Milgram Study Paper Analyzed And Discussed. The Milgram

Milgram Study Paper; Analyzed and Discussed The Milgram experiment took place in an underground room in Linsly-Chittenden Hall, situated on the campus of Yale University, in July 1961. Yale University psychologist Stanley Milgram led the experiment. The experiment was met to measure the willingness of participants to obey an authority figure who instructed them to perform an experiment that was against their moral views. Milgram’s participants for his experiments were from all backgrounds. The subjects ranged from college graduates to people that had not finished grade school (Milgram’s Experiment on Obedience to Authority). They were told the experiment would study the effects of punishment on a person’s learning ability, and were†¦show more content†¦Milgram was shocked by the levels of obedience and set about devising variations of the experiment to find out what components of the situation led to such levels of total obedience. He increased the learn er’s proximity first with vocal feedback from the shocks, progressing from grunts to refusals to continued and agonizing screams, then the learner was placed in the same room acting as if being shocked, and then finally the teacher sat next to the learner and had to forcefully hold the learners hand down onto a shock plate while administering shocks. The learner refuses to continue after 150 volts. These variations each completed 40 times show the level of detail Milgram went to with his study. He dissected every aspect of the situation and studied its effect on the outcome. The variations showed that proximity to the learner increased disobedience to the orders to continue hurting the learner. Staggeringly 30% of participants completed the experiment even when they had to hold down the unwilling learners hand. What makes Milgram’s studies important is the detailed replication and careful alteration of the experiments parameters. The results demonstrate clear and large ly consistent statistical data. The substantial number of participants enables us to look past dispositional factors, personal factors participants brought to the experiment, and see the patterns of behavior inherent in modern society atShow MoreRelatedObedience For Authority Milestone Three1847 Words   |  8 PagesUniversity Obedience to Authority Milestone Three â€Æ' Obedience to Authority Milestone Three The two studies being analyzed today are the Stanly Milgram experiment and the Slater experiment. The two similar experiments yielded information about obedience to authority that explains the correlation in society between authority, obedience, and morality. Despite the major ethical problems in the Milgram experiment, it is known in social psychology today that human beings will follow orders from authorityRead MoreResearch Proposal Title: Cultural Issues (Change Management) in Mergers3366 Words   |  14 PagesResearch Proposal Title: Cultural Issues (Change Management) in Mergers ICON College of Technology Management BTEC Edexcel Level 7 Advanced Professional Diploma in Management Studies (DMS) (Semester 1) Prepared by: Rahad Air ID: 5957 Module Leader: Dr. Paul Howe Course: Research Method February 2010 Introduction: Today’s fast growing globalize economies and competition have forced industries to fine ways to survive in today’s perplexed business environment and generateRead MoreSociology and Group41984 Words   |  168 Pagesdoes not cause . al results or harm others. True/False 1.2-1. According to a study commissioned by the Association of American Colleges and Universities, teamwork skills and the ability to collaborate with others in diverse group settings was ranked first as an essential learning outcome in 2 of 4 major categories. a. True b. False Answer: a. True . Employers view proficiency in a field of study as more important than group communication skills. a. True b. False Answer: b.Read MoreDeveloping Management Skills404131 Words   |  1617 Pagesmymanagementlab is an online assessment and preparation solution for courses in Principles of Management, Human Resources, Strategy, and Organizational Behavior that helps you actively study and prepare material for class. Chapter-by-chapter activities, including built-in pretests and posttests, focus on what you need to learn and to review in order to succeed. Visit www.mymanagementlab.com to learn more. DEVELOPING MANAGEMENT SKILLS EIGHTH EDITION David A. Whetten BRIGHAM YOUNG UNIVERSITY Read MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pages4 What Managers Do 5 Management Functions 6 †¢ Management Roles 6 †¢ Management Skills 8 †¢ Effective versus Successful Managerial Activities 8 †¢ A Review of the Manager’s Job 9 Enter Organizational Behavior 10 Complementing Intuition with Systematic Study 11 Disciplines That Contribute to the OB Field 13 Psychology 14 †¢ Social Psychology 14 †¢ Sociology 14 †¢ Anthropology 14 There Are Few Absolutes in OB 14 Challenges and Opportunities for OB 15 Responding to Economic Pressures 15 †¢ Responding to Globalization

Essay on The Energy Star Home - 1704 Words

The Energy Star Home The Energy Star label is awarded to products that promote energy-efficiency. New homes have been included in the Energy Star Program. Energy Star products must be at least 30% more energy-efficient than current regulations demand. The same energy requirements apply to the Energy Star Home as well. Such areas on a home that are targeted for improvement include: framing, ducts, windows, insulation, and HVAC. Although, the energy star program includes appliances and electronics, when applying the program to a home, only structural improvements are taken into consideration. It is possible for a home to receive an Energy Star Label but at the same time be filled with non-energy star appliances. Older homes can†¦show more content†¦New energy star homes will have a label on the breaker box stating that the home has undergone a third party evaluation. This evaluation ensures that the home either meets or exceeds energy star requirements. The Home Energy Rating System, or HERS, scoring is how a home is ranked based on energy-efficiency. The HERS works on a 100 point system, with a score of 80 for a house that meets the minimum requirements of the Model Energy Code. Each point on the HERS scale corresponds to a 5% increase in efficiency meaning that a minimum score of 86 is needed for a home to receive an energy star label. There is another possibility for builders known as the Builder Option Packages, or BOPs. For the purpose of BOPs, the US has been divided into 19 climate zones. Each climate zone has construction specifications that include performance levels for the thermal envelope, insulation, windows, orientation, HVAC systems, and water heating efficiency. A home built to BOP specs is not rated by the HERS system but still is subject to third party verification. BOP homes either pass or fail as energy star homes. The first consideration when building an energy-efficient house is tight construction. There are hundreds of holes that penetrate the outside of a house resulting from framing and holes drilled for wiring, plumbing, and ducts. By framing the house more carefully and tightly, there will be fewerShow MoreRelatedThe Energy Star Certification On Home Prices1742 Words   |  7 Pagesprograms like the ENERGY STAR ® Certified New Homes Program, the question remains for many home builders and buyers of how these benefits impact property value. This report provides statistical analysis to quantify the impact of ENERGY STAR Certification on home prices in the state of Maryland between 2010 and 2016. A regression model was used to isolate the impact of the ENERGY STAR Certification on the home value and control for home characteristics. ENERGY STAR Certified homes were found to haveRead MoreEssay about Global Warming: Why Its Happening1279 Words   |  6 PagesWater Vapor (H2O), and the most common, Carbon Dioxide (CO2). Greenhouse gases absorb Infrared Radiation (heat) photons and re emit them back to Earth, trapping them in the atmosphere as Thermal Energy, in a process called the greenhouse effect. Things like factories, transportation, electricity energy, and agriculture/cattle ranches cause those emissions of greenhouse gases. If too many greenhouse gases are released into the atmosphere, too much heat will become trapped and the Earth’s temperatureRead MoreCsr As A Function Of Business1469 Words   |  6 PagesCSR as a Function of Business: Corporate Social Responsibility is a major part of The Home Depot and should be considered a function of all businesses. It is, in part, the reason why shareholder wealth is maximized and precisely why it should be considered a function of business. For some businesses, the level of CSR should be higher, based on the size of the business, the number of employees and other stakeholders as well as profit margins and impact on communities and the earth’s natural resourcesRead MoreSaving Electricity : Save Electricity1659 Words   |  7 Pagesto save electricity. Amazing Ways to Save Electricity Preserving electricity fills the twofold need of ceasing a worldwide temperature alteration and save a great deal of cash over time. Examine your home and office: any apparatus that works on power can be made energy efficient. Protecting your home and changing your day by day propensities are additionally successful approaches to lessen the measure of power you utilize. Read on for more subtle elements on the most proficient method to save electricityRead MoreThe Government s Energy Star Program934 Words   |  4 PagesMACHINES INTRODUCTION The federal government’s energy star program was established in 1992 by the Environmental Protection Agency (EPA). This program is voluntary and started in order to save businesses and families save money. This program has many companies investing in energy efficient projects to help boost the market. While promoting these products, the energy star program also helps to reduce energy consumption and pollution. Along with saving energy, it helps to reduce greenhouse gases. ReducingRead MoreTaking a Look at Climate Change964 Words   |  4 Pagesgreenhouse gases, Carbon Dioxide (CO2), and Water Vapor (H2O). Greenhouse gases absorb Infrared Radiation (heat) photons and re emit them back to Earth, trapping them in the atmosphere as Thermal Energy, in a process called the greenhouse effect. 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Home Improvements Several adjustments can be made to the house to improve its thermal performance overall. Improving the design of the house, it will increase the star rating. The more starts given in the ratingRead MoreSolar Environment Essay1018 Words   |  5 Pages5.1 Basic Energy Saving Tips †¢ LOWER THE SET-POINT ON YOUR THERMOSTAT IN WINTER Reducing your set-point by 1Ëš for an entire winter can yield a 3% savings in energy used to heat your home. If you keep your thermostat at 68Ëš, try to turn it down to 67Ëš for a week and see if that’s okay. If so, try 66Ëš and keep going down until you get to a point where you are no longer comfortable. Then go back up 1Ëš and hold it there. †¢ USE WINDOW TREATMENTS TO CONTROL SOLAR HEAT GAINS IN SUMMER WINTER Often

Relationship between Learning and Grading Free Essays

To understand the relationship between evaluation and learning, we need to understand the evaluation pattern currently in use. Level 1, shows superficial concern on the work done by students. It takes for granted that the work done by students must be graded. We will write a custom essay sample on Relationship between Learning and Grading or any similar topic only for you Order Now Level 2 asks if traditional assessment or ‘authentic’ evaluation, which would delve deeper into students achievements? Level 3 enquires the need of evaluating students. The idea of wanting to know about the student performance itself is objectionable. Labeling students on the basis of performance often misjudges them. Student performance does not show any improvement on strict assessment. On the other hand, when it is easier to score, the learners do not put inferior work. Often the same teacher may put different grades to the same work when assessed at two different times. Thus the variation in score indicates subjective assessment .It makes learning incompatible. Motivation is an important aspect of assessment. If the motivation is inherent, then the student learns for his own sake, on the other hand, when the motivation is external, learning is for a purpose, the purpose being escaping a punishment or expecting a reward. Both are conflicting in nature. The findings reveal that student’s performance suffers and they exhibit lesser interest and focus on the task, if they know that they will be graded. Rote learning falls apart when the students know that they will be graded. Japanese students exhibit less interest in the subject and willingness to answer difficult questions, when they know they would be examined. Thus using grades to evaluate students made them lower interest, instill the fear of failure and disheartened their learning and creativity. (Butler and Nissan 1986, P.215). Some educators believe that providing feedback in form of grades is inadequate. It does not tell the student, where he or she went wrong, and the scope for improvement. Eric Schaps (1993) designed the ‘demand’ and ‘support’ models. The demand model highlights the student’s performance as ‘chosen’ and ‘earned’ making education an investment and preparation of a future worker. The ‘support ‘model is learner oriented making students responsible in the tasks they have chosen. It teaches that supportive and engaging environment is wanted more than improvement. The 5 main principles of assessment are – 1.In no way should evaluation stop curiosity or instill fear. 2. Interest sparked in students can be read by observation by experienced teachers. 3. School can become a caring place, making students feel free to discuss problems and seek help. 4. Assessment should be directly related to quality of curriculum. It is important to know if the student has received anything worthwhile from the curriculum.5 Students to play a decisive role in evaluation, to know that it is a learning experience. In case Grades are a must, it is important that they are supplemented by adequate comments. Gradation should not be done, while the students are still learning. A teacher should not mark students on a curve, saying only few are eligible for top marks. It is destructive to the self esteem of the student. Grades should never be given for effort, for it creates an opposite effect. Teachers need to keep an eye on the interest level of the curriculum too. How to cite Relationship between Learning and Grading, Essay examples

