Dynamics and determinants of dividend policy - Free Essay Example

INTRODUCTION Corporate dividend policy is one of the most debated topics in corporate finance. Many researchers have devised theories and provided empirical evidence regarding the determinants of a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. The dividend policy issue, however, remains still unresolved as due to the fact that there are so many variables depending upon the type of company, its financial conditions, its industry etc that no single formula could be applicable. Clear guidelines for an à ¢Ã¢â€š ¬Ã‹Å"optimal payout policyà ¢Ã¢â€š ¬Ã¢â€ž ¢ have not yet emerged despite the voluminous literature. We still do not have an acceptable explanation for the observed dividend behavior of companies. During the last fifty years several theoretical and empirical studies have been done leading to mainly three outcomes: 1. The increase in dividend payout affects the market value of the firm. 2. The decrease dividend payout adversely affects the market value of the firm. 3. The dividend policy of the firm does not affect the firm value at all. However, we can say that empirical evidence on the determinants of dividend policy is unfortunately very complex. Basis on which corporations pay out dividends to the share holders is still an unresolved puzzle. First prominent study that appeared in the literature of finance regarding dividend policy was that of Miller and Modigliani (1961) where they state that there are no deception in a perfect and a rational economic environment. This was the starting point for other researchers to explore dividend payout policy phenomena. Almost all researches that followed referred back to Miller and Modigliani (1961). Various researches were carried out by many researchers to explore the determinants of dividend payout policy, some of them focused on profitability, some on size of the firms, some on growth rate of the firm while others on agency costs. For example researches carried out by Nissim et el (2001), Brook et el (1998), Bernheim et el (1995), Kao et el (1994), and Healy et el (1988) found out a positive association between increase in dividend payout and future profitability. Kalay et el (1986) and Asquith et el (1983) found out that stock returns is positively associated with dividend changes. Sasson et el (1976) conclude that the payout ratio is positive association with average rates of return. On the other hand, studies of Benartzi et el (1997) and DeAngelo et el (1996) find no support for the relationship between future profitability and dividend changes. On Other side most debated factor affecting dividend policy arguably is agency costs. Jensen (1986). Agency cost argument suggests that cost is reducing by dividend payments and cash flow Rozeff (1982). Researches carried out by Jensen et el (1992), and Lang et el (1989) supported this agency cost hypothesis, while others such as Lie (2000), Yoon et el (1995) and Denis et el (1994) found no support for this hypothesis. Size of the firm is another factor which seems to have an impact of dividend payout policy. Firms larger in size are considered to have more ability to payout dividends to its share holders. Lloyd et el (1985), and Vogt (1994) pointed that firm size plays a role in clarifying the dividend-payout ratio of firms. They argued that because larger firms are mature and have easy access to capital markets thus they are not really much dependant on internally generated funding which enabl es them to payout higher dividends. The purpose of this research is to investigate the dynamics and determinants of dividend policy of oil gas sector firms in Pakistan. The independent variables selected from the literature include: market capitalization, profitability and annual rate of growth of total assets. Analysis of these variables should reveal there exist an impact of these variables on dividend payout policy of the firms and very nature of the relationship. The remaining part of this thesis is organized as follows. In section 2 brief reviews of theories about the dividend will be presented. In section 3 this thesis discusses the data and possible variables that can act as proxy for different influences for analysis .In section 4 this thesis will establish the model. Section 5 will provide details of methodology used. In section 6 thesis will establish analysis and interpretations and section 7 will present results and draw a conclusion. CHAPTER II LITERATURE REVIEW There are various theories which provide insight on how a firm pays the dividends. 2.1 Miller and Modigliani theory According to Miller and Modigliani (of Merton Miller, Franco) (1961) dividend do not affect firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ value in perfect market. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as far as firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t change the investment policies. In this type of situation firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend payout ratio affect their residual free cash flows, when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s future earnings. Example: Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s a common believe that dividend policy is created by shareholder himself for example if a person has 10,000 PKR and wants income of 3,000 PKR a year from that portfolio, simply 3000 PKR money value can be sold by a person this amount as dividend income does not accep t by him. This theory says, à ¢Ã¢â€š ¬Ã…“Who is anxious about dividends?à ¢Ã¢â€š ¬? MM explains that under certain assumptions including rational investors and a perfect capital market, the market value of a firm is independent of its dividend policy. Smirlock Marshall, (1983) stated that relationship between the Dividend and Investment Decisions indicates that no causality between the dividend and investment decisions of the firm. The fact that the firm-specific data conclusively supported the separation principle is particularly convincing. This is the first application of causality tests to a large sample of firms. 2.2 The bird in the hand theory Investors always prefer cash in hand rather then a future promise of capital gain due to minimizing risk Gordon (1963). Gordon believes that he is anxious about investing in dividends and dividend stocks. Gordon say that when he is paid hard cash by the company, he knows that the company is not just telling him that it is making money but the fact it that it is really making money . This is the idea that cash payment is valued by the investors in their hands over the hope of future profits. 2.3 The agency theory Traditionally, corporate dividend policy has been examined under the assumptions that the firm is one homogenous unit and that the managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s objective is to maximize its value as a whole. The agency cost approach differs from the traditional approach mainly in this way that it explicitly recognizes the firm as a collection of groups of individuals with conflicting interests and self-seeking motives. According to the agency theory, these behavioral implications cause individuals to maximize their own utility instead of maximizing the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s wealth. The agency theory of Jensen and Meckling (1976) is based on the conflict between managers and shareholder and the percentage of equity controlled by sponsor ownership should influence the dividend policy. The theory focuses on the relationship between an agent of the principal (companys managers) and a principal (shareholder) . Jensen and Meckling (1976) in corporations, agency problem arise from external debt and external equity. Jensen and Meckling (1976) analyzed that how firm value is affected by the distribution of ownership between inside shareholders and outside shareholders who can consume perquisites, and who cannot. Within this framework, increased managerial ownership of equity alleviates agency difficulties by reducing incentives to consume perquisites and expropriate shareholder wealth. Jensen and Meckling (1976) argue that equity agency costs would be lower in firms with larger proportions of inside ownership. Managers are better understanding their interest with stockholders when they increase the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ ownership of the firm. Dividends are believed to play an important role in reducing conflicts between managers and stockholders. Any dividend policy should be designed to minimize the sum of capital, agency and taxation costs. According to Bathala (1990), in the agency costs and dividends, two lines of thought can be found explai ning cross-sectional variations in payout ratios. First view Holds that a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s optimal payout ratio is the results of a trade-off between a reduction in the agency costs of external equity and an increase in the transaction costs related with external financing resulting from dividend payments as the payout ratio increases. Second view Argues that inside ownership and external debt are substitute mechanisms in mitigating agency costs in a firm. Basic study for the first line of thought is based on Rozeffà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1982) propositions. He suggests that dividend payout ratios may be explained by reduced agency costs when the firm increases its dividend payout and by increased more expensive external capital. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The agency theory is related with resolving two issues that can be held in an agency relationship. PROBLEMS: The desire of the principal and agent conflict and it is expensive or complicated for the principal that it cannot check that the agent has behaved appropriately. Risk sharing is a problem that occurs when the agent and principle have different behavior towards hazard. The issue here is that the principal and the agent may prefer separate actions because of the separate risk preferences. According to (Naceur, Goaied, Belanes, 2006) profitable firms with more stable earnings can pay larger dividend. Whenever they are growing very quick, dividend policy doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t get any impact from financial leverage and ownership concentration. Also the liquidity of stock market and size negatively impacts the dividend payment. Oskar kowalewski and Ivan Stetsyukand Olesksandr Talavera (2007) study that how corporate governance determines dividend polices in Poland. They have established for the first time, quantitative measures on the quality of corporate governance for 110 non- financial listed companies. Their result suggested that large and more profitable companies have higher dividend payout ratio .Furthermore, risky and more indebted firms prefer to pay lower dividend s. The results finally, based on the period of 1998-2004, Reveals that dividend policy is quite important in the valuation process of companies, but the issues still remain scantily investigated in transition countries. A study on the determinant s of dividend policy and its association to corporate governance in a transition economy both offers an interesting subject and complements the existing corporate governance literature. The agency theory points that dividend may mitigate agency costs by distributing free cash flows that otherwise would be spent on unprofitable projects by the management. It is argued that dividends expose firms to more frequent analysis by the capital markets as dividend payout increase the likelihood that a firm has to issues new common stock. On the o ther hand, scrutiny by the market helps alleviate opportunistic management behavior, and thus, agency costs. Agency cost, in turn, is related to the strength of shareholders rights and they are associated with corporate governance. Furthermore, agency suggested that shareholders may prefer dividends, particularly when they fear expropriation by insider. They test the determinants of dividend policy in a multiple regression framework to control for firm specific characteristics other than governance. All the variables enter the regressions with expected signs. Size and return on assets are positively associated with variable cash dividend. Leverage is negatively associated with variable cash dividend. Their results provide evidence that in Poland listed companies where corporate governance practices are high and as a result shareholders rights are for strong payout higher dividend. Jianguo Chen and Nont Dhiensiri(2009) suggest that relationship between dividend pay-out ratio (POR) with the pro Cash flow variability (CFV), ownership dispersion, insider ownership, free cash flow, collateral stable assets, Past growth (GROW1), future growth (GROW2), stable dividend policy and imputation credit (IMP). They analyze the determinants of the corporate dividend policy using firms listed on New Zealand Stock Exchange .They examined that firms traditionally have high dividend pay-outs compared with companies in the US. They find that their is a negative relationship between dividend payout ratio and CFV, Insider, Beta ,growth and positive relationship between ownership dispersion ,free cash flow, collateral stable assets stable dividend policy and imputation credit. Their conclusion provides strong support to the agency cost theory and partially supports transaction cost and residual dividend theory. They do not have any evidence to support the dividend stability theory and the signaling theory. 2.4 Signaling theory The explanation about the signaling theory given by Bhattacharya (1979) and John, Kose and Williams (1985) dividends allay information symmetric between managers and shareholders by delivering inside information of firm future prospects. 2.5 Effect of tax preferences theory Miller and Scholars (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gains lead to different clientele. Tax Preference theory Investor gave an important consideration to the taxes. This should by keep in mind that the dividends are taxed at a higher rate than the capital gains. As such, capital gains are preferred by the investors as compared to the dividends. This is known as when the investments are actually sold only then the capital gains are paid. When capital gains are realized inverseà ¢Ã¢â€š ¬Ã¢â€ž ¢s can control, but dividend payments are un controllable by them and the related company controls the dividend payment. In an estate situation, capital gains are not realized. For example: If a stock is purchased by an investor 50 years ago and is held by him until his or her death, when it is passed on to an heir after he is expired. Now that heir does not have to pay taxes on stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s appreciation. 2.6 Life Cycle Theory Life Cycle Theory and Fama and French (2001) states that the firms should follow a life cycle and reflect managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. 2.7 Catering theory According to Baker and Wurgler (2004) in Catering theory suggest that the managers in order to give incentives to the investor according to their needs and wants and in this way cater the investors by paying smooth dividends when the investors by not pay when investors prefer non payers but put stock price premium on payers. 2.8 Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Model John Lintner (1956) initiates with his theory relies on two important things that he studied about dividend policy: 1) According to the amount of positive net-present-value (NPV) projects the companies tend to set long-run target dividends-to-earnings ratios. 2) Earnings increases are not always bearable. As a result, until managers can see that new earnings levels are bearable, dividend policy is not changed As regards the empirical literature the roots of the literature on determinants of dividend Policy is related to Lintner (1956) seminal work after this work the model is extended by The Samy ben naceur, Mohamed goaied and Amel belanesthe (2006) during the period (1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"2002) on the Tunisian Stock Exchange listed study the dividend policy of 48 firms. Lintnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s model is applied using static and dynamic panel data regressions. They examined that Tunisian firms rely more on current earnings that past dividends to fix their dividend paymen ts in the way that dividends tend to be more sensitive to current earnings rather than prior dividends. Any inconsistency in the level of dividends is directly reflected in the earnings of the corporation. Samy ben naceur, Mohamed Goaied and Amel belanesthe (2006) focused on the relationship between dividend and ownership, liquidity, return on assets (ROA), profitability, investment, leverage ratio, size. The results indicate that highly profitable firms with more stable earnings can afford larger free cash flows and thus pay out larger dividends. Moreover, fast-growing firms distribute larger dividends so as to demand to investors. On the other hand, ownership concentration does not have any impact on dividend payment. In fact, being closely held Tunisian firms witness less agency conflicts and shareholders do not resort to dividends in order to reduce managerial discretion and protect their interests. The liquidity of the stock market has a negative influence, which confirms th at the implementation of the electronic transaction system in the TSE has facilitated the realization of capital gains, which has reduced the need for dividend payments. At last, the negative coefficient on size found in the full sample has disappeared when regulated firms are excluded, which reduces the strength of this factor. Researchers have proposed many different theories about the factors that affect a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy. Kanwal Anil and Sujata Kapoor (2008) analyzed that The Determinants of Dividend Payout Ratio-A Study of Indian Information Technology Sector. The period under study is 2000-2006 as it is known that the period of 5 to 6 years covers both recession and booming of IT industry. They stated that profitability has always been considered as a primary indicator of dividend payout ratio. There are numerous other factors other than profitability also that affect dividend decisions of an organization namely cash flows, corporate tax, sales growt h and market to book value ratio. They suggest that dividend payout ratio is positively related to profits, cash flows and it has inverse relationship with corporate taxes, sales growth and market to book value ratio. Statistical techniques of correlation and regression have been used to explore the relationship between key Variables. Thus, the main theme of this study is to recognize the various condition that effect the decision of dividend payout policy of IT firms in India. In short factors influencing the corporate dividend policy, according to them, may substantially vary from country to country because of inconsistency or variations in legal, tax and accounting policy between countries. In view of these facts, the present study aims at identifying the variables influencing corporate dividend policy in Pakistan. CHAPTER III DEPENDENT AND INDEPENDENT VARIABLES Objective of this study is to determine factors that have an impact on dividend of Oil Gas Exploration and Oil Gas Marketing sector of KSE. Dividend yield is dependent variable and the three independent variable are size, profitability and growth. These variables are discussed here. 3.1 Dividend yield (DY) Arthur A Thompson in his book Crafting and Executing Strategy says that the measure of the return that shareholder receives in the form of dividend is called dividend yield (DY). A typical dividend yield is 2 -3%, the dividend yield for fast growth companies in often below 1%(may be even 0) and the dividend yield for slow-growth companies can run 4-5%. Dividend yield can measure by annual dividend per share divided by current market price per share. Samy ben naceur et el(2006)The DY (dividend yield ) as our measure of the dependent variable equals to dividend per share to price per share, payout ratio cannot be used as a measur e of dependent variable because sample contains firms with negative earnings. Khamis Al-Yahyaee et el (2006) and Hafeez et el (2009) also used dividend yield (DY) as the dependent variable. CHAPTER IV EXPLANATORY VARIABLES This thesis selected 3 variables used by different researchers Samy ben naceur et el (2006) and Hafeez et el (2009). 