The dilemma of scope and scale for construction professional service firms

Construction professional service (CPS) firms sell expertise and provide innovative solutions for projects founded on their knowledge, experience, and technical competences. Large CPS firms seeking to grow will often seek new opportunities in their domestic market and overseas by organic or inorganic growth through mergers, alliances, and acquisitions. Growth can also come from increasing market penetration through vertical, horizontal, and lateral diversification. Such growth, hopefully, leads to economies of scope and scale in the long term, but it can also lead to diseconomies, when the added cost of integration and the increased complexity of diversification no longer create tangible and intangible benefits. The aim of this research is to investigate the key influences impacting on the growth in scope and scale for large CPS firms. Qualitative data from the interviews were underpinned by secondary data from CPS firms’ annual reports and analysts’ findings. The findings showed five key influences on the scope and scale of a CPS firm: the importance of growth as a driver; the influence of the ownership of the firm on the decision for growth in scope and scale; the optimization of resources and capabilities; the need to serve changing clients’ needs; and the importance of localization. The research provides valuable insights into the growth strategies of international CPS firms. A major finding of the research is the influence of ownership on CPS firms’ growth strategies which has not been highlighted in previous research.

Finding the 'first voice' in rural England: the challenges of safeguarding intangible heritage in a national museum

This paper is an attempt to explore the challenges of defining intangible heritage and ‘community’ in England. It uses as its case study the Museum of English Rural Life, University of Reading: an urban museum with a rural theme. The paper examines current theoretical discourse around the concept of the ‘first voice’ and debate about the role of museums in the preservation of intangible heritage. It then examines the relevance of these concepts to the identification of ‘rural’ intangible heritage stake holders in England. In this way, it shows the potential for concepts of intangible heritage to influence national museums. However, by applying theory and practice which is designed to support work with well-defined ‘originating communities’ to a national museum, it also highlights the challenges of initiating community engagement in a multicultural society.

Unions and tangible investments: a review and new evidence in France

A number of conflicting theoretical hypotheses have been advanced regarding the impact of unions on investment behaviour. The net impact of unions on investment is thus an empirical issue. In this article, the available empirical literature is reviewed. In addition, new evidence of the impact of unions on investment is presented using French data. In contrast to previous studies, both aggregate and disaggregate measures of union activity are used. The results indicate that French unions, in general, have not had a negative impact on investment behaviour. However, there is some evidence that the more militant unions have a negative impact on investment.

The importance of intangible assets in initial public offerings

This paper follows Beatty and Ritter (1986), who argue that lower uncertainty about the value of an initial public offering (IPO) reduces the 'need' for the underpricing of an IPo. Australian IPOs often identify the existence of intangible assets such as goodwill, licenses, brand names, trademarks, patents and capitalized research and development costs in the prospectus. This paper analyses if IPOs identifying the existence of such intangible assets in the prospectus might reduce uncertainty about their valuation and hence allow a lower underpricing return. While the reporting of intangible assets such as goodwill and license costs in the prospectus are not significant ingredients in the level of underpricing, the identification and valuation of intangible assets such as brand names, trademarks, patents and capitalized research and development costs is significant in reducing the level of underpricing return. Our findings are also consistent with previous studies concluding that both the size of the new issue and the use of an underwriter are important in the level of underpricing return.

Satisfaction as a predictor of football club members' intentions

A survey of almost 8,000 season ticket holders of Australian Football League clubs suggests that a combination of tangible (ticketing arrangements) and intangible (feelings of personal involvement) aspects have the greatest influence on the satisfaction of members and their intentions regarding future membership.

Intangible assets and the underpricing of industrial company initial public offerings

This study analyses 262 industrial company initial public offerings (IPOs) in Australia from 1994 to 1999. It finds that the identification and valuation of brand name, trademark, patent and capitalized research and development cost intangible assets in the prospectus significantly reduces underpricing. The identification of goodwill and license cost intangibles does not appear to be significant to underpricing. This paper supports the Beatty and Ritter (1986) argument that IPOs may display financial and nonfinancial characteristics that lower the uncertainty about the value of the lPO and hence lower the underpricing of that IPO. Our findings suggest implications for the issuer who wants to maximize the value of the firm at the time of the lPO, the underwriter who is required to guarantee the success of the capital raising and for the initial investors who are looking to reduce their uncertainty about the valuation of the lPO.

Capturing the intangible: holocaust survivor testimonies held in the Jewish holocaust museum and research centre, Melbourne

This paper provides an analysis of aspects of a significant videotestimony project that raises and discusses challenging issues about the factors influencing the telling of Holocaust testimonies and about the messages conveyed through those testimonies. It sets research questions which specifically look at the nature and role of video testimonies, including comparisons to non-video forms of oral history, and argues for what is 'new, different and significant about video testimonies' of Holocaust survivors. The analysis focuses on the nature, structure, messages and experiences shared (and those silenced) through the testimonies. In particular, it argues for the significance of video testimonies as a new means of capturing intangible cultural heritage.

Explaining non-renewal behaviour : an empirical investigation of recently lapsed NRL club members

This paper reports on a survey of lapsed members of an Australian professional National Rugby League (NRL) Club. Analysis of the 195 useable responses returned suggest that these lapsed members had originally joined as much for intangible aspects, such as seeking a greater level of involvement with the club, as for the functional aspects such as savings on game entry. Overall, these lapsed members were satisfied with the service they received whilst a member, and claimed it had been performed in line with expectations. The main drivers of satisfaction were also a mix of tangible and intangible factors such as feeling valued by the club and receiving discounts on entry costs. The members gave a number of reasons for not rejoining in 2002, but primarily cited an inability to attend games. Despite joining for intangible reasons, it seems that if these members could not get to games, they perceived that membership was not worth maintaining. That said, a large number of members indicated that as their circumstances change they will rejoin the club, supporting the theory that non-renewal is not driven by service failure, but rather the perception that attendance is still the core product (entertainment). The overall level of satisfaction had a weak but positive relationship with the likelihood of members rejoining in the future.

Irish theme pubs : an evaluation of environmental cues

A major phenomenon in hospitality retailing in recent years has been the growth in Irish theme pubs. These pubs consist of a collection of both tangible and intangible attributes referred to as environmental cues or atmospherics. Although environmental cues have been found to have a significant influence on consumer behaviour, little research has been conducted into their effects within Irish theme pubs. Using an established research framework, the aims of this study were to identify and evaluate environmental cues within Irish theme pubs and to establish how the dimensions of this framework influenced customers of Irish theme pubs in Melbourne. Qualitative interviews were conducted with customers of six selected Irish theme pubs and with the owners of these establishments. Whilst confirming the impOliance of environmental cues to Irish theme pub customers, the study also provides information that has application for hospitality retailers.