Saturday, September 21, 2019

Teaching Strategies to Improve NCLEX Passing Rate

Teaching Strategies to Improve NCLEX Passing Rate Yamilka Pichardo Abstract The 5 articles reports different teaching and learning strategies used in nursing students  and their evaluation. The strategies described here are based on Humanistic theory, and the author of the five of them uses Abraham Maslow humanist theorist as a reference. Key Words Nclex, Teaching Strategies, Success. Introduction Humanistic Theory as applied to learning is largely constructivist and emphasizes cognitive and affective process. It address people‘s capabilities and potentialities as they make certain choice and seek control over their lives. (schunk et al.,2008) Maslow’s theory emphasizes motivation to develop one‘s full potential, he also believe that human actions are unified by being directed toward goal attainment. His Hierarchy of needs can help teachers understand students and create an environment to enhance learning. It’s unrealistic to expect students to show interest in classroom activities if they have physiological or safety deficiencies. (Maslow 1968, 1970) Literature Review Title: Teaching around the cycle: strategies for teaching theory to undergraduate nursing students. Author: Nancy A. Flanagan and Linda McCausland The Idea of this article is to incorporate a variety of teaching techniques, with this pedagogy students are encourage to recognize and cope with numerous ways of acquiring information. A teaching technique applied to teaching nursing theory in an undergraduate nursing program is presented. This technique acknowledges a variety of learning styles to facilitate student learning. Activities highlight the importance of acquiring a variety of knowledge acquisition and information-processing skills required in a profession. Students use critical thinking, communication, group process, and research analysis skills to learn and apply information about theory. Method: The methods and activities have been developed over four years and implemented in small classes of eight students and in classes as large as 140 students with equal success. Understanding nursing theory requires critical and complex thought process, the more advanced theory knowledge and cognitive skills of application analysis, synthesis and evaluation are facilitated through active collaborative strategies featuring faculty and student interaction. A nurse theorist outline developed by the instructor serves as study guide and assist student with subsequent class activities. THE THEORY GAME 🙠 Board game/ Case studies) Gaming is a technique that requires active learning and collaborative cooperative learning strategies with a group. The game is design to increase student familiarity with new abstract theoretical content and reinforces student knowledge. Evaluation: The journal article evaluation and case study / care plan activities were added to the curriculum, since then summative evaluation, measured by quiz grades has improve, these finding are consistent with educational theory on active learning strategies that incorporate group collaboration through gaming analysis and case study. (Nancy A. Flanagan and Linda McCausland, Nov/ Dec 2007) Title: Learning Nursing Concepts through Television Programs Author: Raines, Deborah A The Idea: These activities are designed to engage students and to facilitate their developing understanding of nursing concepts and behaviors. The following are just a few examples of how television programs can be used to teach nursing concept and behavior in an Introduction to nursing course early in the curriculum. Engaging students while developing an understanding of nursing concept is a challenge to nurse educators. In nursing education, one of the primary pedagogical goals is to ensure students develop a set of analytical and critical thinking skills to be safe and efficient nurses in the practice setting. Instructors and textbooks try to structure case studies for teaching, but these activities can be sterile and lack the richness and the uniqueness of getting to know others in a nursing situation. Audiovisual images, such as television programs, compress complex stories into rich, visually intense images and bring situations to life in a more powerful way than the traditional lecture approach does. Method: Students are asked to find clips of the four main characters from Seinfeld (Seinfeld, Mehlmanard, Gross, Greenburg, 1989) to demonstrate the principles of Maslows hierarchy of needs. Students assess and analyze each characters behavior in relationship to Maslows levels. Through the years, programs have been based on the concept of family. Segments can be shown as a montage of programs clips to reveal the changing meaning of family, differing family types and structures over time, or to compare and contrast the variety of ways families cope with a particular situation. Soap operas such as General Hospital (Hursley Hursley, 1963) and All My Children (Nixon, 1970) have many scenes involving nurses in hospitals Segments from these programs showing nurses in action can illustrate teachable moments on a variety of topics including professional appearance and comportment, interdisciplinary collaboration and communication, the role of the nurse, and nurse-patient interaction, as well as the concept of professional boundaries. Evaluation: Student response has been overwhelmingly positive. The activity generates significant discussion, and even a little laughter, among class members. The use of familiar television programs situations and characters to introduce beginning nursing students to new concept associated with the study of nursing provides a way for them to begin to build a knowledge base and to see the dynamic nature of nursing concept as applied to a variety of situations (Raines, Deborah A Mar 2010): 173-4. Title: How Can I Fail the NCLEX-RN ® With a 3.5 GPA? Approaches to Help This Unexpected High-Risk Group. Author: Rollant, Paulette Desmaske Idea: This article describes two self-report inventories useful for tracking and predicting risk for failure or success on tests and the NCLEX-RN Most of these studies focus on objective data, such as preadmissions standards, progression examinations, overall grade point average, course grades, and comprehensive examinations. Significant correlations were found between success on the NCLEX-RN and five factors: cumulative nursing program grade point average, English as the primary language spoken at home, lack of family responsibilities or demands, lack of emotional distress, and sense of competency in critical thinking. The journal provides information on predictors and tools to identify students who are at risk for failure on the NCLEX-RN. It also indicates the importance of other factors such as fatigue and anxiety on passing the NCLEX-RN. Method: The Test Anxiety Inventory (TAI) a self-report scale, measures individual differences in test anxiety as a situation-specific trait. This one-page test contains 20 items that asks respondents to indicate how frequently they experience specific symptoms of anxiety before, during, and after examinations. The subscales also assess worry and emotionality as major components of test anxiety (Spielberger et al., 1990). The Learning Assessment Study Skills Inventory (LASSI) is an 80item assessment of students awareness about and their use of learning and study strategies. The results are related to the skill, will, and self-regulation components of strategic learning. This valid and reliable assessment inventory contains 10 scales: stress, attitude, motivation, concentration, self testing, time management, test-taking skills, anxiety, information processing, and study aids. Evaluation: All of these methods are taken from the 5 Cs for Test Success model (Rollant, 2006). The final action is to help students identify tools to use when they do not know. Using these strategies, educators can open the pathway to success for students at potential risk for test failure. (Rollant, Paulette Desmaske) Title: Teaching Critical Thinking in an introductory leadership course utilizing active learning strategies: A confirmatory Author: Burbach, Mark E, Matkin, Gina, Susan M Idea: Critical Thinking is often seen as a universal goal of higher education but is seldom confirmed as an outcome. This study was conducted to determine whether an introductory level college leadership course encouraged active learning increased critical thinking skills. (Journal writing, service learning, small groups, scenarios, case study, and questioning). Method: A pre- and post-assessment of critical thinking skills was conducted using the Watson-Glaser Appraisal. An integrative studies course is intended to engage students in actively developing their ability and desire to analyze, evaluate, and communicate complex material and positions. One objective of the studies is to enhance critical thinking through a variety of approaches in which students investigate arguments, engage in research, gather data, perform qualitative and quantitative analysis, and assess conclusions. The underlying philosophy of this article is that improvements in interpersonal skills for leadership are an interactive function of increased self awareness, increased understanding of others, and learning from life experiences. To engage students in critical thinking, active learning methods (e.g. Meyers Jones, 1993) are emphasized in this class. For example, a service-learning project is required. Students are encouraged to work in an area that is outside of their previous range of experiences. An attempt is made to expose them to new perspectives and/or different cultural experiences. The project comprises a large portion of the each students final grade. Instructor-mediated reaction journals to complement classroom activities and the service-learning project are also required. Classroom activities include small group projects involving contextual scenarios, case studies, role-plays, and student presentations. Socratic questioning between instructors and students is strongly encouraged. Reflective journal writing can improve critical thinking as well as growth in self-awareness and self-actualization (Maslow, 1979) and the development of new knowledge (Boyd Fales, 1983), also can increase student learning and promote meaningful personal insights more than lecture and reading assignments (ConnorGreene, 2000; Mayo, 2003a, 2003b; Seshachari, 1994). Journal writing helps students to document observations, question, speculate, develop self-awareness, synthesize ideas, and gain insights for problem-solving (de Acosta, 1995). Evidence derived from case studies suggests that the development of critical thinking is likely to be linked to an emphasis on writing and rewriting (Tsui, 2002). Evaluation: As a result significant increases were found in the Deduction and Interpretation subtests, and total critical thinking. Student engagement in active learning techniques within the context of studying interpersonal skills for leadership appeared to increase critical thinking. Although it was not possible to determine which of the active learning strategies had the greatest impact on improving students critical think skills (journal writing, service learning, small groups, scenarios, case study, and questioning). (Burbach, Mark E; Matkin, Gina S; Fritz, Susan M) Title: Rx for NCLEX-RN Success: Reflections on Development of an Effective Preparation Process for Senior Baccalaureate Students Author: March, Karen S; Ambrose, Janice M Idea: This article highlights the process employed to support and facilitate student preparation for NCLEX-RN success strategies to augment student self-confidence, enhancement of critical thinking skills, self-assessment of test-taking abilities, and development of a feasible study plan utilizing learned effective study techniques and the acknowledgment of barriers and identification of specific methods to overcome them. Method ASSESSMENT: Early assessment of the situation involved a review of the senior-year curriculum, including preparation for the NCLEX-RN examination. For many years, students had been required to take a paper and- pencil end-of-program examination; students reported experiencing unexpected challenges when confronted with the computerized format of the actual examination. PLANNING/ IMPLEMENTATION: Early in 2004, faculty began to investigate options for computerized exit examinations. During the process, consideration of both Maslows Hierarchy of Needs and Hertzbergs Motivational Theory (Benson Dundis, 2003; Jones, 2007) meant that faculty sought an examination that would challenge students intellectually and offer useful feedback, yet could be administered in the nursing computer lab, an environment that provided assurance for students safety and security needs. Helping students manage their levels of anxiety was considered essential to helping them strive toward self-actualization passing the NCLEX-RN on the first attempt. COURSE MODIFICATION: The Nursing Leadership course was adapted to meet the changing needs of senior students. The course had always covered a range of topics, Including ethics, legal issues in nursing, conflict resolution, and change. The new goal was to strengthen the existing topics and include leadership and management theories, Evaluation of Outcomes: The proactive approach described in this article has already yielded measurable outcomes in the form of improved first-time pass rates on the licensure examination. 91% of graduates passed the exam on the first attempt between October 2005 and September 2006; 94 % passed between October 2006 and September 2007; 91 % passed between October 2007 and September 2008; and 94.9 % passed between October 2008 and September 2009. (March, Karen S; Ambrose, Janice M(Jul/Aug 2010 230-2) Conclusions In general all the articles describe different strategies and evaluation to improve learning skills and test passing scores. Research supports the incorporation of evidence-based educational strategies to promote success on the NCLEX-RN Nurse educators are presented with the complex challenge of adapting educational strategies to the needs of the health care industry while preparing graduates to be successful on the licensure exam. For nurse educators, this means that among the many challenges they face, they must begin to use evidence-based teaching strategies and incorporate evidence-based practices into classroom and clinical settings. The health care system must graduate nurses capable of safe practice within the scope of appropriate, evidence-based clinical decision making; this should be the number one reason of implementing teaching strategies in nursing programs to prepare their graduates to pass the NCLEX-RN. (Internet) References How Can I Fail the NCLEX-RN ® With a 3.5 GPA?: Approaches to Help This Unexpected High-Risk Group, Rollant, Paulette Desmaske Annual Review of Nursing Education5 (2007): 259-XIV. Learning Nursing Concepts through Television Programs Raines, Deborah A, PhD, RN,ANEF. Journal of Nursing Education49.3 (Mar 2010): 173-4. Rx for NCLEX-RN Success: Reflections on Development of an Effective Preparation Process for Senior Baccalaureate Students(March, Karen S; Ambrose, Janice M(Jul/Aug 2010 230-2) Strategies to promote success on the NCLEX-RN[R]: an evidence-based approach using The ACE Star Model of Knowledge Transformation Teaching around the cycle: strategies for teaching theory to undergraduate nursing students, Nancy A. Flanagan and Linda McCausland( Nov/Dec 2007):310-4. Teaching Critical Thinking in an introductory leadership course utilizing active learning strategies: A confirmatory Mark E Matkin, Gina S; Fritz, Susan M College Student Journal38.3 (Sep 2004): 482-493 .

