The Significance of Music in Arthur Millers Death of a Salesman Essays

The Significance of Music in Arthur Miller's Death of a Salesmanâ  â Human feelings are something that we only sometimes figure out how to communicate obviously: from basic hand signals, to a disturbed face. To comprehend his novel all the more completely, Arthur Miller utilizes the most reasonable technique for cognizance, music, to communicate the feelings of the characters in his play, Passing of a Salesman. The characters, Willy, Linda, Biff, Happy, and Ben, have a specific style of music and instruments depicting them to show the peruser what sort of enthusiastic individual they are. The start of the play begins with a delicate, sweet, woodwind mixture that reports Willy’s continuous trek home from Yonkers. This moderate tune of disarray closes suddenly as Willy returns home and recounts his difficulties in Yonkers. This nostalgic sound is heard again during Ben’s first visit to Willy’s house. His account of father and his woodwind making business establishes a warm pace just to be destroyed by Ben’s activity of tossing Biff, a youthful, inquisitive kid, to the ground, weakly. The last execution of this tune is heard at Willy’s dismal burial service, where Linda offers her appreciation to her popular spouse. Consummation on a pitiful note, the flute shows up in time of odd feelings. In the start of the play, a condition of confu... ...illy’s burial service. Beginning somewhat happy, the tune blurs from a significant key to a minor key, thus going from a cheerful sound to one of trouble and franticness, yet a decent solid for a merited tribute. Willy was a misdirect sales rep. He needed the best for his young men. Glad melodies consistently sponsored up these occasions. Be that as it may, when his hankering for the best transformed into the most exceedingly awful, a horrendous melody supported it up. When Willy was befuddled, a mixture of the two was heard. Human feelings are something we as a whole underestimate since they are not appropriately comprehended. Music is only one of the numerous ways that will make these feelings reasonable. The Significance of Music in Arthur Miller's Death of a Salesman Essays The Significance of Music in Arthur Miller's Death of a Salesmanâ  â Human feelings are something that we only from time to time figure out how to communicate plainly: from basic hand motions, to a sickened face. To comprehend his novel all the more completely, Arthur Miller utilizes the most reasonable technique for perception, music, to communicate the feelings of the characters in his play, Passing of a Salesman. The characters, Willy, Linda, Biff, Happy, and Ben, have a specific style of music and instruments depicting them to show the peruser what kind of passionate individual they are. The start of the play begins with a delicate, sweet, woodwind mixture that reports Willy’s progressive trek home from Yonkers. This moderate tune of disarray closes suddenly as Willy gets back home and recounts his difficulties in Yonkers. This wistful sound is heard again during Ben’s first visit to Willy’s house. His account of father and his woodwind making business establishes a warm pace just to be destroyed by Ben’s activity of tossing Biff, a youthful, inquisitive kid, to the ground, vulnerably. The last execution of this tune is heard at Willy’s tragic burial service, where Linda offers her appreciation to her popular spouse. Closure on a tragic note, the flute shows up in time of odd feelings. In the start of the play, a condition of confu... ...illy’s burial service. Beginning somewhat chipper, the tune blurs from a significant key to a minor key, subsequently going from a happy sound to one of bitterness and distress, yet a decent solid for a merited tribute. Willy was a deceive sales rep. He needed the best for his young men. Glad tunes consistently upheld up these occasions. In any case, when his hankering for the best transformed into the most exceedingly terrible, an undesirable tune upheld it up. When Willy was confounded, a variety of the two was heard. Human feelings are something we as a whole underestimate since they are not appropriately comprehended. Music is only one of the numerous ways that will make these feelings justifiable.

Why Is Visual Literacy Important free essay sample

In our content and through Brian Kennedy and the video Visual Literacy: Why we need It! the meaning of Visual Literacy Is uncovered. We additionally understand that It Is a language that, for example, music It Is widespread as we as individuals can decipher and see what the message of the Image Is about. Brian Kennedy characterized Visual Literacy as: The capacity to develop significance from Images (Kennedy, 2010). We see an Image and we can make a significance In respects of that picture and we can mention to ourselves or others what the picture is about. We will compose a custom article test on Why Is Visual Literacy Important or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page In our reading material visual proficiency includes the skilled creation and utilization of visual messages. These exercises require the physical capacity of sight as well as the intellectual capacities of consideration, discernment, basic reasoning, assessment, and amalgamation with other tactile data and encounters (Ryan, 2012). Along these lines what we see is that in our course reading that Visual Literacy is the creation and utilization of pictures that should be seen and that an individual essentially needs to be able to characterize, assess and feel what the picture is all about.Kennedys definition is straight and easy to build up a significance from the Image. We do require the subjective capacity to think and assess In request to characterize what the Image Is and what it speaks to. As In respects of what Visual Literacy intends to me Is the manner in which we can characterize and Interpret what a picture is and the message it is giving to the watcher. At the point when we take a gander at Visual Literacy we can genuinely say it is a general language. We can say it is on the grounds that we can perceive what the picture is and what it is attempting to let us know. It is conveying to us in quiet structure, however we are the ones that give it a voice or a text.An picture is something that we see and picture is something that can be envisioned and we can perceive what it intends to us and what it speaks to all of us. Much the same as music in where we can hear a tune or what the vocalist is stating to the crowd we can characterize what it implies, we can do likewise with a picture. Visual Literacy can affect correspondence and worldwide comprehension through permitting us the watcher to perceive what is happening, to perceive what the spot or the word speaks to. We can see and feel what he Image Is showing to us and what It represents.We would all be able to have various definitions or implications to what the Image intends to us since we as a whole might suspect in an unexpected way. One thing is that the picture gave an effect on each and every one of us. Will permit numerous others of various nationalities and convictions to perceive what the picture is speaking to. Visual Literacy is an all inclusive language that permits us to give an importance or that it gives a significance to the subject in a quiet structure. Visual Literacy is something that permits us to take a gander at something for this situation a picture, for example, a hotplate and us as the watcher can characterize what it implies.

Paper Writing Tips

Paper Writing TipsThere are numerous tips that one can use when paper writing is involved. It is advisable to start from the beginning of the paper. The topics of the papers that one should write should be prepared in advance and this includes the entire outline of the papers. There should be an introductory paragraph that narrates about the topic of the paper along with an introduction of the writer.The purpose of the paper is to achieve a particular objective. This is easily achieved by outlining the whole paper in an orderly manner. It should also be noted that the objectives should be spelled out clearly. One should be sure that the writer is able to do this. The writer should be able to spell out the objectives clearly to the reader.The objectives should be implemented in a manner that the reader is able to see it through. All the details of the paper should be included in the preamble. The time and place of presentation should also be mentioned in the preamble.The introduction of the paper should also have the main objective to be achieved. The summary of the paper should also contain the guidelines on how to do a paper effectively. The summary should also contain the different types of writing the paper involves along with the punctuation marks.The writing should be very descriptive. The entire thing is too boring if the entire thing is vague. One should be careful while adding color and do not include a lot of words. The whole purpose of writing a paper is to write and not read.When writing a paper, one should try to think out of the box and be creative. This is because writing a paper will involve a lot of problems and one needs to be creative to deal with these problems. Writing is also an art and one should be aware of the fact that it is not a walk in the park.One should be able to read from the paper and not be so enthusiastic that they get confused. One should always remember that the reader is there to understand and not to understand. When it co mes to spelling the paper and the overall write, one should always ensure that the spellings are correct.It is also advisable to write with the color black and white. The pictures and the drawings should also be done in black and white. The paper should also be written in white ink and should never be colored in black and white.

How Soda Tax And Its Impact On Cupertino Schools - 1949 Words

Ah! A hot summer day and a cool can of soda. What could be better! But can you imagine my angst, when in spring break my Mom threw away all the Soda cans left over from the new year party. This got me thinking, so I challenged my mom and was chagrined when she said Take a look at Berkeley, and why they passed the first Soda Tax in America What follows is a chronicle of my 8 weeks of journey starting with scientific inquiry trysts in Cupertino library to meeting a Professor of nutrition at Stanford University to discussions of classic American battle of taxes, a chance meeting and life lessons in advocacy from the Mayor of Sunnyvale and finally landing back in Cupertino - this time in city hall with councilman Darcy Paul. This†¦show more content†¦Soda consumption can lead to numerous, serious health issues. It can decrease calcium absorption in the intestines. Calcium is necessary not only for keeping our bones strong, but also to help our nerves send messages to our brain and muscles contract. Less calcium can lead low bone density and fractured bones. Soda consumption can lead to health issues such as obesity and diabetes. The more soda consumed the higher insulin level. High insulin levels can result in visceral fat gain, leading to America’s major problem; obesity. 24.1% of Californians are obese a nd 18.4% are obese in Cupertino. Although our body needs cholesterol to function like anything, too much can be harmful. High cholesterol can clog the coronary arteries, which surround and supply the heart. The outcome of high cholesterol is heart disease. Another health issue which can occur if consumption of soda is very high is diabetes. Diabetes occurs when the body can’t produce enough insulin or can’t use the insulin the body produces properly. The higher the consumption of SSB(Sugar sweetened beverages) the higher chance of getting diabetes. Barry Popkin, a professor of nutrition at the University of North Carolina, says that the people getting diabetes are people who consume very high levels of SSBs and have only slightly reduced in these very high levels of their soda consumption. Not only is

