Managing to Sell but Failing to Communicate: The Case of the Family Behind Dow Jones

Abstract

Dow Jones, a long-standing family business started in 1882, had diluted ownership distributed among more than 35 family members by 2007. Since 1990, the company had underperformed relative to peers, such as NewsCorp. When NewsCorp made an offer to purchase the corporation, the owning family members were divided over whether to sell. After initially rejecting the bid from NewsCorp, a new offer was accepted on the condition that a Bancroft family member would be appointed to the board of NewsCorp to represent the interests of Dow Jones. The family had 30 days to nominate a representative but failed to make a decision and therefore lost its right to choose a family representative. What went wrong?

This case was prepared for inclusion in Sage Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

2024 Sage Publications, Inc. All Rights Reserved

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Resources

Disclaimer: The present teaching case is entirely based on publicly available data. The email exchange among family and non-family members who were associated with Dow Jones was published by The Wall Street Journal in 2007. All errors of spelling and grammar are as in the original emails.

Appendix: Bancroft Family Select Emails and Excerpts July–September 2007 (Bancroft Family Email Exchanges, 2007)

Natalie Bancroft, Friday, July 27, 2007

Good evening to all,

I would first like to state that it has been very interesting to read all of your opinions on the matter at hand. We have all followed the press over the past weeks, listened to advisors, and attended several meetings. I believe it is not the fault of past generations for not giving a sense of legacy to the present ones. If anyone had been interested genuinely in this company, all they had to do was ask for information, and maybe follow careers in the pursuit of being active within the family companies. I think we are all of the age to avoid finger pointing. Please be responsible for one’s actions. If the company has floundered, and past issues were ignored that was our fault, not the fault of past generations being irresponsible about not passing on a legacy.

I am not going to rehash all the information that we have been given, or bemoan the fact that we are in the current situation. Business is not playschool, it is a game of tactics. The current situation we are finding ourselves in is also due to our own irresponsibillity over the past years.

I adore many of you, and I find you are fascinating people in all your fields. I chose to be an opera singer because that is an area which I excel in. Maybe we are no longer capable, or do not genuinely have the talent or interest to be the responsible stewards of the present business. I am not for the selling because I believe the buyer is definately not the right person to own this paper, but on the other hand, as protective as we are, and with much of the false pride many of us have, do we deserve to own this paper any longer? We are the stewards, but our stewardship has been laclustre in many aspects to say the least. My reason to say do not sell, is that if many of you believe we can help this company along, then we should do it, but not necessarily with the past mindset we have been using,otherwise a sale should be made. I think for those who do not want to sell this should be taken as a wake up call that we may need to change our non chalant attitude towards many things. We seem to only move when the storm hits, but never before. Unfortunatley in business, sentiment has a very small place if one wants success. I am not saying that these are principles I agree with, but that is the way of Capitalism as well.

I hold a very warm place in my heart for our company, and I honestly do not want to see it sold, but I find it would be much worse to take the risk of weakening such a wonderful commodity, whether it be by taking financial risks, or by selling to the wrong suitor.

Kind Regards, Natalie Bancroft

***

Tom Hill, Tuesday, August 7, 2007

Lisa [Steele], Chris [Bancroft], Mike [Elefante] and Family,

I have not heard anything about the process for selecting the person to fill the board seat at News Corp. I would like to suggest that we find a person who has demonstrated a career devoted to the high quality journalism represented by Dow Jones and The Wall Street Journal. I would suggest that the most qualified person in the world to fill this position is Paul Steiger, if he is willing to serve.

Please let us know how this selection is going to be made.

Thanks,

Tom Hill

***

Elizabeth Steele and Michael Elefante, Monday, September 10, 2007

Subject: Family Representative

Dear Bancroft Family,

As you know, under the terms of the Voting Agreement News Corporation has agreed to add a member of the family or someone designated by the family to its Board to serve for a term equal to the longest term then available for News Board members. The obligation to elect a Bancroft family member continues for ten years. The initial Board member is to be chosen by agreement of Lisa Steele, Mike Elefante and News Corporation. Thereafter, if there is a need to choose a successor, News Corporation’s Board will nominate a member of the family for approval by the Special Committee.

