Foreign Aid and Dictatorship Research Paper Example | Topics and Well Written Essays - 1500 words

Outside Aid and Dictatorship - Research Paper Example Outside guide additionally positively affects the popular government of a nation, which is one of the financial improvement columns in creating nations. Nations encountering significant levels of shameful acts and neediness are frequently the beneficiaries of help, which is aimed at sparing the lives of those people, just as improving the economy of that nation. Open advancement ventures like wellbeing places, schools, and streets in some creating nations, rely totally upon outside guide, regardless of whether in type of awards or credits. The awards and credits structure a fundamental piece of some country’s spending assignment, which means their monetary significance. As needs be, outside guide encourages beneficiary nations to improve their living of guidelines, yet on a momentary premise. Other than legitimately profiting the legislature of beneficiary nations, remote guide likewise benefits the private area and the families in those countries. Families and the private are a get to help through outside direct speculation and settlements (Lahiri 2007: 223). This sort of stream of help assets may unfavorably influence the economy decidedly. In any case, there is away from of a reason impact connection among help and advancement (financial and something else). There has been analysis spinning the issues of help to creating nations, particularly to African nations. Financial specialists contend that inflow of help influences a government’s utilization rather than speculation (Sogge 2002:11). This is normal in situations where a legislature approaches unconstrained guide reserves, coming about to increment in government utilization that negatively affects the economy of that nation. Considering the way that remote guide comprises a significant segment of creating countries’ incomes, there is a chance of a â€Å"windfall† which may produce lease looking for exercises, defilement, and even affable wars. A prime model is World Bankâ€℠¢s Chad-Cameroon Oil Pipeline help, assessed at 180 million USD. To stay away from defilement, World Bank offered mandates to Chad that the assets ought to be kept in seaward records, and that the motivations behind the guide reserves were carefully for foundation, wellbeing, and training (Lancaster 2007:27). Issues started after the administration began getting oil incomes in 2004, with the main reward got from oil organizations, 4.5 million USD, buying weapons for the Chad government. Altogether, near 12 million USD was coordinated towards acquisition of weapons, prompting suspension of the guide by the World Bank. Another case is Somalia. Specialists express that the common war in the nation was a consequence of various factions’ want to control the gigantic food help to the nation (Williamson, 2009). Ongoing examinations feature a few components that clarify why bonuses of assets in beneficiary nations lead to a decrease in their financial development. All the systems sho w that people take part in lease looking for exercises in endeavors to proper segments of the assets, which lead to a decrease in the financial development (Bealinger 2006: 63). The hypotheses additionally fuse the possibility of lodge, which depicts the impacts of the total capital stock regular access that remote guide initiates. In synopsis, outside guide has a ravenousness impact: which expresses that if incredible gatherings exist in a between transient

Analysis of The History of NASA Research Paper Example | Topics and Well Written Essays - 2750 words

Examination of The History of NASA - Research Paper Example This paper audits the historical backdrop of NASA: NASA’S development, objectives and targets, most prominent accomplishments ever, and furthermore its organization. Toward the finish of the paper, it is contended that NASA has to be sure satisfied its strategic targets and that it has been extremely effective in accomplishing its objectives and destinations. Development of NASA The arrangement of NASA as a completely fledged government organization committed to the investigation of the space was started off by the memorable dispatch of the satellite Sputnik 1 by Russia in October 1957 (Galloway, 2008). The dispatch of the Sputnik 1 Satellite by Russia was a fantastic accomplishment for Russia in space science, and this activity made Russia the main nation in space science investigations. The dispatch of the Sputnik 1 Satellite by Russia caused the US to feel uncertain, the US government felt that Russia could utilize its boss information in space science to hurt them somehow. The US likewise felt that they needed to do everything conceivable to recover their situation as the world’s chief in space science and air transportation. Therefore, the utilization government set out in November 1957, to build up an administration office completely committed to the investigation of space. ... Be that as it may, following the Sputnik’s dispatch by Russia, the foundation of an increasingly compelling and hearty government organization managing space investigation turned into a matter of office. The US Senate, the Congress and the Executive started a procedure of building up an administration office that would manage matters of space investigations (Dick, 2008). On sixth February 1958, the Senate built up an extraordinary council on space and Aeronautics with the point of investigating available resources of setting up a space organization. The advisory group was going by Senator Johnson. On the Congress, a select board of trustees on Aeronautics and space investigation was framed on fifth March 1958, and the council was going by John McCormack, McCormack was the house dominant part pioneer. On the official side, President Eisenhower asked his science counsel James Killian to gather science warning advisory group to think on the issue of building up a space office. Th e Science warning council proposed the foundation of a regular citizen board of trustees worked around the NACA (Dick, 2008). The advisory group introduced their goals to President Eisenhower and the president endorsed their goals on the foundation of a space organization. In their thoughts, both the Senate and the Congress had additionally settled that there was to be sure a dire need of building up a space organization. On second April 1958, President Eisenhower sent draft enactment to the Congress. The draft proposed foundation of a space organization by the name, National Aeronautics and Space Agency. The Congress, be that as it may, changed the name of the proposed office to, the National Aeronautics and Space Administration.â â

Childhood Obesity and Ways to Prevent It Essay

It would be a gross modest representation of the truth to state that youth stoutness has become a major issue in America in the course of the most recent quite a long while. Truth be told, the Centers for Disease Control and Prevention has expressed youth corpulence is the quickest developing wellbeing emergency in the United States. In the course of recent years, the pace of weight has dramatically multiplied for youngsters matured 6 to 11 and dramatically increased for teenagers matured 12 to 19. It’s been approximated that over 33% of adolescents matured 2 to 19 are overweight or stout. Being a hefty kid enormously affects physical, mental, and enthusiastic wellbeing alongside social and by and large turn of events. Research has indicated stout young people have a higher danger of constant conditions, for example, asthma, (hypertension), elevated cholesterol, bone/joint issues, rest apnea, and even particular kinds of disease. Similarly significant is the developing wellbei ng worry of metabolic disorder among American young people, which is a significant hazard factor for cardiovascular ailment and type 2 diabetes. There are numerous ways one could forestall stoutness. Longer physical instruction classes and more advantageous food decisions at schools would be exceptionally useful. It is run of the mill that a parent will do the food looking for the home so it is critical to make solid, healthy determinations when food shopping. It is additionally commonplace for the parent to be the one to take the children through the drive-through window, get them sweet snacks at the store, and overly size their dinners. It is self-evident, at that point, that the home condition is the primary spot to set the establishment for appropriate sustenance. This theme intrigues me in light of the fact that being from Louisiana I know a great deal of corpulent or over weight kids since Louisiana happens to be the second fattest state in the nation. Likewise being a kinesiology significant it makes me keen on exercise and approaches to make individuals increasingly fit and sound. In the article, it expresses that the writers work in the Department of Nursing. The article was distributed at the Medical University of Bialystok, Polandâ that demonstrates that the article was composed by scientists in the clinical field. Since that is everything I could discover about the writers I was unable to state that this article is completely tenable. The motivation behind this article is to audit the variables that add to the improvement of youth weight, its results, and the mediations for dealing with the issue. The creators found that youth weight is related with the nearness of hereditary, social, and natural components, while its results are associated with cardiovascular, gastrointestinal, and respiratory ailments. Certain psychosocial and endocrine issue were additionally watched. As indicated by the creators, â€Å"management of the issue can be accomplished with focused mediations within the sight of the family, school and network environment.† (Koukourikos et al) This statement clarifies ways that weight can be forestalled and whom can assist with forestalling it. The creators arrived at the resolution that youth weight is straightforwardly associated with the appropriation of a stationary way of life, a change in smart dieting propensities, and diminished physical movement. In the wake of perusing this article, I feel that I increased a great deal of information about youth corpulence all in all. The article was useful on the grounds that it talked about weight as well as a significant number of the impacts it has on youngsters and quickly discusses what might need to be done to lessen the corpulence rates. The University of Southern California site expressed that Donna Spruijt-Metz’s explore centers around youth heftiness and has her Ph.D. in Adolescent Health and Medical Ethics. She is likewise the Director, Responsible Conduct Research for the Keck School of Medicine, and the Associate Editor for Pediatric Obesity. This makes Donna Spruijt-Metz very qualified to compose this article. She expresses that youth stoutness has gotten a scourge on an overall scale. This article gives a review of the advancement made in adolescence and pre-adult weight investigate in the most recent decade. The creator discusses current meanings of youth andâ adolescent overweight and weight. She expresses the three significant weight related practices and hereditary parts of youth corpulence. She has done research on how the earth has impacts on youth and juvenile heftiness. In conclusion, she quickly clarifies the advancement in mediations to forestall and treat youth and juvenile heftiness. The creator finishes up with suggestions for future research, including the requirement for enormous scope, high-portion, and long haul mediations that consider the mind boggling nature of the issue. This article was instructive and accommodating clarifying why youngsters are turning out to be increasingly corpulent. Likewise, the writer disclosed on the best way to forestall heftiness so this article was useful for my examination point. On a â€Å"About the Authors† site page, it expressed that Leah M. Frerichs works in the College of Public Health office at the University of Nebraska Medical Center. UNMC is one of the top places for cardiovascular illness investigate alongside a few different ailments. Ozgur Araz additionally work at UNMC in the general wellbeing division as an associate educator. He has his PhD in mechanical designing and has composed thirteen other clinical articles. Terry T-K Huang is the educator and seat of the branch of wellbeing advancement, social, and conduct wellbeing at UNMC. He has his PhD is preventive medication. With this being stated, each of the three of the writers sound exceptionally equipped for this article on corpulence and how to forestall it in view of their restoratively slanted foundations. The writers of this article do investigate at a couple better places, which incorporates the Erasmus Medical Center, the TNO Child Health Center, the EMGO+ Institute for Health and Care Research, and the University of Twente. Their examination has a few investigations managing youngsters and what adds to their wellbeing and weight. These focuses manage wellbeing and kids, which makes these writers very much confirmed to compose an article on my theme. two intercessions expect to help guardians of preschool kids to acknowledge solid youngster sustenance and movement practices of their small kid. The point of this investigation is to evaluate the impacts of the two overweight counteraction mediations concerning kid wellbeing practices and kid Body Mass Index. Techniques/plan A group randomized controlled preliminary was led among guardians and their preschool kids who go to one of 51 partaking YHC groups. The groups were arbitrarily assigned to one of the two intercession gatherings, or to the benchmark group (care of course). The ‘BBOFT+’ mediation centers around powerful youngster raising by guardians from birth onwards by broadening parental aptitudes concerning solid conduct way of life propensities. Guardians who are designated to the ‘E-health4Uth Healthy toddler’ mediation gathering, at the youngster period of around 18 and two years old, are welcome to finish an online E-wellbeing module giving cust om fitted wellbeing training with respect to sound kid sustenance and action practices. The E-wellbeing messages are examined and strengthened during the ensuing normally booked visits by YHC experts, and were rehashed following a month. The essential result measures at youngster age 3 years are: overweight prompting/decreasing practices, (for ‘BBOFT+† just) solid rest, Body Mass Index and predominance of overweight and weight. Optional result measures are perspectives and other intellectual attributes of the guardians with respect to the overweight-related practices of their kid, child rearing styles and practices, and wellbeing related personal satisfaction of the youngsters. Conversation We conjecture that the utilization of the extra mediations will bring about a more advantageous way of life of preschool kids and an improved BMI and less advancement of overweight and weight contrasted with normal consideration.