Should College Athletes be Paid Essay - 695 Words

Should College Athletes be Paid? Over the past century college athletics have grown more popular than most professional sports. Most of its popularity is due to a large student body in addition to its Alumni, but nonetheless it has surpassed professional sports from its monetary success to its fan support. College athletics are also a very important commodity to Universities around the nation. Next to students tuition, thats where the majority of the money comes from. No one is more responsible for bringing in that money more than the coach and his/her players. In this notion, one would think that such important people should be paid for a job well done. But this isnt the case. Over the years a question has emerged, should†¦show more content†¦Martinez supports his argument by supplying information from; important figures the sports world may know (Steve Spurrier), and rules that continue to fuel his argument that college athletes should be paid. For example, Martinez uses the amateurism argument fr om the NCAA to help explain why college officials would not allow college athletes to be paid, and to further support his argument as to why they should be paid. Martinez also uses opponents views to help support his. Opponents of the play for play idea say that college-athletes should not be paid because through scholarships, they are already being paid (Martinez). Using arguments such as this one helps Martinez expand his argument so that when he is through there are no aspects of his argument left unanswered. To validate his argument, Martinez uses actual people and guidelines in his article. He uses Steve Spurrier as an example; Head coach of the University of Florida, signed a six year contract that will pay him nearly $2 million per year (Martinez). Using this information shows that a coach, who is not more important than a player, is making a ton of money. As opposed to a player, who makes no money at all and is of more importance. After all, without the players there could be no coaches. It is a well known fact that college coaches make more than enough money. Just recently,Show MoreRelatedShould College Athletes Be Paid?1578 Words   |  7 PagesAshay Mehta Nou Per 8 Should College Athletes Be Paid? One of the hottest debates in the sports industry is if college athletes should be paid. If you want to pay these athletes, how would the college determine the dollar amount that should be paid? Should the basketball team make more than the football team? Should the the soccer team be paid as well? Cheerleading? Chess team? Should everyone on the team get a salary? What if your college is good at football and your basketball team is awfulRead MoreShould College Athletes Be Paid?1398 Words   |  6 Pagesbelieve that college athletes at the highest performing schools are better treated than others. Although they do not get paid, they do receive some benefits for being athletes that other students would not get. One advantage for playing a sport is access to scholarships that some schools reserve for their athletes. Depending on the school and the athlete’s performance, money towards tuition is often given. Only some schools are willing to grant â€Å"full-ride† scholar ships for certain athletes. AccordingRead MoreShould College Athletes Be Paid?1289 Words   |  6 PagesThroughout the years college sports have been about the love of the game, filled with adrenaline moments. However, the following question still remains: Should college athletes get paid to play sports in college? Seemingly, this debate has been endless, yet the questions have gone unanswered. The National Collegiate Athletics Association (NCAA) plays a vital role in this debate. The NCAA is a billion dollar industry, but yet sees that the athlete should get paid for their hard work and dedicationRead MoreShould College Athletes Be Paid?1334 Words   |  6 Pagesrising to the surface is â€Å"Should college athletes be paid?†. This has become a burning question. The NCAA is a multibillion-dollar industry, that makes millions, if not billions, in revenue. Yet it’s still maintains the non-profit status meaning that the industry is not set on making a profit and none of the revenue that is made is distributed to its members, managers, or officers. While most players who play in college sports are under a scholarship, that pays for the college tuition, books, and housingRead MoreShould College Athletes Be Paid?1364 Words   |  6 PagesHave you paid attention to all of the news that has been surfacing about collegiate sports lately? It is a big topic now days in the world of sports on weather college athletes should be getting paid to play sports. College athletics have gained great popularity of the past few decades, and have brought schools lots of revenue. A lot of college athletes think they should be getting paid for their services they do for their school. College sports like basketball and football generate over six billionRead MoreShould College Athletes Be Paid?1130 Words   |  5 PagesWhat college athlete would not want to be paid to play the sport that he or she loves? The real question is, though, should college athletes be paid fo r their roles in a college’s athletics? They are many points to each side of this recent controversial topic, which is why this has been made into such a hot debate in the past couple of years. As of right now, these athletes are not getting paid, but many of them truly believe that they should. Others believe that they already are being paid throughRead MoreShould College Athletes Be Paid?986 Words   |  4 PagesPaying the College Athlete The college athlete has steadily grown in popularity in the United States over the span of the past decades. Monetarily speaking, this increased publicity has been extremely beneficial for National Athletic Association (NCAA) and all the colleges involved in athletics which has sparked the dispute of whether or not the athlete should be paid for their hard work and dedication on the field and to their school or if the athletic scholarship is more than enough. College athletesRead MoreShould College Athletes Be Paid?1239 Words   |  5 PagesLindsey Simmerman Speech 102 T/Th 1:00-2:15 October 25, 2016 Should college athletes be paid to play? Specific Purpose: To persuade the class to agree with my stance on paying college athletes to play sports Thesis: College football is the hours players spend practicing and performing, the number of injuries the players face, and the persona these athletes must portray every day all the while watching their schools, coaches, and the National Collegiate Athletic Association (NCAA) get all the compensationRead MoreCollege Athletes Should Be Paid1254 Words   |  6 PagesSome college athletic departments are as wealthy as professional sports teams. The NCAA has an average annual revenue of $10.6 billion dollars. College athletes should be paid because of the amount of revenue that they bring to their college. Each individual college should pay its athletes based on how much revenue they bring to the college in which they attend. The colleges that win their Division title, their Conference title, or the National championship, give bonuses to the Head coach of thatRead MoreCollege Athletes Should Not Be Paid1558 Words   |  7 Pagesstudent-athletes participate in a variety of different s ports, and currently they do not receive paychecks for their performances. College athletics have attained an extensive popularity increase among Americans over the past few decades. This has resulted into increased revenues for the National Collegiate Athletic Association [NCAA] and the participating colleges, which has fuelled the debate of whether or not college athletes should collect an income. College athletes should not be paid to play

Applications of the Self-Efficacy Theory in Long-term...

Using a Self-efficacy Based Model to Explore the Applicability of the Self-efficacy Theory in Long-term Degenerative Neurological Conditions: Amyotrophic Lateral Sclerosis (ALS), Parkinson’s disease and Multiple Sclerosis (MS) Targeted Journal: Journal of Neurology Critical Reviewsâ„ ¢ in Physical and Rehabilitation Medicine Introduction: A long-term degenerative neurological condition (LTDNC) is a term used to describe diseases that affect the nervous system leading to its degeneration. Conditions such as Parkinson’s disease, amyotrophic lateral sclerosis, multiple sclerosis etc. are all categorized by impairment in brain, nerve and spinal cord pathway cells (Canadian Institute for Health Information, 2007). Due to such disruptions, the nerve signals between the brain and the body are affected which result in problems with walking, controlling movement, balance, full or partial paralysis, breathing and talking problems, occurrence of seizures, lack of bladder and bowel control at later stages, and even problems with the heart (Canadian Institute for Health Information, 2007). In 2011, the Canadian Institute for Health Information reported that Canada has one of the highest incidences of multiple sclerosis (MS) in the world, where approximately 93,500 individuals are currently affected. Despite th e prevalence of the disease, there is still much that remains unknown. According to the 2012 statistics from the ALS Society of Canada, the number of new diagnoses per year isShow MoreRelatedSocm Study Guide Essay30404 Words   |  122 PagesChapter 1 ELO’s Describe the basic functions of living organisms. A. Responsiveness – organisms respond to changes in their immediate environment (long term changes is adaptability) B. Growth – over a lifetime, organisms grow larger through an increase in size or number of cells. Differentiation is when cells have specialized functions C. Reproduction – Organisms reproduce, creating subsequent generations of similar organisms D. Movement – Organisms are capable of movement

