Ethics Question Essay Example | Topics and Well Written Essays - 500 words

Ethics Question - Essay Example On one hand violation of the environmental laws by the company should be punished and this is within the enforcement powers of the agency. The EPA should follow required procedures and cannot go beyond the authority granted by Congress. Provided the estimated risk concerning the health, safety or environmental protection is greater than the economic impact from the plant closure, then the agency should enforce its decision. On the other hand, shutting down the plant will cause significant social damage, as the plant is the major source of employment for the town. If breach of environmental laws does not represent a major threat to the health and safety of people and has not significantly impaired local environment, then the agency can take restrictive action other than closing the plant, probably by imposing penalties or fines and undertaking future stricter control over the company's operations. The Environmental Protection Agency requires your company to self-report pollution discharges daily. It is your job to make those reports. The reports could be easily fudged if the company exceeded its designated limits. Excessive discharges would cost the company $25,000 for each day its limit is exceeded.

Pueblo revolt Assignment Example | Topics and Well Written Essays - 250 words

Pueblo revolt - Assignment Example The turning point of Pueblo revolt was the imposition of their religion and culture on the indigenous tribe (Weber, 1999). The indigenous population was forbidden to practice their religion or follow their culture through barbaric acts. Christian friars forced them to convert to Christianity by literally cutting one leg of 500 Acoma tribals (sangres, nd). The Pueblo people finally revolted against the Spanish when medicine man, called San Juan Pueblo convinced them to unite and fight collectively against the mighty Spanish raiders. The indigenous people fought valiantly and managed to defeat the Spanish forces and drove them away from their territory for around twelve long years. Pueblo revolt is important chapter of American history because the peaceful Pueblo tribe was successful in driving away their enemies who had threatened their cultural identity by using barbaric means. The bloody revolution also forced others to respect indigenous religion and cultural practice which was amply evident when Spanish conquered the region for the second time. Second time around, they were more respectful towards their customs and did not try to force their religion on

Tangible and Intangible Resources

Tangible and Intangible Resources In the fast pace development of the technology market,  enterprises tangible and intangible resources is a competitive advantage on the basis of tangible resources is the basis for enterprise development, the invisible resources are the engine of growth of competitive advantage, two of those are the source of competitive advantages. This article will be the fast-paced development of technology market premise, according to some examples, focusing on the importance of tangible and intangible resources company competition (Hill, Jones, 2009). Define Tangible and intangible resources: Tangible resources are visible, can use the direct measurement of the monetary resources, including material resources and financial resources E.g Tangible resources; 2009, Samsung Electronics, the market value has reached $ 110.2 billion, the first time beyond Intel became the the global revenues largest semiconductor manufacturers 1. Samsungs sales of $ 117.8 billion in 2009, has surpassed HP to become the the global revenues largest electronics companies 2. Is the worlds second largest chip factory, second in size only to Intel 3 in 2008 is the worlds top 21 products, up market share in the market supplier Intangible resources. A wide range of content, such as trademarks, patents, proprietary technology, customer relationships, corporate image, corporate culture, these intangible resources in the process of production and operation of enterprises play an indispensable role. E.g Intangible resources: Korea 8782 patents registered in the United States last year, 3611 applications for Samsung Electronics, Samsung Electronics, Samsung Electronics, Samsung Electronics, the percentage of more than 40%. Samsungs brand value grew fivefold from $ 3.1 billion in 1999 to $ 16.2 billion in 2006 ( Hitt, Ireland, 2008). Analysis of several fast-paced technology companies examples and reasons The definition of the technology market: the places engaged in the technical intermediary services and technical operations of goods. To promote scientific and technological achievements into practical productive forces for the purpose, specifically to carry out technology development, technology transfer, technical consulting, technical services, technical contract; production or distribution of the research to test new products and technology products; organization and conduct of the promotion and application of technological achievements and other technical coverage involving all areas of technology (Tietze , 2012). The cell phone industry, as a modern high-tech industry, has a certain representation, several typical company I will for example in the mobile phone industry to analyze: Samsung Electronics Co. Ltd. Samsung Group was founded in 1938, investment in the establishment of Samsung Electronics Company in 1969, involving semiconductors, mobile phones, monitors, laptops, televisions, refrigerators, air conditioners, digital cameras, and IT products and other field In many areas in technology, Samsung has become the worlds leading technology innovation company, it has created a series of state-of-the-art technology, including mobile phones, hand-held computing devices, flat panel displays, as well as ultra-thin laptops. (Viardot, 2004). Apple Inc Apples major industries, including computer software. Hardware. Phone handheld entertainment aspect. Overall have five production lines: Mac, iPod the iPhone and the iPad, i Tune, known for the product i pod digital music player is i Tunes music store, these are containing innovative the high-tech, i phone pioneered mobile devices new start, IPHONE3G of the software revolution (Sengupta, Slater, 2009). NOKIA In 1865, Nokia was founded in Finland, Nokia smart phone, entertainment, phone, navigation, phone, have a high technology technology Nokia developed areas including third-generation wireless systems, multimedia applications, network management, mobile phone and other sounds data, video terminals. To maintain its leading position in the rapid development of the telecommunications market (GruneWalder, 2008). What role do they play in this types of market what are they? Based on analysis of the tangible and intangible resources of Nokia and Apple Nokias tangible resources Material resources: Nokia to light electric transmission as the center of development, laying the foundation for Nokias semiconductor technology industry. Such as ABS engineering techniques, this technique has the performance of heat-resistant and impact, due to the lower cost of this technique, the majority of computer manufacturers to use. Financial resources: Nokia in Chinas development, the establishment of three joint venture companies, mobile phone production, as well as network equipment, China is the largest market of Nokia, the worlds largest investment areas, due to the low cost of production and processing of the Chinese market, so Nokia to focus on China, in addition to the establishment of a global integrated financial plan, a reasonable business strategy Nokia intangible resources Company brand: Nokia founded in Finland, with a long history, and a good social reputation, through continuous research and innovation, powerful software support and network services, so that, on the company in the smart phone, navigation technically are in a leading position in the company with OVI Internet, in the music store, online game store, providing services to obtain the value Technology: Nokias development, always in the front of the R D development center, working to develop new technologies, including third-generation wireless systems, multimedia applications, to meet customers needs, increasing the mass market to maintain the rapid development of the territory Goodwill: consumers said user for the first time agree, it is only with the GSM technology, the exterior design of the TV for the first time large-screen displays, mobile phones scroll able text menu, the user used to say, very good,leave a very good impression (Hoskisson, 2008) Apple tangible resources Product Resources: 2000 i Pod digital music player, with the unique i Tunes music download system, beat some very powerful company and a global share of the first portable player, i pod series launch, more solid Apple position in the music market, i phone combined with a new product of the i pod and Apple TV, the birth of this product, so Apples successful transformation from computer production to the electronic company Financial resources Apples PC and one of the multimedia company, Apple increased net income $ 1,335 one billion, they have the ability to obtain credit. The tissue Apple also has many systems f control. Apple controls all aspects of the computer, it can provide customers with a complete desktop solution, including hardware, software and peripherals, Physical resources Apple company established in California. Apple is a global company with offices around the. They develop good computer on the market with the best materials. Technology Apple invented a lot of patents, they developed the first PC, the PCs graphical user interface (GUI), a point, and then click the mouse, the laser printer, the iPod and iTunes. Apple also includes a window system, investigation procedures, such as Aldus, Page Maker and Microsoft Excel. Apples products are user-friendly and unique Apple intangible resources Apples human resources, the Cupertino, California in the heart of Silicon Valley, bringing together the most talent and an attractive location. The best schools in the country in a very short drive from Apples main campus, including Stanford University, the University of California, Barkley, and Santa Clara University. There are so many schools nearby, they enjoy a rich cultural and educational opportunities. Innovation Apple invented the PC graphical user interface. Nearly a decade, the the Apple monopoly graphical user interface. When Jobs returned, he manages a hire people who do not want to make the best products in the world of innovation. The key is to let the people with the passion for excellence. Apple now has scientific skills, enabling them to innovation, promote the patent (Afuah, 2009) What is the impact on the companies industry? Business development, competitors may soon have tangible physical capital resources, but the long-term advantages of intangible resources but is hard to beat. Well-known enterprises of the industrial countries, the value of intangible resources generally exceed the value of physical resources, intangible resources these enterprises trade and occupy the international market and expand the social impact will become an important weapon (Tessiopoulos, 2005). The importance of the intangible resources. Enterprise as a social and economic organization. While tangible resources. Also has a wide variety and difficult measurement and grasp the intangible resources. A wide range of content, such as trademarks, patents, proprietary technology, customer relationships, corporate image, corporate culture, these intangible resources in the production development process plays an irreplaceable role. Trademark. Trademark is used to identify the specific goods or services of the mark, it means the right to use a particular name or pattern specialize in certain specified goods or products generally include the exclusive right to use and the prohibition of the right to two aspects. Patent. The patent refers to the national patent authorities in accordance with the law grant the inventions patented applicants enjoyed exclusive rights within a certain period of their inventions. The patent generally include three aspects of the invention patents, utility model patents and design patents. Valid patent law Proprietary technology. The proprietary technology means known to the outside world, has been used in the production and operation activities, a variety of skills and experience do not enjoy legal protection. Generally include the proprietary technology of the industrial, commercial trade proprietary technology, management know-how, etc.. Corporate image. Corporate image usually refers to the publics evaluation of a company and its products, beliefs and attitudes. Mainly include the popularity and reputation, corporate values, managerial and technical factors such as the comprehensive, implied a huge potential force behind the production and business activities of enterprises. Customer relationships. Customer relationship usually refers to the purchase of customer and sales of enterprise products, services, manufacturing enterprises in the formation of long-term exchanges and work with each other relationship, this relationship is the invisible presence of a lot of influence, for the improvement of enterprise product sales. Enterprises cultural. The corporate culture is the enterprise ideology as the core corporate values, corporate value, business philosophy, entrepreneurship, business principles, business purposes, business rules and regulations, Code of Conduct.(Ireland, Hoskission, 2008) E.g Apple and Samsung patent war of the century, for example, Apple awarded $ 1 billion. South Koreas Samsung infringed U.S. Apple patent, needs $ 1 billion in compensation. At the same time, the court finds that the Apple and Samsung did not infringe. Affected by this news, Apples stock price immediately rose by 1.8%, this way before Samsung change the design of these products will be in the U.S. market can not continue to sell these products. Lawsuits between Apple and Samsung is not just about patents and money is related to the value. Apple seems stresses creativity and innovation, to create the worlds best products, the manufacture of these products is to let the user satisfaction, not to allow competitors big plagiarism. (Ubertazzi, 2012). Expert analysis : Apple disputes warning of the modern enterprise Apples creative class of intangible assets in commercial signs, warning of the management problems of the modern enterprise: First, technological innovation is important, but only technological innovation is not enough, you must also conducted a comprehensive intangible assets construction innovation. A single class of intellectual property (patent, trademark or copyright) is not enough to solve all the problems of the enterprises, enterprises must carry out diverse IP configuration. Second, trade names and trademarks is not just a business logo, to raise the height of intangible assets created to recognize. Best to stay away from the general term creative in the selection of trademarks, trade names, to do trademark name with the name of the creative owner of the trademark can not prevent others from the same with your name trademark registered in other categories of goods and services. Because your trademark name is not private rights in the true sense, the name you choose is also the use of public resources. Trademark intangible asset value basis, is one of the trademarks Be creative, first with the larger artistic value, the value will be after the trademark rights of value, economic value, reputation. If the brand name is a common noun, it is easy for the revocation of others, lead to legal disputes. The third set of intangible assets specialized management agencies. Talent is a source of intangible assets, intangible assets not only to create pay greater attention to the management and operation. Important foundation for high-end complex talent to do a good job in the management of the intangible assets. Enterprise management of intangible assets should be placed in an important position, set a special intangible assets management department, equipped with specialized management of intangible assets intangible assets of enterprises integrated, comprehensive, systematic management, organizational guarantee of intangible assets management. Through high-end composite intangible assets management, promote enterprises to improve the level of management of intangible assets, improve intangible assets effective. (Acton, 2012). Is one resource more valuable or important when the other ? I chose the hotel industry, the analysis of the tangible and intangible resources of the hotel industry Hotel tangible resources :is the physical form of resources, including physical resources, financial resources, organizational resources. Kind resources refers to the kind used to be the hotel customer service resources to create benefits for the hotel, such as hotel construction, decoration, equipment, etc. are in-kind resources: financial resources, including currency sources and use, such as access to finance, cash management, creditors and debtors control, dealing with currency provider relations; organizational resources, including the hotels formal organizational structure, composition departments Hotel intangible resources: including human resources, reputation, resources, relationships, resources, information and technology resources. Human resources including knowledge, staff skills, managers can, practice, and thus formed hotel culture and service philosophy; the hotel reputation resources including hotel brand, hotel for reputation parties; hotel information and technical resources, including information and information storage, processing and transfer of technology, management techniques, the hotels reservation system; hotel relations system includes a hotel and the relationship of the parties, the contract agreement. Intangible resources of the hotel is the hotel prerequisite to gain a competitive advantage .(Enz, 2009) JINJIANGINN tangible resources and intangible resources Research enterprise core competitiveness mainly two ways an enterprise resource analysis to find out the advantages of resources, and the other is the enterprise value chain analysis as its core competitiveness. Ways to use this article for the former, and that analysis of the resources of the Jinjiang Inn. The resources of the enterprise can be divided into tangible resources, intangible and human resources. Which tangible resources the kind resources buildings, land, raw materials, operational resources, computers, machinery, systems and financial resources organization intangible resources of the type and quantity of available funds mainly technical resources, reputation, resources and innovative resources and human resources is the organic integration of the members of the organization to the organization to provide the skills, knowledge and reasoning and decision-making ability. (JinJiang Inn, 2012). Physical resources: can be divided into basic and infrastructure, the basic situation of the hotel chain Jinjiang Inn has more than 500 distribution in Shanghai, Beijing and other 86 large and medium-sized cities in the country, room a total of more than 60,000 infrastructure including air conditioning, bathroom, TV, telephone, broadband internet, 24-hour hot water and other infrastructure, to show an economically practical and comfortable accommodations. Financial resources :from the two main ways most of the investment by the parent company of Jin Jiang International Group, Another way is through public financing, Jinjiang along with its parent company, the Jin Jiang International Hotel Group in December 2006 in the success of the Hong Kong main board market market, opened overseas financing channels, into a period of rapid expansion. Jinjiangs technical capacity Committed reflected in the company since the date of the establishment of the call center systems and related software, custom development and marketing, especially telemarketing system has been independently developed by the company, the industry praise Jinjiang Inn the first in the industry to develop independent website and booking system, large client systems and guest satisfaction survey feedback system. Reputation resources: are mainly reflected in Jinjiang since its inception in 1996, continues to be rated as Shanghai Famous Trademark, Shanghai, the most growth service marks, Shanghai Famous Brand won consecutive year 2006-2007 first top ten top brand influence of the Chinese economy hotel , Chinas economy hotel brand Pioneer honorary title. Therefore, Jinjiang Inn has a very good reputation image. Innovation is mainly reflected in three aspects First, the introduction of low budget hotel high-end products. The budget hotel market can continue to be subdivided into high medium and low market, the current budget hotel is mainly concentrated in the mid-market, Jinjiang keen to seize this vacancy, launched a low-high-end products. Prices of low-end brands in the 100-150 yuan, the low-end brands target customer is still a business and family tourists, mainly for price sensitive crowd followed, the prices of high-end brands in the 250-350 yuan, product updates to Five Dynasties. More specialized than the third-generation product, the fourth-generation products humane, more suitable for the accommodation needs of business travelers, the fifth generation of the product is a green concept hotel last product, create Jinjiang chef. Jinjiang Chef pure restaurant chain brand Jinjiang Inn Co., Ltd. was founded, it is committed to the the Jinjiang high grade dining culture into ordinary diet , and reduce costs through the chain, so the popularity of high-end cuisine, so people can experience the connotation of the Chinese diet. (Zou, 2005). Conclusion: Can be obtained from the above analysis, Jinjiang main advantage of resources that the technical resources, innovative resources and reputation of resources, that intangible resources. Therefore, Jinjiang should focus on the use of its intangible resources to enhance their own status in the budget hotel market. Conclusion Technology market which the mobile phone industry, the hotel industry and tourism market, tangible and intangible resources, analysis and comparison, I have come to the following conclusions, tangible resources are the basis of the intangible resources, intangible resources is the sublimation of physical resources, both of those combined with each other in order to make the company or companies more competitive, with the social progress and the development of resources, many companies have shifted from the tangible resources to the development of intangible resources, tangible resources, most companies will get, but the intangible resources,accumulated by business or the companys long-term thing, others not learn, intangible resources is the fundamental driving force of the development of the company or enterprise, in the mobile phone industry, Apples patented technology in particular attracted worldwide attention, the hotel industry,Although it is an emerging industry, the hotel ind ustry in the past, the emphasis on physical resources and hardware facilities, while ignoring intangible resources, such as the brand, and so, but with the progress of society, many hotels have recognized the importance of intangible resources vigorously develop intangible resources, which will be after the mainstream of enterprise development