Friday, September 20, 2019

Analysis Of The Financial Report Of Burberry Finance Essay

Analysis Of The Financial Report Of Burberry Finance Essay In this section we are considering the Annual Report 2009-10 of Burberry and will compare Burberrys performance in this year with the previous years. When financial year 2009-10 started i.e. April 2009, Burberrys main issues of concerns were weak and highly uncertain consumer spending environment (because of prevalent recession). Following which groups main goals were established: Expense Reduction Working Capital Management Indeed, they succeeded up to a remarkable level under most strategic, operational and financial measures. Performance of Burberry was among the best relative to its peers either public or private. Highlights of Burberrys important strategic and operational decision in 2009-10:  £50 M cost efficiency program-helped in reduction of Cost of Sales Upgrading wholesale distribution and restructuring the operations in Spain To maximize Gross Margin, continued to reduce assortment size across categories-resulting in increased Gross Margin from 52.1 % to 59.7% Improved inventory management- inventory reduced 36% over year Added 21 stores with 9% space extension These mentioned decisions helped Burberry perform strongly in 2009-10 and resulted in improved financial strength. Key financial strengths during the period are: Total revenue growth 7%- Revenue  £1.3bn Adjusted operating profit increased 22%  £220M increase Diluted adjusted EPS increased 16% to 35.1p Financial Ratios: Financial ratios are widely used be managers, shareholders, creditors and analysts for all kind of purposes. Firth (1975) proclaimed that these can be used for two purposes. These are: To compare companys latest performance with its performance in earlier periods To make comparisons with corresponding ratios of other firms Following is an analysis of the companys financial ratios and a comparison with the preceding year and its peers: Profitability Ratios: Return on Capital Employed (ROCE): Formula: Net profit before tax/ (All shareholders fund + long term debt) Significance: Profits earned from the two major sources of finance for the company viz. investment by shareholders- shareholders fund and financial institutions mostly- long term debt. The effectiveness of the management in utilising the funds is indicated by ROCE. The return for the FY 2009-10 is 26.03%. It shows a significant change when compared to the previous years return of NEGATIVE 2.78%. A quick glance at the operating profit for the last two years reveals the reason behind such a big leap forward. The company has performed tremendously in the last financial year. From an operating LOSS of  £9.9M for the year ended 31 March 2009 to a significant operating PROFIT of  £171.1M for the year ended 31 March 2010, shows the efficient and effective measures the company had adopted over the year. Even if the comparison is made between adjusted operating profits (after considering the exceptional items) for the last two years, we can see a significant difference of  £39.1M (219.9-180.8). All of this shows that the business is effectively earning on shareholders fund and long term debt generated. Ratio Formula Significance Net margin Net profit before tax/ Total revenue The net profit percentage on the entire revenue earned for the financial year Gross margin Gross profit/ Total revenue The gross margin percentage on the revenue earned for the financial year It is the one of the most commonly used profitability ratio. It shows the net margin with respect to the amount of sales. In 2010 it got increased from -1.34% (2009) to almost 13%. In 2009, Burberry reported negative profit i.e. loss. Main reasons behind this were: High Cost of Sales in 2009 (12.5 % higher than 2010) Higher operating cost (6.71%)in 2008-09 which was mainly because of Goodwill impairment in global market(mainly Spain)  £116.2 million Relocation of headquarters Store impairment and onerous lease provisions Increase in NPM shows that Burberry has controlled its costs effectively in 2009-10. It demonstrates effectiveness of Burberry at converting sales into actual profit. Gross Margin: There is an increase from 55.41% (2009) to 62.82%. It shows that Burberry has increased its gross profit by 7.4 p per  £1 of turnover. It is because of higher sales and low cost of sales in 2010. Sales Growth: Formula: (Present sales- Previous sales) / Previous sales Sales increased from  £1200M (2009) to  £1280M (2010) i.e. an increase by almost 7%. Adapted: Burberry Annual Report 2009-10 Sales growth is one of the KPIs. The above graph shows the revenue earned by Burberry in the last five years. The overall growth shows the increasing trend followed by the company in spite of its macro-economic conditions. This proves the companys ability to capture the market being a luxury brand. Liquidity Ratios: They show the companys ability and the ease with which it can lay its hands on liquid cash. In other words, these ratios signify the liquidity position of the company. The main components of these ratios are the current assets and current liabilities which are also the factors that determine the working capital of the company. Current Ratio: Formula: Total Current Assets/ Total Current Liabilities This is the one of the best known measures that indicates the liquidity position of the company. There is an increase in Current Ratio in 2010 as compared to 2009 which indicates that Burberry has improved its ability to meet the payment schedule of its current debts. The change from 1.36:1 in 2009 to 1.53:1 in 2010 shows the efficiency in working capital requirements. Having current assets equivalent to 1.53 times of current liabilities shows a moderate approach from the management not being too aggressive by holding less current assets nor too conservative by holding more current assets leading to high opportunity cost. Quick Ratio/Acid Test: Formula: (Total current assets-stock)/total current liabilities It measures companys ability to meet short-term obligations with its most liquid assets. An acceptable ratio should be at least 1:1. However in 2009 it was .87 which is not sufficient. An increase from .87 to 1.2 over a period of one year demonstrates that Burberry has stronger liquidity position than it had before. Shareholders POV: Collier (2009) state that Dividends are a decision made by directors on the basis of the proportion of profits they want to distribute and capital needed to be retained in the business to fund growth. (p.114) Shareholders invest in a companys stock with the motive of higher returns through dividends or capital gains. The idea of investing in the shares of a company may give higher returns compared to the other secure investments like bank. However, the risk is also more. The investors measure the prospects of a stock under various scales. Few of them are as follows: Dividend per share (DPS): Formula: Dividends paid/ number of shares Often DPS is the measure of a companys performance because it indicates how profitable a company is over a period of time. In Burberrys case, its excellent performance is reflected through the increase in the dividend per share paid to shareholders. As at 31st march 2010, Burberry had 435,024,782 ordinary shares, of which 77,215 were held as treasury shares, shares that have been bought back by the issuing corporation and is available for retirement or resale; it is issued but not outstanding; it cannot vote and pays no dividends. ( As per annual report, Burberry has proposed dividend of  £45.7M, which is 20% higher than last year ( £37.7M). This increases its dividend per share to 10.5p from 8.65p. It also increased interim dividend, which is declared and distributed before the calculations of companys annual earnings, per share slightly from 3.35p to 3.50p during year. So, the total dividend per share is 14p for the year ending 2010 giving a 17% increase from 12p in 2009. Dividend Yield: Formula: Dividend per share/ market value per share It shows the relationship between dividends and market share by expressing a companys dividend as a percentage of its share price. However, dividend yield fluctuates with share price. Burberrys shares price was 276.25 on 27 March 2009 and 725.00 on 1 April 2010. ( Using its share price value at financial year end, dividend yield is 1.93% in 2010 and 4.3% in 2009. This need not represent that Burberry has decreased its value in investors eye. This fall is because of 163% increase in share price of Burberry, which made increase in dividend less significant. Dividend Payout Ratio: Formula: Dividend paid / (profit after tax i.e. net income) or the ratio of dividend per share and earnings per share. It helps in predicting how well earnings support the dividend payments. Investors seeking high current income and limited capital growth prefer companies with high Dividend payout ratio. However investors seeking capital growth may prefer lower payout ratio because capital gains are taxed at a lower rate. ( For 2010: it is 14/36 = 38.88 % 2009: 12/31= 39.2% It is almost similar in both years, which shows that Burberry is maintaining the balance between interest of shareholders and expansion of business. Earnings per share (EPS): Formula: profit after tax or net