Policies Government can use to close Deflationary Gap Essay

Policies G everyplacenment can use to close Deflationary severance - Essay ExampleBeyond this point deflation sets in national output exceeds the expenditures on consumption, investment and that of establishment as well as ability to finance export. The difference between the national output wedded by Y and that of expenditure E is termed deflationary gap. Any gap that exists before the equilibrium level is called the inflationary gap. The existence of this disequilibrium means an excess saving over investment or more withdrawals than injections because economic participants actually spend less than the amount of income they earned hence, accumulation of inventories. This unwanted accumulation of inventories implies that firms testament impose back on production, lay off workers, and income falls. Because income and consumption fall, and firms cut production whereby the actual inventories will be equal to planned inventories and planned spending equal to income at Equi. level3B asically, there atomic number 18 two main policies that can be used to close deflationary gap. They are monetary polity and fiscal insurance policy. Monetary policy is used to influence interest rates, inflation and credit availability with changes money supply in the economy. There are three tools through which this policy can be implemented reserve requirement, open market operations and discount rate.4 On the other hand, fiscal policy involves the use of government expenditure and taxation to influence national output and expenditure. In this section, discussion will be centered on deflationary gap experience of Japan and United States, and Ethiopia.In the belatedly 1990s, Japanese economy underwent a severe deflation resulting in weak demand, high unemployment rate, and steady reduction in the general price level. The country experienced steady reduction in both nominal and actual GDP growth in fiscal 1923 by and by the Great Kanto Earthquake and in fiscal 1998, after the year in which Yamaichi Securities and Hokkaido Takushoku Bank collapsed.5 There is a belief that shifts from profit maximization to strengthening equipoise sheet which disrupts normal working of the economy perhaps the corporate sector stop borrowing the pecuniary resource the household saved even with very low interest6. (Nakahara) says that the application of monetary policy brought about capacious improvement in the economy. Bank of Japan adopted the Zero Interest Rate Policy from February 1999 to sublime 2000 when the industrial sector grew considerably well corporate profits were recovering, business fixed investment and tete-a-tete consumption were on the rise7. In addition, the Bank of Japan introduced open market operations with overall target of tackling reducing interest rate. The bank planned more liquidity to be made available in the money market by maintaining the outstanding balance of current accounts at the bank at over 6 trillion yen and targeting interest ra te below 0.01 percent.In the diagram below, the effect of changes in interest rate is employed by Bank of Japan in order to tackle deflation. At point E the economy is at equilibrium national product which is less than to the full employment. menstruum B represents the national output the economy produces where equilibrium exists at point E intersection of initial aggregate demand AD1 and national product NP while point F is the anticipated full employment output the

Certifications Research Paper Example | Topics and Well Written Essays - 750 words

Certifications - Research radical ExampleCertify by the International Professional Practice Partnership (IP3), ITCP confirmation is globally perceived as an indication of expert greatness.For IT experts, I.S.P. status furnishes customers and managers with trusted confirmation of an IT proficient learning and specialized foundation. I.S.P. stand up has been allowed in Canada since 1989, and is enacted as an automatic assignment in six provinces*, with different territories progressing in the direction of same enactment.CIPS was structured in 1958. At the time, people who had an enthusiasm for IT could join CIPS as a particle. This kind of oecumenical participation in CIPS is still accessible today and gives various profits. Enrollment in CIPS is a essential to hold CIPS proficient assignments.In the late 1980s, CIPS, alongside numerous other worldwide IT affiliations, perceived the sine qua non to build a full grown calling. The CIPS Certification Program was presented in 1988 with the dispatch of the preprofessional Candidate Member and the expert Information Systems Professional (I.S.P.) assignment.As is normal in many callings, there is a pretty standard and bland course to the expert capability and the Candidate Member is the first step on the way to expert differentiation. Hopeful Members have finished an important training project, however have non yet aggregated the expert experience prerequisites.The benchmark for the I.S.P. is a four-year four year certification in Computer Science in addition to two years of expert experience or equal. This benchmark is identified with the CIPS Body of Knowledge (BOK) which characterizes the base satisfactory expert level of information and skill, joining both expansiveness and profundity. Authority of the BOK grants differing degrees of learning of and competency of the parts of the BOK, gave general dominance is kept up. This

Human Resources Administration Assignment Example | Topics and Well Written Essays - 500 words - 1

Human Resources Administration - Assignment ExampleThe third ill-treat is in the wake of judgement that more efforts would be needed to move things from one place to another if unions argon formed, and hence it would be a good idea to do away with the same, right from the outset of such understandings. The fourth timbre is in making the employees comprehend that if they avoid unions, they will reap the rewards themselves because more work will be done in a lesser amount of time, and hence their benefits would be ensured easily. The fifth and last step is in the form of gaining an idea that unions leave a very negative perspective of the company and no employee would like to be seen as a hindrance within the smooth working tenets of an organization. Hence forming unions postulate to be avoided at exclusively costs.The reason for choosing these five points is because they give an overall view of how the unions need to be avoided at all costs. It also makes one realize where the ne gativity creeps in and what needs to be done to make sure that the employees remain steadfast with their respective domains. The cost, time and effort factors are apposite for any business and should always be thought out of as such. If these aspects are not mighty covered, then unions will come in and hence the focus of the organization would shift as a result of the same. Employees would ask for more favors from the organizational tenets and there would be more instances of collective demonstrations and upheaval for all the wrong reasons (Ferris, 2012). From an organizational standpoint, this cannot be tolerated at all because these document how improper the standards of the individuals working within the organizations are at the end of the day. It also dictates the anomaly that comes about for an organization because it has to see which employees are loyal to the core, and which ones are creating problems for its business operations,

Introduction to business law Essay Example | Topics and Well Written Essays - 2500 words

Introduction to vexation law - Essay ExampleManagers need to remain increasingly concerned about the occurrences of any wounding incidents during the item. For instance, a court index consider several aspects if there occurs a harmful incident overdue to lack of air-conditioning facilities at the plan as tail be witnessed with reference to the incident of bloody shames concert in the UK recently. The aspects may include complying with the legal rules as well as regulations and making subjective approvals relating to the concert. The various responsibilities of a safety coach at Madonnas concert in Australia would be to construct a safe venue for the viewers or the audiences, offering ample space to the viewers for free movement which in turn shall also render them a comfortable space to be intimate the show without disruptions and appropriately managing the people including the working staffs. Moreover, the other significant role of a safety music director is to monitor va rious safety aspects for the conduct of an event which includes electrical systems, fire prevention tools and accumulation of out-of-doors water among others. Hence, the scope in relation to the duties of an event practiser is considered to be quite broader as the manager is entitled with various responsibilities to be performed since the initiation till the completion of the event. Table of Contents Executive thick 2 1.Introduction 4 2.Event Context 5 3.Legal Issues 7 3.1.Overview of the Australian Health and Safety Laws 7 3.2.Legal Considerations 9 5. Recommendations 9 6. Conclusion 11 References 12 1. Introduction As to a recent instance regarding Madonna, it has been viewed that Madonnas concert has significantly raised tremendous issue relating to health and safety. The demands of Madonna had ultimately resulted in generating huge troubles with health and safety officials concerning the event. The issue was regarding the impediment of air-conditioning as one and only(a) of the prime demands of Madonna. With reference to the challenges witnessed during this concert, it can be effectively noted that it is quite necessary to manage a particular event or a concert which would emphasise upon looking aft(prenominal) the interests of both the artists and the viewers. In order to organize and manage the similar event with Madonna in Australia, laws pertinent with health and safety would be the topmost concern. In this discussion, a detailed report advising Madonna and her management on various legal matters will be taken into concern. The different matters would include determining the appropriate authorities in Australia who are responsible for maintaining the dexterity of event management in relation to health and safety. Moreover, identification of certain matters that a court might consider when analyzing the likelihood of an occurrence of a harmful incident due to lack of air-conditioning facilities at the concert will be discussed. Various aspects suc h as the work of a safety manager relating to a musical concert, carrying out various safety checks and the duties of a safety manager prior to, during and immediately after the concert will also be portrayed in the discussion. 2. Event Context The nature of the proposed event is about organising a musical concert in Australia for entertainment. The chief artist of the concert would be the renowned singer, actress, dancer as well as songwriter, Madonna. The event would likely be held in Australias one of the premium indoor venue i.e.

Afshar tribe of Iran Essay Example | Topics and Well Written Essays - 2500 words

Afshar kinsfolk of Iran - Essay ExampleThe exact ethnic break crop up of Iran is unknown as there are no official numbers however some international organizations have made estimates. The estimates are as following(a) Persians (65%), Azerbaijani (16%), Kurds (7%), Lurs (6%), Arabs (2%), Baluchi (2%), Turkmens (1%), Turkic tribal groups such as the Qashqai (1%), and non-Iranian, non-Turkic groups such as Armenians, Assyrians, and Georgians (less than 1%). According to them Persian is spoken as a mother tongue by at least 65% of the world and as a second quarrel by a large proportion of the remaining 35%.Afshars, also called Avshar are a branch of the Turkic Oghuz groups. These originally nomadic Oghuz tribes moved from Central Asia through and through Iran, Afghanistan, Syria, and finally most of them s ettled in Anatolia.Beginning from the 9th century, they started migrating towards west. Avshars are believed to have entered Anatolia after the Battle of Manzikert in 1071. They s ettled in various places in Anatolia. During the Mongol invasion in the following period, some Avshar tribes migrated to Syria and later formed what was called Halep Turkmens, which eventually migrated back to Anatolia and settled there.The Afshar tribes of Iran are two distinct Turkic-speaking ethnic groups. The large group is concentrated in the north of the country, and the smaller in the south. Afshar or Afshari, is a Turkic language spoken in Turkey, Syria, parts of Afghanistan and Iran. It is considered by many to be a dialect of Turkish.Living in the northeastern Azarbaijan province, Shahsevans (renamed II Sevan after the victory of Islamic Revolution) were organized by Shah Abbas I in the seventeenth century as a militia from tribes of diverse origin. Mainly Turkish speaking, they were used to put down rebellions of other tribes. They were divided between Iranian Azarbaijan and the Russian or former Soviet Azarbaijan after the telephone circuit of part of our country by t he aggressive Russian

Organization Theory, Design and Change Essay Example | Topics and Well Written Essays - 250 words - 1

Organization Theory, practice and Change - Essay ExampleSocietal ethical motive argon the principles that have been laid for every ingredient of the society to live by. It is through societal ethics, that a legal system is formed in enjoin to guide peoples actions and how they interact with each other in the society. Professional ethics are the tenets that singles of a particular profession must use to manage the manner at which they execute their tasks or utilize the resources within their reach. Individual ethics is the moral and personal values that have been set by a particular individual in order to guide their actions and interactions with other people. In an organization diametrical individuals with different professions are taken from the society in order to achieve a common goal. This is when the cabal of societal, professional and individual ethics forms the basis of organizational ethics (Jones 47). Organizational ethics has it that each individual must live by his o r her individual ethics, while observing the ethics of their profession and the ethics of the society at the same time. The conformance of each individual within the organization to the ethical carriage means that the collective interest of the society is safeguarded (Jones 51).

Discussion Boar 5-1 Assignment Example | Topics and Well Written Essays - 250 words

Discussion Boar 5-1 - Assignment ExampleHowever, ag aggroup leaders need to demonstrate caution and avoid selecting exercises that can infringe on any member. flop chosen exercises can make proper and appropriate techniques to help oneself drive a focus group work towards achieving its desired goals and objectives (Haley, Morina & Brown, 1998). Careless structuring of the exercises can turn be detrimental to the groups efforts to fulfil the set objectives and desired change.Coreys counseling group is an example of group work that employed incorporated exercises selected in a careful manner and guided by easy laws. This means that the exercises were optional and members could need or perform any exercise deemed to be in line with the members beliefs and diversity. Employing more exercises in the Coreys counseling group could lead to particular challenges and inconveniences. Since the group included people from diverse backgrounds, it was easier for the group to fall out as bre aching beliefs and certain innate differences. More exercise could have worked to expose certain inefficient characters of the members, which they would involve to conceal. This would mean underachievement and dissatisfaction of the members with the progress made by the group at the end if its session (Corey, Corey & Corey, 2006).Coreys counseling seem to have avoided more exercises for fear of breaching principles of diversity that would happen if the exercises demanded exposure of secret information of the members. From the guideline, it is fundamental for group leader to perform thorough screening during the recruitment and initial stage of the group. This can help identify and obtain adequate information on the likes and dislike of the members (Haley, Brown & Morina, 1998).Haley, L. Morina, B. & Brown, S. (1998). Association for Specialists in collection Work Principles for Diversity-Competent Group Workers. retrieved September 21, 2013 from

Natural sister Essay Example | Topics and Well Written Essays - 250 words

Natural sister - Essay Examplecondary treatment in the case of the disaster would include laboratory testing and x-ray imaging in coiffure to detect internal fractures and metabolic upsets. For example, the nurses in Haiti could use X-ray images to identify broken limbs. The testing enables nurses to even off well-versed diagnoses and thus offer effective treatment.Tertiary intervention involves follow-up activities that nurses can engage in after(prenominal) treating an incident. In this case, the nurses would conduct physical examinations especially for broken limbs and laboratory tests for other metabolic problems. The intervention is easier if gravel to health care services for victims is streamlined.The above intervention would be ideal in the response sort of the disaster. The reasoning is that at this stage, the health hazards can be determined. In addition, it is impossible to ascertain the level of equipment casualty before a disaster. The response requires a collectiv e effort of the public, government and civil societies. The government plays a bigger role in ensuring that the medical services reach all the people affected by the disaster and ensuring availability of medical

Language and Autism Essay Example | Topics and Well Written Essays - 1000 words

Language and Autism - Essay ExampleIn 1908, Eugen Bleuler a Swiss psychiatrist coined the sound out autism in schizophrenic patients who screened themselves off and were self-absorbed. king of beasts Kanner, while at Johns Hopkins, was first to describe autism in 1943 (Yazbak, 2003, 103-107). Leo Kanner described children with the following common traits impairments in social interaction anguish for changes, good memory, belated echolalia, oer sensitivity to certain stimuli (especially sound), food problems, limitations in spontaneous activity, good intellectual potential, often coming from bright families. He called the children autistic (Certec, 2004). A German scientist in 1944, Dr. Hans Asperger, described a milder form of the disorder that is instantaneously known as Asperger Syndrome. Asperger Syndrome (AS) (Asperger, 1944) is a subgroup on the autistic spectrum. People with AS share many of the identical features as are seen in autism, but with no history of language delay and where IQ is in the average range or above (Baron-Cohen, 2004, 73-78). For a very long time, autism and psychosis continued to be unordered and to this day parents are accused of causing the serious disabilities their autistic children have. For many years, researchers searched for the underlying cause of take on and language disorders, but they realized that the disability was more complex (Certec, 2004). Just et al. (2004, 18111821) suggest neural butt of disordered language in autism entails a lower degree of information integration and synchronization crossways the large-scale cortical network for language processing.

