Bussiness Communications Essay Example | Topics and Well Written Essays - 1000 words

Bussiness Communications - Essay Example The ones that have existed up to this point have depended a lot on the wonder appended with change and reliable overhauling of the necessities as set forward by the business and its standards. Association structure impacts the way where work is fundamentally completed. More than all else it holds fast to the various reasons for the discrete administrations and the related accomplishments with the progression of time. This exposes the idea of talking about the auxiliary premise of the associations themselves. First off, these associations probably won't be that straightforward at the earliest reference point. These can include a wide range of viewpoints, highlights and conventional mentalities which make up their structures. To begin with, we see that an association can either be officially adjusted in its available resources of getting things done and various procedures or the equivalent may very well be in a manner casual in a significant number of its exercises and undertakings. The way where it stumbles into this worldview is something that should be concentrated top to bottom before we arrive at further agreement on their motivations and the sort of accomplishments tha t they have had. The correspondence inside an association can stream in one of three different ways or in all the three ways. This implies these three headings prepare for the simplicity of correspondence and there are as such no obstructions to emerge from the entire condition. The main correspondence stream is through and through, which implies that the correspondence begins from the top administration and goes down towards the center and lower the board. The subsequent structure could be the one that begins from the lower or center administration and goes up towards the top administration. The third correspondence stream could be in the sort of shared correspondence and communication. This implies the representatives and the laborers at a similar level impart inside their own abilities

Analyze Essay Example | Topics and Well Written Essays - 500 words - 1

Break down - Essay Example In the primary story, Graduation by Maya Angelou, the creator will in general clarify a variety of enthusiastic disturbance that the hero experiences; she is a little youngster having a place with an African American race in this way making her skin tone dark when contrasted with the other white understudies in her study hall. The story is set during the 1940s, the year which she is to graduate and at the last graduation day discourse, her heart starts to ripple as she tunes in to one of her educators talk gladly about the â€Å"white students† as he continues endlessly about how they will thrive and turn into the up and coming age of acclaimed researchers, designers, specialists and government officials of the nation. He totally sabotaged the sentiments of those understudies that had a place with different races and thusly oppressed them; the little youngster felt frustration, outrage, misery and afterward pride inside herself over the span of the discourse. At the point when the valedictorian, a youthful colleague by the name of Reed gave his discourse, he attempted to empower those that had been forgotten about and the young lady felt cheerful that there were a few people who thought in an unexpected way. She made it a point to be pleased with her experience as opposed to being angry at the educator; she comprehended that individuals would most likely victimize her over the long haul throughout everyday life anyway she inspired herself to do very well throughout everyday life and not hear their insults. She in this way conquered her test by proceeding onward and not considering things that individuals state who don't make a difference. The second delightful piece, ‘A Hole in the Wall’ by Andrea Barrett is a superb record of a couple moving into Brooklyn to go through their lives with one another. The creator discusses the disgraceful environmental factors where they took up an abode anyway the adoration and love with which she had started to think about the spot; with time, she started to conquer her dread of living in a less rich spot and yielded

Solar System Planets Essays - Planetary Science, Terrestrial Planets

Nearby planetary group Planets The earth is just a single little planet in a very enormous arrangement of planets, satellites, space rocks, meteors and comets that spin around the sun. This framework is alluded to as the close planetary system. A planet is characterized as a divine body that spins around a focal star and doesn't sparkle by its own light (Grolier,1992). The main planetary framework known to our human progress is our close planetary system. It is comprised of nine planets that vary enormously size and physical qualities. The nine significant planets in our nearby planetary group are Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, Neptune and Pluto. There are additionally numerous other minor planets which are likewise in our close planetary system, however they are immaterial contrasted with the nine significant planets. Following are portrayals of the distinctions that every one of the nine planets have. The primary planet to be talked about is Mercury. Mercury is the planet that is nearest to the sun at an normal separation of around 58 million km, or around 36 million miles. It takes 58.7 days for Mercury to turn. The planet turns one and one half times during every transformation. Mercury has a thickness and piece near that of Earth and, similar to Earth has an attractive field. This attractive field is delivered from the planet's external center, which is supposed to be fluid iron. This fluid iron creates an attractive field with its development. The air is incredibly flimsy what's more, contains sodium and potassium. The photos that have been taken of Mercury's surface show the planet having cavities and steep bluffs. The temperatures on Mercury arrive at incredibly significant levels of around 430? C, which is around 810? F as an afterthought confronting the sun and about - 180? C, or around 290? F on the side confronting endlessly from the sun. It is hypothesized that these high temperatures, coming about because of the planet's vicinity to the sun made it inconceivable for the gases present to turn out to be a piece of the planetary arrangement or for Mercury to have any sort of air. Venus is the second nearest planet to the sun and is said to most intently look like Earth in size, thickness, and good ways from the sun. Venus is known as the sister planet to the Earth. One contrasts is that Venus is covered in thick mists that totally stow away the surface of the planet. The surface temperature is additionally a lot hotter than that of Earth. Venus finishes one insurgency around the sun in 224.7 days. This makes the a day on Venus equivalent to 117 earth days. It is imagined this moderate pivot might be the motivation behind why Venus has no attractive field. The environment of Venus made up of 98% carbon dioxide and 2% Nitrogen. This air additionally has the nearness of helium, neon, and