Adolescent Gangs and Violence in Schools Essay -- School Violence Essay

Dave Reichert once said â€Å"Gang violence in America is not a sudden problem. It has been a part of urban life for years, offering an aggressive definition and identity to those seeking a place to belong in the chaos of large metropolitan areas† (Dave Reichert Quotes). These days, gangs are not only made up of adults on the streets, but teens who are in school as well. Various experts say that â€Å"gang membership is particularly widespread among urban youths under the age of 18† (Teen Gangs). As a result, gangs are now seen in many schools, and as a result may lead to increased violence among students. Schools must take a firmer stand against these gangs in order to reduce the increased violence. Throughout the history of the United States, gangs have always been groups that regularly use threats to commit crimes. Crime rates escalated during the 1960s and 1970s, partly because of the large number of teenagers involved in crime. During the 1980s, juvenile crime continued to rise even though particular types of crime fell. But according to most reports, â€Å"gang activity declined somewhat in the 1990s. Experts attribute the decline to a combination of factors, including an improved economy, a decline in crack cocaine use, stricter law enforcement and more violence-prevention programs† (Teen Gangs). Statistics show that the number of gang members dropped to â€Å"780,000 in 1998 from 846,000 in 1996, according to the OJJDP† (Teen Gangs). Another report coming from the Centers for Disease Control and Prevention showed that â€Å"the proportion of high-school students who reported carrying a weapon during the past 30 days declined to 18% in 1997, from 26% in 199 1† (Teen Gangs). Various people come to believe that membership in a gang is a severe dan... ...eb. 22 May 2012. . "School Safety." Issues & Controversies On File. Web. 23 May 2012. . "Teen Gangs and Crime." Issues & Controversies On File:. Web. 23 May 2012. . "Teen Gangs." Issues and Controversies. Facts On File News Services, 09 Apr. 2009. Web. 22 May 2012. . "Update: School Safety." Issues & Controversies On File: n. pag. Issues & Controversies. Facts On File News Services, 11 May 2007. Web. 5 June 2012. . "Zero Tolerance." Issues & Controversies On File: n. pag. Issues & Controversies. Facts On File News Services, 13 July 2001. Web. 5 June 2012. .