4.1 Firm Size Hafeez et el (2009) The firm size has been calculated as the total assets of the firm because a posiyive coefficient is expected from this variable as there is a very low chance of bankruptcy in large more diversified firms and it can sustain higher level of debt. Scott and martin (1975) found that the size of the firm is very important factor which can affect the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and debt policy. A negative impact has been found by market capitalization and size of the firms on dividend payout policy which clearly shows that the firms prefer to invest in their assets rather than pay dividends to its shareholders. The financial characteristic of size has been explained by Market capitalization and the size of the firm. According to the null hypothesis for this financial characteristic there is no relation between the market capitalization and size with dividend payout ratio but the results show that there is a inverse and significant relationship betwee n dividend payout and MV.Hence null hypothesis is rejected. The evidence supported by the finding of Belans et al (2007), Jeong (2008) deviate from Avazian et al (2006). Samy ben naceur et el (2006) the size of the firm by total market value (LNSIZE) and it is expected to be positively correlated with dividend paid. The literature suggests that size may be inversely related to the probability of bankruptcy (Ferri and Jones 1979; Titman and Wessels 1988; Rajan and Zingales 1995). In particular, larger firms should have an easier access to external capital markets and can borrow on better terms, Moreover, larger firms tend to be more diversified and their cash flows are more regular and less volatile. Thus, larger firms should be more willing to pay out higher dividends. Even the conflicts between creditors and shareholders are more severe for smaller firms than the larger ones. Khamis Al-Yahyaee et el (2006) they measure size of the firm from Log of sales. Firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy is influenced by variables such as size. There is an advantageous position for larger firms to raise external funds in the capital markets and are less dependent of internal funds. Therefore there is a negative relationship between dependence on internal financing and the size of the firm. Moreover, there is a chance of lower bankruptcy probabilities in larger firms and thus they are able to pay more dividends. Thus as per this research the hypothesis is H1= Firm size is positively associated with dividend payouts. 4.2 Firm profitability Empirical research found that there is a positive relationship between dividend yield and profitability. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Some of them are as follow. Khamis Al-Yahyaee et el (2006) measured profitability by earnings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore its logical that more dividends are paid by profitable firms. Samy ben naceuret et el (2006) measure the profitability by the return on assets (ROA) net income/total assets and it is positively correlated with dividend payments. Firms with high profitability can afford larger free cash flows and hence new investment opportunities. Therefore, paying higher dividends does not disturb them. In the same vein and according to the pecking order theory, firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Hafeez et el (2009) measured Profitability Net Earnings and Earning Per Share after tax. The net earnings show the positive relationship with the dividend yield. The net earnings after interest, depreciation and after tax have been used as the explanatory variable to examine the role of earnings to pay dividends. Thus as per this research the hypothesis is H2= There is a positive relationship between a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s profitability and dividend payouts. 4.3 Firm Growth Samy ben naceur et el (2006) measure investment and growth by MBV (market value of equity/ book value of equity) and annual rate of growth of total assets. Firms anticipate higher growth, when they establish lower dividend payout ratio because growth entails higher investment expenditures. When firms retain higher proportion of earning to finance future investment need due to high cost of external financing, their dividend pay out in anticipation of future growth stands reduced. Hence, a negative relationship between dividend payout and expected growth is expected. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. A negative relationship is expected between growth opportunities and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Similarly, the pecking order theory predicts that more earnings are r etained by the firms having a high proportion of market value followed by growth opportunities hence they are able to minimize the need to raise new equity capital. Free cash flow theory also predicts that their will be a lower free cash flow and lower dividend is paid by the firms with high growth opportunities. On the other hand Hafeez et el (2009) argued with the above researcher. According to the signaling theory the higher the firm grows, the higher they pay dividends to shareholders. The shareholders get signals from the growth of the firms having high growth opportunity. The sales growth has been used as proxy of Growth in the empirical analysis of the study and has been used as percent age change in sales annually as proxy of the growth. Whereas Kanwal Anil et el (2008), measured growth and investment by sales growth and MTBV. Hafeez Ahmed et el (2009) measures investment as SLACK = accumulated retained earnings/ total asset. Thus as per this research the hypothesis is H3= Firm growth is negatively associated with dividend payouts. Table 1 Summary of Proxy Variables and Research Hypotheses H1: Size MCAP = market capitalization Positive H2: Profitability ROA= net income/total assets Positive H3: Growth GROWTH = sales growth Negative CHAPTER V METHODOLOGY DATA COLLECTION METHOD The data is collected from Securities Exchange Commission of Pakistan, State Bank of Pakistan and the Karachi Stock Exchange. The variables of the study are calculated from the Audited Annual Accounts of 6 firms for the period of 2001 to 2008 resulting in about 240 observations for each variable and as such it is a long period enough to smooth out variable fluctuations. (Rozeff, 1982) SAMPLE Sample Size consists of six companies from oil and gas exploration and marketing sectors in Pakistan, listed on Karachi Stock Exchange (KSE) Total of six companies listed on Karachi Stock Exchange (KSE). Data collected from year 2001 to year 2008. STATISTICAL TEST Linear Regression test was performed to analyze data. Dividend yield is a dependent variable and growth, size and profitability are taken as independent variable. REGRESSION MODEL This study uses multiple regression analysis. This thesis estimate that Y= X0 + X1 + X2 + X3 + e Y = Dividend yield. X0 = Intercept of the equation. X1 = Firm size. X2 = Firm profitability. X3 = Firm sale growth. e = Error Term. CHAPTER VI DATA ANALYSIS AND INTERPRETATION Table 2 MODEL R SQUARE F Sig. 1 .223 3.917 .015(a) Table 2 above shows F Ratio for the regression model is significant which indicates that regression model is a best fit. Total variation in the dependent variable explained by the regression model as indicated by R square is .223 i.e. 22.3% change in dividend yield is explained by these three independent variables. Table3 UNSTANDARDIZED COEFFICIENT STANDARDISECOEFFICIENT t Sig. B Std. Error Beta (Constant) 0.066 0.011  5.826 0 Size -1.10E-06 0 -0.503 -2.879 0.006* Profitability 0.16 0.094 0.269 1.709 0.095** Sale growth 2.17E-07 0 0.484 3.038 0.004* *Significant at 1% **Significant at 10% Table 3 reports the ordinary least square results of the regression analysis. Results indicate that size of the firm is significant as shown in table 3 and shows that size is negatively correlated with dividend at 1% .As researcher taken in its own hypothesis that the size will present positive relation but its coefficient is negative which rejects researcher hypothesis. Since the size is also statistically significant but the hypothesis for this thesis shows that the growth is negatively related to dividend