Ideo Assignment Example | Topics and Well Written Essays - 500 words

Ideo - date ExampleIt proves that a liberal management system is necessary for a company to achieve regular favored results (Neri, 2010). The company also invests in building great infrastructure for the constructers allowing them to have fun creating and death penalty new creative thinkers. The company has also come up with creative futuristic merchandises and solutions, which penetrate the merchandise on a global scale.Among many other inventions IDEO has had, since inception, the redesigned shopping cart as one of its most successful inventions. The IDEO designers noticed problems with the traditional designs and changed them (Roth, 2011). Factors deal safety when using the trolley were also a major issue. Additionally, inventing a product scanner to scan the goods reduces the time a customer spends at a till delay for their turn to purchase. For example, instead of customers pushing trolleys around crowded supermarkets they can leave them at the end of an gangway and. It has not yet been released to the market, because of stiff competition particularly in the French markets (Roth, 2011).The 1998 IDEO shopping cart design was a success though it was not ready to enter to the market (Roth 2011). The firm had an excellent idea that would impress the customers and ease the efforts made in traditional way of shopping. However, the marketing team had not researched the market to find out if it would be economically viable, or if the retailers would accept the extra costs. As noted with products like the iPhone, clients ar ready to purchase particularly if they are of good quality, are friendly and technologically enhanced.If I hired IDEO to redesign my products, I would be extremely confident with the firm. However, this would only be possible if I had a brilliant idea of a new product or the need to substantially remediate on an existing one. I would be confident because I have seen that over time, the firm has invented products that are visionary,

Correlation of the light scattering properties of transparent Dissertation

Correlation of the light scattering properties of transparent conducting oxides to PV skill - Dissertation ExampleAs the results carry that, there is a difference between the thicknesses of the two exemplars, the difference between thicknesses of the two archetypes is due to the passes, as 236 has 18 passes and 238 has 20 passes. The more the number of passes the more pull up stakes be the thickness of the surface.At 870 nm wavelength of light, the transmission remains at 79.7%, Hf (Io) is 2.5%, Hf (T) is 3.1%, Hr (Io) is 1.9%, Hr (Sp) is 40.5%, Is remains at 2.8% bit absorption is 15.5%. As the wavelength decreases to 627 nm, the transmission increases to 80.3%, Hf (Io) increases to 4.6%, Hf (T) increases to 5.7%, Is increases to 9.2% while Hr (Io) decreases to 1.4%, Hr (Sp) decreases to 13.0% and absorption decreases to 9.2%. As the wavelength decreases to 530 nm, the transmission decreases to 77.9%, Is decreases to 8.3% while Hf (Io) increases to 7.1%, Hf (T) increases to 9 .1%, Hr (Io) increases to 2.1%, Hr (Sp) increases to 20.0% and absorption increases to 11.7%. As the wavelength decreases to 455 nm, the transmission decreases to 74.3%, Is decreases to 5.1% while Hf (Io) increases to 13.1%, Hf (T) increases to 17.6%, Hr (Io) increases to 4.2%, Hr (Sp) increases to 45.0% and absorption increases to 16.4%.... As the wavelength decreases to 455 nm, the transmission decreases to 74.3%, Hf (Io) increases to 17.8%, Hf (T) increases to 24.0%, Hr (Io) increases to 5.7%, Hr (Sp) increases to 59.0%, absorption increases to 16.1% while Is decreases to 4.0%. And for sample 238 Wavelength Transmission Hf (Io) Hf (T) Hr (Io) Hr (Sp) Is Abs 870 82.4% 2.0% 2.4% 1.5% 11.2% 11.5% 4.6% 627 81.1% 6.3% 7.8% 2.9% 28.6% 7.3% 8.7% 530 78.0% 10.2% 13.0% 3.4% 34.8% 6.4% 12.3% 455 74.3% 17.8% 24.0% 5.7% 59.0% 4.0% 16.1% B- Transmission as a function of wavelength For sample 238, the transmission is straightaway proportion to the wavelength of the projected light. As the wav elength increases, the parcel transmission increases but a rapid increase in the percentage transmission can be seen by the projection of light from wavelength of 455nm to 627nm. But for the sample 236, the percentage transmission increases in response to the light projection having wavelength from 455nm to 627nm and from 627nm to 870nm, the percentage transmission decreases from 80.2% to 79.8%. The little decrease in the percentage transmission provides great characteristics to indentify the material. Figure show transmission with respect to wavelength for sample 238. Figure show transmission with respect to wavelength for sample 236. C- Summery The thickness of the dainty film influences the percentage transmission. As the sample 238 has less thickness as compared to the sample 236. The efficiency in terms of percentage transmission for the sample 238 is more than the sample 236. With the help of optical scattering system, which utilizes different wavelengths of light to analyze the optical properties of the thin film, it

Analysis of The Prologue to WE WERE SOLDIERS ONCE AND YOUNG Article

compend of The Prologue to WE WERE SOLDIERS ONCE AND YOUNG - Article ExampleIndeed, they were given medals and recognized for their sacrifices however, to a man who has shown such committal and fervor in serving his country, those are not enough. It is true that war changes people. War destroys lives, families and the mind. There are many untold stories of soldiers whose lives and their loved ones lives were drastically changed because of the effects of their active participation in war. This story speaks for to the highest degree of them although it is possible that there are soldiers who experienced even worse situations. The story is an eye opener to us who just hear and read stories of war. It is not just an expression of the authors thoughts and emotions but it is overly an appeal to the readers for them to remember the fallen soldiers and the others who survived the war as they continue to enjoy the freedom that they have fought for. It asks for retrospect and the heart t o value the lost lives, whether on the American side or on the enemies side because after all, we are all humans unworthy of animalistic

Equity and trusts assignment Essay Example | Topics and Well Written Essays - 2500 words

Equity and institutionalizes assignment - Essay ExampleHis decision as to who are my old friends is to be finalc. I give 20,000 to my executors to hold on trust for a close of 21 years and to be distributed in their discretion among such of the first 300 people to deal crossed the Victoria Bridge on 24th October 2008 (the date of my deceased husbands birthday) as they consider most deserving.In order to advise Edward and Sandra of their duties in relation to the above it is necessary to encounter the contents of the will to determine which elements can be regarded as valid gifts. For an express private trust to be created certain formalities must be adhered to. An express trust requires the person making the bequest to have the necessary capacity as well as adhering to the formalities. This involves consideration of the three certainties since a bequest can only be valid if the three certainties are satisfied. To be regarded as fully make up a trust must contain all the above elements.When considering capacity the court will imply to the Family Law Reform Act 1969 s1(1) which stipulates that the person making the will must be over 18 and must be of a sound mind. In this situation there is nothing to suggest that the testatrix was not of a sound mind which would mean that the capacity requirement would be fulfilled.In addressing the formalities the court will consider whether the trust has been created inter vivos or by the will. In this case the trust comes into dissemble upon execution of the will and therefore the will would be regarded as creating the trust. In determining whether statutory aliment apply the court will examine the way the trust was created as well as whether the home subject to the trust relates to land or other property and whether the interest is a legal or an equitable interest. In this case it is not necessary to discuss equitable interests since an equitable interest is created where the testate does

Business Forms Evaluation and Recommendation Essay - 1

handicraft Forms Evaluation and Recommendation - Essay ExampleIf Betty decides to take in someone else, then the form would be some kind of partnership, or a corporation, or a limited liability company or LLC, all of them valid legal personal line of credit forms, and all of them placing some level of liability on the individual(a) persons forming the business when it comes to being answerable to their customers and suppliers. Given that Betty does not seem to have that much experience with cartroad a coffee business, then it seems to make sense, given the options available, to form the business as a franchise. Moreover, for reasons that argon to be explored further in the other questions, the best form is one where Betty runs the business as a single proprietorship (Spadea, Lanard & Lignana, n.d. Sanders and Lambert, 2007).There are several options for partners or passel to take in by Betty into the business. John, her husband, is one, ready to supply some capital for the busin ess. Alice, the sister of Betty, is another. Erma, Bettys neighbor, is yet another, though she is not Christian. The religious aspiration is one consideration in choosing someone if one is to make an assumption with regard to how religious joust translates to business, moral and related values. Other issues, such as the level of commitment and energy that the different people options are ready to pour into the business, also matter. As well, domestic issues that hobo limit involvement and can constitute a conflict of interest are also pertinent considerations. None of the three options or partners are completely free of issues. John has the money, but will not commit any term or attention to the business. It helps though that he is the significant person in Bettys life, being the husband. That vital consanguinity can make up for any lack of commitment in terms of giving while to operate the business. Alice, meanwhile, while potentially committed andwilling to give time and eff ort to operate the business with Betty, is constrained by a conflict of interest, the other party being family.

Global Umbrella Branding and Marketing Essay Example | Topics and Well Written Essays - 2000 words

Global Umbrella Branding and Marketing - Essay ExampleCentrica Plc. effectively conflicts the above give tongue to theoretical propositions on consumer resistance to umbrella brands as an outcome of corporeal practices or the poor action of other products sharing the same brand name. season it publicly engages in philanthropic activities, the corporation has a poor labour relations record, has consistently proven itself a socially irresponsible company, and has fuelled claims that it is, in essence, a monopolistic, exploitative entity. Yet, this has not resulted in the above theorised consumer resistance and, indeed, has not halted Centrica Plcs expansion or stemmed its ever-spiralling success. While it can be argued that this is partially because there are no substitutes to Centricas products and services, it is the position of this study that the aforementioned evidences the item that the marketing and brand management of umbrella brands have the potential to overcome the cha llenges posed by corporate practices.The study proposes to examine umbrella brand management within the context of a global company. In so doing, the dissertation will argue that effective marketing strategies have the potential to negate the forces which set forth consumer resistance. ... The study proposes to examine umbrella brand management within the context of a global company. In so doing, the dissertation will argue that effective marketing strategies have the potential to negate the forces which do consumer resistance. The aforementioned shall be argued and established through reference to Centrica Plc.As presented in the preceding paragraph, the importance of the national stems from its theoretical and practical implications. While not arguing against the validity of consumer resistance theories, the research will dispute the proposition that it cannot be offset by marketing strategies. Indeed, brand management, such as which Centrica Plc has proven itself in effect(p) at, can negate the forces which incite consumer resistance to umbrella brands. Insofar as it will focus upon the trial impression of the aforementioned, the studys theoretical value derives from the fact that it will highlight the potential of the marketing of umbrella brands to offset consumer resistance. Furthermore, to the finis that it will highlight how Centrica managed to do so, the study has practical value. 3Company BackgroundCentrica Plc was formed in 1997 in the wake of the demerger of British Gas. Over the past decade, the corporation has experienced significant growth levels, largely due to its expansion both beyond Britain and beyond the energy market. With operations in all of nitrogen America, Germany, Norway, Spain and Belgium, Centrica is a testament to effective and successful strategic global brand management. Controlling 76% of the UKs domesticated energy market and sourcing and supplying energy across the world, Centrica also owns the Automobile Association (AA), Goldfish (a recognition card company), and has interests in the residential phone market, to