Stock-Flow Trap in US Economy

The model used in analyzing the article is the Balance of payments model. This model determines payments from one particular country to all the others. It condenses all economic transactions that a country performs in a year. The country’s exports and imports of commodities may exist in forms of goods, services, financial capital, and transfers. This moulds the countries balance of payments. All transactions resulting to any payment or liabilities from debit holders and credit holders are indicated here. The calculation for the balance of payments involves the Current Account, derived from movement of goods and services; the capital account, consequent to capital transfers and the attainment and the discard of non-financial assets that failed to be produced; and the financial account, which accounts for movement of investments. This model involves the economic ideas found in the article like balances between investments both locally and internationally. It also involves the key reason for the high amount of critical stock of US. This model also touches the issue regarding dollar as a prime currency for both US and the world. However, to further explain the model and relate to the article of Eatwell and Taylor, the American Stock-flow Trap, we will need to define another macroeconomic concept, the liquidity trap. (Catherine) â€Å"When expected returns from investments in securities or real plant and equipment are low, investment falls, a recession begins, and cash holdings in banks rise. People and businesses then continue to hold cash because they expect spending and investment to be low. This is a self-fulfilling trap.†(Mike Moffatt) In the article, the stock-flow trap is the main subject for discussion. â€Å"The stock-flow trap happens when stock/flow ratios become large, players in the financial markets first become suspicious and then may very rapidly flee into liquid holdings as they sell all the liabilities of the economy in question.† (Eatwell and Taylor) The stock-flow trap creates the very foundations for liquidity trap to happen. This condition, as stated in the article, is also likely happen in stable economies like the US. During the 1980s budget deficit is $153 billion. This deficit gradually increases to $233 billion during the 1990s. At present, trade deficit still subsists in US economy. From 1980s, several administrations came out with plans to reduce budget deficit but these discrepancies prove that the policies were not that effective. Among these are the present policies of US President George W. Bush. Based on the article written by Heffner titled â€Å"Bush’s Economic Policies Pt. 1† the US government estimated a $5.6 trillion surplus. But upon office, Bush came up with a towering $2.8 trillion deficit. Because of this budget deficit, the federal government made amends through foreign borrowings that lead them deeper into the arms of stock-flow trap. By having these kinds of policies, the US government failed to eliminate the problem regarding critical stocks. Based on this observation, we can say that the US economy has not significantly change from the last two decades. Thus, a stock-flow trap still bounds to happen. (Heffner) References Catherine, L. M. (August 19, 1999 ). On the Causes of the US Current Account Deficit. Retrieved December 11, 2006, from Peterson Institute for International Economics Web site: http://www.iie.com/publications/papers/paper.cfm?ResearchID=353 Heffner, J. (Mar 21, 2003). Bush's Economic Policies Pt. 1. Retrieved December 11, 2006, from Jobs and the Economy Web site: http://www.mikehersh.com/Bush_Economics_Pt_1.shtml Eatwell, Taylor, J., L. (1999, September).The American Stock-Flow Trap. Challenge. 34-49. Mike Moffatt. â€Å"What Happens If Interest Rates Go to Zero?†Ã‚   2006.   The New York Times Company. december 12 2006. ;http://economics.about.com/cs/interestrates/a/zero_interest.htm;. ;