hence this hypothesis rejected. Some researcher result find out size as positive. Fama and French (2000 and 2001) concluded that more dividends are payable by large and more profitable firms. Lloyd and Jahera (1995 cited on holder 1998) concluded that those larger firms have easier access to capital markets which are more mature hence allowing for higher dividend pay-out ratios and reducing their dependence on internally generated funding. Aneel Kanwer (2002) measur ed size with total sale and researcher find out that size is positive related to dividend yields. Smaller company gives lower dividend as compared to larger company. Oskar kowalewki et el (2007) made a research in Poland and they measured size with total assets .they find out that size is positively related to dividends because more dividends are paid by companies which are larger in asset and size.. Some researcher result find out size as negative .The result of the research by Hafeez Ahmed et el (2009) on KSE (non financial firms) is similar to this thesis result. they measure size with natural logarithm of total assets This results indicates that the size of the firms have the negative impact on dividend payout policy which shows that the firms prefer to invest in their assets rather than pay dividends to their shareholders .. Samy Bin Naem et el (2006) made their research on the firms of the Tunisian Stock Market and They measured the size with logarithm of stock market capitalization. They concluded that there is a negative relationship between size and dividend, but the negative relationship disappeared when regulated firms are removed. Since the result of the researcher Fama and French (2000 and 2001) , Lloyd and Jahera (1995 cited on holder 1998) , Aneel Kanwer (2002) and Oskar kowalewki et el(2007) shows that the size is positively related with dividend and result of some other researcher like Hafeez Ahmed et el (2009), Samy Bin Naem et el (2006) shows that the size is negative related to dividend, the logic of this opposite view by the researcher is that different countries have different environment, taxes, difference in culture, different economic position and so on, in addition to that, difference in industries and financial firms are the major reasons of difference in the views of various researchers. The hypothesis of this thesis is positive because large size firms pay more dividends and hypothesis of various researchers is also positive large size firm will have more profit and hence pay more dividends to their shareholders but the result of this thesis is negative, because researcher used stock market capitalization to measure size. The large firms dominate and may be involved in greater scale production, and thus distribute less cash dividends as compared to their smaller counter parts. Profitability is positively correlated with dividend which is significant at 10%. This shows that more profitable firms are give more dividend than the firm which are less profitable. The result of the research by Hafeez et el (2009) they measured profitability with Earning Per Share after tax and Samy Ben Naceuret et el (2006) they measured profitability with ROA=net income/total assets is similar to this thesis result. The results indicate that large free cash flow is afforded by the firms which are highly profitable and with more stable earnings. Khamis Al-Yahyaee et el (2006) measured the profitability by ear nings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore the more the profitable firm the more they will pay the dividend Shammyla Naeem et el (2007) measured the profitability with return on investments. They also get the same conclusion the size is positively related to the dividend the higher profitable firms pay more dividend Another research by Adaoglu (200), Amidu et el (2006) and Belans et al (2007) is similar to this thesis result. This shows that the firms with the positive earnings pay more dividends. This is indicated that the profitability which shows the positive and significant association with dividend yield. Since the Growth is also statistically significant as shows in Table 3 and the hypothesis for this thesis shows that the growth is negatively related to dividend but the result of this thesis differ s from the hypothesis because it is positive related to the dividend hence this hypothesis rejected. The result conclude that growing firms are more geared to provide more dividend. Some researcher result find out growth as positive. The result of the research by Samy Ben Nnaceuret et el (2006) measured growth with annual rate of growth of total assets is similar to this thesis result. The results indicate that fast-growing firms distribute larger dividends so as to appeal to investors. The result of research by Hafeez et el (2009) The growth has been measured growth with sale. According to the signaling theory the high growth firms are smoother to pay their dividends to shareholders. Growth is the signals to the Shareholders the firms having high growth opportunities. Whereas, some researcher result find out growth as negative. Rozeff (1982), Lloyd et el. (1985) and Collins et el. (1996) all shows significantly negative relationship between growth and dividend payout. R ozeff, (1982) obtains the results which is similar to our hypothesis that dividend payout is negatively related to growth due to investment needs for costly external funding and growth which is significant at 5%. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. Negative relationship between growth and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Kanwal Anil et el ( 2008) made their research on IT firms in India which conclude that dividend payout ratio is inverse relationship with growth .They measured growth by sales growth and MTBV. Jianguo Chen et el (2009) measured growth with Average growth rate of revenues, made their research on sample firms listed on NZSE which conclude there is significantly negative relationship between growth and dividends payout ratio and its significant level is 5%. The hypothesis of this thesis is negative because when the growth increase, the firm tends to pay more attention on their internal financing and they invest in their own company rather then paying to the shareholders. The result of this thesis is positive because the growth is measured by sale growth. The more sale growth the more will be the profitability and therefore the company will generate revenue and hence more dividend is paid to their shareholder. CHAPTER VII CONCLUSION In this research, three variables were tested to analyze their possible impact and relationship with dividend yield policy, namely size, profitability and growth. The thesis uses multiple linear regression models, the data analysis covering from 2001 to 2008 of Oil gas sector in Pakistan. Results show that dividend yield and independent variables are statistically significant. Size is statistically significant which shows that relationship exists between firm size and dividend yield. The significant level which we took was 1%, in an article by author Khamis Al-Yahyaee et el (2006) the significant level was also 1% since the size is significant but the Result shows that there is a inverse relationship between dividend yield and size. This shows that hypothesis of this research is rejected. This result is supported by the result of different researcher Samy Bin Naem et el (2006) and Hafeez Ahmed et el (2009) Profitability is also statistically significant. Positive relation ship exists between the dividend and profitability, the significant level we took here is 10% in an article by the author Yahyaee et el (2006) the significant level was also 10%, this shows that H0 is rejected. The more the firms are profitable the large they give dividends. We measured the profitability by ROA. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006), Shammyla Naem et el (2007) and Hafeez et el (2009). Growth is also statistically significant. The significant level of our research is 1%. There is a positive relationship between growth and dividend yield which indicate that the hypothesis of this thesis is rejected because in this thesis hypothesis the growth is negatively related. This result is supported by the result of different researcher Samy Ben Naceuret et el (2006) and Hafeez et el (2009). RECOMMENDATIONS In this research, three variables were tested to analyze their possible impact on dividend yield, but study of available literature reveals that there some other variables that may have an impact on dividend yield policy of a firm such as price to earnings ratio, profit margin, debt to equity ratio, current ratio, available float, insider ownership, institutional ownership, and investment policy. Further researches can be carried out to test the relationship of these variables on firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s dividend policy and what kind of relation they have can also be tested. Having said the above and as earlier mentioned in the introduction, the number of variables affecting the dividend payout policy, are numerous. However, the three variables that have been taken into consideration for this thesis are very significant to oil and gas sector. As per the research conducted by researcher, an opportunity is taken to recommend that these variables are a key ingredients for any divide nd analysis but would like to stress that other factors or variables which are inherent due to the uniqueness of the company/industry being reviewed should also be taken into consideration before arriving at an opinion on its respective dividend policy.