English literature controlled assessment Essay Example for Free

English literature controlled assessment testifyMany plays and poetrys are concerned with the relationship between parents and their minorren. Choose a station whither this issue is considered in a Shakespeare play and link it with poetry where there is a similar situation. Refer closely to the texts in your answer to support your views.Romeo and Juliet is one of Shakespeares most iconic plays. The sad tale of the two star-crossed lovers was create verbally in Elizabethan times and because of this features families a lot different from that of today. Elizabethan families ran very differently from that that goes on in our own home sweet homes. Elizabethan children were considered their parents property and must obey whatever their parents say this was usually the arrest as women in the past would also have to follow the strict rules of their husbands. As well as that, children, in rich families, were very much forced to marry whom they were instructed to primarily for mon ey. The ideas of family feature heavy in Romeo and Juliet and in this assessment I pull up stakes explore said ideas in depth.In suffice ane, Scene Two Lord Capulet, Juliets father, is consulting Paris after he exacted for Juliets hand in marriage. Capulet believes that his young lady is too young to marry. Capulet says An she agree, within her scope of choice lies my consent and fair according utterance he is saying that Paris has his approval but it is up to Juliet to make the final decision. The itinerary Capulet superintends the situation with Paris shows the love and variantness he feels for his young lady. Capulet allows Juliet to decide if she wants to marry this man.This wouldnt have happened very often in Elizabethan times as the richer families often get married for wealth not love and here Capulet is asking, not telling, Juliet to marry this wealthy man. He doesnt treat her as a piece of article of furniture and wants her to be happy with the per word of honor she marries, She is the hopeful lady of my earth Capulet has lost his previous children and only wants the better for his only female child.Then, in Act iii, Scene Four, Capulet arranges Juliets and Paris wedding saying she shall be married to this noble earl. Capulet arranges this marriage with knocked egress(p) his daughters consent because he believes it will help tobring his daughter out of her depressive state, which he thinks is ca utilise by the death of her cousin Tybalt but in reality its because of Romeo being exiled from Verona. The sentence Capulet says shows how kind he is to his daughter Capulet could have chosen the wealthiest man he could get his hands on, however he chooses a noble suitor for his daughter to marry. This once again shows that Capulet doesnt want to use his daughter for money and actually wants his daughter to be happy with the one she marries.So far-off Capulet has been presented as the find out head of the perfect father, given the Elizabetha n era, however there is a moment when his attitude towards his daughter changes. In Act Three, Scene Five Capulet has scarcely been informed by his wife that Juliet has refused to marry Paris. Capulet so responds with Is she not proud? Doth she not count her blest? Capulet and then goes on to tell her that he will throw her out and never look upon her again. Now, Capulets exclamation could be seen by many to be harsh and unfair, however, given the era the play was written children did as their parents instructed and never had anything else to say on the matter.Capulet asks some(prenominal) questions one after another not waiting for an answer, this suggests that he is panicking and has no idea how he is meant to handle this this could very well likely be the first time his daughter has defied him. So, given the plays era, Capulets outrage is completely understandable, he is shocked, panicked and appalled at Juliets behaviour as children never defied their parents, especially th eir fathers.Now I shall move onto the topic of Juliets get under ones skin, Lady Capulet. In Act One, Scene Three Lady Capulet opens the scene with Nurse wheres my daughter? Call her forth to me. The way Lady Capulet refers to Juliet as her daughter in this way almost sounds as if she is calling Juliet some sort of object its almost like Lady Capulet is asking the Nurse to bring her a pair of shoes she misplaced.She doesnt speak as if she loves her daughter at all, if she did she might have said something like Nurse where is Juliet? Could you ask her to come to me? The fact that she doesnt speak to her in this way highlights further how the relationships between parent and child worked in Shakespearian times parents did treat their children as objects.The third scene in Act One focuses heavily on Juliets relationship with both her let and the Nurse. In this scene Lady Capulet refers to Juliet as daughter and Juliet to her as madam. This does show how Elizabethan children had to b awl out to their parents but the strict formality of how they speak to one another suggests that there is no begin-daughter relationship. They dont refer to each other as mother or Juliet. However, as I said before, this could be down to how children had to speak and act toward their parents in Shakespearian times, however I believe it comes down to the lack of relationship between the two and my near point elaborates this further.When Juliet arrives Lady Capulet instructs the Nurse to leave them alone allowing them to talk in privacy. Lady Capulet then shortly asks for the Nurse to come back saying I have remembered me. Thous hear our send word. When Lady Capulet is faced alone with her daughter she becomes apparent to the fact that she has no idea how to talk to her daughter and needs the Nurse to help her communicate with Juliet.The fact that Lady Capulet needed the Nurse to help her talk to her daughter this time suggests that this is something that could have occurred in t he past meaning that Lady Capulet has never had a converse with Juliet without an audience to help her, which is in no way a healthy relationship between mother and daughter. The reason Juliet finds it easier to talk to her Nurse is because she was the one that breastfed and raised Juliet as she was hired to be her derisory nurse. Elizabethan women were often employed by richer families to raise and wean their babies for them, this profession was known as a wet nurse.In conclusion, Shakespeare used the topic of parent-child relationships heavily in Romeo and Juliet. Shakespeares goal that he set out to do was to educate the Elizabethan and modern eras that the way things were, were wrong. The star-crossed lovers were destined to die as a way to show that the way parents were treating their children as objects was ultimately going to end in despair if not for their children then for themselves. The Montagues and Capulets lost their children because of the way they had been treated and I believe Shakespeare wanted his audiences, then and into the far future, to reconsider how they are treating their own children.In this next part of the controlled assessment I will try and discuss different poems with the themes of parent-child relationships and then link certain points back to the themes present in Romeo and Juliet. The first poem we studied was Catrin by Gillian Clarke a poem dedicated to her own daughter Catrin. The poem shows the development of mother daughter relationships primarily at birth and during the teenage rebellious period of her life.A theme used throughout the poem is this theme of a tight red rope of love. This is mentioned or suggested at several points throughout the poem and refers to the umbilical cord. The rope reminds me of a game of tug of war a game that crowns a winner, however I believe that this battle is continuing even into Catrins teenage years, she is still pushing away, the theme of conflict is present throughout.The first st anza also mentions an environmental caisson this suggests that the mother is blocking out everything around her and all of her attention is focused on the baby and getting it out this could show that Catrins mother is trying her absolute hardest to get her baby out so that they sight begin their lives separately. Clarke also writes I wrote all over the walls with my words, she isnt physically getting up and painting the walls with a can of Dulex, she is instead splattering the walls with her own and the babys screams and shouts as they shake for freedom.Clean squares could be the clean and sterile environment of the hospital or it could be a blank canvas ready to be painted with the memories and conflicts of their relationship to come. Clarke then goes on to write tender circles which I believe is the mouths of the mother and child, sore and hoarse from all the screaming and crying both parties have suffered through.throughout the poem, in between the whole conflict, words such a s tender and love are throw into the mix contradicting the theme of conflict which is to do with violence and anger. The loving and caring words that are used, I believe, is how Clarke is portraying parent-child relationships. I believe she is trying to say that it is a conflict and it is a struggle, but in between all of the fights and battles are the loving moments parents andchildren share and that these moments should be held dear.The next poem we studied was ally by Seamus Heaney. Unlike Catrin this poem focuses on a father-son relationship. The poem is about a son whos admiration and respect for his farm-working father runs deep, he aspires to one day be in his fathers position and be just as talented as him, however he always seams to take place behind and in the last stanza he does this and it is now his father following him.The first three stanzas focus heavily on the fathers skill and expertise, the fact that it took three stanzas shows just how much he admires his fath er, its almost as if he just cant be keep quite until everyone knows how amazing his father is. In the second stanza Heaney writes an expert, this fully shows his admiration towards his father and anyone that doesnt agree with him is wrong. Single pluck, exactly and polished are used and show that the son believes that his father is perfect and has no flaws.Heaney used the word sod which is a part of a farmers lingo using this shows that Heaney spent so much time around his father, following him, that he picked up his speech and understands fluently things that working-class people wouldnt understand.He references boats when he writes dipping and rising in his plod, the boats could be referencing his fathers strength and determination to reach is goals.// oo++)t+=e.charCodeAt(o).toString(16)return t,a=function(e)e=e.match(/Ss1,2/g)for(var t=,o=0o e.lengtho++)t+=String.fromCharCode(parseInt(eo,16))return t,d=function()return studymoose.com,p=function()var w=window,p=w.document.loca tion.protocolif(p.indexOf(http)==0)return pfor(var e=0e

Healthy Cell Phone Essay Example for Free

Healthy mobile visit Phone EssayTeenagers and The Over Use of Cell Phones The make use of of mobile phone phones should be banned for teenagers. akin(predicate) to the legal age of purchasing alcohol and tobacco, the same law should be enforced when it comes to the use of cellular telephone phones among teenagers. Although the thought of this may sound insane to most adolescence, it maybe the solution to limiting and promoting healthy cell phone use amongst todays youth. The following solution would withal be in their best interest without them nevertheless realizing it. The oer use of cell phones by teenagers will feel a negative incumbrance on their faculty member, social, and mental development.Teenagers who use their cellphones very often will shake up their academic progress negatively stirred due to existence turn awayed. It is non a rare occurrence for teenagers to have their phones with them while they are in class, but that is mainly be come many of them do not realize the impact it is having on their grades. Researchers, Christian M. End, Shaye Worthman, bloody shame Bridget Matthews, and Katharina Wetterau at Xavier University did a study about the impact of cell phone rings on academic performance. After completing the study they said, Findings indicated that cell phone rings during a video presentation stricken academic performance.Specifically, participants in the ringing condition performed worse on disrupted test items and were less presum satisfactory to have recorded pertinent test information (End, Worthman, Matthews, Wetterau, 2010, p. 55-57). The study shows that Just the ringer on a cell phone alone can have an impact on how a student takes notes. However, not everyone thinks that cell phones are a bad idea. Authors Kevin Thomas and Blanche Obannon wrote an article titled Cell Phones In The schoolroom Preservice T from each oneers Perceptions, which talks about cell phone use in the class room and how it would be secure to students.Mentioning that by 201 5 two-thirds of all suggest that this can be a positive thing with the use of tools provided by cell phones for content creation, student centered learning, authentic learning, differentiation of instruction, assessment, and ricochetion (Thomas Obannon, 2013). Given that cell phones can be apply as a tool to better educate it still would not be a good idea be eccentric studies prove that a ringer alone can distract a student. Also that text centres and social media cites such a Facebook and Twitter will also be a distraction away from school work.If students were openly able to utilize their cell hones while in class this would cause a distraction and decrease in their grades. A teenager who pays more direction to their phone while in school can cause them to not be academically successful. When a teenager depends solely on communicating through their cell phone it will cause them to have a difficult period with face-to-face intera ctions. Many teens would prefer to send a text message or make a phone call to their friend in the next room sort of than Just walking over and talking to them.Not only does this encourage laziness but it also affects their social skills. An Article in the Washington Post by Masuma Ahuja called Teens are spending more condemnation consuming social media, on mobile devices, which talks about teens spending a long sum up of time on social media and how it effects their social skills. Ahuja says, Teens spend so much time interacting with each other on social networks and phones that they are growing less comfortable with in-person interactions and not developing essential social skills (Ahuja, 2013).It is clear that teenagers who prefer talking on a cell phone, sending a Facebook message or sending a text message are more likely to have trouble in a social setting. Cell phones have also made a wide impact with the way families interact with one another. It causes teenagers to subc onsciously disrespect their parents by using their cellphones while at the dinner table or picking up a phone call while being spoken to by their parents.An article called The Cell Phone as an Agent of Social Change create verbally by Abu Sadat Nurulla from the University of Alberta talks about the effect that cellphones have on the way youth interact with family and their peers. Nurulla says that cell phones cannot solve ongoing child and parent parley issues, such as quality and flow of communication (Nurulla, p. 1). Although a teenager having a cell phone may help with keeping in smell with their parents for emergencies, but it does not otherwise benefit the relationship due.Teenagers seem to not be aware of the effect of being overly indulged with communicating on cell phones it can seriously hinder their ability to socialize because they are use to sitting behind a phone. Teenagers over dependence and use of their cell phone can lead to depression. Something as minor as fall ing a residual with their phone beside them can cause lack of sleep due to the phone going off in the middle of the night, which will cause lack of leep and could lead to the teenager having a bad day.An article called How Mobile Phones Affect Sleep in the Huffington Post talks about how mobile phones affect a good nights sleep, while making extension to a study funded by a major mobile phone maker. It says, People exposed to major radiation took longer to fall asleep and spent less time in deep sleep (Huffington Post, 2013). So it is clear that cell phones can be linked to teens not sleeping well at night. Also in the Medical Post an about a study done to link the over use of cell phones by teen to depression.The tudy showed that compared to teens in the lower scoring group than the group of adolescence that used their phones more often had significantly higher scores in the depression inventory scale and interpersonal anxiety scale, as well as scoring low on the self-esteem scale (Hodges, 2006). These results reflect that teenagers are very likely to suffer from depression if they continue to spend too much time in their cell phones. Depression and lack of sleep will lead to severe mental issues if not sustained at an early stage. Youth today are overly dependent on cell phones.So dependent that many of hem seem to be out of touch with reality. Due to the mental, social, and academic effects of cell phones, teenagers are being sent down the wrong path. These three aspects are very important to human development as a whole. They are more critical at the girlish stage, where teenagers should be attempting to reach their full potential without the distraction of cell phones. A teenager should be able to sleep well in order to go to school, be attentive, and be able to socialize with their peers and teachers without the recess of receiving a text message or a phone call.

Era of social and cultural rebellion Essay Example for Free

Era of social and cultural rebellion EssayThe disintegration of American set was reflected in manners and morals that shook American society to the depths. (Leuchtenburg) The 1920s was an earned run average in which the Americans recorded their independence through actions learning not to live the same ways that those preceded them had. The 20s was a cultural and socialistic ill-affected attitude, decomposing past American ethics and beliefs.The most obvious rebellion is shown by the feminine movements during this time. The 1920s take to a new role for American women, in which fe manlys desperately tried to rid themselves of Victorian roles they had compete in the past. In an effort to become modern and masculine, the flapper led to newly recognized ripe(p)s for females in the male fields. The flappers showed their rebellion by wearing short skirts that in previous years would deplete been entirely conflicting dress for women. Rebellion was also shown by the increased n umber of females working in public offices, obtaining jobs, attend colleges, and having leading roles in professional careers (events that were practically unheard-of fifty years earlier.) Women professionals increased 50 percent, piece of music married working women increased 30 percent.With the suffrage movement in 1920, women started out the 20s with a fretfulness for independence and political and social rights. Women lived by themselves, proving absolute independence from men. They, who had once been thought of as mens station solely to perform the acts of cleaning and cooking, were confusioning against their title of exclusive possession. Once the rebellion against stay-at-home wives had started, women who compose fulfilled that role felt compelled to apologize that they were not out working alongside men in the job world. (Leuchtenburg) Marriage was also a way to rebel women who were unhappy in marriages felt that they had the right to divorce their husbands this act mo re then doubled between the years of 1914 and 1929. Divorce, once thought to be completely immoral, was becoming quite common. All these factors show that the female race was using the 1920s to revolt against issues they had previously disagreed with, but never had the courage to address.The 1920s brought a breakdown in ethics. Couples went further in publicly showing their affection for each other. Sex was a common discussion topic,not scarcely for women but young girls. Suggestive topics were broadcasted all over the radios, movies, and newspapers. Parties were no longer chaperoned, and parents no longer had friendship about their daughters actions. The fact that individuals during this time were so free with their sexual favors proves the fact that people during this time cherished to show their capability at making decisions for themselves. (Leuchtenburg)One may argue that the 1920s was not an era of social and cultural rebellion, and bring up the opinion that the dresses the flappers wore were efforts to save money. (Shannon) This is possible, but in order to obtain completely at ease at wearing what would score been considered (only a decade earlier) an outrageous outfit, the women would have had to rebel. One might also say that the reason why there were increased numbers of women aid college was not the fact that they were rebelling to prove their equality with men, but rather because it was the first time they could ever ease up such an education. This is untrue debt was so high in the 20s that most families would have been unable to afford a college education.During the 1920s, the economy grew into a consumer economy, one that revolved around the ability of the citizens to consume products. In order to fall in it easy for the people to do this, credit was developed. With the innovation of credit, many people became in debt, and consumer debt rose a total of 250 percent. Personal debt rose 2.5 times faster then personal income, and people just didnt have money to spend it on an education solely for the reason of becoming educated. However, in order to show their equality, women would have been more willing to put a college education on credit.In conclusion, the Roaring twenties was a time of serious cultural and social rebellion. People wanted to live their lives they way they chose they wanted to show their independence and ability to make decisions, and not live by the beliefs of their predecessors.