Business Plan - Entrepreneurship Assignment Example | Topics and Well Written Essays - 750 words

Marketable strategy - Entrepreneurship - Assignment Example What's more, we are likewise subsidiary with systems of other agents and experts in various subject matters who can offer important guidance and direction to the beginning business visionaries. Our associated system will likewise give experiences about the present market patterns and key models in the market. This will be accomplished on a specially appointed premise. Aside from this, the new staff will employed through enrolling organizations as it will facilitate our activity or enlisting and choice. The organization is intended to have a level authoritative structure as hardly any staffing will be required. The level structure will likewise be suitable for straightforward and impeccable correspondence. The structure can likewise support the representatives and the top administration be receptive to the necessities of the client and can give the best assistance through the web-based interface. The fundamental group will comprise of the accomplished IT experts who might be liable for the web the executives and substance. Different representatives will be identified with the records. The business will comprise of three fundamental territories: CEO (accomplices), IT office, deals and showcasing and Accounts. Each group will be driven by one of the CEOs who are specialists in the field. The subtleties of the usefulness of these territories are talked about beneath: The team’s center will be the turn of events and upkeep of the site as it is the essential entry for contact with clients. The group will guarantee that the client criticisms are contemplated and the site is kept up with the end goal that is surpasses client desires. The team’s center will be to deal with the records in online just as customarily. The group will deal with the online exchanges and ensure that these exchanges are completed securely and safely. Market situating and marking will frame the nuts and bolts of the business giving it a serious edge in the electronic organizations. The team’s center will be

Blog Archive mbaMission Offers Free In-Person Consultations in New York and San Francisco!

Blog Archive mbaMission Offers Free In-Person Consultations in New York and San Francisco! Are you a business school applicant in need of some guidance from an admissions advisor? If so, then we want to meet you for a free in-person consultation! In the coming weeks, mbaMission will be hosting FREE in-person, one-on-one consultations* in the following cities: New York, New York: Tuesday, June 11, 2019; and Wednesday, June 12, 2019 San Francisco, California: Monday, June 10, 2019 If you are a b-school applicant living in the New York City area, be sure to join us for a Choosing the Right B-School presentation  in  NYC on  Tuesday, June 11 at 7 p.m. ET.  Click here  to register for this free event! During your free in-person consultation, your admissions advisor will answer all your most pressing MBA application questions, including the following: What are my chances of being admitted? How can I differentiate myself from so many other applicants? What is the best way to showcase my accomplishments or mitigate my weaknesses? To sign up for a free in-person consultation in any of these cities, please fill out the form located on our Free Consultation submission page at  www.mbamission.com/consult. We will reply to you within one business day with a link to schedule your appointment. We look forward to getting to know some of this season’s best and brightest business school applicants! *This offer is valid only for those applicants who have not already had an mbaMission free 30-minute consultation. Please note that all mbaMission consultant appointments are booked in Eastern Time. After booking, if you would like to confirm the local time of your appointment, please contact  denise@mbamission.com. Share ThisTweet Application Tips Business School mbaMission Events News