Dyslexia- Literature Review - 2463 Words

Chapter 3: Literature Review Supporting The Child One of my primary focuses was to find out how different literatures dealt with Dyslexia and how best to support the child. Dyslexia can be described from a number of different perspectives as we see in Ball et al (2007) who explain that it can be â€Å"how one learns (Cognition), what parts of the brain are involved (neurology), what genes are involved (genetics) and behaviour (p14). Their book entitled ‘Dyslexia: An Irish perspective’ is very relevant to my research as it gives a great insight into the history of the special education sector in Ireland. It also looks into some of the key debates that are facing the educational sector today. Perhaps most importantly this book dedicates a full†¦show more content†¦Since all Dyslexic children differ from each other and learn differently it is crucial that parents and teachers incorporate all of their senses into the learning process as their visual or auditory processing may be impaired. Lawrence states that a child may pass a hearing or vision test quite easily, yet they may not be able to process this information into their memory. This shows how simple exercises can have a long lasting positive effect on the child in these early school years. Reinforcement is a key practise when dealing with children who suffer with dyslexia and in Townend and Turner (2000) they explain that â€Å"children with Dyslexia need many opportunities to practise the skills they have learned and to preserve them in long-term memory and Practise work must be presented in a variety of ways to maintain interest† (p19). Note taking can be difficult for Dyslexic children so a slow pace should be taken or better still to arrange for notes to be photocopied. Tasks also need to be concentrated on things like worksheets and not just the blackboard where students may become inattentive or inactive. When arranging work assignments it is also a good idea to care to have clear presentation, with large text, bold heading and as many visual aids as possible. Herold(2003) describes ways in which teachers can adapt their teaching methods in order toShow MoreRelatedChildren With Dyslexia And Strategies For Teaching Them Literacy879 Words   |  4 Pages Children with Dyslexia and Strategies for Teaching Them Literacy (Draft) Jennifer A. Eyink George Mason University â€Æ' Abstract This paper explores three peer-reviewed articles that involve treating children with reading disabilities. Two of these articles derive their data from empirical studies. One article is purely research based, and offers many simple strategies for treating a dyslexic child in the music classroom. All reading disabilities described in these articles, such as specificRead MoreAn Evaluation Of Elementary School1495 Words   |  6 Pagesand various subscriptions. The library staff is submitting a $2,000 grant proposal to the International Dyslexia Association. These funds will be used to curate a collection of materials that will educate and assist the dyslexic students, their families, and their teachers. The purpose of the collection is to inform library users and the community about the symptoms and challenges of dyslexia, learning and coping strategies, and creative teaching techniques. More importantly, the collection willRead MoreReading On Reading Disabilities And Dyslexia2195 Words   |  9 Pagesstruggle with reading disabilities in general, including dyslexia may not have the easiest time overcoming it. Not being able to read may lead to other issues with spelling, grammar, and general comprehension of material. This literature review will be covering many previous done studies that focus on reading disabilities and dyslexia. Through examining this literature it should give some answer to my overall thesis, which is how is dyslexia connected to reading disabilities and what can be done toRead MorePresentation And Discussion Of Data Essay1630 Words   |  7 PagesDiscussion of â€Å"Data† Dyslexia is more prevalent in society than this author even knew prior to conducting this research. According to Austin Learning Solutions, 1 in 10 Americans are dyslexic in some capacity. Public opinion about dyslexia has perhaps kept many from seeking help, as 80% of Americans associate dyslexia with some form of retardation. (Austin, 2015) However negatively our society might look at dyslexics, no particular community is less vulnerable to dyslexia than any other. LearningRead MoreMorphological Use as an Indicator of Reading Disability Essays1493 Words   |  6 PagesIntroduction Children with reading disabilities differ from children that read typically in their use of morphological forms. 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Review of Literature There have been several policies put into place to make sure children with disabiltitesRead MoreTexas Dyslexia Reform: Implementing a Policy in Its Infancy Essay1696 Words   |  7 Pagesstudents with dyslexia in 1985, continues to set the standard when it comes to dyslexia education reform (T. Flanders, personal communication, August 30, 2011). Until recently, little consideration was made in the use of assistive technology (AT) for students with mild disabilities, specifically in the field of dyslexia education and intervention (Edyburn, 2006, p. 18). With the passing of Senate Bill 866, concerning the implementation of classroom technology plans for students with dyslexia, the pursuitRead MoreViolence And Abuse Of The United States913 Words   |  4 PagesWomen against Abuse, police officers, and more. It is considered a very serious crime in the U.S although it is frequently unreported, as some victims either do not realize that they are being abused or they are too frighten ed to report it. Review the Literature There are many various types of abuse. A very common one that unfortunately occurs in the United States is sexual. Sexual assault branches out into many different things. Some examples are rape, indecent exposure, molestation, and even maritalRead MoreQuantitative Research Vs. Qualitative Research704 Words   |  3 Pagesthe researcher would use statistics to find information like the mean, standard deviation, probability of a certain event, etc. Both are very useful forms of research; however, they cannot both be equally applied to all situations. A researcher in literature or political science would be more likely to use qualitative research than a forensic science researcher would. I am currently still deciding on a topic and talking to two possible mentors. I have found a few different areas that I may be interestedRead MoreHigh Among The Nation s Concerns Essay1692 Words   |  7 Pageswhich interfere with processing information, such as: listening, speaking, thinking and reading. The most prevalent condition according to the same source (NCLD), is a reading disorder known as Dyslexia. Autism and ADD/ADHD are not considered learning disabilities. Students with learning disabilities are reportedly the largest group of individuals (41%) served by the Individuals with Disabilities Act (IDEA). Under this law eligible students

How True is True Love in Modern Times - 2328 Words

Does True Love Exist? I love you. These three little words might possibly be the most powerful statement one can make to another person. In life, most yearn for the intimate affection that a certain someone can provide them. Women dream of their Prince Charming to come and sweep them off their feet, while men search for the love of their life that sets their heart on fire. But what happens when love is thrown around without a second thought? Has this four letter word become an overused clichà ©? Has love been replaced with lust? Is there such a thing as true love? This last question has been asked throughout history, while many have argued and debated over the final answer. We, as a society, have become a loveless, sex crazed group of†¦show more content†¦She finds it ridiculous that some would commit suicide for such a small thing as having no one to love. I might be driven to sell your love for peace, / Or trade the memory of this night for food, (12-13) she says, imagin ing a situation where she must choose between love and basic necessities. However, in the last line of the poem, after thinking about this sacrifice, she simply answers, I do not think I would, (14) proving that in the end, she would rather be left with love. Millay explains that some people do not cherish love as they should, and would give up a special moment for something tangible. She clearly shows that although she realizes love is not the only goal in life, she would not trade her feelings for anything else in the world. In the poem, True Love, by Wislawa Szymborska, love is depicted as a revolting and repulsive act looked upon by the public. Szymborska questions true love, asking, Is it normal, / is it serious, is it practical? (1-2) With all the time and effort that is put into love, most would wonder about the same things as Szymborska. The poet begins to criticize those in love that are Placed on the same pedestal for no good reason, / drawn randomly from millions (5-6). Those who are envious of couples in love often feel this way too, wondering why it couldnt be them instead. She says that it is unfair that love chooses only some, Â…disrupt[ing]Show MoreRelatedSonnet 116 by William Shakespeare1002 Words   |  4 PagesThere is a constant theme of love found consistently within many forms of literature. The reoccurring theme of love is indicated within two poems, Sonnet 116 written by Shakespeare and Cinderella by Anne Sexton. Love is like a diamond, extremely rare and difficult to find. Shakespeare and Anne Sexton surpassed many other author’s in being able to capture the theme of love in their pieces of literature. Sonnet 116, written by Shakespeare, is one of the most popular love poems to this day. The poemRead MoreMidsummer Nights Dream: Fate vs. Free Will Essay1208 Words   |  5 Pagespresent his philosophy towards the nature of love. The characters struggle through confusion and conflicts to be with the one they love. Although the course of their love did not go well, love ultimately triumphs over all at the end of the play. The chaos reaches a climax causing great disruption among the lovers. However, the turmoil is eventually resolved by Puck, who fixes his mistake. The confusion then ends and the lovers are with their true love. Throughout the play Shakespeares philosophyRead MoreA Midsummer Nights Dream: he Course of True Love