality of women's managerial careers that require the re‐enactment and reproduction of stereotypical gender norms.
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Kent County Council. Report of the Public Analyst for the quarter ended 31st December, 1946 and for certain data relating to the whole year 1946.
Mary Low, Howard Davey and Janet Davey
The purpose of this paper is to explore how a professional accountants' Institute has projected its changing professional identity through its annual reports. Extensive research…
Abstract
Purpose
The purpose of this paper is to explore how a professional accountants' Institute has projected its changing professional identity through its annual reports. Extensive research has shown that the annual report is one of an organization's most important documents to communicate with stakeholders. The New Zealand Institute of Chartered Accountants celebrated its centenary year in 2008. It is therefore timely to explore how this influential professional institute has projected its evolving identity to its stakeholders over 100 years of annual reports.
Design/methodology/approach
The paper uses a content analysis of archival records. The type of information and the manner of presentation via textual information and visual images in the Institute's annual reports are used to track a changing professional identity.
Findings
The analysis did not find any definitive statements of professional identity by the professional accountants' Institute. Early annual reports used a singular visual image to project authenticity. Increasing use ansd complexity of visual images and mission/vision statements projected an identity of expertise, integrity and global relevance, paralleling the impacts of globalization and advances in technology. The last decade of the Institute's annual reports reveals a sophisticated use of visual images and printing to enhance textual information. This marked a dramatic turn in the projection of professional identity whilst retaining the communication of a basic reality and professional traits to its members and stakeholders.
Originality/value
The paper is valuable as few other research studies have investigated the projection of changing professional identities via identity statements and visual imagery in annual reports.