The Future Concern About Oil Prices Finance Essay - Free Essay Example

The first worlds official futures exchange that had been developed is the Chicago Board of Trade (CBOT). It had been founded in 1848 which it have 82 Chicago merchants. Earlier, in CBOT, there is only exchange between of wheat and cash. The futures contract is for make both parties have written contract in exchange the commodities. In 1849, the commodities that had been traded are flour, timothy seed and hay. In 1851, the products that got popularity among merchants and food processors is corn that is trade in forward contracts. Forward contract is same like futures contracts The futures contract also act as collateral to borrow money from banks. The first dealer will sell the contract to the second dealer, than the farmer will give the orders to other producers. The speculators also entered into the market to make profit. They make profit from buying for the lower prices and then selling at higher prices. Eggs and butter are trade in the Chicago Butter and Egg Board on 1898 and became the major futures exchanges in United States (US). Today, it is known as Chicago Mercantile Exchange. After a few decades, other commodities such as National Raw Silk Exchange, Rubber Exchange of New York and National Metal Exch ange were established. On 1936, the regulations of futures and commodities trading were developed by Commodity Exchange Act. This Commodity Exchange Act is developed for avoid the control of whole supply of a particular kind of products in agricultural markets, reduce speculations and stabilize the prices. The Commodity Exchange Act not allows the manipulation on future prices of commodity. The Commodity Exchange Act use the regulation in 1922 Grain Futures Act that state that the commodity futures trading commodities must be trading with licensed. That is meant that the commodities that want to be traded must have a licensed contract. Fraud is not allowed and the brokerage firm must register to the federal government before act as agent to the traders. On 1974, the regulations were added by the Commodity Futures Trading Commissions (CFTC). CTCF sets the daily prices to stop prices volatility. On 1982, the CTCF established its own regulatory body that is the National Future s Association (NFA). NFA is act as an overseer to ensure that futures and commodities industry is done properly. In addition, NFA also act as mediator to stop the argument based in consumers complaints. Nowadays, online commodities trading became more popular. In the trading, they have charts, quotes, and strategy analysis and order entry to help the traders make decisions. In this trading the broker can know the traders information such as financial information from the accounts form that had been filled. Not all can be approve because it is only accept traders that have greater financial background. COMMODITIES FUTURES EXCHANGE 2.1. Commodities futures exchange Based on definition under the Commodity Exchange Act of 1936, a commodity is defined as every item on which futures trading may be conducted, except onions (trading on onions is not permitted because of prior difficulties of the commodity). A commodity will include such things as interest rates and stock prices, as well as traditional commodities such as wheat and soybeans. Generally, commodity is defined as natural resources, chemicals and physical products that can be touch, taste, smell, grow, mine, consume or deliver. The term of commodities is use for all futures commodity contracts that is includes financial. For example, individual or firm who operates a managed futures program is call as commodity trading advisor. The commodity trading advisor is mostly trade in the financial futures markets such as in interest rate. Nowadays, the most of commodity trades are in the form of financial contracts such as U.S. Treasury Notes, Eurodollars and Standard Poors 500. But, the actually of commodity trades is based on physical products and it is still trade on this while. Futures contract is an agreement between buyer and seller that is for exchange commodity at a specified agreed price and time for delivery in the future. The most popular commodities that trade in this contract are metals, energy, grains, livestock and food and fibre. A commodity futures contract is for delivery the real products. The options to buy or sell the underlying commodities futures contract are also activities in the investing commodity. A commodity exchange or also act as board of trade is a central market which is a place for trading the futures contracts. It is licensed by the government to manage the process of futures contracts trading. Futures exchange also act as clearing house which is responsible for the transfer and settlement of the underlying instruments for the futures contracts. 2.2. The most commodities that had been traded 2.2.1 Metals The underlying instrument in future contract for metal is including copper, gold, platinum, palladium and silver. These types of metal is been using for industrial purpose, construction and for jewellery. The copper have many uses that are for building construction, for electrical and electronic products, transportation and also for industrial machinery manufacturing. This product is most important in the implementation of economy. The prices of copper can be influence by the economic growth. Because of that, the traders are always alert with the prices copper in the futures. The action that made by the traders is for known or measure the general economic trends. Seasonal demand, political and economic can affect the prices of gold in futures. Gold is use to make hedging for against the geo-political risk and inflation. The central banks will buy gold to increase the value of the countrys currency. In U.S., the trades of metals are at the New York Mercantil e Exchange. For the list mini-gold and silver products, it is trade at Chicago Board of Trades e-cbot that is electronic platform. 2.2.2 Energy The most popular underlying instrument for energy futures contracts are crude oil, gasoline, heating oil, natural gas and electricity. These underlying instruments can affect to the world economic because it was necessity products. All these products are traded in the New York Mercantile Exchange. The products in the energy are based on the natural resources. It is important because these underlying instruments is use for measure and determined the world economic and political developments. The first product under the energy commodity that traded is oil. The value of U.S. dollar currency is important for trading crude oil because many the crude oil in the world is quote in dollar currency. The futures prices of the energy products are affected by political, economic conditions or weathers. The political relationship with produ cer countries is important because it can affect to the prices of energy futures. The energy futures are traded at New York Mercantile Exchange (NYMEX). 2.2.3 Grains The major products in his futures contracts are corn, soybeans, soybean oil, soybean meal and wheat. Grain and soybeans are essential for food and feed supplies. Grains and soybeans are essential products that act as food and feed supplies. The prices of these products are affected by weather conditions. The prices of grains can be affected by the weather, energy markets and fuel demand. This is because corn (commodity for grains) is a part for ethanol fuel and the prices will be rise when the consumers demand is greater. In these underlying instruments, they have their own popularity or demand. It is because all consumers are not too demand with these products. All these products are traded in the Chicago Board of Trade at United States. In addition, the products are also been trading at Kansas city Board o f Trade and Minneapolis Grain Exchange. 2.2.4 Livestock The underlying instruments in the livestock futures exchange are live cattle, feeder cattle, lean hogs and pork bellies. Their prices are affected by the demand for the products, competitors, price of feed and factors that affect to the quantity of animals. All these products are trade at the Chicago Mercantile Exchange. 2.2.5 Food and Fibre The popular products that trade in foods and fibres futures contracts are including cocoa, coffee, cotton, frozen concentrated orange juice (FCOJ) and sugar. The prices of the products can be affected by weather, disease on the plantation, insects and others. The factors of increasing price in this commodity are same as for the grains commodities. Basically, FCOJ price is affect from the weather conditions. The growing season in Florida or Brazil can affected to the both of current crop size and also long-term production prospects. But, international exchange rates can affect all of the global products such as the change in the tariffs and geopolitical events in the producers states. This is because, the product is trade internationally and can be affected by international factors. Each state has own regulations. And the traders need to follow all the regulations that have stated by the nation to ensure that they can trade legally. In addition, the economic and political situation in each state is different from other states, These products are trade at the New York Mercantile Exchange and ICE Futures U.S., which is formerly as the New York Board of Trade. ISSUE: OIL STORED AT SEA COULD MEAN BIGGER PROBLEMS AND PRICES IN FUTURE On the few years before, most big industry make big profits from the stored of oil. The traders will buy oil in the lower prices which is in spot price then will sell the oil when the market price is increase. The price can be increase when the demand is greater than the supply. When the traders store the oil, it can make the supply of oil decline and make the demand above the supply. Even the price of oil is rise, the consumers will buy the oil because oil is a necessity products. in order to control the rising of oils price, the authority party force traders to inform more information about over-the-counter (off-exchange) derivatives and take just a small position on the basic commodities. During a meeting of global regulators in Tokyo, Scott OMalia (commissioner for the Commodities Futures Trading Commission (CFTC) had criticised traders who buy oil and stored it to make profit. He criticised that the traders is try to extract money from the consumers and producers. Some c ompanies practicing a trend known as contango that is refer to barrels for delivery further in the future are more higher than barrels for immediate delivery. They know that oil storage can make them gain more profit as a result from exploiting. This trend had started from 2004 in the oil market. This trend is practicing by most big industry such as Trafigura, Glencore and Vitol. The industries buy the oil in spot price and store it. Then, they sell the oil in long-term contracts. They buy the oil in the spot price that is cheaper then they sell in the long-term contracts. The traders are like to use temporary floating tankers even the investment banks had begun to charter ships, leaving the market with a shortage of vessels for transporting other commodities. Floating tankers is being using for store the oil. It receives the oil that is produced from the platforms and stores the oil until it can be transfer to the tanker or transported through a pipeline. The regulators ma ke a study to find whether the oil prices rise is affected either by the withdrawal of supplies and the demand is low or it is the natural on the market. But, it was denied by Commodities Futures Trading Commissions (CFTC). This is because, CFTC analyze on the party that exploit the market. In this few months, the number of storing oil by the traders is drop. And now, the storing of oil is less than before and makes the price of oil drop back to normal. In February this year, Goldman Sachs indicates that the total of hydrocarbons at sea including the barrels in transit is fell to 636m in January. Before that the total storage is 660m and it was declined for 24m. Simpson, Spence Young is the worlds largest shipbroking companies. SSY is one of the major industries for tanker broking companies. And now, the company measure roughly and found that the number of tankers used for storage oil was fell in January. The number of tankers had been felled by 20pc. Last November before, ships that store crude oil were 149 ships. But, by this February, Gibson measured that the number of ships had been decline to 112 ships. The quantity of ships for store the crude oil had drop by 37 ships. The storage, addition quantity of new terminals that is mostly for oil that is been improving result for globalisation. For example is a new terminal at off the coast of Malaysia. It is jointly owned by Trafigura that is a Dutch Trader. In addition, Vitol also build new terminal on this April at off the coast of Florida. PetroChina also had accepted the leasing of 5m barrel at a facility in St Eustatius, Caribbean. But, there is also producers that not want to open the new facility at global. They were more chosen to ship their oil to the West and wait until it is right time to sell. The producers such as Essar and Reliance think that it is more financially rather than open new facility. The information about the oil such as the amount of oil or who have stored the oil i s not enough because of the storage of oil. The traders keep it under-reported and will sell the oil when the prices of oil rise. The information about the actually amount of oil that the traders have and who had store it is important. This is because, the information can ensure that the prices of oil will not increase and can know the actual situation. CFTC is worried with the storage of oil because the information about the amount of storage oil and the owner that store is oil is not known. Estimation made by Deutsche Bank result that up to 100m barrels was in floating storage during the financial crisis. It is more than double of 40m-50m that is figured by industry. The traders keep the information secretly because they want to take advantage when the consumers demands of oil increase. The traders are seemed as not guilty on their actions because they just want to make their own profit. But, the actions by the traders become more seem can be blame because no one knows about the storage oil. IMPLICATIONS 4.1. Oil stored could mean bigger problems Based on the article, oil stored at sea can result to the bigger problems. The traders are practices this storage because they want to take advantages to the consumers when the time is right. Oiled stored can be result to many problems. Because of the storage oil, the information about the oil storage also cannot be known by others especially New York Mercantile Exchange. The traders is practicing the contango that is for exploiting to gain more profit. 4.2. Oil stored can affected to the prices in future From the storage of oil by the traders, the prices of oil will be affected in future. The price of oil will be increase and during this time, the traders will sell oil to market. This is because, the traders want to take advantage to consumers and gain more profit. Consumers will buy the oil even the price is increase because oil is a necessity product. It is need by consumers around the world and they will just ignore about the prices. Because oil is the necessity product, the traders not worried to doing contango because the risk is too small. They know that they will guarantee to get profit with it and cannot be lose. The consumers demand will not be decrease and will be higher if they still not get the product. 4.3. The factors of increasing in oils price Oils price is rise as a result from the storage of oil by the traders. This is because, when the traders keep the oil in the storage at sea, the supply of oil at market will be decline. The consumers demand on oil will not decline because it is necessity product. But, the demand will be higher because the shortage of oils supply. When the demand is higher than supply, the price of the product will be increase. This is the intention of the traders. They want to make the prices increase in future with keep the oil in tankers. They want to gain more profit with sell the oil in future rather than sell it immediately. 4.4. The benefits for the traders The traders will get a benefit from the storage of oil. This is because, the traders will buy the oil on the spot rate from producers, and then sell it in the future. The future price is higher than the spot price because the demand for the product is greater than the supply. The traders will store the oil at sea and wait until the price of oil increase and sell during the time. The traders practice the contango plan which is the price of future is higher than a spot price. From the practicing of contango, the traders will just earn profit without the risk to lose. The traders know that, the consumers demand will not decline because there are no products that can be play functions like oil. On the other words, oil cannot be changes with other products. 4.5. The effects to the consumers The consumers oil will get affected on the increasing of oils price. It is because, oil is a necessity product for the consumers. Consumers will buy oil even the price is increase. They will ignore about the price and will buy oil with same quantity as before. The consumers not have any other choices but are forces to buy oil in the higher price. The rising in the price of oil can be a burden to the consumers. This is because, when the price of oil increases, it can be affected to the other products. Commonly, the seller of the other products will also take advantages from the rising of oils price. This can make the consumers expenditure is higher than before. It will make peoples decrease in their wealth. 4.6. The effects to other party Because of the oil storage by the traders, the other party will affected too. This is not only affected to the consumers of the product. The other party that is affected is New York Mercantile Exchange (NYME). This is because, NYME not get enough information about the actually amount of oil been stored and who store the oil. The amount of oil that been store can affect the prices in NYME. This can make the prices in the market increase because the traders are keeping secret about the amount of oil that is in storage. In addition, commonly the sellers of the other products will also affected by the increasing of oil price. This is because, there are certain of the products are producing using oil. When the oils price is increase, then the producer of the other products also increase their products price. They also take advantages on the increasing of oil prices.