Capital Structure in a Perfect Market

MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. Chapter 14: Capital Structure in a Perfect Market 14-5. Suppose Alpha Industries and Omega Technologies have identical assets that generate identical cash flows. Alpha Industries is an all-equity firm, with 10 million shares outstanding that trade for a price of$22 per share. Omega Technologies has 20 million shares outstanding as well as debt of $60 million. 14-5-a.According to MM Proposition I, what is the stock price for Omega Technologies? V(alpha) = 10 x 22 = 220m = V(omega) = D + E E = 220 – 60 = 160m p = $8 per share. 14-5-b. Suppose Omega Technologies stock currently trades for $11 per share. What arbitrage opportunity is available? What assumptions are necessary to exploit this opportunity? Omega is overpriced. Sell 20 Omega, Buy 10 alpha and borrow 60. Initial = 220 – 220 + 60 = 60. Assumes we can trade shares at current prices & Assumes we can borrow at same terms as Omega (or own Omega debt and can sell at same price). 4-6. Cisoft is a highly profitable technology firm that currently has $5 billion in cash. The firm has decided to use this cash to repurchase shares from investors, and it has already announced these plans to investors. Currently, Cisoft is an all equity firm with 5 billion shares outstanding. These shares currently trade for $12 per share. Cisoft has issued no other securities except for stock options to its employees. The current market value of these options is $8 billion. 14-6-a. What is the value of Cisoft’s non-cash assets?Assets = cash + non-cash, Liabilities = equity + options. non-cash assets = equity + options – cash = 12 ? 5 + 8 – 5 = 63 billion 14-6-b. With perfect capital markets, what is the market value of Cisoft’s equity after share repurchase? What is the value per share? Equity = 60 – 5 = 55. Repurchase 5b / 12 = 0. 417b shares = 55 / 4. 583 = $12 4. 583 b shares remain Per share value MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 4-8. Explain what is wrong with the following argument: â€Å"If a firm issues debt that is risk free, because there is no possibility of default, the risk of the firm’s equity does not change. Therefore, risk-free debt allows the firm to get the benefit of a low cost of capital of debt without raising its cost of capital of equity. † Any leverage raises the equity cost of capital. In fact, risk-free leverage raises it the most (because it does not share any of t he risk). 14-12. Hubbard Industries is an all-equity firm whose shares have an expected return of 10%.Hubbard does a leveraged recapitalization, issuing debt and repurchasing stock, until its debt=equity ratio is 0. 60. Due to the increased risk, shareholders now expect a return of 13%. Assuming there are no taxes and Hubbard’s debt is risk free, what is the interest rate on the debt? wacc = ru = 10% = 1 0. 6 x ? 1. 6(10) ? 13 = 3 = 0. 6 x ? x = 5% 13% + 1. 6 1. 6 14-17. Zelnor, Inc. , is an all-equity firm with 100 million shares outstanding currently trading for $8. 50 per share. Suppose Zelnor decides to grant a total of 10 million new shares to employees as part of a new compensation plan.The firm argues that this new compensation plan will motivate employees and is a better strategy that giving salary bonuses because it will not cost the firm anything. a. If the new compensation plan has no effect on the value of Zelnor’s assets, what will the share price of the n ew stock be once this plan is implemented? Assets = 850m. New shares = 110 ? price = 850 = $7. 73 110 b. What is the cost of the plan for Zelnor’s investors? Why is issuing equity costly in this case? Cost = 100(8. 50 ? 7. 73) = 77m = 10(7. 73) Issuing equity at below market price is costly. MBA  509  Recommended  Chapter  QuestionsThese  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. Chapter 15: Debt and Taxes 15-1. Pelamed Pharmaceuticals has EBIT of $325 million in 2006. In addition, Pelamed has interest expenses of $125 million and a corporate tax rate of 40%. a. What is Pelamed’s 2006 net income? Net Income = EBIT – Interest – Taxes = (325 – 125) x (1-0. 40) – $120 million b. What is the total of Pelamed’s 2006 net income and int erest payment? Net Income + Interest = 120 = 125 = $245 million c.If Pelamed had no interest expenses, what would its 2006 net income be? How does it compare to your answer in part (b)? NetIncome = EBIT ? Taxes = 325 ? (1 ? 0. 40) = $195 million This is 245 ? 195 = $50 million lower than part (b). d. What is the amount of Pelamed’sinterest tax shield in 2006? Interest tax shield = 125 ? 40% = $50 million MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-3. Suppose the corporate tax rate is 40%.Consider a firm that earns$1000 before interest and taxes each year with no risk. The firm’s capital expenditures equals its deprecation expenses each year, and it will have no change to its net working capital. The risk-free inter est rate is 5%. a. Suppose the firm has no debt and pays out its net income as a dividend each year. What is the value of the firm’s equity? NetIncome = 1000 ? (1 ? 40%) = $600. Thus, equity holders receive dividends of $600 per year with no risk. 600 E= = $12, 000 5% b. Suppose instead the firm makes interest payments of $500 per year. What is the value of equity?What is the value of debt? 300 = $6000 5% Debt holders receive interest of $500 per year ? D – $10,000 NetIncome ? (1000 ? 500) ? (1 ? 0. 40) = $300 ? E c. What is the difference between the total value of the firm with leverage and without leverage? With Leverage = 6,000 + 10,000 = $16,000 Without Levergae = $12,000 Difference = 16,000 – 12,000 = $4000 d. The difference in part  © is equal to what percentage of the value of the debt? 4, 000 = 40% = corporate tax rate 10, 000 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  coveri ng  on  the  final  exam.Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-6. Arnell Industries has $10 million in debt outstanding. The firm will pay interest only on this debt. Arnell’s marginal tax rate is expected to be 35% for the foreseeable future. a. Suppose Arnell pays interest of 6% per year on its debt. What is the annual interest tax shield? Interest tax sheild = $10 ? 6% ? 35% = $0. 21 million b. What is the present value of the interest tax shield, assuming its risk is the same as the loan? PV(Interest tax sheild) = $0. 21 = $3. 5 million 0. 06 c.Suppose instead that the interest rate on the debt is 5%. What is the present value of the interest tax shield in this case? Interest tax sheild = $10 ? 5% ? 35% = $0. 175 million $0. 175 = $3. 5 million PV = 0. 05 15-8. Rumolt Motors has 30 million shares outstanding with a price of $15 per share. In addition, Rumolt ha s issued bonds with a total current market value of 4150 MILLION. Suppose Rumolt’s equity cost of capital is 10%, and its debt cost of capital is 5%. a. What is Rumolt’s pretax weighted cost of capital? E = $15 ? 30 = $450m D = $150m Pretax WACC = 450 150 10% + 5% = 8. 75% 600 600 b.If Rumolt’s corporate rate is 35%, what is its after-tax weighted cost of capital? WACC = 450 150 10% = 5%(1 ? 35%) = 8. 3125% 600 600 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-12. Milton Industries expects free cash flow of $5 million each year. Milton’s corporate tax rate is 35%, and its unlevered cost of capital is 15%. The firm also has outstanding debt of $19. 05 million, and it expects to maintain this level of deb t permanently. a.What is the value of Milton Industries without leverage? VU = 5 = $33. 33 million 0. 15 b. What is the value of Milton Industries with leverage? V L = V U + ? c D = 33. 33 + 0. 35 ? 19. 50 = $40 million 15-13. Kurz Manufacturing is currently an all-equity firm with 20 million shares outstanding and a stock price of $7. 50 per share. Although investors currently expect Kurz to remain an all-equity firm, Kurz plans to announce that it will borrow $50 million and use the funds to repurchase shares. Kurz will pay interest only on this debt, and it has no further plans to increase or decrease the amount of debt.Kurz is subject to a 40% corporate tax rate. a. What is the market value of Kurz’s existing assets before the announcement? Assets = Equity = $7. 50 ? 20 = $150 million b. What is the market value of Kurz’s assets (including the tax shield) just after the debt is issued, but before the shares are repurchased? Assests = 150 (existing) + 50 (cash) + 40 % ? 50 (tax sheild) = $220 million c. What is Kurz’s share price just before the share repurchase? How many Shres will Kurz repurchase? E = Assets ? Debt = 220 ? 50 = $170 million $170m = $8. 50 Share Price = 20 50 = 5. 882 million shares Kurz will repurchase 8. 50 d.What are Kurz’s market value balance sheet and share price after the share repurchase? Assets ? 150(existing ) + 40% ? 50(taxsheild ) = $170 million Debt = $50 million E = A ? D = 170 ? 50 ? $120 million $120 = $8. 50 / share Share price = 20 ? 5. 882 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-15. Suppose the corporate tax rate is 40%, and investors pay a tax rate of 15% on income from dividends or capital gains and a tax rate of 33. 3% on interest in come.Your firm decides to add debt so it will pay an additional $15 million in interest each year. It will pay this interest expense by cutting its dividend. a. How much will debt holders receive after paying taxes on the interest they earn? $15 ? (1 ? 0. 333) = $10 million each year b. By how much will the firm need to cut its dividend each year to pay this interest expense? Given a corporate tax rate of 40%, an interest expense of $15 million per year reduces net income by 15(1-0. 4)=$9 million after corporate taxes. c. By how much will this cut in the dividend reduce equity holders’ annual after-tax income? $9 million dividend cut ? 9 ? (1 ? 0,15) ? $7. 65 million per year d. How much less will the government receive in total tax revenues each year? Interest atxes = 0. 333 ? 15 = $5 million Less corporate taxes = 0. 40 ? 15 = $6 million Less dividend taxes = 0. 15 ? 9 = $1. 35 million [note: this equals (a) – (c)] e. What is the effective tax advantage of debt ? * ? (1 ? 0. 40)(1 ? 0. 15) ? * = 1? = 23. 5% 1 ? 0. 333 15-16. Markum Enterprises is considering permanently adding $100 million of debt to its capital structure. Markum’s corporate tax rate is 35%. a. Absent personal taxes, what is the value of the interest tax shield from the new debt?PV = ? c D = 35% ? 100 = $35 million b. If investors pay a tax rate of 40% on interest income, and a tax rate of 20% on income from dividends and capital gains, what is the value of the interest tax shield from new debt? ? * = 1? (1 ? 0. 35)(1 ? 0. 20) = 13. 33% 1 ? 0. 40 PV = ? C D = 13. 33% ? 100 = $13. 33 million MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 15-19. With its current leverage, Impi Corporation will have net income next year of $4 . million. If Impi’s corporate tax rate is 35% and it pays 8% interest on its debt, how much additional debt can Impi issue this year and still receive the benefit of the interest tax shield next year? Net income of $4. 5 million ? 4. 5 = $6. 923 million in taxable income. Therefore, Arundel can increase its interest expense by $6. 923 million, which corresponds to debt of: 6. 923 = $86. 5 million 0. 08 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam.Chapter 16: Financial Distress, Managerial Incentives and Information 16-2. Baruk Industries has no cash and a debt obligation of $36 millionthat is now due. The market value of Baruk’s assets is $81 million, and the firm has no liabilities. Assume a perfect capital market. a. Suppose Baruk has 10 million shares outstanding. What is Baruk’s current share price? 81 ? 36 = $4. 5 / share 10 b. How many new shares must Baruk issue to raise the capital needed to pay its debt obligation? 36 = 8 million shares 4. 5 c. After repaying the debt, what will Baruk’s share price be? 81 = $4. 5 / share 18 16-3.When a firm defaults on its debt, debt holders often receive less than 50% of the amount they are owed. Is the difference between the amount debt holders are owed and the amount they receive a cost of bankruptcy? No. Some of these losses are due to declines in the value of the assets that would have occurred whether or not the firm defaulted. Only the incremental losses that arise from the bankruptcy process are bankruptcy costs. 16-4. Which type of firm is more likely to experience a loss of customers in the event of financial distress: a. Campbell Soup Company or Intuit, Inc.? Intuit Inc. its customers will care about their ability to receive upgr ades to their software. b. Allstate Corporation or Reebok International? Allstate Corporation – its customers rely on the firm being able to pay future claims. MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 16-5. Which type of assets is more likely to be liquidated for close to its full market value in the event of financial distress? a. An office building or a brand name?Office building—there are many alternate users who would be likely to value the property similarly. b. Product inventory or raw materials? Raw materials—they are easier to reuse. c. Patent right of engineering â€Å"know-how†? Patent rights—they would be easier to sell to another firm. 16-9. Marpor Industries has no debt and expects to generate free cash flows of $16 million each year. Marpor believes that if it permanently increases its level of debt to $40 million, the risk of financial distress may cause it to lose some customers and receive less favorable terms from its suppliers.As a result, Marpor’s free cash flows with debt will be only $15 million per year. Suppose Marpor’s tax rate is 35%, the risk-free rate is 5%, the expected return of the market is 15%, and the beta of Marpor’s free cash flows is 1. 1. (with or without leverage). a. Estimate Marpor’s value without leverage r = 5% + 1. 1? (15% ? 5%) = 16% 16 V= = $100 million 0. 16 b. Estimate Marpor’s value with the new leverage. r = 5% + 1. 1? (15% ? 5%) = 16% 15 V= + 0. 35 ? 40 = $107. 75 million 0. 16 MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam.Understand  the  answers  to  these  questio ns  and  should  not  be  surprised  by  anything  on  the  exam. 16-10. Real Estate Purchases are often financed with at least 80% debt. Most corporations, however, have less that 50% debt financing. Provide an explanation for this difference using the trade-off theory. According to tradeoff theory, tax shield adds value while financial distress costs reduce a firm’s value. The financial distress costs for a real estate investment are likely to be low, because the property can generally be easily resold for its full market value.In contrast, corporations generally face much higher costs of financial distress. As a result, corporations choose to have lower leverage. 16-11. Dynron Corporation’s primary business is natural gas transportation using its vast gas pipeline network. Dynron’s assets currently have a market value of $150 million. The firm is exploring the possibility of raising $50 million by selling part of its pipeline network and i nvesting the $50 million in a fiber-optic network to generate revenues by selling high-speed network bandwidth.While this new investment is expected to increase profits, it will also substantially increase Dynron’s risk. If Dynron is levered, would this investment be more or less attractive to equity holders than if Dynron had no debt? If Dynron has no debt or if in all scenarios Dynron can pay the debt in full, equity holders will only consider the project’s NPV in making the decision. If Dynron is heavily leveraged, equity holders will also gain from the increased risk of the new investment. 16-18. Which of the following industries have low optimal debt levels according to the tradeoff theory? Which have high optimal levels of debt? a.Tobacco firms high optimal debt level—high free cash flow, low growth opportunities Accounting firms low optimal debt level—high distress costs Mature restaurant chains high optimal debt level—stable cash flows, low growth, low distress costs Lumber companies high optimal debt level—stable cash flows, low growth, low distress costs Cell phone manufacturers low optimal debt level—high growth opportunities, high distress costs b. c. d. e. MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. 6-19. According to the managerial entrenchment theory, managers choose capital structures so as to preserve their control of the firm. On the one hand, debt is costly for managers because they risk losing control in the event of default. On the other hand, if they do not take advantage of the tax shield provided by debt, they risk losing control through a hostile takeover. Suppose a firm expects to generate free cash flows of $90 million per year, and t he discount rate for these cash flows is 10%. The firm pays a tax rate of 40%. A raider is poised to take over the firm and finance it with $750 Million in permanent debt.The raider will generate the same free cash flows, and the takeover attempt will be successful if the raider can offer a premium of 20% over the current value of the firm. What level of permanent debt will the firm choose, according to the managerial entrenchment hypothesis? 90 = $900 0. 10 Levered Value w/ Raider = 900 + 40%(750) = $1. 2 billion To prevent successful raid,l current managment must have a levered value of at least $1. 2 billion = $1 billion 1. 20 Thus, the minimum tax sheild is $1 billion – 900 million = $100 million, 100 which requires = $250 million in debt 0. 40 Unlevered Value = MBA  509  Recommended  Chapter  QuestionsThese  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questio ns  and  should  not  be  surprised  by  anything  on  the  exam. Chapter 17: Payout Policy 17-6. The HNH Corporation will pay a constant dividend of $2 per share, per year, in perpetuity. Assume all investors pay a 20% tax on dividends and that there is no capital gains tax. The cost of capital for investing in HNH stock is 12%. a. What is the price of a share of HNH stock? P=$1. 60/0. 12=$13. 33 b. Assume that management make a surprise announcement that HNH will no longer pay dividends but will use the cash to repurchase stocks instead.What is the price of a share of HNH stock now? P=$2/0. 12=$16. 67 17-7. What was the effective dividend tax rate for a U. S. investor in the highest tax bracket who planned to hold a stock for one year in 1981? How did the effective dividend tax rate change in 1982 when the Reagan tax cuts took effect? (Ignore State taxes. ) 58. 33% in 1981 and 37. 5% in 1982. 17-10. At current tax rates, which investors are most likely to hold a stock that has a high dividend yield? a. Individual Investors b. Pension Funds c. Mutual Funds d. Corporations 17-11. A stock that you know is held by long-term individual investors paid a large one-time dividend.You notice that the price dropped on the ex-dividend date is about the size of the dividend payment. You find this relationship puzzling given the tax disadvantage of dividends. Explain how the dividends-capture theory might account for this behavior. Dividend capture theory states that investors with high effective dividend tax rates sell to investors with low effective dividend tax rates just before the dividend payment. The price drop therefore reflects the tax rate of the low effective dividend tax rate individuals. MBA  509  Recommended  Chapter  Questions These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam.Understand  the  answers  to  these  questions  and  should  not  be  surpris ed  by  anything  on  the  exam. 17-16. Explain under which conditions an increase in the dividend payment can be interpreted as a signal of: a. Good news By increasing dividends managers signal that they believe that future earnings will be high enough to maintain the new dividend payment. b. Bad news Raising dividends signals that the firm does not have any positive NPV investment opportunities, which is bad news. 17-17. Why is an announcement of a share repurchase considered a positive signal?By choosing to do a share repurchase management credibly signals that they believe the stock is undervalued. 17-20. Explain why most companies choose to pay stock dividends (split their stock). Companies use stock splits to keep their stock prices in a range that reduces investor transaction costs 17-21. When might it be advantageous to undertake a reverse stock split? To avoid being delisted from an exchange because the price of the stock has fallen below the minimum required to s tay listed. 17-22. After the market close on May 11, 2001, Adaptec, Inc. , distributed a dividend of shares of he stock of its software division, Roxio, Inc. Each, Adaptec shareholder received 0. 1646 share of Roxio stock per share of Adaptec stock owned. At the time Adaptec stock was trading at a price of $10. 55 per share (cum-dividend), and Roxie’s share price was $14. 25 per share. In a perfect market, what would Adaptec’s ex-dividend share price be after this transaction? The value of the dividend paid per Adaptec share was (0. 1646 shares of Roxio) ? ($14. 23 per share of Roxio) = $2. 34 per share. Therefore, ignoring tax effects or other news that might come out, we would expect Adaptec’s stock price to fall to $10. 5 – 2. 34 = $8. 21 per share once it goes ex-dividend. (Note: In fact, Adaptec stock opened on Monday May 14, 2001 – the next trading day – at a price of $8. 45 per share. ) MBA  509  Recommended  Chapter  Question s These  questions  are  the  focus  of  what  I  am  covering  on  the  final  exam. Understand  the  answers  to  these  questions  and  should  not  be  surprised  by  anything  on  the  exam. Explain the long-term (3 to 5 years) relative stock performance of companies that have i) issued a seasoned equity offering ii) split their stocks Why would a stock split be a signal for good news?What is meant by â€Å"leaving money on the table,† when issuing an IPO? Why might issuing management be content to leave a lot of money on the table? Can you spot the period of a stock market bubble in the table below? (Hint: look for an oval! ) In retrospect, do you think it is a good long-term investment to purchase stocks where there has been huge amounts of money left on the table? Table 1 Summary Statistics for 6,312 IPOs with Offer Price ? $5. 00 Mean First-day Return 7% 15% 65% 12% 19% Average, 2001 Dollars Money Left on the Ta ble Gross Proceeds $2. million $10 million $82 million $29 million $17 million $42 million $72 million $161 million $397 million $81 million Period 1980-1989 1990-1998 1999-2000 2001-2002 1980-2002 Describe how investment banks allocate IPO shares using the â€Å"bookbuilding† method. Are IPOs, as a group and over time, good long-term investments in terms of average annual returns? Describe how IPOs are like Lotto tickets. (Low expected returns, but with relatively low probability of extremely large gains—buying into Microsoft, Intel, etc) Hint: this is the answer.Describe Graham and Kumar’s suggestive evidence that there is, indeed, a clientele effect for dividends. Which class of investors like high dividend yields? Which age bracket? How do these finding suggest a clientele effect? Chapter  14. Capital  Structure  in  a  Perfect  Market   Summary   1. The  collection  of  securities  a  firm  issues  to  raise  capital  fro m  investors  is  called  the   firm’s  capital  structure. Equity  and  debt  are  the  securities  most  commonly  used  by   firms. When  equity  is  used  without  debt,  the  firm  is  said  to  be  unlevered. Otherwise,  the   amount  of  debt  determines  the  firm’s  leverage. . The  owner  of  a  firm  should  choose  the  capital  structure  that  maximizes  the  total  value   of  the  securities  issued. 3. Capital  markets  are  said  to  be  perfect  if  they  satisfy  three  conditions:   a. Investors  and  firms  can  trade  the  same  set  of  securities  at  competitive  market   prices  equal  to  the  present  value  of  their  future  cash  flows. b. There  are  no  taxes,  transaction  costs,  or  issuance  costs  associated  with  security   trad ing. c. A  firm’s  financing  decisions  do  not  change  the  cash  flows  generated  by  its   investments,  nor  do  they  reveal  new  information  about  them. 4.According  to  MM  Proposition  I,  with  perfect  capital  markets  the  value  of  a  firm  is   independent  of  its  capital  structure. a. With  perfect  capital  markets,  homemade  leverage  is  a  perfect  substitute  for  firm   leverage. b. If  otherwise  identical  firms  with  different  capital  structures  have  different  values,   the  Law  of  One  Price  would  be  violated  and  an  arbitrage  opportunity  would   exist. 5. The  market  value  balance  sheet  shows  that  the  total  market  value  of  a  firm’s  assets   equals  the  total  market  value  of  the  firm’s  liabilities,   including  all  securi ties  issued  to   investors.Changing  the  capital  structure  therefore  alters  how  the  value  of  the  assets  is   divided  across  securities,  but  not  the  firm’s  total  value. 6. A  firm  can  change  its  capital  structure  at  any  time  by  issuing  new  securities  and  using   the  funds  to  pay  its  existing  investors. An  example  is  a  leveraged  recapitalization  in   which  the  firm  borrows  money  (issues  debt)  and  repurchases  shares  (or  pays  a   dividend). MM  Proposition  I  implies  that  such  transactions  will  not  change  the  share   price. 7. According  to  MM  Proposition  II,  the  cost  of  capital  for  levered  equity  is      8. Debt  is  less  risky  than  equity,  so  it  has  a  lower  c ost  of  capital.Leverage  increases  the  risk   of  equity,  however,  raising  the  equity  cost  of  capital. The  benefit  of  debt’s  lower  cost  of   capital  is  offset  by  the  higher  equity  cost  of  capital,  leaving  a  firm’s  weighted  average   cost  of  capital  (WACC)  unchanged  with  perfect  capital  markets: 1 9. The  market  risk  of  a  firm’s  assets  can  be  estimated  by  its  unlevered  beta: 10. Leverage  increases  the  beta  of  a  firm’s  equity: 11. A  firm’s  net  debt  is  equal  to  its  debt  less  its  holdings  of  cash  and  other  risk? free   securities. We  can  compute  the  cost  of  capital  and  the  beta  of  the  firm’s  bus