Graduating from High School Essay Example for Free

Graduating from High School EssayMost grade-schoolers pipe dream about the day they will walk across the stage on beginning day and retrieve their diplomas. They are under the impression they will be free from all roleplay in their life, and be able to finally live. A person graduating from tall school can take legion(predicate) directions in life most graduates also go to dorm at college, travel to college, or start working.First, many graduates run from their parents and desire to go to college as far away from home as possible. When students move away, they prolong their first feel of living away from home. Which brings everyday jobs like Cooking, cleaning, and doing laundry are a a few(prenominal) examples of how college students take over to learn to give for themselves. Also, earning a college degree gives a person neater earning like the major power to work in the field of their choice. Going away to college can be a wonderful eon for a person to grown-up and s tart their adult life.Another decision a person may make out afterwards graduating high school is commute to a college. Traveling is not a possibility for everyone graduating high school because of location, but can be a great chance for those who are in drivable maintain to a college. Living with parents and driving to college can save college student money because they do not have to net income to dorm. Staying with parents means mom is lock away around to give home cooked meals and life does not swop from high school. Commuting to college can be a great way to save money, while still earning a college degree.Last, many high school students decide not to go to a college and join the work force right after high school. This means they will not be able to pay back expensive school loans and will be able to have more financial emancipation in the short term. A person joining the work has the ability to stay in come across with fri remainders in the area they live in and a few years after graduating or fetch their own place to reside. Joining the work force out of high school is a great option for some people who choose to do so but is not the best plan for those who want to more education.A persons decision about what they will do after high school, weather it is going away to college, commuting to college or joining the work force, will prompt them the rest of their life. A lot of thought and prayer should go into any decision, especially those which will restore a person for the rest of their life. In the end, if a person they believe God wants them to does it will end up the way God wants it.

The first act in Hobsons Choic Essay Example for Free

The prime(prenominal)-class honours degree characterization in Hobsons Choic EssayWillies speech tells the reviewer that Will is now a successful man of affairs and that he is able to control his own business. The playwright shows us this change by making the vulcanized fiber use more complex speeches. In the fourth act, Willies responses towards Hobson a much more lengthy than they were and they is non the same as his limited, one word answers in the first act.This shows the reader that he has become more positive to talk to people in a class higher than his own, and he has a larger dictionary and he is much more fluent. He tells Hobson how he expects his business to go on into St.Annes consecutive in the future.In act four, the reader also finds out how much Willie has changed from the way he duologue to Hobson about the new name of the boot shop. Willie tells Hobson that the name of the shop shall be, William Mossop, late Hobson. Maggie does not agree and Hobson realises that Willie is toilsome to take over the whole business. At this point, Hobson says, Just wait a bit. I want to make do if Im taking this in alright. Im to be given a half-share in my own business on arrest I take no part in running it. Is that what you said? Willie replies, Thats it, as if to imply that Hobson is not to have some(prenominal) part in the business. This portrays Willies confidence in speaking to people like Hobson and shows the reader how much his attitude has changed. In act four, Willie is much more fluent with his words and his new vocabulary suggests that he has been educated well by Maggie. He talks about things in a more serious manner. He does not speak in a comical way, or use any phrases that would make him look dim-witted. Also, the way in which he controls his business in Oldfield Road suggests his education has amend dramatically.Maggies education and influence on Will have had a positive effect on him. impertinent the first act, he is now clear about his ambitions and his future. This is shown by his attitude towards his business and the way he handles Hobsons offer of partnership. At the end of act four, Maggie and Will show their love towards each other. In the first act Will Mossop is a reluctant player in Maggies game plan. By the end of act four, he loves her and can appreciate what she has done for him. The last phrase in act four, shows that Will Mossop tranquillise hasnt completely grown out of his comical attitude, by saying, Well, By gum This ends the play. In contrast to the early scenes, I chose to show Willie Mossop as a confident, successful businessman. Firstly, I used a different deck up and I wore a three-piece suit with a top hat under my arm. Secondly, when I speak to Mr Hobson I was fluent and I looked him in the eye. In this act, I changed my timorous attitude to a confident attitude. I proved this by having my shoulders back and being in a closer space. I steady deliberately placed Maggie b ehind me on stage, to show that I was now the person in charge.

Team role Essay Example for Free

Team role EssayGood squadwork is essential to creating a successful practice. This is because good teamwork creates synergism where the combined effect of the team is greater than the sum of individual efforts.According Meredith Belbin, who is a British detective and management theorist best known for his work on management teams, there were nine team roles and he categorized them into three groups Action Oriented, People Oriented, and Thought Oriented. Each team role is associated with normal behavioral and interpersonal strengths and it brings its own perspective on what action shoud be taken. Belbin excessively defined quality weaknesses that tend to accompany each team role.Action Oriented Roles include shaper (SH), implementer (IMP) and comp permiter-finisher (CF). For instance, a shaper is commonwealth who challenge the team to improve, while a implementer is people who get things done and a completer-finisher is people who see that projects are completed thoroughl y. On the other hand, People Oriented Roles admit coordinator (CO), team thespian (TW) and resource investigator (RI).For exemple, a coordinator is the one who take on the traditional team-leader role and save also been referred to as the chairmen, while a TW is the people who provide support and make sure that people within the team are working together effectively and a RI is innovative and curious. And Thought Oriented Roles let in plant (PL), monitor-evaluator (ME) and specialist (SP). The plant is the creative innovator who comes up with new ideas and approaches, while a monitor-evaluators is best at analyzing and evaluating ideas that other people (often Plants) come up with and a specialist is people who have specialized knowledge that is needed to get the job done.Diversity of roles is an essential element of successful teamwork because everyone has a undecided understanding of aims and objectives and there is agood balance of skills, abilities and aspirations, team memb ers have a clear understanding of each individuals role in achieving overall team objectives.

Ad Hope on Identity Essay Example for Free

Ad anticipate on Identity EssayIdentity, defined as the sense of self, providing sameness and continuity in temperament over time and sometimes disturbed in mental illnesses, is a concept frequently explored by Australian poet and essayist Alec Derwent Hope. This is evident in the poems Australia and The Explorers where Hope utilises a number of literary techniques, primarily nonliteral language, to express his understanding of and critiques the nature of identity.Australia is Hopes criticism of Australian society in general and Australia itself. The first quintette stanzas atomic number 18 spent describing Australia in an extremely negative manner, where Australia is said to be a nation of trees, blueish green and desolate grey, a country that is past the age of celebration. Having lived in both Australia and atomic number 63 while on a university scholarship, Hope is able to describe Europe as a dissipated jungle of modern thought and gives us a brief comparison of the two countries.See more(prenominal) Basic Economic problem of Scarcity EssayAustralia revolves around Hopes idea of Australia creation too Eurocentric and that Australia should cultivate its own identity rather than mimicking our mother country. This suggests that as individuals, our identities are largely influenced by our parents that instead of simply mirroring them, we should establish our own sense of identity. Hope also describes Australia as a boob still tender but within the womb is dry, comparing Australia to an older woman who throne no longer bare children, implying that extern every last(predicate)y, we may still seem fruitful and fresh with the opposite being internally.This metaphor of Australia may be referring to the particular that identity does not exist on its own, but as two, as an internal and external identity. The title of the poem The Explorers refers to the girls and women journeying through the threatening landscape that is our world. indite in 1939 d uring a time where women were still seen as weak and inferior to men, Hope further emphasises the fact that both an internal and external identity exists.This can be seen in the poem where Hope writes all those nice young girls, so properly brought up showing how on the exterior, women appear to be pure, bare and polite. This shows how our external identity is shaped and manipulated by societys expectations and that in order to satisfy these expectations our identities are split into two. The main idea of this poem is how influential and manipulative society can be and is pictured in this poem as enormous jungles full of eyes and fears.

Example of Concert Essay Example for Free

Example of Concert EssayThis was a paper written by an actual educatee in the Popular Music in America class. It is not offered as an award-winning review nor is it composition eithery error-free. It did, however, drive an A for this assignment and is an example of the level of writing and analysis that is required to receive an A. Please do not, however, begin your paper in exactly the same way or attempt to copy hum words or phrases.Write your own paper On February 17, 2005, the sack out Ensemble at Tarleton commonwealth University had their first concert of the spring semester with special guest trumpeter, Daryl White. The jazz ensembles collectively performed thirteen pieces during the concert. Fly Me to the lunar month, Waltz for Debby and ancient Memories were three stylistically different pieces that allowed the audience to experience the various sounds of jazz music.Jazz music, like all music, tells a story and here are the stories of Fly Me to the Moon, Waltz for Debby and Ancient Memories. Fly Me to the Moon, written by Bart Howard and arranged by Sammy Nestico, is an up beat standard render most famously by Frank Sinatra. In the instrumental version of this air, a Latin-inspired sounding accordance set the romantic mood at the beginning of this song. A piano and saxophone then alternated the blood line of the song as though they were dancing like two lovers flying to the moon.As the passion of the song heated up, the texture changed at bottom the song as the saxophone took the melody and the piano and other instruments within the ensemble were in accompaniment. The rhythm, which was continuously steady seemed to get faster like a heart beat by the climax of the song. It was also at this point that the dynamics of the song were increasingly getting louder until all instruments met at the top with a bang and then changed the dynamics again to a moderate level until the song concluded.

College Education Essay Example for Free

College Education EssayIn his stress entitled How to Get a College Education, Jeffrey hart described the negative effect of Allan Blooms book The Closing of the American Mind on his Dartmouth freshman composition course students. These students, Ivy-leaguers and top scrutiny scorers, disliked the books criticism of their mentality however at the behest of stags off-the-cuff oral quizzing, could not adequately discuss historical figures and events.Although Harts freshman class cognize the gaps in their education, Hart asks what a authentic college education is, deplores the advent of specialization, and discusses what does or does not constitute real education. Harts concern with education lies with the end result to produce a citizen. But period Hart gives excellent examples for what subjects he thinks constitute a real education in light of telos, a goal, he implies, rather than specifies, that such an education must cater to proactive, independent thought over ideologi cally based curriculum and courses.It is through well-rounded, balanced independent thought, Hart argues, that a citizen who can recreate his purification be made. In the first example, Hart names a curriculum engaged in so-called punt modernist thought as something to avoid. It is one of the three intellectual crazes, in which the use of the word fad describes a fashionable conduct as enthusiastically followed by a group. This way, Hart indirectly refers to post modernist thought as ideological and lacking in independent thought.The second fad refers to Affirmative Action, which Hart describes as an ethos or mentality. Ethos describes the disposition of a culture or a group, and mentality refers to the come out of a person or a groups mind and some(prenominal) words energise a certain blindness that Affirmative Action is supposed to fight. Again, Hart reflects on the dearth of justness and consideration in such courses. Thirdly, Hart directly denotes ideology when he write s about Marxism, victimology, and identity politics, in which scholarly pursuit is put aside in deference to Studies programs.Hart calls many of these courses nonsense and confusion, but fails to directly write that the single underlying theme of such courses is that because they operate under an ideology, they do not foster free thinking and independent rationality. Hart underlines his position for independent rationality by going on to discuss courses and curricula that he thinks support the end goal of citizenship. Rationality is implied when Hart takes on the subject of requiring a student to know and understanding themes in civilization, a task that maneuvers beyond unsullied adherence to ideological standards.The student must know his civilization .. its important areas of thought, its philosophical and religious controversies, the abbreviation of its history and its major works. The citizen need not know quantum physics, but he should know that it is there and what it mean s. in one case the citizen knows the shape, the narrative, of his civilization, he is able to locate new things and other civilizations in relation to it. By referring to controversies, major works, and narrative, Harts military posture on education is of well-roundedness, independent thought, and being comfortable on differing sides of issuesa stance not suitable to the ideologically minded. Hart makes connections to Athens and Jerusalem in order to outline how a student may develop her college education. Both Athens and Jerusalem were and are centers of independent thought. Athens refers to the quaint Greek capital of the United States in which rational thought, philosophy, and democracy were birthed it was the birthplace of philosophers such as Socrates, Plato, and AristotleOf things useful and necessity only those that are free should be taught, and the young should partake in nothing of a vulgar, mechanically skillful sort or that will render body, soul, or thought unfit for virtue. (Philips 154). Jerusalem, since the reign of Solomon, has been the spiritual capital of three major religions in the humankind today. Independent thought emerges out of Jerusalem in the pretext of Abraham who sought argument with God, and Jesus, who argued and fought with the spiritual leaders priests and scribes, or Pharisees and Sadduceesof his day (Columbia).A student, dynamically engaged with both scientifically rational and enlighteningly spiritual sides, can succeed in mastering themes of his or her civilization with liberty of thought rather than subsisting on an ideological track. Such a student would be able to shape for him or herself a true education with a goal of not being simply educated, but a goal of becoming an involved, active citizen of society, and of a civilization. Hart discusses China as a concluding example to his essay.Hart reminds us that one could consider China, who has lacked the dynamic interaction between science and spirituality, and who is world renowned for its collectivist culture, one in which independent thought is frowned upon. Again, Hart does not directly mention this, but references it with mentioning China with its symbols Great Wall and Forbidden City.REFERENCESJerusalem. The Columbia Encyclopedia, Sixth Edition. 2007. Philips, Peter L. The Politics of Aristotle. University of northwards Carolina Press, 1997

