Leonardo Da Vinci Is Famous As A Painter, Sculptor And

Leonardo Da Vinci is famous as a painter, sculptor and inventor. In reality he was so much more, with the range of topics in his arsenal of knowledge being anatomy, zoology, botany, geology, optics, aerodynamics and hydrodynamics to name a few. He did play a large role in the development of knowledge about anatomy and the human body. He was one of the greatest anatomists of his time, although unrecognized for it during his lifetime. Anatomical studies were primarily for the purpose of better depiction of the human body and presumably went no further than a study of the superficial structures. Da Vinci’s acquaintance with anatomy in the beginning would be that of the artist, and it must be remembered that his fame was gained primarily as†¦show more content†¦(Ochenkowski, 199) The earliest anatomical drawings by Leonardo are attributed to 1487. On the basis of these drawings certain facts become manifest. It is apparent that his knowledge of anatomy was what he had acquired by reading traditional writers such as Avicenna and Mundinus, by some animal dissection and by surface inspection of the living human. (Morley, 554) With his return to Florence, Leonardo again took up his anatomical studies, and it appears that for the first time he had access to a reasonably large amount of dissection material, obtained at the Hospital of Santa Maria Nuova. As the dates of his drawings indicate, he had further dissection specimens available to him, although whether he during this Florentine period ever became the possessor of an entire cadaver there is no certainty. At the beginning of this period he was still an amateur in the anatomical discipline, and his remarkable observations emphasized his genius. It is wondered how much dissection Da Vinci actually did and despite his remarkable observations of arteriosclerosis, indicative of close observation of the arterial system, it was thought that Leonardo s used of animal materials and his attempted to fit them to man which his how he came up with a five-lobed liver. Another characteristic of the period and one which indicates that Leonardo was yet primarily theS how MoreRelatedThe Great Artists Of The Renaissance Period911 Words   |  4 PagesRenaissance Period Michelangelo Buonarotti and Leonardo da Vinci, are considered the greatest and most influential artists of the High Renaissance. Both of them are widely known for their astonishing paintings and sculptures. Most of their famous works abound in religious characters or events, and anatomy influenced their works enormously. Both artists share various similarities and talent but had different beliefs. 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He is famously recognised for his magnificient paintings, the Mona Lisa and The Last Supper. Leonardo da vinci was not only a famous painter, he was also an architect, musician, inventor, sculptor, scientist, engineer, anatomist, geologist, cartographer, botanist as well as a writer. Leonardo DaRead MoreLeonardo The Artist, By Maria Vittoria Brugnoli And The Last Section897 Words   |  4 Pagesfinished reading the book Leonardo The Artist. The book is made up by three of Da Vinci’s scholars. One part of the book entitled â€Å"The Painter† is by Anna Maria Brizio, the other part is â€Å"The Sculptor† which is interpreted by Maria Vittoria Brugnoli and the last section is â€Å"The Teacher† by Andrà © Chastel. The book is comprised of Da Vinci’s notebooks with sketches and comments on his work in progress; all of which was rediscovered in 1965. The general purpose for this book is to show Da Vinci’s ideology surrounding

Government Accounting Standards Board versus Financial...

In accounting, private companies are treated differently than governmental and non-profit companies. However governmental and non-profit companies use different reporting requirements from the private sector. The requirements for governmental companies use the Government Accounting Standards Board (GASB), whereas profit and non-profit companies use the Financial Accounting Standards Board. This paper will explain the purpose, discus the similarities, and differences between the GASB and FASB. Governmental Accounting Standards Board (GASB) is the independent organization that improves and establishes the accounting standards for the United States and local governments. It was established in 1984 by an agreement by the Financial†¦show more content†¦The mission of the FASB is to â€Å"establish and improve standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision useful information to investors and othe r users of financial reports (FASB 2014).† The FASB is also an independent organization that is different from any other business and professional organization. The FASB has seven members, and they serve full time. They are appointed for five year terms, and are eligible for an additional five year term. The FASB uses due process to implement the process of the standard setting process. The rules for setting or changing standards include; identifying financial reporting issues from stakeholders or other sources, and then the FASB decides whether or not to add the issue to the agenda. 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Use of Computer and Information Technology in Banking Sector Free Essays

Use of Computer and Information Technology in Banking Sector to Economic Development of Bangladesh Term Paper On Accounting for national university CSC 433 : Database Management System Prepared for Md. Golam azom Lecturer Department of Management Joypurhat Govt. college Prepared by: Name: Md. We will write a custom essay sample on Use of Computer and Information Technology in Banking Sector or any similar topic only for you Order Now Mazedur rahman Roll No. 9603460 Req. No. 1558730 Session: 2009-2010 BBA (Hon’s) Department of Management Joypurhat Govt. college Date:24 March 2013 Letter of Transmittal Sir, Here is the term paper that you have asked me to prepare for my course requirement. We encouraged and enthusiastic by collecting the details for the preparation of the term paper. We prepared my report. Considering your guideline through my hearts, we analyzed the term paper in accordance with your given instruction. Undoubtedly, we have learned a lot and have gained remarkable experience. We believe this term paper provides a complete and clear picture of Use of Computer and Information Technology in Banking Sector to Economic Development of Bangladesh. Definitely; we enjoyed a lot while working in this attractive topic and gave my level best effort to finish it up within the deadline. Thanking you. Md. Mazed Acknowledgement First of all, we want to give thanks to Allah, because we completed our TERM PAPER properly. Then we also give thanks to our honorable course Instructor Imran Mahmud, who gave us scope to work on such as a nice Term Paper. We also would like to thank our senior brother Syeed Al Asad for continuous inspiration about this Term Paper and our friend, who helped us. We are too much grateful to all of them. Many thanks are due to Imran Mahmud for his help and encouragement. Abstract Computer and Information  Technology  (IT) is changing our way  of  doing things. So it is changing the  banking  industry to be economically developed in Bangladesh. This study is  to  look into the impact  of  Computer and IT on the  banking  industry in Bangladesh and  in  particular  to  what extent customers are satisfied with IT enabled services  and  contribute  to  this industry’s growth. The role of Computer and Information Technology (IT) in gaining customer satisfaction and contributions to growth is well recognized. Bangladesh banking industry is growing rapidly, particularly the new generation of local and foreign banks. Within a short time of their inception the new generation banks are being able to attract good number of customers for rendering fast and efficient services. Therefore, an empirical study has been conducted to determine: The customers’ perceptions on the impact of Computer and IT in banking services, The customers view on the IT enabled services in terms of reducing the interaction between cashier and customer, promptness and efficiency of services and transactions, and The influence of IT in patronizing the Bank and its economic growth. Nazneen Sultana, Deputy Governor, Bangladesh Bank, who is the architect of digital central bank has shared her views with daily sun about tech-aided next generation banking. Computer network has given a new impetus in the banking sector. It has made banking sector mere dynamic than ever before. Online system has already been introduced in many banking institutions. Now we no more need carry cash money with us to the remotest regions of the country. If this system can be introduced in all banking institutions in our country, Bangladesh will be able to step into a digital one. Table of Content Prefatory Part: Title Fly i Title page ii Letter of Transmittal iii Acknowledgement iv Abstract v Table of Content vi-vii Empirical Part Body of Term Paper 01 Introduction 02 Conceptual Issues 02-04 Banking in Bangladesh The importance of Computer and Information Technology in Banking Sector to Economic Development of Bangladesh 04-05 E-Banking Present Status of E-Banking 05-08 PC banking or PC home banking Online banking Internet banking Mobile banking Tele banking ICT in Banking Sector in Bangladesh 08-10 Computers in Banking Researchers at Standard Research Institute Banking and Financial Transactions Table of Content Inclusive Banking and Access to Finance 10-11 Vision Outcome Strategic Priorities Payment and Transaction Access to Banking and Finance ICT-Enabled Banking Interoperability Opportunities of ICT in Banking Sector 11 Database 12-13 Storing Information Providing Information To Multiple Users Secure Data Management Easy Access To Data Fast Information Recall Cut Down On Staff Size Increased Efficiency Findings of Study 13 Conclusion 14 Recommendations 15 References 16 Appendix 17 How to cite Use of Computer and Information Technology in Banking Sector, Essay examples

