A Case Study of Akron Children’s Hospital - 2143 Words

Akron Children’s Hospital Anthony D. Davis, Sr. Keiser University MBA 542 Dr. Lan Yuo November 19, 2010 When companies are faced with a particular dilemma, they seek the use of business research to†¦show more content†¦By listening to, watching, and recording things that are usually covered under privacy laws, the door was opened for the most intimate of interactions to be revealed to others. Using this method of observation and their attempt to differentiate themselves from the other hospitals was a very smart move by Marcus Thomas LLC because it exposed what everyone wonders; how will I be treated and what will I experience. The documenting of all the interactions opens the door for potential customers to understand how their hospital stays would proceed. Observing how care was given and how patient s parents were treated hits at the core of human emotion. It s already difficult for parents to deal with their children having illnesses and when they can understand how they will be treated undoubtedly will aid in their decision as to the facility they will choose. These obser vational methods would uncover a lot of qualitative information from individual experiences expressed by those being shadowed. Phase 2 of the research entailed putting together focus groups. There would be 120 min. focus groups that were convened in three markets of northern Ohio. One of the Markets was where the Children s Hospital was located and the other two were located in areas of potential growth. Marcus Thomas ensured that all the participants were parents who had children that were

Potential Analysis of Jet Blue A Case Study - 747 Words

Part 1 Overview and Fiscal Analysis - One of the prime examples of the new paradigm in the airline industry is Jet Blue, an American low-cost, no-frills airline. Its main base is JFK international airport in Queens, NY. The airlines main destinations are U.S. hubs, flights to the Caribbean and Bahamas, and some to Central and South America. It is a non-union airline with a fleet of just under 200 craft, with another 50 ordered. The primary strategy for Jet Blue is the customer value proposition. The airline is not fancy, does not try to offer a number of amenities, only has a few routes, and is primarily trying to base ridership on low-cost fares. Revenue for 2011 was $4.5 billion, with operating income of $322 million and net income of $86 million. The company has a total of over $7 billion in assets showing that 2011 was a good year for the airline, even though revenues were slightly lower than the previous year (Jet Blue Annouces 2011 Annual Profit, 2012). Part 2 Resource Analysis- The company uses unit level activities and manages these by choosing to maintain high aircraft utilization (operating a single aircraft type with a single class of service) and direct booking services save computer reservation fees (use of www.jetblue.com) which lowers operating costs. It uses batch level resources by using a uniform type of aircraft, in which the staff need only become an expert once not many times over. Part 3 External Environment - Airlines, particularly smallerShow MoreRelatedJet Blue Ipo Advanced Corporate Finance1654 Words   |  7 PagesCase Study #28: Jet Blue Airways IPO Valuation. Brendan Sookraj Webster University FINC 5880 Summer 2013 June 27, 2013 Author Note Certificate of Authorship: This paper was prepared by me for this specific course and is not a result of plagiarism or self-plagiarism. I have cited all sources from which I used data, ideas, or words either quoted or paraphrased. 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Case of Kakadu Tourism Services Pty Ltd †MyAssignmenthelp.com

