The financial crisis has encouraged corporate governance - Free Essay Example

Sample details Pages: 17 Words: 5164 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Governance is a term that refers to how the government uses authority and power to set the rules and regulation, to govern the people, in order to achieve continuity to national development. Corporate governance is a multifaceted topic. Corporate governance is a very important part of the face of responsibility, trustees responsibility to shareholders and others of information disclosure, auditing and control mechanisms. Don’t waste time! Our writers will create an original "The financial crisis has encouraged corporate governance" essay for you Create order This person should be responsible for corporate governance in accordance with all aspects of the hand is. Another important focus is economic efficiency, both internally (such as best practice guidelines) and outside the company (such as the national system of systems). In this economic view, is an optimal corporate governance system should detect and prevent fraud results and designed. Recently, the public was quite the interest in corporate governance practices, especially since the Enron Corporation and WorldCom that the collapse of large companies has caused public concern. The principles of corporate governance include several elements: honesty, trust, integrity, openness, performance orientation, responsibility and reliability, mutual respect and commitment to the organization. The most important thing is how directors and management of the establishment of governance model for the other participants can be based on the value of the company, and can effectively evaluate its effectiveness regularly. In particular, the performance of senior executives was an honest, ethical, especially in the face of conflicts of interest and the time to disclose financial statements. There is no global standard definition on corporate governance. Cadbury Report (1992) define that the corporate governance is the system by which companies are directed and controlled. However, the corporate governance as including a set of relationships between companys management, its board, its shareholders and other stakeholders, and provides the structure through the companys goal setting, and identify those objectives and monitoring performance was described the Organization for Economic Co-operation Development (OECD) (2004). The Malaysian Code on Corporate Governance(2000) defined Corporate governance as process and structure used to guidance and management services for the business and affairs of the company to strengthen accountability and business prosperity and long-term sha reholder value with the ultimate goal, taking into account the interests of other stakeholders. Before to the financial crisis in 1997, Malaysia has become known as the East Asian miracle was due to its high growth rate 8.9 per cent by an average of one economic system in maintaining during the period 1988 to 1996. Besides that, the country to low inflation rate of about 3-4 per cent per year. In addition, the growing focuses on manufacturing, especially in electronics. Moreover, the country also makes certain in high employment rates.'(Mohamed Ariff and Syarisa Yanti Abu Bakar (1994) Under the impact of the financial crisis, the Malaysian financial markets in turmoil, banks verge of bankruptcy, a large number of companies in trouble, and many workers were unemployed. Significant decline in domestic private demand, resulting in sharp decline in investment, real GDP fell by 7.4% in 1998, and lower consumption. Therefore, unemployment rate rose, inflation doubled and the currency f ell. (WTO, 2001) The financial crisis has encouraged corporate governance reform in East Asia. Nowadays, the corporate governance of a country more focuses on checks and balances. As a consequence, Malaysia has aimed to improving corporate governance practice. Corporate governance in Malaysia emphasis on separation on company management and ownership, roles and responsibilities of managers and directors, increased disclosure of corporate non financial information, and improved on internal control.'(Jill Solomon, 2007) 1.2 Research Problem Since corporate governance is very important to listed company in Malaysia. The shareholders and investors are maintaining their wealth maximization. So, in this research paper, our main study is to identify whether the better the corporate governance result in better share price? Then, we will overview how corporate governance affects corporate performance? 1.3 Research Objectives In this research paper, our main objective is to examine the better corporate result in better share price. Then, we will identify whether good corporate governance will affect firm performance. 1.4 Scope of the Research In this research paper, I will select 30 public listed companies those are listed in Bursa Malaysia. After that, I will compare corporate governance measures of all the 30 public listed companies in annual report which in year 2009. 1.5 Organization of the Research The study is organized as follows. Chapter 1 introduces the research problems and objectives. Chapter 2 explores the relationship between corporate governance and share price with the aims of developing a conceptual framework of how corporate governance would affect the share price. Chapter 2 also provides a definition of corporate governance and examines the factors likely to influence the share price. It then goes on to examine how to measure and identifies the measures used in previous empirical studies. In Chapter 3, three hypotheses are formulated and a signaling model using regression analysis developed to test the predictive ability of corporate governance measures in annual report. The essential features of the research design and testing approach are also explained. Chapter 4 provides summary statistics and the empirical results of the study. The final chapter summarizes the main findings and implications of the study. It also discusses the limitations of the study and pos sible directions for future research. CHAPTER 2 SURVEY OF LITERATURE 2.1 Introduction Most of the survey of literature which examined the link between corporate governance and firm performance focus on a specific facet of governance, such as the right and duties of shareholders, remuneration committees, the appointment of directors, the attendance of non directors at board meetings, transparency and disclosure, responsibilities of the board, internal control, and alliances and merges. Besides that, study the impact of a complete set of governance standards on firm performance came close by profitability ratios that there is quite little empirical literature. Net profit margin and return on equity are the examples of profitability ratio on firm performance. The corporate governance should lead to higher share price or better firm value from those advocates of agency theory. Eisenhardt (1989) emphasized agency theory identified mechanisms which reduce agency loss. Thus, it will maximize the wealth of shareholders and investors. It is frequently assumed that boar ds of directors are more independent as the proportion of their outsider directors increases (John and Senbet 1998). Nevertheless, there are no relation between proportion of outsider directors and Tobins Q which found by Hermalin and Weisbach (1991); there are no connection between the proportion of outsider directors and Tobins Q, assets turnover, return on assets and stock returns which found by Bhagat and Black (2002); and there are no linkage between the proportion of outsider directors and various performance measures. On the other hand, there are some advocators shown there are relationship between proportion of outsider directors and performance measures such as Baysinger and Butler(1985), Rosenstein and Wyatt(1990) ,Brickley, Coles and Terry(1994), and Anderson, Mansi and Reeb(2004). 2.2 Board Activities 2.2.1Board Meeting In relation to effective governance board meeting has also been studies. In developing the efficiency of a board the board meeting time is an important resource which suggested by Coger et.al (1998). The bank holding companies meet slightly more often than manufacturing firms which study by Adam and Mehran (2002) on board meeting of financial and non financial firms. Adam and Mahran (2002) found that the average number of board meeting per year is 8.45 which are close to 7.45 meetings a year reported by Vafeas (1999).Even so, there had a negative correlation between the number of board meeting and performance which found by Vafeas (1999). It is means that the more often board meeting, the less value of the firms. This is because of the view that higher board meetings follow poor performance. Further tests point out the following years of unusually high meeting frequency when raising the operating performance. Raising their level of board activity is linked with developed operating performance that boards respond to poor performance in such result conclusion. A response on the importance of meeting but MAICSA was emphasized with the issuance of guidelines (Abdul Hadim M. Fazilah and Md Ishak Ismail). On the other hand, the number of meeting in a year together with directors attendance should be disclosed and the board should meet frequently that suggested by The Malaysian Code on Corporate Governance. 2.2.2 Board Committee In corporate governance the board committee has an important role by improving in keeping an eye on management and enhancing the decision making by the board and accountability to shareholders. The aspect of the boards linked to committee may affect performance recognized by Klein (1998). In particular, it was argued that there is positively relation between the proportion of insiders on the financial committee and firm performance. Nonetheless, a study by Weir et. al (2001) found that talent of committee members and independence of committee membership has no effect on performance. Finding from Vafeas and Theodorou (1998) there is no evidence to support the view that the structure of board sub committees considerably affected firm performance. Each board on average has 4.42 committees and each committee member sits on 1.87 committees that shown by Adams and Mehran (2002). Malaysian Code on Corporate Governance and Bursa Malaysia listing requirement but involve compensation and rem uneration of directors and committees to handle the matters pertaining to nomination of directors and internal control and integrity of the external audit (Abdul Hadim M. Fazilah and Md Ishak Ismail). 2.2.3 Remuneration To settle the conflict of interest among the managers and shareholders remuneration provides as an instrument. Remuneration as an important mechanism of corporate governance is the incentives of top management have been characterized which indicated in John et.al (2001). The firm performance will be affected by the director compensation which bring out by Brick, Palmon and Wald (2002). Regarding to banking institution, Anderson and Campbell (2002) recommended that breakdown to state significant incentives by Japanese banks led to the extension of credit to smaller, less well- known borrowers and increasingly secured such loan with overpriced real estate in the 1980s. The compensation is termed as Deferred Compensation or Deferred Stock and in the form of cash and stock (Abdul Hadim M. Fazilah and Md Ishak Ismail). Almost 95% of the firms have deferred compensation plans for their directors according to Adam and Mehran (2002). In contrast, the firms provide an option of cash or stoc k to their directors only 31%. To examine the implication of having different level of both type of compensation on the firm performance which the studies have been carried out. Adam and Mehran (2003) argued that manufacturing companies possessed a mean that the value of granted option was 60 percent larger than the sum of base salary and bonuses, using a measure of Ratio of Value of Granted Option to Salary plus Bonuses. Houston and James (1995) shown that financial firms as represented by bank holdings were said relied on lower stock options. The difference was due to expansion status of the industry. Smith and Watts (1992) and Mahran (1992) were suggested that low growth industries proxies by Tobins Q ratio rely less on stock based compensation. The boards of a low growth industries can evaluate observe and monitor the actions of CEOs easily so rely more on fixed rather than stock based compensation. The bank holdings companies into a low growth industries was attributed lower To bins Q of 1.0 compare to the manufacturing with 1.9 according to Adam and Mehran(2003). Moreover, they argued it might make easier for the board to monitor CEO actions while the bank holdings companies sample which smaller stock return volatility. Directors remuneration should reflect the commitment and responsibility and should be significant of the directors which required by the Malaysia Code on Corporate Governance. Remuneration should link level of responsibilities as well as rewards to experience in the case of executive director. The remuneration committee including mainly and wholly of non executive directors should make a decision on the level of remuneration for the executive directors. In contrast, the board as a whole should determine the remuneration of the non executive directors. In the annual reports, the details of the remuneration of each director are required to disclose by the companies. 2.2.4 Transparency and Disclosure The financial transparency is an important instrument that provides credible assurances to shareholder, creditor, and depositor that they will avoid doing from fraudulent activities. In Mitton (2002) and Coles et. al (2002), one of the mechanisms had been measured financial reporting or disclosure quality in evaluating the corporate governance of a firm. Shareholders are able to attain complete and convenient information about companys governance characteristics and its financial matters in disclosure measure. For example, the firm should release information on their board committees, members, and structure and stock option prices and its remuneration. Appointing reputable external auditors may be achieved higher disclosure quality. In general, reputable external auditors referred to one of the big 5 international accounting firm (Reed et. al, 2000; Mitton, 2002; Titman and Truman, 1986). Through the mandate disclosure requirements of the listing exchange, the higher disclosure qua lity can be properly worked out. Increased study of the firm report and high demand for disclosure from the investors would improve the disclosure quality of a firm which in informal technique. In August 2002 released the Guidelines on make easy the benchmarking of audit standards of our listed companies with the international standards and matter relating to internal audit functions by Institute of Internal Auditors the internal audit functions to support the boards of directors t o complement the measures. The task of companys audit committee to strengthen the independence of the external auditor also underlined in the Code. As a result, only increase the transparency of listed companies, investors can grasp the true, accurate, complete, timely and impartial information, and ultimately the formation of all the shareholders of listed companies and the positive interaction between the relationships between the maximization of corporate value and achieve the best interests of all sha reholders 2.2.5 Foreign Ownership By having foreign ownership with reputable foreign firms, development on corporate governance can be attaining at the firm level. This is because of one of the firm has practiced different and addition of new standards. The foreign bank brought new information technology, management technique and mechanisms and forces the domestic bank to implement when they are entry as said by Peek and Rosengren (2000). It is still positively act in response by the market. When the firms within the industry acquired by foreign firms coming from countries with better accounting standard and better shareholder protection, Bris and Cabois(2003) concluded that the industry performance measured by Tobins Q increases. By upholding the regulation of 30% limit on foreign ownership of the banks, Malaysia defends its domestic banks for the period of the crisis. 2.3 Board Structure 2.3.1 CEO Duality When the same person holds CEO and the chairperson then the agency problem likely is higher. Daily Dalton (1992) and Brickley et al. (1997) are no finding any relationship between CEO duality and performance of firms. Efficiency in monitoring management that said by Hannifa and Cooke (2000) could be improved through CEO-Chairman duality, because reducing in information asymmetry and needing in contract is less where assumes the position of CEO and Chairman all together by one person. The combination of the CEO and chairman will allow the CEO focus their power to make a decision on their self- interest. Consequently, the separation of the position into two can spreads out their power and permit the board to more completely carry out its fiduciary duties. The separation of the position on CEO and chairperson the firms are more valuable that argue by Yermack (1996). However, Goyal and Park (2002) find that with CEO duality, the CEO turnover to firm is higher for companies. There i s also a positive association between separating the functions of the CEO and firm performance which found in Sanda et al (2003). In Malaysian Code on Corporate Governance (2000) nobody has tolerant power of decision since there is a condition of balance authority and power between CEO and Chairman. 