Critical Studies on Corporate Responsibility †MyAssignmenthelp.com

Question: Discuss about the Critical Studies on Corporate Responsibility. Answer: Introduction These days, the level-headed discussion about the ethics of tax dodging is progressively imperative since the sincerity of tax evasion is settled in both precedent-based law and common law locales around the globe. Other than that, the general population of data of the world's innovation on news sources and online networking is in a flash demonstrating any oversights an organization or individual makes. Because of every one of those above, it is important that the ethical conduct has become fundamentally critical in business as of late, especially the workers who keep up the solid good compass. The representatives' conduct which is seen as unethical or corrupt could for all time be influenced by the organization's notoriety. Tax practices are one specific region which ethical basic leadership is required. Then again, it ought to be considered about the diminishment of the utilization of tax evasion by tax counselors (Brian Tracy, 2015). The philosophical meanings of ethics are immense and variable, yet there have been a few assertions that characterize ethics as twofold, as a train that reviews the arrangement of good standards and as an examination of gauges of human conduct that shows what is correct or off-base. The concentration in this work is in the second branch of ethics, the investigation of what is correct or off-base. People settle on a few choices consistently, and a large number of these force the need to pick between the privilege and the wrong activity. They can select to choose something in a way that is ethically wrong, or rather pick to choose something in a way that is ethically right. Their picked choice lays just on their still, small voices. Truth be told, regardless of whether they realize that some activity isn't right, they can take the wrong way and live with this choice (Brown, 2014). In any case, before choosing whether a demonstration is correct or wrong, individuals need to find what it even intends to be correct or wrong, to carry on in a specific circumstance they need to decide ahead of time the ethical parts of their choices. To help this examination, about what is correct and what isn't right, antiquated Greek thinkers created wellsprings of ethical guidelines to decide how individuals should act when looked with specifics circumstances. Regardless of this long advancement in ethical gauges, there have not been critical assertions about the meaning of these norms and about which of them should be connected in a given circumstance. Problem Statement As a matter of first importance, some huge organizations don't pay a considerable measure of tax regardless of getting a huge benefit through utilizing tax dodging lawfully. Notwithstanding, the other activity still paid such a great amount of tax for the administration. Thus, there are more inquiries that got some information about the ethics of tax evasion, and the administration tries to discover this circumstance to dishearten the practice. Despite the fact that Kangaroo getting a pre-tax benefit in excess of $1 billion last monetary year, this organization has never contributed any corporate tax since 2009. This organization must acknowledge everything that the Government of Australia is so liberal in the control of arrangements. Besides, Kangaroo isn't the just a single organization which haven't paid the tax for as long as three years. As per the ABC investigation, there are 380 or one of every five of the biggest organizations in Australia which exploit a liberal tax arrangem ent of Australia (Byrne, 2012). To manage the fundamental inquiry of this work, two of the most contemplated and connected wellsprings of ethical gauges will be viewed as Utilitarian Approach and Deontological Approach. Both of these wellsprings of ethical gauges are inside the branch of Regularizing Ethics and they endeavor to answer a similar inquiry what is the privilege or the wrong activity in a specific circumstance? The research questions guiding this project are as follows. Why do several large corporations fail to pay taxes? What are the two major theories associated with tax avoidance? What is the difference between tax avoidance and tax evasion? Literature Review The scholarly writing about tax dodging typically utilizes distinctive definitions for the same kind of tax courses of action, what cause false impressions and imprecision in the investigation of this subject (Byung et al, 2014). To settle this error, the initial segment of this section characterizes and clarifies the distinctive sorts of tax game plans. The second part considers the qualification between tax dodging and tax avoidance. The tax hole is the contrast between the tax income the legislatures would bring up in a flawless tax framework and the income the administrations really gathered. This sum is spoken to by all tax minimization courses of action. Despite the fact that there are not kidding troubles in deciding the scope of the tax hole, a few examinations appraise an aggregate of in excess of a trillion of dollars a year in developed nations (Claudia Mollie, 2014). Considering the colossal measure of income nations had not been gathering, as spoken to by the tax hole, legislatures of a few nations have been evolving authoritative, managerial and criminal techniques and tenets to manage this inquiry. Be that as it may, before taking care of this issue, it is basic to indicate the contrast between tax dodging and tax avoidance. Regardless of the same financial aftereffect of the usage of these plans, which in actuality is the lessening of tax liabilities and a reduction in government income, administrative ways to deal with each plan must be unique. Dirk Johannes (2017) shows the presence of two principal criteria used to decide if some action can be considered tax dodging or tax avoidance. For this creator, the principal model to be assessed is the sequential request, and the second paradigm is the legitimateness of the activity. Taking the sequential request as a measure, tax dodging dependably happens before the occasion that offers ascend to the tax obligation. This particular occasion is done in an approach to keep away from the presence of a tax risk, generally, this would be a taxable occasion and would cause tax commitment. The precondition to paying any tax is the event of an occasion allocated by law; if this circumstance does not occur, as in the tax dodging case, the tax commissioner does not exist in lawful terms. In this manner, from a sequential viewpoint, the snapshot of the event of the taxable occasion is the primary and one of a kind proof to decide the sort of tax plan that happens in the circumstance under audit (Kelly, Martha Annie, 2013). Nevertheless, a similar creator shows a deficiency in this definition, in light of the fact that there have been circumstances in which tax avoidance marvels happen, yet the taxable occasion has not happened yet. A case of this may be the point at which an organization issues a false business receipt and offers the item soon after this wrong activity. The usage of the second criteria endeavors to round the pointed out the lack of the sequential criteria, presenting the examination of the legitimateness of the task. Close by the sequential criteria, to decide if some activity is a sort of tax avoidance it needs to check whether the activities identified with all tasks are under the law or not. Kemi Emem (2016) characterizes the legitimateness criteria used to distinguish tax avoidance by the nearness of no less than one of three attributes: unscrupulous tax detailing, misrepresentation, or tax dissimulation. Deceptive tax announcing emerges when people, firms, or different elements don't legitimately educate tax specialists its pay, benefits or picks up. The target of this direct is to avoid the tax liabilities and it is finished by illicit means. Extortion is a generally utilized term, however particularly, for this situation, it is identified with the activity of the distortion of the condition of some circumstance by falsifying or debasement of archives, with the aim to diminish or kill the tax installment. In tax dissimulation, the specialist produces the presence of some situation which in actuality does not exist, or he adulterates the genuine issue using diverse issues with similar perspectives however with less taxable impacts (Laszlo, 2011). Corporate Tax Avoidance Are firms ready to keep away from corporate salary taxes effectively finished drawn-out stretches of time? Provided that this is true, how common is for some time run tax avoidance? What are the qualities of firms that effectively keep away from pay taxes over long stretches? Shockingly, some scholars such as McManus (2011) know about no distributed scholarly research that specifically tends to these essential inquiries. Earlier tax investigate has made incredible walks in seeing how taxes influence particular choices that organizations make. Substantially less is thought about firms' general tax evasion over brief periods, not to mention their capacity to maintain a strategic distance from taxes over drawn-out stretches of time. Firms that report outside wage in their money-related articulations don't seem to have brought down money compelling tax rates than different firms. In any case, firms situating in safe house nations have all things considered a money powerful tax rate about 7% lower than different firms (Norman, 2018). On the other hand, the nearness of remote resources (instead of outside salary) is related with higher wage taxes, in spite of the fact that the impact is expanding at a diminishing rate as the quadratic term stacks contrarily and noteworthy. Taking these three discoveries together proposes that just having outside activities isn't related to tax evasion, yet detailing remote pay that is out of extent with remote resources is related to tax dodging. What's more, outside tasks situated in a tax asylum nation especially improve the association's capacity to keep away from money tax installments? Consequentialism is the field of Normative Ethics in which the regularizing properties rely upon the result of the demonstration. As such, inside Consequentialism the result of an activity is the center from which the activity will be esteemed. As a culmination, the methods utilized to accomplish this end does not tally in this examination, basically the result. Consequentialism, otherwise called teleological ethics, envelops a few hypotheses, similar to Utilitarianism, Hedonism, Egoism, Asceticism, and others. Among these hypotheses, the more created and including is Utilitarianism. The Utilitarian Approach, called Utilitarianism, or Utilitarian Ethics, is a sort of Consequentialism and thinks about the consequence of a particular conduct, the aftereffect of which ought to be estimated and assessed. The Utilitarianism hypothesis was methodically created by Jeremy Bentham in 1780. The most critical scholar of Utilitarianism that took after Bentham, in any case, was John Mill, in his 1863 work Utilitarianism. Jeremy Bentham built up his hypothesis of Utilitarianism focused in the criminal arrangement of the UK in the 18th Century. His point was to make a balanced and relentless framework to manage criminal discipline, which depended on those former days dominatingly in retaliation. Bentham built up his Utilitarianism in view of the vibes of torment and joy, his ethical framework in this manner depending on the possibility that an activity should be viewed as right if the subsequent level of delight exceeds the agony. Note that the utility relies upon whose interests are considered, however, Bentham too called attention to that standard of utility ought to consider the people as well as the group, so any conduct must be assessed by taking the bliss and the damages of all parts of the group into thought. Bentham likewise specifies conditions - like force, term, assurance or vulnerability - that ought to be assessed to decide the estimation of joy or torment, and along these lines the utility of an activity. Bentham Utilitarianism depends on quantitative criteria, which relies upon the expansion of delight and the minimization of torment. The ethical choice is specifically dictated by the contrast amongst joy and agony (Nubia, 2016). Theory of Deontology Deontology, otherwise called Deontological Ethics or Duty-Based Ethics, is a classification of Normative Ethics in which the ethical investigation of a demonstration depends not on its outcomes, as in Consequentialism and Utilitarianism, however on whether this demonstration has taken after an ethical standard or not. This ethical standard should be seen before executing an activity. The individual should act as per the ethical standard. The significant point is the operator's expectation, not the outcome of its activities. In any choice, there is an obligation to be watched and this obligation depends on an ethical standard that does not rely upon the outcome or result of the activity, however rather on an ethical law. The German rationalist Immanuel Kant (1724-1804) is the fundamental nonentity for Deontology. Kant constructed his ethical rationality in light of reason and considered that profound quality gets from such, for no one but reason can decide if some demonstration is great or not, moral or corrupt. Moral tenets or good law should be "straight out objectives," or the essential the standard from which all obligations and commitments have their grounds. The adage portrays the activity in a nonpartisan term, and from this depiction, the activity is broken down by the ethical tenets. In the event that the sayings speak to a sane conduct, it signifies an ethical activity. Then again, if the sayings don't speak to an objective conduct, thusly the activity isn't an ethical activity. In this manner, profound quality or corruption of an activity relies on its sanity, and just what is normal is moral. Methodology and Methods Quantitative and qualitative secondary data from various accountancy firms was used in this research. The techniques used were mainly questionnaires. Orderly and forceful tax evasion brings up significant issues about the accepted social duty and ethics of accounting firms and their rich customers, yet such issues pull in little consideration in the expanding corporate social responsibility (CSR) and accounting literature despite the fact that a portion of the scenes is routinely detailed in daily papers. Through tax evasion, bookkeeping firms are occupied with coordinate exchanges of riches and carry them into a direct clash with the state and common society. Their exchange brings about normal nationals accepting mediocre open products, bring down personal satisfaction and for this declining situation, unexpectedly, wind up paying higher taxes, regularly to crumble social framework while partnerships request more open endowments and the rich prohibit themselves physically from socie ty by resigning to privately gated domains (Sikka Hugh, 2013). The outcome is a major moving of tax loads. For instance, the UK wage tax take of 50 billion for 1989-90 expanded to 120 billion out of 2003-2004 while for a similar period, regardless of record organization benefits and normal rates of return of 12% against a yearly swelling rate of 4-5%, the take from corporate taxes expanded from 19.5 billion to just 27 billion. The corporate offer of aggregate UK tax take has dropped from 12% out of 1997/98 to 8% out of 2003/2004 and sums to under 3.1% of the British GDP, the most minimal ever. Somewhere in the range of 70,000 wealthy people are evaluated to have paid almost no wage tax and best 5th of workers pay a less extent of their pay in tax than the base fifth. In the US, corporate tax receipts have dropped from a normal of 5% of GDP amid the 1950s to 2.3% of the Gross Domestic Product (GDP) in 2003 (Sikka Mark, 2005). Since the start of the twentieth century, social orders the world over have been requesting more products and service from states. Besides requests for products and services, requests for medicinal services, transportation offices, vitality supply, among others can likewise be watched. Likewise, as a vital issue, there has been a substantial and steady claim for more welfare spending. Despite these requests, individuals, when all is said in done, decline to pay more taxes to support this expanded spending by States: They need more from the State, however, need to abstain from paying for the higher nearness of States in their lives. Be that as it may, to decline to pay these taxes is, when in doubt, an unlawful demonstration. Despite the fact that individuals and associations don't prefer to pay taxes, they pay to keep in mind the end goal to be inside the law (Seleshi, 2011). As exhibited in this work, tax evasion is a sort of course of action in which somebody can diminish his or her tax risk legitimately. Hence, this game plan has turned out to be progressively normal, bringing about extremely great measures of tax dodging, and bringing about a decrease in tax incomes. In perspective of these inquiries, States have been battling against tax dodging with genuine steadiness, however, have not been extremely compelling, for the most part since taxpayers have a tendency to have tax pros prepared to exploit an unavoidable new tax decide that tries to battle tax dodging. Notwithstanding when States are genuinely effective in setting a tax system, taxpayers are normally more proficient than States. The most widely recognized system utilized by States to handle tax dodging is called GAAR, or General Anti Avoidance Rules. As saw, every single entrepreneurial nation has some sort of GAAR to manage the taxpayers who expect to make utilization of tax dodging plans. Society, when all is said in done, has a tendency to consider tax evasion as an unethical lead (Steve, 2014). Be that as it may, Ethics as a subdivision of Philosophy has systems to manage these sorts of inquiries. These procedures are known as Ethical Standards, and among the Ethical Standards, there are two that speak to the most grounded fields ever: The Utilitarianism and the Deontology approaches. To put it plainly, Utilitarianism tries to assess the ethics of an activity by estimating the consequence of this activity, while Deontology is worried about the purpose of the on-screen character not with the aftereffect of its activity. In this way, to investigate the ethics of tax evasion, these two methodologies were connected to this sort of tax game plan. This work found an uncertain answer utilizing the Utilitarianism approach, however a convincing answer when utilizing Deontology (Susan Frank, 2015). Conclusion Regardless of the distinctions in the outcomes for nations where the legislature has a decent chronicled utilization of the income acquired from taxation, the two procedures prevent the utilization from securing tax evasion, pronouncing this is an unethical conduct. Just in the nations where the administration has a terrible authentic utilization of the income got from taxation prompts the Utilitarianism way to deal with demonstrating that tax evasion is an ethical activity, yet even for this situation from a point of view of Deontology, tax dodging is as yet not ethical. Anyway, the use of various ethical methodologies can result in various perspectives. Another probability to better manage these inquiries is to broaden this work by utilizing others sorts of ethical methodologies, similar to Virtue Ethics and Common Good Ethics. These two methodologies, by utilizing unmistakable philosophy and speculations, would exam be able to the inquiry here from various perspectives, accomplishing possibly divergent outcomes, yet unquestionably enhancing the comprehension of the subject. References Brian H. Tracy N., 2015. Auditor-provided tax services and long-term tax avoidance. Review of Accounting and Finance, 14(3), pp. 285-305. Brown, S. A., 2014. Conceptualizing digital literacies and digital ethics for sustainability education. International Journal of Sustainability in Higher Education, 15(3), pp. 280-290. Byrne, E. P., 2012. Teaching engineering ethics with sustainability as context. International Journal of Sustainability in Higher Education, 13(3), pp. 232-248. Byung G. Kang, Francis E., Andrew P. Tony T., 2014. The application of causality to construction business ethics. Social Responsibility Journal, 10(3), pp. 550-568. Claudia K. Mollie Painter-Morland, 2014. The experience of learning: approaches to sustainability and ethics education. Journal of Management Development, 33(6). Dirk K. Johannes M., 2017. Tax avoidance, value creation and CSR a European perspective. Corporate Governance: The International Journal of Business in Society, 17(5), pp. 803-821. Kelly B., Martha C. Monroe Annie O., 2013. The importance of teaching ethics of sustainability. International Journal of Sustainability in Higher Education, 14(1), pp. 6-14. Kemi O. Emem L., 2016. Ethics, workforce practices and sustainability by multinationals in Nigeria. Worldwide Hospitality and Tourism Themes, 8(2), pp. 158-181. Laszlo, Z., 2011. Environmental ethics for business sustainability. International Journal of Social Economics, 38(11), pp. 892-899. McManus, J., 2011. Revisiting ethics in strategic management. Corporaate Governance: The International Journal of Business in Society, 11(2), pp. 214-223. Norman, M., 2018. Can harmonization antidote tax avoidance and other financial crimes globally?. Journal of Financial Crime, 25(1), pp. 187-209. Nubia, E., 2016. Is the top leadership of the organizations promoting tax avoidance?. Journal of Financial Crime, 23(2), pp. 273-288. Seleshi, S., 2011. The functional?institutional and consequential?conflictual sociological approaches to accounting ethics education: Integrations from sustainability and ecological resources management literature. Managerial Auditing Journal, 26(3), pp. 263-294. Sikka P. Hugh W., 2013. The tax avoidance industry: accountancy firms on the make. Critical perspectives on international business, 9(4), pp. 415-443. Sikka P. Mark P. Hampton, 2005. The role of accountancy firms in tax avoidance: Some evidence and issues. Accounting Forum, 29(1), pp. 325-343. Steve, L., 2014. Ethics, politics, sustainability and the 21st century trustee. In: C. L. . T. H., ed. Critical Studies on Corporate Responsibility, Governance and Sustainability. s.l.:Emerald Group Publishing Limited, pp. 197-213. Susan A. Frank M., 2015. The dark side of professions: the big four and tax avoidance. Accounting, Auditing Accountability Journal, 28(8), pp. 1263-1290. Svetlana K. Cicmil Eamonn O'Laocha, 2016. The logic of projects and the ideal of community development: Social good, participation and the ethics of knowing. International Journal of Managing Projects in Business, 9(3), pp. 546-561. Tang, T. Y. H., 2016. Privatization, tunneling, and tax avoidance in Chinese SOEs. Asian Review of Accounting, 24(3), pp. 274-294. Xudong C., Na H., Xue W., Xiaofei T., 2014. Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), pp. 25-42.

