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Management due diligence - Wikipedia
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data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Management_assessment" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Management_assessment"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Management assessment</span> </div> </a> <ul id="toc-Management_assessment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Transactions_that_require_management_due_diligence" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Transactions_that_require_management_due_diligence"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Transactions that require management due diligence</span> </div> </a> <button aria-controls="toc-Transactions_that_require_management_due_diligence-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Transactions that require management due diligence subsection</span> </button> <ul id="toc-Transactions_that_require_management_due_diligence-sublist" class="vector-toc-list"> <li id="toc-Mergers,_acquisitions_and_strategic_alliances" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mergers,_acquisitions_and_strategic_alliances"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Mergers, acquisitions and strategic alliances</span> </div> </a> <ul id="toc-Mergers,_acquisitions_and_strategic_alliances-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Partnerships" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Partnerships"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Partnerships</span> </div> </a> <ul id="toc-Partnerships-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Joint_ventures_and_collaborations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Joint_ventures_and_collaborations"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Joint ventures and collaborations</span> </div> </a> <ul id="toc-Joint_ventures_and_collaborations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Management_due_diligence's_responsibility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Management_due_diligence's_responsibility"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Management due diligence's responsibility</span> </div> </a> <ul id="toc-Management_due_diligence's_responsibility-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Importance" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Importance"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Importance</span> </div> </a> <ul id="toc-Importance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Process" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Process"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Process</span> </div> </a> <button aria-controls="toc-Process-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon 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class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Process of evaluating a company's senior management</div> <p><b>Management <a href="/wiki/Due_diligence" title="Due diligence">due diligence</a></b> is the process of appraising a company's <a href="/wiki/Senior_management" title="Senior management">senior management</a>—evaluating each individual's effectiveness in contributing to the organization's <a href="/wiki/Strategic_management" title="Strategic management">strategic objectives</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Assessing company management is crucial when closing business deals. It can mean the difference between long-term success or sudden failure. It also helps the organisation understand how the teams perform their roles in context with the company's future business plan. This helps clarify the structure of the organisation's work-force.<sup id="cite_ref-Best_practice_2-0" class="reference"><a href="#cite_note-Best_practice-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-good_manager_3-0" class="reference"><a href="#cite_note-good_manager-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The management due diligence process can be identified as an informative tool for external stakeholders, and can also be referred to as Management Assessment as it addresses the team’s dynamics and highlight the risks.<sup id="cite_ref-Assessment_4-0" class="reference"><a href="#cite_note-Assessment-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Management_assessment">Management assessment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=1" title="Edit section: Management assessment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Management assessment usually focuses on assessing the leadership skills and characteristics of the organisation's managers—such as the ability to adjust to a changing environment<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> and communicate effectively with other individuals. These characteristics are key points in successful leaders.<sup id="cite_ref-good_manager_3-1" class="reference"><a href="#cite_note-good_manager-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>A leader must consider all factors concerning a strategic decision, such as possible effects on employees and customers. Engaging employees and customers in the decision process helps build better relationships.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Transactions_that_require_management_due_diligence">Transactions that require management due diligence</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=2" title="Edit section: Transactions that require management due diligence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Companies typically apply the due diligence process when they are about to engage in a major transaction with another company—such as selling or purchasing products or services, or buying (merging with or acquiring) the other company.<sup id="cite_ref-What_is_7-0" class="reference"><a href="#cite_note-What_is-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> Some transactions require a due diligence report that includes managements.