2.3.2 Board Size Based on the board size performance relationship for financial and non financial firm there were different finding. The board size has a negative relationship to firm performance for non financial firms. There is the negative relationship between board size and Tobins Q which found by Yermack (1996). In addition, when using small size sample of firms, there is also find negative relationship between board size and profitability of the firms. A number measured quite small in those markets when they found that firm valuation is highest which the finding in firms listed in Malaysia and Singapore by Mak and Yuanto(2003). Lipton and Lorsch (1992) and Jensen (1993) had recommended a possible factor affecting monitoring quality based on board size. From larger boards, CEOs are able to take out better pay that found by Core, Holthausen, and Larcker (1999). Even as Shivdasani and Yermack (1999) reported a size of 11, Vafeas (1999) recognized a board size of 12. To explain for a larger board there are some different reasons. Institutional shareholders before the increase in activism the board size are supposed to increase. Based on the study on Hermalin and Weisbach (2001); Yermack (1996); and Baker and Gompers (2000), to create larger boards due to positive correlation of board size with firm size. Adams and Mehran (2002) found the evidence that shown positive relationship between board size and Tobins Q. 2.3.3Independent Board of Directors Independent is refers to independence from the major shareholder and independence from management that set by Malaysian Governance Code and requirement of listing in Bursa Malaysia. The board independence is linked with the entry of outsiders into the board. According to Adams and Mehran (2003), increase in the proportion of outside directors on the board should increase firm performance since they can effectively in monitoring the managers. Measurement in terms of ratio of outside directors to board size based on the proportion of the outside directors. Based on the study by Adams and Mehran (2002), there is no relationship between the proportion of outsiders on the board and Tobins Q which finding on board independence performance. Moreover, Hermalin and Weisbach (2001) said that the higher proportions of outside directors are linked with better decisions regarding such as CEO turnover, acquisitions and executive compensation but not linked with better firm performance. On the ot her hand, in the occasion of acquisitions and merges, it was found that offer premiums increase with the independence of the targets board (Brewer III et. al., 2000). In Byrd et al (2001), there is positive relationship between the proportion of independent directors in the board and survival of firms. Although number of outsiders sitting on the board is regulated by certain regulation. At least one third of the board to include of independent directors that released in January 2001 by Bursa Malaysia (formerly known as Kuala Lumpur Stock Exchange (KLSE) listing requirements amendments. 2.4 Audit Committee There is no finding relation between earning restatements and fees paid for financial information system implementation as well as audit committee independence provides non audit services which by Kinney, Palmrose and Scholz (2004) and Agrawal and Chadha (2005). Nevertheless, some advocators find some evidence to prove there is negative relationship between earnings and audit committee. The negative relation between earnings management and auditor independence was shown by Frankel, Johnson and Nelson (2002). Moreover, Klein (2002) was shown a negative linkage between earnings management and audit committee independent. Furthermore, in Anderson et al. (2004) found that totally independence audit committees have lower debt financing costs. Based on the above evidence, Ashbaugh, Lafond and Mayhew (2003) and Larcker and Richardson (2004) were not agree with them. In Smith Report (2003), audit committee such as a mechanism that improve effectiveness and keep an eye on company management as well as make sure external auditors objectivity and independence. 2.5 Summary When there is a separation of ownership and control, in general, corporate governance refers to set of mechanisms that influence managers make decisions. The study of this chapter is on the relationship between corporate governance and firm performance. I have accessible a variety of ways to enhance corporate governance. As discussed above, some of the predictable variables used as measures of corporate governance are board meeting, board committee, remuneration, transparency and disclosure, foreign ownership, CEO duality, board size, independent of board of directors and audit committee. Covers a wide range and extensive of corporate governance internally and externally put in place that found in those mechanisms. CHAPTER 3 RESEARCH METHODOLOGY 3.1 Introduction This chapter presents the research design. Firstly, the theoretical framework is developed based on literature review carried out in the earlier chapters. Secondly, the research hypotheses to determine that there is relationship between corporate governance and share price. By using the connected dependent and independent variable to analysis the relationship of corporate governance, we examine the factor of share price and firm performance. At the moment, we will present the multiple regression analysis to compare the entire variable. Finally, we will use t-testing, F-testing and R square in our statistic analysis. In this chapter we will select 30 samples from Bursa Malaysia in random which all in ACE market. We can compare since all 30 samples that we selected are in year 2009. 3.2 Theoretical Framework Good corporate governance will bring better share price to the firm? There are evidences to prove that good corporate governance really can improve firm performance. So, how corporate governance affect the firms share price? The four independent variables set in this chapter such as number of independent non-executive directors; attendance of board meetings; attendance of audit committees and directors remunerations will affect the two dependent variables which are firm value(share price) and firm performance(earnings).The firm has poor corporate governance then its firm performance may not pretty well. However, if the firm has good corporate governance its firm value will increase. The higher concentration on ownership will bring up the firm value. According to Coles et al (2002), as well to board members fiduciary responsibility they will have personal wealth incentive to monitor managers with the proportion of ownership. Furthermore, a firm with good corporate governance will pr otect and maximize the wealth of investors. Thus, a firm with good corporate governance will ensure the company is run to achieve its goal, checks and balances to reduce abuse of power and promote fair treatment to the stakeholders. Dependent Variables Independent Variables 1. Independent Non-Executive (INE) 2. Attendance of Board Meeting (ABM) 3. Attendance of Audit Committee (AAC) 4. Directors Remuneration (DR) Figure 3.1: The theoretical framework in describing relationship between the independent variables and the dependent variable 3.3 Research Hypotheses The study is considered to look at the relationship between corporate governance and firms performance. There are many factors that affect a firms performance such as internal and external perspectives. Nevertheless, it is take for granted that all factors contributing to firms performance have same stage of influence on the selected samples which in investigating the linked between corporate governance practice and firms value. Hence, the following hypotheses have been developed: H10: There is no significant relationship between corporate governance practices and firm value. H1A: There is significant relationship between corporate governance practices and firm value. H20: There is no significant relationship between corporate governance practices and firm performance. H2A: There is significant relationship between corporate governance practices and firm performance. These two hypotheses were developed in generally will run company which always maximizes shareholders return which would explain in better firms value. 3.4 Dependent Variables There are two dependent variables in this study which are share price and earnings. This is because corporate governance practice of a firm will affect its firms share price and earnings. 3.5 Independent Variables The four types of independent variables in this study are:1) Number of Independent Non-Executive Director; 2) Attendance of Board Meeting; 3) Attendance of Audit Committee and 4) Directors Remunerations. Independent Non Executive Director can effectively in monitoring the managers while there is positive linkage between independent non executive director and firm performance. Board meeting time is an important resource for the board of the efficiency. Therefore, number of director who attends the board meeting can be one of the independent variable. Since, the audit committee as an important tool to improve the company performance then we set attendance of audit committee as one of independent variable. The remuneration can resolve the conflict of interest between managers and shareholders. For that reason, directors remuneration will encourage to improve the firm performance. 3.6 Sample and Data Collection 3.6.1 Target Population In this study, all the public listed companies listing in Bursa Malaysia as our population target. 3.6.2 Sources of data The source of data is base o n the secondary data. Annual report was the majority of the data that search from website. Normally, seek the data by company list on Bursa Malaysia Stock Exchange. The library books, website, newspapers and magazine also use to search for secondary data. We examine the factor likely influence share price by using the related dependent and independent variable to analysis the relationship of corporate governance. The sample of company and the data of annual report collection that would select from list on Bursa Malaysia of 30 Company in ACE Market and examine data period for year 2009 performance of financial statements and annual reports. The dependent and independent variables analysis are based on financial statements and annual reports of post on Bursa Malaysia list of company. 3.6.3 Criteria of Selection of Sample For study the corporate governance practice, the prior researcher measure the relationships of corporate governance are empirical evidence base on company annual report for examine the relationship with share price. The Bursa Malaysia group of company operate fully incorporated stock exchange and offers a whole range of exchange relate service. All the listed company must fulfill which are set out in the listing condition on Bursa Malaysia securities Bhd in the listing requirement and disclosure standards. Therefore, all the data listed in Bursa Malaysia are relevant and reliable. The samples were chosen randomly in ACE Market which list in Bursa Malaysia. Appendix 1 is the list of all the company that I choose to analysis their value and performance. 3.6.4 Period of Study The period of study will cover only one year of annual report which is in year 2009. 3.7 Data Analysis 3.7.1 Multiple Regression Analysis- Specifying the regression Equation To assume the k is independent variable are possible relate to dependent variables. The model is following the equation. SPEit= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1INEit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2ABMit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3ACCit + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4DRit +ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. +ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²kxk+ ÃÆ'Ã… ½Ãƒâ€šÃ‚ µit Where, SPE = share price and earnings (measure of firm value and firm performance), = the intercept coefficient of the regression line on the Y (SPE) axis when X (Independent variables) axis is zero, = the regression coefficients or slope of the regression line (the increase in Y for a unit, increase in X), = the random error variable, INE = Number of Independent Non-Executive Directors. Calculate the total number of independent non- executive directors of the company; ABM = Attendance of Boards Meetings. Calculated by total attendance of boards meeting divided by total number of board meeting in a year; AAC = Attendance of Audit Committ ee. Calculated by total attendance of audit committee divided by total number of audit committee meetings in a year, DR = Directors Remuneration. Calculated by total directors remuneration divided by total independent non executive directors in a year. The measures of share price and earnings (SPE) are dependent variable, the INE are the number of independent non-executive directors; ABM is the attendance of board meetings; AAC are the attendance of audit committees and DR is the directors remunerations are independent variables. Even though all the companies are concern in the same period, time dummy variables will change over time. The above regression equations are using the Pooled Least Squares and standard errors are calculated using Whites correction for heteroscedasticity. 3.8 Statistical Test 3.8.1 Test of Statistical Significance Three formulate are use in the test of statistical, the coefficient of determination, t-testing, F-testing are concern in statistical analysis. The coefficient of determine are test of ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 address only the question of whether there is enough evidence to infer that a linear relationship exists. This is useful to measure the strength of that linear relationship that to compare several different model. However, the coefficient of determination adjusted that taken into account the series of independent variable and the sample size. To apply the simple linear regression by using the slope coefficient to examine that are sufficient evident exist to allow us to conclude that there was a linear relationship between the dependent and independent variables. The regression models are following below: H0: ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 = ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²k = 0 H1: At least one ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i is not equal to zero If the null hypothesis is true that none of the independent variables is linear and relate to dependent variables therefore we can examine that model is useless. However, if at least one independent variable is not equal to zero, the model also has some useful tools. The t-test of the individual coefficient allow us to determine whether ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 no equal to 0 (for i= 1,2,3,ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦,k) to notify us whether a linear relationship exist in dependent and independent variables. The t-test is test for each independent variable. It is compare a sample mean to an accepted value or compare two sample means. The F-test is to compare standard deviation or two variances. It is combining the series of t-test relationship bring into single test. The relationship between F-test and t- test can explain by mathematically. The R2 is calculated as the Regression Sum of Squares (RSS) divided by the Total Sum of Squares (TSS), or the square of R. The R can ta ke on a value from -1 to +1, which depends on whether the association between the two variables is positive or negative, thus the value of R2 can fall between 0 and 1. If the R2 is close to one indicates that the model fits the data very well. Conversely, R2 close to zero indicates the model is not very good. In this study, R2 is applied to test whether the four independent variables can explain the dependent variable of corporate governance. For instance, higher the value of R2, greater the variation of corporate governance, that could explain by the four variables. 3.9 Summary This chapter presents the research design for this study. It begins with the development of the theoretical framework from which two hypotheses were proposed to test the effects of the share price. It is proposed that corporate governance is directly related to share price. For companies with favorable information on their annual reports, this information can be communicated to potential investors to increase shareholders returns. The dependent and independent variables were specified and defined and a signaling model developed using multiple regression analysis. This was followed by a description of the sample size, data collection methods and statistical tests used in the study. The next chapter presents the statistical analysis of the two hypotheses developed, and provides a discussion and interpretation of the result. CHAPTER 4 EMPIRICAL RESULTS 4.1 Introduction The main objective of this study is to examine the accuracy of share price and earnings per share contained in the list of ACE Markets and also examine whether the accuracy of share price and earnings per share are influenced by four of the determinants. Thus, after the illustration of the research methods in previous chapter, this chapter will proceed to present the results in this study. It will first provide the descriptive statistics for results of dependent and independent variables. Thereafter, result for regression analysis is obtained to test the significance for four of the hypotheses generated. Lastly, an analysis of the regression results is then be discussed and explained.