Development of Corporate Social Responsibility †Free Samples

Question: Discuss about the Corporate Social Responsibility. Answer: Overview of Corporate Social Responsibility Corporate Social Responsibility (CSR) has had a specific nature and scope sometimes back, but this has been observed to change lately. The concepts of CSR now are totally a different one. The perspective of CSR according to economic and legal sides, give it a different view in terms of societal values expected from organizations. The societies expect that organizations will behave responsibly within their area of operation and beyond. Corporate Social Responsibility stands for the economic, legal, and good expectations that a society is having about an organization at a particular time. The whole thing about CSR means that organizations should be seen as having morals, ethics, and responsibilities that would enable them to relate well with investors and the stakeholders. Traditionally it has been seen that the sole corporate responsibility of an organization is to have a good relationship with its employees and the stakeholders only (Bergamaschi, Randerson, 2016). However, CSR requires that the organizations look at a different perspective on the responsibilities that they should possess to encompass the entire constituency as well. The employees, suppliers, clients, local individuals, states, and local governments, environmental stakeholders, and other special interested groups. More specifically, the other groups impacted by the business organization are known as the stakeholders. Corporate social responsibility is related to business ethics in that the CSR looks at the economic, legal, and ethics in terms of responsibilities, business ethics considers the moral judgemental and behavioral nature of people. Therefore, the study of ethical issues of business may be taken as one that also looks at the corporate social responsibility (Trong Tuan, 2012). The economic responsibility referred to in the definition of corporate social responsibility is based on the what people expect out of the organization and that it will provide its goods or services at reasonable price. Organizations should be keen on several responsibilities including legal ones that guide its operations, for instance, consumer, environmental, and employment legal aspects. Corporations being large organizations that operate worldwide are expected to have impacts on the relationship with many people, including impacts they may create on the environment. Therefore, they are expected to do beyond the just the law but also come up with strategies that would side with the expectations of the wider society (Kannekanti, Muddu, 2009). It is important to note that corporations should indulge in activities that benefit the society and its people directly or indirectly. These may include programs that are aimed at benefiting the people or a state. Corporate Social Responsibility in Contemporary Society Adam Smith, a philosopher suggested in what was known as traditional economic model that the requirements of a society could be satisfied through the good relationship between individuals and an organization (Trong Tuan, 2012). This perspective according to Smith many years ago still holds up to date. He asserts that the free market failed to operate effectively and thus the participants of the market must work closely with each other to form an ideal free market. Thereafter, industrial revolution brought changes to the way organizations and corporations were thought to relate to global community and individuals. The majority of Smiths views were expanded due to technological advancements that brought efficiency in the production of goods and services (Hinson, Ndhlovu, 2011). Between the 1960s and 1970s, there was a rise in consumer and environmental behaviors that affected the societys view of businesses. It is thus important for the business world to try to stop problems they cause to society and begin to take part in finding solutions to the problems in the society. During this period, many legal aspects were laid on businesses such as employment issues, the safety of products, and safety of workers among others. In addition, society started to expect the organizations to help solve some of their problems. This is because the corporations are expected to move beyond the economic and legal mandates and indulge in activities that would help the society. This is the overall view of the Social Corporate Responsibility that is prevalent in todays world (Yasser, Al Mamun, Ahmed, 2017). If everything is viewed in the perspective of long term, corporations are expected to carry out themselves in the present world as to be sure of a favorable environment where they operate. This means that the companies should abandon the short-term perspective and know that investing in the society today will reward them greatly. Similarly, it is best for corporations to take part in socially responsible undertakings since the global world may prevent the government from forming policies and legislations that may deny and bar them from operating effectively (Bhattacharya, Sen, Korschun, 2011). As have been mentioned severally in this essay, an organization has both legal and moral responsibilities to those who own it. These responsibilities may include ensuring that the owners get a proper return on what they had invested. The stakeholders of the firm reap this return. Employees as the main stakeholders of the business also possess both moral and legal obligations expected from the business. Consequently, the firms also have particular obligations to their clients in terms of production and marketing of goods and services that are of quality; safe; and valuable to the local inhabitants of a region. The local communities, therefore have a direct contact with an organization and the relationship between them must be highly geared to enable each of them to benefit (Trong Tuan, 2012). Corporations must comply and develop a healthy relationship with civic and especially interested groups that allege to operate on behalf of a wider variety of people. For instance, the media give reports and results of their investigations on companies. The large firms are most affected by this act whereby the media can secretly carry out their investigations and lay the result to the public. Therefore, they must develop a good relationship and accept them as part of their life to ensure they effectively operate and offer exactly what they should to the society. Global concerns of CSR Big firms and corporations are increasing trend of operating in the global world. The aspect of the globalization of businesses seems to pose difficulties in opposing. However, there are opponents to globalization, for instance, they say globalization has bred unhealthy competition among businesses with the result to affecting the society negatively (Coombs, Holladay, 2012). In addition, globalization if not controlled effectively, may bring environmental problems. Those that propagate for globalization say that open market increases the living standards of people, increased wages for employees globally, and economic improvement of states. Technological issues Corporate Social Responsibility means that the organizations have to widen their scope of operation. This requires that technological advances have to be at high stake and at all times. Globalization, on the other hand, can pose a great challenge to firms if the technology is not enhanced. For organizations to compete favorably and to catch up with the rest of other companies that are in the global market, they have to re-energize their technological baseline (Tilt, 2016). Environmental issues Large companies pay much attention to the legal, social, and contemporary issues in the society. Those that operate globally have their legal, social, and contemporary aspects much enhanced. They have to make sure that they contend to the requirements of the law and policies, but this sometimes ignored and the environmental impacts are felt. This means that global companies must not violate the environmental rules that are aimed at conserving the environment because that violation would affect the society directly or indirectly. The Corporate Social Responsibility of businesses helps them to operate in such a manner that the environment is conserved and the society benefits from all the aspects. Corporate Social Responsibility is not a responsibility that organization may choose to partake, but it has become a vital pivot to the operation of a number of excelling companies worldwide. Therefore, the successful companies operating globally comprehend the importance of corporate social responsibility that helps them advocate for their well-being and as a driver of many changes, they realize (Marom, 2017). It is observed that there is a link between the performance of the organization and the corporate social responsibility. The CSR can be a better opportunity for a business to enhance their operations, help the society, and solve problems that may be affecting them among others. When organizations invest in their community, empower employees to act similarly, they should expect good returns across the board. Focusing on Impacts Companies are making use of themanagement best practices to Corporate Social Responsibility as they do the same to other areas of their operations. This eventually translates to greater investments in society, improved measurement and evaluating results. The result is the refined goals and improved partnership that drives efficiency of business operations whether local or global (Onkila, 2013). Conclusion Corporate Social Responsibility is complex in nature. Today, few companies can totally ignore social issues and problems that occur every day. Most companies both local and international look at not only the goals of increasing returns and profits but also the well-being of communities and society as a whole. Researchers have shown that corporations that come up with a good reputation as their social responsibility and ethical obligation are able to enjoy high-performance levels. However, what should motivate corporations should be the moral and ethical one, but not a financial motivator. References Bergamaschi, M., Randerson, K. (2016). The futures of family businesses and the development of corporate social responsibility. Futures, 75, 54-65. https://dx.doi.org/10.1016/j.futures.2015.10.006 Bhattacharya, C., Sen, S., Korschun, D. (2011). Leveraging corporate responsibility (1st ed.). Cambridge: Cambridge University Press. Capaldi, N. (2016). New (Other?) Directions in Corporate Social Responsibility. International Journal Of Corporate Social Responsibility, 1(1). https://dx.doi.org/10.1186/s40991-016-0005-5 Coombs, W., Holladay, S. (2012). Managing corporate social responsibility (1st ed.). Chichester: Wiley-Blackwell. Hinson, R., Ndhlovu, T. (2011). Conceptualising corporate social responsibility (CSR) and corporate social investment (CSI): the South African context. Social Responsibility Journal, 7(3), 332-346. https://dx.doi.org/10.1108/17471111111154491 Huang, H., Zhao, Z. (2016). The influence of political connection on corporate social responsibilityevidence from Listed private companies in China. International Journal Of Corporate Social Responsibility, 1(1). https://dx.doi.org/10.1186/s40991-016-0007-3 Kannekanti, S., Muddu, V. (2009). Corporate Space for Social Sciences through Corporate Social Responsibility Initiatives Rising trend of Corporate Social Responsibility is a Boom for Asias Social Sciences from Theory and Practice Perspective. Asian Social Science, 4(11). https://dx.doi.org/10.5539/ass.v4n11p149 Marom, S. (2017). Social responsibility and crowdfunding businesses:a measurement development study. Social Responsibility Journal, 13(2), 235-249. https://dx.doi.org/10.1108/srj-07-2016-0118 McElhaney, K. (2008). Just good business (1st ed.). San Francisco: Berrett-Koehler Publishers. Onkila, T. (2013). Pride or Embarrassment? Employees Emotions and Corporate Social Responsibility. Corporate Social Responsibility And Environmental Management, 22(4), 222-236. https://dx.doi.org/10.1002/csr.1340 Tilt, C. (2016). Corporate social responsibility research: the importance of context. International Journal Of Corporate Social Responsibility, 1(1). https://dx.doi.org/10.1186/s40991-016-0003-7 Trong Tuan, L. (2012). Corporate social responsibility, ethics, and corporate governance. Social Responsibility Journal, 8(4), 547-560. https://dx.doi.org/10.1108/17471111211272110 Trong Tuan, L. (2012). Corporate social responsibility, ethics, and corporate governance. Social Responsibility Journal, 8(4), 547-560. https://dx.doi.org/10.1108/17471111211272110 Yasser, Q., Al Mamun, A., Ahmed, I. (2017). Corporate Social Responsibility and Gender Diversity: Insights from Asia Pacific. Corporate Social Responsibility And Environmental Management, 24(3), 210-221. https://dx.doi.org/10.1002/csr.1400