Question: Discuss about the Case of Kakadu Tourism Services Pty Ltd. Answer: Issue There are two issue which have been identified in relation to the case Whether an argument can be made by the car finance company with respect to having a valid mortgage over the office of Kakadu Tourism Services Pty Ltd (KTS) Whether the mortgage over the house owned by KTS can be enforced by Easy Loan Bank through relying on the assumptions provided in Section 129 of the Corporation Act 2001 (Cth). Rule Section 124 of the CA deals with the legal capacity of the company in relation to getting into a transaction. As per the section the law provides the capacity to the company to get into a transaction like an individual person. As per section 125 of the Act the power of the company to get into a valid transaction cannot merely be restricted if the constitution of the company does not allow such transaction. A transaction can be valid even it has been prohibited by the constitution of the company. In the case of Lion Nathan Australia Pty Ltd v Coopers Brewery Limited (2006) 59 ACSR 444 it had been ruled by the court that the constitution of a company is has to be interpreted broadly in order to determine the powers of the company. In this case the court used the section 125 of the CA to provide that act outside the scope of the companys constitution are also binding on it. According to the provisions of section 126 of the Act the power of a company in relation to a particular transaction can be carried on by an individual who acts on behalf of the company through its express or implied authority even if the common seal of the company is not used. In the case of Royal British v Bank v Turquand (1856) 119 ER 886 it had been provided by the court that it is the right of an outsider to assume that the internal rules of the organizations have been complied with anyone using the authority of the company to get into a transaction. Section 128 of the Act provides a third person to make assumptions in relation to the company. The section provides that if a person has power under section 129 of the Act to make an assumption the company cannot provide the assentation that the assumption made by such person is not valid. An assumption can be made by a person with respect to a transaction with another person who provides to have acquired title of the companys property in a direct or an indirect manner. In such situation also the third person or the company cannot provided in the court that the assumptions are not valid. Even if an agent or officer of the company had forged a document or have acted fraudulently the assumptions under the section can be made. In case a person knew or suspected an assumption to be incorrect they cannot rely on the assumptions under section 129. In the case of Northside Developments Pty Ltd v Registrar-General (1990) 170 CLR 146 the court ruled that In case a person knew or suspected an assumption to be incorrect they cannot rely on the assumptions with respect to dealing with the company. A person under section 129 of the Act has the right to assume that in relation to the transaction the replaceable rules and constitution of the company has been complied with. In addition a person has the power to assume anyone with respect to the information provided by the ASIC available to the public to be a company secretary or the director of the company and also assume that they have been appointed in a proper manner and have the right to perform the powers which a normal director would have. A person also has the right to assume that a director or officer of the company have performed their duties properly. In the case of Brick and Pipe Industries Ltd v Occidental Life Nominees (1992) 10 ACLC it was ruled by the court that when dealing with the company an outsider has the right to make more than one assumption in relation to the person acting on behalf of the company. The same concept had also been used in the case of Advance Bank Australia v Fleetwood Star Pty Ltd (1992) 10 ACLC 703. An individual can think that a paper has been properly executed by the organization in case the document apprehends to be signed in compliance with section 127(1) of the Act. In relation to the assumption it can be assumed by the person that any person who has signed the paper are the sole director and company secretary of the company. Application In the given case it had been provided that Mary and John who are married are the shareholders and directors of the company Kakadu Tourism Services Pty Ltd (KTS). The purpose of the company was in relation to tourism business. Marry occupies a house which is owned by the company and John has moved out of the house as their marriage has broken down. Mary does not have active participation in the functioning of the company. A sports care has been purchased by John which is worth $80000. The payment has been done through a finance lease with respect to KTS. A mortgage over the office building has been provided as a guarantee for the finance lease to the Car finance company. In this case even through the purpose of the company is related to tourism services, section 125 of the CA would allow such transaction to be valid in relation to the company. Thus the transaction cannot be held ultra-virus with respect to the company. In addition section 126 provides that any person who has expressed or implied authority in relation to the company can get into a transaction on behalf of the company. In the given case John being the director of the company has authority to enter on transactions on behalf of the company thus the dealing with the Car finance company can be further stated to be binding on KTS. It has been claimed by Mary that the car was personal asset of John, however as per the above discussed rules John had the power to bind the company to a contract with any their party and thus the car finance company also has the right to mortgage the companys office because of non-payment. In addition it has been provided that John had entered into a deal with Easy loan Bank for borrowing $200000 and mortgaging the house which is occupied by Mary without telling this to her. The mortgage had been secured as John stated that he is the director of the company and his son Michael is the Company secretary. According to the provisions of section 127 of the CA a company can give effect to any document if it has been signed and witnessed by one director of the company and the company secretory. It had been provided by John to the Bank manager that Mary has resigned as the company secretary and the new company secretary of the company is Michael. The act was also not approved by the board as provided by the constitution of KTS. Section 129 of the CA provides that an outsider can make certain assumption in relation to the dealing with a company. Firstly the person has the right to assume that in relation to the transaction the replaceable rules and constitution of the company has been complied with. Thus in this case even when the constitution of the company provides the contrary the bank has the right to assume that the constitution had been complied with in relation to the transaction. Secondly, a person also has the right to assume that a director or officer of the company have performed their duties properly therefore the bank has the right to assume that the John has complied with his duties in a proper manner. Thirdly in relation to the execution of a document if a person provides that he is the director or company secretary of the company the third person has the right to assume that the person actually is the director or company secretary of the company. However it has been provided clearly by section 129 (6) that if a person had knowledge of an information being incorrect they cannot make assumptions under this section. There was no documentation available with the ASIC which could derive the conclusion that Mary is no longer he Company secretary of the company or Michael is the new Company Secretary. In addition it is the duty of a third person to make further inquiry with the ASIC in relation to the directors and secretaries of the company which had not been done by the bank. Thus it can be provided that the bank does not have the right to rely on the assumptions provided in section 129 as they did not make further inquiries in relation to Michael being the secretary with the ASIC. Conclusion The deal between the Car finance company and KTS is binding and valid. The Bank cannot claim assumptions under section 129 of the CA. References Advance Bank Australia v Fleetwood Star Pty Ltd (1992) 10 ACLC 703. Brick and Pipe Industries Ltd v Occidental Life Nominees (1992) 10 ACLC Corporation Act 2001 (Cth) Lion Nathan Australia Pty Ltd v Coopers Brewery Limited (2006) 59 ACSR 444 Northside Developments Pty Ltd v Registrar-General (1990) 170 CLR 146 Royal British v Bank v Turquand (1856) 119 ER 886

Night Essays (1187 words) - Holocaust Literature, Night,

Night "Where is God now? (A man behind me asked)...He is hanging here on this gallows..." This is where the Holocaust left young Elie. It left him with a feeling that there is no God, or if there is, he is not as wonderful as everyone has been proclaiming that he is. The story begins in the small town of Sighet near Transylvania were Elie lived with his parents and two little sisters. Elie studied the Talmud during the day and spent his evenings in Synagogue praying. His life revolved around his undying faith and love for God. He loved God and the Jewish faith so much that he often cried while he was praying. He and his family lived without fear and in happiness until some of the people of Sighet were deported. One of them, Moche the Beadle, returned with stories of Jews being slaughtered and babies being tortured and used as firing practice. The stories were dismissed as crazy and they told themselves that they were all safe. They believed they were in the peaceful hands of God. Unfortunately, in 1944 German troops moved into their town. They set up ghettos and controlled their lives with fear. The people of Sighet were forced to leave their homes. They were packed into cattle wagon trains and given buckets of water and bread to eat. They stayed in the train for many days and were not allowed to get out to go to the bathroom so they were condemned to live amidst filth. Some people started going crazy. One old woman screamed almost the entire time about flames and burning flesh. Little did everyone know that what she was yelling about was the fate of everyone in her company. When they finally arrived in Birkenau, they exited the train to the smell of burning flesh and the sight of smoke and flames. When they got into the camp Elie and his father were separated from his mother and two little sisters. They did not realize immediately that they would never see them again. After they were separated they were told to march in a line that was heading directly toward a tremendous hole in the ground in which the charred remains of Jewish corpses could be seen. It is then that Elie begins to wonder why it is that he has been blessing God. The people around him had begun to say a prayer for the dead and for themselves. He wonders why he should bother? No God that he knows would let such evil go on, therefore there must be no God. People around him were asking the same questions. Others told them that God was testing their faith and if they kept themselves strong and survived for as long as they could, God would be pleased and they would be blessed. They continued marching straight up to the edge of the ditch with faith in their hearts and were suddenly told to turn left into barracks. Elie and his father were given tips by men that had been in the camp longer about how the Germans were working and how to survive. They were told what you had to say and how you had to act in order to stay alive longer. All Elie cared about was not being separated from his father. For over a year they were forced to live and work in extreme conditions. They were made to walk miles on little sleep and even less food for continuous hours and days at a time. Men were beaten and killed for their hunger, fear, sickness and exhaustion. They had to endure the stress of selection where they were briefly examined and were selected to be killed because their weakness was a drain on the camp. Elie's father grew very sick and became very weak. One day while he was calling for Elie to help and comfort him guards at their camp beat him. When Elie woke up the next morning his father was gone from his bed, inevitably taken to a crematory. A few weeks after he and many other Jews were set free. ~* Review *~ Night is an amazingly thought provoking and touching story. The descriptions of the horrors that Elie faced grab you and make you understand completely what kind of pain he and everyone else faced. This book was written to show how exactly horrendous the Holocaust was. It also shows you how evil can destroy persons belief in something that they hold dear,