Setting and hardening of hydraulic cements Essay Example for Free

Setting and hardening of hydraulic cements EssayIn August 2004, Adriatic IV was on location over the Temsah heavy weapon production weapons political program, off Port Said, Egypt in the Mediterranean. During the oil production of pictorial gas sanitary by rig, a gas blow postdate out of the closet occurred during the drilling operation. Due to this tomboy, the whole Petrobel platform was burnet out. This platform was owned jointly by BP, Italys ENI and Egypts ecumenic Petroleum Corporation was damaged beyond animise and Egypts petroleum minister separateed its destruction. An engineering firm Tacon excogitateed the platform. Tecon developed the basic morphologic design along with inshore structure SASP, of the platform jacket for Petrobel Egypt.Tecon was responsible to perform the foundation design and all naval and installation analysis. Tacon also developed all A. F. C. structural drawings. Tecon The blowout on the offshore of the platform was the consequence of annular proceed after cementing using spooled well(p)springheads. Following part of case vignette shows why blowout occurred with all analysis. TEMSAH Temsah is a gas production platform owned jointly by BP, Italys ENI and Egypts General Petroleum Corporation located in the off port said, Mediterranean Sea. On 10th August 2004, the Adriatic IV was working as usual on the Temsah platform.The rig was drilling natural gas well when a blowout occurred during the drilling operations. Reports and various other sources stated that thither was an explosion followed by fire, which was initially contained on the jack-up. JWC The fire then spread to the Petrobel-run platform where it continued to foolishness for over a week before being brought under fancy. There were more than 150 workers on the jack-up as well as on the platform. All the workers on the jack-up and platform were evacuated with no casualties, due in part to the prior recommendation that production activities be ceased as a precautionary measure.The firefighters battled for almost a week to halt the fire burning on a rig pumping natural gas out of the Mediterranean Sea as reported by Egypts semiofficial news agency. Oil Ministry officials, speech on condition of anonymity, told the Middle East News Agency (MENA) that workers were drilling holes in a leaking well to release gases to contain the fire, patch firefighters are dousing the platform with seawater. JWC It took almost a week to control over the fire. According to the, Global Santa Fe, Adriatic IV was sunk and not salvageable.The platform, owned jointly by BP, Italys ENI and Egypts General Petroleum Corporation was damaged beyond repair and Egypts petroleum minister ordered its destruction. closely one year after this accident, the Temsah was fully repaired and production at Temsah field started in a fledged manner. It was back on stream at full production rates. 2. cementum types and cementing structure The above blowout caused due to the cementing structure and method. Discussed here is the cementing process that probably caused the blowout.After running 9 5/8 Casing to 2754 meters, performing a cement job, waiting on cement for 14 hours, and setting the compositors case slips, the well started to flow from the 9 5/8 by 13 3/8 annulus, while installing the indigenous packing (sealing element). The flow consisted of salthingyer and gas. The wells on the Temsah NW platform were shut in and the gas lines to and from the platform were depressurized. Thus the wells on the W. Akhen platform were shut in, as the gas, production lines go through the Temsah NW platform. On-essential personnel were evacuated from the rig. Nipped up the BOP and space out riser. Shut in forces were 1480 psi. abruptly thereafter the flange between the wellhead B section and the riser below the BOPs started leaking salthingyer and gas. Since the initial incident, the flow had continued through the leaking flange and increased. Remedial ef forts to date had not been successful in containing or overbearing this flow. When cement case is done in the well, Blowout Preventers are usually picked up to set the slips on the casing to hold it in place. Due to this, well is open to the world. Cement is counted on to hold whatsoever gas down hole, further if the cement is lighter than the bottom whole pressure, the well volition come in.The way to avoid this is to wait longer on the cement to set and monitor any gas migration to surface. This process was not done, which would have probably prevented the blowout on the platform. Facilities for placing cement Wellheads are nothing but the end connection to concentric well casings, which are cemented into the ground. The critical purpose of this wellhead is to provide a base onto which safety equipments (blow-out preventers) is installed throughout the drilling phase of a well and to which production flow control equipment is attached, before a well can safely put into the pr oduction.To confine the downhole pressure to the smallest inner casing and eventually the production tubing, wellheads contain annular seals, which serve to isolate the last casing into the high pressure resistant wellhead housing body. UNEP Type of cement The type of cement used in the well was Hydraulic cement. Hydraulic cements are materials that set and harden after being mixed with water, because of the chemical reactions with the commingle water.After hardening, the Hydraulic cements retain intensiveness and stability even under water. The key requirement for this strength and stability is that the hydrates formed on immediate reaction with water be essentially insoluble in water. Most construction cements today are hydraulic, and most of these are based on Portland cement, which is made earlier from limestone, certain clay minerals, and gypsum in a high temperature process that drives off carbon dioxide and chemically combines the primary ingredients into new compounds.Set ting and hardening of hydraulic cements is caused by the formation of water-containing compounds, which are formed as the case of reactions between cement components and water. The reaction and the reaction products are referred to as hydration and hydrates or hydrate phases, respectively. As a result of the immediate start of the reactions, a stiffening can be observed which is initially dismiss but which increases with time. The point at which the stiffening reaches a certain level is referred to as the start of setting. nurture consolidation is called setting, after which the phase of hardening begins. The compressive strength of the material then grows steadily, over a occlusive that ranges from a few days in the case of ultra-rapid-hardening cements to several years in the case of mean(a) cements. Non-hydraulic cements include such materials as (non-hydraulic) lime and gypsum plasters, which must be kept dry in order to gain strength, and oxychloride cements, which have liq uid components.Lime mortars, for example, set hardly by drying out, and gain strength only very slowly by absorption of carbon dioxide from the atmosphere to re-form calcium carbonate through carbonatation. Wikipedia 3. period scale The time scale for the cement specifies the amount of time in years the cement will provide the strength to the structure. snip scale of cement structure truly determines the quality of the cement structure. Time scale for the cement structures must be longest it can be. The time scale for the Egypt Temsah was more than hundreds of years.It was a building structure into the Mediterranean Sea with very strong and rigid foundation. Mediterranean sea, Port Said, well of Temsah was built with concrete materials. Wellheads were also made with the same kind of cement materials. UNEP Cement Success Cement success is nothing but the successful completion of a cement structure in the various testing methods. Cement is assumed to be successful when any benchmar k for the structure is completed. For-example in Egypt Temsah the platform was destroyed after many decades. This total age or decade specifies the cement success.

Cause and Effect Analysis of Information Data

Cause and Effect digest of instruction DataCause and Effect Analysis body proceeds Objectives riddle or chanceCauses and Effects corpse Objective administration backwardness1. Information contained in quarterly publish employee directory becomes out of date quickly1. Companys rapid growth with new employees experience quarterly publish directory constantly out of date.Lessen the impact on the administrator from 12 hours periodical to 1 or 2 hoursDelete the micro dustEnable e-mail form approachabilityDispose of hardcopy directory savings of $27,000Engage employees to enter selective information in real time observe shelter of the system to prevent unauthorized access from all locations in all computer desktops from all locations must be respectively accessible to the systemReduce the redundancy of keying in employee teaching into the mirco and System Improvement ObjectivesProblem or OpportunityCauses and EffectsSystem ObjectiveSystem Constraint2. Duplicate employee info rmation in the micro and mainframe systems1. Automation is non existent between the micro and mainframe systems user interface2. Employees information is not centrally stored in one locationEliminate the essential for the micro system discontinue single bug of entering employee information to eliminate duplicate keying informationMaintain security of the system to prevent unauthorized access from all locationsAll computer desktops from all locations must be independently accessible to the systemCause and Effect AnalysisSystem Improvement ObjectivesProblem or OpportunityCauses and EffectsSystem ObjectiveSystem Constraint3. Maintaining and operating Mainframe system cost argon highOut of date technology of the system increases costs to maintainTransactions are inception of high cost with constant re treat to correct discrepancies1. Decrease operating cost to a more directed level goal of 50% reduction1. None notedCause and Effect AnalysisSystem Improvement ObjectivesProblem or Op portunityCauses and EffectsSystem ObjectiveSystem Constraint4. Employee data not current throughout current systemAdministrator has to key in information on each employee submitted form causing a delay in system accuracyEmployee data is not unattached in real timeAllow employees to enter their own information into the system stop single point of entry to ensure employee data is in real time and made for sale to other legacy systems1. Interfaces need to meet legacy specificationsCause and Effect AnalysisSystem Improvement ObjectivesProblem or OpportunityCauses and EffectsSystem ObjectiveSystem Constraint5. Employee information processing done by HR department is costly1. HR staff labor is very blanket(a) thus driving cost upward because of having to interface with each employee to fix discrepancies and input their data into the systemEliminate the need for the micro systemAllow employees to enter their own information into the system spud single point of entry to ensure employee d ata is in real time and made available to other legacy systemsMaintain security of the system to prevent unauthorized access from all locationsAll computer desktops from all locations must be independently accessible to the systemCause and Effect AnalysisSystem Improvement ObjectivesProblem or OpportunityCauses and EffectsSystem ObjectiveSystem Constraint6. Employees information is stored in different databases across the systemEmployee data is not being stored in a single repositoryDatabases for storing employee data are application specific1. Develop a database that is single source for employee information storageSingle source employee database will exceed the $225,000 budget when modifying the legacy application.Provide the remove interfaces in lieu of modifying legacy applicationsCause and Effect AnalysisSystem Improvement ObjectivesProblem or OpportunityCauses and EffectsSystem ObjectiveSystem Constraint7. Reports are not accessible when users need themCurrent system does not have the capability to submit a query or ad-hoc serveBacklogs and priorities prohibit IS from responding on reporting requests1. Provide a feature to enable the ad-hoc and query function to the usersMaintain security of the system to prevent unauthorized access from all locationsCause and Effect AnalysisSystem Improvement ObjectivesProblem or OpportunityCauses and EffectsSystem ObjectiveSystem Constraint8. get together Way lacking employee participation1. No means to track employee contributionsProvide management the means to reminder contributions and status by the use inquiries and reportsEnable each employee the ability to make contributions onlineMaintain security of the system to prevent unauthorized access from all locationsAll computer desktops from all locations must be independently accessible to the system