<sup id="cite_ref-Meaning_8-0" class="reference"><a href="#cite_note-Meaning-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Transactions that might require managerial assessments include: </p> <div class="mw-heading mw-heading3"><h3 id="Mergers,_acquisitions_and_strategic_alliances"><span id="Mergers.2C_acquisitions_and_strategic_alliances"></span>Mergers, acquisitions and strategic alliances</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=3" title="Edit section: Mergers, acquisitions and strategic alliances"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Organizations considering a merger, acquisition or alliance should perform due diligence. This due diligence should investigate the other party's management team. Many mergers and acquisitions fail because of human resources and management-related issues, such as cultural clashes. These incidents occur because of different cultural values or different individual beliefs.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> To avoid such incidents, and cut costs on the long run, management teams must be assessed thoroughly.<sup id="cite_ref-Meaning_8-1" class="reference"><a href="#cite_note-Meaning-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Partnerships">Partnerships</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=4" title="Edit section: Partnerships"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Before organizations signs a partnership contract, they must investigate the other organization’s matters and affiliations, organizational structures, and behaviors. A management due diligence process achieves this. </p> <div class="mw-heading mw-heading3"><h3 id="Joint_ventures_and_collaborations">Joint ventures and collaborations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=5" title="Edit section: Joint ventures and collaborations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When forming a relationship with another organizations, management due diligence helps an organization introduce management structure and the behavior of individuals.<sup id="cite_ref-Meaning_8-2" class="reference"><a href="#cite_note-Meaning-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Management_due_diligence's_responsibility"><span id="Management_due_diligence.27s_responsibility"></span>Management due diligence's responsibility</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=6" title="Edit section: Management due diligence's responsibility"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Not only buyers carry out management due diligence, but also sellers of an organization. Usually, the process of selling an organization or adopting any external growth strategies requires the sharing of warranties. These warranties require private information from the organization—possibly including information and activities that they must shield from the view of third parties. In this case, the seller should carry out due diligence to ensure secure data.<sup id="cite_ref-Meaning_8-3" class="reference"><a href="#cite_note-Meaning-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Importance">Importance</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=7" title="Edit section: Importance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Management due diligence ensures sustainable profit and growth for organisations, as it identifies the human capital components. It ensures that highly skilled people are assigned the correct jobs and responsibilities.<sup id="cite_ref-Best_practice_2-1" class="reference"><a href="#cite_note-Best_practice-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> It increases the chance of a good return on investment by reducing risk.<sup id="cite_ref-Assessment_4-1" class="reference"><a href="#cite_note-Assessment-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Management due diligence identifies strengths and weaknesses of individuals in the management team and assesses their contributions to the organisation.<sup id="cite_ref-Best_practice_2-2" class="reference"><a href="#cite_note-Best_practice-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> It assesses management team members' abilities to reach common goals.<sup id="cite_ref-Firefly_10-0" class="reference"><a href="#cite_note-Firefly-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>It identifies undiscovered dangers that eventually affect productivity. These might include unacknowledged motives or personal conflicts between individuals in management.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> It helps organizations efficiently appraise candidates for a management team position.<sup id="cite_ref-Firefly_10-1" class="reference"><a href="#cite_note-Firefly-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Management due diligence gives an organization a basis for expectations for team and individual performance. Accordingly, the organization can determine whether managers need training.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Process">Process</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=8" title="Edit section: Process"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Since management due diligence lies in the financial analysis of a due diligence report,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> It shares the same process as creating a due diligence report with few variations. </p> <div class="mw-heading mw-heading3"><h3 id="Preparation">Preparation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=9" title="Edit section: Preparation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Preparation is key to an effective management due diligence process. In this phase, organizations gain sufficient knowledge about other organizations. This helps them decide on communication methods between them and other entities, in addition to putting resources in place to promote a successful process. After settling those issues, the organization must: </p><p><i>Form a team for the analysis process</i> from skilled people with enough experience. After forming the team, the organization assigns responsibilities and settles on a process timeline. The organization may fill gaps in expertise by hiring or contracting external people. </p><p><i>Involve managers as early as possible</i> as they must get to know the other organization's management team. Early introductions help managers deal with later obstacles. </p><p><i>Create checklists</i> tailored to particular risks associated with the other organization. </p><p><i>Prepare a list of data requests</i> for the information an organization needs to complete the process.