Never Did Run Smooth861 Words   |  4 PagesThe hilarious play, A Midsummer Night’s Dream, by William Shakespeare, tells the twisted love story of four Athenians who are caught between love and lust. The main characters: Hermia, Helena, Lysander, and Demetrius are in a ‘love square’. Hermia and Lysander are true love enthusiasts, and love each other greatly. Demetrius is in love with Hermia, and Helena, Hermia’s best friend, is deeply and madly in love with Demetrius. Hermia and Lysander try to elope in the woods because Egeus, Hermia’s fatherRead MoreThe Impervious Perception of William Shakespeare’s Twelfth Night1631 Words   |  7 Pagesdevices that are used in modern comedies today, such as topsy-turvy romance, foolery, and mistaken identities. Twelfth Night also involves many cultural aspects that would be tough for an audience today to relate with. Some of these ideas are social class, dialect, and lack of modern technology that affect our lives today. Shakespeare appeared ahead of his time since this comic play can relate to an audience of modern times, but it poses some obstructions for the modern audience to appreciate itRead MoreWilliam Shakespeare s Romeo And Juliet1287 Words   |à ‚  6 PagesJuliet is a modern classic film that took place in 1996. Overall this is a timeless story that everyone should go and watch. This movie has an intriguing plot line that tells the story of two feuding families, The Montagues and The Capulets, and how the children of these two different families fall in love. The two children overcome various obstacles such as hiding their chemistry from their parents because it is forbidden. In the 1996 classical movie, Romeo and Juliet, a tragic love story unravelsRead MoreThe Chemistry of Love in Modern America Essay1485 Words   |  6 Pagesfull of fun, happiness, friendships, and love. Children from a young age are captivated by the colorful art, whacky characters, and funny moments found in the classic cartoon films. The children may walk away from the movie feeling happy, but their minds have been contaminated with ideas far beyond their understanding; ideas specially pertaining to love. From such a young age, children are used the idea of ideal love, love at first site, and eternal love from Cinderella, Pocahontas, Beauty and theRead MoreEssay about Heracles: From the Myth to a Disney Movie1627 Words   |  7 Pageswill seek to compare mythological heros during their time to how they have been depicted in modern day. Moreover, my study will analyze the similarities and differences between the Greek hero Heracles and his replica character, Hercules, depicted in Disneys adaptation of this myth. Although there are few similarities between the two versions, the differences between Heracles and Disneys Hercules are prominent. These differences help modern day audiences relate more easily to the characters inRead MoreA Midsummer Nights Dream Essay1068 Words   |  5 Pagescourse of true love never did run smooth† (28) Later, when the love potion is placed onto the lovers by Puck, the well known trickster, and the other fairies such as Oberon and Titania, king and queen of the fairies , many mixups, and fal sely wrong loving affections and emotions arise between the ‘love square’. â€Å"The course of true love never did run smooth† (28) is very evident with the relationships of Hermia and Lysander, Helena and Demetrius, and the hardships and disasters of the love potionRead MoreWilliam Shakespeare s Twelfth Night1309 Words   |  6 PagesDuke Orsino. Her role is one of steadfast love towards Orsino; she willingly courts Olivia on his behalf as Cesario, burying her feelings for him because she cares that he is happy. There is a rigid dichotomy between Viola and Orsino’s passion; where Viola is steady, Orsino is inconsistent. Feste states directly to Orsino that his â€Å"mind is a very opal† (2.4.71) which implies he is constantly changing what he wants and is more in love with the idea of love rather than Olivia. Duke Orsino’s evolutionRead MoreErich Fromm s The Art Of Loving1180 Words   |  5 PagesLove. Let this word sink deep into the a byss that is your mind for a moment. What thoughts, if any, come rushing to the forefront? Is it your family, a girlfriend or boyfriend, an object? Love, it is an all too powerful word that is often tossed around with reckless abandon in today’s fast-paced and ever advancing society. The question is: is true love something that is attainable in the world we live in or are there too many obstacles in our path that mitigate the chance to find the greatest part

Differences Between Inequality And Class Differences

This essay question asks to discuss some of the ways in which differences and inequalities persist over time. This indicates that they are not fixed, but forever changing, and caused in different ways by people and society. Therefore, the essay will choose two of the three strands studied, those being ‘Making Lives’, ‘Connecting Lives’ and ‘Ordering Lives’. The essay will first define what the meaning of the words ‘Inequality’ and ‘Differences’ are. It will then use two strands Making Lives and Ordering Lives and discuss how they persist over time and will look particularly at economic inequality, homelessness and class differences. Concluding that the whole world is effected by continuing inequalities and differences, which is only getting worse. What is ‘Inequality? ‘it’s definition ‘The unequal distribution of valued social resources within a society or between societies’ (Blakeley Staples, (2014 ) p13, 25). Thus it is the unequal opportunities, between how people get access to money, education, health care and other such commodities and whereby some have more and some less, thus causing an inequality within society. ‘Differences’ is defined in different ways depending on the subject, it can mean ‘the degree to which one person or thing differs from another.’ or ‘the state or relation of being different; ‘or ‘a significant change in or effect on a situation’ (Dictionary.com, 2016) but simply put it describes how, why, people and things are different from one another.Show MoreRelatedConsequences of Inequality and the Ways in Which are Reproduced628 Words   |  3 PagesInequality focuses upon the way that resources are distributed across the whole society. In this distribution there are significant differences for children who come from varying social backgrounds. The study of such differences or inequalities has become one of the main concerns of sociological research in education. Sociologists have also paid attention to the consequences of inequality, and the ways in which inequalities are reproduced and transmitted from generation to generation. The mostRead MoreDD1021515 Words   |  7 Pagessocial class is connected to the places where people live. For the purpose of this essay I will explore the view that social class is connected to the places where people live. This essay will show what sort of evidence social scientists draw upon to support the claim that class and place are connected by selecting examples from the variety of study materials from the ‘Connecting lives’ strand. 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In his essay Class in America: Myths and Realities published in  Re-Reading America CulturalRead MoreTo Understand Poverty, It Is Crucial To Understand The1329 Words   |  6 PagesTo understand poverty, it is crucial to understand the systems that are involved in c reating it. Inequality is embedded in many necessary institutions within society, which provides the basis for poverty to occur. Without this entrenchment of inequality amongst institutions and systems within society, it is clear that poverty would look very different. This paper will delve into the concept of racialized poverty and how racialized minorities have a greater propensity to remain in poverty due to aRead MoreInequalities in Health Essay1272 Words   |  6 Pages[Type the company name] 11 Inequalities of Health Sociology Gemma McCann Inequalities of health Gemma McCann Word count 1310 Within this assignment I am going to explore the sociological perspectives of Marxism and Functionalism and a brief view on interactionism in relation to health and inequalities in health. I will explore sociological explanations for these inequalities focusing on structural materialist, artefact, social selection and cultural explanations. â€Å"Health is a stateRead MoreAssess the functionalist explanations of social inequality1181 Words   |  5 Pagesï » ¿Asses the Functionalist explanations of Social Inequality. 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Euthanasia Essay Euthanasia - 1262 Words

Keanne Zhang Instructor: Joel Tomfohr LA 202 Sep 29rd, 2014 Euthanasia I have born in Guangzhou, China, and spent long period of time living and studying in Hong Kong. Hong Kong impressed me the most is that people living there are embodying the spirit of freedom, and they can always stand out to fight for their right and freedom. I am a talkative person, and I can tell others what I am thinking very accurately. I am passionate of communicate with different people because this is a way to get to know more things about the world with fun. They tell me about their jobs, places that they have traveled, and delicious food they have eaten. Hearing their stories can make me feel like I have experienced what they did too. Therefore, I can never imagine how it would be like if I am not able to receive any message or communicate with people anymore. What brings me more sorrow is that when watching drama which includes scene that describe the main character unfortunately got into a car crash, and she end up live her whole life in vegetative state. I could not ima gine if this situation happens to me, how much pain I would bring to my family, and how do I live my live. Later, I realized that this has been a social issue for long when I see a real case. When I was in seventh grade, I had my best friend Kenny. He lives next to me and we studied at the same school. We always play in each other house before dinnertime. Life was happy and easy every day. Until, one day, I feel somethingShow MoreRelatedEuthanasia Essay : Euthanasia And Euthanasia863 Words   |  4 PagesThis is why Euthanasia is important and summarizing the research that I found on Euthanasia. Euthanasia is important because there is a lot of arguments about Euthanasia. Some people support it and some people do not support Euthanasia (Euthanasia and assisted suicide- Arguments). Euthanasia allows people to be free