Metre, Meter, and Mete

Metre, Meter, and Mete Metre, Meter, and Mete Metre, Meter, and Mete By Maeve Maddox Numerous readers wrote to correct me regarding the following entry in my post about commonly confused words that begin with M: 5. meter / metre Both words are nouns. A  meter  is a measuring device, like a gas meter.  Metre  is a metric unit or a type of rhythm in verse. American speakers wrote to point out that the standard US spelling for the metric unit is meter, never metre. Speakers from the UK and Canada wrote to tell me that they never have occasion to write meter, only metre. So, how inaccurate is my meter/metre entry? Regarding standard British usage, it is completely accurate. Regarding standard American usage, it fails on two counts: 1. It fails to mention that meter is the standard US spelling for the metric unit. 2. It does not mention the fact that meter has also become acceptable US spelling for the word that refers to the rhythmic structure of a verse. Apologies to my American readers are therefore in order. Meter, it is, for all three meanings. As for devices that measure such things as gas and electricity, the spelling meter is standard in British usage. Both words, metre and meter, have their remote origins in an Indo-European word for measure. The English word metre in the sense of poetic rhythm was already in use during the Old English period. The original Latin word, metrum, could mean â€Å"poetic measure† or â€Å"a vessel or other object used for measuring.† The word metre in the sense of â€Å"a metric unit† entered English from French mà ¨tre in 1797, two years after the metric system was formally defined in French law.    The noun meter in the sense of â€Å"a mechanical measuring device† was introduced in the nineteenth century by the inventor of a gas meter. His use of the word had nothing to do with metre in either the sense of poetic rhythm or the metric system. The meter in â€Å"gas meter† derives from the English verb to mete (â€Å"to measure†), a verb that has existed in English since Old English times. Before the inventor used meter in the context of his mechanism, the occupational term meter existed for a person whose job was to measure things. The verb mete survives in current usage with the meanings â€Å"to apportion† or â€Å"to deal out.† It is usually used with the particle out. Here are examples of recent usage: Pfeffer says powerful people do certain things to advance their own agendas. One of these is to mete out resources. The criticism  meted out  by the press is always the first thing that people hear.    The Government is planning to bolster her impact by granting her the ability to mete out financial penalties. A new way to mete out discipline in schools? Kurds Likely to Mete Out Severe Justice The following use of mete in the King James translation of the Bible may be the reason that the verb is often associated with justice and punishment: For with what judgment ye judge, ye shall be judged; and with what measure ye mete, it shall be measured to you again.- Matthew 7:2. Bottom line American usage recognizes the spelling meter for the metric unit, the rhythmic structure, and the measuring apparatus. British usage recognizes two spellings: metre for verse and metric units; meter for an apparatus that automatically measures the quantity of something passing through it. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:70 Idioms with Heart7 Patterns of Sentence StructureHow to Style Legislative Terms

Answers to Questions About Plurals

Answers to Questions About Plurals Answers to Questions About Plurals Answers to Questions About Plurals By Mark Nichol Here are DailyWritingTips.com readers’ queries about plural usage, and my responses. 1. Is staff singular or plural? Staff can be either singular or plural, though the singular form is preferred: â€Å"The staff is encouraged by the new policy† is correct. â€Å"The staff are encouraged by the new policy† is also correct but is better rendered â€Å"The staff members are encouraged by the new policy.† â€Å"Staff members are encouraged by the new policy,† however, has a slightly different connotation; when staff is preceded by the, the implication is that the opinion is one of consensus. Without the, it’s assumed that the conclusion is based on a sampling, though that distinction would be clearer if the sentence read, â€Å"Some [or many, or another qualifier] staff members are encouraged by the new policy.† 2. â€Å"Is shingles referring to the disease, not the roof covering singular or plural?† Shingles or any similar condition (hives, measles, mumps) should be referred to with a singular verb: â€Å"Shingles is more common in adults than in children.† If that seems awkward, you could write, for example, â€Å"Contracting shingles is more common in adults than in children.† 3. I am confused about something, specifically singular and plural usage when writing about music groups. For instance, I might write about the fictional music group Music Band: â€Å"At last night’s concert, Music Band was awesome!† I have been told it is more correct to say, â€Å"At last night’s concert, Music Band were awesome!† Which is more correct? Isn’t was more correct when referring to the band as a whole? And yet, almost every instance I’ve seen uses were instead of was, which just doesn’t sound right to me. In American English, the verb should be consistent with the form of the name. Plural-style names (â€Å"the Beatles†) take plural verbs, and singular-style names (â€Å"the Who†) take singular verbs. In British English, both forms take a plural verb. (This post discusses these usages and the convention for references to sports teams.) Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:What Does [sic] Mean?Latin Plural Endings7 Sound Techniques for Effective Writing

Andy Warhol and His work on the Contemporary Art Essay Example for Free

Andy Warhol and His work on the Contemporary Art Essay Andy Warhol (1928-1987) of Pittsburgh, Pennsylvania, less commonly known as Andrew Warhola, was a central figure in the pop art category. He is an American artist who reigned around the world as a painter, author, avant-garde filmmaker and as a public personage for his connection to many people of different fields of work and status. Warhol studied in Carnegie Institute of Technology (now known as the Carnegie Mellon University) to hone his artistry (www. artgallery. com, 2008). Warhol unify his works through the Keatonesque style which is aritistically and personally affectless. In his work s a Pop artist, conceptual aspects were always there as a key factor. His art was known for its irony, in most of its sense. Campbell’s soup cans was probably his most famous work. The mundane images he made were turned to the so-called ironic art through enlargement, hand-painting or silk-screening. He always mentioned that the idea of his work is always at the surface of his work, obvious, apparent. Other attributes of his work were slight color changes using ink spots (www. pbs. org, 2007). His work reveals contemporary art in such a way it concerns some human desires that never ceases to revolve around. He even made his film where he was an international celebrity and a pop artist. His experiences with many people brought him the ideas of what is contemporary, and made sure that no traces of the artists can be recognized from his artwork. Andy Warhol and His work on the Contemporary Art. (2017, Feb 14). We have essays on the following topics that may be of interest to you