The Cathedral Of Saint Etienne - 1275 Words

According to Kloss (2005) the Romanesque style has been documented throughout Europe from the mid-eleventh century until the late twelfth century. Although the term Romanesque began with architectural innovations, it also refers to the same period encompassing sculpture, painting and other arts. As discussed by Kloss (2005) one of the earliest Romanesque churches, the Abbey of Saint-Etienne (begun1067) dedicated to Saint Stephen in Normandy, France was built by William the Conqueror. This is one of two abbeys; one built for the monks and referred to as the â€Å"Abbey of the Men† and the other was built for the nuns. According to Kloss (2005) after conquering England the Normans brought back with them a well-developed architectural style†¦show more content†¦The windows were set far back in it, but as you see, they re high, round arches on the gallery level superimposed above the nave arcade. Above that a clearstory and that is the uppermost level and the most ligh t is emitted through the nave windows at the top, at the clearstory. And then you see the vaulting system. This is an early example of ribbed construction of vaults in which the ribs, quite prominent and familiar to you all, the ribs, some of which are transverse; they go across the large part of the nave and others which cross diagonally and intersect. These ribs become the main weight bearing part of the vault because everything in between, the webbing, which is usually of brick, is not a supporting element and is light enough to be supported by the masonry which holds it together, so most of the weight from the roof above and so forth is carried by these arches. According to Kloss 2005) the Abbey situated in a cul-de-sac the end of a long courtyard; its exterior or faà §ade â€Å"which is simply overpowering in its grandeur† is typical of Romanesque architecture. Its massive structure is designed â€Å"with broad expanses of exterior wall and heavy supports to hold them up, to buttress them†. â€Å"The buttressing elements are placed directly against the wall to be