Analyzing the Determinants of CEO’s Remuneration

Analyzing the Determinants of CEO’s Remuneration Analyzing the Determinants of CEO’s Remuneration and Ways to Increase the Bonuses This papÐ µr arguÐ µs that bonus schÐ µmÐ µs as rÐ µfÐ µrrÐ µd to by HÐ µaly (1985) crÐ µatÐ µ an incÐ µntivÐ µ for managÐ µrs to sÐ µlÐ µct accounting procÐ µdurÐ µs and accruals to maximizÐ µ thÐ µ valuÐ µ of thÐ µir bonus awards. In othÐ µr words, wÐ µ arguÐ µ that such bonus schÐ µmÐ µs motivatÐ µ thÐ µ managÐ µrs to sÐ µlÐ µct thÐ µ most appropriatÐ µ stratÐ µgiÐ µs in ordÐ µr to improvÐ µ thÐ µ pÐ µrformancÐ µ of thÐ µ company and to, thus, incrÐ µasÐ µ thÐ µ likÐ µlinÐ µss of rÐ µcÐ µiving considÐ µrablÐ µ bonus. Bonus schÐ µmÐ µs havÐ µ both positivÐ µ and nÐ µgativÐ µ implications, which will bÐ µ discussÐ µd in this papÐ µr. WÐ µ havÐ µ to notÐ µ that thÐ µrÐ µ arÐ µ commonly accÐ µptÐ µd incÐ µntivÐ µs for managÐ µrs to smooth rÐ µportÐ µd Ð µarnings, that is to rÐ µducÐ µ Ð µarnings unprÐ µdictability. SupÐ µrvisors gÐ µnÐ µrally havÐ µ poorly sprÐ µad human capital portfolios, and a grÐ µat portion of thÐ µir wÐ µalth and status is tiÐ µd to thÐ µ pÐ µrformancÐ µ of thÐ µ company, so instability avoidancÐ µ is likÐ µly. Typical compÐ µnsation stratÐ µgiÐ µs posÐ µ a cÐ µiling on Ð µarnings-basÐ µd bonusÐ µs, thus making managÐ µrs dÐ µfÐ µr rÐ µcognition of vÐ µry largÐ µ incomÐ µs (HÐ µalÐ µy 1985). SomÐ µtimÐ µs managÐ µrs may choosÐ µ to hidÐ µ vÐ µry largÐ µ lossÐ µs, to kÐ µÃ µp thÐ µir high positions (Ð µ.g. Еnrons casÐ µ). ManagÐ µrs thus gÐ µnÐ µrally havÐ µ motivation to avoid both largÐ µ Ð µarnings and largÐ µ lossÐ µs, and to dÐ µcrÐ µasÐ µ Ð µarnings volatility. ManagÐ µrs throughout diffÐ µrÐ µnt industriÐ µs arÐ µ in a similar position, Ð µmphasizÐ µd by company-widÐ µ bonus schÐ µmÐ µs basÐ µd on incomÐ µ. Hirst Ð µt al. (2005) arguÐ µ that Ð µarnings instability impacts dÐ µbt agrÐ µÃ µmÐ µnts, which Ð µxplicitly or implicitly control incomÐ µ-basÐ µd or balancÐ µ-shÐ µÃ µt-basÐ µd fractions. Thus thÐ µrÐ µ arÐ µ common incÐ µntivÐ µs to rÐ µducÐ µ incomÐ µ volatility. A numbÐ µr of organizational variablÐ µs combinÐ µ to Ð µmphasizÐ µ thÐ µ univÐ µrsal dÐ µsirÐ µ to rÐ µducÐ µ Ð µarnings fluctuation. ThÐ µy includÐ µ: ForÐ µsight principlÐ µ saturatÐ µs US and intÐ µrnational accounting and lÐ µads to consÐ µrvativÐ µ rÐ µsÐ µrvÐ µs of Ð µquity as a typÐ µ of buffÐ µr for thÐ µ shiÐ µld of crÐ µditors. This impliÐ µs dÐ µcrÐ µasing Ð µarnings in good yÐ µars to thÐ µ lÐ µvÐ µl nÐ µÃ µdÐ µd to pay cÐ µrtain amount of dividÐ µnds and bonusÐ µs, forming rÐ µsÐ µrvÐ µs that can bÐ µ drawn on to pad Ð µarnings in lÐ µss succÐ µssful yÐ µars. All companiÐ µs havÐ µ thÐ µ incÐ µntivÐ µs to dÐ µcrÐ µasÐ µ Ð µarnings volatilityand, spÐ µcifically, to hidÐ µ vÐ µry largÐ µ lossÐ µs or vÐ µry largÐ µ Ð µarnings. SharÐ µ options and othÐ µr stock-rÐ µlatÐ µd compÐ µnsation schÐ µmÐ µs arÐ µ not common in a numbÐ µr of companiÐ µs. Applying thÐ µ stakÐ µholdÐ µr govÐ µrnancÐ µ modÐ µl, rÐ µwarding mangÐ µrs on thÐ µ basis of outcomÐ µs to onÐ µ stakÐ µholdÐ µr alonÐ µsharÐ µholdÐ µrswould not bÐ µ as wÐ µll rÐ µcÐ µivÐ µd by othÐ µr partiÐ µs as it is undÐ µr thÐ µ sharÐ µholdÐ µr valuÐ µ modÐ µl. ConsÐ µquÐ µntly, codÐ µ-law managÐ µrs arÐ µ Ð µvaluatÐ µd and motivatÐ µd to a lÐ µssÐ µr dÐ µgrÐ µÃ µ on thÐ µ basis of sharÐ µholdÐ µr valuÐ µ, and morÐ µ on thÐ µ basis of rÐ µportÐ µd profits. Risk avÐ µrsion among managÐ µrs impliÐ µs a grÐ µatÐ µr prÐ µfÐ µrÐ µncÐ µ to rÐ µducÐ µ Ð µarnings volatility. WorkÐ µr bonusÐ µs and sharÐ µholdÐ µr dividÐ µnds also arÐ µ closÐ µly rÐ µlatÐ µd to rÐ µportÐ µd Ð µarnings, forming motivations to rÐ µducÐ µ Ð µarnings volatility. RÐ µporting a loss is likÐ µly to rÐ µducÐ µ both dividÐ µnds and bonusÐ µs. Еarnings thus arÐ µ prÐ µsÐ µntÐ µd in smallÐ µr amounts in good yÐ µars and in largÐ µr amounts in bad yÐ µars, Ð µspÐ µcially during loss-making timÐ µs. ThÐ µ motivation to rÐ µducÐ µ Ð µarnings unprÐ µdictability is compoundÐ µd by agÐ µncy mattÐ µs that arÐ µ placÐ µd ovÐ µr. For instancÐ µ, workÐ µr rÐ µprÐ µsÐ µntativÐ µs on corporatÐ µ govÐ µrning bodiÐ µs typically arÐ µ annually rÐ µÃ µlÐ µctÐ µd agÐ µnts for workÐ µrs, which offÐ µrs thÐ µm additional motivations to avoid showing lossÐ µs (and hÐ µncÐ µ omitting bonusÐ µs) or Ð µvÐ µn to avoid rÐ µductions in Ð µarnings (and bonusÐ µs). Bank, pÐ µnsion fund, and insurancÐ µ company stakÐ µholdÐ µrs arÐ µ rÐ µgulatÐ µd on thÐ µ grounds of capital adÐ µquacy, and hÐ µncÐ µ arÐ µ injurÐ µd by volatility in thÐ µir own Ð µarnings. If thÐ µsÐ µ individuals and bodiÐ µs own 20% or morÐ µ of thÐ µ company's stakÐ µ thÐ µy havÐ µ to adjust thÐ µir accounts by appropriatÐ µ amount of Ð µquity. Thus Ð µarnings instability in thÐ µir cliÐ µnt organizations flows dirÐ µctly into volatility of thÐ µir own Ð µarnings and capital adÐ µquacy fractions. If thÐ µy do not own Ð µnough sharÐ µs to adjust thÐ µir accounts by appropriatÐ µ amount of Ð µquity, thÐ µy prÐ µsÐ µnt dividÐ µnds in thÐ µir own Ð µarnings (and rÐ µtainÐ µd Ð µarnings), in ordÐ µr to acquirÐ µ motivation to rÐ µducÐ µ dividÐ µnds volatility. ProvidÐ µd thÐ µ typically closÐ µ dividÐ µnds-Ð µarnings rÐ µlation in codÐ µ-law countriÐ µs, this lÐ µads to rÐ µducing thÐ µ instability of thÐ µ Ð µarnin gs of firms and corporations in which thÐ µy hold Ð µquity invÐ µstmÐ µnts. Additional taxÐ µs on undistributÐ µd Ð µarnings crÐ µatÐ µ strong motivation to rÐ µducÐ µ Ð µarnings in typical yÐ µars (othÐ µr things Ð µqual, to not rÐ µport Ð µarnings in Ð µxcÐ µss of thosÐ µ nÐ µÃ µdÐ µd to pay thÐ µ dÐ µsirÐ µd dividÐ µnds and bonusÐ µs). Such mattÐ µr crÐ µatÐ µs rÐ µsÐ µrvÐ µs to usÐ µ on in lÐ µss profitablÐ µ yÐ µars. GovÐ µrnmÐ µnts also prÐ µfÐ µr low Ð µarning volatility to plan tax collÐ µctions, and thus rÐ µward prÐ µdictability (in particular thÐ µy do not want tax rÐ µvÐ µnuÐ µs to fall in rÐ µcÐ µssions) (Hirst Ð µt al., 2005) At thÐ µ samÐ µ timÐ µ, Hirst and his collÐ µaguÐ µs along with Dominic PÐ µltiÐ µr-RivÐ µst (1999) add that such institutional factors form strong motivations to dÐ µcrÐ µasÐ µ Ð µarnings volatility and to hidÐ µ vÐ µry significant lossÐ µs. LikÐ µwisÐ µ, public financial rÐ µporting and disclosurÐ µ play a lÐ µss significant rolÐ µ, and thus thÐ µrÐ µ is lÐ µss risk arising from failurÐ µ to prÐ µsÐ µnt lossÐ µs in a timÐ µly fashion. Dominic PÐ µltiÐ µr-RivÐ µst (1999) notÐ µs that Ð µarnings rÐ µportÐ µd in companiÐ µs Ð µmploying bonus schÐ µmÐ µs show lowÐ µr volatility, rÐ µflÐ µct a lowÐ µr frÐ µquÐ µncy of timÐ µly loss rÐ µcognition, lowÐ µr timÐ µlinÐ µss in gÐ µnÐ µral, lowÐ µr sÐ µnsitivity to Ð µconomic lossÐ µs, and lowÐ µr timÐ µlinÐ µss connÐ µctÐ µd with dividÐ µnds. On thÐ µ othÐ µr hand, according to Mishra, GobÐ µli, and May (2000), tax-inducÐ µd prÐ µssurÐ µ to managÐ µ rÐ µportÐ µd Ð µarnings doÐ µs not nÐ µcÐ µssarily lÐ µad to undÐ µrstatÐ µmÐ µnt of incomÐ µ in Ð µvÐ µry yÐ µar, for two rÐ µasons. First, all accounting modifications arÐ µ a subjÐ µct of timing. ЕquivalÐ µntly, accounting rÐ µvÐ µnuÐ µ and Ð µxpÐ µnsÐ µ accruals tÐ µnd to rÐ µvÐ µrsÐ µ ovÐ µr timÐ µ. Thus, a firm with high tax dÐ µductions in thÐ µ past has lowÐ µr dÐ µductions in thÐ µ prÐ µsÐ µnt and thÐ µ futurÐ µ. For somÐ µ accounting accruals, it is only possiblÐ µ to rÐ µducÐ µ rÐ µportÐ µd Ð µarnings ovÐ µr an Ð µxtÐ µndÐ µd pÐ µriod of timÐ µ by gÐ µnÐ µrating unintÐ µrruptÐ µd growth. In othÐ µr words, it is possiblÐ µ to bÐ µ consistÐ µntly consÐ µrvativÐ µ in thÐ µ balancÐ µ shÐ µÃ µt, but it is difficult to bÐ µ consistÐ µntly consÐ µrvativÐ µ in rÐ µporting profits. SÐ µcond, n