Schizophrenia Is A Serious Brain Disorder. It Is A Disease That Makes

Schizophrenia is a serious brain disorder. It is a disease that makes it difficult for a person to tell the difference between real and unreal experiences, to think logically, to have normal emotional responses to other, and to behave normally in social situations. People with schizophrenia may also have difficulty in remembering, talking, and behaving appropriately. Schizophrenia is one of the most common mental illnesses. About 1% of the world population has schizophrenia. In the United States, there are about 2.5 million people with the disease. Schizophrenia is the cause of more hospitalizations than almost any other illness. Schizophrenia most commonly begins between the ages of 15 and 25. Although it strikes men and women equally, the symptoms may appear later in women than in men. Very rarely, the symptoms of schizophrenia can appear before the age of 12. Childhood schizophrenia has a more chronic disease course and involves poor early language development. People with schizophrenia can have a variety of symptoms. Sometimes, these symptoms come on suddenly. Usually, though, the illness develops slowly over months or even years. At first, the symptoms may not be noticed or may be confused with those of other conditions. For example, people with schizophrenia may feel tense, be unable to concentrate, or have trouble sleeping. They often become increasingly isolated and withdrawn as their grip on reality loosens. They do not make or keep friends. They may stop caring about the way they look. Dropping out of school or doing badly at work are other early signs of schizophrenia. As the illness progresses, symptoms of psychosis develop. The person starts to act strangely and talk nonsensically. People with schizophrenia may develop paranoid delusions. Examples of this would be that they might see, feel, smell, or hear things that are not really there. They may have physical symptoms, like frowning or unusual movements, and may stand or sit in strange positions. Some people become almost motionless. Others move around constantly. The severity of symptoms will vary from one person to another. The symptoms also tend to worsen and improve. When the symptoms are improved, the person may appear to behave relatively normally, but usually there will be repeated episodes of the illness that will cause symptoms to reappear. Schizophrenia is a complex and puzzling illness. Even the experts are not sure exactly what causes it. Some doctors think that the brain may not be able to process information correctly. People without schizophrenia usually can filter out unneeded information: for example, the sound of a train whistle in the background or a dog barking next door. People with schizophrenia, however, cannot always filter out this extra information. One possible cause of schizophrenia may be heredity, or genetics. Experts think that some people inherit a tendency to schizophrenia. In fact, the disorder tends to run in families, but only among blood relatives. People who have family members with schizophrenia may be more likely to get the disease themselves. If both biologic parents have schizophrenia, there is nearly a 40% chance that their child will get it, too. This happens even if the child is adopted and raised by mentally healthy adults. In people who have an identical twin with schizophrenia, the chance of schizophrenia developing is almost 50%. In contrast, children whose biological parents are mentally healthy even if their adoptive parents have schizophrenia have about a 1% chance of getting the disease. That is about the same risk as for the general population of the United States. Some researchers believe that events in a persons environment trigger schizophrenia. Some studies have shown that influenza infection or improper nutrition during pregnancy and complications during birth may increase the risk that the baby will develop schizophrenia later in life. Many believe that schizophrenia is likely caused by a complex combination of genetic and environmental factors. Certain people are born with a tendency to develop the disease. But the disease only appears if these people are exposed to unusual stresses or traumas. Schizophrenia is usually treated with antipsychotic medication. Some people with schizophrenia also benefit from counseling and rehabilitation. They may need to go to the hospital during an acute attack. The goal of treatment is to reduce symptoms during acute