argon. The outside of Venus is a considerable amount like that of the Earth. Cloud particles on Venus are for the most part thought sulfuric corrosive. Water and water fume are remarkable on Venus. Numerous researchers hold the sentiment that Venus, being near the sun, was exposed to a sort of outrageous nursery impact. This impact made any seas dissipate into the climate. Another perspective that is held is that Venus had next to no water in the first place. The surface has volcanoes and smooth fields. A great part of the volcanic action on Venus appears as Basaltic ejections that immerse enormous zones, much as the female horse volcanism overflowed the affected bowls on the close to side of the moon. Due to the separations of the circles of Venus and Earth from the sun, Venus can never be seen for than three hours before dawn or three hours after dusk. At the point when Venus is seen through a telescope, it shows stages like the moon. Venus pivots gradually on its hub, toward a path that is inverse to that of Earth. Cloud particles on Venus are generally thought sulfuric corrosive. Water and water fume are extraordinary on Venus. Numerous researchers hold the conclusion that Venus, being near the sun, was exposed to a sort of outrageous nursery impact. This impact made any seas dissipate into the climate. Another perspective that is held is that Venus had next to no water in any case. More elevated level breezes circle the whole planet at 360 km/hr., or 225 mph. In any case, even with these high speed twists, close to the planet's surface the greater part of Venus' hugely thick climate is for all intents and purposes still. From the surface up to 10 km, or 6 mi. elevation, wind speeds

Examining Family Businesss Corporate Governance - Free Essay Example

This dissertation sets out a study of the family businessà ¢Ã¢â€š ¬Ã¢â€ž ¢s corporate governance, addressing the relationship between the owners and the management. Family businesses constitute a wide spectrum of enterprises, from small family owned and managed companies to a large internationally operating family controlled corporations. There are several definitions illustrates the family owned businesses, however the majority agree that Nebauer Lank definition illustrate the family business in a simple way and puts it as à ¢Ã¢â€š ¬Ã…“ A firm can be regarded as a family business if a given family holds the voting control of the firmà ¢Ã¢â€š ¬? (Nebauer Lank, 1998). This dissertation argues that, given the duality of the economic and non-economic goals family firms pursue and the complexity of the stakeholders structure, family firms need governance structure that matches the complexity of their constitutes stakeholders. According to that a better research and empirical understanding as how family firms are governed is needed. In this study the focus will be on assessing the level of understanding of the corporate governance concept overall and the codes provided by the Capital Market Authority (CMA), the Capital Market Authority in Oman focusing on strengthen the family owned business by incentives them to go public. The CMA is just recently in the process to create a corporate governance to help the Family business to be prepared to do so. In this study, the focus will be to create an understating and help to create a better code to help the family business sustain in the future. On the other hand there will be an evaluation of the agency theo ry and how the family owners acceptance of this model. Furthermore a research by McKinsey quarterly shows that 95 per cent fails to succeed the generation due to the lacking of succession planning and roles defining, therefore the dissertation will be evaluating the practice and preparation if any on how the existing owner prepare companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s succession planning rules and codes to handover their responsibilities to their successors. In this study the focus will be on the family businesses in Sultanate of Oman, a country in the Arabian Gulf with a fledgling capital market. Oman has made significant efforts to improves the level of corporate governance, particularly in the listed companies and now the capital market would like to expand its corporate governance codes to the family owned businesses to strengthen the chances of the sustainability of its growth. Aims And Objective This dissertation will focus on the unique corporate governance challenges that any family business faces and propose structures and practices that can mitigate these challenges and ensure the viability of the business. The detailed objectives that guide the dissertation process are: To review and analyze relevant theoretical, and other, streams of literature that focus on corporate governance and family business Analyzing the practice of the existing code of corporate governance that applied by the CMA and if it fit to be implemented in the family business companies. Asses the ownership structure and polices in the companies and testing the theory of the ownership and control separation. Asses the long term planning by the company owners and how the successor is been appointed. To assess the significance, reliability, and validity of the results; to discuss the theoretical, empirical, and practical implications of the findings; to assess the limitations The impact of corporate governance in family businesses performance. Scope of the dissertation The present study addresses the governance of family firms, focusing on the nature of various governance mechanisms and how they affect firm performance. Family businesses provide a fruitful research context to study corporate governance due to lack of governance research in the area and the distinctive characteristics of family firms. The family business context, especially, enables the study of how aspects of formal and social control vary according to characteristics of ownership structure. Research Approaches and method The methods to gather the required data will be a qualitative, where the participations will be selected based on their history and age of the company in practice. The research will be analyzing their policies and corporate governance practice. Interviews will be placed with the owners and senior managers of the companies to get all the data required for the findings and results. Structure of the dissertation Chapter 1: Introduction This chapter included the background of the study, the aim, purpose of the study, research questions and limitation of the study and it will present the structural framework of the study. Chapter 2: Literature Review This chapter will review the historical perspective, theories and related studies of corporate governance, family business and related theories to corporate governance. This chapter will include the secondary data which will be used in discussing the findings. Chapter 3: Methodology Chapter describes the methodology and procedures that were used to carry out this study. Furthermore, this chapter will review the population and participants of the study, instruments and data collection procedures. Chapter 4: Results and Findings This chapter will present the data and findings related