Auditing Solutions Essay Example

Auditing Solutions Paper Examine a sample Of duplicate sales invoices for credit approval by the credit manager. D. Review the aged schedule Of accounts receivable to determine if receivables from officers are included. When the computed upper exception rate is greater than the tolerable exception rate, it is necessary for the auditor to take specific action. Which of the following courses of action would be most difficult to defend if the auditor is ever subject to review by a court? a. Reduce the tolerable exception rate so as to accept the sample results. B. Expand the sample size and perform more tests. C. Revise the assessed control risk, d. Write a letter to management which outlines the control deficiencies. Psychics of the following is not generally considered in determining sample size for tests of controls? Ad. Expected population exception rate. B. Risk of assessing control risk too low, c. Tolerable exception rate. D. Population size. 25 Which Of the following statement is correct With respect to the quantification of sampling risk? easy. Sampling risk cannot be quantified. C b. Sampling risk can be quantified only When Nan-probabilistic selection techniques are used to select the sample. Sampling risk can be quantified only when probabilistic selection techniques are used to select the sample. D. None of the above. Easy The auditor may use which of the following criteria when using the directed sample selection technique? a. Items most likely to contain misstatements. B. Items containing selected population characteristics. C. Large dollar coverage. D. Any of the above, 27, Nan-sampling errors occur when audit tests do not uncover existing exceptions in the: mediums. Population. B, sample. C. Planning stage. D. Financial statements. 8 Which Of the following statements is correct With respect to the evaluation Of sample results? Medium c a. It is acceptable to make Nan-probabilistic evaluations only When probabilistic sample selection is used. B. It is acceptable to make non-probabilistic evaluations only if the auditor Anton quantify sampling risk. C. It is never acceptable to evaluate a Nan-probabilistic sample as if it were a statistical one. D. All of the above ar e correct. 29. Which of the following statements is a valid criticism of non-statistical sampling? Medium Ad. We will write a custom essay sample on Auditing Solutions specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Auditing Solutions specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Auditing Solutions specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Many audit tests, such as tooting of journals, must be performed outside a statistical sampling context, b. The cost to performing random selection or testing often exceeds the benefits. C. Non-statistical sampling does not differ substantially from statistical sampling methods. D. Conclusions may be drawn in more precise ways when using statistical 30 tedium Which of the following methods of sample selection is appropriately used when selecting a random sample? D a. Use of random number tables. B. Use of computer generated random numbers.

Business Ethics When the Work

Business Ethics When the Work Work-life balance is a flexible working program that has become common in several organizations in the US. Some firms have introduced flexible working hours for their employees, who need to balance between family and work responsibilities. Work-life balance is a trend that has picked up in various places of work in the US. This work-life balance has an impact on relationships that employees have with each other. Workers who have children have found flexible working hours more rewarding for their careers and family lives.Advertising We will write a custom essay sample on Business Ethics: When the Work-Life Scales Are Unequal. specifically for you for only $16.05 $11/page Learn More The workplace environment is experiencing a lot of changes. Employers have realized the importance of offering their employees flexible work schedules, which help them balance between work and family life. However, the work-life balance approach is not getting support from all work ers as expected. Workers with no children and families to care for, feel that their colleagues who have families use this as a pretext to avoid performing their duties. They feel that they shoulder the burden of their absentee colleagues because they have to perform extra duties. It is difficult for working class parents, especially mothers, to balance their commitment to work and family effectively. However, some workers are very supportive of their colleagues who are forced by family circumstances to stick to flexible working hours. These workers understand the importance of their colleagues being involved in the lives of their children. A flexible work schedule makes such workers more effective. This is because of the satisfaction they get from performing their work duties and spending time with their children. Employees who are away from their work stations can be telephoned or emailed if an urgent issue that needs their input comes up at work. This has created a lot of harmony between workers, in firms which have work-life balance schedules. Many firms are finding it difficult to implement flexible work systems. Some employees do not have children but still need time to attend to their family members, who need their attention. Employees who care for their elderly parents or grandparents feel that their colleagues who have children are favored more by the work-life balance schedules than them. They claim that they also deserve to be given flexible work schedules, which allow them to care for their elderly relatives more. Human resource specialists argue that, for a flexible work program to succeed, all employees with alternative interests away from work need to be considered.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Employees in firms who offer flexible work schedules should focus on how their duties are going to be done during the period they are away. This will lessen the burden that is shouldered by their colleagues when they are away from work. Firms need to monitor the time each worker spends at the workplace, to determine every individual’s productivity level. A work-life balance program can only be effective if all employees communicate with each other easily, regardless of their locations. Workers also need to notify their colleagues if they are planning to leave their workstations early. Flexible working programs need to be fair to all workers to reduce resentment between them. Organizations need to meet crucial deadlines and performance targets. Implementation of a work-life balance program should ensure that productivity levels in the organization remain consistent. This case confirms that many firms face difficulties when implementing flexible work programs for their employees. All employees need to be given equal consideration when a flexible work program is being implemented.