earnings/ number of shares Burberry calculates EPS on the basis of both diluted and basic. When all convertible securities such as convertible preference shares, convertible debts, convertible debentures and warrants exercised; number of outstanding shares increases. This is called Diluted weighted average number of shares, the basis of Diluted EPS. As number of outstanding shares increases, Diluted EPS is always lower than Basic EPS. It is more accurate to use a  Diluted EPS over the reporting term; because the  number of shares outstanding can change over time (We can observe this in annual report that Burberry has always mentioned diluted EPS). In 2010, Diluted weighted average number of shares was about 442 million with dilution effect of 9.3 million. In 2009, it was 438.1 million with dilution effect of 6.8 million. Earnings were  £81.4 million in 2010 as compared to loss of 6 million in 2009, because of reasons mentioned before. This leads Basic EPS to 18.8p (-1.4% in 2009) and Diluted EPS to 18.4p (-1.4% in 2009). Using details of exceptional items in note 4 of annual report 2009-10, adjusted earnings are  £155.2million and  £132.1 million for 2010 and 2009 respectively. This leads to Adjusted Basic EPS to 35.9p (30.6p in 2009) and Adjusted Diluted EPS to 35.1 (30.2 in 2009). Increase in Adjusted Diluted EPS by 17 % is mainly because of 17 % increase in adjusted profit as weighted number of shares is almost same. This increase represents better performance of Burberry in 2009-10. Price-Earnings (P/E) Ratio: Formula: Market value per share/ EPS It is the valuation of companys current share price compared to the per share earnings. This ratio reveals the popularity of a stock because it reflects how much people are willing to pay for it ( The P/E ratio can be interpreted as number of years of earnings to pay back purchase price, ignoring the time value of money ( For 2010 P/E ratio is 725/35.9= 20 and for 2009 it is 276/30.1= 9.2 There is almost two times increase in P/E ratio. This is because of increase in share price by 163%. This increase makes Burberrys stock more attractive than previous year. Bottom line: The above analysis from a shareholders POV leaves an overall positive impact on the investors or the potential investors. Considering the shareholders return, profitability, growth rate the company has been maintaining and the increasing trend in the share value, it would be more than likely a wise decision to invest in the Burberrys stock. Gearing effect: Tools used: Gearing ratio: long-term debt/ (shareholders funds + long-term debt) This ratio gives the proportion of funds which is borrowed from outside in the entire capital employed, than from the shareholders (through issue of shares). This is also called the leverage ratio. The method of introducing debts in place of equity is referred to as trading on equity leverage Collier (2009) states that Higher the gearing, higher is the burden on repaying the debts and the associated interest. Also, if profits turn down, there are substantially more risks carried by the highly geared business. (p.108) However, there is a relationship between risk and return which is to be analysed. Higher proportion of long term debt signifies two issues: Higher return for shareholders Less tax burden Burberry in 2009 has a gearing of 52.72%. For the year ending 2010, it is 43.06% i.e. 56.94% of equity. This shows that their almost half of the sources of finance is through long term borrowings. The effect of generating finance through debts than through equity is shown on the return the shareholders are enjoying. It also shows the company has been closely monitoring tax burden. This is because the provision made for the interest obligation/payment is reflected in reducing the profits, thereby a lower tax on lower profits. However, the debts carry with them the interest obligation and repayment commitments. This way the company has been trying to balance between debt and equity. In the financial year 2009-10, the company has reduced its debt content trying to be a little conservative. The capital structure can be considered to be moderate. Interest cover: Profit before interest tax/ interest payable This represents the profit available, to meet the interest obligation, in terms of the interest payable (number of times). Higher interest cover leaves less strain on the profits and giving a cushion with profit AFTER interest and before tax. Profit before interest and tax: Interest payable: For 2010:  £171.1M  £6.2M For 2009:  £ (9.9) M Loss  £13.4M Interest cover for the year 2009-10 is 27.6 times. This is a highly impressive cover leaving a comfortable position. Considering the loss in the previous year and still maintaining this is very efficient. The decrease in interest commitment this year can be related to the reduction in the debt content of the capital structure (gearing ratio). Financial Risk Management Overview: Burberry deals with variety of financial instruments viz. derivatives, short term and long term borrowings, trade receivables/payables etc. It also combines with variety of financial risks. However, the risk management is carried out by a dedicated Group Treasury under the approval of Board of Directors. Guidelines/ Tools: To reduce the financial risk and ensure sufficient (OPTIMAL) liquidity position Work closely with the business requirements Uses derivative instruments to hedge certain risk exposures Market Risk: Foreign Exchange Risk: Risk: Multiple foreign currency transactions because of international operations Tools/Policies: Entering into forward foreign exchange contracts Hedge anticipated cash flows in each major foreign currency Monitor the desirability of hedging the net assets of the overseas subsidiaries when translated into Sterling for reporting purposes. At 31 March 2010, the Group has performed sensitivity analysis to determine the effect of non-Sterling currencies strengthening/weakening. Price Risk: Risk: Fluctuations in employers national insurance liability due to movements in the share price. Tools/Policies: Entering into equity swaps at the time of granting share options. Monitor the fluctuations in the liability on a continuous basis. Cash flow interest rate risk: Risk: Fluctuations in the interest rates. Tools/Policies: Use interest rate swap derivatives to manage fixed and floating rate borrowings within limits. Credit Risk: Risk: Possible bad debts. Tools/Policies: Wholesale sales only with appropriate credit history/check. Retail sales only through cash or major credit cards. Maximum credit risk exposure is classified separately and attended. Liquidity Risk: Risk: Maintaining sufficient cash balance. Tools/Policies: Maturity profile is established All short term creditors, accruals, bank overdrafts and borrowings within one year. Compliance with all the committed banks credit guidelines. Capital Risk: Risk: Returns to shareholders and other stakeholders; Maintain Going concern. Tools/Policies: Maintain strong credit rating. Appropriate capital structure mix debt and equity. Adjustments according to the economic changes and its strategic objectives. Analysis of the above: All of the above represents the measures adopted by Burberry to meet the Financial Risks. The company having a dedicated risk management team in order to face the risks gives a confidence in the minds. However, they should be continuously aware of the fact that a large corporate like Burberry will have to attend to growing/new risks by anticipating well in advance. They may include a deeper analysis in the following areas: Working capital cycle: Inventory management, EOQ/JIT methods, optimum cash model. Financing needs. Other sources of finance can be analyzed like debt factoring. Capital budgeting decisions before expanding or investing on a project. WACC Weighted average cost of capital is to be considered before deciding the capital structure. Comparisons with the market rate and interest rates prevailing. The overall financial risk management shows the companys ability to address almost all the possible risks efficiently and effectively. Conclusion: With comparison to most of the essential parameters, it can be concluded that Burberry plc showed a promising performance in the last completed financial year 2009-10. Not just with regard to the financial performance, but also in satisfying the shareholders with competent returns. A birds eye view shows the company has made a great comeback this year with a significant profit. However, a deeper penetration/analysis into the last year financials reveals that the loss made in 2008-09 is because of high cost of sales with a difference of  £59.8M compared to the recent year, goodwill impairment charge to the extent of  £116.2M, relocation of HQ costing around  £7.9M and other expansion charges. Also, the above report shows the companys transparency in complying with the Corporate Governance and commitment in attending to its Corporate Social Responsibility, employees welfare etc. Burberry showed continuous interest in brand integrity, being a true leader in luxury brands, and market growth through expansion. Indeed, highly motivated. All this leads to only reaffirm the companys continued efforts in excelling beyond horizons among its peers financially, ethically, and morally!