to the research questions Chapter 5: Data Analysis and Discussion This chapter presents the data analysis and the discussion of the finding. Chapter 6: Conclusion In this chapter, the researcher will present a summary of the study and the findings, conclusion and recommendation. The structural framework of the dissertation is illustrated in Figure 1. Figure Literature Review Introduction A growing number of studies have been done on the family business ownership and management separation or combination in the past few years and what is the linkage between the performance and these two elements. In this chapter we will be presenting the theories and the studies that are related to it and selecting a frame work that will be the base of the evolution of the practice we examine in the family businesses. Family Owned Business Family enterprises or family owned businesses represent the oldest form of businesses in the world. The family owned businesses constitutes more than 70 percent of all business in most of the third world countries and in some developed countries (IFC, 2009). In the IFC research à ¢Ã¢â€š ¬Ã…“Family Businesses Corporate Handbookà ¢Ã¢â€š ¬? shows that family owned businesses are the higher contributor in any country growth in terms of economic development and employment. In Spain, for example, about 75 percent of the businesses are family-owned and contribute to 65 percent of the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s GNP on average. Correspondingly, family businesses contribute to about 60 percent of the cumulative GNP in Latin America (IFC, 2009). in addition to, accordingly to recent researches that 95% percent of employment in the Middle East and especially in the Arabian Gulf Peninsula is in the family owned businesses. There are several definitions that explains the family business corporations, the IFC define it as à ¢Ã¢â€š ¬Ã…“a company where the voting majority is in the hands of the controlling family; including the founder(s) who intend to pass the business on to their descendantsà ¢Ã¢â€š ¬?, in another words is à ¢Ã¢â€š ¬Ã…“A business actively owned and/or managed by more than one member of the same familyà ¢Ã¢â€š ¬Ã…“. There are two systems that control the family businesses; which are the family system, and the management system, the two system overlap due to the dual roles that any family member take, like a family member may be a manger or an employee in the business and here where the conflict arise. The family system is based on emotional, love and care. The family system is based on the relationship in the family and they take most of these values to the business. Where in the business system is the professional values are the edge of the decision. (Managment Resources, 2010) To define a family business need to understand the environment from one to another, here are list of family business definitions that made by researcher past the year that cover the family business from different view but reserving the concept. Table Family business Definitions A company is considered a family business when it has been closely identified with at least two generations of a family and when this link has had a mutual influence on company policy and on the interests and objectives of the family. (Donnelley, [1964] 1988: 428). Controlling ownership rested in the hands of an individual or of the members of a single family. (Barnes Hershon, 1976: 106). Organizations where one or more extended family members influence the direction of the business through the exercise on kinship ties, management roles, or ownership rights. (Tagiuri Davis, [1982] 1996: 199). It is the interaction between the two sets of organization, family and business, that establishes the basic character of the family business and defines its uniqueness. (Davis, 1983: 47). What is usually meant by .family business.is either the occurrence or the anticipation that a younger family member has or will assume control of the business from an elder. (Churchill Hatten, 1987: 52). We define a family business as one that will be passed on for the family.s next generation to manage and control. (Ward, 1987: 252). A business in which the members of a family have legal control over ownership. (Lansberg et al., 1988:2). A family business is defined here as an organization whose major operating decisions and plans for leadership succession are influenced by family members serving in management or on the board. (Handler,1989b: 262). Firms in which one family holds the majority of the shares and controls management. (Donckels FrÃÆ' ¶hlich,1991: 149). A business where a single family owns the majority of stock and has total control. Family members also form part of the management and make the most important decisions concerning the business. (Gallo Sveen, 1991: 181). A business firm may be considered a family business to the extent that its ownership and management are concentrated within a family unit, and to the extent its members strive to achieve, maintain, and/or increase intraorganizational family-based relatedness. (Litz, 1995: 78). A business governed and/or managed on a sustainable, potentially cross-generational, basis to shape and perhaps pursue the formal or implicit vision of the business held by members of the same family or a small number of families. (Sharma et al., 1997: 2). A family enterprise is a proprietorship, partnership, corporation or any form of business association where the voting control is in the hands of a given family. (Neubauer Lank, 1998: 8). Family businesses share some common characteristics, largely due to the interacting and overlapping domains of family, ownership and management (Tagiuri Davis, 1982). Family firms have a complex stakeholder structure that involves family members, top management, and a board of directors. Family members, who are often significant owners, usually play multiple roles in managing and governing the firm (Tagiuri Davis, 1982). This involvement promotes loyalty and also commitment to long-term value creation (Dyer Handler, 1994) and reduces problems that arise from separation of ownership and control, as experienced in large, public corporations (Jensen, 1989). Also, family businesses may enjoy a competitive advantage due, for example, to remaining entrepreneurial in character and having a strong sense of responsibility to society (Neubauer Lank, 1998), fast verbal and nonverbal communication, aided by a shared identity and common language of families (Gersick, Davis, McCollom Hampton Landsberg, 1997), family members. Business expertise gained during early childhood onward (Kets De Vries, 1996), and a strong organizational culture contributing to external adaptation and internal integration (Schein, 1983). However, the familyà ¢Ã¢â€š ¬Ã¢â€ž ¢s involvement in governing the firm may induce a focus on business and non-business goals, possibly leading to inefficiency (Schulze, Lubatkin, Dino Buchholtz, 2001). If the owner family is not regularly informed about the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s affairs, differing visions of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s future may develop between management and the family. The resulting