Gulf of Mexico Habitat and Marine Life

Gulf of Mexico Habitat and Marine Life Gulf of Mexico Facts The Gulf of Mexico covers about 600,000 square miles, making it the 9th largest body of water in the world. It is bordered by the U.S. states of Florida, Alabama, Mississippi, Louisiana and Texas, the Mexican coast to Cancun, and Cuba. Human Uses of the Gulf of Mexico The Gulf of Mexico is an important area for commercial and recreational fishing and wildlife watching. It is also the location of offshore drilling, supporting about 4,000 oil and natural gas platforms. The Gulf of Mexico has been in the news recently because of the explosion of the oil rig Deepwater Horizon. This has affected commercial fishing, recreation and the overall economy of the area, as well as threatening marine life. Types of Habitat The Gulf of Mexico is thought to have formed by subsidence, a slow sinking of the seafloor, about 300 million years ago. The Gulf has a variety of habitats, from shallow coastal areas and coral reefs to deep underwater areas. The Gulfs deepest area is Sigsbee Deep, which is estimated to be about 13,000 feet deep. According to the EPA, about 40% of the Gulf of Mexico are shallow intertidal areas. About 20% are areas over 9,000 feet deep, allowing the Gulf to support deep-diving animals such as sperm and beaked whales. Waters on the continental shelf and continental slope, between 600-9,000 feet deep, comprise about 60% of the Gulf of Mexico. Offshore Platforms as Habitat Although their presence is controversial, offshore oil and natural gas platforms provide habitats in themselves, attracting species as an artificial reef would. Fish, invertebrates and even sea turtles sometimes congregate on and around the platforms, and they provide a stopping point for birds (see this poster from the U.S. Minerals Management Service for more). Marine Life in the Gulf of Mexico The Gulf of Mexico supports a wide variety of marine life, including wide-ranging whales and dolphins, coastal-dwelling manatees, fish including tarpon and snapper, and invertebrates such as shellfish, corals, and worms. Reptiles such as sea turtles (Kemps ridley, leatherback, loggerhead, green and hawksbill) and alligators also thrive here. The Gulf of Mexico also provides important habitat for both native and migrating birds. Threats to the Gulf of Mexico Although the number of large oil spills relative to the huge number of drilling rigs is small, spills can be disastrous when they occur, as evidenced by the impact of the BP/Deepwater Horizon spill in 2010 on marine habitat, marine life, fishermen and the overall economy of the Gulf Coast states. Other threats include overfishing, coastal development, discharge of fertilizers and other chemicals into the Gulf (forming a Dead Zone, an area lacking oxygen). Sources: Gulf of Mexico Foundation. Gulf of Mexico: Facts and Threats (Online) Accessed May 21, 2010.Louisiana Universities Marine Consortium. Hypoxia In the Gulf of Mexico (Online) Accessed May 21, 2010.Minerals Management Service Gulf of Mexico Region Environmental Information (Online) Accessed May 21, 2010.US EPA. General Facts About the Gulf of Mexico. (Online) Accessed May 21, 2010.

750 word editorial to submit to USA today for possible publication on Article

750 word editorial to submit to USA today for possible publication on why I think the Mental Health Access ACT OF 2012 needs to be passed so it can help the nations veterans - Article Example Delivering mental healthcare to this segment is a unique challenge that requires specialized training. Combat stress has become the inescapable part of life of a war veteran that results in psychological stress. The Post-Deployment Health Assessment for soldiers has revealed the alarming results of mental disorders for those who are engaged in violent war-fronts where they have to witness killings and bloodshed. The Mental Health Access Act of 2012 aims to improve and enhance programs and activities of the Department of Defense and the Department of Veterans Affairs to improve the levels of resilience of the veterans. Establishment of such a system to provide accurate and reliable measures for mental health services to the veterans is the need of the hour. The bill sponsored by Senator Murray (Democrat) and introduced on June 25, 2012 is the right step in achieving the desired goal. The bill broadly has the twin objectives. Pre-deployment training, wherein the soldiers will be counseled about what to expect in the front to enable them to be mentally tough and let them know how to handle it when confronted and the options available to them. Soldiers killing themselves and committing suicide is distressing news as compared to their dying in warfronts for a cause. According to the figures reported by the Department of Veterans Affairs the nation’s veterans who live through the conditions, post-traumatic disorders coupled with substance abuse have turned out to be serious ailments. Many ancillary problems like emotional numbing, sleeplessness, irritability, hyper vigilance, depression, anxiety and poor concentration makes their life tortuous. The authorities need to take decisive steps to prevent, inform and treat. The brave, faithful men and women who have sacrificed much and have dedicated their lives to serve the nation deserve more and their grievances need to be comprehensively addressed, treated and alleviated. The Mental

Professional Music Reviews Essay Example | Topics and Well Written Essays - 500 words

Professional Music Reviews - Essay Example Music is categorized on the basis of its musical compositions which tell the audience if it is a country music or pop, jazz or rock, classic or reggae. The second common element between all the music reviews is the â€Å"basic introduction† of the music album that is under review. Basic introduction gives the audiences an idea about the singer or the band, their popularity ratio and the number of hit tracks produced by them. Music reviews as published in Kansas City and Metacritic discuss the music albums track by track and according to the musical composition. Every single track in the album is reviewed by the critics in depth. From lyrics to musical composition of all the songs are discussed step by step. Comparison of under reviewed music with other contemporary singers or bands is another essential element of these music reviews. Strong content, information on music and poetic terms play an important role in writing a professional music review. It is important to understand the value of a professional music review which not only gives the audiences complete information on a specific piece of music but, also creates interest in their minds. Thriller is a masterpiece album composed and launched by the King of Pop, Michael Jackson. Thriller is another pop album produced by the King of Pop which will always be remembered for years. Michael Jackson proved his excellent command over pop music and beautiful compositions that helped him turned into a music legend. In short we can say that, Thriller is one of the best albums which gave a sudden boost to MJ’s musical career. As soon as Thriller was released, this magnificent album broke all the records of popularity and stayed on musical charts for about 80 weeks (Erlewine). Thriller has proved itself as one of the â€Å"most in-demand musical album† all round the world. Thriller holds different

Culture Identity Research Proposal Example | Topics and Well Written Essays - 1500 words

Culture Identity - Research Proposal Example Ethnocentricity argues that the representation of an indigenous culture by outsiders must be done with a view to portray them as they would see themselves as. Thus, the concept applied to the Inuit is that the portrayal by outsiders should be analyzed from the frame of reference that of trying to understand their views about themselves. This does not mean that any outsider’s view of the Inuit is necessarily derogatory or biased. It just means that the views presented in the article must be balanced with the perspective of this concept. As such, the terms of reference for this paper reflect the concept very much and the attempt is to find out if the articles do so. Though the title of the article may sound patronizing and condescending, it nonetheless is a good representation of the way in which the article has been developed. My opinion on this is that the article should not be judged by the title alone and the contents of the same should be scanned for a deeper reading of the article. The article goes to great lengths to delve into the eating habits of the Inuit and makes a point that the way in which they have developed their eating habits is a function of the climatic conditions that they have been used to. Thus, the use of fatty foods is not because they do not want to stay healthy or fit, but the living conditions make them eat the fatty foods in order to survive in the extremely cold conditions. Of course, the living habits of the Eskimos are detailed to a great extent to indicate the fact that their lifestyle may not be healthy and hence they need the kind of foods that they take. The tone of the article is a bit patronizing, though. My feeling is that we are unable to shake off the tendency to look at ethnic groups in more favorable terms and thus we need to ensure that the same comes through in our representation of the groups. There are umpteen sentences in the article that

Leadership In The Contemporary Business Environment

Leadership In The Contemporary Business Environment Today, the role of leadership in the contemporary business environment can hardly be underestimated. In this respect, it is possible to refer to the experience of John Walsh, the human resource manager of Norton Pistons, who has managed to lead the company out of the ongoing crisis and made it the industry leader. His experienced and effective leadership approaches to the company contributed to the consistent, qualitative change in the development of the company and relationships between managers and employees within the company. In this regard, it is worth mentioning the fact that the development of effective leadership style depends on the personal and professional skills and inclinations of the leader and his or her ability to take the lead and create conditions favorable for the effective development of the entire company. Please describe your leadership style in some detail. (Ask for examples of this style) The leadership style of John Walsh can be characterized as the transformational leadership. The transformational leadership style, according to the leader, is viewed as the introduction of changes and the involvement of the leader in the development and introduction of the change. In fact, the leader prepares subordinates to the change and encourages them to change their workplace environment and style of work. Ideally, the transformational leadership style creates valuable and positive change in the followers with the end goal of developing followers into leaders. Do you consider yourself a charismatic leader? Why or why not? The leader considers himself to be a charismatic leader, who attempts to breed leaders in his subordinates to create an effective team. At the same time, the leader aims at the creation of the team to maintain the growth of the organization and to unite subordinates, who follow his lead and are capable to take effective decisions and make other people follow their lead. At this point, it is worth mentioning the fact that the leader pays a lot of attention to the loyalty of his subordinates. On the other hand, he is always ready to assist to other employees and his subordinates. In such a way, he attempts to develop leadership in his subordinates and enhance the effectiveness of the performance of the organization. How did you become a leader in your organization? John Walsh became the leader after seven years of work in the company. At this point, it is worth mentioning the fact that he worked for the company and started as the human resource manager. He worked for five years in other companies. However, as he started to work in our company, he has proved to be quite successful and revealed the leadership inclinations fast. As a result, he has started to progress since the beginning of his career. In the course of seven years he had become the leader of the company. In this regard, the leader points out that leadership skills were extremely important to reach a tremendous success in the company. At the same time, he pointed out that the development of organizational and communication skills were also essential for his professional developed. On the other hand, his charisma was also extremely important because due to his charisma he had managed to gain the support of employees and respect of other managers that contributed to his fast career p rogress. How does your organization develop leaders (or leadership skills)? The organization provides successful managers opportunities for training to develop their leadership skills. In this regard, the company provides its managers with special training courses. In addition, the company develops knowledge sharing management to develop leadership skills in its managers. Through the close cooperation with each other, managers could share experience and develop their leadership skills. In such a way, the development of leadership skills is effective and does not need substantial investments. Connections to organizational behavior The leadership is very important in the contemporary organizations and the organizational behavior depends on the effective leadership style. In this respect, the transformational leadership style is particularly effective, when organizations need changes. In the contemporary business environment, organizations should come prepared to changes because the fast development of technologies and changes in the business environment contributes to the fast development of business and raises the problem of adaptation of changes within the organization. At this point, it is worth mentioning the fact that the experience of John Walsh is quite useful in terms of the improvement of the organizational performance. In addition, the charismatic leadership contributes to the fast development of organizations because the charisma of a leader unites people and helps the organization to reach strategic goals effectively. Conclusion Thus, taking into account all above mentioned, it is important to place emphasis on the fact that the leadership style is very important in the contemporary business environment. The experience of John Welch is very important and helps to reveal effective strategies to reach positive outcomes in the organizational development.

Jean De Meun :: Essays Papers

Jean De Meun Jean de Meun, a French poet, was born in 1240 in Meung-sur-Loire and died in Paris around 1305. Some sources state that the name Clopinel comes from the fact that he was lame while others claim that it was his last name. Jean was a member of the bourgeois class, educated at the University of Paris, a Christian, and an admirer of Latin authors such as Cicero. He had knowledge of several languages and this is noted by the fact that he translated "The Consolation of Philosophy" into medieval French. Other than these facts, little is known about his life. His works were satirical and allegorical and influenced later authors such as Geoffrey Chaucer. Jean is most famously known for his work on the allegorical, 21,750-line poem, "The Roman de la Rose" ("Romance of the Rose"). This poem was started by Guillaume de Lorris in 1225 and completed by Jean de Meun four decades later. Lorris wrote roughly four thousand verses before his death and Jean added some 18,000 lines afterwards . This poem is considered to be the most important work to come from Old French literary tradition and it enjoyed a considerable amount of success among medieval scholars, with over two hundred manuscripts made of it at that time. However, scholars today have a hard time understanding the true meaning of the poem. "The Romance of the Rose" was translated into Italian, Dutch, and English by the late fourteenth century, a marvel for a literary work of that time period. Jean strove to convey to the nobility ideas of courtly love and other medieval ideas and as a result, his work converted the poem into a medium to communicate topics and ideas that would captivate his readers. The text contains topics ranging from classical heroes and theories on astronomy, to the importance of the middle class and problems such as greed. Some of these topics created controversy, but nonetheless held the reader's interest. In the poem, Jean tries to dissuade the lover, but the god of Love later reproaches the lover or lending an ear to Reason. In the course of the lover's turmoil he has occasion to reflect, among other things, that possessions are burdens, that charity and justice are by no means equal, that power and virtue never go together, and that, even in destroying, Nature carries on her struggle against death.