Thursday, September 19, 2019

Essay --

Dylan Kippola AMH2010 Feb, 2014 Kinston Hangings In the early hours of February 2, 1864, fifty-three North Carolina men were captured by Confederate forces under the command of Major General Pickett. Within four months of their capture, most would be dead. Most would fall victim to the diseases acquired in Southern P.O.W camps in Richmond, Virginia, and Andersonville, Georgia. However, twenty-two were publicly hanged in Kinston, North Carolina. The wives, neighbors, friends, and former brothers in arms in the Confederate army were forced to watch the executions. From the Confederacies point of view, the executed men were Union soldiers because they deserted. Once captured, they deserved to be treated as prisoners of war. President Abraham Lincoln mentioned this on July 31, 1863. He ordered retaliation on the enemy prisoners in the North’s possession. His response was to kill a Southern P.O.W for every P.O.W the Confederacy killed. The Confederates argued that the men were simply deserters and therefore execution was a legiti mate punishment for them. Desertion was most apparent in North Carolina. North Carolina was contradictory in both providing more soldiers to the Confederate army than any other state and of having more deserters from the army than other states. Although North Carolinian disloyalty to the Confederacy was not any worse than other Southern states, it was more publicly pronounced. North Carolina was the last to secede and did so only after a statewide vote of the people. Because desertion was not a crime in the state, citizens who housed and protected deserters felt safe from arrest for hiding them. It was said that the deserters could band together and defy the officers of the law who came after them because of t... ...e placed over the heads of the condemned and they were hanged. Joining their other deserters. The thirteen remaining condemned men had four days to sit in the jail's dungeon to think about their deaths that would take place on Monday, February 15th. Chaplain Paris described the scene in a letter that appeared shortly afterward in the North Carolina Presbyterian and the Wilmington Journal: "I made my first visit to them as chaplain on Sunday morning. The scene beggars all description. Some of them were comparatively young men. But they made the fatal mistake. They had only twenty-four hours to live.... Here was a wife to say farewell to a husband forever. Here a mother to take the last look at her ruined son, and then a sister who had come to embrace for the last time the brother who had brought disgrace upon the very name she bore by his treason to his country."

Wednesday, September 18, 2019

Plot Analysis Of Conspiracy Th :: essays research papers

The Conspiracy Theory is a movie that can wake you up to a very likely and harsh reality. Main character Jerry, author and sole producer of a monthly tabloid about theories on conspiracies soon begins to remember a hidden and forgotten past. The most captivating part of Conspiracy Theory is how the character’s past and present interact to contribute to the plot, and their futures.   Ã‚  Ã‚  Ã‚  Ã‚  The tragic pasts of the 3 main characters help define the plot. Jerry was once a test subject for governmental experiments. Jodas, head of these experiments, tried to learn how to turn an everyday person into a brutal killer. Jerry soon became Jodas’ personal tool of destruction, and Jerry was told to kill a judge who was sure to put Jodas in jail. Jerry was given a chance to kill him, but his human conscience proved to still live on, the judge soon took Jerry under his wing. That judge was later killed by another one of Jodas’ men. With the judge’s final words, he begged Jerry to protect his one and only daughter, Alice. Our three main characters are now destine for a major confrontation years later.   Ã‚  Ã‚  Ã‚  Ã‚  The main plot is laid out by the events of the present. Several years later, Jerry drives his cab as he’s done every day since the shooting, until he zones out and has a flashback of his past. One soon finds out that Jerry is very paranoid about the government and he questions everything about it. Jodas catches up to Jerry and tries to imprison him. Alice then finds that Jodas is one of Jerry’s newsletter subscribers and has a meeting with him. Jodas then convinces Alice that Jerry killed her father; now Jerry is about to be set up.   Ã‚  Ã‚  Ã‚  Ã‚  The plot is concluded with a promise to the character’s futures. Jerry then asks Alice to meet him, and they return to the place where her father died. Jerry then confesses to Alice that he did not kill her father. After much deliberation, Alice believes Jerry; and just on time for Jodas’ return. Jodas captures Jerry and Alice barely gets away with the mere stroke of luck. Jerry is then imprisoned and injected with fluid that will convince his mind that he did everything. Plot Analysis Of Conspiracy Th :: essays research papers The Conspiracy Theory is a movie that can wake you up to a very likely and harsh reality. Main character Jerry, author and sole producer of a monthly tabloid about theories on conspiracies soon begins to remember a hidden and forgotten past. The most captivating part of Conspiracy Theory is how the character’s past and present interact to contribute to the plot, and their futures.   Ã‚  Ã‚  Ã‚  Ã‚  The tragic pasts of the 3 main characters help define the plot. Jerry was once a test subject for governmental experiments. Jodas, head of these experiments, tried to learn how to turn an everyday person into a brutal killer. Jerry soon became Jodas’ personal tool of destruction, and Jerry was told to kill a judge who was sure to put Jodas in jail. Jerry was given a chance to kill him, but his human conscience proved to still live on, the judge soon took Jerry under his wing. That judge was later killed by another one of Jodas’ men. With the judge’s final words, he begged Jerry to protect his one and only daughter, Alice. Our three main characters are now destine for a major confrontation years later.   Ã‚  Ã‚  Ã‚  Ã‚  The main plot is laid out by the events of the present. Several years later, Jerry drives his cab as he’s done every day since the shooting, until he zones out and has a flashback of his past. One soon finds out that Jerry is very paranoid about the government and he questions everything about it. Jodas catches up to Jerry and tries to imprison him. Alice then finds that Jodas is one of Jerry’s newsletter subscribers and has a meeting with him. Jodas then convinces Alice that Jerry killed her father; now Jerry is about to be set up.   Ã‚  Ã‚  Ã‚  Ã‚  The plot is concluded with a promise to the character’s futures. Jerry then asks Alice to meet him, and they return to the place where her father died. Jerry then confesses to Alice that he did not kill her father. After much deliberation, Alice believes Jerry; and just on time for Jodas’ return. Jodas captures Jerry and Alice barely gets away with the mere stroke of luck. Jerry is then imprisoned and injected with fluid that will convince his mind that he did everything.

Tuesday, September 17, 2019

Gloria Steinem’s Effect on Modern-Day History Essay

Gloria Steinem has had the greatest impact on modern day women in American society because, as an activist, she fought to achieve rights of equality. As a woman whose life was affected by society’s opinions and views of women, she was determined to change these standards. She set a goal to regulate women’s rights and have women’s role in society matter just as much as men’s. To accomplish said goals, â€Å"Gloria Steinem systemized organizations that would fight against discrimination towards any alienated group, organized speeches that covered strong topics such as women’s role in politics, women’s side of rape and pornography, and funded a company that would allow women at home to share their stories and speak for themselves† (Bauer, Garlena A, B2). Gloria Steinem has had the greatest impact of modern day society because without her assistance and provision women’s culture would diverse from what it was like in the 50s. Gloria Steinem accomplished the goals she set out to attain; she was able to change the outlook on women’s roles in America. In the 50s, American women were responsible to execute family traditions and follow the â€Å"rules† of motherhood – they didn’t really have much say in life decisions; but â€Å"Gloria Steinem changed that by getting politically active and being determined as an advocate for women’s rights of equality† (Foner, Eric and John A. Garraty, D1). â€Å"She was also nominated as a spokesperson for feminism and the leader of the enlargement of women’s rights of equality; she organized groups to fight discrimination against women such as NWPC and WAA† (Yanak, Ted and Pam, Cornelison, I1). All these actions led to an effective move towards the Women’s Liberation Movement. Steinem’s assistance towards women’s rights involved creating and editing Ms. Magazine, â€Å"the 1st feminist mass circulation magazine in the U.S. Influencing the Women’s Liberation Movement was one of her greater achievements† (Bauer, Garlena A, B2). â€Å"Others would include covering certain topics at protest that no other would discuss; such as pornography, rape, incest, abortion, poverty, lesbianism, politics, women’s health care and care for battered women† (Bauer, Garlena A, B2). All these add up to object to inequality for women in America. Overall, the battle to obtain equal rights alone is great success, but Gloria Steinem also attempted solving world problems as an activist. Not only did Gloria Steinem challenge critics and politicians by having her own say in topics about women’s rights, but â€Å"she also confronted them about resolving other complications in America and worldwide such as animal rights, the fight against genital mutilation, child abuse, and human trafficking† (Hepola, Sarah A, F3). Steinem had a lot on her plate, but she was determined to resolve as many problems and to help as many people as possible. In order to do so, she started ordering initial organizations to gain perspective and to prevent each cause from getting worse. â€Å"National Women’s Political Caucus, Equal Rights Amendment, Women’s Action Alliance, and National Black Feminist Organization†: were just some of the actions and initial organizations taken and funded my Gloria Steinem (Yanak, Ted and Pam, Cornelison, I1). With these organizations present, she was able to gain supporters; which would help her get make a point for women’s rights – the point being that she is not the only one who believed that women should be given choices like men, and that they should all have the same equivalence and impartiality. Her points were brought forth in every issue of ‘Ms. Magazine,’ where she would discuss all topics related to women’s rights and include reader’s opinions. â€Å"In every edition of ‘Ms. Magazine,’ Gloria Steinem would be sure to include readers’ personal stories† (Matthews, Glenna, E2). This was an important contribution on behalf of the readers’ part because their stories proved that women should have been entitled to their own opinion to those who weren’t activist or feminist and altered their opinions on women’s rights. Gloria Steinem also made sure to promote feminist cause – an example being reproduction rights – the articles would vary in focus but one thing that stayed the same was the fact that the articles spoke for all women who were expected more of. Gloria had different believes of what a household women should ensure. â€Å"As a feminist, Gloria Steinem criticized certain aspects of the traditional role of motherhood† (Charles Moritz, G2). She believed women should have been able to work if they would like to or marry who they loved, not who they were forced to marry because of economic or beneficial reasons. â€Å"Steinem wanted to assure that all women were able to fairly make their own choices† (Charles Moritz, G2); she knew that wasn’t an option because women were degraded only for the fact that they were women. â€Å"During years of working for a living, I have experienced much of the legal and social discrimination reserved for women in the country [†¦] all for the clearly sated sole reason that I am a woman.† (Hepola, Sarah A, F1). Within the supportive fight to gain equality for women, Gloria Steinem accomplished significant impressions on U.S. history. â€Å"She became a social activist, humanist and feminist† (Bauer, Garlena A, B1). Gloria Steinem was the target of much criticism, nevertheless, â€Å"she spent her life time committed to women’s liberation and remained committed to all political causes of the news and left a natural path into her career as a feminist to let other feminist peruse with what she started† ((Bauer, Garlena A, B1). Gloria Steinem has had the greatest impact on modern day women in American society because, as an activist, she fought to achieve rights of equality. As a woman whose life was affected by society’s opinions and views of women, she was determined to change these standards. She spoke for other women in the U.S. that were not able to do so because their opinions would not be valid since they were women. Since the understandings of women’s suffrage and the stance on women’s liberation and rights has changed from the 1950s to modern day believes, an assumption can be made that Gloria Steinem is the one who can be acknowledged for completing such task since she spent a life time committed to making a difference and making an effort to resolve the problem of discrimination.