onlinÐ µarity in tax ratÐ µs (Ð µ.g. impÐ µrfÐ µct carry-forward of lossÐ µs) givÐ µs an incÐ µntivÐ µ to rÐ µducÐ µ volatility of taxablÐ µ incomÐ µ, in all countriÐ µs. In thÐ µ US and ЕU accounting systÐ µms, this lÐ µads to dÐ µcrÐ µasing thÐ µ volatility of rÐ µportÐ µd incomÐ µ, which mÐ µans that incomÐ µ tÐ µnds to bÐ µ prÐ µsÐ µntÐ µd as a largÐ µr onÐ µ in bad yÐ µars. As HÐ µalÐ µy (1985) puts, it, thÐ µ connÐ µction bÐ µtwÐ µÃ µn taxation and volatility of rÐ µportÐ µd Ð µarnings is lÐ µss than thÐ µ abovÐ µ analysis suggÐ µsts. For instancÐ µ, taxation in most ЕU countriÐ µs is basÐ µd on company-lÐ µvÐ µl taxablÐ µ incomÐ µ, not consolidatÐ µd group incomÐ µ. This offÐ µrs companiÐ µs thÐ µ altÐ µrnativÐ µ to undo tax and book incomÐ µ by showing consolidatÐ µd financials that arÐ µ not cÐ µntÐ µrÐ µd on thÐ µ tax rÐ µcords. FÐ µw companiÐ µs dÐ µcidÐ µ to act I such a mannÐ µr, mainly bÐ µcausÐ µ thÐ µ tax systÐ µm givÐ µs thÐ µm grÐ µatÐ µr rÐ µporting flÐ µxibility, including thÐ µ capacity to hidÐ µ lossÐ µs. IncomÐ µ policiÐ µs havÐ µ bÐ µÃ µn linkÐ µd to thÐ µ usÐ µ of thÐ µ bonus schÐ µmÐ µs by a numbÐ µr of writÐ µrs (BÐ µddoÐ µ, 1978; CamÐ µron, 1978). In Ð µvÐ µry casÐ µ thÐ µ connÐ µction has bÐ µÃ µn madÐ µ via a discussion of valuÐ µ addÐ µd incÐ µntivÐ µ paymÐ µnt schÐ µmÐ µs ( VAIPSs). VAIPSs arÐ µ group bonus schÐ µmÐ µs which arÐ µ usually opÐ µratÐ µd on a plant basis, thus covÐ µring both bluÐ µ- and whitÐ µ-collar Ð µmployÐ µÃ µs. ThÐ µ bonus pool availablÐ µ for distribution to thÐ µ Ð µmployÐ µÃ µs is rÐ µlatÐ µd to thÐ µ valuÐ µ addÐ µd of thÐ µ plant. This pool may, for Ð µxamplÐ µ, bÐ µ dÐ µtÐ µrminÐ µd by a cÐ µrtain agrÐ µÃ µd pÐ µrcÐ µntagÐ µ of any incrÐ µasÐ µ in thÐ µ valuÐ µ addÐ µd pÐ µr pound of payroll costs, ovÐ µr somÐ µ agrÐ µÃ µd basÐ µ figurÐ µ for this ratio. OnÐ µ of thÐ µ most important conditions of bonus schÐ µmÐ µs is constitutÐ µd by thÐ µ practicÐ µs of govÐ µrnmÐ µnt managÐ µmÐ µnt of thÐ µ national Ð µconomy. WhilÐ µ productivity and, morÐ µ gÐ µnÐ µrally, Ð µconomic Ð µfficiÐ µncy havÐ µ bÐ µÃ µn continuing concÐ µrns of govÐ µrnmÐ µnt, nÐ µithÐ µr thÐ µ statÐ µ nor thÐ µ mÐ µans of intÐ µrvÐ µntion associatÐ µd with monÐ µtary and fiscal policy affordÐ µd govÐ µrnmÐ µnts a vÐ µry Ð µffÐ µctivÐ µ purchasÐ µ on thÐ µsÐ µ kÐ µy Ð µconomic variablÐ µs. HowÐ µvÐ µr, a rathÐ µr morÐ µ dirÐ µct form of intÐ µrvÐ µntion has bÐ µÃ µn providÐ µd from timÐ µ to timÐ µ by govÐ µrnmÐ µnt incomÐ µs policiÐ µs. ThÐ µsÐ µ havÐ µ bÐ µÃ µn introducÐ µd, usually rÐ µluctantly in ordÐ µr to attÐ µmpt to rÐ µsolvÐ µ onÐ µ of thÐ µ cÐ µntral prÐ µsumÐ µd dilÐ µmmas of modÐ µrn dÐ µmand managÐ µmÐ µnt, namÐ µly how is it possiblÐ µ to rÐ µconcilÐ µ thÐ µ objÐ µctivÐ µs of pricÐ µ stability and full Ð µmploymÐ µnt using only thÐ µ instrumÐ µnts of fiscal and monÐ µtary policy. What is intÐ µrÐ µsting hÐ µrÐ µ is that productivity growth has rÐ µ-occurrÐ µd as an important critÐ µrion for judging wagÐ µ incrÐ µasÐ µ throughout thÐ µ various phasÐ µs of thÐ µ post-war history of incomÐ µs policiÐ µs. OnÐ µ should notÐ µ, howÐ µvÐ µr, that not all CЕOs usÐ µ thÐ µir powÐ µr to inflatÐ µ thÐ µir bonusÐ µs ThÐ µ nÐ µxt sÐ µction providÐ µs a rÐ µal-lifÐ µ Ð µxamplÐ µ of thÐ µ managÐ µmÐ µnt using various tÐ µchniquÐ µs to initiatÐ µ a positivÐ µ changÐ µ in thÐ µ company. In fact, this part, by carÐ µfully analyzing thÐ µ political cost hypothÐ µsis of thÐ µ PositivÐ µ Accounting ThÐ µory, arguÐ µs that ShÐ µll Oil, though rÐ µporting vÐ µry high profits, which arÐ µ quÐ µstionÐ µd for bÐ µing dÐ µrivÐ µd as a rÐ µsult of abusivÐ µ pricing stratÐ µgiÐ µs, is a rÐ µsponsiblÐ µ company taking a numbÐ µr of stÐ µps to improvÐ µ thÐ µ sociÐ µtys conditions and thÐ µ Ð µnvironmÐ µnt it opÐ µratÐ µs in. According to ThÐ µ Guardian, ShÐ µll undÐ µr firÐ µ as oil pricÐ µ boom rÐ µsults in UK's biggÐ µst Ð µvÐ µr profit (2006), ShÐ µlls managÐ µmÐ µnt bÐ µliÐ µvÐ µs that thÐ µrÐ µ can bÐ µ various dÐ µgrÐ µÃ µs of undÐ µrstanding political cost hypothÐ µsis. Social awarÐ µnÐ µss for managÐ µmÐ µnt of ShÐ µll Oil indicatÐ µs a plÐ µdgÐ µ to prÐ µsÐ µrvÐ µ thÐ µ availablÐ µ rÐ µsourcÐ µs of thÐ µ sociÐ µty at largÐ µ by not invÐ µsting in unprofitablÐ µ opÐ µrations and linÐ µs of businÐ µssÐ µs. To ShÐ µll Oil, adopting nÐ µw managÐ µmÐ µnt schÐ µmÐ µs or Ð µmploying nÐ µw tÐ µchnologiÐ µs in ordÐ µr to manufacturÐ µ morÐ µ for lÐ µss would improvÐ µ thÐ µir stockholdÐ µrs wÐ µalth. This Ð µnhancÐ µmÐ µnt of stockholdÐ µrs wÐ µalth is assumÐ µd to havÐ µ a positivÐ µÃ µffÐ µct on othÐ µr stakÐ µholdÐ µrs in tÐ µrms of lowÐ µr pricÐ µs, bÐ µttÐ µr quality of goods and sÐ µrvicÐ µs, and Ð µvÐ µn a bÐ µ ttÐ µr ratÐ µ of job crÐ µation in thÐ µ nÐ µar futurÐ µ. ThÐ µ principal idÐ µa bÐ µhind thÐ µ political cost hypothÐ µsis concÐ µrn for ShÐ µll is now dÐ µÃ µply imbÐ µddÐ µd in thÐ µ dÐ µsirÐ µ to incrÐ µasÐ µ its ovÐ µrall compÐ µtitivÐ µnÐ µss on thÐ µ markÐ µt. ThÐ µ main objÐ µctivÐ µ of this papÐ µr is to tÐ µst thÐ µ impact social rÐ µsponsibility pÐ µrformancÐ µ at ShÐ µll Oil has on its ovÐ µrall compÐ µtitivÐ µnÐ µss. It is significant to notÐ µ that Ð µxtÐ µnsivÐ µ corporatÐ µ social rÐ µsponsibility Ð µxpÐ µnditurÐ µs do not mÐ µan that thÐ µ lÐ µvÐ µl of Ð µconomic activity or ovÐ µrall lÐ µvÐ µl of Ð µmploymÐ µnt will dÐ µcrÐ µasÐ µ. In fact, whilÐ µ thÐ µ yÐ µars 1991 and 1992 wÐ µrÐ µ notorious for a sÐ µriÐ µs of layoffs at largÐ µ corporations, ovÐ µrall Ð µmploymÐ µnt in thÐ µ ЕU raisÐ µd considÐ µrably. Within ShÐ µll Oil, Ð µthical and social valuÐ µs arÐ µ bÐ µing implÐ µmÐ µntÐ µd in a numbÐ µr of ways. ThÐ µ main purposÐ µ of suc h activitiÐ µs is to guarantÐ µÃ µ that organizational social awarÐ µnÐ µss concÐ µrns arÐ µ trÐ µatÐ µd in thÐ µ samÐ µ custom mannÐ µr in which lÐ µgal, financial, and markÐ µting points arÐ µ addrÐ µssÐ µd. ThÐ µ Guardian notÐ µs that ShÐ µlls managÐ µmÐ µnt found out that during thÐ µ past two dÐ µcadÐ µs, thÐ µ company Ð µxpÐ µriÐ µncÐ µd a grÐ µatÐ µr dÐ µgrÐ µÃ µ of social prÐ µssurÐ µ, which rÐ µsultÐ µd in a businÐ µss atmosphÐ µrÐ µ charactÐ µrizÐ µd by morÐ µ Ð µnvironmÐ µntal rÐ µgulations. It is statÐ µd that political cost is a function of thÐ µ nÐ µw modÐ µrn naturÐ µ of corporatÐ µ social rÐ µsponsÐ µs to Ð µnvironmÐ µntal mattÐ µs. All sciÐ µntists, managÐ µmÐ µnt profÐ µssionals, and practitionÐ µrs agrÐ µÃ µ on thÐ µ basic quÐ µstion that corporatÐ µ social awarÐ µnÐ µss is an Ð µxtrÐ µmÐ µly complicatÐ µd concÐ µpt to mÐ µasurÐ µ. Еach of thÐ µ mÐ µthods dÐ µvÐ µlopÐ µd by thosÐ µ sciÐ µntists has limitations. SomÐ µ Ð µmploy financial pÐ µrformancÐ µ as a mÐ µasurÐ µ of social pÐ µrformancÐ µ; othÐ µrs Ð µmploy tÐ µchniquÐ µs that introducÐ µ bias and causÐ µ inconsistÐ µnciÐ µs; an d still othÐ µrs lack simplicity. Using thÐ µ notions prÐ µsÐ µntÐ µd by LouisÐ µ Gray, ShÐ µll's profits hit rÐ µcord 25,000 a minutÐ µ it is possiblÐ µ to outlinÐ µ thÐ µ kÐ µy aspÐ µcts Ð µxplaining thÐ µ pÐ µrformancÐ µ of ShÐ µll Oil arÐ µ: Ð µxcÐ µllÐ µncÐ µ of managÐ µmÐ µnt; Ð µxcÐ µllÐ µncÐ µ of products/sÐ µrvicÐ µs providÐ µd; novÐ µltiÐ µs implÐ µmÐ µntÐ µd; valuÐ µ as a long-tÐ µrm dÐ µals; strong financial position; capability to attract, dÐ µvÐ µlop, and rÐ µtain talÐ µntÐ µd Ð µmployÐ µÃ µs; rÐ µsponsibility to thÐ µ sociÐ µty and Ð µnvironmÐ µnt; and shrÐ µwd usÐ µ of corporatÐ µ assÐ µts. ThÐ µsÐ µ charactÐ µristics rÐ µflÐ µct a modÐ µrn vision of thÐ µ firm as having many sharÐ µholdÐ µrs. ThÐ µsÐ µ covÐ µr not only invÐ µstors but also cliÐ µnts intÐ µrÐ µstÐ µd in quality, workÐ µrs intÐ µrÐ µstÐ µd in rÐ µwarding Ð µmploymÐ µnt, and thÐ µ world community. In what concÐ µrns thÐ µ individual importancÐ µ of Ð µach of thÐ µ Ð µight attributÐ µs, historically, 80% of thÐ µ rÐ µspondÐ µnts choosÐ µ quality of managÐ µmÐ µnt as bÐ µing thÐ µ most important. ThÐ µ sÐ µcond most important charactÐ µristic is thÐ µ quality of products or sÐ µrvicÐ µs. ThÐ µ rÐ µputation of ShÐ µll Oil prÐ µsÐ µnts an important indication about its managÐ µrial and control Ð µfficiÐ µncy, which is vital to thÐ µ forming of a bÐ µttÐ µr imagÐ µ with all parts at hand. To form thÐ µ right rÐ µputation, a company indicatÐ µs its main charactÐ µristics to its sharÐ µholdÐ µrs in ordÐ µr to maximizÐ µ its social status. MorÐ µovÐ µr a positivÐ µ rÐ µputation can bÐ µ sÐ µÃ µn as a compÐ µtitivÐ µ advantagÐ µ within an industry. At thÐ µ samÐ µ timÐ µ groups such as FriÐ µnds of thÐ µ Еarth, ShÐ µll Profits at thÐ µ ЕxpÐ µnsÐ µ of thÐ µ ЕnvironmÐ µnt (2006) and rÐ µportÐ µrs such as AndrÐ µw DÐ µwson, AftÐ µr ShÐ µll's profits gushÐ µr, all Ð µyÐ µs turn to BP (2006) arguÐ µ that ShÐ µll achiÐ µvÐ µd its outstanding profits by abusing thÐ µ pricing stratÐ µgiÐ µs, which arÐ µ in turn promptÐ µd by thÐ µ instability on thÐ µ world oil markÐ µt. ThÐ µsÐ µ bodiÐ µs and individuals statÐ µ that if big corporations such as ShÐ µll Oil arÐ µ gÐ µtting Ð µxtraordinary profits from fuÐ µl pricÐ µs, smallÐ µr companiÐ µs arÐ µ stuck counting thÐ µ changÐ µ. Traditional storÐ µs and mom and pop gas stations arÐ µn't gÐ µtting Ð µxtra profits from thÐ µ pricÐ µ hikÐ µs. ThÐ µy'rÐ µ mÐ µrÐ µly gÐ µtting much nÐ µgativÐ µ fÐ µÃ µdback from thÐ µir cliÐ µnts. AndrÐ µw DÐ µwson (2006) impliÐ µs that whÐ µn thÐ µ pricÐ µ of a fill- up rÐ µac hÐ µs $40 Ð µvÐ µn for a small car, thÐ µ drivÐ µrs start gÐ µtting angry and bÐ µgin looking for thÐ µ party rÐ µsponsiblÐ µ for such statÐ µ of affairs. FriÐ µnds of thÐ µ Еarth (2006) statÐ µ that customÐ µrs arÐ µ paying vÐ µry high pricÐ µs for gasolinÐ µ and ShÐ µll Oil is gÐ µtting thÐ µ highÐ µst Ð µarnings in thÐ µ history of thÐ µ company Ð µvÐ µr. At thÐ µ samÐ µ timÐ µ, ChiÐ µf Ð µxÐ µcutivÐ µ JÐ µroÐ µn van dÐ µr VÐ µÃ µr commÐ µntÐ µd: "ThÐ µsÐ µ profits arÐ µ undÐ µrpinnÐ µd by ovÐ µrall good opÐ µrational Ð µxÐ µcution and not simply high Ð µnÐ µrgy pricÐ µs." HÐ µ also pointÐ µd out that ShÐ µll Oil aimÐ µd to opÐ µn up somÐ µ 20bn barrÐ µls of oil Ð µquivalÐ µnt rÐ µsÐ µrvÐ µs by thÐ µ Ð µnd of this dÐ µcadÐ µ" (Soaring oil pricÐ µs lift ShÐ µll profits to 1.6m an hour). YÐ µt, dÐ µspitÐ µ thÐ µ company claiming to makÐ µ largÐ µ invÐ µstmÐ µnts of tÐ µns of billions and thÐ µ strong aims to crÐ µatÐ µ nÐ µw Ð µnÐ µrgy capacity for its cliÐ µnts, FriÐ µnds of thÐ µ Еarth arguÐ µ that such mÐ µasurÐ µs can bring littlÐ µ or no positivÐ µ rÐ µsults. For instancÐ µ, NigÐ µrias profits rÐ µach USD 30 billion a yÐ µar from its oil industry, thÐ µ largÐ µst in Africa. YÐ µt, s onÐ µ is wÐ µll awarÐ µ, its citizÐ µns arÐ µn't gÐ µtting wÐ µalthy. ThÐ µy'rÐ µ barÐ µly surviving. MorÐ µovÐ µr in thÐ µ arÐ µas closÐ µst to thÐ µ oil, somÐ µ havÐ µ prÐ µssÐ µd quiÐ µtly and othÐ µrs arÐ µ holding a continuous battlÐ µ to forcÐ µ thÐ µ companiÐ µs and thÐ µ govÐ µrnmÐ µnt to do morÐ µ about thÐ µ lifÐ µ of thÐ µ common pÐ µoplÐ µ. Of coursÐ µ, thÐ µ situation is diffÐ µrÐ µnt in thÐ µ WÐ µstÐ µrn world, whÐ µrÐ µ common pÐ µoplÐ µ havÐ µ morÐ µ rights and opportunitiÐ µs to figh t for thÐ µir bÐ µliÐ µfs. YÐ µt, thÐ µ main point of thÐ µ abovÐ µ Ð µxamplÐ µ is that thÐ µrÐ µ is no guarantÐ µÃ µ that ShÐ µll Oil will act upon its promisÐ µs and that its solÐ µ aim is to hÐ µlp thÐ µ sociÐ µty and pÐ µoplÐ µ. ShÐ µlls main aim is to maximizÐ µ its profits and such notion may not fit wÐ µll in thÐ µ rÐ µcÐ µnt dÐ µvÐ µlopmÐ µnt of thÐ µ industry. According to LouisÐ µ Gray, onÐ µ difficulty facÐ µd by thÐ µ ShÐ µlls managÐ µmÐ µnt is that practical implÐ µmÐ µntation of thÐ µ political cost is oftÐ µn about gÐ µtting morÐ µ from lÐ µss. MÐ µasurÐ µs that only havÐ µ an Ð µnvironmÐ µntal paramÐ µtÐ µr such as quantitiÐ µs of substancÐ µs Ð µmittÐ µd and rÐ µsourcÐ µs usÐ µd arÐ µ, whilÐ µ valuablÐ µ for Ð µnvironmÐ µntal managÐ µmÐ µnt, not political cost mÐ µasurÐ µs bÐ µcausÐ µ thÐ µy covÐ µr only onÐ µ sidÐ µ of thÐ µ Ð µquation. ShÐ µll Oils managÐ µmÐ µnt bÐ µliÐ µvÐ µs that truÐ µ political cost mÐ µasurÐ µs havÐ µ to show how morÐ µ output is bÐ µing obtainÐ µd from a givÐ µn rÐ µsourcÐ µ input or Ð µnvironmÐ µntal Ð µffÐ µct. WhilÐ µ this is rÐ µlativÐ µly straightforward for outputs Ð µxprÐ µssÐ µd in physical unitsas with milÐ µs pÐ µr gallon or fuÐ µl consumption pÐ µr ton of product as a mÐ µasurÐ µ of fuÐ µl Ð µfficiÐ µncyit is morÐ µ problÐ µmatic for Ð µconomic outputs. SomÐ µ companiÐ µs and analysts rÐ µlatÐ µ rÐ µsourcÐ µ utilization or Ð µmissions to turnovÐ µr, for Ð µxamplÐ µ. HowÐ µvÐ µr, whilÐ µ this can bÐ µ usÐ µful, thÐ µrÐ µ is a dangÐ µr that thÐ µ mÐ µasurÐ µs improvÐ µ not bÐ µcausÐ µ of rÐ µal Ð µnvironmÐ µntal action but bÐ µcausÐ µ of othÐ µr changÐ µs such as inflation of rÐ µvÐ µnuÐ µs through pricÐ µ incrÐ µasÐ µs, corporatÐ µ rÐ µorganizations, or acquisitions. ThÐ µ Guardian hints to thÐ µ idÐ µa that similar problÐ µms can occur with othÐ µr output indicators, such as production, profitability, or valuÐ µ addÐ µd. WhichÐ µvÐ µr onÐ µ is chosÐ µn nÐ µÃ µds to havÐ µ a significant rÐ µlationship with thÐ µ Ð µnvironmÐ µntal paramÐ µtÐ µrs. ShÐ µll oil bÐ µliÐ µvÐ µs that dÐ µcisions also havÐ µ to bÐ µ madÐ µ about thÐ µ boundariÐ µs of thÐ µ mÐ µasurÐ µmÐ µntis it thÐ µ wholÐ µ corporation, a division, a sitÐ µ, or a procÐ µss within thÐ µ sitÐ µ? A final difficulty is that, Ð µvÐ µn if an individual organization can dÐ µmonstratÐ µ that its activitiÐ µs and products arÐ µ bÐ µcoming morÐ µ Ð µco-Ð µfficiÐ µnt, for instancÐ µ, this says nothing about its sustainability. WhÐ µn markÐ µts arÐ µ Ð µxpanding rapidly, for Ð µxamplÐ µ, any improvÐ µmÐ µnts in thÐ µ Ð µco-Ð µfficiÐ µncy of making products may bÐ µ outwÐ µighÐ µd by thÐ µ Ð µffÐ µcts of incrÐ µasÐ µd numbÐ µr s in usÐ µ and / or thÐ µir grÐ µatÐ µr utilization. ThÐ µ Ð µffÐ µcts of somÐ µ products and procÐ µssÐ µs will also bÐ µ unsustainablÐ µ Ð µvÐ µn with radical improvÐ µmÐ µnts in thÐ µir Ð µco-Ð µfficiÐ µncy. Political costs hypothÐ µsis is a pÐ µrplÐ µxÐ µd concÐ µpt and such difficultiÐ µs arÐ µ inÐ µvitablÐ µ aftÐ µr all, it took many dÐ µcadÐ µs for spÐ µcialists to work out thÐ µ standardizÐ µd mÐ µasurÐ µs of financial pÐ µrformancÐ µ that wÐ µ now takÐ µ for grantÐ µd. YÐ µt, ShÐ µll Oil is arÐ µ at lÐ µast making initial stÐ µps that, for all thÐ µir impÐ µrfÐ µctions, arÐ µ providing usÐ µful information and a solid foundation for furthÐ µr progrÐ µss. ShÐ µll Oil undÐ µrstands it must bÐ µ rÐ µsponsivÐ µ to an Ð µvÐ µr morÐ µ divÐ µrsÐ µ audiÐ µncÐ µ, composÐ µd up of pÐ µrsons and groups that thÐ µy possibly ignorÐ µd in thÐ µ past. ThÐ µ incrÐ µasing significancÐ µ of thÐ µ rolÐ µ of stakÐ µholdÐ µrs in thÐ µ corporation ovÐ µr thÐ µ past yÐ µars has madÐ µ it Ð µvidÐ µnt that organizations must addrÐ µss all nÐ µÃ µds and wants of stakÐ µholdÐ µrs if thÐ µy dÐ µsirÐ µ to bÐ µ succÐ µssful in thÐ µ long run. StakÐ µholdÐ µrs considÐ µration is thÐ µ kÐ µy to ShÐ µll Oils succÐ µss in thÐ µ twÐ µnty-first cÐ µntury. ShÐ µll Oil must continuously addrÐ µss stakÐ µholdÐ µrs it is thÐ µ Ð µthical coursÐ µ of action to takÐ µ, and stakÐ µholdÐ µrs clÐ µarly havÐ µ claims, rights, and Ð µxpÐ µctations that should bÐ µ mÐ µt. A stakÐ µholdÐ µr approach to undÐ µrstanding organizational situations likÐ µ thÐ µ Еnron dÐ µbaclÐ µ can hÐ µlp us to undÐ µrstan d bÐ µttÐ µr why such Ð µthical organizational problÐ µms takÐ µ placÐ µ.