The Proslogion By Saint Anselm - 1937 Words

In the book, The Proslogion, written by Saint Anselm, we find the Ontological Argument. This argument made by Saint Anselm gives us proofs that he believes helps prove the existence of God. Anselm gives many reasons as to why the simple understanding of God can help prove that God himself exists, as well as mentioning how the idea of God cannot be thought not to exist. Though this argument has been looked at by people such as Guanilo, a monk, whose response to Anselm s proofs was trying to say that there were flaws, there are more reasons as to why Anselm s proofs work well with his argument. From the understanding of God existing, and the idea behind greatness Anselm s argument is one that is strong and can work as a proof when trying†¦show more content†¦If a person can realize that God is the greatest thing, and nothing greater can be thought, than they simply believe that he would exist, even if they do not realize they believe in him. Continuing off this idea of God being the greatest idea that can be thought, and how the thought of God is in everybody s mind, Anselm mentions â€Å" If that- than-which- a-greater-cannot -be-thought exists in the mind alone, this is the same than that- which- a- greater- can- be- thought is than that-which-a-greater-can-be-thought. Therefore there is absolutely no doubt that- than-which- a-greater-cannot -be-thought exists in both the mind and reality† (Anselm 88). This proof that is given to us by Anselm is helping to show that God is something that is an idea in everybody s mind, but existing only in the mind is not enough. As said before Anselm states that no one can think of anything greater than God, but if God was something that was only an idea in people s’ heads then there would be ways for people to think of things greater than God. 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Women Will Develop Invasive Breast Cancer - 2007 Words

â€Å"About 1 in 8 U.S. women will develop invasive breast cancer over the course of her lifetime. About 40,000 women in the U.S. were expected to die in 2014 from breast cancer† (â€Å"U.S Breast Cancer Statistics†). Breast cancer is an issue that is affecting more and more women each and every day. There are plenty ways that technology and treatment has evolved to help detect breast cancer sooner. Because of the rise in breast cancer cases over the years, many organizations and resources have been created to help patients cope with this disease. Through breast exams, biopsies, different types of therapies, and places to turn to for help, breast cancer patients are able to let out all their emotional and physical struggles with having cancer.†¦show more content†¦There are several types of biopsies that can be done to detect breast cancer including, core biopsies, open surgical biopsies, and wire localization, but more specifically, percutaneous breast biopsie s, sentinel lymph node biopsies, and stereotactic breast biopsies. The purpose for a breast biopsy is to take a sample of breast tissue where a lump is found in the breast. After the sample is taken, it is then sent to a lab where it is reviewed by a specialist. Core biopsies are the most common way a sample is taken. A hollow instrument is inserted through a small incision in the breast by a healthcare professional to essentially scoop out and remove the lump. In an open surgical biopsy, the sample is removed by a large incision made at the location of the lump. Wire localization occurs when the mass is difficult to locate or may not be felt as easily. It is more of a marker to aid a biopsy since thin wires are placed to specify what area needs to be removed. A percutaneous breast biopsy specifically uses a needle or probe to locate and take samples from the breast tissue. There are many underlying risks a patient may experience, but most importantly is the possibility of having a false-negative result. The academic journal published by Krames On-Demand explains, â€Å"This means you may have cancer cells that don’t show up in the biopsy sample. If the results aren’t clear, you are likely to have another type of biopsy† (â€Å"Percutaneous Breast Biopsy†). To a patient,