Monday, September 16, 2019

Racial Politics

The push for racial equality in the United States got a boast from the demands placed on all facets of society during the Second World War. The mobilization effort relied on the black race to win the war and once it was over, there was no turning back. Furthermore, the ideals of freedom and equality, which were the backbone of the Allied war cry and the foundation for the anti-communist Western movement, did not sit well alongside Jim Crow laws and public acts of racial discrimination.The Jim Crow System of segregation was a process in which white Southerners legitimized their racial supremacy over their black counterparts. It was a system based on ethnic and racial differentiation. It is important to note that such a system enabled the â€Å"definition of racism as an institutional fact† (Singh, 2004, p. 22). This is evident if one considers that such a system enabled â€Å"the construction of black people as subjects proscribed from participating in the social state in whic h they live† thereby positing them as entities â€Å"whose relation to the public is always in racial doubt† (Singh, 2004, p.22). The possibility of such is better understood if one considers that differentiation entails the recognition that races are different and as such, it creates a political setting that separates races [e. g. distinction and hence separation of the whites from the blacks]. In addition to this, it also separates and ultimately, limits or confines races to a social sphere with corresponding social functions that are imposed on them. In lieu of this, the importance of the Civil Rights movement lies in its attempt to breakdown and free society of this idea of racial differentiation.Contrary to popular belief, the Civil Rights movement did not begin in the 1950’s and end in the 1960’s; instead, it has been an ongoing process since the Compromise of 1877, through to the present day. The movement has encompassed not only political equality but also housing, education, and economics, to name a few. Moreover, Jeanne Theoharis (2003) argues against the dominant notion that the civil rights movement was a nonviolent movement born in the South during the 1950’s that emerged triumphant in the early 1960’s only to be derailed by Black Power and the white backlash when it moved North after 1965.Theoharis (2003) argues that an understanding of the movement necessitates â€Å"a fuller inclusion of Northern activism within the postwar freedom narrative challenges the notion that the movement went from civil rights to Black Power (p. 12). She notes, â€Å"that Black Power caused the decline of the movement, that self-defense was new to the movement in the 1960s, and that well-organized nonviolent movements were not as prevalent or successful across the North as they were in the South from 1940 to 1980† (p. 12).The Northern movement successfully used similar tactics as compared to the Southern movement such a s boycotts, sit-ins, rallies and grassroots. The difference however, was the internal concepts of race in the North. An example of the historical and political tensions that existed in the North can be seen in Alexis de Tocqueville commentary in 1831 when he stated, â€Å"the prejudice of race appears to be stronger in the states that have abolished slavery than in those where it still exists; and nowhere is it so intolerant as in those states where servitude has never been known† (Jacobson, 1998, p.22). On the surface, it seemed as if the North was anything but racist since the North had fought against slavery and never implemented Jim Crow Laws. Underneath this however, racism and discrimination were institutionalized within the economic and political system; and in both instances, the system was controlled by whites. This was noted by Sugrue (1996) in The Origins of the Urban Crisis: Race and Inequality in Postwar Detroit. Within the aforementioned work, Sugrue outlined th e pre-existing presence of economic discrimination in postwar Detroit, which led to the 1967 riots.At the end of World War II, blacks were leaving for the North, just as northern cities began to lose money and jobs. The â€Å"Second Great Migration† led to an influx of unemployed blacks into northern cites with limited resources and jobs. Deindustrialization, combined with the Great Migration, exacerbated the persistent racial discrimination in labor markets and intensified the racial division within the metropolitan area. Though Sugrue focuses on the economic aspect of the issue, he does note that the origins of the urban crisis are much earlier than social scientists have recognized.In lieu of this, he stated, â€Å"there is no simple explanation for the inequality and marginality that beset the urban poor† (Sugrue, 1996, p. 5). In lieu of this, this paper opts to present an evaluation of the effect of the Civil Rights Movement in the United States. Such an analysis will consider the historical, philosophical and ideological underpinnings of the Civil Rights Movement. I will argue that American society was unprepared for such huge and radical changes [brought by Civil Rights Movement] because the issues involved were too complex.In relation to this, I will also argue that it is not only the case that society was not ready to handle such changes but also the legislated and enacted laws were directly attempting to change a social conception of race that had dominated United States [political, social, economic, and religious] culture since its inception. In proving my argument, I will focus on the aspect of â€Å"educational equality† as implemented in the process of Mississippi’s initial experiences in its implementation of school desegregation programs.In 1954, the United States of America’s Supreme Court decided a landmark case concerning educational and racial equality. In Brown v. Board of Education of Topeka, 347 U. S. 4 83 (1954), the Court’s ruling is grounded on the principle that the doctrine of â€Å"separate but equal† [this doctrine is referring to the segregation policy, more specifically, the segregation policy in the schools in the United States] will not and cannot provide Black Americans with the same standards and quality of education available for White Americans.The court thus, outlawed the â€Å"racial segregation of public education facilities† for the aforementioned reason. In relation to this, on May 17, 1954, the Warren Court handed down a 9-0 decision, which stated, in clear and certain terms that â€Å"separate educational facilities are inherently unequal†. Chief Justice Warren writes: â€Å"Today, education is perhaps the most important function of state and local governments. Compulsory school attendance laws and the great expenditures for education both demonstrate our recognition of the importance of education to our democratic society.It is re quired in the performance of our most basic public responsibilities, even service in the armed forces. It is the very foundation of good citizenship. Today it is a principal instrument in awakening the child to cultural values, in preparing him for later professional training, and in helping him to adjust normally to his environment. In these days, it is doubtful that any child may reasonably be expected to succeed in life if he is denied the opportunity of an education. Such an opportunity, where the state has undertaken to provide it, is a right which must be made available to all on equal terms† (Imber & Geel, 2004, p.212). The aforementioned decisions may be best understood if one considers that racial segregation [as the court sees it] is against the pronouncements of the Constitution. The segregation of students on the basis of race or ethnicity and the legalization of a segregated public school education through the enactment of certain statutes serving to legitimize th e creation and operation of schools that are exclusively for Whites or for Blacks, is clearly, not justified. The Supreme Court’s ruling in Brown v.Board of Education of Topeka remains and is still considered as a turning point in the Civil Rights Movement in the United States. Within Mississippi, the attempt to account for the implementation of the aforementioned decisions occurred during the later part of the 20th century [1970’s]. The reason for such lies in the high amount of white resistance to school desegregation. In lieu of this, the result of the elimination of the desegregation system was set on white terms. This is evident if one considers that during the process, race was considered as a high factor in the consideration of a school’s teachers and administrators.Black teachers and administrators thereby lost their jobs and the black community saw an erosion of the control they had exercised over their children's education (Bolton, 2000, p. 782). In th e years that followed, as federal support waned, efforts in Mississippi and across the nation to create unitary school systems usually floundered, in many cases leading to a resegregation of schools (Burger, 1982). In the decade before the Brown decision, upgrading black schools within segregation was considered a viable alternative to school integration by both blacks and whites.This strategy of educational equalization sought to ensure a balanced distribution of resources between separate black and white schools. From 1925 until 1950, black southerners, focused their efforts on trying to equalize educational spending rather than directly assaulting the doctrine of separate but equal. In addition to this, after the organizations shifted its tactics to challenge the Jim Crow system, many black southerners continued to embrace the equalization policy as the best method for improving black education.The necessity of such was posited by Burger (1982) during his oral account of history during the 1930’s to the 1960’s. Burger (1982) noted that the importance of the aforementioned segregation system lies in its ability to provide good education for the black people. He noted, â€Å"There was interest to help the black high school to be established and survive [however] it didn't get much support locally†. According to Burger, the difficulty of the situations within the black schools is evident if one considered that â€Å"there was no money there [black schools]†.In addition to this, he noted that during the 1930’s to the 1960’s, the black schools got â€Å"little aid†¦ from the county†¦ [It] was just a little bit of sixteenth section money and maybe one or two other funds†. Southern state governments in the decade after World War, faced with both a federal government increasingly sympathetic to the cause of black civil rights and changes in the region's demographics and economy that threatened to undermine the racial status quo, also recognized that a little more emphasis on the â€Å"equal† part of the separate but equal equation might be prudent if segregation were to be preserved.After the war, these states all began or enhanced programs to improve black education. As opposed to this some southern states, such as Mississippi, continued to advocate educational equalization even after the Brown decision had declared segregated schools inherently unequal, in the vain hope that the federal government might somehow still accept an improved version of separate but equal over desegregation.During the aforementioned period, within the Mississippi area although implementing the Brown mandate ultimately proved difficult, educational equalization was never a viable alternative. Such is evident not merely in the efforts to enable student desegregation but also in providing education for the black professionals within the field of education. An example of such was evident in Dr. Burgerâ €™s situation during the period.As a black principal in Hattiesburg during the period that he sought to obtain a master's degree in the early 1950s, he had to take a leave of absence without pay. In order to fully understand such a situation, one must thus be careful of the nuances involved in his or her understanding and analysis of the Civil Rights Movement, what the movement sought to achieve and the means in and through which its prominent leaders and advocates believe to be both proper and effective.As may be noted in the development of the civil rights movement, from the historical, philosophical and ideological perspectives, the proper and effective means in which the recognition of civil rights be regarded as fundamental rights that ought to be granted to every citizen of the state and not only to a selected few, is through the tedious process of â€Å"legislation† and â€Å"affirmative action†.By these two concepts we mean a legal mechanism (1) â€Å"for the institutionalization of certain laws and statutes† and (2) â€Å"for the correction of certain laws and statutes to address and correct the mistakes committed in the past† so that the law may be said to fulfill its function, that is, to administer social justice. The above discussion gives us an idea of the complexity of the problem that needs to be resolved.At this point, it is not difficult to see that all of these things involve the very notion of â€Å"power relation† at the very core and as such, it may be said that the whole historical, philosophical and ideological developments of the push for racial equality in the United States was held fast by this very notion. Power relation then, both as a notion and a political phenomenon, is constitutive of the problem that was explored by the paper.As I see it, the problem with the civil rights movement was that it was not universal; instead, there were those who defended and supported the movement and there we re those who opposed. It was not able to gain an inter-subjective consensus, so to speak. In the face of such a complex problem, legislators in the past should not have merely taken into consideration that the problem would appropriately and effectively be addressed by mere acts of rapid legislation. Rapid legislation, as what the legislators in the past did, and as will be argued in this thesis is not the solution to the problem.In fact, it made the problem worse by failing to consider the interweaving and interconnected issues that were involved. In the case of Mississippi, the formulation of legislations that opted to eradicate the aforementioned cases of segregation merely led to the further specification of the events that enable segregation. It is important to note that the downside of such lies in the fact that such cases of segregation or racism were enabled by the existing laws of Mississippi during the period in discussion.The oral history narrated by Dr. Burger serves as an example of such. True, the expedited implementation of civil rights on all facets and areas of society created considerable â€Å"changes† on the realms of the social, political and economic but the question whether such huge and radical changes were appropriate and effective remained without a satisfactory answer since the phenomenon is in itself deeply embedded in the culture of the American society. References Bolton, C.â€Å"Mississippi’s School Equalization Program, 1945-1954: ‘A Last Gasp to Try to Maintain a Segregated Educational System’†. The Journal of Southern History 66. 4: 781-814. Burger, N. (1982). â€Å"Oral History with Professor N. R. Burger. † Interview by W. Pyle. University of Southern Mississippi. Retrieved February 27, 2008 from http://anna. lib. usm. edu/~spcol/crda/oh/ohburgernp. html Imber, M. & T. Van Geel (2004). Education Law. London: Routledge. Jacobson, M. (1998).Whiteness of a Different Color: European Immig rants and the Alchemy of Race. Cambridge, Massachusetts: Harvard University Press. Singh, N. (2004). Black is A Country, Race and the Unfinished Struggle for Democracy. Massachusetts: Harvard University Press. Sugrue, T. (1996). The Origins of the Urban Crisis: Race and Inequality in Postwar Detroit. New Jersey: Princeton University Press. Theoharis, J. & Woodard K. (2003). Freedom North: Black Freedom Struggles outside the South, 1940–1980. New York: Pal-grave.