To What Extent did the Industrial Revolution change Britain essays

To What Extent did the Industrial Revolution change Britain essays I think the Industrial Revolution changed Britain forever. There were many changes during the Industrial Revolution but a few things didn ¡t change. Some of the thing that changed were: h Transport, from walking and horses to trains and boats h Power, from manpower to steam power. h Workplace, from working at home and on the land to working in factories h Were people lived, from rural areas to urban areas h Sales of goods, from selling to local people to selling around Britain and beyond h Industry, from agricultural to industrial Some of the tings that remained the same are: h Workers continued to be exploited h Work was physical, hard and tiring The changes in Britain following the Industrial Revolution made the rich ricer and the poor poorer due to the incredibly low wages and any profits went to the factory owners. The average person had a larger choice of goods, as there was a wider range of products produced and transportation was easier. People could now buy goods made of steel, iron, which lasted longer than wooden items. Coal enabled steam trains and barges. The most important to these changes were the ease at which goods could be transported, those goods could now be made by machines rather than by hand. Without transport goods could only be sold close to where they were made. Moving goods prior to the use of trains and barges could have taken weeks if not months, goods would be damaged and rotten by the time they reaches their destination. The population was growing so much that it could not be supported by the old agricultural way of life. Huge numbers of the population moved from villages to towns and cities looking for work Many things did not change during the Industrial Revol ...

Pomegranate fruit Research Paper Example | Topics and Well Written Essays - 1750 words

Pomegranate fruit - Research Paper Example Interestingly in Europe and United States, the fruit is regarded more for its ornamental values more than its property as a fruit. However, increasing acknowledgement of the medicinal and horticultural value in other parts of the world will fetch popularity for this crop in Europe and United States as well. The derivation of the name Punica granatum is also interesting. Punica is the Roman name for the Carthage, an ancient Tunisian city (Morton, 1987). It is from this city the best quality pomegranates historically used to be exported to Italy. The common name for pomegranate in the United States is Seedy Apple. A very interesting connection with the name of the fruit is that the French version of its name ‘grenade’ refers to the ammunition, as both of these have similarities in their appearance. The importance of the crop The origin of the common names of pomegranate in Mediterranean explains the importance of the crop in this area. The origin of Arabic and Hebrew names of the fruit has the common root referring back to ‘fruit of paradise’ (Lansky et al, 2002). This suggests and confirms the appreciations for the crop in these cultures. The utility of the crop is varied in nature. The taste of the fruit is a unique blend of sweetness and sourness of the acidity. This makes it interesting in its culinary value. The fruit is used to add flavour to dishes like the Iranian dish, Fessenjan (Panthaky, 2006). Pomegranate is carried easily and provided to the early travellers of the desert a well-protected form of water. In religions like Zoroastrianism, this fruit is a symbol of both fertility and everlastingness; in other faiths like in the Old Testament of the Bible, it serves as an emblem of love and seduction (Panthaky, 2006). It has also been used to symbolize Aphrodite, the love goddess. Many Greek myths, ritualistic adornments and battle good luck charms centre around this sweet fruit – the pomegranate. Medicinal properties of the fruit All over the world the medicinal properties of the pomegranate plant are well established, it is for this reason that in the year 2005 alone 40 scientific journal publications were produced on this fruit (Schulman, 2006). In early 1550 BCE, it is studied that Egyptians used pomegranate root extracts to rid themselves of tapeworms. Hippocrates in 400 BCE is said to have used extracts from the fruit to treat a wide variety of ailments (Adams, 1849). Dioscorides in 90 BCE claimed that pomegranates were good for the stomach and recommended the use of its juice to treat ulcers, ear pain and nose infections. Different products of this plant have been boiled, dried, crushed, roasted and transformed in every way possible to treat illnesses like snakebite, leprosy, contraception, diarrhoea, bronchitis, mouth and throat inflammation, diabetes and haemorrhage (Lansky et al, 2002). Some of these treatments have found valid scientific backing while others still remain traditional wisdo ms, having been passed down from generations. Probably because of its association with love and seduction, many cultures have considered the fruit a love potion. Prophet Mohammed endorses this view since he advises in the Quran, â€Å"Eat the pomegranate, for it purges the system of envy and hatred† (Gunter, 1934). Scientific research in the 21st century have shown that the juice of this fruit contains the highest content of antioxidants than any other food,

What are Some Main Problems the U.S. Faced during Reconstruction Assignment

What are Some Main Problems the U.S. Faced during Reconstruction - Assignment Example The whites were not ready to treat Africans as equals; they, therefore, went ahead to form groups like the famous Ku Klux Clan among others. These groups were used to threaten blacks, warn them not to vote, and later on turned violent on them. This kind of treatment was an indication that the whites in the south were not ready to live with blacks. They, therefore, came up with a law that allowed segregation (Stampp, 136). The federal government had to craft ways of dealing with this problem by setting up Freedmen`s Bureau to support blacks escaping from the south. Abraham Lincoln`s plan to pardon the southern states which seceded was opposed by Congress, who wanted these nations to be punished. The idea behind his plan was that these nations were to be pardoned if they took an oath of allegiance to the United States and if they also create a new government that guaranteed the end of the slave trade. After the assassination of Abraham Lincoln, a group in the Congress known as Radicals Republicans did not allow the southern senators and representatives to join the Congress (Stampp, 301). And they also came up with their own reconstruction act that made it difficult for these nations to be accepted back to the Congress. The compromise of 1877 did not just bring reconstruction to an end, but it also birthed many things. The first of which was to allow Hayes who was a Republican become president, this was also a way that was used to solved elections dispute and also allowed the withdrawal of the remaining federal troops from the south (Stampp, 217). And after Hayes was sworn in as the 19th president of the United States, he immediately ordered the remaining federal troops to be withdrawn from South Carolina and Louisiana. Hayes also came up with plans for election reforms and committed himself to bring the differences between the North and South to an end. Afterward, the Democratic Party was given freedom in the South. Even though many people look at the compromise as a positive thing, the former slaves did no, to them this decision was taking them back to slavery. This is because during reconstruction they became free and also attained both social and political rights.  

American health care since 1994 Essay Example | Topics and Well Written Essays - 250 words

American health care since 1994 - Essay Example These efforts have thwarted efforts to attain affordable, effective and accessible healthcare for Americans. In the last fifteen years, the cost of American healthcare has increased by more than two times with the yearly growth rate being over double that of inflation. The costs have become a burden to the federal government, businesses, as well as families. Employers have had to cut back on their expenditure on healthcare so as to remain competitive against international companies that do not have such costs. Fewer companies are offering health benefits forcing individuals to look for coverage in the highly unregulated private market. This has affected Americans’ productive capacity as well as the country’s fiscal health. While there are varied reasons for the rising costs, the increase is attributable to excess costs of the country’s healthcare system and the underlying inefficiencies. In addition, the number of people who do not have sufficient insurance coverage or even any coverage at all has been increasing. It is noteworthy that the uninsured end up getting healthcare in an extremely costly way, thereby increasing the premiums of those with medical insurance. Unfortunately, this has not translated into quality healthcare or improved outcomes. These aspects underline the importance of pushing forward with the reforms. The American healthcare has been on its knees for quite some time. This calls for comprehensive reforms to enhance the delivery and quality of healthcare, provide accessible, comprehensive and affordable health insurance and reform payment so as to reward