feuds between family factions may distract managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s attention from value-creating activities and so reduce their commitment to strategic decisions. Owner-managers also may act opportunistically by satisfying their own needs at the expense of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance and long-term survival. Entrenched owner-manager s may not share their powers with others, especially not with the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s board. Furthermore the common characters of all family businesses are illustrated in the diagram below. Figure The individual represent the family members who are directly involved in daily bases with the operation, the family symbolizes the whole family where in some family businesses called the family counsel and the management dimension represents the family managers and non-family managers. McKinsey quarterly stated in the report à ¢Ã¢â€š ¬Ã…“keeping the family in businessà ¢Ã¢â€š ¬? that only 5 percent will continue to create shareholders value after the third generation. Moreover; the IFC also mentioned in the family business hand book, while the third generation takes over; 95 percent of all family businesses will not survive the ownership around. These consequences might be a result to the lack of commitment and proper business education of handling the business demands. In addition, the survival of family firms is often challenged by dictatorial rule, resistance to change, lack of professionalism in management capabilities, confusion in family and business roles, rivalry and enlarged human emotions among family members, conflicts between interests of the family and the business, and a low rate of investment in business development (Donnelley, 1964; Gersick et al., 1997; Kets De Vries, 1993). All the definitions are focusing on the shareholders and their power in voting and management and these two points are actually the core strength and weaknesses of any family business. However there are other dimensions that a family business can be measured of its strength and weaknesses like: Culture Ownership and governance Succession planning Family involvement This dissertation will be reflected somehow in the culture dimension due to the strength of the factor here in the Arabian Gulf Countries and Oman. Different researcher came up with different definitions of the family business; however, the definitions imply six themes for clarifying the boundaries of the domain of family business: (1) ownership, (2) management, (3) generational transfer, (4) the familyà ¢Ã¢â€š ¬Ã¢â€ž ¢s intention to continue as a family business, (5) family goals, and (6) interaction between the family and business. These themes are similar to those found in the extant literature. For example, Handler (1989a) categorized family business definitions under four headings: ownership and management, interdependent subsystems, generational transfer, and multiple conditions. The extant literature on family business research has largely neglected the definition of the family itself. By modifying Winter.s, Fitzgerald, Heck, Haynes Danes (1998) definition of the family, the present study defines it as a kinship group of people related by blood or marriage or comparable relationship. This definition allows a multigenerational view of an extended family. Family Business in Oman According to the family firm institute (FFI) the around the 75% of Omanà ¢Ã¢â€š ¬Ã¢â€ž ¢s private companies are family owned, with their firms creating 70% of the country employment. There are 12 top families who are controlling around 75% of the contribution over all in Oman. The family owned business also control 90% of commercial activity according to Tharawat (Fortunes) Magazine. Oman is a part of the GCC Region where in the region is estimated that family businesses worth more than 1 trillion dollar, that is ready to be handled to the next generation. All family owned business share same characteristics as mentioned above, even the strengths and the weakness are similar to some extant in all family businesses. However, the family business can be categorized to two categories: Listed family businesses Non-listed family business The listed family businesses are set to fulfill the listed companies corporate governance code as per the CMA regulation, but the non-listed are not treated that way; whatà ¢Ã¢â€š ¬Ã¢â€ž ¢s so ever the size or the operations are. The CMA in Oman are concentrating nowadays to establish an attractive market and safe to all sizes of family businesses, à ¢Ã¢â€š ¬Ã…“the CMA is concentrating on converting the family closed family business to go public by Initial Public Offering(IPO) offering them a less strict rules and requirements to commence the IPOà ¢Ã¢â€š ¬? as the Head corporate governance Center declared. Furthermore there are different points that might affect the operation of any family businesses such as: family relations affect the assignment of the management family indirectly runs the company à ¢Ã¢â€š ¬Ã…“major family influence/dominanceà ¢Ã¢â€š ¬? of the management (in terms of strategic decisions) à ¢Ã¢â€š ¬Ã…“significant proportionà ¢Ã¢â€š ¬? of the enterprisesà ¢Ã¢â€š ¬Ã¢â€ž ¢ senior management à ¢Ã¢â€š ¬Ã…“most important decisionà ¢Ã¢â€š ¬? made by the family à ¢Ã¢â€š ¬Ã…“family controlà ¢Ã¢â€š ¬? of the management of the enterprise at least 2 generations having had control over the enterprise These points might be strengthen the family business in the initial stages of the operations but there must be some kind of governance or policies on whom can make a decisions and how is not. Corporate Governance Corporate governance is a topic that has been a subject of significant debate since 2001 Enronà ¢Ã¢â€š ¬Ã¢â€ž ¢s and other US companies crashed. Some analyst say lack of corporate governance was the main reason behind the crash (International Swaps and Derivatives Association, 2002). The international Swaps and Derivatives Association highlight that the failure was due to interests that extended certain managers at the expense of the shareholders. While the United Statesà ¢Ã¢â€š ¬Ã¢â€ž ¢ capital market where busy analyzing the reasons behind the crash of Enron and World Com, Sultanate of Oman has also experienced its share of corporate trouble affecting not only large companies such as Rice Mills SAOG and Oman National Investment Company Holding SOAG but also dozens of smaller companies, which have had to turn to the government for assistance (Dry, 2003). The year 2002 was the birth of the new corporate governance standards from the Capital Market Authority (CMA), but it was only c overing the list companies in the Muscat Security Market only. Since then the CMA focused on upgrading this standards and code and refine it to be in a worldwide acceptable standards and to include the best practice for the companies. The standards have been modernized since 2002 on the listed companies and the closed shared ones but nothing was mentioned on the family business side. In 2009 the CMA established the corporate governance center to help the companies implement the codes of corporate governance and to regulate the practice and