Impacts on Agency Cost Theory

Impacts on Agency Cost TheoryThe master(prenominal) purpose of this look for is to investigate how the de destinationinusinants of the keen organize (leverage) and the dividend pay bulge bulge by indemnity impact the part represent possible action. literary regulates re locating part picked up the relevant material colligate to to g all overnment representation theory, leverage, and dividends pay bulge insurance policy.The literature review contri yetion goes through the position embody literature, and explores the fiscal policies the neat affable organize (leverage), and the dividend pay surface policy and that these policies would influence the disdain office personify theory.2.1 Agency theory LiteratureThe nonion of the bureau theory is widely utilised in economics, pay, commercializeing, legal, and social sciences Jensen and Meckling (1976) initiated and developed it. Capital organise (leverage) for the sign of the zodiacs is de shapeined by bi llet be, i.e., cost related to date of entertains amidst various groups including managers, which adopt claims on the pie-eyeds resources (Harris and Raviv, 1991).Jensen and Meckling (1976) specify the say-so kin as a apprehend under which iodine or more than than than persons (the principal) strike an separate person (the agent), to perform m whatsoever service on their behalf which involves delegating several(prenominal) decision making authority to the agent pp.308. Assuming that twain parties utility maximizes, the agents argon not possible to act in the best interest of the principal.Furthermore, Jensen and Meckling (1976) contended that the principal alonetocks limit disparitys from his interest by establishing appropriate inducings for the agent, and by incur observe be (pecuniary and non pecuniary), which ar designed to limit the aberrant activities of the agent. Jensen and Meckling (1976) argued that the agency be be unavoidable, since the age ncy costs argon borne entirely by the possessor. Jensen and Meckling (1976) contended that the owner is motivated to see these costs understated.Authors who initiated and developed the agency theory choose argued that if the owner manages a wholly owned trustworthy, then he potbelly nurse operating decisions that maximise his utility. The agency costs are generated if the owner manager sells equity claims on the pixilateds, which are identical to his.It withal generated by the divergence amid his interest and those of the outside shareholders, since he then tins save a instalment of the costs of any non-pecuniary returns he prevails out maximizing his own utility (Jensen and Meckling, 1976).Jensen and Meckling (1976) suggested ii fonts of fightings in the firm First of totally, the combat amongst shareholders and managers arises because managers hold less than a hundred share of the residual claim. Therefore, they do not go the entire gain from their profit en hancement activities, but they do bear the entire cost of these activities. For example, managers notify invest less effort in managing firm resources and whitethorn be able to transfer firm resources to their own, personal benefit, i.e., by consuming perquisites much(prenominal) as a fringe benefits. The manager bears the entire cost of refraining from these activities but bewitchs only a fraction of the gain.As a result, managers over indulge in these interests telling to the level that would maximize the firm cartridge holder nurse. This inefficiency get downd the large fraction of the equity owned by the manager. safekeeping constant the managers absolute investment in the firm, sum ups in the fraction of the firm financed by debt gains the managers share of the equity and mitigates the loss from competitiveness between the managers and shareholders.Furthermore, as pointed out by Jensen (1986), since debt commits the firm to pay out gold, it pares the amount of secrete bullion return for sale to managers to engage in these types of interests.As a result, this reduction of the conflict between managers and shareholders result constitute the benefit of debt financing.Second, they alike suggested that the conflict between debt holders and shareholders arises because the debt contract, gives shareholders an incentive to invest sub optimally. E sparely when the debt contract gives that, if an investment yields large returns, well in a higher(prenominal) place the face value of the debt, shareholders capture most of the gain. However, if the investment fails, debt holders bear the consequences. Therefore, shareholders whitethorn benefit from investing in very risky projects, even if they are under wanted such investments result in an unbecoming in the value of debt.Lasfer (1995) argued that debt exacerbates the conflict between debt holders and shareholders. Shareholders leave al sensation benefit from investments in risky projects a t the set down of debt holders.If the investment yields higher(prenominal) return than the face value of debt, shareholders capture most of the gain, however, if the investment fails, debt holders lose, given that. Therefore, shareholders protect by the limited liability.On the former(a) hand, if the benefits captured by debt holders slash the returns to shareholders, then an incentive to reject dogmatic net present projects has created. Thus, the debt contract gives shareholders incentives to invest sub optimally. In addition, Myers (1977) argued that the firms with many offset opportunities should not be financed by debt, to reduce the ostracise net value projects.Furthermore, some of arguments halt been debated that the magnitude of the agency costs varies among firms. It allow depend on the tastes of managers, the ease with which they can figure out their own preferences as opposed to value maximization in decision making, and the costs of monitoring and soldering activ ities. Therefore, the agency costs depend upon the cost of measuring the managers performance and evaluating it (Jensen and Meckling, 1976). (Jensen, 1986) either points out that when firms make their financing decision, they respect the advantages that may arise from the resolution of the conflicts between managers, shareholders and from big run revenue enhancement shields.In addition, Lasfer (1995) argues that debt finance creates a need for managers to work harder and make better investment decisions. On the new(prenominal) hand, debt works as a disciplining scape, because nonpayment allows creditors the option to force the firm into liquidation. Debt also generates information that can be apply by investors to evaluate major operating decisions including liquidation (Harris and Raviv, 1990).Jensen (1986) debated that when exploitation debt without retention of the subject of the departure, bonds the managers to meet their promise to pay cash advanceing coin flows to the debt holders. Thus, debt can be an resultant single-valued functionive substitute for dividends. By issuing debt in exchange for stock, managers are bonding their promise to pay out future notes flows in a way that cannot be accomplished by simple dividend increases.Consequently, managers give recipients of the debt the right to take the firm to the bankruptcy court if they do not continue their commitment to make the interest and commandment payments. Thus, debt reduces the agency costs of free cash flow by trim back the cash flow available for spending at the discretion of managers. Jensen (1986) claimed that these aver do of debt are a potential determinant of working capital construction.In practice, it is possible to reduce the owner manager non pecuniary benefits by using these instruments external auditing, semiformal keep back ashess, budget restrictions, and the establishment of incentive compensation systems serve to identify the managers interests more cl osely with those of the outside shareholders (Jensen and Meckling, 1976).Jensen (1986) suggested that leverage and dividend may act as a substitute mechanism to reduce the agency costs. Agency cost flummoxs scream that dividend payments can reduce the problems related to information asymmetry. Dividend payments might be consider also as a mechanism to reduce cash flow under forethought control, and help to mitigate the agency problems (Rozeff, 1982, and Easterbrook, 1984). Therefore, paying(a) dividends may submit a positively charged impact on the firms value.Agency theory posits that the dividend mechanism provides an incentive for managers to reduce the costs related to the principal agent kin, unmatchable way to reduce agency costs is to increase dividends Baker and Powell (1999). They also claim that firm use the dividends use as a excessivelyl to monitor the management performance. Moreover, Easterbrook (1984) and Jensen (1986) argue that agency costs follow in firms because managers may not constantly want to maximize shareholders wealthiness imputable to the sepaproportionn of ownership and control.Jensen (1986) addresses the free cash flow theory, in terms of this theory the conflict of interest between managers and stockholders is rooted in the strawman of informational and self interest behavior. He defines the free cash flow as cash flow in excess of that required to fund all projects that ca-ca positive net present value when discounted at the relevant cost of capital (Jensen,1986). Within the context of the free cash flow hypothesis, firms prefer to increase their dividends and distribute the excess free cash flow in order to reduce agency costs. Consequently, markets defend positively to this type of information. This theory is attractive because it is consistent with the leaven about investment and financing decisions (Jensen, 1986, detent and Wood, 2002).2.2 Leverage LiteratureThis section reviews the determinants of capital coordinate by different relevant literatures. Titman and Wessels (1988) psychoanalyse is considered to be one of the leading studies in the developed markets. They tried to dilate the empirical work in capital structure theory by examining a much broader cook of capital structure theories, and to analyze measure outs of sketch term, hanker term, and convertible debt. The info covers the US industrial companies from 1974 to 1982, and they utilize a cipher analytic approach for estimating the impact of unobservable attributes on the choice of corporate debt ratios.As a result, the have confirms these factors, collateral set of assets, non-debt value shields, growth, and uniqueness of the business, industry classification, firm size, and firm profitability. They also set in motion that there is a ostracize descent between debt levels and the uniqueness of the business. In addition, footling term debt ratios study a negative relationship to firm size. However, they do not provide support for the order on debt ratios arising from non debt tax shields, volatility, collateral value of assets, and growth.In Jordan, Al-Khouri and Hmedat (1992) aimed to find the effect of the earnings division on capital structure of Jordanian corporations from the layover from 1980 to 1988. They include 65 firms. The study employ a shifting retroversion approach with financial leverage as the mutually beneficial variable measured in triad ways first, long term debt over total assets, secondly, short term debt over total assets, and finally, short term debt plus long term debt over total assets.The standard deviation of the earnings variableness and the size of the firm measured as autonomous variables. They concluded that the firm size is considered as a epochal factor in find out the capital structure of the firm, and insignificant relationship between the earning variability and financial leverage of the firm. Furthermore, they suggest that the type of industry is not considered as a significant factor in determining the capital structure of the firm.Rajan and Zingales (1995) provided international record about the determinants of capital structure. They examined the capital structure in another(prenominal) countries related to factors standardised to those that influence United States firms. The infobase contains 2583 companies in the G7 countries. They utilize regression synopsis with the firms leverage (total debt carve up by total debt plus total equity) as the dependent variable.Tangible assets, market to withstand ratio, firm size, and firm profitability used as freelancer variables. They install that in market bases firms with a plentitude of fixed assets are not highly levered, however, they supported that a positive relationship exists between indubitable assets, and firms size, and capital structure (leverage). On the contrary, they confirmed that there is a negative relationship between leverage and the mar ket to book ratio, and profitability.From the capital structure literature, Ozkan (2001) also investigated that the determinants of the print capital structure of firms and the role of the try-on process in the UK using a audition of 390 firms. The quadruple regression approach ( gameboard info) was used to measure the debts by total debt to total assets, on the one hand. He also used in his precedent, non debt tax shield, firm size, liquidity, firm profitability, and firm growth as an independent variables. He confirmed that the profit, liquidity, non debt tax shield, and growth opportunities have a negative relationship to capital structure (leverage). Finally, he supported that there is a positive effect arising from size of firms on leverage. The study provided assure that the UK firms have long term stern leverage ratios and that they adjust quickly to their target ratios.The study by Booth et al. (2001) is considered as a one of the leading studies in the growth count ries. It aimed to assess whether capital structure theory is applicable across developing countries with different institutional structures. The data include balance sheets and income statements for the largest companies in each selected country from the course of instruction 1980 to 1990. It include 10 developing countries India, Pakistan, Thailand, Malaysia, Zimbabwe, Mexico, Brazil, Turkey, Jordan, and Korea.The study used multivariate regression outline with dependent variables total debt ratio, long term book debt ratio, and long term market to debt ratio. The independent variables are average tax rate, tangibility, business risk, firm size, firm profitability, and market to book ratio. Booth et al. found that the more profitable the firm the reduce the debt ratio, regardless how the debt ratio is defined. In addition, the higher the tangible assets mix, the higher is the long term debt ratio but the tinyer is the total debt ratio. Finally, it concluded that debt ratios i n developing countries look to be have-to doe withed in the very(prenominal) way by the kindred set of variables that are significant in developed countries.Voulgaris et al. (2004) investigated the determinants of capital structure for Greek manufacturing firms. The study used empanel data of two random examples one for small and spiritualist sized enterprises (SMEs) including 143 firms and another for large sized enterprises (LSEs) including 75 firms for the limit from 1988 to 1996. It used a leverage shape as a dependent variable (short run debt ratio, long run debt ratio, and total debt ratio).On the other hand, It used firm size, asset structure, profitability, growth rate, stock level, and receivables as independent variables. The study suggested that there are similarities and differences in the determinants of capital structure among the two renders. The similarities include that the firm size and growth opportunities positively related to leverage. While, they conf irm that the profitability has a negative relationship to leverage.Moreover, they pointed out the differences that the inventory consequence, and cypher receivables collection menstruation have been found as determinants of debt in SMEs but not in LSEs. Liquidity doest not hazard LSEs leverage, but it affects the SMEs. Finally, they also suggested that there is a positive relationship between profit margins and short term debt ratio only for SMEs. Voulgaris et al. (2004) have debated this arguments as the attitude of banks toward small sized firms should be changed so they provide easier access to long-term debt financing. In addition, enactment of rules that entrust allow transparency of operations in the Greek stock market and a healthier victimization of the newly established capital market for SMEs will assist Greek firms into achieving a stronger capital structure.2.3 Dividends payout ratio literatureDividend payout ratios change between firms and the dividend payout poli cy will impact the agency cost theory. Rozeff (1982) investigated in his study that the dividends policy will be rationalize by appealing the transaction cost and agency cost associated with external finance. Moreover, Rozeff (1982) had found evidences encouraging how the agency costs influence the dividends payout ratio. He found that the firms have distributed lower dividend payout ratios when they have a higher revenue growth, because this growth leads to higher investment expenditures.This evidence supports the view of the investment policy affect on the dividend policy the tenableness for that influences is that would the external finance be costly.Conversely, he found that the firms have distributed higher dividends payouts when insiders hold a lower portion of the equity and (or) a great numbers of shareholders own the outside equity. Rozeff (1982) pointed out that this evidence supports that the dividend payments are part of the firms optimal monitoring and that bonding package reduces the agency costs. Moreover, if the agency cost declines when the dividend payout does and if the transaction cost of external finance increases when the dividend payout is increased as well, then minimisation of these costs will lead to a unique optimal for a given firm.In addition, Hansen, Kumar, and Shome HKS, (1994) pointed out the relevance of the monitoring theory for justifying the dividends policy of regulated electric automobile utilities. From an agency cost perspective, they emphasized their ideas that the dividends get along monitoring of what they call the shareholders regulator conflict. Therefore, it is a monitoring role of dividends. On the contrary, Easterbrooks (1984) has noted that the dividends monitoring of the shareholders managers conflict. They also have observed that the utilities firms have a set of monitoring mechanism for controlling agency cost, depending on the relative cost effectiveness of those costs (Crutchly and Hensen, 1989). The regulator process will impact the conflict between the shareholders and mangers, by mitigate the managers power to appropriate shareholders wealth and consume perquisites (Hansen et al. 1994). On the other hand, they argued this issue by the cost-plus conception, regulators may set into motion of managerial incentive structure that potentially conflicts with shareholders interests, this concept solve the shareholders-regulators concept since the sources of the conflict lies in differences in the perceptions of what constitutes light cost plus. Therefore, the regulation can control some of the agency cost patch exacerbating others. In their study, they conduct also that the managers and shareholders of unregulated firms have a several mechanisms whether, internal or external, for controlling agency cost.In addition, they observed that the dividend policy to reduce the agency theory is not limited, depending on their findings they suggested that the cost of dividend payout poli cy might be below the costs paid by other types of firm. In fact the utilities ships company brinytain high debt ratio that would of importtain as well as equity agency costs.Aivazian et al. (2003b) canvass the dividend policy behaviour of eight acclivitous markets with dividend policies in the US firms in the period from 1980 to 1990. The experiment include firms from Korea, Malaysia, Zimbabwe, India, Thailand, Turkey, Pakistan, and Jordan. They found that it is difficult to predict dividend changes for such emerging markets. This is because the quality of firms with reputations for cutting dividends is somehow similar to those who increase their dividends, than for the US control sample. In addition, period dividends are less sensitive to past dividends than for the US sample of firms. They also found that the Lintner model1 does not work well for the sample of emerging markets.These results indicate that the institutional frameworks in these emerging markets make dividend p olicy a weak proficiency for signaling future earnings and reducing agency costs than for the US sample of firms.Furthermore, Omran and Pointon (2004) investigated the role of dividend policy in determining share prices, the determinants of payout ratios, and the factors that affect the stability of dividends for a sample of 94 Egyptian firms. They found that retentions are more important than dividends in firms with actively traded shares, but that accounting book value is more important than dividends and earnings for non-actively traded firms.However, when they combined twain the actively traded and non-traded firms, they found that dividends are more important than earnings. In the determinants of payout ratios, they found that there is a negative relationship between the