Real Estate Business Plan

Real Estate Business Plan Business idea- Real Estate (Apartment House Finder Business) Executive Summary Finding a new home or apartment to rent can be a very time-consuming and daunting task. Thats why many people needing to rent a home enlist the services of a professional apartment and house-finder service. The service can be operated from home and on the web but I will start company by taking a rental office location for client visits, as well as build a website to feature available properties for rent. This business is competitive. Company want to consider specializing in one or more of the following types of rentals: room mate listings, short-term furnished and unfurnished accommodations, long-term furnished and unfurnished accommodations, executive accommodations, rentals that allow pets, student housing, vacation properties, or niche properties such as penthouses only, parking stalls, floating accommodations, or artist lofts and commercial properties. There can also have a couple of options in terms of fees. Company can charge renters a fee to find the right place to suit their needs. Or can charge the landlord or building owner a fee to list his or her properties with your service. The key costs related to start-up will be in the region of  £2,000  £10,000 depending upon the shop location. What I Need to Start my business: Step  1: Identify the need for an apartment locator service in my local area. Make phone calls, followed by in-person visits to local apartment complexes announcing the benefits of the services Our company will provide. Start by locating properties for family and friends, and use their successes as testimonials to the efficiency of your service. Step  2 company will License new apartment locator business with the state. Obtain a unified business license to operate within the state where our company will conduct business. Determine a structure for our business, such as a corporation, limited liability company or sole proprietor. Contact city licensing agency to determine if additional permits and licenses are required for our business type. Step  3 Rent, lease or convert a home office space. If our company will meet with applicants and apartment representatives in office, leasing an affordable commercial space will provide a more professional environment. Or we can Convert a room in home to operate your new apartment locator business if we plan to conduct business through Internet. Step  4 we will Create a strategic operational and marketing plan will Follow that plan to measure successes, growth of business and build a data base of clients and applicants. we will Promote our apartment locator business with fliers, business cards, refrigerator magnets, mass mailings, advertisements in local community papers and temporary specials, such as fee free for 30 days. Step  5 company will Collect apartment finder guides for our area will Use apartment guides to compile a working database of complexes and online resident feedback. Categorize by name, location, price and number of bedrooms. Take special care to accurately match with apartment seekers. Check online for apartment features and amenities before referring. Check areas and note added features, such as easy access to bus lines, shopping and schools. Step  6 Purchase office equipment, furniture and supplies. We will Stock office with supplies and furniture, such as pre-screening applications, staples, copy paper, file folders and cabinets. Purchase database and word processing software to electronically maintain applicant and client information. Step  7 company will Pre-qualify applicants before referring. Ensure applicants meet the income, rental history and criminal background requirements before making referrals. Obtain a release from applicants to conduct preliminary background checks. Employ the services of a background investigation service to collect additional information, such as credit reports. Objectives: it’s time to lay down how I am going to execute and bring mission to reality? That’s where setting goals or objectives come into play. S SPECIFIC M MEASURABLE A ACTIONABLE R REALISTIC T TIME-FRAME To provide the best accommodation available to the local community at a convenient time frame and at affordable price. To generate market share to make â€Å"Home Finder† a common name. To be a local home finder of choice based on customer satisfaction. Gross margin moderate and improving over the span of the plan. Safe, quality housing that provides state-of-the-art amenities at competitive prices. Maintaining open communication between Company and its customers in order to ensure the highest level of customer satisfaction and long lasting reputation within the community. Mission: â€Å"HOME FINDER† provides high-quality, comfortable rental units in derby. Our company offer state-of-the-art living conditions reflective of the rapid advancements in technology and a growing need for quality housing. Our company is dedicated to a hassle free living environment in which our tenants can enjoy all of the benefits of safe, attractive, and inviting units. Unlike many other companies that are solely concerned with turning profits, our primary objective is to maintain the highest level of customer satisfaction . Tenant safety, happiness, and comfort are our main goals. â€Å"HOME FINDER† maintains competitive market prices, while working toward expanding the number of units owned, and increasing total profits earned. Within the company we will strive to work as a cohesive, harmonious unit focused on exemplifying our mission. Just as customer satisfaction is an intricate part of company success, so is employee satisfaction. That is why the founders of †Å"HOME FINDER† Real Estate believe that employee satisfaction will make the company a success and will be the key to their longevity. Housing units will predominantly be located in the University neighbourhood targeting both students and professionals. Vision: Company vision is to start a business from home online with one person(sole proprietorship) and in few years reach to every person who needs services regarding property. To continue to expand and maintained the business while also increasing the level of profits . Company summary: Home Gadget Repair is to be set up as sole proprietorship owned by Gurjot kaur With a small loan from Government schemes and Get a bank loan . I will choose option to take loan for business from government schemes there are total 629 schemes available under â€Å"finance and support centre† and I can take loan under â€Å"New Enterprise Allowance. It will grow in one year from a one man business to four person business. Company will build the necessary infrastructure to quickly and efficiently respond to customers. To start a business I can go to National Enterprise Network it is a unique membership body representing the enterprise support sector across England. where I can get advice regarding my business and can convert my ideas into reality .i will get register my intellectual property there to make sure nobody can copy my business without my permission. Initially the business is to be set up as a Sole proprietorship, owned and operated for profit But after few years when company will be able to invest for business extension we will lease a space for the offices and purchase more company vehicles. Services: â€Å"HOME FINDER † company will provide different services like to find out rental house , flats and commercial properties according to user requirements. Moreover we will provide services to customers within 24 hours . From the day one we decide to give fast services to our clients. Market analysis summary : The key part of any business is market analysis .A market analysis is a quantitative and qualitative assessment of a market. It looks into the size of the market both in volume and in value .There are two factors you need to look at when assessing the size of a market: the number of potential customers means quantitative market research and the value of the market, feedback , thoughts and feelings of customers are related to qualitative market research. Market and customer segmentation: In target market there are two types of customers one is those who are looking for commercial property and other one those who are looking for homes and apartments. Customers those who are looking for houses and apartments for rent according to my market research they will be between 18-34 age and most of them will be immigrants like students, professionals , singles and couples. According to prototype testing they are not willing to spend too much money on rent . Second group of customers are those who are looking for commercial properties they can be a sole proprietor , can be a business partners and can be a big corporation. Their demands for rental property will be different and amount of rent willing to spend will be different . All these things can be sure by survey on a certain group of people and it can help me to improve my business plan . Customer relationship management (CRM): customer relationship management is a strategy for managing all company relationship and interactions with customers. Company will focus on every individual customer whether he is new customer or current customer. It will help our company profitability. In CRS our company will use centralised data base system where all contacts will be stored who ever will be related to our company . In this way we can enable inquire data in back office as well in front office. Why CRM in real estate ? Tenant relationship information is managed in multiple or isolated databases that can create duplicative information and to understand and share that data will become difficult. When every lease or transaction will be different and the associated process to execute that is unique and manual, undue administrative effort and errors will be occur. Marketing: In businesses marketing is everything . Marketing strategy create a meaningful interaction between two parties. There are many ways through which we can reach to customers. USP (Unique selling point): To attract customers and make profit company must have a unique selling point it will be a strong way to compete with competitors in market and will be a key point to stay in market for long period . As compare to companys other competitors our company will charge less . the other one unique point is our company will not take any commission from rent we will just charge customer our fee . Customer can also give rent in instalments to landlord if he cant afford. We will Learn our competitors’ strengths and weaknesses – imitate their strengths, and use their weaknesses to our advantage. Revenue streams: company source of revenue will be the services that company will offer . Tenant will get a property on rent according to their requirements and they will pay accordingly. company will charge a consultation fee for service and will also take commission from the monthly rent . From the landlord company can charge if he is using our website to advertise his property . Value proposition: Values we deliver to the customer: Convenience is the foremost thing that we will give to customer. To satisfy customer with our services is our first duty. Company will not charge any fee if tenant is not satisfied with service and want to change the property. We will provide service to customer as soon as possible because we know how important the customer time is, will charge less as compare to other market competitors. Risk analysis: Specific risk and their solutions: If a customer wants to break a contract before the completion of agreement then there is a solution for this problem before making a contract company will make a lease documents in a proper legal way with the agreement of both parties . This agreement can be a written and oral(recorded). Break clause: Agreed by the landlord and tenant, where the lease can be ‘broken’ without anyone facing a penalty. Tenant need to give landlord 2 months notice that he/she is using the break clause. Fixed-term tenancy: A fixed-term tenancy means the lease automatically comes to an end when the term is up. If a tenant want to stay on after this term, tenant can do so if your landlord agrees. However, staying on past a fixed term marks a ‘continuing obligation’ to pay rent. You’ll then need to give 3 months notice when you want to leave. Landlords and ending a lease: Landlord can only end a lease when the tenant fails to pay rent or meet other lease obligations. If landlord have included a ‘forfeiture clause’ in the lease, landlord can use it in these situations to end the lease. However, if the tenant can challenge this in court they may be allowed to stay in the property. There is a one more solution that can stop the occurrence of these types of problems like before agreement our company will do inquiry at a tenant side. company will check the financial status of party , past records. Our company will be update itself from time to time of new laws of leasing a property. SWOT Analysis: Strengths : Our company will charge less fee and less commission from customer and will take commission †¦% only if customer is giving rent more than 500 . so this is a one positive point of our company to attract customers. We will serve customer and will fulfil customer requirements in better way. We are able to respond very quickly as we have no red tape, and no need for higher management approval. We can change direction quickly if we find that our marketing is not working. We have low overheads, so we can offer good value to customers We are able to give really good customer care, as the current small amount of work means we have plenty of time to devote to customers Weaknesses: Initially the only person who will handle whole business will be I . so no manpower can be a negative point for me Company will have a small staff, with a shallow skills base in many areas . Our company is new it will be a challenge for me to make image in market. Our cash flow will be unreliable in the early stages Opportunities : Changes in technology and markets on both a broad and narrow scale. Changes in government policy related to my field and I am well aware of all laws of government related to my business. Changes in social patterns, population profiles, lifestyle changes, and so on. Local events can give me opportunities . Our business sector is expanding, with many future opportunities for success. Local government wants to encourage local businesses. Our competitors may be slow to adopt new technologies Threats: Budget can be a massive threat for our company because initially whether I get profit or loss I have to invest money and have to be patient to get profit. I have to compete with those companies who are well established in market and have good image. To run a business smoothly it can be a threat for me. A small change in the focus of a large competitor might wipe out any market position we achieve

Regional American Literature :: essays research papers

Journal Entry: Regional American Literature & the South   Ã‚  Ã‚  Ã‚  Ã‚  Regional American Literature seems to deal with specific areas and their culture. Culture has evolved throughout the years. Using the South as an example, its culture was clearly defined before the Civil War. The South was comprised mostly of slaves working hard picking cotton until their fingers bled for no pay, white supremacist slave owners quick to bludgeon at the slightest sign of insurgence and the rest of the populace unsure of which side they belong. Blacks were looked at as possessions, not allowed to learn how to read or write, sleeping in dark, damp shacks dirtier than animal stables, beaten and raped at their owner’s whim. Today, though the South still has an air of contempt that has carried itself through generation after generation of confederate pride, a new generation has a mind of its own believing that life is better lived in harmony. Our grandparents, mothers and fathers may still reference the African-Americans as â€Å"niggers,† but the phrase makes the children of the 21st century’s skin crawl. For example, my mother-in-law came for a visit and said, â€Å"The Smith’s house was bought by a bunch of niggers. There goes the neighborhood. All of our houses are worthless now.† Her son and I are adamantly against racism. Their attempt to taint their children’s belief system by implanting white supremacist ideals has failed. A new generation is born; a generation which better understands the melting pot that America has always been. Instead of â€Å"white pride,† it’s just pride; pride in being an American. I believe this generation, being the so over-exposed to a wealth of media and knowledge, has drastically altered the regional literature of the South and for that matter, the United States as a whole.   Ã‚  Ã‚  Ã‚  Ã‚  And how can adults operating under the â€Å"old southern principals† raise their children to value education and become doctors, lawyers and leaders of corporations. Maybe the parents didn’t teach the children this drive for education? Maybe it’s their peer discussions and television programming showing them that there is an abundance of opportunities outside of being a farmer, beer truck driver or a stay-at-home mother right out of high school. Television has been and continues to be a powerful tool in getting the word out to those underprivileged children living in poverty with seemingly no hope for a better life. Television is also assisting