monitor it, in addition to create a new standards to fit the family businesses practice. Till today the CMA and the Center did not establish a full concept on how they can produce a set of codes to be acceptable to the share holders of these businesses due to the lack of information on the family owned businesses in Oman. Theoretical framework related to Corporate Governance. The corporate governance model did not came from one framework or a certain theories, but I was built up on different practices and theories which results of different frameworks that today any economic system can customized to suit the needs to regulate the market. There are certain theories that been always associated with corporate governance practice which is set out the relation between the principle (shareholder) and the agent (management): The agency theory Stewardship Theory Stakeholder theory The agency Theory Agency theory having its roots in economic theory was exposited by Alchian and Demsetz (1972) and further developed by Jensen and Meckling (1976). Agency theory is defined as à ¢Ã¢â€š ¬Ã…“the relationship between the principals, such as shareholders and agents such as the company executives and managersà ¢Ã¢â€š ¬?. Agency theory argues that in the modern corporation, in which share ownership is widely held, managerial actions depart from those required to maximize shareholder returns (Berle and Means 1932; Pratt and Zeckhauser 1985). Since Jensen and Meckling (1976) proposed a theory of the firm (Agency Theory) based upon conflicts of interest between various contracting parties à ¢Ã¢â€š ¬Ã¢â‚¬Å" shareholders, company managers and debt holders à ¢Ã¢â€š ¬Ã¢â‚¬Å" a vast literature has been developed in explaining both aspects of these conflicts. Jensen and Meckling (1976) further specified the existence of à ¢Ã¢â€š ¬Ã…“agency costsà ¢Ã¢â€š ¬? which arise owing to the conflict s either between managers and shareholders (agency costs of equity) or between shareholders and debtholders (agency costs of debt). Financial markets capture these agency costs as a value loss to shareholders. The agency theory argues that an agency relationship exists when shareholders (principals) hire managers (agents) as the decision makers of the corporations. The agency problems arise because managers will not solely act to maximize the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth; they may protect their own interests or seek the goal of maximizing companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ growth instead of earnings while making decisions. Jensen and Meckling (1976) suggested that the inefficiency may be reduced as managerial incentives to take value maximizing decisions increased. Agency costs are arising from divergence of interests between shareholders and company managers. à ¢Ã¢â€š ¬Ã…“Agency costsà ¢Ã¢â€š ¬? are defined by Jensen and Meckling as the sum of monitoring costs, bonding costs and residual loss. (1) Monitoring Costs Monitoring costs are expenditures paid by the principal to measure, observe and control an agentà ¢Ã¢â€š ¬Ã¢â€ž ¢s behavior. The economic impact of asymmetric information also results in various corporate agency problems. Firm managers (insiders) know more about their firm than shareholders and debt financiers (outsiders). When outsiders are unable to judge over the firms performance, they tend to qualify a firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance as moderate. A result of this asymmetric information is that shares of a firm with a great performance are undervalued and vice versa. More specifically, information asymmetries between shareholders or bondholders and corporate executive management creates the necessity of monitoring (costs) and complications for the structuring of financial contracts. They may include the costs of preparing reliable accounting information and audits, writing executive compensation contracts and even ultimately the cost of replacing managers. Denis, Denis, and Sarin (1997) contended that effective monitoring is restricted to certain groups or individuals. Such monitors must have the necessary expertise and incentives to fully monitor manager. In addition, such monitors must provide a credible threat to managementà ¢Ã¢â€š ¬Ã¢â€ž ¢s control of the company. (2) Bonding Costs To minimize monitoring costs, managers tend to set up the principles or structures and try to act in shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s best interests. The costs of establishing and adhering to these systems are known as bonding costs. They may include the costs of additional information disclosures to shareholders, but management will obviously also have the benefit of preparing these themselves. Agents will stop incurring bonding costs when the marginal reduction in monitoring equals the marginal increase in bonding costs. As suggested by the agency theory, the optimal bonding contract should aim to entice managers into making all decisions that are in the shareholderà ¢Ã¢â€š ¬Ã¢â€ž ¢s best interests. However, since managers cannot be made to do everything that shareholders would wish, bonding provides a means of making managers do some of the things that shareholders would like by writing a less than perfect contract. (3) Residual Loss Despite monitoring and bonding, the interest of managers and shareholders are still unlikely to be fully aligned. Therefore, there are still agency losses arising from conflicts of interest. These are known as residual loss, which represent a trade-off between overly constraining management and enforcing contractual mechanisms designed to reduce agency problems. There are some other types of agency costs as following: (4) Agency Costs of Debt There are three groups of participants in a firm, suppliers of equity, debt suppliers and firm managers. It is logical that they would try to achieve their goals with different measures. Suppliers of equity, or shareholders, are interested in high dividend ratioà ¢Ã¢â€š ¬Ã¢â€ž ¢s and high share prices. Debt suppliers, on the other hand, are interested in interest and debt repayments, whereas firm managers would be focused on their financial remuneration. These conflicts of interest give rise to opportunity costs (whereby best strategies are often not adopted) and real costs (e.g., inspection costs). These costs decrease the market value of a firm. Kim and Sorensen (1986) investigated the presence of agency costs and their relation to debt policies of corporations. It is found that firms with higher insiders (managers) ownership have greater debt ratios than firms with lower insider ownership, which may be explained by the agency costs of debt or the agency costs of equity. (5) Agency Costs of Free Cash Flow The free cash flow theory presumes that there are enormous conflicts of interest between shareholders and stakeholders. This implies that managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions do not always maximize the value of a firm (Jensen, 1986). Jensen (1986) also emphasized the continuous agency conflicts between top managers and shareholders. These conflicts are especially severe in firms with à ¢Ã¢â€š ¬Ã…“largeà ¢Ã¢â€š ¬? free cash flows. A free cash flow is the balance of money a company is left with when all projects are financed. If top managers hold more cash than profitable investment opportunities, they may overspend money on organization inefficiencies or invest it in projects with net present value (NPV) less than zero. The logic has it that higher debt levels reduces free cash flows and consequently increases the value of the company. The Stakeholders Model The Stewardship Model Corporate Governance in Oman Selection of framework related to this study The agency theory and family businesses ( Ownership Vs. Management) Introduction to the succession planning in the family Business The importance of succession planning Conclusion of Literature Review

Regional Trading Blocs - 2360 Words

INTRODUCTION : A regional trading bloc is a group of countries within a geographical region that protect themselves from imports from non-members. Trading blocs are a form of economic integration, and increasingly shape the pattern of world trade. In general terms, regional trade blocks are associations of nations at a governmental level to promote trade within the block and defend its members against global competition. Defense against global competition is obtained through established tariffs on goods produced by member states, import quotas, government subsidies, onerous bureaucratic import processes, and technical and other non-tariff barriers. Since trade is not an isolated activity, member states within regional blocks†¦show more content†¦This can lead to trade disputes, such as those between the EU and NAFTA, including the recent Boeing (US)/Airbus (EU) dispute. The EU and US have a long history of trade disputes, including the dispute over US steel tariffs, which were declared illegal by the WTO in 2005. In addition, there are the so-called beef wars with the US applying  £60m tariffs on EU beef in response to the EU’s ban on US beef treated with hormones; and complaints to the WTO of each other’s generous agricultural support. During the 1970s many former UK colonies formed their own trading blocs in reaction to the UK joining the European common market. EXAMPLES OF REGIONAL TRADE BLOCS: In terms of their size and trade value, there are three major trade blocks and a larger number of blocks of regional importance. The three major regional trade blocks are, as follows: NAFTA: NAFTA is short for the North American Free Trade Agreement. NAFTA covers Canada, the U.S. and Mexico making it the world’s largest free trade area. NAFTA was launched 20 years ago to reduce trading costs, increase business investment, and help North America be more competitive in the global marketplace. As of January 1, 2008, all tariffs between the three countries were eliminated. Between 1993-2009, trade tripled from $297 billion to $1.6 trillion. NAFTA was signed by President George H.W. Bush, Mexican President Salinas, and Canadian Prime Minister Brian Mulroney inShow MoreRelatedImpacts Of The Regional Trading Blocs1192 Words   |  5 PagesWorld War II, the creation of regional economic blocs has become an essential political remedy that gathers countries and nations rather than divide. Essentially, the creation of the economic regional blocs aims to minimize the obstacles between nations that share the same geographic border and to facilitate the circulations of goods and services. 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United Biscuits (UB) manufactures its products in factories throughout England, Ireland, Belgium, France, and the Netherlands. The advantages and disadvantages of regional trading blocs such as the European Union (EU), since its creation with the Treaties of Rome in 1957, the European Union has shown great progress in regional integration, mainlyRead MoreU.s. Bilateral Trade Agreements1584 Words   |  7 PagesAs discussed before, the recent decades has seen proliferation of Preferential Trade Agreements (PTAs), of which bilateral and regional trade agreements are a part. Of the 162 member countries, Mongolia was the only WTO member without PFA by 2005 (WTO, 2016). There are several motivations behind bilateral trade negotiations, originating from the state of the economic and political situation of participating nations (McMahon, 2006). In the absence of broader trade agreements, bilateral trade agreementsRead MoreThe European Union ( Eu ) And North American Free Trade Agreement1086 Words   |  5 PagesAmerican Free Trade Agreement (NAFTA) both consists of twenty-seven countries that makes it the largest trading bloc in the world. Based on the 2008 figure, the value of the exports of goods/services from European Union to NAFTA was 639. One billion Canadian dollars while the import of goods/services to the European Union from the NAFTA was amounted to 513.9 billion Canadian dollars. Two trade blocs are also highly interdependent by the means of FDI. In 2007, the value of inflows of FDI NAFTA from EURead MorePreferential Trade Agreements Essay1454 Words   |  6 PagesInternational Trading Blocs Preferential Trade Agreements (PTAs) Preferential Trade Agreements or trading blocs are a form of economic integration in which countries agree to create a free trade area or some form of common market to facilitate trade. 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Education Is a Vital Tool for Development †Myassignmenthelp.Com

Question: How To the Education Is a Vital Tool for Development? Answer: Introduction Noteworthy, Education is a vital tool for development of most economies. Similarly, Australia has placed substantial emphasis on education and has incurred investment into bettering its education sector. However, the Australian education system is far from perfect due to the various shortcomings manifested in its education system. Notably, education inequity is considered rampant between most public schools unlike in private schooling facilties.Further, inadequate or discriminatory distribution of education resources in some schools has largely contributed to the performance disparities among Australian students. According to the Australian, quality education ought to be the focus of academic reforms in Australia. According to the Australian article, quality teacher education is central to excellent student performance.Further,the inability of teachers to focus on the individual student academic needs has largely contributed to poor student performance of students in Australia.Furthermore,tutor unpreparedness before lectures and total and partial absenteeism of tutors also contribute to poor student performance in most Australian learning institutions.Moreover,the outdated curriculum as a basis for learning has crippled education relevance and advancement for the students in Australian thus encouraging future work redundancies and poor workplace performance by students who form the future labor market for the Australian economy. Economic Concepts and Analysis Australian education performance has been among the world top performers .However, the education system is now declining .Moreover, the Australian government has mitigated measures to try and boost education performance in its states. The move to reshuffle schools has proved ineffective thus the need to