The News Corporation Board meets six times a year, four times in New York, once in Los Angeles and once at the location of a major business unit. Each director serves on at least one committee. Committee meetings are usually held the day before or after the Board meeting.

As we see it, the role of the Bancroft family director on the News Corporation Board, in addition to his or her other responsibilities, is to have special concern for the wellbeing of Dow Jones as part of the larger News Corporation organization and, if necessary, to support the work of the Special Committee in preserving the editorial independence of The Wall Street Journal and other Dow Jones publications. In our view the Bancroft family member should be in contact with the Managing Editor and Editorial Page Editor of the Journal, the Managing Editor of Newswires and, to the extent possible, the Special Committee.

We explored the possibility of nominating Paul Steiger as the family’s representative on the News Corp. Board. Unfortunately, Paul decided that he would not be able to play that role given other new responsibilities he has undertaken. The consideration of Paul took some time, putting us in the position of having to move quickly to nominate another candidate. We would like to know who among the family would be interested in serving on the News Corporation Board. Elisabeth Chelberg, Mike Hill, Lisa Steele and Bayne Stevenson have indicated an interest in serving. Would anyone else interested in serving please let us know as soon as possible.

Best to all,

Lisa and Mike

Elizabeth Steele

***

Lisa Steele, Monday, September 17, 2007

Dear Crawford,

Thanks for your recommendation of John Carroll [former Los Angeles Times editor]. He sounds eminently qualified. We think it’s an intriguing idea.

To the family: What do you think? Please let us know as soon as possible. We are well past our deadline. This needs to get resolved.

Best, Lisa

***

Chris Bancroft, Monday, September 17, 2007

Dear Lisa,

I think it’s important to select a family member instead of trying to find an outsider. No outsider is going to better represent our interests than a family member. By selling Dow Jones we have given up any real ability to control journalistic independence, so putting a John Carroll, a Paul Stieger or another “professional” in that role is to suggest that an adult family member is not capable of letting us know the rest of the board’s attitude about the management of the Wall Street Journal or any other publication, or call foul if the issue is breached. And who is going to instruct an outsider what their job for our family is in order to qualify?

Would you please let me and the rest know what the selection timing details are and what the “deadline” is or was. I would suggest that you Leslie and I call for a vote on the candidates suggested so far and any others interested by a date certain in the near future and let the Family decide. Also, I had earlier requested that you send me the version of the merger agreement that nominates you and Mike E. and News Corp the final arbiters of the Bancroft Family Representative. Would you please forward that document. Thanks.

Best

Chris

***

Tom Hill, Monday, September 17, 2007

Dear Family,

I have been thinking a great deal about our family’s opportunity to select a News Corp board member. I have been reading with great interest what others in the family have written and have had a number of conversations with family members about this decision before us. I am compelled to share my thoughts and would appreciate feedback. I very seriously thought about asking to be considered for the position, but I have concluded I am not the right person for this job.

I don’t think anyone thinks we should not find the most capable person to fill the job. There seems to be widespread recognition that this position is important to the family and the legacy of Dow Jones' commitment to journalistic integrity and independence. Crawford Hill rightly points out that now that we will no longer be owners of the company, not even in a minority way, this position is not about representing our ownership interest. Crawford and others including Natalie Bancroft, Bill Cox III, Buzzy [Bayne] Stevenson, Lisa Steele and Mike Elefante have expressed the idea that this position is largely about representing the legacy of Dow Jones' journalistic values and integrity. I agree. These intangible values are our sole remaining connection to the company and this is what the board seat should be about.

There is disagreement about whether the search to fill this position should go outside the family or not. I have sought to answer this for myself in a rational way. I understand the emotional argument behind the sentiment that this “final” family responsibility should be filled only by a family member. But, I am unable to find, nor has anyone articulated, a rational reason for limiting ourselves in this way. The idea that this is a “family responsibility” and therefore needs be filled by a family member is, at best, a circular argument with no other basis than the fact that our family is charged with selecting the board member (to the satisfaction of News Corp). There are jobs that I would not want to go outside of family members to fill. For example, as my mother and siblings and I now proceed with the creation of business entities to manage our “new family business” (now back in our control for the first time in more than 70 years! – lot’s of exciting developments to report another time…) I believe the board level and chief executive level roles of these entities will be best served by family members, even though there might be more “experienced” managers outside the family we could find.