Kodak and Fujifilm Free Essays

Kodak and Fujifilm Kodak and Fujifilm are well known companies in the households in the United States and across the world. Few people know the actual history of both companies and the competition they have been in over the years. It’s an interesting history on how both companies started and how they have developed and challenged each other over the years. We will write a custom essay sample on Kodak and Fujifilm or any similar topic only for you Order Now George Eastman, who was the founder of Kodak, started his business career as a 14-year old boy when he had to quit school and work to support his mother and two sisters. Mr. Eastman had a gift for organization and management while his lively and inventive mind made him a successful entrepreneur by his mid-twenties. What sparked the idea of a simple camera was that his coworker suggested he make a record of his vacation to Santo Domingo. As a result, he became absorbed with photography and wanting to simplify the photography process. Eastman started Kodak in 1880 and built it on four basic principles: mass production at low cost, international distribution, extensive advertising, and a focus on the customer. Later on he added the following policies: foster growth and development through continuing research, treat employees in a fair, self-respecting way, and reinvest profits to build and extend the business. Mr. Eastman started the company by manufacturing dry plates for sale to photographers. One mishap almost shut down the company when dry plates that were sold went bad. Eastman came up with a quick solution to recall the bad plates and replace them with a good product. His quick thinking saved the company and the company’s reputation. Mr. Eastman began experiments that focused on the use of a lighter and more flexible support than glass. He began advertising to the public to look out for a new product that will prove an economical and convenient substitute for glass dry plates for outdoors and studio work. Once he started perfecting the transparent roll film and the roll holder, Eastman realized he would have to reach out to the general public and amateur photography. The Kodak camera debuted in 1888. They developed the slogan â€Å"you press the button, we do the rest. Kodak made the process of taking and developing pictures easy and accessible to nearly everyone. Kodak has led the way with a plentitude of new products and processes that makes photography simpler, more useful and enjoyable. The company Kodak has grown to be is known not only for photography but also for images used in leisure, commercial, entertainment and scientific applications. They are constantly developing technology to combine images and i nformation which is creating the potential to greatly change how businesses and people communicate. Eastman’s goal was to make photography â€Å"as convenient as the pencil† while Kodak is continuing to expand the ways images touch people’s lives. Kodak continues to rank as a premier multinational corporation and with a brand that is recognized in nearly every country. Kodak has been involved in technological innovation throughout the motion picture industry as well as the health imaging industry, document imaging, printing and publishing, and space exploration. Mr. Eastman believed employees should have more than good wages. He believed that worker’s goodwill and loyalty contributed to the prosperity of an organization. Eastman started the â€Å"Wage Dividend† in which each employee benefited from the yearly dividend on the company stock above his or her wages. The wage dividends represented a large part of the company’s net earnings; the wage dividends were viewed as an innovation. To show even more appreciation to his employees, Eastman gave one-third of his own holdings of company stock to his employees. He also provided them with a retirement annuity, life insurance and disability benefit plans. (History of Kodak) Fujifilm was established in 1934 in Japan. Fujifilm has established itself as a leader in in the motion picture photography, videotape, audio tape and floppy disc industries. The company is also involved in still cameras, camcorders, photofinishing equipment, paper and chemicals, imaging and information products for office and medical use markets. The company first started out producing motion picture film, dry plates and photographic paper. It was hard to develop brand recognition at first partly because of the competition with Eastman Kodak. Because of this, Fujifilm focused on improving the quality of the products it developed. Since the company was focused on the quality of the products, it developed its first film product and a motion picture negative film which proved to many in Japan that Fujifilm was technically proficient in the motion-picture industry. After World War II, Fuji was able to begin exporting film and optical products to South America and Asia. The postwar boom was a great advantage to Fuji with the demands for new products to be developed. One downfall for Eastman Kodak but an advantage to Fuji was when Kodak agreed to let Fuji produce black and white amateur roll film during 1952 and three more black and white roll film products by 1958. The company became the number one manufacturer of consumer films in Japan. Because of the agreement with Kodak this opened doors for Fuji and they were able to make more export agreements and opened sales offices in other countries, including the United States. (Photography Type – The History of Fujifilm, Part I, 2010) Fujifilm still had to overcome two major challenges: Eastman Kodak and Fujifilm’s reputation for below-par film product. Fuji tackled the challenge of film product and developed film and paper that was compatible with the processing systems mostly used worldwide. In 1969 all of their films, photo paper and chemicals completely matched the processing systems. They saw a significant upsurge in their exports. The other challenge was going head to head with Kodak which they took on full-force. When Fuji entered the US market, it introduced a cartridge-film eight-millimeter home movie system. Kodak retaliated with introducing their system which swept Fuji aside and took control of the world market. The market started to notice that Fuji’s film was faster than Kodak’s and produced warmer tones. Fuji advertised making sure amateurs and professionals knew the difference while Kodak continued to concentrate on the beginner/amateur consumers. In 1972, Fuji marketed a film in the US with their name on it. Fuji gained its first significant market share with this product. To try and stay ahead of Kodak, Fuji had to develop, manufacture and market equivalent products quickly before Kodak released new products. By 1980, Fuji was the third largest film producer and stayed competitive by increasing its prices a lot less than the other manufactures. The also took advantage of the growing consumer demand for audio and videotapes. Their early marketing to amateur and professionals paid off since many amateurs wanted to shoot pictures with high quality film. This boosted Fuji’s status to the second largest film manufacturer. A major advantage Fuji had was researching electronic technology before Kodak. Fuji beat Kodak out for a 1984 Olympics sponsorship which was a huge breakthrough for Fuji. Fuji also took full advantage of the untapped market of disposable cameras. They sold 1. million cameras in 6 months which took them to the top as the number one global camera manufacturer in 1992. Fuji introduced the first digital camera in 1988 which was a historical moment in the camera industry. Fuji has been an innovative competitor since the start of the company. (Photography Type – The History of Fujifilm, Part II, 2010) Kodak failed to grasp the importance of the complex environmental changes that were occurring in the in dustry. They didn’t react fast enough to stay as the leading company in the industry and Fujifilm took advantage of that. While Kodak had the technological skills to develop products, their rigid leadership culture prevented them from adapting with the changes taking place. Kodak had the â€Å"mentality of perfect products, rather than the high-tech mindset of make it, launch it, fix it. † Fujifilm embraced the changes that were occurring in the photographic market. They diversified through acquisition and changed its business model to conquer digital photography with a commitment to innovation and new technologies. Fuji showed a technological discontinuity by developing the first digital camera. This shows they are innovative and creative in their thinking and think ahead of what is happening in the industry. (Integrated Company Analysis, 2009) One major management concept that has impacted both Fuji and Kodak are their marketing strategies. While Kodak was focused on marketing to amateur photographers, Fuji took it a step beyond and focused on amateurs and professionals. This has had a huge impact on both companies. Kodak is focused on positioning itself as providing user-friendly products while the quality of some of their products contradict that claim. This has kept Kodak from advancing as they should have while Fuji has seen a huge benefit from their marketing strategy. I view Fujifilm as a prospector since they think outside of the box and look at what is needed in the future. Kodak started out originally as a prospector but has turned to be a reactor. Kodak is at the point where they are developing products in response to products being released from their competitors, mainly Fujifilm. I believe that Kodak needs to look at their current situation and assess what they need to do to become more profitable again and rebuild their reputation. I can see Kodak using the retrenchment strategy for the redevelopment of the company. One action that leaves it questionable about Fujifilm’s ethical approach is when Kodak filed a complaint with the United States that Fuji was blocking their products from entering the Japanese market. Looking at the situation, it could be the Japanese government that had the ethical and social responsibility for these actions. The blocking of Kodak entering the Japanese market maintained the Fujifilm’s profits while it stopped potential revenue for Kodak. Even if the Japanese government would let Kodak sell its products in Japan, the Japanese citizens would most likely still purchase Fujifilm since that is the product that they recognize and are familiar with. Kodak over the years has slowed down it’s adaptation to the market condition changes. When Mr. Eastman was in charge, the business stayed ahead of the industry and adapted well. As the years have gone by that situation has changed to where Kodak reacts after changes have been made. Their reactions are to produce a product so fast that it makes inferior products, which has affected Kodak’s reputation in the industry. Fujifilm adapts well to the change in the market conditions. In fact, they are in the forefront of anticipating what is needed next by the consumers. One way a company should build in flexibility is to have openness. Company executives need to be open to new ideas, information sources, and roles. Typically companies stick with the routine processes and don’t consider ideas that may be suggested by people and other sources outside of the company. Some companies are not receptive to ideas that are internally suggested by their own employees either. In order to prosper and advance, company executives need to be able and willing to take ideas and suggestions into consideration. Another way to build in flexibility is the processes of decision making. Companies need to analyze how and if their decision process works. They need re-examine the assumptions that bring the decision to a given point. Executives also should refine their plans according with the brief feedback they receive. Companies have to be careful not to develop a competitive inertia where they are reluctant to change their current strategies because they want to keep their current processes which have been successful so far. A third way is to develop a shadow strategy task force. Companies need to analyze themselves and determine what their weaknesses are to be able to make adjustments to strengthen them. One way to look at your weaknesses is to think like your competitors and try to determine how the company can be exploited for competitive advantage. The company should have a wide range of employees on the task force to provide opinions, suggestions and information instead of the task force being only executives. Companies can learn a lot from researching Kodak and Fujifilm’s history. Their history shows how strong companies can be and the bumps in the road they encounter by not adapting to change and competition. There is definitely a lesson in what to do and what not to do as you are building your company and making it stronger throughout the years. References: 1. History of Kodak. Retrieved November 5, 2012, from http://www. kodak. com/ek/US/en/Our_Company/History_of_Kodak/Imaging-_the_basics. htm 2. Photography Type – The History of Fujifilm, Part I (2010). Retrieved November 5, 2012, from http://www. photographytalk. com/photography-articles/1682-photography-tipthe-history-of-fujifilm-part-1 3. Photography Type – The History of Fujifilm, Part II (2010). Retrieved November 5, 2012, from http://www. photographytalk. com/photography-articles/1686-photography-tipthe-history-of-fujifilm-part-2 4. Integrated Company Analysis – Kodak. Fall 2009. Wisconsin School of Business. Retrieved from http://business. library. wisc. edu/resources/kavajecz/09%20Fall/kodak_rep. pdf How to cite Kodak and Fujifilm, Papers