Promoting Democracy in Sudan Essay Example For Students

Promoting Democracy in Sudan Essay To improve the overall conditions of the Sudanese state, and to realize the potential of your country, democracy must be promoted and encouraged. The ultimate goal of this proposal is to promote democracy and human rights for the citizens of Sudan. There are many facets of the current Sudanese government and economy that could be improved by the implementation of good governance. Good governance promotes democratic ideals and with democracy comes civil liberties, which have been long removed, from the people of Sudan. The intention of this policy brief is to provide realistic suggestions to improve economic policies, political processes, judicial processes, national policies, security, and international relations through the means of good governance.The civil war has been going on since Sudans independence from Britain in 1956, with the exception of years 1972-1983, when the southern Darfur region of Sudan was autonomous. Unfortunately, under British rule Sudan had been divided between the north and the south, the borders were literally closed. This physical barrier between the two groups seemed to polarize them even more and the civil war in Sudan was on its way after their independence from Britain. Southern Sudanese are predominately non-Arabic and non-Muslim, creating a clash with the Islamic government of Sudan. British occupation implemented an indirect ruling system in Sudan; allowing local governments to distribute powers, rather than having a strong federal system. Powers were scattered throughout Sudan, between religious leaders and village leaders. This system of governance was introduced to them by the British and was cause for many disagreements. The lack of education and experience possessed by the national leaders of Sudan hurt the development of democratic values and the overall conditions of Sudan. Some historians and political thinkers believe the civil war in Sudan to be explained partly by foreign oil companies explorations and developments throughout much of the southern region. It seems that the Sudan Peoples Liberation Army became the armed opposition group that it is today because they had to defend their territory in the south. One of the reasons Sudan Peoples Liberation Army began their violent campaign was because Chevron was going to make a pipeline from the southern region of Sudan, connecting to the ports along the northern border in 1984. The concerns of the global economy dominate political decision-making in Sudan, at the expense of the poor. There is a link between human rights violations, from the Sudanese armed forces and various government aided militias, and foreign oil companies involvements. The government forcibly moves groups of villagers to allow oil companies the rights to extract oil. Foreign oil companies expect the governments security forces to protect the oil fields and their staff from angry villagers and civilians. Oil companies need to be held responsible for creating hostile environments for innocent civilians, whose human rights are violated frequently by the government and foreign corporations. Amnesty international provides suggestions to oil companies about how to effectively ensure the rights of citizens in regions being explored. Amnesty International encourages corporate accountability; although, there is a problem with both the government of Sudan and the foreign oil companies; neither group seems concerned about the well being of civilians. Militias and private security forces have hired children to protect the oil fields in Sudan, children need to be in school. The Sudanese Liberation movement is a violent struggle in the Darfur region of Sudan. The centralized nature of the current government in Sudan does not protect citizens or provide many benefits to those citizens who live outside the capital, Khartoum. In February of 2003, the Sudan Liberation Army attacked government troops at the airport of Al-Fasher, the capital of the North Darfur state. .u68901348af75ec8db25d74cd1aa63f34 , .u68901348af75ec8db25d74cd1aa63f34 .postImageUrl , .u68901348af75ec8db25d74cd1aa63f34 .centered-text-area { min-height: 80px; position: relative; } .u68901348af75ec8db25d74cd1aa63f34 , .u68901348af75ec8db25d74cd1aa63f34:hover , .u68901348af75ec8db25d74cd1aa63f34:visited , .u68901348af75ec8db25d74cd1aa63f34:active { border:0!important; } .u68901348af75ec8db25d74cd1aa63f34 .clearfix:after { content: ""; display: table; clear: both; } .u68901348af75ec8db25d74cd1aa63f34 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u68901348af75ec8db25d74cd1aa63f34:active , .u68901348af75ec8db25d74cd1aa63f34:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u68901348af75ec8db25d74cd1aa63f34 .centered-text-area { width: 100%; position: relative ; } .u68901348af75ec8db25d74cd1aa63f34 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u68901348af75ec8db25d74cd1aa63f34 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u68901348af75ec8db25d74cd1aa63f34 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u68901348af75ec8db25d74cd1aa63f34:hover .ctaButton { background-color: #34495E!important; } .u68901348af75ec8db25d74cd1aa63f34 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u68901348af75ec8db25d74cd1aa63f34 .u68901348af75ec8db25d74cd1aa63f34-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u68901348af75ec8db25d74cd1aa63f34:after { content: ""; display: block; clear: both; } READ: Confucianism And Chuang-Tzu Essay The Sudan Liberation Army claimed this attack was their response to a number of disagreements they have with the current government of Sudan and the lack of leadership in their country. The Sudan Liberation Army expanded on this by stating three distinct complaints: the government has failed to protect citizens from Nomadic groups that have attacked villages in the Darfur region; the economy in the Darfur region has also been ignored by the government, resulting in poverty and worse conditions than in other regions of the country; marginalization

Agency Costs and Corporate Governance Mechanisms Evidence for Uk Firms Essay Example

Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms Essay Agency costs and corporate governance mechanisms: Evidence for UK firms Chrisostomos Florackis and Aydin Ozkan* University of York, UK Abstract In this paper, we aim to extend the empirical literature on the determinants of agency costs by using a large sample of UK listed firms. To do so, we employ two alternative proxies for agency costs: the ratio of total sales to total assets (asset turnover) and the ratio of selling, general and administrative expenses (SGA) to total sales. In our analysis, we control for the influence of several internal governance mechanisms or devices that were ignored by previous studies. Also, we examine the potential interactions between these mechanisms and firm growth opportunities in determining agency costs. Our results reveal that the capital structure characteristics of firms, namely bank debt and debt maturity, constitute two of the most important corporate governance devices for UK companies. Also, managerial ownership, managerial compensation and ownership concentration seem to play an important role in mitigating agency costs. Finally, our results suggest that the impact exerted by internal governance mechanisms on agency costs varies with firms’ growth opportunities. JEL classification: G3; G32 Keywords: Agency costs; Growth opportunities; Internal Corporate Governance Mechanisms. * Corresponding author. Department of Economics and Related Studies, University of York, Heslington, York, YO10 5DD, UK. Tel. : + 44 (1904) 434672. Fax: + 44 (1904) 433759. E-mail: [emailprotected] ac. uk. We thank seminar participants at University of York, and the 2004 European Finance Association Meetings for helpful comments and suggestions. 1 1. Introduction Following Jensen and Meckling (1976), agency relations within the firm and costs associated with them have been extensively investigated in the corporate finance literature. We will write a custom essay sample on Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms specifically for you FOR ONLY $16.38 $13.9/page Hire Writer There is a great deal of empirical work providing evidence that financial decisions, investment decisions and, hence, firm value are significantly affected by the presence of agency conflicts and the extent of agency costs. The focus of these studies has been the impact of the expected agency costs on the performance of firms. 1 Moreover, the implicit assumption is that, in imperfect capital markets, agency costs arising from conflicts between firms’ claimholders exist and the value of firms decreases if the market expects that these costs are likely to be realised. It is also assumed that there are internal and external corporate governance mechanisms that can help reduce the expected costs and their negative impact on firm value. For example, much of prior work on the ownership and performance relationship relies on the view that managerial ownership can align the interests of managers and shareholders and hence one would observe a positive impact exerted by managerial shareholdings on the performance of firms. The positive impact is argued to be due to the decrease in the expected costs of the agency conflict between managers and shareholders. Despite much valuable insights provided by this strand of literature, however, only very few studies directly tackle the measurement issue of the principal variable of interest, namely agency costs. Notable exceptions are Ang et al. (2000) and Sign and Davidson (2003), which investigate the empirical determinants of agency costs and focus on the role of debt and ownership structure in mitigating agency problems for the US firms. In doing so, they use two alternative proxies for agency costs: the ratio of total sales to total assets (asset turnover) and the ratio of selling, general and administrative expenses (SGA) to total sales. In line with the findings of prior research they provide evidence for the view that managerial ownership aligns the interests of managers and shareholders and, hence, reduces agency costs in general. However, there is no consensus on the role of debt in mitigating such problems and associated costs. Ang et al. (2000) point out that debt has an alleviating role whereas Sign and Davidson (2003) an aggravating one. The objective of this paper is to extend the investigation of these studies by analysing empirically the determinants of agency costs in the UK for a large sample of 1 See, for example, Morck et al. (1988); McConnell and Servaes (1990); and Agrawal and Knoeber (1996) among others. 2 listed firms. Following the works of Ang et al. (2000) and, Sign and Davidson (2003), we model both proxies of agency costs: asset turnover and the (SGA) ratio. More specifically, we empirically examine the impact of capital structure, ownership, board composition and managerial compensation on the costs likely to arise from agency conflicts between managers and shareholders. In doing so, we also pay particular attention to the role of growth opportunities in influencing the effectiveness of internal governance mechanisms in reducing agency costs. In carrying out the analysis in this paper, we aim to provide insights at least in three important areas of the empirical research on agency costs. First, in investigating the determinants of agency costs, the analysis of this paper incorporates important firmspecific characteristics (internal corporate governance devices) tha t possibly affect agency costs but were ignored by previous studies. For example, we explore the role the debt maturity structure of firms can play in controlling agency costs. It is widely acknowledged that short-term debt may be more effective than long-term debt in reducing the expected costs of the underinvestment problem of Myers (1977). 3 Accordingly, in our analysis, we consider the maturity structure of debt as a potential governance device that is effective in reducing the expected costs of the agency conflict between shareholders and debtholders. Similar to Ang et al. 2000) that investigate if bank debt creates a positive externality in the form of lower agency costs, we also check if the source of debt financing matters in mitigating agency problems. Another potentially effective corporate governance mechanism we consider relates to managerial compensation. Recent studies suggest that compensation contracts can motivate managers to take actions that maximize shareholders’ wealth (see, e. g. , Core et al. , 2001; Murphy, 1999 among ot hers). This is based on the view that financial â€Å"carrots† motivate managers to maximize firm value. That is, a manager will presumably be less likely, ceteris paribus, to exert insufficient effort and risk the loss of his job the greater the level of his compensation. Several empirical studies provide evidence for the effectiveness of managerial compensation as a corporate governance mechanism. For instance, 2 As explained later in the paper, the two proxies for agency costs that are used in our analysis are more likely to capture the agency problems between managers and shareholders. However, we do not rule out the possibility that they may also capture the agency problems between shareholders and debtholders. It is argued that firm with greater growth opportunities should have more short-term debt because shortening debt maturity would make it more likely that debt will mature before any opportunity to exercise the growth options. Consistent with this prediction, there are several empirical debt maturity studies that find a negative relation between maturity and growth opportunit ies (see, e. g. , Barclay and Smith, 1995; Guedes and Opler, 1996; and Ozkan, 2000 among others). 3 Hutchinson and Gul (2004) find that managers’ compensation can moderate the negative association between growth opportunities and firm value. In this paper, we examine the effectiveness of managerial compensation as a corporate governance mechanism by including the salary of managers in our empirical model. We also acknowledge that there have been concerns about excessive compensation packages and their negative impact on corporate performance. Accordingly, we investigate the possibility of a non-monotonic impact the managerial compensation may exert on agency costs. Second, our empirical model captures potential interactions between corporate governance mechanisms and growth opportunities. Following McConnell and Servaes (1995) and Lasfer (2002), we expect the effectiveness of governance mechanisms in reducing agency problems to be dependent on firm’s growth opportunities. In particular, if agency problems are associated with greater information asymmetry (a common problem in high-growth firms), we expect the effectiveness of corporate governance mechanisms in mitigating asymmetric information problems to increase in high-growth firms (Smith and Watts, 1992 and Gaver and Gaver, 1993). However, if, as argued by Jensen (1986), agency problems are associated with conflicts over the use of free cash flow (a common problem in low-growth firms), we expect governance mechanisms that are likely to mitigate such problems to play a more important role in low-growth firms (Jensen, 1986). Last but not least, in contrast to previous studies that focus on the US market, we provide evidence for UK firms. Although the UK and the US are usually characterized as having a similar â€Å"common law† regulatory system (see, e. g. , La Porta et al. 1998), the UK market bears significant distinguishing characteristics. 4 It is argued that several of these characteristics may contribute to a more significant degree of managerial discretion and, hence, higher level of managerial agency costs. For example, despite the relatively high proportion of shares held by financial institutions, there is a great deal of evidence that financial investors do not take an active role in corporate governance. Similarly, UK boards are usually characterized as corporate devices that provide weak disciplinary function. More specifically, weak fiduciary obligations on directors have resulted in nonexecutives playing more an advisory than a monitoring role. 5 Consequently, the investigation of agency issues and the effectiveness of the alternative governance 4 For a more detailed discussion about the characteristics of the prevailing UK corporate governance system see Short and Keasey (1999); Faccio and Lasfer (2000); Franks et al. (2001); and Ozkan and Ozkan (2004). 5 Empirical studies by Faccio and Lasfer (2000), Goergen and Rennebog (2001), Franks et al. 2001) and Short and Keasey (1999) provide evidence on the weak role of institutions and board of directors in reducing agency problems in the UK. 4 mechanisms in the UK, in a period that witnesses an intensive discussion of corporate governance issues, would be of significant importance. Our results strongly suggest that managerial ownership constitutes a strong corporate governance mechanism for the UK firms. This result is consistent with the fi ndings provided by Ang et al. (2000) and Sign and Davidson (2003) for the US firms. Ownership concentration and salary also seem to play a significant role in mitigating agency related problems. The results concerning the role of capital structure variables on agency costs are striking. It seems that both the source and the maturity structure of corporate debt have a significant effect on agency costs. Finally, there is strong evidence that specific governance mechanisms are not homogeneous but vary with growth opportunities. For instance, we find that executive ownership is more effective as a governance mechanism for high-growth firms. This result is complementary to the results obtained by Smith and Watts (1992), Gaver and Gaver (1993) and Lasfer (2002), which support the view that high-growth firms are likely to prefer incentive mechanisms (e. g. managerial ownership) whereas low-growth firms focus more on monitoring mechanisms (e. g. short-term debt). The remainder of the paper is organized as follows. In section 2 we discuss the related theory and formulate our empirical hypotheses. Section 3 describes the way in which we have constructed our sample and presents several descriptive statistics of that. Section 4 presents the results of our univariate, multivariate and sensitivity analysis. Finally, section 5 concludes. 2. Agency costs and Governance Mechanisms In what follows, we will discuss the potential interactions between agency costs and internal corporate governance mechanisms available to firms. Also, we will analyze how firm growth opportunities affect agency costs and the relationship between governance mechanism and agency costs. 2. 1 Debt Financing Agency problems within a firm are usually related to free cash-flow and asymmetric information problems (see, for example, Jensen, 1986 and Myers and Majluf, 1984). It is widely acknowledged that debt servicing obligations help reduce of agency problems of this sort. This is particularly true for the case of privately held debt. For example, bank 5 debt incorporates significant signalling characteristics that can mitigate informational asymmetry conflicts between managers and outside investors (Jensen, 1986; Stulz, 1990; and Ross, 1977). In particular, the announcement of a bank credit agreement conveys positive news to the stock market about creditor’s worthiness. Bank debt also bears important renegotiation characteristics. As Berlin and Mester (1992) argue, because banks are well informed and typically small in number, renegotiation of a loan is easier. A bank’s willingness to renegotiate and renew a loan indicates the existence of a good relationship between the borrower and the creditor and that is a further good signal about the quality of the firm. Moreover, it is argued that bank debt has an advantage in comparison to publicly traded debt in monitoring firm’s activities and in collecting and processing information. For example, Fama (1985) argues that bank lenders have a comparative advantage in minimizing information costs and getting access to information not otherwise publicly available. Therefore, banks can be viewed as performing a screening role employing private information that allows them to evaluate and monitor borrowers more effectively than other lenders. In addition to debt source, the maturity structure of debt may matter. For example, short-term debt may be more useful than long-term debt in reducing free cash flow problems and in signalling high quality to outsiders. For example, as Myers (1977) suggests, agency conflicts between managers and shareholders such as the underinvestment problem can be curtailed with short-term debt. Flannery (1986) argues that firms with large potential information asymmetries are likely to issue short-term debt because of the larger information costs associated with long-term debt. Also, short-term debt can be advantageous especially for high-quality companies due to its low refinancing risk (Diamond, 1991). Finally, if yield curve is downward sloping, issuing short-term debt increases firm value (Brick and Ravid, 1985). Consequently, bank debt and short-term debt are expected to constitute two important corporate governance devices. We include the ratio of bank debt to total debt and the ratio of short-term debt to total debt to our empirical model so as to approximate the lender’s ability to mitigate agency problems. Also, we include the ratio of total debt to total assets (leverage) to approximate lender’s incentive to monitor. In general, as leverage increases, so does the risk of default by the firm, hence the incentive for the lender to monitor the firm6. 