Chris Bancroft suggested, “no outsider is going to better represent our interests than a family member”. Given that “our interests” are now the intangible journalistic values Dow Jones has long held, I believe that the best representative on behalf of those values is someone who has devoted their career to creating and defending those values, whether they are related to me or not. Chris goes on to ask “And who is going to instruct an outsider what their job for our family is in order to qualify?” I think an outsider who has fought the journalistic fights necessary to maintain integrity could offer valuable insight around what the job at hand should be. Let’s remember the family’s main contribution to these values has been to be as removed as possible from the journalistic trenches at Dow Jones. I also believe that the qualities and qualifications of the right candidate will be obvious if we base them on track record and character.

The board seat will be a unique opportunity for someone. And a unique opportunity for the family to put a final stamp on its legacy. The question is how will we bestow this unique opportunity? Automatically to a family member? Or through a process where we decide what this position is and then find the best possible person to fill it?

I agree with Natalie that we need to hear from possible candidates about their views on the position and what they bring to this particular task.

I think John Carroll is an excellent choice. He exemplifies the proven record of fighting for journalistic values that I think is essential to best represent the family’s interest in this position. I would want the opportunity to hear him and any other interested candidates talk about how he/she would view the job and what they would bring to the table before making a final decision. I don’t want to limit our options at this point.

I agree with Bill Cox III and Crawford that it is appropriate to have an opportunity to meet (again) John Carroll and any other candidate from within or outside the family that family members put forward as part of this selection process.

I look forward to our getting this final decision as soon-to-be non-owners of Dow Jones right in terms of using a smart process and good communication to make this decision. I agree with Chris Bancroft that family members have demonstrated a competence to do this process ourselves with email and phone calls, with the expectation that we will meet, if necessary.

Best regards,

Tom Hill

***

Christopher Bancroft, Thursday, September 20, 2007

Dear Tom,

I discovered three things yesterday that I think are important to know regarding this process of electing the Family Representative to the News Corp board. First, Lisa [Elizabeth Steel] showed me the language from the Merger Agreement that designated Ruby (News Corp), Lisa and Mike Elefante to act in good faith to agree upon an individual… which I quote below from Mike’s email of 9/19/2007 to her:

“Lisa, under section 1.5 of the Merger Agreement it provides: “The Board of Directors of Ruby (News Corp.) shall take all requisite action to cause an individual to be mutually agreed upon pursuant to the procedures set forth in Section 1.5 of the Diamond Closure Letter, to become, as of the Closing Date, a member of the class of directors of Rubywhich has the longest remaining term as of the Closing Date.”

Section 1.5 of the Disclosure Letter states: “Ruby and Michael Elefante and Elisabeth shall act in good faith to agree upon such individual within thirty (30) days of the date hereof. If they cannot come to an agreement within such time period, then the individual shall be selected by the same process as applies to a Successor Bancroft Director pursuant to Section 5.4 of the Voting Agreement.”

Section 5.4 of the Voting Agreement provides that “…the Chairman of News Corp. shall propose a candidate to the News nominating who is a lineal descendent of Hugh Bancroft or a spouse and who is independently of News Corp. If the News nominating committee approves that person, the name is sent to the Special Committee for their approval.”

Let me know if you have any questions about this. Mike”

Mike told me he would send me the entire document and when I get it I will confirm the quotes above.

The second thing I heard from Lisa is that Rupert has rejected John Carroll. As much as I liked Buzzy’s, Crawford’s, the other’s and your and ideas about the qualifications necessary to sit on the News Corp’s board and the high minded values you all wish to assign the seat, it is now clear, from Rupert’s rejection of that very attractive candidate and the language above, that his offer is made only to a family member or a spouse of a family member. As I mentioned before, Rupert made the offer to the family as an incentive to sell (an act of good faith) and because he would like the appearance of the support a Bancroft Family member sitting on his board brings. It is not because he needs or wants a “seasoned champion of journalistic values” from the world of journalism or a “captain of industry” type. Our family’s concerns about journalistic integrity are clearly indicated by our willingness to sell Dow Jones to News Corp.

