Organizational Design

Organizational Design
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Contributions of this research. This study expands on the sparse empirical research on the governance of publicly-owned PSFs (Empson & Chapman, 2006), particularly in highly regulated professions, such as accounting and law, where publicly-owned PSFs have only recently emerged (Pickering, 2012b). The research provides insights into factors affecting governance choice and identifies two modes of introducing more corporate-style governance structures and systems. It is one of the first studies to explore the performance implications of publicly-owned PSFs mimicking the interpretive scheme of governance of partnership versus moving to an extreme corporate scheme. The grounded theory approach utilized enabled an understanding of the governance interpretive scheme, structures and systems implemented and how they can affect the performance of publicly-owned PSFs (Greenwood et al., 2007). The proposed model of interpretive schemes of governance of publicly-owned PSFs offers a framework for researchers continuing research in this area and adds to our understanding of the application of agency theory to publicly-owned PSFs. Changes in governance in the accounting firms studied here and resistance of senior professionals to perceived threats to their professionalism provides insights into the potential impacts of the emergence of publicly-owned accounting companies on the professionalism of accountants (Shafer et al., 2002). The contrast of the Stockford corporate interpretive scheme of governance to that of WHK’s may be an important step in gaining an understanding of the performance of publicly-quoted PSFs versus partnerships (Greenwood et al., 2007; Pickering, 2012b; Von Nordenflycht, 2007). The variation in governance found here as recently emerged publicly-owned PSFs evolve towards an optimal form of governance may affect the ownership structure/performance relationship relative to that of partnerships, which have had many years to evolve forms of governance.
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The findings offers significant insights to partners of PSFs considering an IPO or selling their firms to publicly-owned companies, directors and executives of public corporations considering buying PSFs, entrepreneurs performing roll-ups of PSFs and potential investors in publicly-owned PSFs.
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Limitations and further research This study is based on a limited sample and, as indicated in the potential conditions and contingencies section, care is required in generalizing the findings. Further research exploring the evolution of governance frameworks as specific publicly-owned PSFs grow and become more complex and the evolution of more hybrid forms of governance across professions (Clark et al., 2005; Empson, 2012) would add to our understanding of managing professionals. The changing of regulations and the move to different ownership forms provides an opportunity to explore whether the partnership ownership structure and associated interpretive scheme of governance is the best governance form for managing professionals or whether the partnership ownership structure has been dominant due to regulatory restrictions. Of particular interest would be an examination of the governance structures and processes used by PSFs with majority external owners or publicly-owned parent companies and their effectiveness in managing professionals. Research examining governance of publicly-owned PSFs of varying size, complexity and market focus and across other professions would be beneficial to identify under what circumstances mimicking the attributes of partnership governance is the most effective way of managing professionals within publicly-traded

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