implement workable solutions into the education sector. Notably, teacher quality determines success of student performance because an unqualified teacher is unlikely to impart quality education or knowledge to his or her students hence the crucial need to improve teacher quality before implementing other measures and education policies. Teacher quality can be improved through raising the standards of teaching courses and curriculum. Identification of the key education reforms is the starting point for education reforms in Australia. Further, a student centered approach to education ought to be adopted by Australian education policy makers. Primarily, a student based approach is likely to grow motivation levels in students and be more effective. Also, use of professional experts input can be incorporated to aid in the reform process(PWC,n.d.)In addition, plan formulation and implementation should follow. Subsequently, technological advancements and creative learning techniques must be incorporated into the education reform system. Inevitably, times are changing and innovative teaching ways are being developed for better student understanding and performance. Notably, the national Australian education curriculum is in the process of being reviewed(International Education News)Inevitably, times are changing hence the need to update national education curriculum to reflect and address the current economic and knowledge needs. Technological and innovate teaching techniques and practices ought to be implemented into the worldwide academic sphere to enable equal competitive footing for all global students in the future labor and education opportunities. Outdated curriculum is likely to inadequately prepare students for the future labor market and inhibit global competitiveness. Primarily, a uniform national curriculum promotes equity among all Australian student due to the equal standard and evaluation criteria thus providing equal competitive chances for all students in Australia. Significantly, teacher quality translates into student performance hence the importance of ensuring and improving teacher quality in all levels of education (Hamid et.al, 2012) Usually, qualified teachers have a likelihood of producing successful and exemplary student performance whereas unqualified teachers are likely to record poor student performance. Substantial investment should be made into training of quality teachers for quality student performance. Quality teachers imply adequate training in the tutoring area thus making the teacher an expert in area of teaching. Further, qualified teachers have the skills and attitude to create a friendly and comfortable learning environment for students thereby boosting student performance (Harmond, 2010) Also, the academic qualifications for training teachers must be high to attract brilliant and motivated minds into the teaching profession.Notably,the poor performance in mathematics in Australia has been linked to the lack of mathematical expertise by one third of the teachers offering mathematics lessons to Australian students between 7 and 10 years of age(Australian,2017) Consequently, teacher expertise contributes to teacher quality and performance.Subsequently,compromised teacher quality is evidenced by insufficient or lack of knowledge of the subject taught by the unqualified teacher(Hattie,2011)Further, shortage of teachers for different Australian subjects such as reading, mathematics and science is largely to blame for the poor student performance(Karp,2016)Primarily, teacher shortage in public schools is more rampant than in private schools hence the performance disparities . Raising the entry academic standards of teachers in training institutions plus the standards of learning teachers will go a long way in boosting teacher quality thus improved student performance. Noteworthy, the evaluation of teacher skills, numeracy and literacy may help raise the declining teacher education standards and quality. The teaching career ought to be made more attractive to help cover the teacher gap in Australian schools. Primarily, poor entry academic requirements for teaching courses will in turn produce not so baked teachers thus poor education quality.However,with brilliant students enrolling for teaching courses, the likely teacher quality standards will be high and therefore teaching In Australian will be considered an attractive . Notably, the Australian government has implemented measures to improve the attractiveness of the teaching profession among its states. The motivation to become qualified teachers is being implemented to attract brilliant minds into the teaching profession (Australian Government) Substantially, education is the backbone to most sectors of the Australian economy. The future taskforce of Australia is comprised of the current students thus the need to provide quality education through quality teachers and other infrastructural and educational resources to prepare the students for the future labor market of Australia. Further, innovative and creative teaching techniques and practices must be implemented into the education system to boost understanding and student performance in Australia (Reforms, 2014) Further, Tutor unpreparedness must be eliminated in Australian education system through implementation of harsher penalties for unprepared tutors. Also, teacher absenteeism ought to be discouraged and eliminated in Australian schools to accord students adequate learning time in preparedness for examination and future labor market. In addition, qualified tutor shortages should be eliminated through making the teaching profession attractive by recruiting brilliant minds and offering financial incentives and motivation for current teachers in the Australian education system. Consequently, an increase in the number of trained teachers is likely to address the teacher shortage in most public Australian schools and also the number of expert teachers will increase teacher quality hence better student performance. In addition, teacher quality can be improved through better salary packages for teachers. Motivated and financially comfortable teachers are likely to perform better than poorly motivated teachers. Further, an increase in the financial budget for teaching resources, learning institution infrastructure is likely to create a conducive teaching and working environment for teachers and students respectively thus better overall school performance. Poorly equipped teachers and students is likely to reflect in poor performance by both tutors and students and the reverse is true. Unqualified teachers are unable to handle individual student needs thereby transforming into exemplary student performance. Equitable resource allocation in schools provides an equal competitive ground for all students of Australia to be able to compete with other global students.Notably,good performance has been linked to better student performance due to the conducive and learner environment that it provides.However,poor leaning environment has a high likelihood of producing equally poor student performance.Further,the government of Australia should invested more financially in equipping all