6 Ang et al. 2000) focus on sample of small firms, which have do not have easy access to public debt, and examine the impact of bank debt on agency costs. On the contrary, Sign and Davidson (2003) focus on a sample of large firms, which have easy access to public debt, and examine the impact of public debt on 6 2. 2 Managerial Ownership The conflicts of interest between managers and shareholders arise mainly from the separation b etween ownership and control. Corporate governance deals with finding ways to reduce the magnitude of these conflicts and their adverse effects on firm value. For instance, Jensen and Meckling (1976) suggest that managerial ownership can align the interest between these two different groups of claimholders and, therefore, reduce the total agency costs within the firm. According to their model, the relationship between managerial ownership and agency costs is linear and the optimal point for the firm is achieved when the managers acquires all of the shares of the firm. However, the relationship between managerial ownership and agency costs can be non-monotonic (see, for example, Morck et al. , 1988; McConnel and Servaes, 1990,1995 and, Short and Keasey, 1999). It has been shown that, at low levels of managerial ownership, managerial ownership aligns managers’ and outside shareholders’ interests by reducing managerial incentives for perk consumption, utilization of insufficient effort and engagement in nonmaximizing projects (alignment effect). After some level of managerial ownership, though, managers exert insufficient effort (e. g focus on external activities), collect private benefits (e. g. build empires or enjoy perks) and entrench themselves (e. g. undertake high risk projects or bend over backwards to resist a takeover) at the expense of other investors (entrenchment effect). Therefore the relationship between the two is non-linear. The ultimate effect of managerial ownership on agency costs depends upon the trade-off between the alignment and entrenchment effects. In the context of our analysis we propose a non-linear relationship between managerial ownership and managerial agency costs. However, theory does not shed much light on the exact nature of the relationship between the two and, hence, we do not know which of the effects will dominate the other and at what levels of managerial ownership. We, therefore, carry out a preliminary investigation about the pattern of the relationship between managerial ownership and agency costs. Figure 1 presents the way in which the two variables are associated. [Insert Figure 1 here] agency costs. Our study is more similar to that of Ang et al (2000) given that UK firms use significant amounts of bank debt financing (see Corbett and Jenkinson, 1997). 7 Clearly, at low levels of managerial ownership, asset turnover and managerial ownership are positively related. However, after managerial ownership exceeds the 10 per cent level, the relationship turns from positive to negative. A third turning point is that of 30 percent after which the relationship seems to turn to positive again. Consequently, there is evidence both for the alignment and the entrenchment effects in the case of our sample. In order to capture both of them in our empirical specification, we include the level, the square and the square of managerial ownership in our model as predictors of agency costs. 2. 3 Ownership Concentration A third alternative for alleviating agency problems is through concentrated ownership. Theoretically, shareholders could take themselves an active role in monitoring management. However, given that the monitoring benefits for shareholders are proportionate to their equity stakes (see, for example, Grossman and Hart, 1988), a small or average shareholder has little or no incentives to exert monitoring behaviour. In contrast, shareholders with substantial stakes have more incentives to supervise management and can do so more effectively (see Shleifer and Vishny, 1986; Shleifer and Vishny, 1997 and Friend and Lang, 1988). In general, the higher the amount of shares that investors hold, the stronger their incentives to monitor and, hence, protect their investment. Although large shareholders may help in the reduction of agency problems associated with managers, they may also harm the firm by causing conflicts between large and minority shareholders. The problem usually arises when large shareholders gain nearly full control of a corporation and engage themselves in self-dealing expropriation procedures at the expense of minority shareholders (Shleifer and Vishny, 1997). Also, as Gomez (2000) points out, these expropriation incentives are stronger when corporate governance of public companies insulates large shareholders from takeover threats or monitoring and the legal system does not protect minority shareholders because either of poor laws or poor enforcement of laws. Furthermore, the existence of concentrated holdings may decrease diversification, market liquidation and stock’s ability to grow and, therefore, increase the incentives of large shareholders to expropriate firm’s resources. Several empirical studies provide evidence consistent with that view (see, for example, Beiner et al, 2003). In order to test the impact of ownership concentration on agency costs, we include a variable that refers to the sum of stakes of shareholders with equity stake greater than 3 8 per cent in our regression equation. The results remain robust when the threshold value changes from 3 per cent to 5 per cent or 10 per cent. 2. 4 Board of Directors Corporate governance research recognizes the essential role performed by the board of directors in monitoring management (Fama and Jensen, 1983; Weisbach, 1988 and Jensen, 1993). The effectiveness of a board as a corporate governance mechanism depends on its size and composition. Large boards are usually more powerful than small boards and, hence, considered necessary for organizational effectiveness. For instance, as Pearce and Zahra (1991) point out, large powerful boards help in strengthening the link between corporations and their environments, provide counsel and advice regarding strategic options for the firm and play crucial role in creating corporate identity. Other studies, though, suggest that large boards are less effective than large boards. The underlying notion is that large boards make coordination, communication and decision-making more cumbersome than it is in smaller groups. Recent studies by Yermack, 1996; Eisenberg et al. , 1998 and Beiner et al, 2004 support such a view empirically. The composition of a board is also important. There are two components that characterize the independence of a board, the proportion of non-executive directors and the separated or not roles of chief executive officer (CEO) and chairman of the board (COB). Boards with a significant proportion of non-executive directors can limit the exercise of managerial discretion by exploiting their monitoring ability and protecting their reputations as effective and independent decision makers. Consistent with that view, Byrd and Hickman (1992) and Rosenstein and Wyatt (1990) propose a positive relationship between the percentage of non-executive directors on the board and corporate performance. Lin et al. (2003) also propose a positive share price reaction to the appointment of outside directors, especially when board ownership is low and the appointee possesses strong ex ante monitoring incentives. Along a slightly different dimension, Dahya et al. (2002) find that top-manager turnover increases as the fraction of outside directors increases. Other studies find exactly the opposite results. They argue that non-executive directors are usually characterized by lack of information about the firm, do not bring the requisite skills to the job and, hence, prefer to play a less confrontational role rather than a more critical monitoring one (see, for example, Agrawal and Knoeker, 1996; Hermalin 9 nd Weisbach, 1991, and Franks et al. , 2001)7. As far as the separation between the role of CEO and COB is concerned, it is believed that separated roles can lead to better board performance and, hence, less agency conflicts. The Cadbury (1992) report on corporate governance stretches that issue and recommends that CEO and COB should be two distinct jobs. Firms should comply with the recommendation of the report for their own benefit. A decision not to combine these roles should be publicly e xplained. Empirical studies by Vafeas and Theodorou (1998), and Weir et al. (2002), though, which study that issue for the case of the UK market, provide results that do not support Cadbury’s stance that the CEO – COB duality is undesirable. In the context of the UK market, UK boards are believed to be less effective than the US ones. For instance,. To test the effectiveness of the board of directors in mitigating agency problems we include three variables in our empirical model: a) the ratio of the number of non-executive directors to he number of total directors, b) the total number of directors (board size) and c) a dummy variable which takes the value of 1 when the roles of CEO and COB are not separated and 0 otherwise. 2. 5 Managerial Compensation Another important component of corporate governance is the compensation package that is provided to firm management. Recent studies by Core et al. (2001) and Murphy (1999) suggest, among others, that compensation contracts, whose u se has been increased dramatically during the 90’s, can motivate managers to take actions that maximize shareholders’ wealth. In particular, as Core et al. (2001) point out, if shareholders could directly observe the firm’s growth opportunities and executives’ actions no incentives would be necessary. However, due to asymmetric information between managers and shareholders, both equity and compensation related incentives are required. For example, an increase in managerial compensation may reduce managerial agency costs in the sense that satisfied managers will be less likely, ceteris paribus, to utilize insufficient effort, perform expropriation behaviour and, hence, risk the loss of their job. Despite the central importance of the issue, only a few empirical studies examine the impact of managerial compensation components on corporate performance. For example, Jensen and Murthy 7 Such a result may be consistent with the governance system prevailing in the UK market given the fact that UK legislation encourages non-executive directors to be inactive since it does not impose fiduciary obligations on them. Also, UK boards are dominated by executive directors, which have less monitoring power. Franks et al. (2001) confirm this view by providing evidence on a non-disciplinary role of nonexecutive directors in the UK. 10 (1990) find a statistically significant relationship between the level of pay and performance. Murphy (1995), finds that the form, rather than the level, of compensation is what motivates managers to increase firm value. In particulars, he argues that firm performance is positively related to the percentage of executive compensation that is equity based. More recently, Hutchinson and Gul (2004) analyze whether or not managers’ compensation can moderate the negative association between growth opportunities and firm value8. The results of this study indicate that corporate governance mechanisms such as managerial remuneration, managerial ownership and non-executive directors possibly affect the linkages between organizational environmental factors (e. g. growth opportunities) and firm performance. Finally, Chen (2003) analyzes the relationship between equity value and employees’ bonus. He finds that the annual stock bonus is strongly associated with the firm’s contemporaneous but not future performance. Managerial compensation, though, is considered to be a debated component of corporate governance. Despite its potentially positive impact on firm value, compensation may also work as an â€Å"infectious greed† which creates an environment ripe for abuse, especially at significantly high levels. For instance, remuneration packages usually include extreme benefits for managers such as the use of private jet, golf club membership, entertainment and other expenses, apartment purchase etc. Benefits of this sort usually cause severe agency conflicts between managers and shareholders. 9 Therefore, it is possible that the relationship between compensation and agency costs is non-monotonic. Similar to the case of managerial ownership, we carry out a preliminary investigation about the pattern of the relationship between salary and agency costs. As shown in figure 2, the relationship between salary and agency costs is likely to be non-linear10. In our empirical model, we include the ratio of the total salary paid to executive directors to total assets as a determinant of agency costs. Also, in order to capture potential 8 Rather, the majority of the studies in that strand of literature reverse the causation and examine the impact of performance changes on executive or CEO compensation (see, for example, Rayton, 2003 among others). Concerns about excessive compensation packages and their negative impact on corporate performance have lead to the establishment of basic recommendations in the form of â€Å"best practises† in which firms should comply so as the problem with excessive compensation to be diminished. In the case of the UK market, for example, one of the basic recommendations of the Cadbury (1992) report was the establishment of an independent compensation committee. Also, in a posterior report, the Greenbury (1995) report, specific propositions about remuneration issues were made. For example, an issue that was stretched was the rate of increase in managerial compensation. In the case of the US market, the set of â€Å"best practises† includes, among others, the establishment of a compensation committee so as transparency and disclosure to be guaranteed (same practise an in the UK) and the substitution of stock options as compensation components with other tools that promote the long-term value of the company 10 A similar preliminary analysis is carried out so as to check potential non-linearities concerning the relationship between the rest of internal governance mechanisms and agency costs. Our results (not reported) indicate that none of them is related to agency costs in a non-linear way. 11 non-linearities, we include higher ordered salary terms in the regression equation. Finally, we include a dummy variable, which takes the value of 1 when a firm pays options or bonuses to managers and 0 otherwise. Including that dummy variable in our analysis enables us to test whether or not options and bonuses themselves provide incentives to managers. As Zhou (2001) points out, ignoring options is likely to incur serious problems unless managerial options are either negligible compared to ownership or almost perfectly correlated with ownership. [Insert Figure 2 here] 2. 6 Growth Opportunities The magnitude of agency costs related to underinvestment, asset substitution and free cash flow differ significantly across high-growth and low-growth firms. In the underinvestment problem, managers may decide to pass up positive net present value projects since the benefits would mainly accrue to debt-holders. This is more severe for firms with more growth-options (Myers, 1977). Asset substitution problems, which occur when managers opportunistically substitute higher variance assets for low variance assets, are