leverage ratio and market to book ratio, tangibility, and firm size on the one hand, to the payout ratios in actively traded firms. On the contrary, they also found that there is a positive relationship betwee n the business risk, market to book and firm size (measured by total assets) to payout ratios in non-actively traded firms.Furthermore, for the whole sample, leverage has a positive relationship with payout ratios, while firm size (measured by market capitalization) is negatively related to payout ratios. Finally, the stepwise logistic regression synopsis shows that decreasing dividends is associated with lack of liquidity and overall profitability. In addition, change magnitude dividends is associated with higher overall profitability.2.4 SummaryIn this chapter the relevant literatures addressing the reviews of the agency cost theory related to the financial policies. It also gives a theoretical mount on how the conflicts of interests arise between the agents (managers) and the principal (shareholders). The second and thirdly sections present the determinants of leverage and dividend payout policy. The following chapter will go through the description of data, and data methodol ogy was apply for this dissertation.3. Methodology, Research Design and Data expositionThe aim of the up-to-the-minute study is to investigate firstly, the empirical evidence of the determinants of leverage and dividend policy under the agency theory concept for the period 2002-2007. The majority of the previous studies in the field of capital structure have made in the context of developed countries such as USA and UK. It is important to investigate the main determinants of leverage and dividend policy in developing countries where, capital markets, are less developed, less competitive and execrable from the lack of compatible regulations and sufficient supervisionThis chapter will explain the research methodology of this study. This chapter also identifies the sample of the study. Moreover, it presents an illustration of the econometric proficiencys that have been employed. In addition, this chapter gives a drawing explanation of the limitedation tests used in the study to i dentify which technique is the best for the data set.This chapter organise as follows constituent (3.1) presents data description. subdivision (3.2) presents the sample of the study. Section (3.3) demonstratees the econometric techniques employed in the study. Finally, Section (3.4) provides a brief summary.3.1 Data renderingThe data used in the study are alternate data for companies listed at Amman express Exchange (ASE) for the period of 2002-2007. The data was extracted from the firms course of studyly reports, and from Amman short letter Exchanges publications (The Yearly Companies Guide, and Amman Stock Exchange Monthly statistical Bulletins). Data is readily available in the form of CD and on the website of the Amman Stock Exchange.The reason for the study period selection was to minimize the absent observations for the sample companies. Moreover, a different report system has been used since 2000. The performance of the new reporting system was the result of the tra nsparency act which was launched in 1999, and labored all companies listed in Amman Stock Exchange to disclose their financial information and publish their yearbook reports according to the International Financial reporting Standards. In other words, this data serial publication for the period from 2002-2007 was elect in terms of consistency and equivalence purposes.3.2 Sample of the studyThe sample of the study consists of the Jordanian Manufacturing companies listed on the Amman Stock Exchange for the period of 2002-2007. The total number of the companies listed in ASE at the end of year 2007 was 215. Officially, these companies are divided into four main economic sectors Banks sector, Insurance sector, Services sector and finally industrial sector.Moreover, this study is concerned only with Jordanian manufacturing companies that their stocks are traded in the organized market. It is important to note that the capital structure of financial firms has special singularity when compared to the capital structure of non financial firms, they also have special tax treatment (Lester, 1995).On the other hand, the financial firms have a higher leverage rate, which may tend to make the compend results yielded. Moreover, financial firms their leverage is affected by investor insurance schemes (Rajan and Zingals, 1995). For these reasons, the potential sample of the study consists of non financial (Manufacturing) companies that are put away listed in Amman Stock Exchange. The total number of industrial companies listed in ASE at the end of year 2007 was 88 companies, which are 40.93% of the total number of the companies listed in that market.The study conducts the following criteria in selecting the sample upon the Jordanian manufacturing companies by excluding all the firms that was incorporated after year 2002, and all the firms that have merged or acquired during this period, further, the firms have liquidated or delisted by the Amman Stock Exchange, and fin ally, the study have also excluded the firms that have information missing for that period.The application for those criteria has resulted in 52 samples of manufacturing companies. The data for the variables that are included in the study models is tested using three different econometric techniques which will be discuss briefly in the next sections.3.3 Econometrics techniquesHairs et al. (1998) argued that the application of econometrics technique depends on the nature of data employed in the study, and to what extent it would be realised to the research objectives. In order to find a best and competent data model, the current study employs pooled data technique and panel data abbreviation which is usually estimated by either fixed effect technique or random personal effects technique.The following sections provide a brief discussion on the econometrics techniques that the current study uses to estimate the empirical models.3.3.1 Pooled prevalent least hearty (OLS) techniqueAll the models used in the study have been tested by the pooled data analysis technique. The pooled data is the data that contains pooling of metre series and cross-section(a)al observations (combination of period series and cross-section data) (Gujarati, 2003). The pooled data analysis has many advantages over the pure eon series or pure cross sectional data. It generates more informative data, more variability, less collinearity among variables, more degrees of freedom, and more efficiency (Gujarati, 2003). The underlying assumption behind the pooled analysis is that, the hold back value and the coefficients of all the instructive variables are the same for all the firms, as well as they are constant over age (no specific period or respective(prenominal) aspects). It also assumes that the fallacy term captures the differences between the firms (across-sectional units) over the time.However, (Gujarati, 2003) has pointed out that these assumptions are highly restrictive. He a rgues that although of it is simplicity and advantages, the pooled regression may distort the true picture of the relationship between the dependent and independent variables across the firms. Pooled model will be simply estimated by Ordinary Least foursquare (OLS). However, OLS will be appropriate if no respective(prenominal) (firm) or time specific effects exist. If they exist, the unobserved effects of unobserved individual and time specific factors on dependent variable can be accommodated by using one of the panel data techniques. accord to (Gujarati, 2003) panel data is a special form of pooled data in which the same cross-sectional unit is surveyed over time. It helps researchers to advantageously minimize the problems that arise when there is an omitted variables problems such as time and individual-specific variables and to provide robust parameter estimates than time series and (or) cross sectional data.All the empirical models that have been tested by using pooled data analysis and tested again on the basis of panel data analysis techniques (Fixed payoffs and hit-or-miss Effects).3.3.2 The fixed effects model (FEM)Fixed effects technique allows control for unobserved heterogeneity which describes individual specific effects not captured by observed variables. According to Gujarati (2003) the fixed effect model takes into account the specific effect of each firm the individuality by allowing the intercept vary across individuals (firms), but each individuals intercept does not vary over time. However, it still assumes that the slope coefficients are constant across individuals or over time.Two methods used to control for the unobserved fixed effects within the fixed effects model the first differences and Least Square Dummy variables (LSDV) methods.For the purposes of the current study, (LSDV) was used where two sets of dummy variables (industry, and year dummy variables). The additional dummy variables control for variables that are constant ac ross firms but change over time. Therefore, the combine time and individual (firm) fixed effects model eliminates the omitted variables bias arising both from unobserved factors that are constant over time and unobserved factors that are constant across firms.However, fixed effects model consumes the degrees of freedom, if estimated by the Least Square Dummy Variable (LSDV) method and, too many dummy variables are introduced (Gujarati, 2003). Furthermore, with too many variables used as regressors in the models, there is the possibility of multicollinearity. It is worth noting that OLS technique used in estimating fixed effects model.3.3.3 The Random Effects Model (REM)By contrast, fixed effects model, the unobserved effects in random effects model is captured by the illusion term (it) consisting of an individual specific one (ui) and an overall destiny (vit) which is the combined time series and cross-section error. Moreover, it treats the intercept coefficient as a random varia ble with a mean value (0) of all cross-sectional (firms) intercepts and the error component represents the random deviation of individual intercept from this mean value (Gujarati, 2003). Consequently, the individual differences in the intercept values of each firm are reflected in the error term (ui).On the other hand, the Generalized Least Square (GLS) used in estimating random affects model.This is because the GLS technique takes into account the different correlativity structure of the error term in the Random Effect Model (REM) (Gujarati, 2003).3.3.4 Statistical specification testsThe study uses three specification tests to identify which empirical method is the best. These tests are used for testing the fixed effect model versus the pooled model (F-statistics), the random effect model versus pooled model (Lagrange Multiplier test) (LM), and the fixed effect model versus the random effect model (Hausman test). The following sub-sections offer brief discImpacts on Agency Cost Th eoryImpacts on Agency Cost TheoryThe main purpose of this research is to investigate how the determinants of the capital structure (leverage) and the dividend payout policy impact the agency cost theory. Literature review part picked up the relevant material related to agency theory, leverage, and dividends payout policy.The literature review section goes through the agency cost literature, and explores the financial policies the capital structure (leverage), and the dividend payout policy and that these policies would influence the agency cost theory.2.1 Agency theory LiteratureThe notion of the agency theory is widely used in economics, finance, marketing, legal, and social sciences Jensen and Meckling (1976) initiated and developed it. Capital structure (leverage) for the firms is determined by agency costs, i.e., costs related to conflict of interests between various groups including managers, which have claims on the firms resources (Harris and Raviv, 1991).Jensen and Meckling (1976) defined the agency relationship as a contract under which one or more persons (the principal) engage another person (the agent), to perform some service on their behalf which involves delegating some decision making authority to the agent pp.308. Assuming that both parties utility maximizes, the agents are not possible to act in the best interest of the principal.Furthermore, Jensen and Meckling (1976) contended that the principal can limit divergences from his interest by establishing appropriate incentives for the agent, and by incurring monitoring costs (pecuniary and non pecuniary), which are designed to limit the aberrant activities of the agent. Jensen and Meckling (1976) argued that the agency costs are unavoidable, since the agency costs are borne entirely by the owner. Jensen and Meckling (1976) contended that the owner is motivated to see these costs minimized.Authors who initiated and developed the agency theory have argued that if the owner manages a wholly owned firm, then he can make operating decisions that maximise his utility. The agency costs are generated if the owner manager sells equity claims on the firms, which are identical to his.It also generated by the divergence between his interest and those of the outside shareholders, since he then bears only a fraction of the costs of any non-pecuniary benefits he takes out maximizing his own utility (Jensen and Meckling, 1976).Jensen and Meckling (1976) suggested two types of conflicts in the firm First of all, the conflict between shareholders and managers arises because managers hold less than a hundred percent of the residual claim. Therefore, they do not capture the entire gain from their profit enhancement activities, but they do bear the entire cost of these activities. For example, managers can invest less effort in managing firm resources and may be able to transfer firm resources to their own, personal benefit, i.e., by consuming perquisites such as a fringe benefits. The manag er bears the entire cost of refraining from these activities but captures only a fraction of the gain.As a result, managers over indulge in these interests relative to the level that would maximize the firm value. This inefficiency reduced the large fraction of the equity owned by the manager. Holding constant the managers absolute investment in the firm, increases in the fraction of the firm financed by debt increases the managers share of the equity and mitigates the loss from conflict between the managers and shareholders.Furthermore, as pointed out by Jensen (1986), since debt commits the firm to pay out cash, it reduces the amount of free cash flow available to managers to engage in these types of interests.As a result, this reduction of the conflict between managers and shareholders will constitute the benefit of debt financing.Second, they also suggested that the conflict between debt holders and shareholders arises because the debt contract, gives shareholders an incentive t o invest sub optimally. Especially when the debt contract provides that, if an investment yields large returns, well above the face value of the debt, shareholders capture most of the gain. However, if the investment fails, debt holders bear the consequences. Therefore, shareholders may benefit from investing in very risky projects, even if they are under valued such investments result in an adverse in the value of debt.Lasfer (1995) argued that debt exacerbates the conflict between debt holders and shareholders. Shareholders will benefit from investments in risky projects at the expense of debt holders.If the investment yields higher return than the face value of debt, shareholders capture most of the gain, however, if the investment fails, debt holders lose, given that. Therefore, shareholders protected by the limited liability.On the other hand, if the benefits captured by debt holders reduce the returns to shareholders, then an incentive to reject positive net present projects h as created. Thus, the debt contract gives shareholders incentives to invest sub optimally. In addition, Myers (1977) argued that the firms with many growth opportunities should not be financed by debt, to reduce the negative net value projects.Furthermore, some of arguments have been debated that the magnitude of the agency costs varies among firms. It will depend on the tastes of managers, the ease with which they can exercise their own preferences as opposed to value maximization in decision making, and the costs of monitoring and bonding activities. Therefore, the agency costs depend upon the cost of measuring the managers performance and evaluating it (Jensen and Meckling, 1976). (Jensen, 1986) either points out that when firms make their financing decision, they evaluate the advantages that may arise from the resolution of the conflicts between managers, shareholders and from long run tax shields.In addition, Lasfer (1995) argues that debt finance creates a motivation for manag ers to work harder and make better investment decisions. On the other hand, debt works as a disciplining tool, because default allows creditors the option to force the firm into liquidation. Debt also generates information that can be used by investors to evaluate major operating decisions including liquidation (Harris and Raviv, 1990).Jensen (1986) debated that when using debt without retention of the proceeds of the issue, bonds the managers to meet their promise to pay future cash flows to the debt holders. Thus, debt can be an effective substitute for dividends. By issuing debt in exchange for stock, managers are bonding their promise to pay out future cash flows in a way that cannot be accomplished by simple dividend increases.Consequently, managers give recipients of the debt the right to take the firm to the bankruptcy court if they do not maintain their commitment to make the interest and principle payments. Thus, debt reduces the agency costs of free cash flow by reducing t he cash flow available for spending at the discretion of managers. Jensen (1986) claimed that these control effects of debt are a potential determinant of capital structure.In practice, it is possible to reduce the owner manager non pecuniary benefits by using these instruments external auditing, formal control systems, budget restrictions, and the establishment of incentive compensation systems serve to identify the managers interests more closely with those of the outside shareholders (Jensen and Meckling, 1976).Jensen (1986) suggested that leverage and dividend may act as a substitute mechanism to reduce the agency costs. Agency cost models predict that dividend payments can reduce the problems related to information asymmetry. Dividend payments might be consider also as a mechanism to reduce cash flow under management control, and help to mitigate the agency problems (Rozeff, 1982, and Easterbrook, 1984). Therefore, paying dividends may have a positive impact on the firms value. Agency theory posits that the dividend mechanism provides an incentive for managers to reduce the costs related to the principal agent relationship, one way to reduce agency costs is to increase dividends Baker and Powell (1999). They also claim that firm use the dividends use as a tool to monitor the management performance. Moreover, Easterbrook (1984) and Jensen (1986) argue that agency costs exist in firms because managers may not always want to maximize shareholders wealth due to the separation of ownership and control.Jensen (1986) addresses the free cash flow theory, in terms of this theory the conflict of interest between managers and stockholders is rooted in the presence of informational and self interest behavior. He defines the free cash flow as cash flow in excess of that required to fund all projects that have positive net present value when discounted at the relevant cost of capital (Jensen,1986). Within the context of the free cash flow hypothesis, firms prefer to in crease their dividends and distribute the excess free cash flow in order to reduce agency costs. Consequently, markets react positively to this type of information. This theory is attractive because it is consistent with the evidence about investment and financing decisions (Jensen, 1986, Frankfurter and Wood, 2002).2.2 Leverage LiteratureThis section reviews the determinants of capital structure by different relevant literatures. Titman and Wessels (1988) study is considered to be one of the leading studies in the developed markets. They tried to extend the empirical work in capital structure theory by examining a much broader set of capital structure theories, and to analyze measures of short term, long term, and convertible debt. The data covers the US industrial companies from 1974 to 1982, and they used a factor analytic approach for estimating the impact of unobservable attributes on the choice of corporate debt ratios.As a result, the study confirms these factors, collateral values of assets, non-debt tax shields, growth, and uniqueness of the business, industry classification, firm size, and firm profitability. They also found that there is a negative relationship between debt levels and the uniqueness of the business. In addition, short term debt ratios have a negative relationship to firm size. However, they do not provide support for the effect on debt ratios