rural and urban schools with sufficient resources and facilities to boost student performance nationally. In addition, quality teachers, adequate resources will go a long way in boosting the overall global academic performance of all Australian students. Also, curriculum reforms are central to good performance and future workplace performance. Inevitably, the current students are going to form part of the future labor force thus the need to update the learning curriculum for both tutor and students. Technological and general economic conditions are ever changing needing adaptability and preparedness on the part of the current and future labor force.Notably,an updated national education curriculum will equip students with the requisite skills required in the future labor market thus an investment into the future. Further, the involvement of technological methods in education will boost the understanding of students and make education effective and time saving. In my view, a good teacher has the rightful qualifications to handle his or her student individual needs which in turn translate to good student performance thus the emphasis on teacher quality. Quality teachers can be achieved through high standards of the academic requirements for the teaching profession. Further, regular updates on the teaching and learning curriculum will empower teachers to adequately handle the different student abilities and disabilities. Also, financial incentives must be availed to motivate teachers and to make teaching an attractive career for brilliant students. Conclusion Inevitably, education has an economic impact on all economies in the world thus the need for Australian education system to boost its current performance trend.Notably,Australian education performance is among the top in the world.However,theres need to implement teacher quality reforms, increase budgetary allocations, update student curriculum and implement creative and innovative teaching techniques.Majorly,teaching quality influences student performance.Further,learning courses for teachers standards and entry requirement ought to be raised to consequently improve teacher quality. Shortage of qualified teachers can be addressed through making the teaching career attractive and not as an option. References Curriculum reform in Australia. International Education News. [Online]Available from https://internationalednews.com/2014/12/04/curriculum-reform-in-australia/[Accessed 5 May 2017] Darling-Hammond, L. (2010). Evaluating Teacher Effectiveness. Center for American Progress. [Online]Available at https://www.highered.nysed.gov/TELDH.pdf[Accessed 5 May 2017] Education improvement in Australia. PWC. [Online]Available at https://www.pwc.com.au/education/education-reform.html/ Hamid. A., Hassan, S., Ismail. H. (2012 Teaching Quality and Performance Among Experienced Teachers in Malaysia. [Online] Australian Journal of Teacher Education 3711), pp. 1-20. https://files.eric.ed.gov/fulltext/EJ999392.pdf Hattie, J. (2011). Challenge of focusing education reform. The Australian.[Online] Available at: https://www.theaustralian.com.au/archive/business/rethinking-education-the-challenge-of-focusing-reform/news-story/320a7a0664bad45f074f3d6eb320e059[Accessed 5May 2017] Karp, P. (2016). Pisa results: Australian students' science, Maths and reading in long-term decline. The Guardian. [Online]Available at https://www.theguardian.com/australia-news/2016/dec/06/pisa-results-australian-students-science-maths-and-reading-in-long-term-decline[Accessed 5 May 2017] Quality teaching must be the focus of school reform. (2017) The Australian. [Online]Available at www.theaustralian.com.au/opinion/editorials/quality-teaching-must-be-the-focus-of-school-reform/news-story/b068e3d469cd0494304bdc2d80c0d97b.[Accessed 5 May 2017] Upholding Quality - Quality Indicators for Learning and Teaching. Australian Government. [Online] Available at: https://www.education.gov.au/upholding-quality-quality-indicators-learning-and-teaching[Accessed 5 May 2015]

Research Based Argument Essay Topics

Research Based Argument Essay TopicsThe purpose of any research-based argument essay is to highlight a particular issue that you have investigated, while using the research on your topic as a springboard. It can be very helpful to write your essay at a certain time in the semester, after all, you can find many things that you need to cover and some things may have already been addressed in your class. Here are a few tips on how to write an effective research-based argument essay.Prior to writing the topic paper, select the essay topic that you will cover. As most students do, find the topic that you are knowledgeable about and find your passion for. This will help you write the paper easier and give you more confidence when writing the paper.When selecting the topic, keep in mind that not every topic is the same. Take note of what questions you have from your classmates or faculty when they ask you if there is anything else that you would like to write about. Then take a look at the current issues that affect you, such as job losses, pay raises, and student loans. Carefully consider your research and determine if it is relevant to the topic. Also, find the area of writing that you are best suited for as this will help with your overall presentation of the topic.Write a good research-based argument essay for the purpose of understanding the author's perspective. If you have an essay to write, make sure that you do not change facts just to get it accepted by the committee. You should first try to understand the topic in order to write a great research-based argument essay. This will give you more confidence in writing your essay.After finding the topic, start thinking about the key reasons why you want to write this paper. Try to think of the reason why you feel passionate about a particular topic, which will help you achieve that passion. You should start with how you have learned more about a specific topic, which will help you create a strong research-based ar gument essay.Research based essay topics come in many different forms. You can choose topics that require you to research on the topic, such as getting into the history of the United States. You can also choose topics that require you to summarize the research. These types of topics require you to make use of research in order to gather information to support your opinion.If you are interested in essay topics that require you to use research, take a look at the data that you can gather, making sure that the data is accurate. Look for information that you can utilize, such as government reports, government records, newspaper articles, etc. The point is to make sure that the information is accurate and reliable. Then make a list of the main points that you will use as well as the evidence that supports your claim.Essay topics that require you to make use of research should be chosen carefully. The reason is that in order to be accepted by the committee, you will need to use facts in s upport of your topic. Research should be used as a source of information, but if you leave out facts that are not accurate, the whole point of the assignment may be ruined.