from physical pain. It is the hastening of death of a patient to prevent further sufferings (Euthanasia Revisited). The religious argument states God chooses when human life ends. EuthanasiaRead MoreEuthanasia Essays : Euthanasia And Euthanasia1432 Words   |  6 PagesDoes euthanasia assists patients to die with dignity? From fresh to dying, is the humanity multiplies the development natural law. Along with medicine progress and life enhancement, the people besides pay attention to eugenics, simultaneous starts to pay attention to the euthanasia. Since this century 50 ages, regarding euthanasia, many countries’ medical arenas, educational world, and ethical groups have been arguing about the euthanasia argument for many years, although many person of ideas haveRead MoreEuthanasia Essay : Euthanasia And Euthanasia Essay1223 Words   |  5 Pages Euthanasia James Dudley Euthanasia continues to be an ongoing issue in modern society. Over the course of history, there has been a multitude of debates that have tried to justify assisted suicide, or euthanasia. Gallup’s study in 2013 openly shows this statistic by showing that over 75 percent of Americans trust that euthanasia should be acceptable. However, what Americans don’t comprehend is that making any form of euthanasia legal infringes upon the right to life as stated in the constitutionRead MoreEuthanasia Essay : The Euthanasia989 Words   |  4 Pagesthe euthanasia process and what to expect. The euthanasia can take place in the privacy of your own home or you may choose to have it done at your veterinarian’s office. Your veterinarian may offer at home euthanasia or you may be able to locate a veterinary service that does at home euthanasia such as Home To Heaven. This is a personal choice and should be made with you and your pet’s comfort in mind. Additionally, you may want to decide if you wish to be present during the euthanasia. SomeRead More Euthanasia Essay2196 Words   |  9 Pages Here is another essay for you to use! Its alittle screwed up, but perhaps you can do something with it. It was a lot worse than this, it had strange marks all over it and the paragraphs were everywhere. I fixed it a bit, but I would go crazy if I stared at a computer screen any more!!!! Euthanasia, is one of the most controversial issues of our time. This diver issue raises many questions such as: how should decisions be made, and by whom? 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Right to die with dignity or live with pain and suffering? A question that we do ask when we live experiences of loved ones who suffer daily pain, having an undeserving life. Euthanasia is currently referring to the act of ending the lifeRead MoreEuthanasia Essay - The Legalization Of Euthanasia803 Words   |  4 PagesLegalization of Euthanasia [Speech Transcript] [Introduction] What is euthanasia? Euthanasia (derived from the Greek word euthanatos: eu- for good; thanatos for death) is the practice of intentionally ending a life in order to relieve intractable suffering. Intractable: adj. describes high complexity, which makes it difficult to change, manipulate, or resolve an issue. In this context, intractable suffering refers to terminal illnesses such as cancer, heart disease, or Ebola. TypesRead MoreEuthanasia Essay : Euthanasia And Morality1627 Words   |  7 PagesDenise Maranhao Professor Joseph Anderson Ethics across the professions November 29, 2014 Euthanasia (Euthanasia and morality) Could you pull the plug? Is mercy killing considered murder and should it be illegal under each and every circumstance? There are many questions and even more controversies when it comes to euthanasia and assisted suicide. There are those who believe euthanasia is immoral regardless of the situation, it is illegal and therefore always wrong. But most people have never beenRead More Non-Voluntary Euthanasia: The Future of Euthanasia Essay2932 Words   |  12 PagesNon-Voluntary Euthanasia: The Future of Euthanasia      Ã‚  Ã‚   Non-voluntary euthanasia seems to be the natural direction in which euthanasia practice evolves. In the Netherlands at the present time, there is a fear on the part of the aged, about being taken to the hospital - where the doctor may have the last word about life and death. This essay digs into this evolutionary process of voluntary euthanasia evolving into the non-voluntary type.    Advocates of legalised euthanasia almost always

Should Animal Testing Be Banned Essay - 2185 Words

Ban Animal Testing in Laboratories Vivisection or the use of live animals for testing is used for many experiments including cosmetic testing and psychological. Vivisection has been used by researchers since 500 BC and many life-saving treatments have been developed this way (animal-testing.procon.org). In 1921 dogs were used in experiments in which they had their pancreases removed and led to the discovery of insulin which has saved the lives of diabetics. The polio vaccine was tested on animals in 1988 and helped to reduced the global occurrence of the disease from 350,000 cases to 223 cases in 2012. Major advances in understanding and treating conditions such as breast cancer, brain injury, leukemia, multiple sclerosis and many others have benefited from animal research. Animal testing has also been instrumental in developing pacemakers, cardiac valve substitutes, and anesthetics. However these animals are deliberately harmed, not for their own benefit, and are killed during or at the end of the experiment. They are often bred in cruel, multi-million dollar industries such as laboratories or breeding facilities, for the sole purpose of experiments. Currently more than 115 million animals across the world are being used for scientific experiments and are forced to undergo some thing that is likely to cause them pain, suffering, and distress. They are waiting in fear for the next painful procedure to be performed and then killed. Animals used in laboratoryShow MoreRelatedShould Animal Testing Be Banned?844 Words   |  3 PagesShould animal testing be banned? Nowadays, a lot of animals has been tested on a range of experiments over the world. You could be supporting animal teasing cruelty without knowing it. Have you ever check if there’s animal testing on the cosmetics before you buy it? Today, a lot of cosmetics has been testing on helpless animals and there are about 1.4 million animals die each year from animal testing ( CatalanoJ, 1994). Most of the experiments that are completed in the laboratories are very cruelRead MoreAnimal Testing Should Be Banned880 Words   |  4 Pagesdepending on animals testing. Therefore, if people talk about laboratories, they should remember animal experiments. Those animals have the right to live, according to people who dislike the idea of doing testing on animals; the other opinion, supports the idea of animal testing as the important part of the source of what has reached medicine of the results and solutions for diseases prevalent in every time and place. 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Identification of Business Risks

Question: Implement selections procedures that increase the probability of finding the right staff for the business. Put in place confidentiality agreements and /or reasonable restraint of trade agreements signed by key staff or where appropriate all staff. Implement a robust performance development system for communication of performanceexpectations and goals, monitoring performance and setting remuneration. Provide ongoing training for staff consistent with the needs of the business. Allocate several people to fulfill key tasks and provide backup in the event of illness or sudden departure. Rotate employees through various functions or departments to familiarize them with other areas of the business; Implement suitable OHS policies to minimize risks. Use equity interests, profit-sharing or other incentives to help retain key personnel and let them share the success they create for the business. Review the period of notice required of staff who resign. Answer: Identification of Business risks Internal risks The internal risks shall consist of the risks posed by the workforce. Lack of job satisfaction shall lead to a high attrition rate for the business organization. In addition, of the compensation structure is not adequate enough it would force the employees to look for other options. In this regard, it can be said that cost of recruitment and selection would be a financial burden on the organization in the process of looking for replacing the employees in this organization. Therefore, it becomes necessary that specific human resource policies are made to retain the existing talent in the organization (Kadareja 2013). Organizational Fraud - Organizational fraud is an essential part of the internal risk that can pose a threat to the sustainability of the business enterprise. As such these can lead to the overall depletion of the financial strength of the organization. In addition, embezzlement of funds can also lead to the shortage of the existing cash funds of a business entity. Thus, this can hamper the daily business functionalities of a business enterprise (Davies 2014). Risk reduction policies Implementing a stringent recruitment procedure shall enable the business organization to select the best possible candidate that would have the necessary skills and the competencies to serve the organization efficiently in the long run. Besides this, backgrounds checks must also be conducted to ensure that the candidate meets the necessary criteria in working for the business organization. Developing confidentiality agreements for each employee shall enable the business organization to ensure that none of the business policies are disclosed to any third party. This would enable the business enterprise to maintain a high level of secrecy. The adoption of an effective performance management system shall assist the business enterprise to monitor the performance of each employee working in the business organization. In this regard, it can be said that following an transparent and honest appraisal procedure without any bias to any third party working in the business organization. This would motivate the employees to offer their best performance and enhance the overall productivity of the entity. Addressing the needs of the employee are another concern that has to be effectively dealt and considered in an appropriate manner. Thus, employees have to be handled in a sensitive manner to prevent the attrition rate in the organization (Basher