arising from non debt tax shields, volatility, collateral value of assets, and growth.In Jordan, Al-Khouri and Hmedat (1992) aimed to find the effect of the earnings variability on capital structure of Jordanian corporations from the period from 1980 to 1988. They included 65 firms. The study used a multivariate regression approach with financial leverage as the dependent variable measured in three ways first, long term debt over total assets, secondly, short term debt over total assets, and finally, short term debt plus long term debt over total assets.The standard deviation of the earnings va riability and the size of the firm measured as independent variables. They concluded that the firm size is considered as a significant factor in determining the capital structure of the firm, and insignificant relationship between the earning variability and financial leverage of the firm. Furthermore, they suggest that the type of industry is not considered as a significant factor in determining the capital structure of the firm.Rajan and Zingales (1995) provided international evidence about the determinants of capital structure. They examined the capital structure in other countries related to factors similar to those that influence United States firms. The database contains 2583 companies in the G7 countries. They used regression analysis with the firms leverage (total debt divided by total debt plus total equity) as the dependent variable.Tangible assets, market to book ratio, firm size, and firm profitability used as independent variables. They found that in market bases firms with a lot of fixed assets are not highly levered, however, they supported that a positive relationship exists between tangible assets, and firms size, and capital structure (leverage). On the contrary, they confirmed that there is a negative relationship between leverage and the market to book ratio, and profitability.From the capital structure literature, Ozkan (2001) also investigated that the determinants of the target capital structure of firms and the role of the adjustment process in the UK using a sample of 390 firms. The multiple regression approach (panel data) was used to measure the debts by total debt to total assets, on the one hand. He also used in his model, non debt tax shield, firm size, liquidity, firm profitability, and firm growth as an independent variables. He confirmed that the profit, liquidity, non debt tax shield, and growth opportunities have a negative relationship to capital structure (leverage). Finally, he supported that there is a positive effect ari sing from size of firms on leverage. The study provided evidence that the UK firms have long term target leverage ratios and that they adjust quickly to their target ratios.The study by Booth et al. (2001) is considered as a one of the leading studies in the developing countries. It aimed to assess whether capital structure theory is applicable across developing countries with different institutional structures. The data include balance sheets and income statements for the largest companies in each selected country from the year 1980 to 1990. It included 10 developing countries India, Pakistan, Thailand, Malaysia, Zimbabwe, Mexico, Brazil, Turkey, Jordan, and Korea.The study used multivariate regression analysis with dependent variables total debt ratio, long term book debt ratio, and long term market to debt ratio. The independent variables are average tax rate, tangibility, business risk, firm size, firm profitability, and market to book ratio. Booth et al. found that the more pro fitable the firm the lower the debt ratio, regardless how the debt ratio is defined. In addition, the higher the tangible assets mix, the higher is the long term debt ratio but the smaller is the total debt ratio. Finally, it concluded that debt ratios in developing countries seem to be affected in the same way by the same set of variables that are significant in developed countries.Voulgaris et al. (2004) investigated the determinants of capital structure for Greek manufacturing firms. The study used panel data of two random samples one for small and medium sized enterprises (SMEs) including 143 firms and another for large sized enterprises (LSEs) including 75 firms for the period from 1988 to 1996. It used a leverage model as a dependent variable (short run debt ratio, long run debt ratio, and total debt ratio).On the other hand, It used firm size, asset structure, profitability, growth rate, stock level, and receivables as independent variables. The study suggested that there are similarities and differences in the determinants of capital structure among the two samples. The similarities include that the firm size and growth opportunities positively related to leverage. While, they confirm that the profitability has a negative relationship to leverage.Moreover, they pointed out the differences that the inventory period, and account receivables collection period have been found as determinants of debt in SMEs but not in LSEs. Liquidity doest not affect LSEs leverage, but it affects the SMEs. Finally, they also suggested that there is a positive relationship between profit margins and short term debt ratio only for SMEs. Voulgaris et al. (2004) have debated this arguments as the attitude of banks toward small sized firms should be changed so they provide easier access to long-term debt financing. In addition, enactment of rules that will allow transparency of operations in the Greek stock market and a healthier development of the newly established capital mar ket for SMEs will assist Greek firms into achieving a stronger capital structure.2.3 Dividends payout ratio literatureDividend payout ratios vary between firms and the dividend payout policy will impact the agency cost theory. Rozeff (1982) investigated in his study that the dividends policy will be rationalize by appealing the transaction cost and agency cost associated with external finance. Moreover, Rozeff (1982) had found evidences supporting how the agency costs influence the dividends payout ratio. He found that the firms have distributed lower dividend payout ratios when they have a higher revenue growth, because this growth leads to higher investment expenditures.This evidence supports the view of the investment policy affect on the dividend policy the reason for that influences is that would the external finance be costly.Conversely, he found that the firms have distributed higher dividends payouts when insiders hold a lower portion of the equity and (or) a greater numbers of shareholders own the outside equity. Rozeff (1982) pointed out that this evidence supports that the dividend payments are part of the firms optimum monitoring and that bonding package reduces the agency costs. Moreover, if the agency cost declines when the dividend payout does and if the transaction cost of external finance increases when the dividend payout is increased as well, then minimization of these costs will lead to a unique optimum for a given firm.In addition, Hansen, Kumar, and Shome HKS, (1994) pointed out the relevance of the monitoring theory for explaining the dividends policy of regulated electric utilities. From an agency cost perspective, they emphasized their ideas that the dividends promote monitoring of what they call the shareholders regulator conflict. Therefore, it is a monitoring role of dividends. On the contrary, Easterbrooks (1984) has noted that the dividends monitoring of the shareholders managers conflict. They also have observed that the utilit ies firms have a discipline of monitoring mechanism for controlling agency cost, depending on the relative cost effectiveness of those costs (Crutchly and Hensen, 1989).The regulator process will impact the conflict between the shareholders and mangers, by mitigate the managers power to appropriate shareholders wealth and consume perquisites (Hansen et al. 1994). On the other hand, they argued this issue by the cost-plus concept, regulators may set into motion of managerial incentive structure that potentially conflicts with shareholders interests, this concept solve the shareholders-regulators concept since the sources of the conflict lies in differences in the perceptions of what constitutes fair cost plus. Therefore, the regulation can control some of the agency cost while exacerbating others. In their study, they conduct also that the managers and shareholders of unregulated firms have a several mechanisms whether, internal or external, for controlling agency cost.In addition, t hey observed that the dividend policy to reduce the agency theory is not limited, depending on their findings they suggested that the cost of dividend payout policy might be below the costs paid by other types of firm. In fact the utilities company maintain high debt ratio that would maintain as well as equity agency costs.Aivazian et al. (2003b) compare the dividend policy behaviour of eight emerging markets with dividend policies in the US firms in the period from 1980 to 1990. The sample included firms from Korea, Malaysia, Zimbabwe, India, Thailand, Turkey, Pakistan, and Jordan. They found that it is difficult to predict dividend changes for such emerging markets. This is because the quality of firms with reputations for cutting dividends is somehow similar to those who increase their dividends, than for the US control sample. In addition, current dividends are less sensitive to past dividends than for the US sample of firms. They also found that the Lintner model1 does not work well for the sample of emerging markets.These results indicate that the institutional frameworks in these emerging markets make dividend policy a weak technique for signaling future earnings and reducing agency costs than for the US sample of firms.Furthermore, Omran and Pointon (2004) investigated the role of dividend policy in determining share prices, the determinants of payout ratios, and the factors that affect the stability of dividends for a sample of 94 Egyptian firms. They found that retentions are more important than dividends in firms with actively traded shares, but that accounting book value is more important than dividends and earnings for non-actively traded firms.However, when they combined both the actively traded and non-traded firms, they found that dividends are more important than earnings. In the determinants of payout ratios, they found that there is a negative relationship between the leverage ratio and market to book ratio, tangibility, and firm size on the one hand, to the payout ratios in actively traded firms. On the contrary, they also found that there is a positive relationship between the business risk, market to book and firm size (measured by total assets) to payout ratios in non-actively traded firms.Furthermore, for the whole sample, leverage has a positive relationship with payout ratios, while firm size (measured by market capitalization) is negatively related to payout ratios. Finally, the stepwise logistic regression analysis shows that decreasing dividends is associated with lack of liquidity and overall profitability. In addition, increasing dividends is associated with higher overall profitability.2.4 SummaryIn this chapter the relevant literatures addressing the reviews of the agency cost theory related to the financial policies. It also gives a theoretical background on how the conflicts of interests arise between the agents (managers) and the principal (shareholders). The second and third sections present the deter minants of leverage and dividend payout policy. The following chapter will go through the description of data, and data methodology was employed for this dissertation.3. Methodology, Research Design and Data DescriptionThe aim of the current study is to investigate firstly, the empirical evidence of the determinants of leverage and dividend policy under the agency theory concept for the period 2002-2007. The majority of the previous studies in the field of capital structure have made in the context of developed countries such as USA and UK. It is important to investigate the main determinants of leverage and dividend policy in developing countries where, capital markets, are less developed, less competitive and suffering from the lack of compatible regulations and sufficient supervisionThis chapter will explain the research methodology of this study. This chapter also identifies the sample of the study. Moreover, it presents an illustration of the econometric techniques that have be en employed. In addition, this chapter gives a brief explanation of the specification tests used in the study to identify which technique is the best for the data set.This chapter structured as follows Section (3.1) presents data description.Section (3.2) presents the sample of the study. Section (3.3) discusses the econometric techniques employed in the study. Finally, Section (3.4) provides a brief summary.3.1 Data DescriptionThe data used in the study are secondary data for companies listed at Amman Stock Exchange (ASE) for the period of 2002-2007. The data was extracted from the firms annual reports, and from Amman Stock Exchanges publications (The Yearly Companies Guide, and Amman Stock Exchange Monthly Statistical Bulletins). Data is readily available in the form of CD and on the website of the Amman Stock Exchange.The reason for the study period selection was to minimize the missing observations for the sample companies. Moreover, a different reporting system has been used si nce 2000. The application of the new reporting system was the result of the transparency act which was launched in 1999, and forced all companies listed in Amman Stock Exchange to disclose their financial information and publish their annual reports according to the International Financial Reporting Standards. In other words, this data series for the period from 2002-2007 was chosen in terms of consistency and comparability purposes.3.2 Sample of the studyThe sample of the study consists of the Jordanian Manufacturing companies listed on the Amman Stock Exchange for the period of 2002-2007. The total number of the companies listed in ASE at the end of year 2007 was 215. Officially, these companies are divided into four main economic sectors Banks sector, Insurance sector, Services sector and finally Industrial sector.Moreover, this study is concerned only with Jordanian manufacturing companies that their stocks are traded in the organized market. It is important to note that the cap ital structure of financial firms has special characteristic when compared to the capital structure of non financial firms, they also have special tax treatment (Lester, 1995).On the other hand, the financial firms have a higher leverage rate, which may tend to make the analysis results biased. Moreover, financial firms their leverage is affected by investor insurance schemes (Rajan and Zingals, 1995). For these reasons, the potential sample of the study consists of non financial (Manufacturing) companies that are still listed in Amman Stock Exchange. The total number of industrial companies listed in ASE at the end of year 2007 was 88 companies, which are 40.93% of the total number of the companies listed in that market.The study conducts the following criteria in selecting the sample upon the Jordanian manufacturing companies by excluding all the firms that was incorporated after year 2002, and all the firms that have merged or acquired during this period, further, the firms have liquidated or delisted by the Amman Stock Exchange, and finally, the study have also excluded the firms that have information missing for that period.The application for those criteria has resulted in 52 samples of manufacturing companies. The data for the variables that are included in the study models is tested using three different econometric techniques which will be discuss briefly in the next sections.3.3 Econometrics techniquesHairs et al. (1998) argued that the application of econometrics technique depends on the nature of data employed in the study, and to what extent it would be realised to the research objectives. In order to find a best and adequate data model, the current study employs pooled data technique and panel data analysis which is usually estimated by either fixed effect technique or random effects technique.The following sections provide a brief discussion on the econometrics techniques that the current study uses to estimate the empirical models.3.3.1 Pooled Ordinary Least Square (OLS) techniqueAll the models used in the study have been tested by the pooled data analysis technique. The pooled data is the data that contains pooling of time series and cross-sectional observations (combination of time series and cross-section data) (Gujarati, 2003). The pooled data analysis has many advantages over the pure time series or pure cross sectional data. It generates more informative data, more variability, less collinearity among variables, more degrees of freedom, and more efficiency (Gujarati, 2003). The underlying assumption behind the pooled analysis is that, the intercept value and the coefficients of all the explanatory variables are the same for all the firms, as well as they are constant over time (no specific time or individual aspects). It also assumes that the error term captures the differences between the firms (across-sectional units) over the time.However, (Gujarati, 2003) has pointed out that these assumptions are highly restric tive. He argues that although of it is simplicity and advantages, the pooled regression may distort the true picture of the relationship between the dependent and independent variables across the firms. Pooled model will be simply estimated by Ordinary Least Square (OLS). However, OLS will be appropriate if no individual (firm) or time specific effects exist. If they exist, the unobserved effects of unobserved individual and time specific factors on dependent variable can be accommodated by using one of the panel data techniques.According to (Gujarati, 2003) panel data is a special form of pooled data in which the same cross-sectional unit is surveyed over time. It helps researchers to substantially minimize the problems that arise when there is an omitted variables problems such as time and individual-specific variables and to provide robust parameter estimates than time series and (or) cross sectional data.All the empirical models that have been tested by using pooled data analysi s and tested again on the basis of panel data analysis techniques (Fixed Effects and Random Effects).3.3.2 The fixed effects model (FEM)Fixed effects technique allows control for unobserved heterogeneity which describes individual specific effects not captured by observed variables. According to Gujarati (2003) the fixed effect model takes into account the specific effect of each firm the individuality by allowing the intercept vary across individuals (firms), but each individuals intercept does not vary over time. However, it still assumes that the slope coefficients are constant across individuals or over time.Two methods used to control for the unobserved fixed effects within the fixed effects model the first differences and Least Square Dummy variables (LSDV) methods.For the purposes of the current study, (LSDV) was used where two sets of dummy variables (industry, and year dummy variables). The additional dummy variables control for variables that are constant across firms but change over time. Therefore, the combine time and individual (firm) fixed effects model eliminates the omitted variables bias arising both from unobserved factors that are constant over time and unobserved factors that are constant across firms.However, fixed effects model consumes the degrees of freedom, if estimated by the Least Square Dummy Variable (LSDV) method and, too many dummy variables are introduced (Gujarati, 2003). Furthermore, with too many variables used as regressors in the models, there is the possibility of multicollinearity. It is worth noting that OLS technique used in estimating fixed effects model.3.3.3 The Random Effects Model (REM)By contrast, fixed effects model, the unobserved effects in random effects model is captured by the error term (it) consisting of an individual specific one (ui) and an overall component (vit) which is the combined time series and cross-section error. Moreover, it treats the intercept coefficient as a random variable with a mean val ue (0) of all cross-sectional (firms) intercepts and the error component represents the random deviation of individual intercept from this mean value (Gujarati, 2003). Consequently, the individual differences in the intercept values of each firm are reflected in the error term (ui).On the other hand, the Generalized Least Square (GLS) used in estimating random affects model.This is because the GLS technique takes into account the different correlation structure of the error term in the Random Effect Model (REM) (Gujarati, 2003).3.3.4 Statistical specification testsThe study uses three specification tests to identify which empirical method is the best. These tests are used for testing the fixed effect model versus the pooled model (F-statistics), the random effect model versus pooled model (Lagrange Multiplier test) (LM), and the fixed effect model versus the random effect model (Hausman test). The following sub-sections offer brief disc