Free Essays on Education For The Handicapped

Between the mid 1960s and 1975, state legislatures, the federal courts, and the U.S. Congress spelled out strong educational rights for children with disabilities. Forty-five state legislatures passed laws mandating, encouraging, and/or funding special education programs. Federal courts, interpreting the equal protection and due process guarantees of the Fourteenth Amendment to the U.S. Constitution, ruled that schools could not discriminate on the basis of disability and that parents had due process rights related to their children's schooling (Martin, Martin & Terman, 1996). People who have advocated for students with disabilities have always tried to find separate funding for special education services. In advocating for students with disabilities, there has been a push toward grants instead of categorical programs. Greater inclusion of special education students in general education classrooms has raised concerns about whether students with disabilities will continue to have full access to the special services they need. Prior to the 1950s, few federal laws authorized direct education benefits to persons with disabilities (Martin, Martin & Terman, 1996). During the early and mid 1800s there were acts that made grants for asylums for the â€Å"deaf and the dumb.† This also promoted education for people who were blind. After these early trials, the federal government had limited involvement in public schools. The first major federal efforts in the modern era to improve public elementary and secondary schools came in 1958 and 1965, and neither included provisions for education of children with disabilities (Martin, Martin & Terman, 1996). In the 1950s the Soviet Union launched Sputnik. This perceived threat prompted Congress to pass the National Defense Education Act of 1958 (NDEA). This act provided grants to improve science and math teaching in the ... Free Essays on Education For The Handicapped Free Essays on Education For The Handicapped Between the mid 1960s and 1975, state legislatures, the federal courts, and the U.S. Congress spelled out strong educational rights for children with disabilities. Forty-five state legislatures passed laws mandating, encouraging, and/or funding special education programs. Federal courts, interpreting the equal protection and due process guarantees of the Fourteenth Amendment to the U.S. Constitution, ruled that schools could not discriminate on the basis of disability and that parents had due process rights related to their children's schooling (Martin, Martin & Terman, 1996). People who have advocated for students with disabilities have always tried to find separate funding for special education services. In advocating for students with disabilities, there has been a push toward grants instead of categorical programs. Greater inclusion of special education students in general education classrooms has raised concerns about whether students with disabilities will continue to have full access to the special services they need. Prior to the 1950s, few federal laws authorized direct education benefits to persons with disabilities (Martin, Martin & Terman, 1996). During the early and mid 1800s there were acts that made grants for asylums for the â€Å"deaf and the dumb.† This also promoted education for people who were blind. After these early trials, the federal government had limited involvement in public schools. The first major federal efforts in the modern era to improve public elementary and secondary schools came in 1958 and 1965, and neither included provisions for education of children with disabilities (Martin, Martin & Terman, 1996). In the 1950s the Soviet Union launched Sputnik. This perceived threat prompted Congress to pass the National Defense Education Act of 1958 (NDEA). This act provided grants to improve science and math teaching in the ...

Annual report analysis Essay Example | Topics and Well Written Essays - 1000 words

Annual report analysis - Essay Example It shows that company was not performing as good as it is performing in the current year and it is coming back to its real best. Ans 3 Working capital is basically is a ratio which indicates after deducting liabilities from its assets mean current assets. So it is originally the sign of strength of the company. If any company has large enough working capital after paying off all of its liabilities that means it is still in position to run its operations. Working capital and current ratio are directly related because both indicate the strength of the firm after paying off its liabilities. Yes, definitely because the larger the working capital firm has after deducting its liabilities the larger the chances that it can pay off its liabilities gracefully. Ans 8 After overall analysis of the firm, figures suggest that firm is not doing well enough work in the form of its profitability area. The firm is not enough to eliminate its expenses and that is why all of its ratios represent very poor figure of their profitability scenario. Almost all the ratios are giving a very poor picture of the company's standing in the industry. It has been the situation in all three years and they are still not putting effective to overcome this problem. ans 11 After analyzing the company's debt and debt equity ra... 2003 0.21 2004 0.4 2005 0.34 Ans 6 The price earning per share is 0.4. Ans 8 After overall analysis of the firm, figures suggest that firm is not doing well enough work in the form of its profitability area. The firm is not enough to eliminate its expenses and that is why all of its ratios represent very poor figure of their profitability scenario. Almost all the ratios are giving a very poor picture of the company's standing in the industry. It has been the situation in all three years and they are still not putting effective to overcome this problem. Ans 10 The Company's debt ratio and debt equity ratio are as follows: Debt ratio debt equity ratio 05 0.618 1.618 04 0.164 0.197 03 0.043 0.045 02 0.064 0.068 ans 11 After analyzing the company's debt and debt equity ratio it has been noted that the company is using its investments very efficiently and the industry average of ratio should be around 0.1 - 0.5 Ans 12 ROI is the earnings on the investments that are originally brought by company's borrowings (equity) ROI and ROE are interrelated in a manner that the company invests its borrowed money to earn profits. Financial leverage takes the form of borrowing money and reinvesting it with the hope to earn a greater rate of return than the cost of interest. Leverage allows greater potential return to the investor than otherwise would have been available. The potential for loss is greater because if the investment becomes worthless, not only is that money lost, but the loan still needs to be repaid. Ans 13 The Company's debtor turnover ratio is as follows: 3 69.3 4 78.8 5 122.16 Ans 14 After analysing the

Quality improvement in medication administration Research Paper

Quality improvement in medication administration - Research Paper Example This research will begin with the statement that medication administration forms the key performance improvement area in Carlinville Area Hospital as a  strategy of alleviating liabilities and costs that may arise due to lapses in drug administration. Medication administration is one of the sensitive areas of public health that is highly controlled by a number of statutes both federal and state. It is important that healthcare practitioners observe stringent measures when administering drugs in order to avoid ligations associated with negligence and incompetence.   In fact, the law is very clear on the issues related to drug administration and in case Carlinville Area Hospital will fail to institute proper performance measures, it will be virtually impossible to avoid problems associated with poor drug administration. Instilling quality improvement in medication administration will ensure that Carlinville Area Hospital upholds all the stipulated guidelines, policies, and procedur es relating to nationwide drug administration. A number of methodologies are available to healthcare providers that can effectively be used to integrated quality improvement into performance measurements. The key methodologies include but not limited to Six Sigma, Lean Production System, and Root cause analysis. These methods are important to ensure that organization operations are streamlined enough to meet the performance measures instituted by the organizations.... ificant method of improving quality in a hospital setup, it involves formalized investigation, and problem solving approached aimed at uncovering what might have caused an event as well as the events that were intercepted. Root Cause Analysis plays a significant role in helping individuals pinpoint trends as well as assess risk to be applied in case of suspected human. RCA is often based on the assumption that systems rather than personal factors are probably the root cause of most problems (Hughes, 2008). Unlike other improvement methodologies, RCA is a reactive technique that starts to operate once an event has occurred, illustrating the sequence of events leading to the specified event and above all addressing the root causes for proper examination of the event. Notable advantages of Root Cause Analysis include highly significant in assessing reported errors. It can be used to suggest system changes whenever the need arises. Lean productions system has been utilized successful to integrate quality improvement and performance measures in number of organizations, healthcare not left behind. Lean production system has highly been used to remove inefficiencies in organization systems that may lead to wastes (Hughes, 2008). Customer needs are the focus of this method as it aims at removing activities considered non-value-added to improve processes. This methodology depends a lot on the root cause analysis in its effort to improve processes considering that RCA has the ability to investigate errors. Hughes (2008) asserts that Lean production method only comes in to improve quality and prevent future occurrence of identified errors through RCA. Lean production method is considered advantageous for producing results in an objective and concise manner. Additionally this