Car Manufacturing and Costing Systems Essay Example | Topics and Well Written Essays - 750 words

Car Manufacturing and Costing Systems - Essay Example Meanwhile, by 1939, the UK car manufacturing Industries have reached to the extent where they seconded the United State worldwide in terms of manufacturing car, as there were 20 Independent car manufacturing companies based in UK. Additionally, according to Stephen King (2005) that "BEFORE THE Second World War, there were hundreds of UK car companies. Had you wanted to buy a car, you could have opted, in the 1930s, for an elegant Alvis. Going back a bit further, you might have preferred the rather underrated, yet classy, Albion. Now, with the administrators called in to sort out MG Rover, it looks increasingly likely that you will no longer be able to 'Buy British' at all unless you're heading for the niche world of Morgan or for self-employment as a taxi driver". The costing system that was used in most manufacturing companies in the 1930s was the volume based costing system. This therefore implies that this costing system must have been employed in the car manufacturing process in the United Kingdom during this period. A volume-based costing system is a costing system that assigns overheads to products based on the output level achieved. (Blocher et al, 2005). Overhead or indirect costs are arbitrarily assigned to products based on either labour or machine hours rather than based on the product's demand for activities and thus resources. (Blocher et al). A vA volume based costing system allocates costs to products using arbitrary methods such as direct labour hours. These systems have proven to be appropriate when manufacturing systems used to be labour intensive, when labour used to be the principal value-adding activity in the raw material conversion process. (Cooper and Kaplan, 1992). However, with the advent of sophisticated technological developments and automation of manufacturing processes, direct labour is no longer directly working in the conversion of materials to products. Instead labour is simply engaged in setting up machines and supervising production activities (Kaplan and Cooper, 1992). Under the volume based costing system products that are manufactured in low quantities tend to incur more costs than those that are produced in large batches. The costs incurred per unit on these low-volume products are usually higher than that for the high-volume products. (Kaplan and Cooper, 1992). Therefore, when a volume based costing system is used to allocate overhead costs to products both low- and high-volume products are allocated equal amounts of costs. (Kaplan and Cooper, 1992). Activity based costing (ABC) a cost accounting system that recognizes the fact that costs are incurred by each activity that takes place within the organization and that products (or customers) should bear costs in proportion to their demand for activities (Owe and Law, 1999) is the costing system that was used in the UK car manufacturing industry in the year 2000. This is so because car manufacturing in the year 2000 became computerised and the role of labour in manufacturing was mainly supervisory. Apportioning overheads using labour or machine hours while appropriate in the 1930s could not be appropriate in 2000. ABC was proposed by Professor Johnson

Intelligence brief analysis Assignment Example | Topics and Well Written Essays - 250 words - 1

Intelligence brief analysis - Assignment Example However, about a week ago, Iran’s senior negotiator said that in the next meetings, the discussions will only tackle nuclear issues (Black N.P). He stressed that the nuclear talks are not similar to military programs talks. Upon his arrival in Vienna, Zarif who is an official in the scheduled meetings said,† the committee believes they can finally reach an agreement†. The six world powers are: Britain, China, France, Germany, Russia and the United States. Their aim however, is to reach an agreement within at least six months. The previous deal has frozen Iran from its nuclear project so far until July 20, a period by which they think they will have already come up with an agreement. Difference of position in the discussion points might make a final agreement impossible because every party would like its interest met which is obviously impossible.US for example want some parts of the nuclear plant in Iran to be abolished if they are to get to an agreement. On the ot her hand, Iran insists that the only discussion they will hold will concern their nuclear program thus excluding their military (Khan N.P). Steven Erlangler.†Iran and 6 Powers Agree on Terms for Nuclear Talks.† The New York. 2014, NP. Retrieved on 26/2/2013, from, http://www.nytimes.com/2014/02/21/world/middleeast/iran.html?ref=nuclearprogram&_r=0 . web Black Ian. â€Å"Iran won’t discuss military programs, say officials.† The Guardian.2014, N.P Retrieved on 26/2/2013, from http://www.theguardian.com/world/2014/feb/18/mohammad-javad-zarif-iran-political-will-final-nuclear-agreement.

Savil Building by Glen Howells Architects Essay

Savil Building by Glen Howells Architects - Essay Example In its design, its response to the site, the climate, the design requirement, it has surpassed the programme. That's what makes it unique, 'high architecture' or in plainer words an award winner! This essay investigates the architectural qualities of the Savill Building with specific reference to the following themes: Beauty or the aesthetic value of every building is an important feature of every structure established within certain locations. It is also closely related to the time and place of the architectural event. Thus, modernists like Philip Johnson see deconstructivism as 'warped' and the International Style as 'pure'. It is about the contrast between 'perfection and violated perfection'.1 The many trends in architecture after modernism suggest a pluralist society where too many issues are equally important. However, in the collective concern for the environment and attempts at conserving and reusing and generally trying to contain one's carbon footprint, we may have finally, the one world- religion that will generate an aesthetic that may be most persuasive of recent trends.2 And the Savill Building illustrates this beautifully both figuratively and literally. Through improving the landscape of the park, the building creates a profound experience for the visitors making them feel like they belong to the landscape itself. The dome shape of the roof creates an illusion that the entire building is one continuous structure that follows the dictates of the landforms so sensitively that it is difficult to perceive where building ends and landscape begins. It fits in with its surroundings hand-in-glove, not just in terms of building profile but also in terms of its material for construction that was judiciously selected and felled on site itself. Of all the other features of the complex, the structure of the building stands out as the chief characteristic of the complex. Being a part of the whole landscape works well for the Savill Building as it utilizes the natural beauty of the location where the structure is established. The complete building created not only for catering to its distinct functions it aims also to enhance the entire natural landscape of the site3. This capability of the structure to bring out the natural essence of the beauty that the location itself posses makes the complete conception a complimentary element to the landscape. 2. Nature Seen and Sensed The major features of the shapes and elements that make up the building actually create a more sophisticated presentation of nature. The carefully crafted design that mimics the entirety of scale and location highlights the abundance of nature creating an 'environment of seemingly untamed, ever-productive free growth'4. A curved glazed curtain wall allows the visitor to view the 'spectacular' landscape over the terrace.5 The glazing allows natural light to enter the building giving it better chances of being appropriately lit during the day right up to mid afternoon. The glazing 'frames' the scenic view of the natural landscape of the gardens for which the interiors of the building create a perfect foil. Hills and