The third thing I learned from Lisa is that this decision was supposed to be made 30 days after the Merger Agreement was signed. That was some time ago. To answer Crawford’s question, Lisa and Mike both told me they were not aware of these timing details and don't know how they were nominated. From our discussion it is clear that they are both very sensitive to selecting the proper candidate. I have volunteered Leslie [Hill], who is out of pocket today celebrating her wedding anniversary, and my services to Lisa to help get the word out to our respective branches when Mike and Lisa are ready to take your votes formally. I’m sure they will give fair consideration to your choice from the two family members and one spouse who have expressed an interest in this board seat. I look forward to seeing this unfold.

My best regards,

Chris

***

Michael Hill, Thursday, September 20, 2007

Dear Family Members:

I just read the e-mail message from Chris regarding the News Corp. director position and wish to share my thoughts with you.

It is unfortunate to hear about News Corp’s position on John Carroll. As you may recall, I arranged for him to speak to the family last fall. He shared valuable insights, thoughtful ideas and trends in the industry. With that said, I also believe that it is the family’s responsibility to fill the board seat. Although we are transitioning from owners to ensuring the journalistic integrity of Dow Jones as non-owners, this is an opportunity for the family to maintain a connection to Dow Jones and not hand-off this responsibility to others. The Editorial Board provides the mechanism, the added octane, necessary to monitor journalistic integrity.

For many years, I have engaged family members in discussions. I have sought the best individuals to assist us in our ownership of Dow Jones and stewardship of our investments. At the same time, I have always felt that it is important for our family to embrace this responsibility, take a leadership role and to foster the development of the family’s next generation.

I have spoken with many of you over the years. The issues were often difficult to discuss. My intention was always to strengthen the family’s position through education, communication and action. I’ve asked questions that were uncomfortable for many to hear (including me). Over the years, I have taken the heat and persevered by keeping my eye on the goal and being faithful to the interests of the family. I researched the issues, networked with other families, consulted with experts and went back to school to better understand the possibilities for our family and shared what I learned with all of you. If I am selected, I would provide this same dedication to the News Corp. Board. I would strive to uphold the journalistic values of the company and the integrity of the family, to search out and ask others for help, to build allies, to work closely with the Editorial Board to influence the Board of Directors where necessary, to listen and ask necessary questions and to go the extra mile. The Lingua-Franca of our world is not that of values, but of interests – institutional, economic, and political. I know that when the issues actually come before the Board, short term interests may trump our values. In conjunction with the Editorial Board, I would endeavor to protect the journalistic integrity of Dow Jones.

I would consider this position an honor.

Best regards, Mike

***

Tom Hill, Thursday, September 20, 2007

Thanks Chris for the follow up.

You will recall I inquired about the selection process in an email to Mike Elefante and copied to the family on August 7. It has taken the family more than six weeks to get this most basic information.

At this rate I’m confident we'll have a nominee by the end of the year. I’m just not sure which year.

Tom Hill

***

Crawford Hill, Thursday, September 20, 2007

Hi all,

I can only say what a joke this episode has become. To learn only just now what Chris kindly just passed along to us is both disgraceful and egregious and reflects poorly on those who should have guided this to a satisfactory conclusion.

None of this however is to reflect on the integrity, smarts or work ethic of Mike Hill (and Liz [Elisabeth Chelberg], for that matter) who has (have) all of those and more. I just wonder, given the very bizarre nature of this process (or, really, Non-Process) and the Board position itself as we now know it, why anyone in the family would want to do this.

This entire, sad and pathetic, final episode is a fiasco. No wonder we lost Dow Jones!!

I will call John Carroll and pass along the news. To those responsible- Thanks so much for placing me in this awkward position… on the other hand as I have pointed out elsewhere, getting these things right requires more than our designated representatives were capable of executing. The pattern holds to the end. What a shame. I had high hopes that we could get this right and worked hard to that end. Finding all this out now, after the fact is stranger than fiction.

My Best to you all – may your future endeavours be more successful than what transpired here today (not saying much) and may you carry on with your interesting and diverse lives.

I am done with this matter.

Thanks for listening and thanks to those of you who spoke up and supported me when you were so moved. I appreciate your efforts and value our relationships.