Approaches to Policy & Advocacy Assignment Example | Topics and Well Written Essays - 250 words

Approaches to Policy & Advocacy - Assignment Example Citing is vital since it remains the cornerstone of any research. It sets to validate and actualize the research findings (De Goede, Putters, & Van, 2012). Additionally, it brings up an academic tone in the piece of work, without violation of copyright issues. Essentially, it is one of the fundamental principle of ethics on conducting any research. Lack of valid data and information that is cited from trusted sources may lead to lack of information trust from most organizations, researchers and legislators seeking information from the site (Green, 2006). Additionally, it sets to acknowledge the original author of a specific theory used. The legislators posits that they can make decisions with great confident as the data presented is valid. The organization operates on transparency and dedication in its work. Their researches are well published and conducted in an ideal way. Additionally, they have indicated their financial statements, hence one can follow well their financial usage protocols. Furthermore, their knowledge centre does act as a good site in dissemination of academic knowledge regarding their programs (Coreil, 2010). They does update their levels of goals achievement, and their strategic plan is clear. Consequently, the information in the website can influence other stakeholders to take part in fight against childhood malnutrition. De Goede, J., Putters, K., & van Oers, H. (2012). Utilization of epidemiological research for the development of local public health policy in The Netherlands: a case study approach. Social Science & Medicine (1982), 74(5), 707-714. doi:10.1016/j.socscimed.2011.11.014 Green, L. W. (2006). Public health asks of systems science: to advance our evidence-based practice, can you help us get more practice-based evidence?. American Journal of Public Health, 96(3),

Nursing Practice Essay Example | Topics and Well Written Essays - 3500 words

Nursing Practice - Essay Example The learning outcomes associated with this course are crucially linked to the integral understanding of clinical issues and practice. This paper, in turn, shall go a long way in reestablishing the norms that were to be established by the goals for this course. Understand the domain of every prong individually is of vital importance: As was mentioned earlier, knowledge of legal issues to the cause of clinical practice has now become imperative. Though universal laws for humanitarianism and morality remain constant for humans, yet there are certain legal implications that are different for certain countries and even states within countries. It must be understood by a practitioner, that the legal clauses are not a matter of burden, but actually, a facilitating and binding factor that ensures that the provision of health care would be unequivocal and just for all. The current face of health care is largely a product of the advancement made during and after the World Wars. However, despit e the magnitude and quality of work that was done at that time, the obvious constraint due to the war was that a systematic procedure for providing health care cannot be established. Much has changed since then, and the corporate face of the organizations in the changing world has brought about a new shape to the domain of clinical practice. With the inception of concepts like quality and the ISO standards, what the world of today has realized, is that documentation, for any system of work, is not only essential but is a must.

Identify and describe the major problems of domestic violence by Essay

Identify and describe the major problems of domestic violence by comparing present-day American society to that of at least 2 ot - Essay Example The problems related with domestic violence are numerous, and these issues are managed in different cultures in different ways. In the United States, the problems of domestic violence are frightening and it is established in several studies that, on an average, four women are murdered by male partner on a daily basis in the nation and the number of women killed due to domestic violence is alarmingly high. Whereas the magnitude of domestic violence in the U.S. is shocking, this appalling social evil is not confined to the U.S. alone and it is a global phenomenon. â€Å"Increasingly, domestic violence is being recognized as a very serious social problem in most countries around the world. Perhaps through studying the problem in other countries, we can continue to make progress in our own.† (Summers, xvi) Therefore, this paper makes a comparative analysis of the major problems of domestic violence in the present-day American society with those of other cultures such as Australian , Russian, Jamaican, and Japanese in order to offer a greater insight into problems related with it. ... In the United States, family or domestic violence is a reality happening on a frequent and frightening level. Several studies on the topic have maintained that sixty percent of the families in the U.S. use violence on a regular basis, while the rate of child abuse in the nation is more than ninety percent. â€Å"Further statistics indicate that 1 in 4 young American women will be raped, and 50 percent of all women will be beaten at least once in a relationship†¦ In the United States, 2,000 children a year are killed at the hands of their parents or guardians. The estimates of physical child abuse are between 2000,000 and 2.8 million a year†¦ Sexual abuse estimates range from 130,000 to 1.3 million cases a year.† (Leeder, 238) Therefore, it is essential to realize that domestic violence in the United States has been a major threat to social stability and gender equality. Several social security policies and legislations such as the Violence against Women Act in 1994 h ave been adopted in the nation to fight against the increasing number of domestic violence. A careful analysis of the current trends in the country indicates that domestic violence has been recognized as a tragic and costly phenomenon. â€Å"Since the 1970s, more accurate methods of measuring its incidence have been developed, new laws have been enacted, and a plethora of agencies have been established to not only support victims but also prevent its occurrence.† (Summers, 170) However, domestic violence has not been confined to the U.S. alone, and nations across the globe are affected by the results of this social plague. An understanding of the extend of the problems of

Attributes Determining Lynettes Success in the Business Case Study - 2

Attributes Determining Lynettes Success in the Business - Case Study Example As a positivist, Lynette saw opportunities where previous managers found obstacles. In addition, the entrepreneur was able to free her mind from any disappointment in order to achieve the dream of profitable and expanded business. Patience: Lynette purchased the business with one clear mind of turning it around. It is evident from the case study that she assumed the role of a salesperson and spend a considerable amount of time trying to convince clients to renew their membership while at the same time registering new entrants by mainly focusing on corporate clients. Persistence: Certainly, the future holds the unknown and when Lynette purchased a loss-making business, she never got discouraged. Even with the numerous challenges that the entrepreneur had to come across, her persistence and sense of focus played a key role in meeting the dream of transforming the business back to profitability. Merger: The entrepreneur was operating in this line of business and this means she had some other businesses of similar nature. Bearing in mind the poor performance of this business, I would have considered merging it with other profitable businesses and change its name completely. This would have totally replaced the current business with one of the best performing businesses in the market hence attracting many clients. Offering discounts: I would introduce discount packages for both new entrants and clients renewing their registrations. This would not only act as a motivation to both groups but also indirectly boost new registrations through referrals and take advantage of reduced subscription fees. According to the case study, Lynette claims to have carried out homework before signing the ownership contract. Basically, not all entrepreneurs would consider purchasing a loss-making entity that is on verge of  collapsing. In this sense, by Lynette said to have done homework means that she had conducted research on this business. Such research must have revolved around this particular business to understand what was ailing it.

INTERNATIONAL HUMAN RESOURCE MANAGEMENT Essay Example | Topics and Well Written Essays - 1000 words

INTERNATIONAL HUMAN RESOURCE MANAGEMENT - Essay Example Further Guseh & Oritsejafor (2007), corruption flourishes in Nigeria because of absence of desire and capacity from the corrupt leaders to modify country’s ethical tenor; tolerance or acceptance of corruption by civil society; and the dominance of the administration on economic globe. For Arik Airline, differentiation from corruption and mismanagement practices that cause discrimination and racism will result to anticorruption compliance rules and regulations. With the presence of corruption, Nigerian political and economic programs diminish efforts to develop viable airline institutions, and weaken the forecast of establishing a powerful institution in Nigeria. Anticorruption compliance rules wills result to viability and of the firm through establishment of citizen trust and confidence hence boosting profitability. Nwachukwu (2011) reveals that Arik Air was marred with corruption and mismanagement and in effort to become an international carrier, corruption, and mismanagemen t should be eliminated. Mismanagement has resulted into huge debts and loss of Airbus jet for failure to repay loans. Further, management results into bleaching of Nigerian labour laws resulting to hiring of foreign expatriates even for positions that local Nigerians would suit. With corruption, it is clear that it would be hard to hire Nigerians into Arik Air because the firm is in favour of hiring foreign based expatriates even as ground staff and the fact that no qualifications or expertise is checked to hire expatriates in some positions (Nwachukwu, 2011). Further, the firm has long ignored the Nigerian labour law requirement that for each expatriate, there has to be a Nigerian staff tp learn from the foreigner and implement eventually replace them within 12 months. Conversely, Arik Air hires expatriates to understudy the other expatriates while Nigerians remain under the same conditions

Strategic plan Essay Example | Topics and Well Written Essays - 750 words

Strategic plan - Essay Example It is in this regard that this essay is written to evaluate strategic planning at Cornell University in terms of The most important external environmental issues that Cornell University has to contend with are as follows: (1) the financial crisis, (2) political policies regarding government support; and (3) private donations. The global financial crisis would have a profound effect in the strategic plans of Cornell University in terms of its effect to the number of enrollees. As companies become affected by this crisis, employment is drastically altered with worst scenarios leading to unemployment. If parents get unemployed, the enrollment of children would definitely be affected. Also, private donation would potentially be lessened due to the financial crunch. Concurrently, political policies regarding government support would also be affected by the financial crisis. There could be possibilities of cut in government budget allocating funds for educational support. Cornell has an outstanding faculty and record of academic excellence that promote the best traditions of research and scholarship while engaging with the critical issues of the contemporary world (Cornell University 2009). â€Å"Student demand for entry to Cornell is high and continues to grow, as does the talent of our student body at the undergraduate, graduate, and professional levels. The universitys location and academic traditions have enabled the creation of exceptional intellectual community between and among faculty and students.† (ibid.) Due to the challenges identified in the environment, Cornell University has to address the following issues: â€Å"(1) As is true for other institutions of higher education, Cornell must seek new revenue sources to avoid unsustainable tuition increases and/or limits to student access and to faculty and student achievement; (2) Cornell competes for students, faculty, and staff with outstanding universities, some of

INTERNATIONAL HUMAN RESOURCE MANAGEMENT Essay Example | Topics and Well Written Essays - 1000 words