Ap comaprison china and egypt Essay

Nomads have been known to roam the eastern hemisphere since the beginning of time. The nomadic people and their incursions had affected China and Egypt both, however there impact varied greatly from region to region. China and Egypt both share that the nomads brought chariots to either region, but they differ in the fact that in Egypt most people were forced to become nomadic and driven out of their homes, while China did not. In both China and Egypt the nomadic people brought new culture to each society. Mainly they brought cultural diffusion to each. From each place the nomads traveled from, apiece of that culture got incorporated into China and Egypt, bringing new ideas, and improving society. Chariots were also a similarity that the nomads brought to both China and Egypt. Mainly nobles, and the military used the chariot as a way of transportation. The chariot was a way of showing social hierarchy, and also improved warfare tactics. These similarities greatly impacted and improved the great societies of China and Egypt. The effects of the nomads and their incursions on China and Egypt differed in many ways. The Chinese living near the Yellow River had to become nomadic due to agricultural reasons, while in Egypt the nomadic life style was forced upon them by being forced out of their homes. Due to the Chinese becoming nomadic because of agricultural reasons, many issues formed between the non-nomadic Chinese people and the nomadic Chinese people. So for 2,000 years the nomads harassed, invaded, and even conquered the settled agricultural civilizations of the Chinese empire causing many incursions. Counter to that the nomad people helped flourish the Egyptian life style along the Nile, raising its population tremendously. Lastly one other difference of the effect of nomadic people and their incursions on both Egypt and China was, in China the nomadic people concentrated on herding their animals, and in Egypt not so much. I think the differences between the way the nomads affected China and  Egypt were do to the way the different empires were run. The governments were ran differently, there for making it tough for the similar attributes the nomads brought, making it hard to affect them both in the same way. In the end weather the affect of the nomads and their incursions were similar in both China and Egypt or different, those attributes that were brought to the societies by the nomads helped form those two top regions today.

Chesapeake Energy Corporation

Chesapeake Energy Corporation (NYSE: CHK), headquartered in Oklahoma City, Oklahoma, â€Å"owns 1.1 trillion cubic feet equivalent (tcfe) of proved oil and gas reserves, one of the largest inventories of onshore U.S. natural gas† {Chesapeake Annual Report, 1998, p. 1}. Recently, Chesapeake finished the transformation from an aggressive exploration company focused on developing short-reserve life, to a lower-risk, longer reserve life natural gas producer. Chesapeake†s operations are focused on â€Å"developmental drilling and producing property acquisitions.† These operations are â€Å"concentrated in three major areas: the Mid-continent, the onshore Gulf of Mexico and far northeastern British Columbia, Canada† [Chesapeake Annual Report, 1998, p. 1]. Aubrey K. McClendon is Chesapeake†s Chairman of the Board, Chief Executive Officer and Director. Tom L. Ward is the President, Chief Operating Officer and Director. â€Å"McClendon met cofounder Tom Ward in the 1980†³s. Both were independent oil producers; they teamed up in 1983† [Morgenson, p. 2]. They each have more than 16 years of experience in the oil and natural gas industry. All other members of the management team have multiple years of experience in the industry. Chesapeake has concentrated on expanding its holdings in natural gas since the company†s incorporation in 1989. Chesapeake thinks that natural gas will be the fuel choice of the 21st century. The company has been highly competitive in both its exploration activities and efforts to increase its inventory of undeveloped leasehold land. This combination should enable Chesapeake to remain a competitive force in the energy producing industry. New technology in the oil and gas industry has made exploration and production more profitable. This is key for the survival of American businesses that compete with OPEC and other foreign cartels that have very low production costs. New technology, including three-dimensional imaging, which has greater resolution than the previously existing technology, will enable Chesapeake to detect reserves more accurately. Also, horizontal drilling has enabled companies to drain more than one reserve at a time. With profits continuing to be squeezed within this industry, new technology is necessary to help American businesses compete on a global scale. The oil and gas industry is truly a global market. The industry boosted gains in 1999 from increased production efficiency and a decrease in the current supply. U.S. firms, along with OPEC, have voluntarily reduced their total production, which has increased the price. OPEC currently supplies approximately 40% of the world oil production. If OPEC chooses to produce at a lower output, Chesapeake could easily increase production with its low production costs and huge reserves. Many other nations are emerging as competitors, such as the former Soviet Union and Latin American countries. The continuing increase in supply from other nations would potentially saturate the market, causing lower prices and lower profits. Demand is expected to rise only slightly more than two percent through the year 2005. The outlook for this industry is for increased competition domestically (from smaller companies) and internationally from emerging nations. The U.S. has superior technology, which will help keep profits up as supply increases and demand remains relatively constant. Natural gas makes up 72% of Chesapeake†s revenue. They usually sell the product to third parties and are not dependent on any one buyer. Less than 10% of their revenues are generated from two buyers. Governmental Regulations – Operational and Labor Relations The oil and gas industries are subject to considerable government regulation. These laws and regulations are primarily directed toward â€Å"the handling and disposal of drilling and production waste products and waste created by water and air pollution control devices† [Chesapeake 10-K, 1998, p. 10]. The oil and gas industry is accountable to numerous government agencies, including the Environmental Protection Agency, the Department of the Interior, the Department of Energy, the State Department and the Department of Commerce. Virtually every aspect of operations is subject to complex and ever changing regulations. The oil and gas industry is tightly regulated in regard to labor relations by government department and agencies, including the Occupational Safety and Health Association (OSHA) and the National Labor Relations Board (NLRB). Some states have their own state sponsored occupational safety plans, while the remainder must comply with federal OSHA regulations. Some of the topics covered under OSHA include personal protective equipment, hazardous communication (HAZCOM) and safety process training. Chesapeake had 453 employees as of March 15, 1999. None of these employees were represented by organized labor unions. The company considers its employee relations to be good [Chesapeake 10-K, 1998, p. 13]. Unocal (NYSE: UCL) employed 7,880 people as of December 31, 1998, of which 575 were represented by various U.S. labor unions [Unocal 10-K, 1998, p. 12]. Both companies are subject to new laws and regulations regarding the environment and labor. Chesapeake and Unocal cannot predict what adverse financial conditions the new laws and regulations will bring. However, short-term and long-term costs will increase as companies improve existing operations to become and remain compliant with government regulations. As a result, all companies in petro-chemical industries are experiencing tremendous difficulty operating profitable businesses. Several businesses have ceased operations as a result of increased regulation coupled with poor profit margins. Chesapeake is at a higher risk regarding this scenario since most of its operations are domestic. Unocal, although a U.S. based company, operations are concentrated primarily overseas, and therefore experience increased leniency regarding environmental and labor regulations. During the last two years, Chesapeake Corporation took a significant hit in terms of earnings, stock price and credit ratings. Positive 1996 earnings turned to a loss in 1997 and tumbled to a bigger loss of $10 per share in 1998. This earnings decline caused the stock price and credit rating to plummet. The company also faces a class action lawsuit stemming from alleged violations of federal securities laws. Top management and directors are accused of using insider information to sell personal holdings in the company at artificially inflated prices. Chesapeake had very disappointing years in 1997 and 1998 as evidenced by the fall in the stock price. The company underwent a substantial repositioning to increase natural gas holdings and reduce risk. As a result of this repositioning, Chesapeake incurred considerable debt and is dependent on the market prices of oil and natural gas to increase, and in effect, improve profit margins. Additionally, in 1997, Chesapeake changed their fiscal year end from June 30th to December 31st. As part of the repositioning, Chesapeake increased long term debt over $400 million to a total of $920 million, coupled with a short-term indebtedness of $25 million. This increased borrowing drastically reduced the company†s ability to obtain additional financing. Standard & Poor†s and Moody†s placed Chesapeake on review with a negative outlook. The ability to meet obligations for this additional debt will depend on the production and financial performance of the company, market prices of oil and natural gas, and general economic conditions. Common Size Income Statement Analysis Chesapeake had an extremely large write-down of assets (impairment) as a result of reduced oil and gas prices during the past few years. This charge increased operating costs by over $1.2 billion during 1997-98 with 72% of that cost coming in 1998. The asset write-down, combined with expense increases in production, marketing and interest, were the main contributors of total operating costs to be over three times total revenue. The result was 1998 EBIT of ($920) million, and a non-existent ROE, since the company had a net loss approaching $1 billion. Unocal†s ROE was 5.9% in 1998 and 25.1% in 1997. The impairment cost reported by Chesapeake is questionable because of the very large amount that was charged. In perspective, Unocal with over $5 billion in property assets recorded an impairment charge of $97 million during 1998. If oil and gas prices rise in the near future, the impairment costs may be reversed giving the impression that the company is doing very well. Future investors of Chesapeake equities should consider this fact prior to making any investment decisions. Chesapeake had a $140 million reduction to both sides of the balance sheet. The repositioning of the firm focused on increasing inventory of natural gas reserves, â€Å"the fuel of choice for the 21st century† [1998 Annual Report, pg. 18]. Oil and gas properties nearly doubled from 1997 to 1998, totaling $2.2 billion. However, nearly $1.6 billion was depreciated, depleted and amortized. Additionally, cash decreased nearly $100 million, short-term investments were liquidated, and paid-in capital exceeded $1.1 billion over the past two years to provide additional cash for purchases of gas reserves. As a result, total property, plant and equipment was 85% of total assets in 1998 compared to 77% in 1997. In comparison, Unocal†s PP&E was 66% and 64% of total assets respectively. Long-term debt increased over $400 million in 1998, totaling $920 million compared to $510 million in 1997. The $920 million was 113% in relation to total liabilities and owners equity of $813 million. In 1998, current liabilities were $131 million compared to current assets of $118 million. This resulted in a reduced current ratio of .90 from a 1997 ratio of 1.42. The Unocal current ratios during 1998 and 1997 were 1.01 and 1.29 respectively. Chesapeake has relied primarily on cash flow through financing activities during the past few years. Cash flow from operations was approximately $95 million in 1998 and $180 million in 1997, while cash flow from financing was $365 million and $278 million respectively. Sales accounted for $378 million in 1998 and appear to be rising approximately 35% annually from 1996 and 1997. However, an accurate comparison is unavailable because of the change in the company†s fiscal year end. Low oil and gas prices forced Chesapeake to borrow, sell equity, and liquidate short-term investments in order to continue operations and invest in oil and gas properties. The company is dependent on the rise of prices during 1999 to continue operations and provide shareholder wealth. The company has several restrictions from being able to borrow additional funds. Additionally, the price of stock has dropped from a high of $34 in 1996 to a low of $.63 in 1998. This has further reduced the company†s ability to generate cash. The current ratios for Chesapeake Energy are as follows: 1.00 (June 96), 2.03 (June 97), 1.42 (December 97), and .90 (December 98). Current liabilities remained constant over this period, ranging from a high of 19% (June 96) to a low of 15% (June 97), with the current level at 16% of total assets. Extreme levels of change in current assets caused the current ratio to fluctuate drastically. Current assets declined from a high of $297 million (31% of total assets) to a current low of $117 million (15% of total assets). This decline in current assets caused the deterioration of the current ratio. The acid test ratios are as follows: .94 (June 96), 2.00 (June 97), 1.37 (December 97), and .81 (December 98). As previously mentioned, current liabilities remained constant. Net accounts receivable remained flat as a percentage of total assets: 9% in 1996, 7% in 1997 (Both June & December), and 9% in 1998. Marketable securities were sold off during the past three years, decreasing from 11% ($104 million) of total assets to zero. Cash decreased from 13% ($124 million) of total assets in 1997 (both June & December) to 4% in 1998. The combination of severe decreases in both cash and marketable securities are the reasons that the acid test ratio decreased so dramatically. The quick ratios are as follows: .96 (June 96), 2.00 (June 97), 1.38 (December 97), and .86 (December 98). As mentioned previously, current liabilities remained constant and current assets declined. As with the current ratio, the main reason for the deterioration of the quick ratio is the continued loss of current assets. The above ratios and the reasons for their poor trends indicate Chesapeake is currently in a liquidity crisis. This, in combination with the increased debt liabilities, is an extreme warning to both investors and management. This condition also adds to the suspicion that assets are being sold off to fund current debt obligations. The firm†s ability to meet its obligations with cash, as they come due, is approximated by the cash flow liquidity ratio. As previously mentioned, solvency improved and then deteriorated as indicated by the current and quick ratios. The trends are confirmed when looking at cash flow. From 1995 to 1997, Chesapeake†s cash flow liquidity improved from 1.47 to 1.8. 1997 to 1998 showed a large drop in liquidity from 1.8 to 0.95. The company†s financial statement data gives an indication as to why. From 1995 to 1997, short-term solvency improved from 1.47 to 1.8. When looking at the data, cash from operations rose from $55 million in 1995, to $139 million in 1997. The 1997 rise was due to a change in the accounting period. During this same period, cash on hand rose from $56 million to $123 million and marketable securities rose from zero to $13 million. While cash was increasing, current liabilities rose from $75 million to $153 million. Current liabilities doubled during this period, while cash flow increased 150%. The larger increase in cash flow, relative to short-term obligations, accounts for the improvement in solvency during the 1995 to 1997 period. During the 1997 and 1998 periods, liquidity deteriorated as shown by the decrease in the cash flow liquidity ratio from 1.8 to 0.95. The data indicates that cash from operations dropped approximately 32% to $95 million. When looking at the Cash Flow Statement, the large decrease in operating cash is mainly due to the large net loss incurred during the period. At the same time, cash dropped 76% to $30 million while marketable securities fell to zero. Much of the cash appears to have gone to fund the company†s payables and accrued liabilities. Current liabilities were reduced 15% to $131 million. The larger reduction in cash flow relative to current obligations accounts for the deterioration in short-term solvency. The cash flow data confirms that Chesapeake†s liquidity suffered severe deterioration. A reduction in current liabilities is a good sign, but the little amount of cash generated and being used to fund current obligations is not enough. Cash assets are being used to fund these obligations as well. In comparison to the industry debt ratio of .31, Chesapeake ended with a debt ratio of 1.31 in 1998 compared to .71 in 1997. The long-term debt to total capitalization ratio increased from .64 in 1997 to 1.37 in 1998, while the industry average was .44. The tremendous increase in debt was attributable to significantly lower oil and gas prices during the past three years, and a failed drilling venture known as the Louisiana Trend. The company was forced to liquidate assets and take on a substantial amount of debt to meet operational expenses and increase oil and gas field reserves. Chesapeake was added to the Standard & Poor†s â€Å"CreditWatch with negative implications† [Yahoo Finance, Nov. 14, 1999] in December of 1998. The low price of fuel during fiscal years 1996 through 1998 was the primary reason for Chesapeake†s troubles. The debt incurred has covenants restricting the company from seeking additional debt and from paying dividends to preferred stock holders. Principal on a large portion of the outstanding debt is not due until 2004 allowing the company time to improve operations. This will also give fuel prices a chance to rise, which is determinant to the company†s survival. The industry average for times interest earned is 5.2, while Chesapeake†s operating profit was ($856) million. The ratio equated to well below zero in 1997 and 1998. In 1998, interest payments were more than $68 million. The financial leverage index could not be computed since there was not a return on equity. Chesapeake overextended their credit by substantially financing with debt and has jeopardized their ability to make obligated payments for their debt and fixed costs.