Sunday, September 15, 2019

Business Task 1 on individual report Essay

                 Despite its future economic prospects, the United Arab Emirates continues to suffer from corporate governance issues. The development of corporate governance in the region has largely been influenced by religion (Gellis et al., 2002). The rules governing the practice of corporate governance have been significantly influenced by Islamic Sharia. This reflects the cultural and religious characteristic of the region (Islam and Hussain, 2003). Islamic Sharia specifies a number of core values such as trust, integrity, honesty and justice which are similar to the core values of corporate governance codes in the West. However, a survey of corporate governance in a number of Gulf countries such as United Arab Emirates suggests that the region continues to suffer from corporate governance weaknesses. 2.0 Reasons for the structure including use of suitable evidence and data                  The structure of the above sectors and reasons for the structure and effects on the performance of firms has been vital subject of debate in the finance literature. Empirical evidence suggests that privately held firms tend to be more efficient and more profitable than publicly held firms. This shows that ownership structure matters. The question now is how does it affect firm performance and why this kind of structure? This question is significant since it is based on a research agenda that has been strongly promoted by La Porta et al.                  According to these studies, failure of the legislative framework to provide sufficient protection for external investors, entrepreneurs and founding investors of a company tend will maintain large positions in their firms thus resulting in a concentrated ownership structure. This finding is interesting because it implies that ownership structure can affect the performance of the firm in one way or the other. It is indisputable; the lack of regulations in corporate governance gives managers who intend to mishandle the flow of cash for their own personal interest a low control level. The empirical results from the past studies of impacts of ownership structure on performance of corporate have been inconclusive and mixed up.               In response to corporate governance issues and their impact on corporate performance, Shleifer and Vishny (1997); and Jensen (2000) have suggested the need for improved corporate governance structures so as to enhance transparency, accountability and responsibility.                  Corporate governance reform and the introduction of innovative methods to limit abuse of power by top management have been justified by recent large scale accounting and corporate failures such as Enron, HealthSouth, Tyco International, Adelphia, Global Crossing, WorldCom, Cendant and the recent global financial crisis.                   According to Monks and Minow (1996) numerous corporate failures suggest that existing corporate governance structures are not working effectively. Corporate failures and accounting scandals initially appear to a U.S phenomenon, resulting from excessive greed by investors, overheated equity markets, and a winner-take-all mind-set of the U.S society. However, the last decade has shown that irregularities in accounting, managerial greed, abuse of power, are global phenomenon that cannot be limited to the U.S. Many non-U.S firms such as Parallax, Adecco, TV Azteca, Hollinger, Royal Dutch Shell, Vivendi, China Aviation, Barings Bank, etc. have witnessed failures in corporate governance and other forms of corporate mishaps.            In addition to corporate governance failures, global standards have declined significantly and unethical and questionable practices have become widely accepted. The net impact has been a reduction in the amount of faith that investors and shareholders have in the efficiency of capital markets. There is no universally accepted corporate governance model that the interest of shareholders and investors are adequately protected as well as ensuring that enough shareholder wealth is being created (Donaldson and Davis, 2001; Huse, 1995; Frentrop, 2003).               Much of the debate on corporate governance has focused on understanding whether the Board of Directors has enough power to ensure that top management is making the right decision. The traditional corporate governance framework often ignores the unique effect that the owners of the firm can have on the board and thus the firm’s top management. The traditional framework therefore ignores that fact that the owners of the firm can influence the board and thus top management to act of make particular decisions. Corporate governance studies are therefore yet to identify and deal with the complexities that are inherent in corporate governance processes.             Investment choices and owner preferences are affected among other things by the extent their degree of risk aversion. Owners who have economic relations with the firm will be interested in protecting their interests even if it is reasonably evident that such protection will result in poor performance. According to Thomsen and Pedersen (1997) banks that play a dual role as owners and lenders would discourage high risk projects with great profit potential because such projects may hinder the firm from meeting its financial obligations if the project fails to realize its expected cash flows. The government also plays a dual role in that it serves as both an owner and a regulator. Therefore owners who play a dual role in the firm often face a trade-off between promoting the creation of shareholder value and meeting their other specific objectives (Hill and Jones, 1992).                  Existing corporate governance frameworks have often ignored these issues in UAE. Rather, much of the emphasis has been on the effectiveness of the board in ensuring that top management is working towards meeting the goals of shareholders. Present corporate governance frameworks lack the ability to monitor owners and their influence on top management. The framework lacks the ability to align the role played by firm owners, board of directors and managers’ interests and actions with the creation of shareholder value and welfare motivation of stakeholders. Discussion of the possible future structure of the industry                     The United Arabs Emirates, and mainly Abu Dhabi, is enduring to increase its economy by reducing the total proportion impact of hydrocarbons to Gross Domestic Product. This is currently being done by growing investment in sector areas like: services in telecommunication, education, media, healthcare, tourism, aviation, metals, petrochemicals, pharmaceuticals, biotechnology, transportation and trade.                   Significant investments have been made by United Arab Emirates to establish itself as a regional trade hub. United Arab Emirates is also member of the World Trade Organization (WTO). In addition, there are ongoing negotiations to establish free trade agreements with other regions and countries such as the EU. These factors will contribute positively to the region’s integration into the global economy. United Arab Emirates is currently working towards diversifying their economies from the oil sector into other sectors. This diversification is expected not only to increase trade among member countries but also to increase the region’s trade with other countries and regions (Sturm et al., 2008). How the structure affects strategy decisions                     Ownership structure has an impact on firm performance in United Arab Emirates energy production owned sector. This region has witnessed significant economic growth over the last few decades. The region is also facing turbulent times with respect to corporate governance practices, resulting in poor firm performance. Corporate governance issues are not limited to the United Arabs Emirates as part of GCC Countries. From a global point of view, corporate governance has witnessed significant transformations over the last decade (Gomez and Korine, 2005). As a result, there has been an interest in the research attention accorded to corporate governance. The credibility of current corporate governance structures has come under scrutiny owing to recent corporate failures and low corporate performance across the world.                   The risk aversion of the firm can be directly affected by the ownership structure in place. Agency problems occur as a result of divergence in interests between principals (owners) and agents (managers) (Leech and Leahy, 1991). The board of directors is thereby regarded as an intermediary between managers and owners. The board of directors plays four important roles in the firm. These include monitoring, stewardship, monitoring and reporting. The board of directors monitors and controls the discretion of top management. The board of directors influences managerial discretion in two ways: internal influences which are imposed by the board and external influences which relate to the role played by the market in monitoring and sanctioning managers.                                       B: Contribution of the sector to the economy of your chosen country                         Analysis of contribution of sector                  United Arab Emirates remain major global economic player because it has the highest oil reserves. UAE together with the other Gulf Cooperation Council accounts for over 40% of global oil reserves and remains important in supplying the global economy with oil in future. As a result, investment spending on oil exploration and development of new oil fields is on the rise.                   