INTERNATIONAL HUMAN RESOURCE MANAGEMENT - Essay Example Further Guseh & Oritsejafor (2007), corruption flourishes in Nigeria because of absence of desire and capacity from the corrupt leaders to modify country’s ethical tenor; tolerance or acceptance of corruption by civil society; and the dominance of the administration on economic globe. For Arik Airline, differentiation from corruption and mismanagement practices that cause discrimination and racism will result to anticorruption compliance rules and regulations. With the presence of corruption, Nigerian political and economic programs diminish efforts to develop viable airline institutions, and weaken the forecast of establishing a powerful institution in Nigeria. Anticorruption compliance rules wills result to viability and of the firm through establishment of citizen trust and confidence hence boosting profitability. Nwachukwu (2011) reveals that Arik Air was marred with corruption and mismanagement and in effort to become an international carrier, corruption, and mismanagemen t should be eliminated. Mismanagement has resulted into huge debts and loss of Airbus jet for failure to repay loans. Further, management results into bleaching of Nigerian labour laws resulting to hiring of foreign expatriates even for positions that local Nigerians would suit. With corruption, it is clear that it would be hard to hire Nigerians into Arik Air because the firm is in favour of hiring foreign based expatriates even as ground staff and the fact that no qualifications or expertise is checked to hire expatriates in some positions (Nwachukwu, 2011). Further, the firm has long ignored the Nigerian labour law requirement that for each expatriate, there has to be a Nigerian staff tp learn from the foreigner and implement eventually replace them within 12 months. Conversely, Arik Air hires expatriates to understudy the other expatriates while Nigerians remain under the same conditions

The cultural-competence model Essay Example for Free

The cultural-competence model Essay The cultural-competence model was described by Campinha-Bacote’s in the year 1998. This model becomes more and more applicable in a culturally diverse society. As more and more people are migrating, the need for becoming cultural competent is arising (Lopes, 2001). Campinha-Bacote defined cultural-competence as a course wherein the healthcare personnel makes a continuous attempt to function efficiently with reference to the cultural outlook of his/her customers, patients, community or family, which he/she serves. This model specifically applies to nurses, so that they could gradually become culturally competent, rather than being competent culturally. According to this model, there are five elements of cultural competence, which include cultural awareness, cultural skill, cultural knowledge, cultural encounters and cultural desires (ASKED). All these elements have to be addressed independently, but a strong interrelationship exists. Once, a healthcare personnel addresses or experiences one of these elements, he/she would also have to look into the other elements. As a strong and complex interrelationship exists, the process of becoming culturally competent is very dynamic and multivariate (Campinha-Bacote, 2001). Now let us look into each of these elements of cultural competence. 1. Cultural awareness or cultural humility – It is a procedure by which the healthcare personnel become responsive, approving and polite with practices, beliefs, emotions, values and the problems faced by the client belonging to a different culture. Beliefs and biases that exist about an alien culture should be removed. Ethno-centralism (unawareness of other cultures) should be removed and ethno-relativism (attitude to respect other cultures) should be enabled. Cultural awareness is very important, as it would help present any imposition of one’s beliefs, attitudes and practices on individuals belonging to other cultures. This helps to recognize and address important problems that people have during treatment (such as pain) (Campinha-Bacote, 2001). 2. Cultural knowledge – The healthcare personnel should be able to identify the patient’s outlook. Cultural differences should be recognized. A person, who is undergoing rehabilitation for a particular disease, would be seeking more meaning to their condition. There is an important relationship that people develop when they are affected with a particular disease, and it is responsibility of the healthcare personnel to identify this meaning and accordingly interact with the patient. There are 4 processes when cultural knowledge is acquired. These include unconscious incompetence (unawareness that one lacks cultural knowledge of another individual), conscious incompetence (awareness that one lacks cultural knowledge of another individual), conscious competence (process of intentionally learning about another individual’s culture and becoming culturally more responsive) and unconscious competence (unawareness of becoming culturally more accommodative). In the beginning, the healthcare personnel would not be aware of their lack of cultural knowledge of the patient’s culture. Slowly, the healthcare personnel would become more and more aware that they are lacking knowledge. Once this deficiency is recognized, automatically the personnel would be trying to gain more and more knowledge. Slowly, the personnel would be gaining knowledge and would be aware of the process. In the last process, the personnel would be unaware of the knowledge he/she is gaining (Campinha-Bacote, 2001). 3. Cultural encounters – Cultural encounters is a process by which interactions with individuals belonging to other cultures is held so that the process of gaining cultural knowledge is enabled. As the saying goes, â€Å"practice makes perfect†, in the same way, getting exposed to another individual’s culture would result in gaining more and more knowledge. When cultural encounters are enabled, verbal responses are generated and several verbal and non-verbal messages are sent across. In the beginning, the process of cultural encounters would be very difficult and negative. With time, as more and more cultural knowledge is gained, the process would become easy and more positive (Campinha-Bacote, 2001). 4. Cultural Skill – It is the capability of accessing appropriate cultural information. The healthcare personnel should have the skill and the ability to know more about the patient’s history, clinical information, etc. Several assessment instruments are currently available which could help the personnel to acquire such knowledge. The personnel should be able to question the patients in an appropriate format so that a strong feedback is obtained. Whilst this process is going on, the personnel should be culturally responsive. They should give a lot of importance to the emotions, values, beliefs and attitudes of the patient, however unreasonable it may seem to be (Campinha-Bacote, 2001). 5. Cultural desires – This is some kind of a motivational force that instigates the healthcare personnel to become more and more cultural competent. This would enable improvements in the standards of care provided to individuals belonging to a foreign culture. The personnel should be willing to work for clients that belong from a culturally diverse background. Although, the learning curve may be very steep, it would be a very interesting challenge to meet. Besides, the satisfaction gained by becoming more and more culturally competent is impeccable (Campinha-Bacote, 2001). Once the process of cultural competence is enabled, automatically a culture habit would be enabled in the healthcare organization. The cultural habits are the junction at which the five elements of cultural competence (that is ‘ASKED’) would meet. Some of the barriers that could exist with relation to cultural competence include: 1. Poor awareness of the other individual’s culture (the differences that exist in the culture should be addressed, so that the healthcare personnel could become more and more culturally competent). 2. The healthcare personnel would be unaware of the needs and the expectations of the patient (this results in cancelled appointments and failure of the treatment). Hence, it is important to become culturally more responsive and change negative attitudes towards individuals belonging to other cultures. 3. Freedom of expression of one’s feelings and emotions should be permitted during cultural interactions (Lopes, 2001). References: Campinha-Bacote, J. (2001), A model of practice to address cultural competence in rehabilitation nursing, Rehabilitation Nursing, 26(1), 8-11. Campinha-Bacote, J. (2003, January 31), Many Faces: Addressing Diversity in Health Care, Retrieved on July 22, 2007, from Nursing World Website: http://www. nursingworld. org/ojin/topic20/tpc20_2. htm Lopes, A. S. (2001, April 12-15), Student National Medical Association Cultural Competency Position statement, Retrieved on July 22, 2007, from Nursing World Website: http://www. snma. org/downloads/snma_cultural_competency. pdf