Were the Atomic Bombs Necessar essays

Were the Atomic Bombs Necessar essays Every act of war directed to the indiscriminate destruction of whole cities or vast areas with their inhabitants is a crime against God and man. Catechism of the Catholic Church. Since June 1940 tension had been mounting between America and Japan. The Axis Power, Germany and Italy, made strides into Europe while Japan had military interests in East Asia. As the Japanese army marched into China and then into Vietnam, the United States grew increasingly uncomfortable. In retaliation, the United States. clamped a trade embargo (including one regarding oil-shipment) on Japan in July 1941. Besides, all Japanese assets in the United States were frozen. Japan and the United States tried to come to an agreement. On November 5, 1941, Japan offered a plan to solve the crisis, but the American Secretary of State, Hull rejected the plan. The Americans would only accept an unconditional surrender under American terms. This frightened Japanese leaders because their biggest fear was losing their Emperor. As a result of the rejection, the Japanese responded in December 1941, when they attacked United States base at Pearl Harbor, Hawaii and launched other surprise attacks against Allied territories in the Pacific. The Japanese attack on Pearl Harbor claimed over 5000 American lives. Thus began a wider conflict marked by extreme bitterness. For most Americans this war was fundamentally different than the one waged against Italy and Germany. It was a war of vengeance. As the end of the war approached it was clear to both sides that it was going to be a fight to the finish. The Japanese would not surrender, they would fight until the death of all their people. They would die, in honor of their country. The Americans would not relent until they had conquered Japan. Therefore, on August 6, 1945, with no forewarning, the United States used their massive, secret weapon, the atomic bomb, a...

The allegory between wisdom and strength Essay Example | Topics and Well Written Essays - 2000 words

The allegory between wisdom and strength - Essay Example To the left, there is a description on the pedestals of the column that has a quotation from Ecclesiastes, which is â€Å"All is Vanity†. It means that all earthly thing including power, nations, wars, kingship, love and strength and are hence meaningless comparing to heavenly ones, as embodied by Divine. This is evident in Baroque style of painting, representation of the divine in painting. In addition, the theme here is the strength of Hercules, which by no means is comparable to the virtues of divine understanding. Boucher’s position of the figures in the painting, he places the mighty Hercules below Wisdom, who almost slumps downwards. A divine light is above the head of the woman and has one of her breast exposed. Apparently, based on a celestial figure, the saintly woman stands on a small globe, which symbolizes the world as she cast her eyes up to the heavens. It could also suggest that the male (Hercules) is falling while female (Wisdom) is rising. The woman is surrounded by a blue sky while the man is surrounded by earth colors. One could argue that the painting is suggesting that the force fails when faced by gentleness. The halo of light, which is above the woman, is a reflection of her spiritual wisdom. The painting suggests the power harnessing outside the everyday. The structure and patterns that the two artist use, are derived from the energies of the personal unconscious and the collective unconscious. However, mythic images are not presented in the person unconscious.

The Impact of Global Recession on Small Businesses Dissertation

The Impact of Global Recession on Small Businesses - Dissertation Example Prior research done by John Kitching mentioned that small businesses are treated as highly susceptible to external shocks, such as recessions, with firm performance declining in line with GDP. Small firms possess limited resources, customers and product lines across which to spread their risk – all of which restrict a firm’s capacity to withstand competitive pressures in adverse macroeconomic condition. They are also much more likely to cease trading than larger enterprises. Falling GDP at the macro level causes performance decline at the micro level and, in severe cases, business closure. Many economists have now been predicting the world global recession since the 1930s. Such grim warnings discovery spending by households and businesses, depressing output even more. America, Britain, the Euro area and Japan are almost certainly already in recession according to the popular rule of thumb of two successive quarters of falling GDP. In an updated World Economic Outlook, published on Nov 6th 2009, the IMF predicted the world GDP would fall to 2.2% in 2009, based on purchasing power parity weights, from 5% in 2007 and 3.7% in 2008. GDP is a measure of the total value of production of goods and services by all resident producing units in an economy during an accounting period, which is usually one year or one quarter. While recessions involve falls in GDP, they are namely characterized by rising unemployment. Fear of a long recession stems not just from the distressing developed country figures.

Porter's Industry Analysis Case Study Example | Topics and Well Written Essays - 750 words

Porter's Industry Analysis - Case Study Example Creative, Samsung and Sony and a plethora of other companies manufacture small, portable music players which is an answer to apple ipod, since ipods are quite expensive people prefer buying other reliable music players which are way cheaper than the ipod. Barriers to Entry: Some of the most important points which should be considered under this section are as follows: Time and Cost of Entry Knowledge Economies of Scale Technology Other Barriers Fake Stores in China: â€Å"Recently it was found that there are several fake stores of apple in China, the fake apple products are bound to cost the company losses.† (Fake Apple Stores in China) Several big companies have lost a lot of money because of counterfeit products sold by the fake sellers. These fake stores will directly impact the credibility and the profits of the company, today there are fake stores in China, and tomorrow fake stores may open up in European countries. This will severely impact the brand name of the products and it will also hamper the reputation and the profits, this is a huge barrier and Apple must do something about it. â€Å"The favorable brand perception had also increased sales of Macintosh computers. So iPod gives the company access to a whole new series of segments that buy into other parts of the Apple brand. Sales of its notebooks products is also very strong, and represents a huge contribution to income for Apple.† (Apple SWOT) Threat of New Entrants: The following points must be considered under threat of new entrants: Verizon allows streaming audio and video with the help of a software called v-cast New entrants equipped with disruptive technology could affect apple significantly Bargaining Power of Suppliers: Intel, IBM, Motorola and others are big rivals of apple when it comes to processors and computer technology, it could give the new ipad and the iphone a good run for its money Sony, Warner, BMG and others are huge suppliers of music ABC, Fox, Sony and many oth ers are huge suppliers of movies and popular television shows Bargaining Power of Customer: Peer to peer technology provides free music to the customers Distributors may press apple to reduce its price or for better terms Economic downturn will lead to decreased spending of customers Substitutes Present a Substantial Threat: Satellite radio is becoming increasingly popular for music Xbox and the PS3 provide great entertainment, media and music can be enjoyed on these gaming consoles Dvds and Cds provide an alternate source of movies and music Theaters, cable tv and other sources are alternate sources for movies and videos Recommendations for apple: Maintain the same quality but bring down the prices a bit Joint ventures would surely prove profitable plots Focus on knowledge management Open more stores so that customers can easily get their hands on the latest products Work at making the technology better, innovation is the key to success. References Apple has More Money than the US Government (2011). Tech News. Retrieved from

Developed country Essay Example for Free

Developed country Essay 1. In many countries schools have severe problems with students behaviour. What do you think are the causes for this? What solutions can you suggest? It is undeniable, that most problems with students in the school occur because of their behaviour. There are many cases that prove it and, of course, the majority will agree due to own experience. There are several causes of this problem and few measures that could be taken. To begin with, psychologists argue that reasons for all children’s problems are their parents. So the first and the main cause for the stated issue is bad upbringing. For example, give a child an excessive care and worry. It means that in school child feel like at home and require as much attention as at home. Moreover the student feel deprived if doesn’t recieve the attention and demand it with the help of bad behaviour. Next reason for bad student’s behaviour in many countries is separate education of boys and girls. Approaches to the education of two sexes vary a lot. For example, girls can easily ask a teacher for a help and see in him an ally, boys, in contrast, in the cases when they can’t deal with the problem, start to fool and disturb the lesson. Consequently, separate education and different approaches for both genderes can prevent problems with behaviour. Speaking about possible solutions, first of all, I can suggest the professional development of teachers. Inasmuch as in most cases teacher is able to deal with problems between students and to prevent a serious scandal. Secondly, separate education can help students to be more concentrated and teachers to develop successfuly the peculiarities of both genderes. In conclusion, it is clear that there are various reasons for student behaviour, and steps need to be taken to prevent and solve this problem in order every country has a great young generation. 2. Many universities charge higher fees for foreign students. Why do they do this? Do you believe it is fair? It is undeniable that nowadays many students decide to move to another country to get better education or just to get a 2 or 3 months practice in foreign university. It’s the fact that fees are higher for foreigners. To my mind, it’s fair, and I’ll provide some reasons for this phenomenon. To start with, often students, in particular, from poor areas, e. g. India, Africa, move to other countries to get higher education. So developed countries try to save balance of native students and set higher fees for foreigners. For example, Russia suffers from migrants from the near abroad, that is why in many russian regions, such as Lugansk, fees raised. Next reason is that foreign students bring monetary gain not only to a particular university, but also to a citys budget and a whole country. Universities upgrade their equipment, pay for utilities and so on. For instance, countries, in which are said to be many prestigious universities, such as America, England, Spain, Netherlands, have higher fees for foreign students, but demand for them increases every year. In my point of view, it’s fair, because every country should support its own students. If the difference between payments become low, people from poor regions will be able freely to migrate and it is said to be a great harm for economy of developed country and, moreover, to the economy of poor country, which lose its â€Å"brains†. In conclusion, it is clear that higher fees only support the economies of countries and prevent the unneccesary migration.