Henry David Thoreau Essay Example for Free

Henry David Thoreau Essay Transcendentalism is a very important movement that occurred not only in literature but in life as well. The transcendentalist movement was a movement that was basically the thought of everyone having an over-soul. The over-soul is the thought of a relationship between God, nature, and man. The movement had many different characteristics like individuality, feelings being priority over reason, the fact that nature was divine, and that nature held truths. Transcendentalists used the truths that they observed in the world and in nature to change the way society was and how people see themselves in the world. Although the idea of a utopia was not successful, the movement sparked a change in literature. Emerson and Thoreau are the two people most associated with transcendentalism. They both wrote essays about their experiences in nature and influenced many other writers to do the same (hence the transcendentalist movement). The transcendentalist thought is especially apparent in Walt Whitman and Emily Dickenson’s work. Whitman and Dickenson both show many traits of the movement, but the most apparent trait is individualism. Individualism is often portrayed in Emerson and Thoreau’s work as being equal. Everyone has a soul, inner truth is the only thing that matters, and fulfillment comes from knowing one’s self. In Emerson’s essay Nature, he describes man as being universal and related. In the quote â€Å" . . . that great nature in which we rest . . . that Unity, that Over-Soul, within which every mans particular being is contained and made one with all other. . . . We live in succession, in division, in parts, in particles. Meantime within man is the soul of the whole; the wise silence; the universal beauty, to which every part and particle is equally related; the eternal ONE. † Emerson is saying that all men have souls and that each soul is a part of an even bigger soul, the universal soul. This is basically saying that we are all equal, but at the same time we are separated because we each have a soul of our own. In another essay, self-reliance, he stated â€Å"Is it so bad, then, to be misunderstood? Pythagoras was misunderstood, and Socrates, and Jesus, and Luther, and Copernicus, and Galileo, and Newton, and every pure and wise spirit that ever took flesh. To be great is to be misunderstood†¦Ã¢â‚¬  In this, he is saying that being misunderstood is being great. This also says that being misunderstood is forgetting what society says you should be or act like and doing what you want to do in order to find yourself and be your own person. By not caring about what others may think about your choices and decisions, you can be your own person and set an example for others to do the same. Not only was Emerson talking about being an individual, he was also adding a bit about your feelings being more important that reason. Thoreau also writes about individualism in his essays. In Walden, Thoreau writes about the experiences and life of his life. He writes â€Å"†¦ if one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet success unexpected in common hours. † This is saying that you should live the way that you want to live and that your inner truth or inner desires are all that matter. Everyone has inner truth and desires and to live the life that you want to live then you should go for the dreams that you have always wanted to come true. This is a prime example of individualism because everyone has dreams and inner truths about the way that they want to live and it is completely up to them to live the way that they want to live. He also addresses individualism in another essay titled Civil Disobedience. He writes â€Å"But, to speak practically and as a citizen, unlike those who call themselves no government men, I ask for, not at once no government, but at once a better government. Let every man make known what kind of government would command his respect, and that will be one step towards obtaining it†¦Ã¢â‚¬  In this, he is encouraging people to take a stand for the rights and respect they deserve. In a way, he is telling people to stop ignoring the unfair government and do something about the way you feel. This is showing again how everyone has inner truth and they should do something to change the way the world is to be better. Thoreau wanted the government to change and so he spoke about what he believed to be true. This is him showing his individualism and encouraging others to speak up as well about the truth that they believed. Like Emerson and Thoreau, Whitman and Dickenson have both used individualism in their works, but Whitman does a better job at portraying it. In Whitman’s poem ‘Song of Myself’, Whitman writes about everyone being equal and having equal opportunities. He states â€Å"I am of old and young, of the foolish as much as the wise, regardless of others, ever regardful of others, maternal as well as paternal, a child as well as a man, stuffed with the stuff that is course, and stuffed with the stuff that is fine † In this quote he is comparing total opposites to each other. This is a way of showing how even the opposites are the same. Regardless of others, ever regardful of others means that others mean nothing to you, yet others mean everything to you. It’s contradicting, but in a way that says although others mean nothing to you, they affect you in certain ways. Everyone affects you, but you are not everyone. You are simply yourself and that is what I get from what Whitman was describing. In another part of the poem, Whitman says ‘I am as bad as the worst, but thank God, I am as good as the best. ’ This quote stands out because it means no one is better than anyone. Just because you don’t get in trouble doesn’t mean you are any less wrong or less bad. Just because you do good things doesn’t mean you are any better! Being good is simply being good and the same goes for being bad. No one is any better or worst. This means that everyone is equal and has equal opportunities. Dickenson also uses individualism as a theme in some of her works as well. In the poem ‘Heaven Has Different Signs—To Me’, Dickenson writes â€Å"The Rapture of a finished Day—Returning to the West—All these—remind us of the place, That Men call paradise† In this poem Dickinson is describing what heaven would be like. This quote refers to the end of the day for men. Individualism is living the way you want and reaching fulfillment. This quote shows how men are fulfilled in their lives and of what they call paradise. To me, I don’t think she is writing about heaven, I think she is writing about a utopia. She is writing about a place that everyone is equal and enlightened. Dickinson and Whitman both write about being equal and living the life that you want to lead. Even though they both write about individualism, Whitman portrays it much more and it is more apparent. They were both influenced by the transcendentalist movement, but Dickinson focuses on other traits like how nature is beautiful and simple and the relationship that nature, life, and death have. The transcendentalist movement may be over, but it left an imprint in literature. Many people speak of individualism and the name most associated with it in the movement is Walt Whitman. Works Cited Poemhunters. com. N. p. , n. d. Web. 20 Feb. 2013. Quotations by Author. Walt Whitman Quotes. N. p. , n. d. Web. 20 Feb. 2013. Thoreau, Henry D. Civil Disobedience by Henry David Thoreau. Civil Disobedience by Henry David Thoreau. Jone Johnson Lewis, n. d. Web. 20 Feb. 2013. Thoreau, Henry D. Walden. N. p. : Jalic, 2003. Print. Whitman, Walt. (1836)Nature. Nature by Ralph Waldo Emerson. Oregon State College, n. d. Web. 20 Feb. 2013. Whitman, Walt. Self Reliance. Mrgunnar. net. N. p. , n. d. Web. 20 Feb. 2013.

Executive Information Systems :: Technology Work Technological Essays

Executive Information Systems Executive Information Systems (EIS) is a system designed to supplement the current company’s information system for their executives. The standard textbook definition of executive information system is â€Å"an information system that provides strategic information tailored to the needs of executives and other decision makers† (O’Brien 24). EIS is thought to help with knowledge management. Knowledge management is the â€Å"set of practices aimed at discovering and harnessing an organization’s intellectual resources – fully utilizing the intellects of the organization’s people† (Bateman, Snell 8). In research there is one other basic term that is used to interchangeably with Executive Information System. That term is Executive System Support (Kaniclides, Kimble 3). Executive Information Systems software expands on all of the other business software out there for managers. There are some main differences between EIS and other information systems. The main difference is that EIS is aimed towards executives so it is specifically customized towards their needs. Another difference is that EIS is â€Å"able to access data about specific issues and problems as well as aggregate reports† (Kelly 2). EIS is not as limited to a particular field or area of the business. Executive Information Systems allow for access to an array of data from both inside the company and outside from difference sources. EIS also is user friendly so the senior management members do not need assistants to access the information for them and they can make use of their assistants for other tasks. The systems usually can be used with a mouse or a touch screen computer and information is presented in a graphic format (Kelly 2). The people that use EIS have been mentioned above. These people are those who are senior level managers, such as CEOs, CFOs, COO, Presidents, and so on, with loads of information to sort though. The executive information system helps them sort though the information provided to them by lower level managers. This information usually includes such things as efficiency reports and other production reports relevant to the field of the corporation. These senior level managers use this information that has been summarized and put into a form that the manager wants to make important decisions for the company. For executives that do not utilize executive information system might feel overwhelmed with the papers and reports they receive daily.