Free Cash Flow with a Firms Capital Expenditure

Free Cash Flow with a Firms Capital Expenditure Free cash flow and capital expenditure go side by side. What is important to find out is the existence of an association between the two in Sugar Industry of Pakistan by means of ascertaining the strength of their relationship. Annual financial statement data for 27 sugar mills of Pakistan, listed on Karachi Stock Exchange (KSE), was taken to calculate free cash flow and annual capital expenditure over the 2000-08 period. Linear regression test was run on the data to study the relationship between the two variables. The results hence proved an association confirming an existence of a relationship. Introduction Overview of the Sugar Industry of Pakistan Pakistan is the 5th largest country in the world in terms of area under sugarcane cultivation, 11th by production and 60th in terms of yield. Sugarcane is the primary raw material for the production of sugar. Since independence, the area under cultivation has increased more rapidly than any other major crop at around one million hectares. The sugar industry in Pakistan is the 2nd largest agro based industry comprising 81 sugar mills out of which 27 are listed on Karachi Stock Exchange. The annual crushing capacity of the industry is over 6.1 million tones. Sugarcane farming and sugar manufacturing contribute significantly to the national exchequer in the form of various taxes and levies. Sugar manufacturing and its by-products have contributed significantly towards the foreign exchange resources through import substitution. Sugar production is a seasonal activity. The mills, at an average operate for 150 days a year whereas the supplies are made throughout the year. As the industry n ow has large daily crushing capacity there are efforts to reduce the production even further. About the subject The purpose of this research is to examine the significance of free cash flow in relation with firms capital expenditure. Many researchers have studied the relationship built around free cash flow and have argued that managers have to play a vital role in deciding where free cash flow eventually ends up. Something known as an agency problem is widely discussed and commented on by several researchers. This problem talks exactly about the conflict of interest between managers and shareholders. Shareholders are interested in earning as much dividends as possible which would increase their value. On the contrary, managers think for themselves. They tend to invest the available cash flow in projects that would not necessarily increase shareholders value but ensure that the tenure of the manager is as extended as possible. New investments would mean more responsibilities on managers thus their uninterrupted length of service is required in the long term interest of the firm. Going one step ahead of agency problem, this study is related to free cash flow which shows an association and a relationship with the capital expenditure. Free cash flow is a  measure of financial performance and one of the sources of capital expenditure in firms. Managers can either disburse the available cash among shareholders in the form of dividends after  keeping aside the money required to expand or maintain its asset base or hold it back for developing new products, making acquisitions, and reducing debt. At this point in time, it is imperative to note that negative free cash flow in itself is not bad. If free cash flow is negative, it  could show that a company is developing new products, reducing debts or even making large investments. If these cash out flows earn a high return eventually, the strategy has the potential to pay off in the long run. Capital expenditures (CAPEX) are those cash outflows that create future benefits for the firm. A capital expenditure is incurred when a business outlay funds to acquire or upgrade physical assets such as property, industrial buildings or equipment. CAPEX is commonly found on the Cash Flow Statement as an investment in plant, property and equipment or something similar in the investing section. Companies listed on stock exchange will often list their capital expenditures for the year in annual reports, which allows shareholders to see how the company is using their funds and whether it is investing in its long term growth. The hypothesis tested in this study is accepted and thus a relationship between free cash flow and capital expenditure is established. Literature Review Cash flow is determined by integrating the cash receipt and disbursement items from the income statement with the change in each balance sheet item; the sum of the cash inflows equals the sum of the cash outflows. Whereas capital expenditure is the amount a company spends buying or upgrading fixed assets, such as equipment, during the year and acquiring subsidiaries, minus government grants received. The free-cash-flow (FCF) hypothesis by Jensen (1986) suggests that excess cash flow is wasted on value-destroying expenditure because managers have a personal motivation to grow the asset base of the firm rather than dispense cash to shareholders in the form of dividends. Cash flow has always been somewhat of a puzzle in the literature on the determinants of investment. Gugler (2004) argues that in a strictly neoclassical world, cash flow does not belong in an investment equation. Even than pragmatic studies dating back over 4 decades invariably document that cash flow and investment are positively related. The influence of internally generated cash flow on financing capital investment expenditure is well studied. But what is less well understood is the cause behind this influence. Modigliani and Millers (1958) Irrelevance proposition asserts that firms undertake all positive net present value (NPV) investments regardless of the financing source. Firms that pay low dividends rely more heavily on cash flow as shown by Fazzari, Petersen and Hubbard (1988). The first two gentlemen also found that such firms use working capital adjustments and not external financing to maintain the needed capital expenditure in order to smooth cash flow fluctuations. They further argued that in order to save cash flow, firms choose a low dividend payout policy. Calomiris and Hubbard (1995) proved that those firms have heaviest dependence on cash flow to finance capital expenditure which pay the highest taxes associated with undistributed profits. Devereux and Schiantareelli (1990) found that as compared to smaller firms in the UK, the large firms depend more heavily on cash flow financing. The reason they pointed out for such a trend was the manager/shareholder agency problems in these large firms mainly because of lower managerial ownership and higher costs associated with monitoring mechanism. In this thesis, further evidence have been provided on the role of free cash flow and capital expenditure through observing the data provided by the Karachi Stock Exchange. To measure the market reaction to such expenditure plans, the over and above returns around capital announcements have been used. It was moreover, found that the impact capital expenditure has on firm value that is financed by cash flow depends upon the characteristics of the firm making the expenditures. Firms show a strong positive relation between the level of undistributed cash flow and the level of announced expenditure, although large firms depend less heavily on cash flow as compared to the small firms and those firms that have high managerial ownership. Jensen (1986) suggested that those firms which had a large level of free cash flow were likely to squander it on unprofitable investments. As a result undistributed cash flow must play an important role in explaining capital expenditure by these firms. In addition, certain firms are more prone to the agency problems of free cash flow, especially the large firms which, as discussed by Devereux and Schiantarelli (1990), generally have a more diverse ownership structure. Jensen (1993) discussed such firms as the ones that have more costly internal control mechanisms. About small firms, Jalilvand and Harris (1986) commented that they are more vulnerable to suffer from cash flow restraint mainly because they have limited access to external