Global oil demand is currently on the rise. This growth is driven mainly by emerging market economies, as well as the oil producing UAE as part of GCC countries. In addition, Europe and the U.S are witnessing depletions in their oil reserves. This means that these regions will become increasingly dependent on the Gulf region which includes UAE for the supply of oil (Sturm et al., 2008). The importance of the United Arabs Emirates as a global economic player is therefore expected to increase dramatically in the near future Use of appropriate data and other evidence                By the year 2011, the GDP of United Arab Emirates totaled to 360.2 billion dollars. Subsequently in 2001, yearly growth of GNP varied from about 7.4% to 30.7%. As part of the chief crude oil suppliers, the United Arab Emirates was at first cut off from the universal recession by high prices on oil that rose to a record 147 US dollars per barrel in the month of July in 2008. Nevertheless, the nation was ultimately influenced by the excavating worldwide recession which resulted to a decline in oil demand, reducing the oil prices to a reduced amount not exceeding a third of the peak of July 2008. In the last 2008 months, the trembles rumbling through global economies were lastly experienced in this section. Oil (million barrels) Proved reserves, 2013 Total oil supply (thousand bbl/d), 2012 Total petroleum consumption, 2012 Reserves-to-production ratio 97,800 3,213 618 95 Natural Gas (billion cubic feet) Proved reserves, 2013 Dry natural gas production, 2012 Dry natural gas consumption, 2012 Reserves-to-production ratio 215,025 1,854 2,235 116 UAE summary energy statistics C: Critical appraisal of sustainability targets on business plan of your chosen organisation                   Oil firms in United Arab Emirates is still quite immature. Most businesses are controlled by a few shareholders and family ownership is prevalent. Most large and small businesses are family businesses (Saidi, 2004). The state is also significantly involved in the management of companies (Union of Arab Banks, 2003).                     This is contrary to the status quo in Western democracies where firms are owned by a diverse group of shareholders which makes ownership to be completely separated from control. The ownership structure in United Arab Emirates suggests that stewardship and monitoring aspects of non-executive directors (NEDs) is absent in firms based in United Arab Emirates. Ownership concentration has remained high in the region because of practices such as rights issues which enable existing wealthy shareholders, and influential families to subscribe to new shares in Initial Public Offerings (IPOs) (Musa, 2002).                   According to a study of the corporate governance practices of five countries by the Union of Arab Banks (2003), ownership of corporations is concentrated in the hands of families. In addition, corporate boards are dominated by controlling shareholders, their relatives and friends (Union of Arab Banks, 2003). There is a no clear separation between control and ownership. Decision making is dominated by shareholders. The number of independent directors in the board is very small and the functions of the CEO and Chairman are carried out by the same person. The high concentration in firm ownership therefore undermines the principles of good corporate governance that are prevalent in western settings (Yasin and Shehab, 2004). This evidence is consistent with findings by the World Bank (2003) in an investigation of corporate governance practices in the Middle East North Africa (MENA) region which also includes the Gulf region. 1.0 Objective of empirical evidence                   The empirical evidence on the impact of ownership structure on firm performance is mixed. Different studies have made use of different samples to arrive at different, contradictory and sometimes difficult to compare conclusions. The literature suggests that there are two main ownership structures in firm including dispersed ownership and concentrated ownership. With respect to concentrated ownership, most of the empirical evidence suggests that concentrated ownership negatively affects performance (e.g., Johnson et al., 2000; Gugler and Weigand, 2003; Grosfeld, 2006; Holmstrom and Tirole, 1993). Different studies have also focused on how specifically concentrated ownership structures affect firm performance. For example, with respect to government ownership, Jefferson (1998), Stiglitz (1996), and Sun et al. (2002) provide theoretical arguments that government ownership is likely to positively affect firm performance because government ownership can facil itate the resolution of issues regarding the ambiguous property rights.                   However, Xu and Wang (1999) and Sun and Tong (2003) provide empirical evidence that government ownership has a negative impact on firm performance. On the contrary, Sun et al. (2002) provide empirical evidence that government ownership has a positive impact on firm performance. It has also been argued that the relationship between government ownership and firm performance is non-linear. Another commonly investigated ownership type and its impact on firm performance is family ownership. Anderson and Reeb (2003), Villanonga and Amit (2006), Maury (2006), Barontini and Caprio (2006), and Pindado et al. (2008) suggest that there is a positive link between family ownership and firm performance. Despite the positive impact some studies argue that the impact of family ownership is negative (e.g. DeAngelo and DeAngelo, 2000; Fan and Wong, 2002; Schulze et al., 2001; Demsetz, 1983; Fama and Jensen, 1983; Shleifer and Vishny, 1997).                     The impact of foreign ownership has also been investigated. Most of the evidence suggests that foreign ownership has a positive impact on firm performance (e.g., Arnold and Javorcik, 2005; Petkova, 2008; Girma, 2005; Girma and Georg, 2006; Girma et al., 2007; Chari et al., 2011; Mattes, 2008).With respect to managerial ownership, it has been argued that the relationship is likely to be positive. Despite this suggestion Demsetz and Lehn (1985) observe a negative relationship between dispersed ownership and firm performance. Institutional ownership has also been found to have a positive impact on firm performance (e.g. McConnell and Servaes, 1990; Han and Suk, 1998; Tsai and Gu, 2007). Furthermore, some studies suggest that there is no link between insider ownership and performance.                  Very limited studies have been conducted on the impact of ownership structure on firm performance in GCC countries like UAE. For example, Arouri et al. (2013) provide evidence that bank performance is affected by family ownership, foreign ownership and institutional ownership and that there is no significant impact of government ownership on bank performance. Zeitun and Al-Kawari (2012) observe a significant positive impact of government ownership on firm performance in the Gulf region.                The pervasive endogeneity of ownership has been cited as a potential reason why it is difficult to disentangle the relationship between ownership structure and firm performance. In addition, the relation may be a function of the type of firm as well as the period of observation in the life of the firm. This study is motivated by the mixed results obtained in previous studies and the limited number of studies that have focused on UAE as part of GCC countries. The objective of the study is to explore in more details the factors that motivate particular types of ownership structure and the potential impact of ownership structure and firm performance in the Gulf region 2.0 Empirical Evidence                  The empirical evidence will focus on how different ownership structures affect firm performance. Firms are often characterized by concentrated and dispersed ownership. Concentrated ownership is expected to have a positive impact on firm performance owning to the increased monitoring that it provides.                Dispersed ownership has been found to be less frequent than expected. Empirical evidence suggests that most firms are characterized by various forms of ownership concentration. Given this high level of ownership concentration, there has been an increasing concern over the protection of the rights of non-controlling shareholders (Johnson et al., 2000; Gugler and Weigand, 2003). Empirical evidence shows that ownership concentration at best results in poor performance. Concentrated ownership is costly and has the potential of promoting the exploitation of non-controlling shareholders by controlling shareholders (Grosfeld, 2006). Holmstrom and Tirole (1993) argue that concentrated ownership can contribute to poor liquidity, which can in turn negatively affect performance. In addition, high ownership concentration limits the ability of the firm to diversify (Demsetz and Lehn, 1985; Admati et al., 1994). There are various forms of concentrated ownership such as gov ernment ownership, family ownership, managerial ownership, institutional ownership and foreign ownership. In the next section, the literature review will focus on how these separate ownership structures affect firm performance. 2.1.1 Government Ownership                     The impact of government ownership on firm performance has attracted the attention of many researchers because the government accounts for the largest proportion of shares of listed companies in some countries and also because government ownership can be used as an instrument of intervention by the government (Kang and Kim, 2012). Shleifer and Vishny (1997) suggest that government ownership can contribute to poor firm performance because Government Owned enterprises often face political pressure for excessive employment. In addition, it is often difficult to monitor managers of government owned enterprises and there is often a lack of interest in carrying out business process reengineering (Shleifer and Vishny, 1996; Kang and Kim, 2012). Contrary to Shleifer and Vishny (1997) some economists have argued that government ownership can improve firm performance in less developed and emerging economies in particular. This is because government ownership c an facilitate the resolution of issues with respect to ambiguous property rights.                   