The Factors affecting dividend payout policy

The Factors affecting dividend payout policy INTRODUCTION Dividend policy in the firm has been the major matter for recognizing how managers set dividend ratio and change dividend given to stockholders. The existing literature on dividend payout ratios provides firms with no generally accepted prescription for the level of dividend payment that will maximize share value. Black (1976) in his study concluded with this question is that what the corporation should do about dividend policy. It has been argued that dividend policy has no cause on either the price of a firms share or its cost of capital. Thus, extensive studies were done to find out various factors affecting dividend payout ratio of a firm. The setting of corporate dividend policy remains a troublesome issue and involves ocean deep judgment by decision makers. The behavior of dividend policy is the most debatable issue in the corporate finance literature and still keeps its prominent place both in developed and emerging markets. Many researchers try to uncover the issue regarding the dividend behavior or dynamics and determinants of dividend policy but still dont have an acceptable explanation for the observed dividend behavior of firms (Black, et.al (1976), Allen and Michaely, 2003 and Brealey and Myers 2005). One of the well known explanations of dividend behavior is the smoothing of firms dividends vice versa earnings and growth. Linter (1956) found that firms in the United States adjust their dividends smoothly to maintain a target long run payout ratio. Numerous studies appeared after this work and facts suggested that the dividend policy of the companies varies from country to country due to various institutions and capital market differences. The study examined the relationship between determinants of dividend payout ratios from the context of a developing country like Pakistan. The primary objective of this thesis is to find out whether numerous factors influence the dividend payout ratio of Sugar Sector in Pakistan. The purpose of this study is to investigate the dynamics and determinants of dividend policy of sugar firms in Pakistan. After that it explored how Pakistani firms set their dynamic dividend policies in a different institutional environment than that of developed markets. This study examined whether Pakistani firms follow stable dividend policies as in developed markets or they are going to retain their earnings. The paper also identified the areas of firm level factors that influence the degree of dividend smoothing. This paper indicated that importance of institutional features towards the dynamic of dividend policy and also critical out the advantages of examining the dividend policy in different institutional environments. The outcomes of the thesis provided meaningful and handy information in the role of institutional factors which creates dividend policy at firms level. More than a few studies become visible after this work and evidence suggest that the dividend policy of the c ompanies varies from country to country due to various institutions and capital market differences. The Pakistans capital market and the economy have several important features for examining the dynamics of dividend policy. Firstly Pakistan is moving towards the development and improving the economy position in the world since the 1980. Pakistan capital markets are much better than before. Many studies conclude that firms are likely to pay constant dividend during the high growth period and it is interesting to find that how dynamic dividend policy is determined in growing economy like Pakistan. In fact, in Pakistan the many major investors are still disagreed with dividends and consider stock prices positive reception as the major part of stock returns therefore, it is assumed that investor attitude towards dividends is expected to have an impact on the way in which firms set their dividend policy in Pakistan. Sugar Industry in Pakistan The sugar industry plays an important role in the economy of the Pakistan. It is the second largest industry after textiles. The Pakistan sugar industry is the second largest agro based industry consists of 78 sugar mills with per year crushing capacity of over 6.1 million tones. Sugarcane farming and sugar manufacturing contribute significantly to the national exchequer in the form of various taxes and levies. Sugar manufacturing and its by-products have contributed appreciably towards the foreign exchange resources through import substitution. The Sugar industry employs over 75000 people, including management experts, technologists, engineers, and financial experts, skilled, semiskilled and unskilled workers. It contributes around 4 billion rupees only under the head of excise duty and other levies to the Government are also paramount significance. In the year 2008-09 sugarcane production is estimated at 51.5 MMT, a decrease of 19 percent over the previous year due to both a decline in area harvested and yield. Milling policies and practices, coupled with attractive prices for alternative/competing crops (rice, cotton and sunflower) and insufficient irrigation supplies are major factors limiting crop expansion in the country. In the year 2009-10 sugarcane production is estimate at 53.6 MMT, an increase of 4 percent over the previous year due to an expected increase in area and yield. A shortage of cane supply during the current crushing season led to an increase in cane prices. This situation benefitted growers who received prices higher than the indicative prices announced by the Government. This development is expected to contribute to an increase in sugarcane area and productivity in the ensuing year. Moreover, last years higher production of rice and sunflower led to lower prices received by farmers, thereby encouraging the switch back to sugarcane. Purpose of the Study In Pakistan there were few firms which paid dividend to stockholders constantly. For this explore, the listed sugar firms of Karachi Stock Exchange (KSE) were not able to pay their dividends and which factors are influencing or determining the dividend policy in Pakistan. In this thesis it examined the number of firms various factors and their function in dividends policy. The liquidity of the stock market, is the profitable firms are paying dividends in Pakistan, is the firms with greater investment opportunities pay less dividends in Pakistan, is the dividends and debts are substitutes and the degree of leverage is negatively associated with dividends payments and finally examined the firms with greater cash flows pay lesser dividend in Pakistan. Research Objective Objective of thesis has to find out the relationship between dividend policy and operating cash flow, EBIT, Sales and Debt to Equity Ratio. It is very important for investors to examine the factors of dividend policy that whether they have been impact on the sugar sector of Pakistan or not. Hypotheses Development H1: There is association between CFO and dividend payout ratio. H2: There is association between Debt to Equity and dividend payout ratio. H3: There is association between Revenue and dividend payout ratio. H4: There is association between EBIT and dividend payout ratio Thesis Structure: This thesis is composed of five chapters. The first part of a thesis is introduction (Chapter I).Then after it evaluates and discusses the literature review in (Chapter II), in this chapter it examined the dividend payout policy of Pakistan and the main factors that influenced on it, theories, models put forward by many well-known authors is examined various studies. In (chapter III), it explained research methods and sample in detail. (In chapter IV),examined the dividend payout policy and the main indicators that affect the dividend payout policy of listed firms on the Karachi Stock Exechange 100 over the period 2003-2008 and present the interpretation of results. Finally in Chapter V, we present and discuss the main contributions and conclusion, implication and recommendation of this thesis. CHAPTER-2 LITERATURE REVIEW Naceur (2006) found that the high profitable firms with more stable earnings can manage the larger cash flows and because of this they pay larger dividends. Moreover, the firms with fast growth distribute the larger dividends so as attract to investors. The ownership concentration does not have any impact on dividend payments. In Indian case Reddy (2006) showed that the dividends paying firms are more profitable, large in size, and growing. The corporate tax or tax preference theory does not appear to hold true in Indian context. Amidu and Abor (2006) found dividend payout policy decision of listed firms in Ghana Stock Exchange is influenced by profitability, cash flow position, and growth scenario and investment opportunities of the firms. Lease (2000) the firms should follow a life cycle and imitate managements assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. Linter (1956) studied and developed a compact mathematical model based on survey of 28 well established industrial U.S. firms which is well thought-out to be a finance classic. According to him the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Linters (1956) study of dividend policy found that a firms bottom line net income is the key determinant of dividend changes, which in his sample are largely dividend increases since he primarily surveys healthy firms. If one can extrapolate this finding to dividend decreases, it implies that low bottom line earnings drive dividend reductions. Jensen (1986) argued that debt is an effective substitute mechanism for dividends in this respect. By issuing debt instead of equity, managers give bondholders the right to take the firm into bankruptcy court if managers do not maintain their promise to make the interest and principal payments. This substitutability between debt and dividends as alternative mechanisms for reducing the agency costs of FCF implies that firms that use low debt ratios will tend to follow a policy of high- dividend payout. Alli (1993) the liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less generous dividends due to shortage of cash. It reveals that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. Farzad Farsio and Amanda Geary (1983) in their research the relationship between Dividends and Earnings say that dividends have no explanatory power to forecast future earnings. They presented four cases for possible effects of earnings on future dividends and show that there should be no significant relationship between dividends and future earnings in the long run. The contribution of this study is that it provides financial managers and investors with evidence that it would be a mistake to base investment decisions on inferences about dividend/earnings relationships that rely on some certain short-term periods. John and Kalay (1982) Debt agreement to minimize dividend payments are necessary to prevent bondholder wealth transfers to shareholders. An additional way dividend payout ratio affects agency costs is the reduction of agency cost through increased monitoring by capital market. Analysis shows the positive association among profitability and dividend payout ratio, corporate tax and cash flows. The study also suggests that when the liquidity of companies increases the companies disburse more dividends. The companies with dynamic profitability find out hard to disburse dividends. Last but not least, conclusion of the study shows that cash flow, profitability, growth and investment opportunities influence the dividend payout policy. Amidu and Abor (2006) conducted and they have taken the Payout Ratio as dependent variable and defined as dividend per share divided by earning per share. The included the explanatory variable profitability(profit), risk(risk), cash flows (cash), corporate tax(tax), institutional holdings(INSH), Sales Growth and Market to Book value(MTBV). By using the Panel data which involves the pooling of observations on a cross sectional of unit over several time periods and provides the results that are simply not measurable in pure cross-sections or exact time series studies. Because the panel time series is different from a regular time series or cross section regression equation and each variable use the double subscript in the data. Jensen (1986) concluded that funds remaining after financing all positive net present value projects cause conflicts of interest between managers and shareholders. Dividends and debt interest payment decrease the free Dividend payout ratios in Ghana cash flow available to managers to invest in marginal net present value projects and manager perquisite consumption. Crutchley and Hansen (1989) examined the hypothesis that financial leverage, dividends and managerial ownership are jointly determined by firms attempts to minimize the total agency costs of debt and equity. Chaplinsky and Niehaus (1992) examine whether managerial ownership share and financial leverage common determinants. In addition to the agency costs of debt and equity, they also assess whether these decisions are governed by the tax advantage of debt, the costs of issuing securities and the demand for risk sharing by insiders. Avazian (2006) conducted the study on United Stated listed firms at NYE and find that decision to smooth dividends depend at the part of public market access as proxies by the rating of bonds. In their study dividend payment is the optimal for firms raising debts in the public Unknown bond markets but not for firms in the private informed bank markets. In this logic the dividend decision is related to information asymmetric between the managers and the creditors of the firms. Pruitt and Gitman (1991) found that risk (year-to-year variability of earnings) also important factor firms dividend payout ratio. A company that has constant earnings is often able to forecast approximately what its future earnings will be. Company is therefore more likely to pay out a higher percentage of its earnings than a firm with unpredictable earnings. The liquidity or cash flow from operation is an important factor of dividend payouts policy. A less liquidity position means less generous dividend due to shortage of cash. He exposed that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do not really reflect the firms ability to pay dividends. (Alli, 1993) Green (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout ratio is not totally decided after a firms investment and financing decisions have been made. Dividend decision is taken along investment and financing decisions. Higgins (1981) indicated a shortest link between growths and financing needs, speedily growing firms have external financing needs because working capital needs usually exceed the cash flows from new