captial markets due to higher transaction costs of public security isssues and the information problems. Therefore, Vogt (1997) believes that small firms tend to have profitable and at the same time unexploited investment opportunities. The available ca sh flow should be the main source of capital expenditure by these firms. Moreover, if cash flow is used by these firms to fund the capital expenditure, such an announcement must show a positive reaction in terms of appreciated stock prices. Jensen (1986) argues that there are agency costs coupled with free cash flow. His study broadens that argument and speculates that shareholders form their valuation decisions on firms reputations regarding free cash flow exploitation. This notion was tested by examining the stock price responses to equity offers, which generally aggravate the cash flow quandary, for firms differentiated by their recent avaricious behavior. The results suggested that shareholders react more positively to equity issue announcements if firms have obtained only assets related to their key business than to other equity issue announcements. On another occasion, Jensen and Meckling (1976) explained the agency problem between managers and shareholders. They unarguably stated that managers are supposed to be the representatives of the shareholders. But they tend to make those decisions that will maximize their own benefits as opposed to the shareholders value. In order to restrict them from doing so, they must either be provided incentives or be monitored. They further argued that in firms where managers have low level of insider ownership, have greater incentives to invest in unprofitable projects that stretch the firms beyond its optimal size and the expected return on new capital expenditure can be negative for such firms. Such actions would obviously be inconsistent with firms value maximization objective. Jensen (1986) suggests that stock prices are tendered downward to imply agency costs coupled with a firms free cash flow. In particular, managers have an enticement to use unfettered funds to benefit themselves instead of the shareholders. John and Nachman (1985) claim that agency costs can be alleviated through reputation building. Particularly, they demonstrate that the agency problem of underinvestment can be determined through reputation. The observed results recommend that managers build reputation through covetous activity whereas the shareholders state their response on pre-acquisition activity. In an ideal world, managers would disburse the entire free cash flow among the shareholders provided; the interests of shareholders and managers complement each other. This would maximize shareholders wealth and allow them to use the available cash for capitalization. Amihud and Lev (1981) however argued that managers have an enticement to minimize their employment risk. Employment ris k aims to explain the insecurity inbuilt in a managers tenure or the term of employment. Managers have an option of increasing the certainty of their tenure by diversifying the real asset portfolio of the firm and they do it by purchasing those assets that are unrelated to the primary line of business of the firm. Managers have an option of financing diversification projects by using the free cash flow that has been held back and not been distributed to shareholders, thus they need not seek funds from the capital markets. Easterbrook (1984) believes that it is easy to watch the managerial behavior of the firms when they seek funds from the well-performing capital markets. Therefore, on one hand it becomes difficult to keep a check on the performance of managers if they use the hoarded cash flow for the purpose while on the other hand, investors are unable to measure free cash flow as they are incapable of scrutinizing the investment opportunity schedule of the firm. Shareholders are expected to take any unencumbered cash request negatively, coming from the management for the purpose of diversifying. Unless they are provided sufficient proof, they will assume the request to be the acquisition of free cash flow. As a result of this ambiguity, stock prices will fall and show the residual loss caused by the probable misuse of free cash flow by management. Further, managers may wish to expand firm size, irrespective of the fact that it increases shareholders wealth or not, based on the assumption that exec utive promotion and compensation are positively related to firm size (Donaldson 1984; Baker 1986; and Baker, Jensen, and Murphy 1988). Cash flow is related to the expected return from new investment as shown by Myers and Majluf (1984). Those firms which have a shortage of cash flow and liquid assets might let go profitable investment expenditure instead of issuing mispriced securities to fund the investment. As a result, these firms might have unexploited investment opportunities that would increase firm value if sufficient cash flow could be generated to finance them. Capital expenditure of high ownership firms must show a dependence on cash flow and positive excess returns must be observed for these firms when they declare new capital expenditure. Morck, Shleifer, and Vishny (1988) described high levels of insider ownership to be associated with high levels of cash-flow-financed capital expenditure because of managerial-establishment issues. Firms with high insider-ownership levels might wish to finance expenditure with cash flow solely to avoid loss of control associated with weakening their ownership position or restrictions imposed by creditors. Lehn and Poulsen (1989) and McLaughlin, Safieddine, and Vasudevan (1996) defined Free Cash Flow to be operating income before depreciation, less interest expense on debt, less income taxes, less preferred and common dividends. Vogt (1997) calculated both cash-flow measures net of interest expense and dividends in order to control for managerial decisions affecting the level of undistributed cash flow. Ignoring these other decision variables might create a bias in the observed relation among cash flow, capital expenditure, and market returns. As an example he referred to a firm with high levels of cash flow that does not manipulate the agency problem. Such a firm will minimize undistributed cash flow by choosing high interest and/or dividend levels. It might pursue profitable investment expenditure and is unlikely to rely heavily on cash flow for financing. This firm must be associated with positive market responses around expenditure announcements. Using a cash-flow figure gross of interest expense and dividends would incorrectly combine positive market returns to firms with high cash flow rather than the correct low level of cash flow that it actually maintains. Vogt (1997) used 421 firms to observe relationship between cash flow and capital expenditure. When these firms announced expenditure increases, the level of announced capital expenditure seemed to be positively and strongly related to the level of cash flow. The strength of this relation increases for firms with profitable earlier investment opportunities, as firm size declines, and as the proportion of insider ownership increases. His further analysis suggested that considerable diversity exists in the capital markets response to capital expenditure financed by cash flow. The positive and statistically significant excess returns found in the sample of firms announcing increases is concentrated in the smallest of the sample firms, in firms with low cash flow relative to capital expenditure, and, to a lesser extent, in firms with high levels of insider stock ownership. Tests explaining the cross-sectional variation in returns reveal that excess returns for medium and small firms in the sample are positively associated with unexpected increases in planned expenditure. These tests also suggest that the capital market responds more favorably to the announced expenditure by small firms when the planned expenditure is more dependent on cash flow. On the other hand, excess returns for the largest firms in the sample are negative, however not statistically significant. Vogt (1997) observed that due to the fact that small firms and high ownership firms are most likely to face the liquidity crunch associated