Corporate Performance Of Malaysian Public Listed Companies - Free Essay Example

Sample details Pages: 21 Words: 6433 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? 1.0 Introduction and motivation of study The issues of ownership and corporate governance have been discussed broadly in the prior literature especially in developed markets. However, in emerging economies like Malaysia, the issues received a vigorous impetus when the Asian Financial Crisis (AFC) hit Malaysia with severity in 1997/98. The AFC had depressed the economy to negative 7.5% in 1998, around 84,000 people lost their job and Malaysian capital market lost estimated USD200 billion in term of market capitalization during the crisis (Series of Malaysia Economic Reports). Don’t waste time! Our writers will create an original "Corporate Performance Of Malaysian Public Listed Companies" essay for you Create order At the same time, the value of Malaysian currency had been decrease dramatically from 2.52 ringgit to the US dollar in June, 1997 to a lowest of 4.50 ringgit to the US dollar in January, 1998 (Tourres, 2003), plunging the country into its first recession for many years. Weak financial systems, excessive foreign borrowing and lack of transparency were among factors that contributed to the crisis (Fischer, 1998). Following the AFC, the Malaysian government introduced several reform measures to enhance transparency and accountability to restoring market confidence and encourage more stable and long term international investment. Example of these are the establishment of the Malaysian Institute of Corporate Governance (MICG) in 1998, the introduction of Malaysian Code of Corporate Governance (MCCG) in March 2000[1]which codified the principles and best practices of good governance and the launched of Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s Capital Market Master Plan in 2002 as a comprehensive plan that identifies the strategic positioning and future of the Malaysian capital market. The Minority Shareholders Watchdog GROUP (MSWG) was also setup in 2001 as respond to the AFC. This study focuses on Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital market mainly because of the confidence shown by the international business community concerning investments in Malaysia especially after the economy has fully recovered from the AFC. Based on The Productivity and Investment Climate Survey, World Bank 2009, which reports firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ perceptions of the business environment, suggests that Malaysia is a relatively attractive place for investors. Meanwhile, Report on Doing Business 2010 ranked Malaysia 23rd out of 183 economies for à ¢Ã¢â€š ¬Ã…“ease of doing businessà ¢Ã¢â€š ¬? and recently the World Competitiveness Scoreboard 2010 placed Malaysia 10th of the most competitive economy in the world, up from 18th place in the previous year. The achievement of Malaysia economy to date partly contributing through the active roles plays by the government-linked companies (GLCs) that form the backbone of the structure of the Malaysian economy. GLCs and their controlling shareholders, government-linked investment companies (GLICs), constitute a significant part of the economic structure of Malaysia. GLCs employ an estimated 5% of the national workforce, account for approximately 49% of market capitalization (Ringgit Malaysia 235.5 billion) of Bursa Malaysia Securities, contributes about 17 percent of the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s gross fixed capital formation and account for almost 10 percent of Gross Domestic Product (Malaysia Economic Report, 2009/2010). More than that, GLCs also plays an important role in executing government policies and initiatives especially in key sectors and new growth sectors. Even with active divestment and privatization, GLCs remained as the main service providers to the nationà ¢Ã¢â€š ¬Ã¢â€ž ¢s key strategic utilities and services including electricity, telecommunications, airlines, airports, public transportations, banking and financial services. On top of that, GLCs also on forefront in implementing recommendations of the best practices affirmed in Malaysian Code of Corporate Governance for Malaysian Public Listed Companies (Corporate Governance Survey Report, 2008). In the meantime, Corporate Governance Watch 2007, an annual collaborative study of corporate governance landscape of Asian market undertaken by independent stockbroker CLSA Asia Pacific Markets and the Asian Corporate Governance Association noted general improvement at the GLCs, a function of GLCs reforms and greater openness. Finally, the research on GLCs performance in Malaysia is also very important in order to investigate the real achievement of GLCs Transformation Program, the special program that was launched in May 2004 by Malaysian government to improve the performance of GLCs. Recently, the total shareholder return of a selection of top 20 GLCs, has outperformed the benchmark index of Kuala Lumpur Composite Index (KLCI) by a compounded annual growth rat e of 2.4 percent since the launch of the program (Business Times, 2009). Motivate by the above reason, part of this study attempts to examine whether or not government ownership lead to better company performance by focusing on the unique characteristics of government ownership in GLCs. The research is an attempt to extend the literature in this field and to provide new insight and understanding on the roles of state in emerging market considering the limited number of research in this area. Hence, the first part of this study attempts to answer the following primary research question: Is there any significant relationship between ownership structure of government- linked companies in Malaysia and firm value? 2.0 Theoretical Foundations of the Study There are number of different theoretical frameworks to explain and analyze corporate governance. Difference frameworks approaches corporate governance in different way, for example; the agency theory arises from the fields of finance and economics and the stakeholder theory arises from social-orientated perspective on corporate governance. According to Mallin (2010, p.14), the main theories that have affected the development of corporate governance are agency theory, transaction cost economics, stakeholder theory and stewardship theory. All these theory from difference disciplines have contributed to the development of theoretical aspects of corporate governance and its frameworks. However, the main theory that generally associated with ownership of the firm is agency theory that widely used in previous researches around the world. Theoretical and empirical researches on the relationship between ownership and firm value was originally motivated by the separation of ownership from control (Berle Means, 1932) and more recently, by agency theory (Jensen Meckling, 1976; Fama Jensen, 1983). In this theory, the basic assumption is that the goals and objectives of the principals (owners) and managers (agents) conflict. The central problem in corporate governance is to construct rules and incentive to effectively align the behavior of managers with the desires of principals (Hawley and Williams, 1996). The problem of agents being responsible to principals is that it compounds the agency costs identified by Jensen and Meckling (1976) with the basic assumption is that managers will act opportunistically to further their own interests before shareholders and one of the main reasons that the desired actions of principal and agent diverge is their different attitude towards risk (Shankman, 1999). Under the circumstances, in Malaysia where there is a high concentration of government ownership in firms (Tam and Tan, 2007) and high percentage of firms affiliated to government (La Porta et al., 1999), the government ownership actually has capacity to provide a control mechanisms to align management personal objectives with firm objectives and eventually increase the firm value. Parts of GLCs in Malaysia are privatized firms during Malaysian Privatization Policy in 1990s. Hence, the firms always related to political variables and in that stance the political view of GLCs conceive that the high level of government interferences resulted of inefficiency to the firm rather than facilitate the operation. 3.0 Literature Review and Research Gaps In Malaysia context, GLCs are defined as companies that have a primary commercial objective and in which the Malaysian government has a direct controlling stake via the GLICs. The GLICs are investment arms of the government that allocate government funds to the GLCs (Putrajaya Committee on GLC High Performance, 2004; Lau and Tong, 2008). Meanwhile, the controlling stake here refers to the governments ability (not just percentage ownership) to appoint board members, senior management and/or make major decisions. The Ministry of Finance (1993) classify GLCs as one in which the Malaysian government had an effective ownership interest of at least 20 percent of equity shares. Twenty percent voting rights in one particular company is considered to be sufficient for effective control and is employed in previous studies on ownership (La Porta et al.,1999; Faccio et.al., 2001 and Setia-Atmaja, 2009). Majority of GLCs under the federal government are under Khazanah Nasional Berhad, one of the most active GLICs in Malaysia[2]. Empirical studies on the relationship between government ownership and firm performance on the whole produced inconclusive results. Study by Ang and Ding (2005) on the relationship between ownership structure of Singaporean GLCs and performance found that GLCs exhibit higher valuations than those of the non-GLCs. In a related study, Ke and Issac (2007) report that governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s shareholding is positively related to corporate performance of Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s listed property companies, suggested that the economy sector is matter in the country. The findings however inconsistent with other empirical studies on the government ownership in China where in overall found the negative relationship between these two variables. For example, Sun and Tong (2003); McGuiness and Ferguson (2005); Gunasekarage, Xu and Wang (1999) and Li, Sun and Zou (2009) find that on average, the firms performance is negatively influenced by the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ownership. Research in Malaysia on the relationship between government ownership and performance is lacking and also show mixed findings. Recently, Lau and Tong (2008) conducted a research on the impact of government intervention on firm value by employed 15 listed GLCs under Khazanah Nasional Berhad from year 2000 to 2005 (90 firm-year observations). They reveal a significant positive relationship between the degree of government ownership and firm value. However, this study has shortcomings as the selected data sets of 15 GLCs a year under Khazanah Nasional Berhad are too small and not robust enough to represent the overall GLCs performance. In fact, there are many more listed GLCs under the controlled of federal government GLICs[3]as well as GLCs under the state government jurisdiction. This research aims to address this issue by providing in-depth examinations and comprehensive study on all GLCs both at federal and state level. In a related study in Malaysia, Tam and Tan (2007) find that the performance of firms associated to government ownership is poor compared to others ownership types namely; individual-owned firms, foreign-owned firms and trust fund-owned firms. The study involved the top 150 listed companies on Bursa Malaysia Securities based on their ranking according to their market capitalization in 2000. The similar results also found in research by Ming and Gee (2008); and Chu and Cheah (2006) that show the negative relationship between government ownership and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s corporate performance. However, those studies also have limitations as they fail to properly identify the unique characteristics of GLCs ownership in Malaysia. In their studies, they group together all types of GLCs in one group in an attempt to find its relationship to performance without addressing issues of (i) the different type of GLCs controlled by federal government and GLCs controlled by states government an d (ii) the different type of shares in GLCs. With regard to the first issue, distinctions should be made between GLCs controlled by federal government (GLCFGs) and those controlled by state governments (GLCSGs) predominantly because they are difference in aspects of monitoring by federal government machineries and GLICs. GLCFGs subjected to strict supervision and monitoring not only by its GLICs but by ministries concerned under federal government. For example, Tenaga Nasional Berhad, a GLCFG is the largest electric utility company in Malaysia with one governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s special share and majority of it ordinary shares owned by Khazanah Nasional Berhad . The Ministry of Finance responsible to the issues pertaining to the corporate matters of the company such as the approval entity for appointment of CEO/board of directors, their contract extension or termination, company performance etc. The selection of company chairman or CEO is carefully chosen based on their capability and suitability to head the organization. In the meantime, matters pertaining to policy such as approval for electric tariff increment and monitoring of company obeying to energy policy of Malaysia are under the responsibility of Ministry of Energy, Green Technology and Water as a guardian ministry. In addition, National Audit Department also conducting an annual auditing or special auditing to this company to be reported in Auditorà ¢Ã¢â€š ¬Ã¢â€ž ¢s General Report that eventually to be presented in Parliament. Furthermore, Public Accounts Committee, a committee under Parliament also have right to investigate whatever issues surrounding the company such as mismanagement or issues highlighted in Auditorà ¢Ã¢â€š ¬Ã¢â€ž ¢s General Report. With all these stringent monitoring systems, the GLCFGs are more cautious in their actions and eventually lead to good corporate performance in the long run. On the other hand, the extent of monitoring and supervision of GLCSGs by respective state governments is weaker. All issues pertaining GLCSGs are to be monitor and solve by State Economic Development Corporation (SEDC), a controlling agency cum main shareholder of GLCSGs. As contended in Agency Theory, lack of monitoring efforts will increase the agency costs that eventually lead to poor firm performance. Furthermore, GLICs at federal government have more systematically systems and incentives in monitoring and improve its GLCs performance compared to its counterpart in state government. For example is the establishment of a special program aims to transform GLCs to high performers entity called GLCs Transformation Program (GTP) that was launched in May 2004. Under this program, 20 larger GLCs (G-20) that controlled by