sales. Daniel (2007) conducted the study that they found that firms are more likely to manage their earnings upward when their earnings would otherwise fall down of expected dividend levels. The earning management behavior significantly impacts the likelihood of dividend cut. The firms made discretionally accruals because reported earnings to exceed the expected dividend levels are significantly less likely to cut dividends than those firms whose reported earnings fall down of expected level of dividends. They conclude that managers treat expected dividend levels as a vital earning threshold. Higgins (1972) and McCabe (1979) et.al the leverage (Lev) also influenced the dividend behavior of the firm, if the level of the leverage is high that mean the firm is high risky in the cash flows. The negative effect of leverage on dividends payments is documented in the literature, finds that the firms with higher leverage pay lower dividends in order to evade the cost of raising external capital of the firm. Lintner (1956) founded that past dividends of the companies and current earnings are the key determinants of current dividends and managers prefer to maintain stable dividends and make cyclic adjustments toward a target payout ratio. Arditti (1976) carried out research in order to evaluated dividend policy with respect to taxes and uncertainty. The purpose of this paper has been to tackle the distressing dilemma of the zero dividend solution by clearly incorporating MMs original proposal that dividends have an information aspect that is of potential worth to investors. The analysis of ambiguity they have offered is only one of many possible hypotheses which can account for the experimental fact that companies naturally do not take on intense dividend policies. Arnott and Asness (2003) suggested that a higher payout ratio results in low future growth, based their study on America stock market it founded that higher aggregate dividend payout ratios were associated with higher future earnings growth. Modigliani and Miller (1985) carried out research to evaluate dividend Policy under asymmetric information. The Standard finance model of the firms dividend/investment/financing decisions gives manager more appropriate information regarding the firms current earnings. The purpose of research is to replace the assumption built by Miller and Modigliani that the outside investors and inside managers have the same information about companies profit and future income with the assumption that inside managers know more than outside investors about the actual situation of firms current earnings. James A. Gentry (1990) informed about free cash flow analysis, showed that the financial position of a company depends upon its ability to generate net operating cash flows that are sufficient to cover up a hierarchy of cash outflows. The profiles generated from a large sample of companies show that relative cash flow components vary across company size and across industry groups. The researcher hopes that these profiles will serve as benchmarks for comparing cash flow components and encourage financial analysts to use cash flow analysis. Miller and Modigliani et.al (1961) suggest that in perfect markets, dividend do not affect firms value. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as for as firms doesnt change the investment policies. In this type of situation firms dividend payout ratio effect their residual free cash flows and the result is when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firms future earnings. Gordon and Walter (1963) present the bird in the hand theory which says that investors always prefer cash in hand rather than a future promise of capital gain due to minimizing risk. Jensen and Meckling (1976) the agency theory is based on the conflict between managers and shareholder and the percentage of equity controlled by insider ownership should influence the dividend policy. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The firm size (SIZE) defined as natural logarithm of total assets is expected to have a positive effect on dividend payouts as large more diversified firm are likely to have very low chance of bankruptcy and can sustain higher level of debt. In investigating the determinants of dividend policy of Tunisian stock Exchange, found that the high profitable firms with more stable earnings can manage the larger cash flows and because of this they pay larger dividends. (Naceur, 2006) Baker (2007) reports that Canadian dividend paying firms are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less generous dividends due to shortage of cash. Alli et.al (1993) reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. Megginson and Eije (2006) examined that the dividend paying tendency of fifteen European firms decline dramatically over this period 1989 to 2003. The increase in the retained earnings to total equity doesnt increase the payout ratio, but company age does. The empirical study of Canadian dividend-paying firms found that they try to maintain stable dividends per share, are reluctant to decrease the payout level, and smoothly adjust the level of payout based on level of expected future earnings. (Adjaoud, 1986) Easterbrook (1984) argues that increasing dividends raises the probability that additional capital will have to be raised externally on a periodic basis and consequently, the firm will be subject to constant monitoring by experts and outside suppliers in the capital market. Green (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout levels are not totally decided after a firms investment and financing decisions have been made. Dividend decision is taken along investment and financing decisions. Partington (1983) revealed that firms use of target payout ratios, firms motives for paying dividends and level to which dividends are determined are independent of investment policy. Lipson (1998) conducted study to examine the factors that derives dividend initiations and earnings surprises, look at the performance of newly firms that started dividends with those that did not. Earnings increases following the dividend initiation and earnings revelations for initiation firms are more constructive than for those non initiating firms. In an economy that charges taxes on investment income, dividends are obviously a disadvantageous means of transferring wealth to shareholders. To validate dividend costs, two clarifications are typically given: dividends are used to solve agency problems inside the firm, or dividends are used to communicate information to the market. H. Kent Baker, Gail E. Farrelly (1983) in their study A Survey of Management Views on Dividend Policy say that the major determinants of dividend payments today appear strikingly similar to Linters behavioral model developed during the mid-1950. In particular, respondents were highly concerned with dividend continuity. Second, the respondents seem to believe that dividend policy affects share value, as evidenced by the importance attached to dividend policy in maintaining or increasing stock price. Although the survey does not uncover the exact reasons for their belief in dividend relevance, it does provide evidence that the respondents are generally aware of signaling and clientele effects. Finally, the opinions of the respondents from the utilities differ markedly from those of the other two industries. Smith and Watts (1992) examined the relationship among executive compensation, corporate financing and dividend policy. They concluded that a firms dividend policy is affected by its other corporate policy choices. Jensen et.al, Solberg and Zorn (1992) linked the interaction between financial policies (dividend payout and leverage) and insiders ownership to informational asymmetries between insiders and external investors. They found that corporate financial decisions and insider ownership are interdependent. Lintner (1956) suggested that the firms have long run target dividend payout ratios and place their attention more on dividend changes than on absolute dividend levels. He also finds that dividend changes follow shifts in long-run sustainable earnings and managers are hesitant to make dividend changes that may later need to be reversed. Managers also try to stabilize dividends and avoid dividend cuts. Linter developed a partial adjustment model to describe the dividend decision process that explained 85 percent of year-to-year dividend changes. Gordon (1959) argued that an increase in the dividend payout raise stock price (value) and lowers the cost of equity, but practical support for this position is weak. Bemstein (1996) maintain that dividend policy makes no difference because it has no effect on either stock prices or the cost of equity. According to Gordon (1959) a higher payout ratio will reduce the required rate of return (cost of capital), and hence increase the value of the firm. Miller and Rock (1985) dividends contain this private information and therefore can be used as a sign device to influence share price. An announcement of dividend increase is taken as good news and accordingly the share price reacts favorably, and vice versa. Only good-quality firms can send signals to the market through dividends and poor-quality firms cannot mimic these because of the dissipative signaling costs. According to Easterbrook (1984) the agency costs thesis predicts that dividend payments can reduce the problems associated with information asymmetry. Dividends may also serve as a mechanism to reduce cash flow under management control, and thus help to mitigate the agency problems. Reducing funds under management discretion may result in forcing them into the capital markets more frequently, thus putting them under the scrutiny of capital suppliers. The tax-preference theory posits that low dividend payout ratios lower the required rate of return and increase the market v aluation of a firms stocks. Because of the relative tax disadvantage of dividends compared to capital gains investors require a higher before-tax risk adjusted return on stocks with higher dividend yields. Higgins et.al indicated that a direct connection between growth and financing needs: growing firms have outside financing requirements because working capital needs normally go beyond the incremental cash flows from new sales. It showed those payouts ratios are negatively related to firms need top fund finance growth opportunities. (Higgins, 1972) De Angelo (2004) conducted a study on dividend policy, agency cost and earned equity. The study told that why companies pay dividends? If they didnt have their assets and capital structure, would ultimately become unsustainable as the earnings of successful firms surpass their investment opportunities. They found that dividend payments prevented major agency problems since the retention of the earnings would have given the managers command over an additional $1.6 trillion without access to better investment opportunities and without any monitoring. This sense suggests that firms with high retained earnings are especially likely to pay dividends. In this view, firms pay high dividend when earned equity to total equity is high, and decline when this ratio declines and when this ratio is zero or near to zero, meaning that firms dont have the earned equity. They finally found that the highly significant association between the decision to pay dividends and the ratio of earned equity to t otal equity controlling for size of the firm, profitability, growth, leverage, cash balance. CHAPTER-3 RESEARCH METHODS As a various factors available in literature review have been identified that they affect the dividend policy decisions of the companies. It includes some important variables in order to achieve at some positive conclusions. Multiple linear regressions model has been developed to conduct the research, which contain of dependent variable and independent variables. Dependent variable in this study has dividend payout that is defined as the percentage of earnings disbursed as dividends. While the independent variables include of profit (EBIT), sales, debt equity ratio and cash flow from operation. These four variables are used as predictors in order to conclude that how much each of the variables affects the dividend payout of sugar firms listed on the Karachi Stock Exchange over the period of eight years (2001-2008). Model: DP = ÃŽÂ ± + ÃŽÂ ²1 EBIT + ÃŽÂ ²2 sales + ÃŽÂ ²3 CFO + ÃŽÂ ²4 DER+ ÃŽÂ µ DP is the annual dividend paid by firms during the period, while ÃŽÂ ± is Alpha constant in the model. Whereas ÃŽÂ ² (beta) shows the times of the variable in the model and ÃŽÂ µ represents the error term. Variables include in the model are Earning before interest and tax, Sales per year, Cash flow from operation and Debt equity ratio. Dependent Variable: Dividend payout ratio: The dividend policy is the one of the very important issue of corporate finance. It developed the dividend model which becomes very famous and known as Linter Partial Adjustment Model. According to the Linter each firms i has target dividend payout ratio. By using the target payout ratio linter calculated the target dividend at time (Dit*) as percentage of net earnings of the firms i at the time t (Eit), i.e Dit*= ri. Eit. John Linter (1956) In this study we used dividend payout ratio as dependent variable. It is calculated by percentage of net earnings of the firms paid at the end of period. The set of determinants of dividend payout ratio consist of following variables. CFO (cash flow), Sales, EBIT (earning) and Debt to Equity Ratio (leverage). Independent Variable: There are four independent variables are used in this thesis to find out their impact on the dependent variable as dividend payout. Operating Cash Flow: The liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less giving dividends due to shortage of cash. Alli (1993) reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. The market liquidity is defined as annual value of stock traded divided by the stock market capitalization. Market liquidity is one of very important factor that can influence the decision or behavior of the dividend policy. Belanes (2007) there is a negative relationship between the market liquidity and dividend yield in Tunisian Stock exchange (TSE). OCF= EBIT +Depreciation-Taxes H1: There is positive impact of CFO on dividend payout ratio. Debt to Equity Ratio (leverage): The leverage has been used as proxy of Debt to equity ratio and variable in this study. Because debt to equity is very important variable for the determinants of dividend policy,if the level of the leverage is high its mean the firm is more risky in the cash flows. The effect of negative leverage on dividends payments is already documented .Higgins (1972) and McCabe (1979) suggested that long term debt had