with asymmetric information, they are also the most likely to let go profitable investment opportunities in times of cash flow shortages. As cash flow rises, the set of profitable capital investment projects the firm can carry out also increases. As a result, capital expenditure announcements are met with positive shareholder reactions, particularly when expenditure is dependent on cash flow. Vogt (1997) concluded by observing that the apparent diversity in the markets response to capital expenditure decisions suggests different capital expenditure financing policies for firms that seek to augment shareholder value. The market values of small firms, firms with significant insider ownership, and firms that are generally cash flow confined appear to be improved, on average, by financing capital expenditure with cash flow. These firms might consider policies of saving undistributed cash flow through low payout and leverage policies. Such an action therefore encourages new capital expenditure from internally generated funds. However, all other firms seem to be less dependent on a cash flow retention policy to facilitate capital expenditure. In 1986 while explaining the free cash flow (FCF) hypothesis Jensen (1986), focuses on the agency issue. He argues that managers can increase their wealth at the cost of shareholders by not paying out the funds from a firms free cash flow in the form of dividends or debt financed share repurchases, rather investing them in unprofitable investment prospects. Devereux and Schiantarelli (1990), Strong and Meyer (1990), Oliner and Rudebusch (1992) and Carpenter (1993) later studied the role that agency problems play in the cash flow-investment relationship. Their findings turned out to be conflicting vis-a-vis the importance of free cash flow. Strong and Meyer (1990) found that share prices of firms that undertake investment expenditure with unrestricted cash flow experience negative performance while Oliner and Rudebusch (1992) found little evidence regarding ownership structure affecting the cash flow-investment relationship. The firms dividend decision has connotation for the FCF theory. According to Lang and Litzenberger (1989), dividends are one means of eliminating free cash flow. Vogt (1994) developed a model in this research paper where he showed that firms with the opportunity to exploit free cash flow will follow low dividend payout policies and cash flow will have a strong influence on investment expenditure. On the other hand, if firms are confined from obtaining external funds because of whatever reason, those firms with profitable investment opportunities will maintain low dividend payout policies in order to preserve on cash flow. Therefore his model was found to be consistent with Fazzari, Hubbard, and Petersen (1988); it predicts that low payout firms should be associated a strong cash flow-investment relationship. There has been considerable empirical evidence which indicate that internally generated funds are the primary way of financing firms investment expenditures. Gordon Donaldson (1961), in a detailed study of 25 large firms, concludes as follows: Management strongly favored internal generation as a source of new funds even to the exclusion of external funds except for occasional unavoidable bulges in the need for new funds. A later survey of 176 corporate managers by Pinegar and Wilbricht (1989) discovers that managers prefer cash flow to finance new investment over external sources as 84.3% of sample respondents showed their preference for financing investment with cash flow. Vogt (1994) explains the relationship of cash flow and capital expenditure by analyzing the free cash flow theory of Jensen (1986). As monitoring is assumed costly, and managers can benefit from overinvestment, he predicts that cash flow will significantly influence investment expenditure after controlling for the cost of capital. Investment expenditure of firms not paying dividend will be more influenced by cash flow than investment expenditure of firms that pay dividends. This follows because no-dividend firms are able to retain all cash flow and still not reach the retention constraint. For liquidity-constrained firms, cash flow and changes in the stock of the firms liquid assets should have a significant influence on investment expenditure. Firms with many profitable investment opportunities or large information asymmetries will have investment expenditure that is most sensitive to changes in cash flow, and should conserve on cash flow by paying low or no dividends. Firms indicat ing a liquidity constraint by not paying dividends will have the most significant cash flow/investment relationship. In a study; Fazzari, Hubbard, and Petersen (1988) discovered that cash flow has a strong effect on investment expenditure in firms with low dividend payout policies. They argue that this result is consistent with the belief that because of asymmetric information costs associated with external financing, low payout firms are cash flow confined. One reason these firms keep dividends to a minimum is to preserve on cash flow from which they can fund profitable investment prospects. Later in the year 1993, Fazzari and Petersen (1993) found that the same group of firms paying low dividends, even out fluctuations in cash flow with working capital to maintain desired investment levels. This result is consistent with the findings done by Myers and Majluf (1984) which states that the underinvestment problem arising from asymmetric information can be alleviated by the liquid financial assets. Carpenter (1993) studied the relationships between debt structure, debt financing, and investment expenditure to test the theory of free cash flow, comparing the restructured firms with the non-restructured firms. He observed that firms had increased their investment expenditure that was restructured by substituting large amounts of external equity with debt as compared to non-restructured firms. To him these results seemed to be inconsistent with free cash flow behavior. He believed that cash flow committed to debt maintenance must be correlated with reductions in later investment expenditure. Devereux and Schiantarelli (1990) and Strong and Meyer (1990) conducted studies that support the free cash flow interpretation. Strong and Meyer (1990) studied separately the investment and cash flow of firms in the paper industry into sustaining investment and discretionary investment, and total cash flow and residual cash flow. Discretionary investment and share price performance are negatively and strongly related. Discretionary investment and residual cash flow are found to be positively and strongly correlated. This evidence suggests that residual cash flow is frequently used to finance unprofitable discretionary investment expenditure. Study conducted by Vogt (1994) related to cash flow and capital expenditure predicts that firms not paying dividends should exhibit the strongest relationship, while those paying high dividends should show the weakest relationship between cash flow and investment expenditure. His result suggested that cash flow-financed capital expenditure is slightly inefficient and provides facts in support of the Free Cash Flow hypothesis. Regarding the small firms that paid low dividends over the sample period, Vogt (1994) commented that such firms relied heavily on cash flow and changes in cash to fund capital expenditure. Cash flow-financed growth by small, low-dividend firms is likely to be value- creating, whereas cash flow-financed growth is value destroying for large, low-dividend firms. He concluded by suggesting that managers of cash flow-rich companies may consider increasing dividend payouts as a method of increasing the efficiency of their capital expenditure decisions. A continued hig h-dividend-payout policy may also signal to shareholders that extra and expensive monitoring of capital expenditure decisions is unnecessary. Furthermore, since capital expenditures typically add to the amount of assets under managerial control and create more predictable future cash flows, such expenditures generate the opportunity to exploit free cash flow in following periods. Alti (2003) found out that investment is sensitive to cash flow. The