Traditional Views Of Corporate Social Responsibility

Traditional Views Of Corporate Social Responsibility Corporate Social Responsibility is when companies control the business processes to create an overall positive effect on society. Corporate Social Responsibility is the progressing obligation by business to conduct oneself ethically and donate to economic growth while improving the standards of the societys workforce and as well as of the local community and society. (www.mallenbaker.net) The need of corporate social responsibility is that it helps in building the brand image of the company which will in turn invite plenty of investors there by increases sales and profit of the company or firm. It is also a duty of every firm to give something in return to the society. CSR acts like a bridge between the firm and society and through this both sides are benefited. Corporate social responsibility can be further explained with Carrolls four part model of corporate social responsibility which includes Philanthropic responsibilities, Ethical responsibilities, Legal responsibilities and Economic responsibilities. Carrolls four-part model of corporate social responsibility Source: Carroll 1991 Philanthropic responsibilities are tasks that are the needs of the society. Philanthropy encompasses those corporate behaviour that are related to societys want that businesses be fine corporate citizens. This incorporates keenly involving in actions or programs to encourage human wellbeing or benevolence. Examples of philanthropy include business aid of monetary resources or exclusive period, such as contributions to the arts, education, or the community. A loaned-executive program that offers headship for a communitys United Way campaign is one illustration of philanthropy. (www.findarticles.com) Ethical responsibilities are responsibilities that are awaited by the society. Ethics deals with good behaviour of persons and good living. It distinguishes between right and wrong and encourages the notion of good life that is fulfilling and according to moral conduct. Ethical Responsibility is such a kind of responsibility that is a boundary to the concepts of Ethics. These responsibilities are not only to encourage a good living standard for oneself but also for the whole society. Ethical Responsibility is imposed by the moral and social values of a society and not by regulation. (www.blurit.com) Legal responsibilities are those responsibilities which are a necessitate of the society. Society has not only authorized business to function according to the turnover motive, at the same time business is likely to obey with the laws and regulations promulgated by federal, state, and local governments as the ground rules under which business must function. As a incomplete fulfilment of the social contract between business and society, firms are likely to follow their fiscal missions within the structure of the law. Legal responsibilities replicate a vision of codified ethics in the sense that they embody basic ideas of reasonable operations as established by lawmakers. They are depicted as the next level on the pyramid to describe their historical improvement, but they are suitably seen as co existing wit economic tasks as basic precepts of the liberated venture scheme. (www.findarticles.com) Economic responsibilities are those responsibilities which are demanded by the society. Business firms were formed as economic entities intended to offer goods and services to societal members. The profit motive was recognized as the key incentive for private enterprise. The business organization was the basic economic unit in our society. As such, its prime role was to manufacture goods and services that clients required and desired and to build a satisfactory profit in the progression. At some point the idea of the profit motive got transformed into a notion of maximum profits, and this has been an enduring value ever since. All other business tasks are predicated upon the economic liability of the firm, because without it the others become doubtful considerations. (www.findarticles.com) Stakeholder theory of the firm traditional management mode includes shareholders, customers, firm, suppliers, and employees. The stakeholders may be divided into categories of internal and external stakeholders. The internal stakeholders include employees, owners, and manager. And the external stakeholders include shareholders, society, suppliers, government, customers and creditors. The above question is mainly based on the external stakeholders which emphasis on shareholders and society. Case study of Shell refining company in relation to CSR both traditional and new view Shell Refining Company Shell Company offers to the principle of sustainable development that sees to the requirements of the current situation without compromising the ability of future situation to encounter their own desires. Being part of Shell, this Company offers to the same principle of sustainable development. Shells practices are associated with the systematic approach adopted by Royal Dutch Shell plc in their own pains to employ strength, security and environmental management practices. Their behaviour are governed by the desire to make business decisions that give weight age to their sense of economic, social and environmental responsibilities and by which our stakeholders and society can hold us answerable. Shell refining company are dedicated to serving its stakeholders in order to advance their quality of existence whereas concurrently contributing to Malaysias progression and its Vision 2020 goals and aims. (www.shell.com) The role of shareholders and society in a traditional point of view was mainly associated with mere business ethics. It is the first hit on an offshore provision, formerly thought secure in spite of a wave of inshore attacks. The emergency shutdown might have damaged equipment, which would have to be repaired. The raid took place on the Bonga oil platform about 120km (75 miles) off the coast of the Niger Delta. Shell has also been blamed for an oil spill in the Ogoni region of the Delta. Oil is gushing from disused pipes deserted by the company when it left the region nearly 15 years ago, following local protests. Attacks on the inshore Niger Delta have helped drive up world oil prices and previously cut Nigerias output by about 20%. (www.bbc.co.uk). Shareholders made sure that every action of theirs will be ethical which would be fair, moral, principled and decent decisions towards the company. Shell companys shareholders in the traditional point of view were ethical as in they told their directors not to let the oil wastages in the river at Nigeria as there were wastes being dumped in the river which in turn were affecting the people of Nigeria. The society in turn defended itself. The Shareholders offer its customers with solutions and a diversity of energy products, materials and services, which get together their requirements. Cost-effectively and does not cause damage to the environment. They work to convince them that their performance and society holds up for us, do not direct to untenable social differences but create prosperity, which paybacks society as a whole. They also work to persuade them that there is a clear path for the future expansion of their industry, which will gain the next generation. Shareholders fabricate and sustain a culture of knowledge and modernism in which employees can fulfil their potential and meet the most demanding of goals meanwhile enjoying what is being done. It is a culture where the leaders are being motivated to instigate others through personal example, and where the values of honesty, integrity, respect for people, trust, openness, teamwork and professionalism, can flourish. The companies forces meets the challenges of the new millennium with a view to serving people build a enhanced globe. Therefore, they will persist to invest in projects that exploit superlative equipment, research and expansion within the highest Health, Safety, Security and Environmental (HSSE) standards. (www.shell.com). Traditional view of Shell Company Finance Enduring productivity is necessary to achieve business objectives and to sustained development. It is a measure, both of effectiveness and of the worth that customers position on Shell products and services. It provides the essential business funds for the progressing investment that is necessary to extend and create future energy supplies to convene customer wants. Only through profits and a well-built financial base, it would be possible to fulfil tasks. Rivalry Free enterprise is being supported by Shell companies. They look for fair competence and ethics and within the framework of applicable competition laws and they will not avoid others from competing freely with them. Trade veracity Shell companies persist on sincerity, integrity and justice in all aspects of their business and with whomever they deal with. Any kind of direct or indirect form of bribes where there is an offer, payment and acceptance of them is not acceptable. Payments with regards to facilitation are also bribes and are not granted. Every business dealings on behalf of a Shell company must be reflected precisely and moderately in the accounts of the company in accordance with established procedures and are subject to audit and disclosure. Political actions Shell companies operate in a communally accountable manner within the laws of the countries in which we operate in pursuit of our legitimate commercial objectives. No payments are made to political parties, organizations or their representatives by Shell company. They do not participate in party politics. However, when associated with governments, Shell companies have the right and the conscientiousness to make our position known on any matters which affect us, our employees, our customers, our shareholders or local communities in a manner which is in accord with our standards and the business values. Safety, Health, Security and the Environment Shell companies have an orderly approach to health, safety, security and environmental management so that incessant performance development can be achieved. Shell companies also handle these issues as significant business actions, set principles and goals for development, and compute, assess and report performance outwardly. There is a constant check to reduce the environmental collision of our operations, goods and services. Local Communities Shell companies aspire to be excellent neighbours by constantly recovering the traditions in which they donate directly or indirectly to the universal happiness of the communities within which they work. Management of social effects of business activities in a cautious manner and work with others to improve the reimbursements to local communities, and to mitigate any negative effects from their activities. Shell companies also take a productive concern in societal matters, directly or indirectly related to their business. Communication and commitment Shell companies distinguish that usually conversation and commitment with stakeholders is essential. They are dedicated to reporting of performance by providing full relevant data to lawfully involved parties, subject to any overruling considerations of business privacy. In interactions with employees, business partners and local communities, they look for to listening and responding with sincerity and dedication. Observance Shell Company complies with all applicable laws and regulations of the countries in which they operate with. (www.shell.com) New view of Shell Company No damage to people Shell Company are truly dedicated to pursuing the aim of no damage to people or property as an outcome of their actions. They make sure that there will no one victimised from their operations. Business for Safety Shell Company persistently believes that a well-built safety society is necessary for business. So, they continue to motivate a customs of ownership and individual accountability for safety and health at the workplace all through the firm. Throughout 2006, they sustained to take on the ordered functioning of HSSE Management Systems with specific improvements reflected via key performance indicators (KPIs). Behaviour-Based Safety Behaviour Based Safety (BBS) was initiated to all refinery workers as well as the in-house contractor by an exterior adviser. The programme began in November 2004 and all workforces were trained by 2005. A group of BBS Observers were educated to conduct observations and offer reports to the focal safety manager. A web based checklist for the BBS observers was launched and the conclusion are being analysed to ensure continuous improvements in safety behaviour. Overall, there are many positive indications that the BBS programme will offer additional marked improvement in our safety performance. In 2006, the observations contained in BBS observers database are being analysed by a specialist to give earning basis in preparing HSSE programmes and drives. Environment Protection They are dedicated to shielding the environment. Company minimises the effect of its actions to the environment by setting extremely demanding development targets to increasingly diminish emissions and discharges. These efforts all fall in line with Malaysian legislations, Shell Group Strategic Objectives and other connected global conventions. Complaints from public It is the right of all citizens to find fault if and when any actions bother any citizens daily livelihood. They take all complaints acutely and each is recognized and filed to make sure timely action and response is assured. Usually, all complaints will be responded right away and stopped within 48 hours. If this is not possible, the complainant will be provided a cause for the hold-up and will be advised as to when to wait for a response. In 2006, your company recorded seven public complaints, compared to five recorded in 2005. The complaints were mainly related to odour and noise, which duty officers punctually responded to and the suitable remedial activities taken. Complaints are also discussed at the Community Dialogue sessions that take place frequently. (www.shell.com) The following are some activities conducted by Shell Company towards the new view of CSR. They are as follows SOCIAL PERFORMANCE PLAN Social Performance (SP) in Shell Group is the word used to explain how one manages the effect of business on the communities and societies in which they function. As part of the Shell Group guidelines, Company has developed and executed its SP Plan, which aims to boost social performance levels in a prearranged approach. Company and its stakeholders rise to gain from practical commitment on evidently drawn-up matters. BENEFITS COMMUNITIES Shell Company is a key associate of Port Dickson community. They are continuously looking for suitable ways to give to the social well being of the neighbourhood and to the wider public, which grant your Company its licence to function and nurture. BIODIVERSITY All Companies including Shell Company play an important when it comes with societal aspect as they have a role to play in shielding and supporting biodiversity. As an dynamic contributing member of society, Shell takes this task very sincerely. (www.shell.com) Multiplicity and completeness of Shell Company An organisation with a forward thinking motive, Shell Company appreciates that the whole is forever more than the sum of its parts. They also know the significance of accommodating differences and distinguish people for who they are while acknowledging the significance of their offerings. Merely by recognising and considerating the differences inbuilt in individuals, one can want to plug the various talents of pool of diverse people. Besides accommodating multiplicity in the workplace, one can optimise human resource ability and sharpen the dormant talents and skills of cosmopolitan labour force. Multiplicity encompasses noticeable dissimilarities in conditions of gender, age, nationality and physical ability; as well as delicate fundamental differences in terms of education, experience, religion, work styles, way of thoughts and communications. Completeness, on the other hand, refers to a place of work where diversity, both noticeable and delicate, is appreciated and where individuals are given the chance to expand skills and talents unfailing with organisational values and business objectives. Their recognition of diversity and inclusiveness means that the Company today has a diverse and multi-talented labour force comprising 300 employees of five nationalities, of which 89% are male and 11% female. Among the management team, the ratio is more unbiased with the male composition at 56% and the female composition at 44%. They are also glad to account that the Companys labour force now possess its first female plant manager. (www.shell.com) Growing together, people matter to the Company. Their sense of economic, social and environmental responsibility is reflected in devotion to meeting todays needs without compromising the ability of future generations to meet their requirements. Conclusion CSR communication in Switzerland is a well-established exercise amongst top companies. Its prospect lies on a concrete foundation. In fact, top companies are regarded as by a mainly Anglo-Saxon approach that is active and optimistic. Three major areas of development have been recognized. Firstly, companies can increase from a more decisive assortment of the social issues to be communicated. Secondly, a key periphery of upgrading can take place by managing key publics, such as customers, shareholders, and the financial community mainly by investing in the precise channels to arrive at them. Finally, top companies in Switzerland may benefit from adopting international coverage values. This examination has also shown the importance of understanding the cultural determinants of CSR. In this regard, more research is certainly required, especially to better comprehend differences in behaviours concerning CSR communication that may come up in multicultural contexts, a appropriate feature i n the European context, and for cosmopolitan companies functioning in diverse enlightening environments. (Birth, Illia, Lurati and Zamparini, 2008). CSR is also concluded that expertises essential by CSR managers do differ due to the assorted disciplines concerned and also the intricacy of the roles and tasks of a CSR plan. There are no precise credentials necessary for this ground. As the ground is recent, convertible skills and facts from other associated specializations such as environmental administration, business morals, transmit of equipment, human resource management and community growth are appreciated. Thereby the skills necessary by CSR managers are known as business skills, people skills and technical skills; and the precise skills necessary are further determined by the mission and vision of the organizations where the CSR managers hand round. CSR organizations in many budding countries including Malaysia consist of local and international firms. Per se, this examination advices that relative studies should be conducted on the differences between strategies adopted by the two firms in terms of emphases and point of r eferences in CSR, the precise roles of CSR programs to community and society at large, and specific business, people as well as technical skills that the CSR managers should own. It is also advised that studies on how CSR firms struggle during the nearby economic disaster are valuable to get on. On the other hand, they have to be conscious of the reality that moving in the direction of achieving firms economic objectives ought to be devoid of jeopardizing the social objectives. ( Ismail, 2009).