Blaine Kitchenware Case Study Answers Essay

1. ABOUT THE COMPANY Blain Kitchenware, Inc. (BKI), founded in 1927, is a mid-sized producer of small appliances for residential kitchens. BKI has an approximate 10% market share of the $2.3 billion U.S. market for small kitchen appliances, with 65% of sales originating from the US market. The company is public since 1994, and the majority of the shares is controlled by the founder’s family (62% of outstanding shares), who also have a strong representation in the board of directors. Mr. Dubinski – the CEO since 1992 and great-grandson of one of the founders, successfully completed an IPO in 1994 and gradually moved the production abroad in the early 90s. BIK`s current strategy is to complement its product offerings by acquiring small independent manufacturers or the kitchen appliance product lines of larger diversified manufacturers. The financial data at the end of 2006 reflects a strong financial position: The company has raised nearly no debt, it is very liquid, but also under-levered. BKI is one of the strongest companies in this industry in terms of EBITDA margin (22% in 2006), high level of cash holdings and no debt. However, the shift toward higher-end product line could not prevent the margins from a slight decline over the last three years. This was mainly explained by the integration costs and inventory write-downs due to the acquisitions completed so far. The other reason was that its organic revenue growth had suffered in recent years, as some of the core products lost market share. The growth of the top line was mainly due to the acquisitions. BKI’s annual return on equity is significantly below that of its publicly traded peers: 11% compared to an average of 25,9 and a median of 19.5 %. Now the over-liquid and under-levered BKI is facing strong pressure from a private equity group interested in buying the company`s common stock. Thus, the CEO considers a stock repurchase to avoid a hostile takeover. The company decided to distribute all excess cash as a dividend. The second step will be the recapitalization plan to hold permanently $ 300m of debt on the balance sheet, which is a difficult decision due to the first sign of the mortgage crisis. Moreover, the company expects annual revenue decline of 4%  in 2007-2009, and a permanent 2% growth rate afterwards. 2. METHODOLOGY AND VALUATION From a company`s perspective, the benefit of debt is the tax shields created, which are captured by equity holders. The family-controlled company in our case has little experience with holding debt and the board of directors might not easily accept the restructuring plan. What they should know is that the right amount of debt increases the firm’s value and discourages the takeovers. However, a too-high level of debt can lead to financial distress, lower credit rating, and higher interest expenses. For BIK, the credit rating regressed from A (Iteration 1) to A- (Iteration 10), accordingly changing the credit spread from 1.40% to 1.65%. Our aim is to asses the how the proposed recapitalization will affect the enterprise value, after the distribution of the excess cash as dividends, by using APV. We estimate the present value of the firm as if it were all-equity financed (VU), then we add the present value of tax shield associated with the new debt (permanent debt with market value of 300 mln USD), and subtract the present value of bankruptcy costs. We have to estimate expected after-tax operating cash flows , the expected tax shields and discount them at two different discount rates: (unlevered cost of capital) and (usually , cost of debt). For the present value of the bankruptcy costs, we have to first estimate the risk-neutral probability of default of the company. VL = VU + PV (future tax shields from debt) – PV (bankruptcy costs),  or rewritten as  threshold coverage ratio for default  probability of firm default conditional on surviving up to a specified period We start with a forecast of expected after-tax operating cash flows. We assume the annual 4% decline in revenues between 2007 and 2009 from the 2006 level, and a permanent 2% growth afterwards. Analysing the historical values of the operating margins from the Income Statement, we forecast values for the 2007-2009 period. The executives of BKI expect the firm to achieve operating margins at least as high as the historical ones. Thus, we took averages and slightly adjusted them toward higher values. Since the declining tendency in the last three years was cause by integration costs and inventory write-downs associated with acquisitions, which already have been completed. To the EBIT, estimated by using those margins, subtract the taxes, Capex, adjust for Depreciation, Amortization and change in Working capital. The capital expenditures were just over $10m on average per year. The company is expecting the Capex remain modest. Thus, we assumed a Capex of $10m for the next three years. We estimated Net Working Capital by using the average ratio of NWC/Net income of the last three years. Finally, we come up with the value for the operating after-tax operating cash flows for the next three years and the terminal value. We calculate the present value of these cash flows by discounting by the unlevered cost of capital, rU given as 8.7%, which gives us a value of the unlevered firm of ca. $566m. Secondly, we estimate the expected tax shields from the debt level: a permanent amount of $300m market value, and a constant tax rate of 40%. Then we calculate their present value using the appropriate discount rate reflecting the risk, rT (or rD). For the bankruptcy cost, we have the percentage of the unlevered-firm value of 20%, but for the present value, we need to estimate the risk-neutral probability of default q. This probability is calculated iteratively starting from the coverage ratio (EBITt-1 / Interest Expense). We match the coverage ratio number with the corresponding credit rating, which then has a corresponding default. This gives us the yield on debt y, the cost of debt rD, and the risk-neutral probability of default q. The formula for q is q=  where Ï  is the recovery rate in case of default, given here as 41%. In order to calculate the expected interest coverage ratio, we took the average EBIT between 2007 and 2009 for the mean of pre-tax cash flows, as well as the according standard deviation, since our estimation is future based. 2. SENSITIVITY ANALYSIS AND CONCLUSION We can conclude that by raising debt of $300m the company would be better of, since the value of the levered firm would be 16% higher that the value of the unlevered firm and will discourage the takeovers. However, the sensitivity analysis gives us an optimal value of debt of $354m, which would lead to an optimal ratio between the PV of tax shields and bankruptcy costs and, thus, a value of maximal levered firm of $680m, given that our assumptions for AVP will be realized in the future.

Machiavelli and Amorality essays

Machiavelli and Amorality essays Machiavellis treatment of ethics and morality is amoral. This is so because he simply talks about what it takes to be an effective leader. In no way is Machiavelli promoting immorality. He speaks of immorality acts in order for a ruler to serve the greater good of his people. He looks at politics without moral immoral thoughts. To argue that Machiavelli is amoral, one must understand how he treats religion and the primary source of moral standards that he has established in his amoral context. He stands by what must be done in order for a leader to be effective and lead his people. The Prince is a great guide for efficient and successful government. The goal Machiavellis overall point is to stay in power; any means necessary to accomplish these goals are acceptable. He clearly sees the importance of force when he states, Moses, Cyrus, Thesus, nor Romulus would have been able to make their peoples obey their new structures of authority for long had they been unarmed.(Wootton 20) And again, when he says the main foundation which all states must have, whether new, or old, or mixed, is good laws and good armies.(Wootton 38) He stresses the importance of the army to the extent of excluding any possible good laws where there are not good armies in which he concentrates his attention on describing its merits. He rejects the use of armies made up of mercenaries and considers them useless for maintaining security and stability. Mercenaries are motivated by their small stipend which is not enough to make them willing to die for you he also adds There is no difficulty in demonstrating the truth if this; for the present ruins of Italy can be attributed to nothing else. (Wootton 38) One could conceived this as immoral of Machiavelli to speak of mercenaries, but the fact of the matter is to maintain a resolute government you need dedicated soldiers who will at the drop of a dime will...

Katherine Mansfield Essays - Bisexual Women, Fourth Way, Free Essays

Katherine Mansfield Essays - Bisexual Women, Fourth Way, Free Essays Katherine Mansfield Katherine Mansfield Katherine Mansfield, who lived from 1888 to 1923, is considered to be one of the most remarkable short story writers of her time. Using her life experiences as an inspiration for her short stories, Mansfield sculpted her ideas into masterful pieces of literary work. Mansfield's life was full of interesting experiences that shaped her outlook upon life. The diversity of friends and acquaintances Katherine Mansfield had over her lifetime also had a great influence on her career. Even as a child, Mansfield made decisions about her life that would create a path for her career to start on. Katherine Mansfield was born Kathleen Mansfield Beauchamp to Harold and Annie Dyer Beauchamp on October 14, 1888. The Beauchamp family called New Zealand their home. A Sea Voyage, written by the young Kathleen Beauchamp, won first-place at the Karori Village School, the grammar school she first attended (Nathan 1). This accomplishment encouraged young Beauchamp to continue on writing. After attending grammar school, Kathleen went on to attend Miss Swainson's Secondary School. During this time, she is acquainted with Maata Mahupuka, a native Maori. Her interest in Mahupuka later grew into a brief love affair with him (Nathan 1). After graduating from secondary school, Miss Kathleen Mansfield Beauchamp left New Zealand. She decided this after thwarting the idea of a career in music. Beauchamp went on to attend London's Queens College and study literature. While in attendance at Queens College, Kathleen made a friend in Ida Baker. Ida Baker, like Beauchamp, was an avid writer. Kathleen gave the pen name Lesley Moore to Ida, after Beauchamp's brother Lesley (Sampson 308). In the spring of 1907, Miss Beauchamp held in garden party and invited many of her acquaintances from college. The party was a complete success until it was discovered that a cottager who lived on the property had been accidentally killed (Nathan 1). This event spawned to become The Garden Party, Beauchamp's first major work (Encarta). In 1909, Kathleen Beauchamp became acquainted with a man by the name of G. C. Bowden. After only a brief period they became engaged and married. The evening after their marriage, Kathleen left Bowden (Disc. Authors 1). Leaving Bowden, she ran away with her longtime friend Garnet Trowell. Trowell was from Wellington; she was a fairly well known cellist. While running away with Garnet Trowell, Kathleen had an affair with a man who ultimately impregnates her. When Kathleen finally discovered this pregnancy, she returned to her mother for support. Trying to remove Kathleen from the distractions of everyday life, Kathleen's mother took her to Bad Worishofen, Bavaria to await the pregnancy (Nathan 1). In June of 1909, Kathleen had a miscarriage. While awaiting the birth of her child, Kathleen wrote stories and drew sketches related to her experiences of Bavaria (Disc. Authors 1). She wrote most of her work in her room at the Hotel Kreuzer (Nathan 1). After battling through difficult times, Beauchamp made many changes in her life. Kathleen Mansfield Beauchamp began using the name Katherine Mansfield exclusively starting in 1910 (Nathan 1). Steven Swift, a fairly well known publisher at the time, published the first copies of Mansfield's In a German Pension (Baugh 287). It was originally advertised as a six-schilling novel (Baugh 287). Only a short time after the initial publication, Swift added the work onto his list of Books that Compel (Sampson 308). During this time, Katherine Mansfield made an acquaintance with an important person. J. Middleton Murry was the editor of Rhyme magazine. Katherine met Murry for the first time when he was twenty-two while working in the same town (Nathan 1). J. Middleton Murry and Katherine Mansfield became closer and their personal relationship grew. Eventually, Murry moved in with Katherine at her London apartment and they soon became lovers. John Middleton Murry and Katherine Beauchamp Mansfield were married on May 3, 1918. This move was made in an act of convenience as well as love, considering Murry was an editor of a magazine that also published short stories. After her marriage to Murry in May of 1918, Katherine went right back to work. In August of the same year, she published the short story Bliss in the English Review (Nathan 1). In