The Differences of Education Between China and U.S free essay sample

The Differences of Education Between China and U. S BY bballlJ15 The Differences of Education between China and U. S Based on checking the extensive literature and summing up the evidence, it is clear that study about differences of higher education between China and US has carried out a lot which mainly explaines the differences from different aspects of higher edcation between China and the United States. Such aspects mainly includes the social environment and cultural tradition, higher education system and reform measures. In the Integration of these ifferences, advantages and evils of both educational systems have been evaluated respectively, and corresponding improvement measures were also put forwords. By summary, the detailed conclusions are listed as follows: US is a open society. The societys openness urges the American college to abandon old educational thoughts which European traditional universities stick to, adopt the open policy to absorb all advatanges from other countries and establishe a diverse and open education control system which emphasizes on the actual effect. We will write a custom essay sample on The Differences of Education Between China and U.S or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page US is the biggest migrant ountry which has very strong containing nature in the culture. American economy ephiseizes on the practical value, matter rewards as well as individual value realization with fast development, rich material life, strong material idea and etc[2]. Uss higher education was considered as the best education in the world. Comparing the elementary education between American and China, peoples universal view will be: Chinas elementary education aims to build the foundation of education with more study and less thought; while USs education aims to bulid such an education to raise the creativity with less study nd more thought. Now Chinese students are generally regarded as intalents with few intelligence and high scores. What causes for such a view? Because the Chinese students study more, actually pay little attention to the practice, and cannot study for the purpose of application. Therefore, it is very important for Chinese higher education to cultivate the idea of unifying the study and prctice. USs education pays more attention to raise students of supporting oneself, but Chinas education emphases on training the students to be strict,rigorous spiritual. bviously, Chinese education may fruitfully develop and ultilize the function of cerebrum, but USs higher education could expand the function of cerebrum by ultilizing and synthesizing the information outside. economy; US education aims to adapt for society demand, they explicitly stipulate three big functions including educations service for the economic development, scientific research and teaching. The manifest of service in the establishment of specialty curriculum is to meet the social need, set up special curriculum and specialty which the society needs; In Chinas universities, during quite long period of ime, the establishment of specialty curriculum lacks the change and couldnot follow social demand. In order to adapt the society, the American universities has established many specialties and curriculum of choice for students; The students choose or transformate specialties and schools according to own interest and hobby. The American higher education system is extremely diverse and flexible, which is solo in the world higher education; In China, the student may choose the specialty according to own interest and hobby, but change of specialty in the school is not easy, and transformation of school is more difficult. When American school inspects the result of student, they emphasize more on the ability to analyze and solve the question but not the ability of memory or description. The American students donot need the mechanical memorizing, but display creative thought as far as possible; This can cultivate students study interest, raise the ability of doing it byself and make the study be one kind of creative action. Many teachers still adopted old teaching ways in the Chinese universities, thus take a test which needs mechanical memorizing. Due to the development of science nd technology, connections between higher education and national politics, economy, science,culture, military relation is day by day closer. The higher education is vigorous and upward, and it not only simply performances for the growth of quantity, but especially has had the huge change in the nature[l]. The advanced level of higher education has become a thesymbol of national strength. We should clarify the difference of higher education between China and American, at the same time absorb the advantges to profit from the American higher education so as to faster the reform andthe development of our higher education.

test poison Review Essay Example

test poison Review Paper Essay on test poison Review, again, was written after listening to audio books in the original The first hour and a half of this book, I listened to back in 2009 (Beautiful Creatures ended, and embroidery was quite a bit do not disappear as time: D).. And, it seems, he was not quite in his right mind, because what is happening on the particular impression I was not made. Then there was a little time, new year, fairy tale And one January evening it was clear another story, and Ill hang myself: D And I remembered nedoslushannoe Oh. , deffachkiiiiiiiii! Khmmmmkhkhkhkhhhhhrgm. Prrrrastite, Ill start from the beginning: D We will write a custom essay sample on test poison Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on test poison Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on test poison Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The novel is set in a highly militarized country, the victory of communism. In short when the evil, insidious and narcissistic King and his corrupt courtiers and totally corrupt state apparatus-finally all got there was a military coup. The military quickly removed unwanted aristocrats and put things in order the military districts subordinate to the commander in chief, strict uniform system for the public, admission and supporting papers for all movements, rigid adherence to the rules and enforceable penalties for infringements The beauty, however.? But those who have brains and are not deprived of talent there is always a chance to get the deserved respect. Commensurate work, of course -. All quite honestly In this ideal world, Helena was sentenced to death for murder. That she committed and, by the way, not a drop in the not repented. Elene was given the choice execution or position of the taster. The girl turned out to be more or less active. And now she has to survive in the castle, where every corner can wait for murderers and traitors, where several times a day, it can get poisoned, and if it will be decided to run the next morning she faces a slow death by poison, the antidote to which there is only one person. And not only survive, but also directly participate in saving the country from but no, look at yourself;) In short this story brought me EDT. If longer Maria Snyder wrote an excellent adolescent fantasy (and romantic, yes, lets call a spade a spade), where political intrigue, chase in the forest and fights captivate anyone who is reading a story. Besides all the above, in the novel, there are about magic, friendship, love So, to where I started ohh, what there chapters. hero! Smart, handsome, fatal and fearless Military our FSE. Here Necessary addition after reading the entire series -. I truly love the first book and is ready to re-read it day and night, but thats about Magic Study and Fire Study gladly forgotten aki a nightmare. Avtorsha definitely went the wrong way.

Free Essays on Frankenstien Research

There are obvious similarities between Victor and his creation; each is abandoned, isolated, and both start out with good intentions. However, Victor’s ego in his search for god-like capabilities overpowers his humanity. The creature is nothing but benevolent until society shuns him as an outcast on account of his deformities. The creature is more humane than his own creator because his wicked deeds are committed in response to society’s corruption; while Frankenstein’s evil work stems only from his own greed. Victor Frankenstein and his creation are very much alike. Both are abandoned by their creators at a young age; Frankenstein is left without his mother after her death, the creature is rejected by Frankenstein's abandonment. Frankenstein and the monster are also similar in that they are isolated and outcasts of society. Frankenstein is hypothetically an outcast when he consumes himself in work and is isolated when the creature kills those he loves, and the creature is obviously isolated as a hideous outcast of society. Victor Frankenstein starts out with good intentions; he is merely seeking to gain knowledge of natural philosophy. Soon, his greed for god-like power overcomes him and he becomes consumed with the idea of creating life. â€Å"Summer months passed while I was thus engaged, heart and soul, in one pursuit† (32). The creature also starts out with kindness, he tells his creator, â€Å"Believe me, Frankenstein: I was benevolent; my soul glowed with love and humanity: but am I not alone, miserably alone?† (66). However, after society refuses to accept him based on personal appearance, the creature becomes angry. The creature has an overwhelming capacity to love as can be seen in his admiration for the peasants, â€Å"The creature’s thoughts now became more active, and Frankenstein longed to discover the motives and feelings of these lovely creatures, Frankenstein thought (foolish wretch!) That it might be in... Free Essays on Frankenstien Research Free Essays on Frankenstien Research There are obvious similarities between Victor and his creation; each is abandoned, isolated, and both start out with good intentions. However, Victor’s ego in his search for god-like capabilities overpowers his humanity. The creature is nothing but benevolent until society shuns him as an outcast on account of his deformities. The creature is more humane than his own creator because his wicked deeds are committed in response to society’s corruption; while Frankenstein’s evil work stems only from his own greed. Victor Frankenstein and his creation are very much alike. Both are abandoned by their creators at a young age; Frankenstein is left without his mother after her death, the creature is rejected by Frankenstein's abandonment. Frankenstein and the monster are also similar in that they are isolated and outcasts of society. Frankenstein is hypothetically an outcast when he consumes himself in work and is isolated when the creature kills those he loves, and the creature is obviously isolated as a hideous outcast of society. Victor Frankenstein starts out with good intentions; he is merely seeking to gain knowledge of natural philosophy. Soon, his greed for god-like power overcomes him and he becomes consumed with the idea of creating life. â€Å"Summer months passed while I was thus engaged, heart and soul, in one pursuit† (32). The creature also starts out with kindness, he tells his creator, â€Å"Believe me, Frankenstein: I was benevolent; my soul glowed with love and humanity: but am I not alone, miserably alone?† (66). However, after society refuses to accept him based on personal appearance, the creature becomes angry. The creature has an overwhelming capacity to love as can be seen in his admiration for the peasants, â€Å"The creature’s thoughts now became more active, and Frankenstein longed to discover the motives and feelings of these lovely creatures, Frankenstein thought (foolish wretch!) That it might be in...