<sup id="cite_ref-Main_steps_14-0" class="reference"><a href="#cite_note-Main_steps-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Such data could include the business plan's management team section,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> or management organizational structure.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p><p><i>After negotiations, have both parties sign a confidentiality report</i> to protect sensitive data from third parties. Agree on a method to store all confidential data—for example, an online data repository<sup id="cite_ref-Main_steps_14-1" class="reference"><a href="#cite_note-Main_steps-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> that both parties can view.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Execution">Execution</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=10" title="Edit section: Execution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In this phase the organization begins analyzing gathered data. The team tries to confirm the target's representations and "soft" aspects of the target, such as its corporate culture. The team must make sure the other organization fits with its own after assessing their management quality. After gathering all the information, the team advises on whether their organization should continue to work with the other organization. </p> <div class="mw-heading mw-heading3"><h3 id="Closure">Closure</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=11" title="Edit section: Closure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After the team finishes analyzing the management team, they submit a report to the final decision makers. If the team exposes irregularities or unexpected risks, the organization can bid on contract changes. If everything passes the assessment, team members switch to integration planning.<sup id="cite_ref-Main_steps_14-2" class="reference"><a href="#cite_note-Main_steps-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Aspects">Aspects</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=12" title="Edit section: Aspects"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>By performing management due diligence to assess the individuals working in an organization, different aspects must be appraised. The diagram outlines the main aspects that must be evaluated. The four circles in the middle represent the basic qualities that are considered essential for an individual assessment. The bigger circle "Role" represents the duties of the individuals in a certain organization. These duties usually vary from one individual to another depending on the job description of that individual. The biggest circle representing the employing organization is located in a market, making it easy to get affected by various external factors.<sup id="cite_ref-Best_practice_2-3" class="reference"><a href="#cite_note-Best_practice-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> These external factors are capable of hindering the organization from achieving its strategic goals and long-term objectives, making this a challenge that has to be dealt with.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>For the individual assessment to be precise and accurate, it must be done after the organization's requirements have been highlighted and responsibilities of each individual are clear. Having such knowledge helps the business organization overcome future challenges and move closer to strategic objectives.<sup id="cite_ref-Best_practice_2-4" class="reference"><a href="#cite_note-Best_practice-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Key_points">Key points</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=13" title="Edit section: Key points"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Management <a href="/wiki/Due_diligence" title="Due diligence">due diligence</a> needs: </p> <ul><li>Clear, defined objectives—set expectations in terms of management styles and qualities in individuals</li> <li>Commitment—assess whether management resources can make the business succeed.<sup id="cite_ref-Meaning_8-4" class="reference"><a href="#cite_note-Meaning-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup></li> <li>Assess strengths—recognize strengths of individual members to use them effectively</li></ul> <p>The management team is an asset to any organisation,<sup id="cite_ref-most_important_19-0" class="reference"><a href="#cite_note-most_important-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Limitations_and_drawbacks">Limitations and drawbacks</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=14" title="Edit section: Limitations and drawbacks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>To assure reliable data, both investor and individuals under assessment must be involved in the feedback process. This can be costly and time-consuming to both parties. Since due diligence can be a detective game, organizations must find individuals who can detect small issues and opportunities. Organizations sometimes bring in outside experts.<sup id="cite_ref-Main_steps_14-3" class="reference"><a href="#cite_note-Main_steps-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>The expense of the due diligence process, and the time involved, can be softened by dividing it into two stages.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Executives may be so interested in a deal that they ignore identified risks and move ahead—and later suffer from management issues.<sup id="cite_ref-Main_steps_14-4" class="reference"><a href="#cite_note-Main_steps-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Information gathering can involve interviewing the management team, but the team may see them as expensive and time-consuming.<sup id="cite_ref-What_is_7-1" class="reference"><a href="#cite_note-What_is-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> People doing the analysis might not be familiar with the organization's sector, which can lead to wrong conclusions.<sup id="cite_ref-most_important_19-1" class="reference"><a href="#cite_note-most_important-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Management_due_diligence&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div 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center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output 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