A clockwork orange: Futuristic fantasy Essay

A Clockwork Orange is a book with a moral. More than that, it is a warning: a caution to the 1960s society of which Burgess was a part. His predictions of the world to come are bloody and his depictions of militant regimes and totalitarian states are fantastic and profound. But they are not so far from the truth as one would think†¦ Burgess formed his picture of Alex’s world in the world he saw around him in the 1960s. This is most notable in the language that is used. It is absolutely full of Russian words: â€Å"horrorshow†, â€Å"krovvy†, â€Å"ptitsa†, and â€Å"tolchock†. This is of course a reference to the Soviet regime, which ruled over the USSR with an iron fist. At the time the Cold War was in full force, animosity was high and Soviet communism posed a real threat to the western democracies. But it is possible that Burgess was depicting the future world as well as his own. He is suggesting that if his own society were to carry on the way it was in his time, then it could possibly end up being as strict and oppressive as the Soviet regime. It is even a possibility that Burgess believed that the western countries, including his own country, the UK, would fall under the rule of communism and become Soviet states themselves. If this is true, then it suggests to me an admiration for the Soviet regime, not a dislike: he considered that the Soviets were so strong and organised, that western occupation was an actual possibility. But if this happened, Burgess believed it would be the end of the world as he knew it. Throughout the novel he makes subtle references to certain things he believed would not last under state control: art and literature. Alex himself says that â€Å"newspapers [were] not being read much†. Later he describes the â€Å"Public Biblio†, or library, â€Å"which not many lewdies used those days†. The boys wear masks later in the first chapter, and these are also significant. â€Å"Peebee† Shelley is seen as a novelty now; an age-old poet from years ago, long dead and long forgotten. Even Elvis Presley is included with Shelley and Henry VIII, suggesting that he too is simply a remnant of an old society. This had even more significance in the time Burgess wrote the novel, since Elvis was alive and famous and very much a part of modern popular culture. To Alex he is a name that means nothing. Even the remnant buildings of Oldtown are strange to him. They are from a time when people had a choice. The fall of literature and art is synonymous with the abolition of freedom. Literature, art and architecture are forms of expression – and in Alex’s world they do not exist, only in fleeting references and novelty masks. There is the boys’ appearance: the so-called â€Å"heighth of fashion† for their day. In many respects it is similar to fashion of the 1960s. The outrageous styles, indicated by the â€Å"old jelly mould†¦ fitting on the crotch under the tights†, funnily shaped into flowers, spiders and a â€Å"clown’s litso†. And there are also the very bright colours – â€Å"purple and green and orange wigs on their gullivers†. Rather unusually the boys also wear make-up. There are two possible explanations for this. The first is the most obvious: the boys want to be different. They are hitting out against organised state-control. The second reason is much more subtle: at the time Burgess wrote the novel, a sexual revolution was taking place; in particular, women were more free to take on the traditionally masculine practices, such as pursuing a career. Clearly, the boys are doing the same thing: adopting a traditionally female practice. It could be that Burgess is making a social statement: he predicts that in the future, the boundaries determining which gender takes on which role will be less definite. Yet it is still only a suggestion; Burgess’s old-style attitude towards the sexes is fairly clear in the book, since every major character is male. It is a strange combination of past and â€Å"future†. But although the boys want to stand out and not conform, they are ironically conforming within their own group. The weird clothes and make-up are components of their uniform, which exist mainly to control people in a militant fashion. They are fighting fire with fire. And if the make-up is an equality statement, then it is ironic also. The boys do not want to be equal to everyone else – they like to be different. And they do not want equal rights – they believe that they have, or should have, more rights, and can therefore defy the law through acts of violence. The message that Burgess is putting across here is ambiguous. Either he could be saying that too much state control will eventually force a violent revolution, and therefore the government should relax, which is probably the most common belief. Or his warning could be the opposite: he is saying that if the government give in and grant extra rights to everybody, then in the future there will be someone, somewhere, who has, or wants, more rights. I prefer to believe the latter theory. Burgess was not for violent revolution of any kind. A Clockwork Orange is a frightening prediction of the world to come if it continues to grant people so much power, and not a warning of how the world will be if state control continued. Eventually all of this freedom would necessitate state control, as it exists in Alex’s time. Burgess was for a certain degree of control – the use of Russian words in his novel, as explained above, is evidence for this. Although few people would agree with me, that is what I believe. Burgess’s novel was indeed written as a warning to those in his time. But despite the frightening depiction of state control, I do not think Burgess was so opposed to it as some people claim. I would only say that the totalitarian regime of Alex’s time is an example of an extreme form of state control that is certainly wrong, but only because of its severity. Burgess’s warning was not aimed at the government; it was aimed at those who dreamt of revolution. Only one thing is certain: the connotations are clear, and A Clockwork Orange is definitely not just a fantasy novel.

The Stereotypes Of Stereotypes And Stereotypes - 977 Words

Breaking Stereotypes The labeling or stereotyping of different races often define how they are supposed to act, think, and conduct themselves within society. Stereotyping can have an extremely negative effect on individuals in a particular ethnic group that have a real potential to become something better than what their labels define them as. Stereotypes such as all Native Americans are uneducated and lazy, or all Caucasian people are racists, are assumptions that can cause hatred between races, or stereotype threat; causing individuals in different ethnic groups to think less of themselves and thus limit their ability to reach their full potential. Some individuals in minority groups often find themselves having to prove that such stereotypes do not apply to them and work resiliently to change preconceived ideas about them. The term stereotype refers to generalizations or frequently generalizations about members of a specific group. Stereotypes can be associated with characteristics like race, sex, s ocial status or religion. These generalizations can be positive, but in most cases they are negative and extremely hard to change. For example in the essay â€Å"Champion of the world† by Maya Angelou the author describes how almost the entire African American population of the United States, placed their hopes on Joe Luis to retain title of world champion. A match against a white contender seemed the perfect opportunity to break the stereotypes and inequalities associated withShow MoreRelatedStereotypes And Stereotypes Of Stereotypes1400 Words   |  6 Pages Whether acknowledged or not, stereotypes are an issue in society. Stereotypes are often related to culture and religion, but also exist in forms related to gender. As seen in the movie Crash, stereotypes falsely label individuals in society. The labels created by stereotypes influence interactions individuals make with one and other. These interactions can be hostile or warm depending on the stereotypes society believe s of the group the individual identifies him or her self with. Stereotypical ideasRead MoreStereotypes And Stereotypes Of Stereotypes1660 Words   |  7 Pagesand Usage of Stereotypes on Individuals On an average day, one might turn on the television to a variety of shows. Some may display a husband coming home from work to a meal cooked by his wife, and others may show a blonde girl proving her lack of common sense. Nevertheless, this comes to show how commonly it occurs that stereotypes are presented in our daily lives. Stereotypes are considered to be widely generalized perceptions of particular groups of people. There are stereotypes in regards toRead MoreStereotypes And Stereotypes Of Stereotypes1765 Words   |  8 PagesStereotypes can be defined in several ways and are typically used in a negative or positive manner. Stereotyping according to Neuliup, J.W., (2012), â€Å"is referred as the memebership in social categories such as sex, race, age, or profession that are believed to be associated with certain traits and behaviors.† It may also refer to the belief that one holds against another person or groups of people from a given ethnic group. Stereotype’s has been known to be used in many films across the globeRead MoreStereotypes And Stereotypes Of Stereotypes1362 Words   |  6 PagesINTRODUCTION: In today’s world stereotypes play a huge role. Stereotypes are constantly discussed and spread among members of a society, and usually have a negative message. It is commonly said that a world without these stereotypes is how the world should be. However, this is unachievable. As harmful as a stereotype can be, it is necessary and it is a part of all of our lives. Stereotypes are inevitable and present in all places and therefore are a factor in all human beings lives whether they knowRead MoreStereotypes And Stereotypes Of Stereotypes771 Words   |  4 PagesStereotypes: â€Å"...a fixed, over generalized belief about a particular group or class of people.† (Cardwell, 1996). Stereotypes create an unconscious perception on a group of people. Generalization ignores differences between individuals; theref ore we pass assumptions towards others that may not be accurate. Stereotypes enables us to respond quickly to situations because we may have had similar experiences before. The use of stereotypes is an involuntary way we simplify our social world; they reduceRead MoreStereotypes And Stereotypes Of Stereotypes1357 Words   |  6 Pagesthing is known as a stereotype. Everyone has a stereotype of someone or something, whether they know it or not. It has become more common to have stereotypes in today s world. Human beings tend to settle on fixed images about races or cultures, and in doing so, assume, due to stereotypes, that they are endangered by all understood in that group. Such attitudes are dangerous, and spread violence across cultures. Every race and culture is characterized by stereotypes. Those that are stereotypedRead MoreStereotypes And Stereotypes Of Stereotypes794 Words   |  4 PagesStereotypes are by definition a widely held but fixed and oversimplified image or idea of a particular type of person. Stereotypes can apply to other things as well but I will focus on the stereotypes seen in society. As we have seen in â€Å"To Kill a Mockingbird†, stereotypes have been present throughout history. However, it seems that even though stereotypes usually carry negative effects on people with their presence, they have lingered with us for some strange reason. Stereotypes exist todayRead MoreStereotype Stereotypes770 Words   |  4 Pagesis very wrong. You shouldnt judge people no matter what the situation is, everyone makes mistakes. Now let me tell you what a stereotype is , its mainly an idea that a person has about someone or something that is based on the looks from the outside. Stereotypes can be defined as judgements that people make about other without knowing them personally, and stereotypes impact our society in many ways. For example, in an interview with Guy Raz from NPR, Jamila Lyiscott says that â€Å"you have this lensRead MoreStereotypes And Stereotypes Of Gender Stereotypes1588 Words   |  7 PagesSociety today holds many stereotypes, and sometimes people will rebel against the stereotypes in order to embrace the individual and oppose social norms. However, some stereotypes are harder to rebel against than other. A stereotype that might be harder to break, either because the people who believe in that stereotype are too ignorant to look past it or because the people who need to rebel are not able to, is gender based stereotypes. One example of this type of stereotype is when gender roles appearRead MoreStereotypes And Stereotypes Of Gender Stereotypes Essay939 Words   |  4 Pagesonce were, they are still unable to achieve their dreams. Thi s is from the gender role-stereotypes. These stereotypes affect their everyday life, school work, and even career choices. Question are often asked about gender stereotypes like ‘Where did these stereotypes first originate?’ Is there any truth to these stereotypes? If gender wasn’t known would there still be stereotypes? How can we stop stereotypes labeling gender? Many scientists thought hard about those questions until they came up