different federal government GLICs has been selected to be transformed into high performance entity and become regional or global champions. Since the launch the programme, G-20 have made significant improvement especially on their financial aspects with operating cash flow for non-financial G-20 firms grew by 42% from RM14 billion in 2004 to RM20 billion in 2008. At the same time, aggregate earnings for 2008 also 53% higher compared to performance in 2004 and total shareholder returns has outperformed the benchmark index of Kuala Lumpur Composite Index (KLCI) by a compo unded annual growth rate of 4.8% since the launch of the program (GTP Mid-Term Progress Review, 2009). With regard to this issue, based on above motivations the current study argue that the performance of listed GLCs controlled by federal government are better than it counterparts under the controlled of state government. On the second issue, previous studies with concerned to government ownership and performance have ignored the very important characteristic of GLCs in Malaysia which is GLCs with governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s one special share or golden share. As a background, to stimulate economic growth and reduce Government financial burden, privatization policy was introduced in 1983 and a lot of government entities as well as hundreds of government projects had been implemented by private sector. From 1983 until 2003, 474 projects and 457 government entities had been privatized from 1983 until 2005 involving assets sale of RM1.54 billion and equity sales of RM4.94 billion (Economic Planning Unit, Prime Minister Department). Various type of privatization such as sale, leased, management contract and build-lease-transfer have been used. However, in some strategic entities such as ports, main utilities provider (e.g. Tenaga Nasional Berhad) and national carrier (Malaysian Airlines Systems Berhad), Malaysian government directly retained one special share or well known as golden share on top of ordinary shares that possess by GLICs on behalf of the government. In this type of GLCs, the degree of Government interference is excessively. The golden share grant government not only right to control companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s direction including the appointment/dismissal of Chairman, Board member, CEO and senior management but also make major decisions such as restructuring exercise, mergers and acquisition, assets disposal and even cancel whatever decision make by the firms for the interest of government[5]by the government in 2001 with cost closed to Ringgit Malaysia one billion (Jalleh M., 2005) was a good example of how this type of GLCs being protected by the government. Another prominent case was the bailout of national car company Perusahaan Otomobil Nasional or Proton by state-owned oil company, Petroliam Nasional Berhad (known as Petronas) during the AFC through cash injecte d by instruction of the government (Restall, 2000). Based on the arguments, the present study believed that, this type of firms should be treated separately from other normal GLCs to moderate the impact of government interventions. By group them together into one group of GLCs as carried out by previous studies in Malaysia is inappropriate and may have distorted their studies result. This research basically will address both of these issue by differentiate all GLCs in Malaysia into groups according to their controlling agency at federal or state level and also based on their type of shares to observe their impact to firms corporate performance. This study expected to form a distinctive contribution to the knowledge and provide new facts on some elements of the government ownership in emerging economies by providing in-depth analysis on the issue. To the best of my knowledge, no particular researcher so far focuses on examining government ownership and firm value by make use of these proposed approaches. In addition to that, others variable that related to government ownership such as the role of politicians, government official and ex- government officials as board members in GLCs and also the influence of degree of government ownership in GLCs will also be tested. 4.0 Hypotheses development This present study ultimately intended to test for any association between ownership structures of GLCs and firm value. A total of seven aspects have been identified and the hypotheses developed as to their probable effect and firm performance. 4.1 GLCs under federal and state government and firm performance There were not studies specifically relate this variable with performance in Malaysia, but study by Chen, Firth and Xu (2009) on Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s listed company revealed that the performance of State Owned Enterprises (SOEs) affiliated to central government or in Malaysian context is federal government is outperformed their counterpart which are related to state and local government. They also argued that different form of government ownership have different motivation and objectives on investment and it lead to different performance outcomes for the companies they have invested in. According to Loh (2008), the Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s constitutional design clearly favors the federal over the state governments, both in term of legislative jurisdictions as well as in terms of revenue assignments. Based on this argument and motivations on the effectiveness of monitoring systems by federal government as discussed in 3.0, the proposed hypothesis is: H1: The impact of GLCs controlled by federal government on firm performance is stronger than GLCs controlled by states government 4.2 GLCs with governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s special share and firm performance As explained in Section 3.0 above, governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share providing the government will unlimited power to control company directions and sometimes lead to misallocation of resources by the companies itself or by the government in order to assist them. The holding agency of this share is Ministry of Finance Incorporated, the entity under Ministry of Finance, Malaysia.  Although there is no empirical study so far that investigate the relationship between governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s special share and performance in Malaysia, but study by Sun, Tong H.S, and Tong (2002) from Chinaà ¢Ã¢â€š ¬Ã¢â€ž ¢s privatization experience shows that too much government interference and control of state-owned enterprises (SOEs) was among the reasons of SOEs poor performance. Another argument is that, as of the perspective of minority shareholders, too much intervention from government will jeopardize the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s development and resulted poor performance in the long run. Hence, this type of company is not attractive for investors. Therefore, it is hypothesized that: H2: The impact of GLCs without governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share on firm performance is stronger than GLCs with governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share 4.3 Degree of government ownership and firm performance Like many others East Asian countries, Malaysiaà ¢Ã¢â€š ¬Ã¢â€ž ¢s corporate sector also experiencing a high level of ownership concentration (Liew, 2007; La Porta et al., 1998). Gunasekarage et. al (2006) in their study on influence of the degree of state ownership on the performance of listed Chinese companies conclude that firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance is significant at high levels of government ownership and a balanced ownership structure enhances the firm performance. Study by Ke and D.Isaac (2007) in China listed property companies from 2000 to 2002 also reveals that the government shareholding is positively related to corporate performance. In Malaysia context, Lau and Tong (2008) in their study of 15 listed GLCs in Bursa Malaysia for the period of 2000 to 2005 find a significant positive relationship between the degree of government ownership[6]and firm value. However, this study has limitation in term of selected data sets as laid out in Section 3.0. Therefore the vari able will be re-testing with more comprehensive data sets in order to have more concrete and robust evidence on the influence of this variable to firm performance. In line with agency theory that concentrated ownership in more effective in reducing managerial agency cost, the proposed hypotheses are: H3: There is a significant relationship between governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s ownership degree in GLCs and firm performance 4.4 Politicians as director and firm performance GLCs traditionally has some of its boards of directors that had affiliations with the ruling party especially those GLCs that previously under government control and later on involved in privatization. Johnson and Mitton (2003) noted that as of October 1999, 15.8% or 67 out of 424 firms listed on the Main Board of Bursa Malaysia Securities are politically connected to the ruling party. Empirical evidence on the association between politicians as director and its impact to firm value is inconclusive. Study by Xu, Zhu and Lin (2005) on state owned enterprises in China revealed that politicians have incentives to control the firms to achieve economically inefficient objectives for political purposes. In a related study, Shleifer and Vishny (1994) exposed that excess employment and wages are common in public enterprise that control by politicians. This unhealthy phenomenon could lead to wrong managerial investment decisions and result in misallocation of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s resour ces that eventually reduce the firm value. Boubakri, Cosset and Saffar (2008) investigate the association between political connections of newly privatized firms and the impact to performance. The study involved 245 privatized firms in 27 developing and 14 industrialized countries and the existence of political connections is based on whether the particular firms have a politician or an ex-politician on their boards. They find that the politically-connected firms exhibit a poor performance compared to their non-connected counterparts. The similar result also found in Fan et. al (2007). Meanwhile, Fisman (2001) in his study in Indonesia and Faccio (2006) in analysis of 47 countries find a significant relationship between these two variables. In the context of Malaysia where business and politics are inter-related (Gomez and Jomo, 1997) indicated that, participation of politicians in GLCs might have effects on firm value as they act as a link between the governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s and companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s management. Therefore, it is hypothesized that, H4: There is a significant relationship between politician as director and firm performance 4.5 Government officials as board member in GLCs and firm performance GLCs are created partly to implement government policy objectives especially those established as a result of privatization exercises in the early eighties. Hence, most of their board of directors are civil servants either still in-service or formal government officials that act as à ¢Ã¢â€š ¬Ã…“eyes and earà ¢Ã¢â€š ¬? of government as well as communication bridge between the management and the government. Agrawal and Knoeber (2001) in their study found that the politically experience directors that comprises former government officials benefits the company they served and noted that they are more prevalent in firms compare to others outside directors. In a related study in Singapore that involved 25 GLCs and 204 non-GLCs for the period from 1990 to 2000, Ang and Ding (2006) found that GLCs exhibit higher valuations than those of the non-GLCs in the area of profitability, efficiency and firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance. Like Malaysian GLCs, Singapore GLCs also compris es government officials in their board. At such, it is hypothesized that, H5: There is a significant relationship between in service government official as director and firm performance H6: There is a significant relationship between former government official as director and firm performance 5.0 Research design and methodology 5.1 Data and sample design The first model in this research is designed to examine the impact of ownership structure on corporate performance of all GLCs listed on the main board of Bursa Malaysia Securities for the period of five years (2004 until 2008). To ensure that the sample clearly represented the population intended for the research and to harmonious the selected sample to the GLCs definition, the sample selection is based on the following criteria: At any time, one specific GLICs either at federal or states government level must be the single largest shareholder with at least 20% share ownership in one particular company on Main Board of KLSE and; The financial and unit trust companies are excluded as they are governed by different set of rules and acts that could affect the end findings of this study. In addition, all required financial data for the study period are to be available in databases (Datastream or Thomson Research) and information on ownership and corporate governance structure from companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ respective audited annual report. The study constructs an unbalanced panel data of all GLCs during the study period. This approach has the advantage of attrition biases in correlation (Hu and Izumida, 2008). The observations period of 2004 to 2008 is chosen mainly because the period was the phase of economic stability in Malaysia when the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy and capitals market activities fully recovered after the Asian Financial Crisis. The performance chart in Figure 2 below reveals that prior to AFC, the Kuala Lumpur Composite Index (KLCI) in average has been trading in an upward trend. However, the AFC push down the KLCI to below 600 during the peak of the crisis. The post-crisis period has seen steady increase in the value of the KLCI even though until 2006 Bursa Malaysia Securities still has some 200 companies trading at more than 50 percent discount to their book values (James, 2006). Another reason for the chosen period is to evaluate the impact of GLCs Transformation Program that launch in May 2004 by Malaysian government to improve performance of GLCs. Figure 2: Kuala Lumpur Composite Index Yearly Performance 1989 to 2008 0 200 400 600 800 1000 1200 1400 1600 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Year Price Crisis Period Post Crisis Period Market Rally Period Source: Datastream 5.2 Methodology 5.2.1 The proposed model The following base model will be used to test the hypotheses that have been defined in the previous section: PERFORM = ÃŽÂ ± + ÃŽÂ ²1FG_GLC + ÃŽÂ ²2SG_GLC + ÃŽÂ ²3GOLD + ÃŽÂ ²4GOV_OWN + ÃŽÂ ²5POL + ÃŽÂ ²6GO_BOD + ÃŽÂ ²7EX-GO_BOD + ÃŽÂ ²8LOG_SIZE + ÃŽÂ ²9LEV + ÃŽÂ ²10BOD_SIZE + ÃŽÂ ²11BOD_MEET + ÃŽÂ ²12BOD_IND + ÃŽÂ µi Where; PERFORM = the dependent variables: proxy by ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q; Independent variables: FG_GLC = GLCs under federal government (equal to 1 if a firm is under federal government, and 0 otherwise) SG_GLC = GLCs under state government (equal to 1 if a firm is under states government, and 0 otherwise) GOLD = GLCs which government owned one golden share (equal to 1 if a firm has governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s golden share, and 0 otherwise) GOV_OWN = captures the percentage of government ownership in a GLC POL = captures the percentage of politician on the board GO_BOD = captures the percentage of government official in-service on the board EX-GO_BOD = captures the percentage of ex-government official on the board Control variables: LOG_SIZE = natural log of total assets as proxy of firm size LEV = firm leverage (total liabilities to total assets) BOD_SIZE = number of board of directors during the year BOD_MEET = number of board of directors meetings during the year BOD_IND = captures the percentage of independent directors on the board ÃŽÂ µi = error term 5.2.2 Operationalization of variable selection 5.2.2.1 The dependent variable The dependent variable in this study is firm performance that comprises accounting and market based performance namely return on assets (ROA)[8]and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. They are to be employed in this study to measure the impact of ownership structure on corporate performance. The accounting-based performance is the most common types of performance measurement in assessing business performance. In this approach, annual report, which comprises income statements, balance sheets and statements of changes in financial position are the source of information to analyze companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial performance for one particular financial year. This approach is very important for companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s stakeholders such as potential investors since the indicator can help them in making investment decisions. It also vital in helping the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s shareholders to assess how well the company performed in market place in order to make decisions on management and employees rewards, setting suitable plans to sustain the good momentum or even take drastic approaches for company to remain in business. The accounting-based performance also helps manager to effectively plan and control in order to achieve the objectives of the company. For example, according to Thompson Yeung (2001), return on equity as one of the accounting-based measurements can accommodate the effect of different accounting procedures across industries and can minimize the multi-linearity between companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s specific characteristics such as size, age and profitability. Both ROA and ROE are the most common measurement used in analyzing financial performance of companies and have been used widely in previous studies (Vafeas,1999; Abdullah,2004; Bhagat Black, 2002; Rahman Haniffa 2006; Ang Ding, 2006; Bhagat Bolton; 2008 and Chu, 2009). Since accounting-based performance measures the past and current performance of the firm, market-based performance, in addition to that, captures the expected future performance of the firm (Omran, 2009). Therefore, this study will use Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q as proxy for firm market value. The actual definition of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q is market value of the firm divided by replacement cost of assets. However, since the information of replacement cost of assets is difficult to calculate and not available in Malaysia, the current study will make use of Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q calculation formula by Elsayed and Paton (2005)[9]. Based on previous studies, in the last ten years (1999-2009), at least 33 empirical researches have been conducted on the issues of ownership structure and corporate governance structure in developed countries and emerging economies. 21 percent of the researches used accounting based measurement, 24 percent used market based measurement and the rest 55 percent researches used both the accounting and market-based ratio as the performance measures with ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q are the most popular variables for performance measurement. 5.2.2 The independent variable This study defines GLCs as a firm that government owned at least twenty percent shareholdings and it also has the controlling stake in the company as discussed earlier. In the model, GLCs will be break-up into two main category using dummy variable with a value of one (1) if the GLCs under federal government and zero (0) otherwise. Following it, to test the impact of firms with a golden share, value of 1 is given if the GLC has golden share and 0 otherwise. Then, the impact of degree of shareholdings (GOV_OWN), the influence of politician on the board (POL), the impact of government official in-service (GO_BOD) and ex-government official (EX-GO_BOD) as board members will also be tested based on several statistic techniques. 5.2.3 The control variables In addition to the dependent and independent variables, several control variables that might significantly in explaining the positive relationship between ownership structure and firm performance are incorporated in the model. Natural log of total assets will be used as proxy of firm size that controls for differences in firm size. In general, larger firms perform better than smaller firms as a result of their access to resources and larger economies of scale. Leverage also an important factor that determine the performance of firm because high leverage provided firms with investment opportunities and big capital expenditure that eventually contribute to better performance. These variables also used widely in previous researches on ownership such as by Jackling and Johl (2009), Ivengar and Zampeli (2009) and Demsetz Villalonga (2001). Finally, to moderate and limit the endogeneity problem, several control variables that related to corporate governance structure namely number of boar d member during the year, board meeting frequency and the percentage of independent directors on the board will be utilized. These control variables have been used extensively in previous researches such as by Ivengar Zampeli (2009), Marimuthu, M. Kolandaisamy (2009), Elsayed (2007), Bhagat Black (2002) and Vafeas (1999). 5.2.1 Statistic test method To test the model in main equation above, the research design for this study is based on an ordinary least squares (OLS) regressions and two-stage square regression (2SLS) with dependant variables of ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q. Obviously, the first empirical in this study will involved regression for three models that based on different dependant variable respectively. The more powerful statistical testing technique such as structural equation modeling (SEM) and the use of instrumental variable will be considered to have more precise findings as well as to resolve the problem of endogeniety. 6.0 Framework for second empirical The second empirical in this research aims to examine the impact of corporate governance structure on corporate performance. Top one hundred (top 100) companies on the main board of KLSE that based on market capitalization for the year between 2004 until 2008 will be used as sample. Similar to the first empirical, firm performance of ROA, ROE and Tobinà ¢Ã¢â€š ¬Ã¢â€ž ¢s Q will be employed as dependent variables. Meanwhile, corporate governance structures of the sample that involve board of directors and audit committee characteristics will be chosen meticulously as independent variables to ensure the findings will benefit all interested parties such as shareholders and regulators as well as to contribute to the new knowledge on corporate governance area in the context of emerging market. It is quite interesting to explore whether the introduction of Malaysian Code on Corporate Governance in March 2000 and the revised version of the code in 2007 as well as various governance initiati ves to improve the capital market by the regulators (Bursa Malaysia Securities and Securities Commission Malaysia) truly effect firms bottom-line which is good financial performance. 7.0 Outline of proposed thesis chapters Thesis chapters Proposed Outline Chapter 1 Introduction (10000 words) This introductory chapter discusses area of: Background and motivation of the study Statement of the problem à ¢Ã¢â€š ¬Ã¢â‚¬Å" GLCs ownership structure and CG structure of PLCs; Objectives and research questions/research gaps; Significance and contribution of the study; Scope of the study; and Organization of the thesis Chapter 2 Corporate governance development in Malaysia (10000 words) This chapter examines the development of CG in Malaysia by focuses on the post Asian Financial Crisis period when the development of CG was hit the highest point. In addition, topic related to GLCs and PLCs as a whole will also be highlighted. Among issues to be discussed are: The evolvement and environment of corporate governance in Malaysia; CG framework in Malaysia à ¢Ã¢â€š ¬Ã¢â‚¬Å" Malaysian Code on CG (2000 revised 2007), Listing Requirements of KLSE, legislative framework of the Malaysian capital market etc; The review of CG implementation in Malaysia; Definition, background, formation, issues and contributions of GLCs in Malaysia; and Malaysian capital market and PLCs Chapter 3 Literature review (15000 words) This chapter intended to review and examine the existing literature as well as empirical evidence on the relationship between (i) government ownership structure and firm performance; and (ii) corporate governance structure and firm performance. Among subject to be covered are: Definition, frameworks and the linkages between CG and performance; Literature review (LR) on the issue of government ownership structure and firm performance; LR on the issue of corporate governance structure and firm performance; and LR on performance measurement method Chapter 4 Theoretical framework and hypotheses development (10000 words) This is the most important chapter in the current research and aims to investigate in-depth on the theoretical framework underlying the study of ownership and corporate governance. The main theory that will be discussed is agency theory. This theory then will be used to develop hypotheses that will be used in this study. Among matter to be discussed are: Review of CG theories that relevance to the research questions and hypotheses; Hypotheses development on ownership structure; Hypotheses development for CG structure; and Discussion on subject of control variables that to be employed in the current study Chapter 5 Research design and methodology (10000 words) This chapter will explain the research methodology and the rationale of the chosen statistical method that to be used in analyzing the data and testing the model. The model to be tested and method of operationalisation of all variables also to be highlighted in this chapter. Among issues to be discussed are: Sample design and data collection; Descriptive statistic of the data; Methodology; The model for testing; and Operationalisation of all variables Chapter 6 Findings and discussions Ownership structure of GLCs and firm performance (15000 words) This chapter is dedicated to analyze and testing the model related to GLCs ownership structure and its impact to firm performance. Hence, subject to be focused in this chapter are: Hypotheses testing and data analyses univariate and multivariate; Results and analysis; and Discussions of the findings à ¢Ã¢â€š ¬Ã¢â‚¬Å" the impact of ownership structure of GLCs on firm performance Chapter 7 Findings and discussions à ¢Ã¢â€š ¬Ã¢â‚¬Å" Corporate governance structure and firm performance (15000 words) Similar to chapter 6, this chapter also dedicated to analyze and testing the model related to corporate governance structure of Malaysian PLCs and its impact to firm performance. Therefore, subject to be focused in this chapter are: Hypotheses testing and data analyses univariate and multivariate; Results and analysis; and Discussions of the findings à ¢Ã¢â€š ¬Ã¢â‚¬Å" the impact of CG structure of Malaysian PLCs on firm performance Chapter 8 Conclusions, limitations and recommendations for future research (10000 words) This final chapter of the research will discusses the main findings of the study and its contribution to CG knowledge in general and to Malaysia in particular. Lastly, limitations of the study as well as suggestions for future research will be outlined. Thus, key point to be discussed are: Major findings of the current study; Contribution of the research to CG knowledge; Limitations of the study; and Recommendations for further research on related issues to the current study 8.0 Proposed research time table Time period Activity description September 2010 To submit PhD confirmation document and 12-month review October à ¢Ã¢â€š ¬Ã¢â‚¬Å" December 2010 Data collection and analysis for 1st empirical January à ¢Ã¢â€š ¬Ã¢â‚¬Å" Mac 2011 (i) reviewing the literature, gaps locating and research question for 2nd empirical (ii) Research design and setting models for testing (2nd empirical) March 2011 18-month review April à ¢Ã¢â€š ¬Ã¢â‚¬Å" Jun 2011 Data collection and analysis for 2nd empirical July 2011 à ¢Ã¢â€š ¬Ã¢â‚¬Å" October 2012 (16 months) Writing up the thesis 2 months for each chapter. March 2012 30-month review October 2012 Thesis submission 9.0 Conclusion The first part of this study involves conducting a research on the relationship of various ownership structures of listed GLCs in Malaysia and its impact to firm financial performance. The research is very crucial and timely since the GLCs, as a major government investment arm, contribute significantly to the economic development in Malaysia and holds great influence in capital market. In addition to that, this study expected to form a distinctive contribution to the knowledge and provide new facts on some elements of the government ownership in emerging economies by providing in-depth analysis on the unique characteristics of the GLCs such as the impact of excessive government interferences and the influence of politicians and government officials in running the organization. The second part of the research is to examine the relationship between corporate governance structure and performance of top one hundreds PLCs listed on KLSE that based on their market capitalization for the period beginning 2004 to 2008. It is interesting to find out the relationship of both variables after the introduction of Malaysian Code on Corporate Governance in 2000. This research would also result in great advantages to policy makers like the Security Commissioner of Malaysia and Bursa Malaysia Securities especially in sense of the monitoring process and would ensure total confidence from local and foreign investors towards Malaysian companies.