The empirical evidence on the impact of state ownership on firm performance is mixed. For example, Xu and Wang (1999) provide evidence of a negative relationship between state ownership and firm performance based on data for Chinese listed firms over the period 1993-1995. The study, however, fails to find any link between the market-to-book ratio and state ownership (Xu and Wang, 1999). Sun and Tong (2003) employ ownership data from 1994 to 2000 and compares legal person ownership with government ownership. The study provides evidence that government ownership negatively affects firm performance while legal person ownership positively affects firm performance. This conclusion is based on the market-to-book ratio as the measure of firm performance.                   However, using return on sales or gross earnings as the measure of firm performance, the study provides evidence that government ownership has no effect on firm performance. Sun et al. (2002) provide contrary evidence from above. Using data over the period 1994-1997, Sun et al. (2002) provide evidence that both legal person ownership and government ownership had a positive effect on firm performance. They explain their results by suggesting that legal person ownership is another form of government ownership. The above studies treat the relationship between government ownership and firm performance as linear. However it has been argued that the relationship is not linear.                  Huang and Xiao (2012) provide evidence that government ownership has a negative net effect on performance in transition economies. La Porta et al. (2002) provide evidence across 92 countries that government ownership of banks contributes negatively to bank performance. The evidence is consistent with Dinc (2005) and Brown and Dinc (2005) who investigate government ownership banks in the U.S. 2.1.2 Family Ownership                  Family ownership is very common in oil firms in UAE. There is a difference between family ownership and other types of shareholders in that family owners tend to be more interested in the long-term survival of the firm than other types of shareholders(Arosa et al., 2010).. Furthermore, family owners tend to be more concerned about the firm’s reputation of the firm than other shareholders (Arosa et al., 2010). This is because damage to the firm’s reputation can also result in damage the family’s reputation. Many studies have investigated the relationship between family ownership and firm performance. They provide evidence of a positive relationship between family ownership and firm performance (e.g. Anderson and Reeb, 2003; Villalonga and Amit, 2006; Maury, 2006; Barontini and Caprio, 2006; Pindado et al., 2008).                   The positive relationship between family ownership and firm performance can be attributed to a number of factors. For example, Arosa et al. (2010) suggests that family firms’ long-term goals indicate that this category of firms desire investing over long horizons than other shareholders. In addition, because there is a significant relationship between the wealth of the family and the value of the family firm, family owners tend to have greater incentives to monitor managers (agents) than other shareholders (Anderson and Reeb, 2003). Furthermore, family owners would be more interested in offering incentives to managers that will make them loyal to the firm.                     In addition, there is a substantial long-term presence of families in family firms with strong intentions to preserve the name of the family. These family members are therefore more likely to forego short-term financial rewards so as to enable future generations take over the business and protect the family’s reputation (Wang, 2006). In addition, family ownership has positive economic consequences on the business. There are strong control structures that can motivate family members to communicate effectively with other shareholders and creditors using higher quality financial reporting with the resulting effect being a reduction in the cost of financing the business.                Furthermore, families are interested in the long-term survival of the firm and family, which reduces the opportunistic behavior of family members with regard to the distribution of earnings and allocation of management,.                   Despite the positive impact of family ownership on firm performance, it has been argued that family ownership promotes high ownership concentration, which in turn creates corporate governance problems. In addition, high ownership concentration results in other types of costs. As earlier mentioned, La Porta et al. (1999) and Vollalonga and Amit (2006) argue that controlling shareholders are likely to undertake activities that will give them gain unfair advantage over non-controlling shareholders. For example, family firms may be unwilling to pay dividends .                  Another reason why family ownership can have a negative impact on firm performance is that controlling family shareholders can easily favour their own interests at the expense of non-controlling shareholders by running the company as a family employment service. Under such circumstances, management positions will be limited to family members and extraordinary dividends will be paid to family shareholders. Agency costs may arise because of dividend payments and management entrenchment. Families may also have their own interests and concerns that may not be in line with the concerns and interests of other investor groups.                Schulze et al. (2001) provide a discussion, which suggests that the impact of family ownership on firm performance can be a function of the generation. For example, noting that agency costs often arise as a result of the separation of ownership from control, they argue that first generation family firms tend to have limited agency problems because the management and supervision decisions are made by the same individual. As such agency costs are reduced because the separation of ownership and control has been completely eliminated. Given that there is no separation of ownership and control in the first generation family firm, the firm relationship between family ownership and performance is likely to be positive (Miller and Le-Breton-Miller, 2006). As the firm enters second and third generations, the family property becomes shared by an increasingly large number of family members with diverse interests. The moment conflict of interests sets in the relationship between family ownership and performance turns negative in accordance to. Furthermore, agency problems arise from family relations because family members with control over the firm’s resources are more likely to be generous to their children and other relatives.                To summarize, the relationship between family ownership and firm performance may be non-linear. This means that the relationship is likely to be positive and negative at the same time. To support this contention, a number of studies have observed a non-linear relationship between family ownership and firm performance (e.g. Anderson and Reeb, 2003; Maury, 2006). This means that when ownership is less concentrated, family ownership is likely to have a positive impact on firm performance. As the family ownership concentration increases, minority shareholders tend to be exploited by family owners and thus the impact of family ownership on firm performance tends negative.                  Small countries have a relatively weak diamond of competitive advantages. D. Analysis 1.0 Potter’s Diamond Model                  The competitive forces advantages or analysis ought to be fixed on the main competition factors and its impact analysis on the business (Porter 1998, p.142). The state, and home wealth cannot be inherited -3554730607695Faktorski uvjeti 00Faktorski uvjeti -27546301293495Vezane i podrÃ… ¾avajuće industrije 00Vezane i podrÃ… ¾avajuće industrije -332041536195Ã…  ansa 00Ã…  ansa – it ought to be produced (Porter 1998, p.155). This wealth is influenced by the ability of industry to continually upgrade and innovate itself, and this is achievable exclusively by increase means in production – in all parts of fiscal action. The model of Porter concerns aspect which circuitously or openly affects advantage of competition. The aspect structure a place where given manufacturing sector like in this case, oil sector, state or region a learn and act on the way of competing in that environment. Left0 -3686175215392000Each diamond (oil) and the field of diamond (oil) as the whole structure consists of main influences that makes the oil sector competition to be successive. These influences entail: every ability and resource vital for competitive advantage of the sector; data forming the opportunity and providing the response to how accessible abilities and resources ought to be ruled; each interest group aim; and the is most crucial, oil sector pressure to innovating and investing. Swot analysis Strengths The oil sector has many years producing oil and so is well established. Comparatively lots of sub-sectors for industrialist stability and support. Weaknesses Comparatively out of date scientific foundation. 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