As ever,

Crawford

***

Elizabeth Steele and Michael Elefante, Thursday, September 20, 2007

To clarify the context for deciding on the News Corp. Board Seat, under Section 1.5 of the Merger Agreement it provides: “The Board of Directors of Ruby (News Corp.) shall take all requisite action to cause an individual to be mutually agreed upon pursuant to the procedures set forth in Section 1.5 of the Diamond Closure Letter, to become, as of the Closing Date, a member of the class of directors of Ruby which has the longest remaining term as of the Closing Date.”

Section 1.5 of the Disclosure Letter states: “Ruby and Michael Elefante and Elizabeth shall act in good faith to agree upon such individual within thirty (30) days of the date hereof. If they cannot come to an agreement within such time period, then the individual shall be selected by the same process as applies to a Successor Bancroft Director pursuant to Section 5.4 of the Voting Agreement.”

Section 5.4 of the Voting Agreement provides that the Chairman of News Corp. shall propose a candidate to the News nominating committee who is a lineal descendant of Hugh Bancroft or a spouse and who is independent of News Corp. If the News nominating committee approves that person, the name is sent to the Special Committee for their approval.

The 30 day period has passed, although we believe News will continue to work with us. We proposed to News Corp. the idea of selecting John Carroll as the family representative. News made it clear that it would not approve John or another representative and would like to fill the slot with a family member or spouse of a family member.

As you know, three family members have indicated an interest in serving, Elisabeth Chelberg, Mike Hill and Bayne Stevenson. If anyone else would like to put his or her name in consideration, please do so as soon as possible. Please also let us know which of the current candidates you favor. We would like to get back to News Corp. by the end of the day on Monday, September 24st.

Lisa and Mike

***

Kathryn Kavadas, Thursday, September 20, 2007

Dear Lisa & Mike,

I cast my vote for Michael Hill to be selected as the person to sit on the NewsCorp Board from the Bancroft Family.

Thank You !!!

Kathy

***

Brooke Bancroft, Friday, September 21, 2007

Lisa and Mike,

My vote is for Mike Hill, as I am confident in his ability to represent our family with integrity, strength and dedication to the underlying purpose of the role.

On a side note, I also want to thank my dad (in addition to Leslie and Lisa, of course) for the time and devotion he put forth during his tenure on the board. I have watched him make countless trips to and from meetings over the years – despite an already full plate of business and family – and I know that, like all of you (and despite disagreements), he always stood up for what he felt was right. He’s a good person, a wonderful dad, and I’m beyond proud of him.

I think it’s a shame that things have turned out the way they have, but in times like this, I also think it’s important to remember what is truly important in life and to count our many blessings.

Brooke

***

Chris Bancroft Jr., Friday, Sept.ember 21, 2007

All -

I could not have said it better myself. Cheers to Dad, Leslie and Lisa for all your hard, diligent work over the years!

I too would be in support of Mike Hill for the position and think he would be a fantastic representative of our family.

All the best,

Chris Bancroft, Jr.

***

Hugh Bancroft III, Friday, September 21, 2007

Dear Family Members,

I have been out of the loop for about a week and have finally caught up on all of your e-mails regarding this issue about the family representative to be selected for News Corp’s board seat.

If I am not mistken the decision is pretty much out of the family’s hands because the family has allowed the thirty day time period for this decision to laps. According to the News Corp deal it is solely up to Mr. Murdoch to pick the family representative from those members who are willing to commit themselves.

I think that those of you who are interested should be contacting Mr. Murdoch or his representative directly.

Hope all’s well with everyone.

Regards,

Hugh Bancroft

***

Natalie Bancroft, Friday, September 21, 2007

Dear Lisa and Mike,

This may sound far fetched to you, but following extensive discussions with my father Hugh, and his faith in my capabilities, I would like to say that I am interested in the board seat. I know that I may be one of the least appealing choices due to my age, but none the less, I know this is something that I would have the capacity to handle.

Kind Regards,

Natalie Bancroft

***

Elisabeth Chelberg, Friday, September 21, 2007

Dear Bancroft Family Members:

I have enjoyed reading many of your thoughts and comments, and for me these exchanges have once again highlighted our diversity, and more importantly the similarities of our strong convictions. There is not one person who does not agree that it is of the utmost importance to uphold the legacy of journalistic integrity synonymous with Dow Jones’ publications in order to insure the long term success of the company.