A death in the family Essays - 2012 Words

James Agees A Death in the Family is a posthumous novel based on the largely complete manuscript that the author left upon his death in 1955. Agee had been working on the novel for many years, and portions of the work had already appeared in The Partisan Review, The Cambridge Review, The New Yorker, and Harpers Bazaar. Published in 1957, the novel was edited by David McDowell. Several lengthy passages, part of Agees manuscript whose position in the chronology was not identified by the author, were placed in italics by the editor, whose decision it was to place them at the conclusion of Parts I and II. These dream-like sequences suggest the influence of James Joyce, especially of Ulysses, on Agees writing. It was also McDowells†¦show more content†¦While Jay visits LaFollette, Rufus goes shopping with his great-aunt, Hannah Lynch, and picks out a colorful checked hat that even his indulgent aunt believes to be too rakish. The hat is an indication of Rufuss subconscious rebellion against his mothers social pretensions and of his desire to establish a closer connection with his father. Since it is also a hat that Hannah and his mother might connect with Negroes, its choice also foreshadows Rufuss later curiosity concerning racial differences and his confusion over the origin of his own name, which older boys suggest is a name for blacks. In the italicized dream-like sequence at the end of Part I, Agee presents Rufuss early childhood memories beginning with infancy. Rufus wakes on a summer night and hears voices of all the adults in his extended family. At first he feels security and peace, but he is soon troubled by the darkness and by the fear of impending calamity. After Rufus screams, his father comes to his bedside and sings to him. Shifting to Jays point of view, the passage reveals his guilt over his excessive drinking as well as the warmth of his love for his family. 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Business Law Problems - 2690 Words

1. What are the four elements of a valid contract? A contract is an agreement between parties, with terms and conditions that describe the agreement that constitutes a legal obligation (All Business). A valid contract requires four elements and these are: a. Mutual agreement Ââ€" there must be a meeting of the minds between parties. There should be an offer and an acceptance. There should be an agreement to enter into the contract b. Consideration - meaning that every party is conferring a benefit on the other party or himself sustaining a recognizable detriment, such as a reduction of the partys alternative courses of action where the party would otherwise be free to act with respect to the subject matter without any limitation†¦show more content†¦Cost of contracting will be lower which will definitely impact businesses. Another impact of electronic contracting is the impact on government regulations. 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