Law - Mock Exam Assignment Example | Topics and Well Written Essays - 1250 words

Law - Mock Exam - Assignment Example The two parties did not choose this method because of their friendship. They were friends and both were unable to go file a lawsuit. Their friendship was too strong to allow them to choose this method. Litigation would take a very long time to solve their case and they would lose even more time and resources. They had already lost enough and wanted to solve their dispute in the shortest time possible. Formal methods of dispute resolution are much slower than the informal ones. They take more time to resolve disputes due to increased cases that are filed every day in the formal sector. This makes it difficult for the few resources available to solve the many cases filed. The formal methods of dispute resolution are more costly than the informal methods. They require professionals who need to be paid dearly. The informal methods do not necessarily use professionals. This makes them a bit affordable and less costly for many people as compared to formal methods. The formal dispute resolution methods are open to everyone while those of the informal system are not open. All the details of a formal system of dispute resolution are read out loudly for everyone to hear even if one or both of the parties involved might not like it. In the informal sector things are done privately and only information that both parties want to be open will be open. The formal sector’s decision is final and binding but gives room for appealing. The informal sector’s decision is not final and neither is it binding. The two parties accept the decision only if they are comfortable with it. The formal methods give final decisions and do not care about the views of the individual parties. On the road through Dubai the driver lost control of the van and crashed into a Taxi causing injuries to two people, one Egyptian tourists and the driver of the taxi. The accident

Accommodating Differences Essay Example | Topics and Well Written Essays - 1000 words

Accommodating Differences - Essay Example Thompson in her â€Å"Summary of research† suggests that â€Å"there are different classes or different groups within classes for students of high, average, and low ability† (Para 2). Thus, some individuals within a class may be slow learners, some may be of average ability and some may be high-performers or gifted individuals. In particular, the paper focuses on the characteristics, challenges, opportunities and pedagogical approaches which may be experienced by students with varying abilities within a classroom. In a class with these different groups the slow learners may not have the required cognitive skills that are needed to perform simple task. In fact their cognitive level may be below the chronological grade for the specific learning behavior. In addition, such learners may take a longer time to grasp the basic skills that are needed to perform at an acceptable level. Whilst these elements may be true of the slow learner, this in no way defines who they are and their capacity to learn and achieve acceptable goals. The second ability level, the average learners are those who are normal in the sense that they are able to learn within their chronological grade level. Given a classroom of students, average learners are those who are able to grasp the concepts through the general methods adapted by the general educator. On the other end of the extreme are the high achievers who are able to cognitively grasp concepts at a rate that is exceptionally faster than the normal child’s ability to understand. Some special challenges that an educator may have to overcome to accommodate a group of students with mixed ability include the challenge of delivering one’s lesson to allow each individual to understand the intended objective. Because some students are slow to grasp they may be unable to grasp abstract concepts that the teacher is required to deliver. The teacher then is challenged to bring these abstract concepts to the level of all the students. At the same time that the teacher is trying to convey the lesson to the slow learners the teacher has to present some challenge to all the learners, thus simplifying an abstract concept for the benefit of the slow learner may cause challenges for the high performer. For example, lack of challenging activities may result in boredom and subsequent ly inappropriate behaviors by the high achievers if they are constantly kept back due to the teacher’s inability to communicate the lesson to them whilst simultaneously catering to the needs of the slow learner or the average learner. Special learning opportunities which may be offered by the presence of mixed abilities within a class include for the slow learner the opportunity to be motivated by the presence and the assistance of the high performers. Likewise, it is claimed that the more you teach the more you are able to understand the concepts (Thompson, n.d.). Thus, the high achiever is able to concretize what is taught by assisting the slow learner to grasp concepts that may be difficult for the slow learner or the average learner. One way in which an educator can accommodate each difference in a mixed ability group would be to incorporate the use of different resources within a lesson. For example, in a Mathematics lesson which involves the teaching of how to solve wor d problems. A teacher may begin such a lesson by utilizing dramatization to allow pupils to actually see the problems unfold before their eyes. The use of manipulatives in the drama is particularly instrumental in bringing understanding to the slow learners. Although this dramatization is to meet the needs of the slow learners, the average as well as the high achiever

Individual freedon(see instruction below) Essay Example | Topics and Well Written Essays - 750 words

Individual freedon(see instruction below) - Essay Example l choice of a person but also to social safety because drug addicts tend to eventually demonstrate complete of partial defeat of consciousness that is often accompanied by physical degeneration and at the end leads to complete isolation and death. Very rarely (only in 5-10% of all cases) drug addicts manage to recover completely. The statistical data show that the results of rehabilitation programs throughout the world can hardly be called optimistic: around 90% of drug addicts who had been detoxified are back to taking drugs. When people who abuse substances become dependant on them, they are guided by the constant desire to take the drug, which sometimes causes them to commit crimes – and this certainly endangers the society. Drug addicts are usually subdivided into two categories: functional and non-functional, the first group being able to live a more or less normal social life sustaining their addiction for years: â€Å"Their lives are not made totally unmanageable by it so they dont tend to drop out of society.† (The long walk to freedom 2001) Psychologist Dan Wolf comes up with the following examples when talking about the functional drug addicts: â€Å"the housewife who cant relax without Valium, the ad executive who can’t keep up without his cocaine, or the friend who can’t socialize unless she has a drink or a joint in her hand.† (The long walk to freedom 2001) Non-functional addicts are people whose personalities and lives are partially or completely destroyed by the drug. Non-functional drug offenders pose the main danger to the society as they are very likely to become inadequate. Apart from being non-productive members of the society, they are likely to commit crimes, and even though legally they remain citizens of the state, in fact they only bring damage to the community they live in. Drug addiction is often called an â€Å"illness† of the entire society destroying it from within. Except from criminal threats, drug addicts very often suffer