et al.2015). The risk reduction policy shall be also constituted of implementing effective training schemes for the employees. This shall enable the employee to be familiar with the other business segments apart from their area of expertise. This would assist the business enterprise to ensure business operations and decreasing the operational costs of the business. In addition it would be useful if financial as well as non-financial incentives are offered in exceeding their individual targets. Therefore, this would assist the business enterprise to retain key talent in the organization. Finally dividing the workforce into specific teams shall be helpful to the management of the business organization to allocate tasks. In addition back up resources shall also be useful in the case of a medical emergency or a sudden departure from the business organization. The period of notice served by an employer can be re-considered to prevent stagnation of ongoing projects that can lead to a loss in productivity for the business enterprise. Information Technology risks The failure in the information technology process can adversely influence the business operations to a considerable extent. This can be a major deterrent on the business operations and adversely impact employee performance Strategies to reduce IT risk Protection of key data present in laptops and desktops. Besides this, the backup data must also be kept. Installation of effective anti-virus software to prevent malicious software and programs from harming the IT system and other various processes affecting the organization. The power supply should be strong enough to ensure there is no interruption in the work. Thus, this will lead to enhanced productivity in the business organization. Adequate IT training must be offered to the staff of the organization to assist them to adapt to a technology enabled environment (Davenport, T.H 2013). Financial risks The financial risks mostly relate to the incapability to pay out the short term as well as the long term risks of the business enterprise. In addition, the shortage of funds in the organization also would hamper the daily business functionalities of the business enterprise. External Risks Threats due to customers - The Customers are the primary source of revenue for the business enterprise. Therefore, if customer loyalty shifts towards another business entity or the brand has been unable to explore newer markets it would have an adverse influence on the business performance of the entity (Kaplan and Mikes 2012). Business strategies The following are the business strategies that can be adopted to ensure sustainability of the business enterprise in the long run. Gather consumer feedback and develop marketing and operational policies as per the marketing conditions. In addition, establishing long term service contracts with buyers shall assist the business enterprise to prevent consumer loyalty to shift to other brands. Explore newer business areas to gain a larger market share. This would assist the business enterprise to reduce the financial risk that can pose a major threat to the sustainability of the business enterprise. Effective consumer policies shall enable the business enterprise to develop a positive consumer perception among the consumers. This shall lead the business enterprise to develop brand loyalty among the consumers and towards achieving further growth (Haley et al. 2012). Threat from competitors The presence of substitute brands can pose significant threat to the business sustainability of . Therefore, it is essential that distinctive marketing and operational strategies are made to assist the entity to survive strong market competition. This would ensure that consumer loyalty is not shifted to other similar brands operating in the same product and service line. Threat from economic condition An adverse economic condition can hamper the purchasing power of consumers in a substantial manner. In addition, the price of the goods can also increase which can have a negative impact on the sales revenue of the business entity.As such, essential business strategies must be implanted to ensure that the organization is protected against the vulnerable economic condition of a place. Stakeholders of the business The following are the stakeholders in the business organization Owners of business Managers Employees Costumers Suppliers Competitors Shareholders Local community Local council Government Tools Used To Identify Risk The following are the tools that would be required to identify the risks. Brainstorming Surveys Interviews: Business skills Relevant business documents of the past years Output gathered from the examining risk analysis Historical Data Templates Assessing Risks The probability and the impact matrix can be used in categorizing and prioritizing the risk involved. The risk assessment procedure shall be facilitated by the probability and the impact matrix used by the business enterprise. The tool can be used to raise the general level of awareness in the business organization. In the probability and the Impact matrix procedure the risk is rated considering its impact on the business organization. Additionally, a risk is dependent on attributes like the industry, company, project as well as the people involved in the business organization. The following are the methods that can be used to monitor as well as control of risks Assess time and effort that is to be spent on each task Assesses the estimated time that would be required to complete the tasks Evaluate the impact of job performance on emergency tasks Define the action plan in the case of business risks as well as emergencies. Assess the roles and the responsibilities of the executives and the middle- ranked employees. The procedure of monitor and assessing the risks remain essential, due to its ability to frame the necessary plan of action in the event of a risk hampering the business sustainability of a business enterprise. This shall also enable the business organization to safeguard against hampering the business performance. Each of these control measures would be handled on a regular basis which would enable the business enterprise to assess their relevancy in the event of a risk. In addition employee performance would be measured, in the context of the contribution towards the business organization (Burke 2013). In the context of assessing the risk the following are the indicators that are essential to the success of the business organization Sales revenue Employee retention rate The degree of success in emergency situations The frequency of identification of risk The existing market position of the business enterprise in comparison with the past year . Risk Register Risk Risk likelihood Risk impact Treatment Monitoring Timelines Responsible Consumers Medium High Gather consumer feedback and develop marketing and operational policies as per the marketing conditions. In addition, establishing long term service contracts with buyers shall assist the business enterprise to prevent consumer loyalty to shift to other brands.. Explore newer business areas to gain a larger market share Reduction in operating costs to retain the existing financial strength of the business organization Revenue figures Customers Monthly and quarterly reporting Executive managers of the business organization Employees Medium High Implementing a stringent recruitment procedure shall enable the business organization to select the best possible candidate that would have the necessary skills and the competencies to serve the organization efficiently in the long run. Developing confidentiality agreements for each employee shall enable the business organization to ensure that none of the business policies are disclosed to any third party. The adoption of an effective performance management system shall assist the business enterprise to monitor the performance of each employee working in the business organization Following an transparent and honest appraisal procedure without any bias to any third party working in the business organization. The risk reduction policy shall be also constituted of implementing effective training schemes for the employees Enable the employee to be familiar with the other business segments apart from their area of expertise. Financial as well as non-financial incentives are offered in exceeding their individual targets. Review the period of notice required of staff who resign. Training manuals Recruitment statistics Sales revenue Internal survey Monthly as well as quarterly reporting Managers and individual staff. Information Technology Medium High Protection of key data present in laptops and desktops. Besides this, the Backup data must also be kept. Installation of effective anti-virus software to prevent malicious software and programs from harming the IT system and other various processes affecting the organization. Protection of networks and servers Developing effective business applications Adequate IT training must be offered to the staff of the organization to assist them to adapt to a technology enabled environment. Evaluation of work done and comparing with the pre-determined goals set at the outset Defining plan of action Monthly as well as quarterly reporting Managers and individual staff. Reference List Basher, R., Hayward, B., Lavell, A., Martinelli, A., Perez, O., Pulwarty, R., Sztein, E., Ismail-Zadeh, A. and Cutter, S., 2015. Disaster Risks Research and Assessment to Promote Risk Reduction and Management. Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA. Council, E.B. and Hayes, M., 2013. Corporate Risk Register-CBNT-130213. Davenport, T.H., 2013. Process innovation: reengineering work through information technology. Harvard Business Press. Kadareja, A., 2013. Internal and hidden risks of innovation projects. Innovation Management. se. Kaplan, R.S. and Mikes, A., 2012. Managing risks: a new framework. Vue-matrix.com. (2016). [online] Available at: https://vue-matrix.com/blog/wp-content/uploads/2013/04/riskmatrix2.png [Accessed 14 Jun. 2016]. Haley, G.T., Haley, U.C. and Tan, C., 2012. New Asian emperors: The business strategies of the overseas Chinese. John Wiley Sons. Clarizen Success. (2013). Risk Management - Useful Tools and Techniques. [online] Available at: https://success.clarizen.com/hc/en-us/community/posts/203996208-Risk-Management-Useful-Tools-and-Techniques [Accessed 14 Jun. 2016]. Davies, J.C., 2014. Comparing environmental risks: tools for setting government priorities. Routledge.