I am committed to both the journalistic integrity and to the success of the company and would like to share with you why I am the best family representative to fill the News seat at this time.

I believe that I am in the unique position of already being known to many people critical to the ongoing success and future expansion of DJ, both in DJ and in News Corp. This point may not be well received by some, but having the respect of people from both companies is critical to that person’s ability to be effective in their role as Champion of Dow Jones and its values as it becomes part of a larger corporation. This point differentiates me from other potential family representatives, and is of the utmost importance.

My past history of focusing my efforts on the betterment of DJ was an extraordinary experience that highlighted my ability to stand up for what I believed in, after educating myself and carefully assessing the situation. History has shown that my ideas and suggestions were prudent. Today I would go about expressing my views in an altogether different manner, but with the same passion, commitment and dedication. These are all characteristics I believe to be important in order for this position to be effective.

Many of you may not be aware that I sit on the boards of two industry leading media companies in their respective fields – a television and film company and an internet and mobile application and content distribution company. My business experience through active participation on these boards has given me an insight into some of the most important future channels of distribution and areas of growth for Dow Jones and the potential issues that surround them. My business experience is directly applicable to the requirements of the position and differentiates me from other potential family representatives.

Lastly, and in my opinion of critical importance, is my ability to commit the time necessary for such an important role. There is no substitute for relationship building, as the real work lies behind the scenes. I have thought about what it would mean to me, and to Dow Jones and to the family. I believe that I have the experience, time, conviction and determination to effectively liaise between the four principal groups- our family, the managing editors and managing directors of DJ, the Special Committee, and the News board. With regard to the family piece, it is paramount to both give and receive information on a regular basis, and I would do so before and after Board meetings and as requested. It would be my great honor to serve in this capacity.

Thanks to all of you who have taken the time to read this far.

Be well,

Elisabeth

***

Hugh Bancroft III, Saturday, September 22, 2007

Dear Family,

As you can see from her short e-mail Natalie has decided to join the candidates seeking the family position on the News Corp board.

Although she does not “puff up her chest” when talking about herself (which is part of Natalie’s character) she is direct and to the point. She is a very dedicated young lady and can handle herself in just about any situation. She is totally unafraid to voice her opinion and has a great sense of moral responsibility.

Natalie has had a great interest in Dow Jones since she turned 21 and has actively participated in expressing her opinion about the family’s position regarding the sale of Dow Jones. She has spent hours with me discussing the sale of Dow Jones and what it means. She has not always agreed with me and my position to sell the company.

She has handled herself admirably when confronted with the barage of inquiries from reporters from both here in the U.S. and in Europe. (Natalie was living in Switzerland during the negotiations and had to deal with reporters from Europe. As she is fluent in French she was able to deal with reporters from French publications effectively.)

Natalie would be able to handle the board position very effectively. she is bright, intelligent, and can comprehend things very quickly. she is not afraid to ask for advice when confronted with questions she cannot effectively answer on her own. I feel she already has a strong understanding of what this board position entails. Also, she has the time to devote to her duties as a board member. Natalie is single and her primary commitment is to her Opera carreer. She now lives in England and her commute to New York would be relatively easy.

Please consider Natalie as she will do an oustanding job representing the family on the News Corp board.

Thanks from a proud father,

Hugh

***

Elizabeth Steele and Michael Elefante, Tuesday, September 25, 2007

We have heard from a substantial number of you about the candidate for the News Corp. Board. Mike Hill received a large majority of the votes of those who voted. Elisabeth Chelberg and Natalie Bancroft also received votes. We will communicate the results to News Corp. and will let you know what we hear back.

Lisa and Mike

Elizabeth Steele and Michael Elefante, Monday, November 5, 2007

We learned today that News Corp. intends to nominate Natalie Bancroft to its Board and to propose her name to the Special Committee for its approval. While News Corp. is aware that other members of the family received more support from within the family, News Corp. has interviewed Natalie and elected to nominate her. We trust that Natalie will endeavor to represent effectively the family’s interests on the News Corp. Board.

Mike and Lisa

This case was prepared for inclusion in Sage Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

2024 Sage Publications, Inc. All Rights Reserved

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