Kotter and lewins change and positive models

Kotter and lewins change and positive models Change management deals with adapting and controlling change. For an organization, change management is defining and implementing procedures and/or technologies to deal with changes in the business environment and to profit from changing opportunities. (searchcio-midmarket.techtarget.com/definition) There is always a need for the change to happen as the world is changing. Therefore, some models can help an organization to implement change successfully. Kotters Change Model John Kotter is a change expert who is a professor at Harvard Business School. Kotter introduced a famous change process that consists of eight steps in his 1995 book, Leading Change. Step One: Create Urgency For an organization to let the change happen, this step is a primary motivation for the things to happen. Therefore, the first task is to develop a sense of urgency. (mindtools.com/pages/article/newPPM) Step Two: Form a Guiding Coalition For the change to happen, the change needs to be managed as well as led. Hence, there is a requirement for strong leadership as well as the support from important employees of the organization. (Strategies-for-managing-change.com/john-kotter) Step Three: Developing a Change Vision Developing a clear vision will help out to simplify the decisions, motivates employees to go for the change even it is hard for them, and helps to organize the actions in a hasty and well-organized way. (kotterinternational.com/KotterPrinciples/Change Steps/Step3) Step Four: Communicating the Vision for Buy-in It is not about developing a clear vision, but the vision has to reach all the employees of the organization. For this to happen, the vision should be communicated in hour-by-hour activities. Communication can also be done through meetings, emails, and presentations. It should be communicated anywhere and everywhere in order to let the employee have a clear idea about the change to happen. While communicating the change be honest and concentrate on the emotional dimension of the peoples fears and concerns. (kotterinternational.com/KotterPrinciples/ChangeSteps/Step5, strategies-for-managing-change.com/john-kotter) Step Five: Empowering People and Removing Barriers Removing barriers will help the people to do their best work and empowers them to execute vision. This will result in change to happen. (mindtools.com/pages/article/newPPM, kotterinternational.com/KotterPrinciples/ChangeSteps/Step5) Step Six: Generating Short-term wins Generating short-term wins will definitely encourage the employees. The employee confidence will increase and will adapt to the change as well as will be satisfied with his work. Organizing a change without looking at short-term performance is always risky. One cannot know where they stand and how far is the destination. (kotterinternational.com/KotterPrinciples/ChangeSteps/Step6) Step Seven: Dont Let Up! There is always a chance for the resistance to occur even success occurs in the early stages. There is fear of change with everyone. Letting up will create problems and the momentum can be lost. Therefore, the organization has to consolidate gains and produce more change. (kotterinternational.com/KotterPrinciples/ChangeSteps/Step7) Step Eight: Make it stick Culture is deeply rooted in an organization and is the hardest thing to change. Every associate of the organization indoctrinates into the culture of the organization without realizing it. Therefore, new approaches have to be anchored and should be deeply rooted in order to stay strongly in the culture. (kotterinternational.com/KotterPrinciples/ChangeSteps/Step8) Strengths and Weaknesses The strength of this model is that it concentrates on all aspects for the change to happen in an organization. Therefore, by concentrating on all aspects such as communicating the vision, creating a guiding coalition, generating short-term wins, and not letting up will definitely makes the change to happen. Culture is the hardest thing to change in any organization and with the help of this model, the cultural change can happen. On the other side, the first step speaks about the urgency but it does not concentrate on the purpose for change. Purpose with urgency can only play an effective role together for the change to happen. To implement this model the leaders should be experienced and associates of the organization should support the change. Lewins 3-Stage Model Kurt Lewin is a psychologist who recognized three stages of change. They are Unfreeze, Change, and Refreeze. Stage 1: Unfreeze This stage is an important one that involves reaching to a position of knowing that change is essential. In this stage, creating ideal environment is an important thing for the change to take place. Generally, people get used to the way they are working and they try to resist the change even the change is beneficial one, as it will initially cause discomfort. Therefore, the main theme of this stage is to shift people from this frozen state to an unfrozen state. (Change-management-coach.com/kurt_lewin, London Management Centre, 2008) Stage 2: Change or Transition This stage is central to Lewins model and is a confusion period at the psychological level. In the transition stage, the changes are made that are essential. Employees will be unfrozen and will be heading in the direction of new way of being. Therefore, people are not clear about new ways that are going to replace the older ways. This clearly shows that this is the hardest stage as employees are not sure or fearful. The main goal of this transition stage is to move employees to the unfrozen state and keep them there. (change-management-coach.com/kurt_lewin, London Management Centre, 2008) Stage 3: Refreeze This phase concentrates on elevating the comfort levels and bringing back the stability. It brings people to a stable and productive state from a low productive state. Refreeze is to establish stability after the changes occur. Finally people form new relations start to become comfortable with new changes. (Change-management-coach.com/kurt_lewin, London Management Centre, 2008) Strengths and Weaknesses The strength of Lewins model is that it is simple and easy to understand. This model concentrates on the fear of employees who oppose the change to happen. This is the main factor, which should be worked out by every organization to bring out change. However, on the other side, this model does not concentrate on each aspect. For the change to happen all the aspects should be considered such like the aspects covered in Kotters change model. The Positive Model The Positive model involves five phases. They are: Phase 1: Initiate the Inquiry Initiate the inquiry is to know the subject of change. It points up the associate participation to recognize the organizational issue they have the most energy to address. (Cummings Worley, 2009) Phase 2: Inquire into best practices Inquire into best practises is assembling data that is the best in the organization. If the subject is organizational innovation, then associates of the organization helps to build up an interview protocol which contains the information about the new ideas that were developed and carried out in the organization. The members of the organization conduct the interviews: they interview each other and let them know the information or stories about the innovations in which the members are personally involved. These stories are gathered to form a group of information, which describes the organization as an innovative system. (Cummings Worley, 2009) Phase 3: Discover the themes Discovering themes is about the members of the organization who look at the stories that are gathered previously which may include both small and large, to recognize a set of themes which are demonstrating the common scope of peoples experiences. For instance, the stories of innovation that are collected may contain themes about how much freedom each individual gets from the managers in exploring a new idea, how much support the coworkers provided to the organization members, or how to exposure to customers sparked ingenious ideas. No theme is small in case of representation; it is very important to describe all the core mechanisms that help to generate and support the themes. The themes symbolises the basis for moving from what is to what could be. (Cummings Worley, 2009) Phase 4: Envision a preferred future Members that scan the identified themes, challenge the status quo, and describe a compelling future. Based on the organizations successful past, members collectively picture the organizations future and develop possibility proportions- statements that bridge the organizations current best practices with ideal possibilities for future organizing. These proportions should present a truly exciting, provocative, and possible picture of the future. Based on these possibilities, members discover the relevant stakeholders and critical organization processes that must be aligned to support emergences of the envisioned future. The vision becomes a statement of what should be. (Cummings Worley, 2009) Phase 5: Design and Deliver Ways to Create the Future This phase illustrates the activities and the plans necessary to bring vision. It progresses to both action and assessment phase comparable to action research described earlier. Members of the organization make modifications, weigh up the results and make necessary adjustments, to move the organization towards the vision and nourish what will be. The course of action is continued by restoring the discussion about what the best is. (Cummings Worley, 2009) Strengths and Weaknesses The strength of this model is that it concentrates on the main issue and tries to solve the problem by using the best practises of the organization. The weakness of this model is that there is no urgency, which is essential for the change as sometimes the organizations might run out of time. If the change does not happen before the time passes away then the work made by the organization goes in vain. Conclusion The three change models Kotters change model, Lewins 3-stage model, and the positive model are different from each other. These three models can be used by any organization for the change to happen. Kotters change model is a brief model that concentrates on every small aspect. The only problem with the Kotters change model is that it focuses on urgency but not on purpose. Without knowing purpose of change, the urgency will have no reason and everyone will be doing things quickly without purpose. By considering the purpose, this model can be most preferable for an organization to implement change. This model makes sure that the change need to occur is communicated to everyone and concentrates on building the momentum with short-term wins. The culture of the organization can be changed that is deeply rooted. Lewis 3-stage model is a simple model it concentrates on moving people from their old style of working. People always have a fear of change, which is the biggest opposition of the change to happen. This model concentrates on moving people from a stage of freezing to refreeze stage. This model does not concentrate on all the small aspects. The positive model is different from Kotters and Lewins model. It enquires about the problem and uses the best practices of the organization to solve the problem. This helps the change to happen. However, there is no sense of urgency that is a major problem. When compared to Kotters model it is not as detailed as that model. Every model has some strength. Therefore, it is always better to go for the three models, opt for the best things from the models, and implement them for the change to happen. Speaking about best of the three models, my choice is Kotters change model as it concentrates on all the aspects for the change to happen.

1st Battle of Bull run :: essays research papers

The first major battle of the Civil War was fought in Virginia, near the Manassas, Virginia railway junction, after which the battle is called (or First Bull Run, named after the flowing stream on the battlefield, if of the Union persuasion). The armies in this first battle were not very large by later Civil War standards. The Federal forces under Brigadier General Irvin McDowell were organized into four divisions (five, if one includes Runyan's division), of about 30,000 men. These divisions were commanded by Tyler, Hunter, Heintzelman, (Runyan), and Miles. The Confederate command structure was somewhat more unwieldy, including two "armies", with no division structure and thirteen independent brigades under Bonham, Ewell, Jones, Longstreet, Cocke, Early, Holmes, Kershaw, Evans, Jackson, Bartow, Bee, Smith, and a cavalry brigade under Stuart. The Confederate Army of the Potomac was under the command of Brigadier General Pierre G. T. Beauregard, and the Army of the Shenando ah was commanded by Brigadier General Joseph E. Johnston. These two forces would equal McDowell's strength. Interestingly enough, each commander had planned to initiate an attack on the other side with a feint attack on the enemy's right flank and a massed attack on the opposite flank. Had this been done simultaneously, and both been successful in their purpose, the two armies would have simply pivoted around each other and ended up in each other's rear, able to march unopposed to Washington or Richmond, as the case may be. As it turned out, the general least successful in initiating this movement was the winner. McDowell had planned to use Tyler's division as the diversionary attack at the Stone Bridge, while Davies' brigade did the same at Blackburn's Ford. At the same time, Hunter's and Heintzelman's divisions would cross Bull Run at Sudley Springs and attack from the north. McDowell's green troops involved in the flanking column, reached their jumping off positions two and a half hours behind schedule. Tyler's and Davies' attacks at the Stone Bridge and Blackburn's Ford were already well under way, and the Confederate high command was beginning to sense a ruse because the Union attacks were not pressed very hard. When Beauregard was notified that Federal troops were massing on his left flank, he realized that this must be the main attack so began to shift his own troop dispositions. The Federals had about 18,000 men in the main attack column and it was only thanks to the quick reactions of Colonel "Shank" Evans and his small brigade that Beauregard did not suffer a major disaster.

Why gun laws are important to the U.S.A

As the only country that guns are legalized, the United States of America has given the liberty to its people to own guns in order to protect themselves in case of emergency. Hence, to own a gun is considered to be an American right to be a citizen of the U. S. A. This right was protected by The Second Amendment of the united States constitution, where It Is mentioned that people do have right to possess and use fire arms and ammunitions.However, in order to have restriction on gun owners, government has introduced Federal Gun Laws as well as the State laws for gun extraction, in comparison of two laws, the federal laws seemed to be completed and have more restrictions on the behavior of people, where as the state laws do vary from state to states, and most of the state laws are not too strict. Second Amendment, 2014) When the citizenry gain control on fire arms, the safety of the individual house hold tend to increase, in the detail paragraphs more will be discussed on the same topi c. Despite all the gun caused tragedies, I believe that gun possession should not be held responsible of death caused in the general public, as UN Is not the only tool that causes tragedy, therefore It Is merely a ways but not the solely cause. Further more, due to legalization of guns In the U. S. He sales of guns have always being a Income for the country, hence denying the right to own guns can be as bad as denying the Income of the government; In addition, some of the heavy industries that are mainly in to the production of firearms faces bankruptcy in times that the nation do not need that much of weapons; hence due the consumption abilities generated by the citizens of the United States of America(Annually overspent receives $6 billions estimated revenue on firearms etc), this country is not likely to be affected by situations as such.In other aspect the income can be positively maintained while avoiding such tragic situation. (Sunburn, J, 2012) There are plenty of reasons to encourage the Second Amendment of the United States of America, the fore and most important factor of legalization of guns Is to protect people sudden dangers and unexpected circumstances In which people will expose to dangers that can be as bad as ruling their lives while unable to do anything about it.The fundamental theory or ideology for this idea to thrive is that, it is not that everybody can get a body guard or a police man to stay with you 24, 7. Therefore, if a burglar broke into your house and was about to harm your family, and if you call the police, they would need time to come to you, but the problem is on their arrival it would be too late to save anybody, therefore if you possess a gun, it would mean a lot, at least you can scare off the burglar.Similarly, in this society, people may face different problems that may cause them to be mentally ill, hence hey might start a mass shooting scene, however, if other people could have guns with them, then they could stop the m ad man before he could hurt anyone. On the other hand, I do believe that firearms are not the fundamental cause of violence, because It Is not true that people can get killed only by guns, and gun Itself can not kill. Therefore, the orally of the violence Is not on fire weapons and ammunitions, but people.According too news published on Forbes in the year 201 3 Jan 1st by inappropriate. According to Swinger's analysis, the rights that are granted for the tizzies should not be denied because another one has committed a crime while using that right, because everyone of us is unique and would not lead a life of another existing living body, hence it is not Just and wrong for the government to intervene in such situation, as in a man's life the only thing that you can deprive him of is the liberty that he has, and rights are considered to be liberty.Secondly, Swanker also argued that a concealed pistol would do no harm to anybody around it, unless it is drawn and used, therefore if any one would own a gun for safety reposes, it is not an evidence that can be taken to charge the owner that he or she is going to committee a crime with that weapon. (Swanker, H, 2013) In addition to the benefits of gun legalization, the economy of the country can be maintained its statues which is lucrative to become even better. According to relevant studies done by P.Brad who has had written an article on Washington post, in the year 2012 the United States of America's gun industry expects a profit approximately $998 million to be deposited for the country, which really matters a lot or a country development. As a result, we can see that when possession, purchase and usage of firearms are declared to be constitute, the economy of the country would gradually expand, therefore I myself can not see any drawbacks may caused due to this decision by all means.Statically it is too proven that, out of 100% of the firearm products, 15% would belong to the law enforcement and 25% belong to th e military purposes, while other 60% of the market was distributed among the citizens in the USA, hence we are clear that citizens indeed need guns for their own retention, and at the same time the US government could also thrive. (P.Brad, 2012) In order to finish up with this assignment, I would like to emphasis again that the fundamental cause of legalization of gun is for the protection purpose of the individuals, as when they are exposed to urgent danger, and time would not be sufficient to wait for the police officer to arrive. Hence, it is very practical to own a gun to deal with such situations.However, I insist that firearms are tools for people to achieve certain deeds, and it can not kill or harm anybody by itself, in case that regarded may be caused by firearms, I believe that it is mainly caused by ill intentioned people, and it is the only situation that it may harm people. But though people may use guns to do crimes but guns are not responsible for such situation becau se the real wrongness is with people.In short, there are plenty of rights and benefits that worth preserve by encourage the legalization of firearms. Finally, I appeal that citizenry should not be blamed with others wrong doing, and gun possession is their right, which should not be denied or abandoned, as it is their right to protect!

A Man Named DAVE essays

A Man Named DAVE essays A Man Named Dave, by Dave Pelzer is the story of hope and eventual love and how a child called It finally found himself as a man free at last, after early childhood experiences as the son of a brutal, alcoholic mother. When his father is dying of cancer, Dave attempts to reestablish contact with him, he spends innumerable hours with his father, trying to disentangle in his mind the broken family relationships. Much later, after his mother's death, Dave realizes that his mother's maniac actions were picked up from her own childhood experiences. Having rushed into marriage Dave enjoys the son that was born, and is determined that his child will never know the disapproval he felt as the child called "It." I find Dave Pelzer admirable because he demonstrates remarkable qualities, such as independence, determination, and courage- qualitys I would like to strengthen in myself. Dave Pelzer strongly demonstrates independence in A Man Named Dave, and his life. Independence means to me being able to make it on your own, and not having to depend on others. Dave demonstrates independence by being capable of starting over a new life on his own. After a horrible childhood, he strives for the best he can do all by himself, not depending on others to help him. Another display of his independence (is his desire to be standing on his own two feet) when he gave to his mother his statement to be independent All those years you tried your best to break me, and Im still here. One day youll see, Im going to make something of myself. Daves lifelong wish is to become a firefighter in the steps of his father. To accomplish that dream, Dave joins the Air Force, where he overcomes obstacles that would stop an ordinary man. But his wonderful trait of determination, which is never giving up and going for your goals and not quitting until youve achieved it, pulls him past these obstacles in his journ ...

Ybarra v. Spangard Case

Ybarra v. Spangard Case Introduction People make mistakes and it is obvious that people forgive, however, when it deals with medical malpractice, the mistakes are forbidden, however, they still occur. Ybarra v. Spangard is a case study which deals with a specific situation when doctor’s mistake has lead to patient’s injury.Advertising We will write a custom case study sample on Ybarra v. Spangard Case specifically for you for only $16.05 $11/page Learn More Clinical negligence is a very serious and one of the most complicated accusing as at one and the same time the fault of a person is difficult to achieve. Having considered the case study Ybarra v. Spangard, the form of negligence that best fits this case is going to be discussed along with the elements for a claim of negligence found there. Which form of negligence best fits this case? The duty of care is one of the clinical negligence which perfectly fits the situation. One of the main reasons for this is the four elements which are included in its definition, which are as follows, â€Å"the medical professional had a DUTY OF CARE owed to the plaintiff†, â€Å"the medical professional BREACHED that DUTY OF CARE†, â€Å"the breach was both the ACTUAL and PROXIMATE CAUSE of the injury†, and â€Å"the injury resulted in DAMAGES to the plaintiff† (Negligence, 2009). In our case, the plaintiff was injured, however, due to anesthesia he is unable to make sure who of the doctors was responsible for it. Being put at the operational table, doctors failed to follow whether the patient is appropriately comforted. Due to anesthesia, a patient was unable to comfort himself as well as he was unable to say about some problems which made him feel pain. Therefore, the doctors failed to take care of a patient while they had such a duty. Are all the elements for a claim of negligence found in the case? Identify each of the four Ds. Before answering a question whether all the element s for a claim of negligence are found in the case or not, it is important to enumerate those elements. Duty, dereliction, direct cause and damages are elements for a claim of negligence (Lynch, Hancox, Happell, Parker, 2009). Duty means the obligation of a person to take care over another one.Advertising Looking for case study on health law? Let's see if we can help you! Get your first paper with 15% OFF Learn More Doctors had to care for a patient and the inability of them to complete this task makes this element related to the case study. Dereliction of duty means that a doctor did not provided an expected duty of care. This is also a correct statement as in this case doctors are responsible for patient’s welfare, but their actions and dereliction led to patient’s trauma. Doctors’ actions and their dereliction have led to the paralysis of a hand. Finally, damage to patient’s health was made. Summary The case under consideration dwells upon the medical negligence when a duty of care is violated. Having put a patient at the operation desk, no one of the doctors and nurses cared for comfortable and appropriate position of the patient’s body. As a result, a patient got a neck and shoulder injury. The operation was devoted to appendices, therefore, surgeon could not cause such problem. Staying at the hospital a patient received treatment, however, it was useless. After the discharge from the hospital, pain increased and sooner a patient was diagnosed with paralysis of a hand (Ybarra v. Spangard, 1944). Therefore, the violation of the duty of care is the reason of doctors’ negligence. Reference List Lynch, L., Hancox, K., Happell, B., Parker, J. (2009). Clinical Supervision for Nurses. New York: John Wiley Sons. Negligence. (2009). Sitemason Vanderbilt. Web. Ybarra v. Spangard. (1944). 25 Cal.2d 486, 154 P.2d 687.

IT Strategic Planning Essay Example | Topics and Well Written Essays - 250 words

IT Strategic Planning - Essay Example As a human resource manager in the organization, it is important to develop the best IT strategic planning. It will align the organization’s daily activities with the human resource department. A good IT strategic plan will help the business fulfill its general business strategy.The business-driven priorities are important for a company to develop efficient IT strategic plans. For instance, if the most important priority is to increase sales targets, the priority could be used to create the following year’s technology. The human resource manager has to interview various business leaders in order to the technology’s plans.The organization has key business processes. The company builds and provides access to services. The company identifies high-quality goods and services. The identification begins at the lower stage of the company, up to the top level. The organization then supports teaching and learning of its employees. Such case is successful when the organizat ion provides funds and leaves for extension of studies. Additionally, the organization enables research. The top management has developed collections of research materials and provided experts who offer a high level of advice to the employees.The company has created an optimum business environment. It has ensured the customers enjoy the highest level of services. The management provides the employees with enhanced working spaces and environment that meet a variety of working styles and encourages working and research.