sensitivity is substantially higher for young, small firms with high growth rates and low dividend payout ratios. The uncertainty these firms face about their growth prospects amplifies the investment-cash flow sensitivity in two ways. First, the uncertainty is resolved in time as cash flow realizations provide new information about investment opportunities. This makes investment highly sensitive to cash flow surprises. Second, the uncertainty creates implicit growth options relate to long-term growth potential but not to investment in the near-term. Having a weaker relationship with the value of long-term growth options, cash flow acts as a useful instrument in investment regressions. Gentry (1990) analyzed capital expenditure with total cash flow and found out that the percentage of cash flows going to capital investment ranged from an outflow of 60 percent or more. The giant companies invested a higher percentage of their total outflow in plant and equipment than companies in the other size categories. The small companies invested the lowest percentage of their total outflows in capital. There has been a research done previously that was applied to agricultural firms by Jensen (1993). The results were found to be consistent with previous studies for nonagricultural firms which showed that internal cash flow variables are important in explaining investment. It was found that the addition of internal cash flow variables can improve the explanatory power of agricultural investment models. In terms of elasticity, investment was more responsive to internal cash flow variables. Worthington (1995) has found that cash flow measures industry-level investment equations positively and significantly, even after investment opportunities are proxied by capacity utilization variables. The effect of cash flow is greater in durable goods industries than in non durable goods industries. Moyen (2004) explained the fact that the cash flow sensitivity of firms described by the constrained model is lower than the cash flow sensitivity of firms described by the unconstrained model can be easily explained. In both models, cash flow is highly correlated with investment opportunities. With more favorable opportunities, both constrained and unconstrained firms invest more. Raj Aggarwal (2005) conducted a study in which he concluded that investment levels are significantly positively influenced by levels of internal cash flows. Also, the strength of this relationship generally increases with the degree of financial constraints faced by firms. Overall, these findings seem strong to the nature of the financial system and indicate that most firms operate in financially incomplete and imperfect markets and find external finance to be less attractive than internal finance. Research Methodology Introduction The hypothesis tests the relationship between free cash flow and capital expenditure, concentrating on the Sugar Industry of Pakistan. The aim is to ascertain the strength of the relationship between the variables. In order to do that, linear regression seems to be the best test as it attempts to model the relationship between two variables by fitting a linear equation to observed data. One variable is considered to be an independent variable while the other is considered to be a dependent variable. The objective of multiple linear regression analysis is to use the independent variables whose values are known to forecast the single dependent value selected by the researcher. (Hair, 2006) Data Annual financial statement data for 27 sugar mills of Pakistan listed on KSE is taken to calculate free cash flow and annual capital expenditure for the period 2000 through 2008. Variable 1. Independent variable = Free Cash Flow (FCF) 2. Dependent variable = Net Capital Expenditure Independent variable: The FCF is calculated they way Lehn and Poulsen (1989) and McLaughlin, Safieddine, and Vasudevan (1996) defined it. It is operating income before depreciation, less interest expense on debt, less income taxes, less preferred and common dividends. Free cash flow = Operating income before depreciation – interest on debt – income taxes – preference common stock dividend. Dependent variable: Net capital expenditures are those where funds are used to acquire or upgrade physical assets such as property, industrial buildings or equipment. Change in fixed assets over a year is taken as net capital expenditure by the firm. Net capital expenditure = Current year fixed assets – last year fixed assets. Net capital expenditure = Ln (FA) Ln of fixed assets is taken to control the variability of the data. Sampling criteria Sample companies that are taken for the purpose of research are 27 sugar mills of Pakistan that are listed on Karachi Stock Exchange. Hypothesis Free Cash flow has a significant relationship with capital expenditure. Data analysis Annual financial statement data for 27 sugar mills of Pakistan, listed on Karachi Stock Exchange (KSE), was taken to calculate free cash flow and annual capital expenditure over the 2000-08 period. Model Summary R R Square F Sig. 0.302 0.091 23.676 0.000 Predictors = (Constant), FCF Dependent Variable = Ln FA The researcher has used statistical software SPSS 13.0 to process the data and run regression analysis on the variables. The results are interpreted in light of statistical text book by Hair (2006). All FCF and (ln) FA figures are in Million Rupees. R value: It is the sample correlation coefficient between the outcomes and their predicted values, or in the case of simple linear regression, between the outcome and the values being used for prediction. R value of 0.302 means that the strength of the relationship between FCF and capital expenditure is 30.2%. R squared value: the coefficient of determination, R2 is the amount of variance in the dependent variable that can be explained by the regression model. The R square of 0.091 means that 9.1% of the variability in the data is explained by the predictor. Out of the total free cash flow, 9.1% is used for capital expenditure. The F test for the regression model is significant which proves that regression model is best fit. Regression model summary is showing that FCF has a positive impact on net capital expenditure. Coefficients Model Unstandardized Standardized Sig. Coefficients Coefficients B Std. Error Beta (Constant) 3.251 0.107 0.000 FCF 0.004 0.001 0.302 0.000 Dependent Variable: Ln FA Unstandardized Equation: Ln FA = 3.251 + 0.004 FCF Standardized Equation: Ln FA = 0.302 FCF If FCF changes by 1 million, ln of net capital expenditure changes by 0.004, which means Net Capital expenditure increases by 1.004008 million. The regression coefficie

Happiness is the meaning and purpose of life Essay

â€Å"Happiness is the meaning and purpose of life, the whole aim and end of human existence†- Aristotle. Do you agree with Aristotle’s statement? Discuss why/ why not. While happiness in a scientific sense can be explained as the chemicals released throughout our bodies, it still doesn’t tell us fully why these are chemicals are sent and what it means in the overall human experience in scientific terms. From an artistic perspective happiness is the largest component in providing self-worth to one’s self and with its absence we see people delve into the depths of depression losing the motivation and ability to perform tasks and live life to its fullest, and in some extreme cases losing the will to live. On the opposite side of depression there is euphoria and this is where people experience moments in their life that they remember and cherish during times of reflection, it is at these moments when we find the most purpose in our lives especially when we enjoy what we are enjoying so therefore Aristotle’s statement can easily be viewed as correct as this essay will argue for. What does it mean to be happy? It seems that this is another one of those questions that can be argued in multiple ways but for this essay I will take Aristotle’s definition. Happiness, from Aristotle’s definition of a human as a being who recognises his potential to give form to himself (Colebrook 2006, p. 2). A person with depression and the utter lack of happiness views themself as worthless and lose their passion of living, losing much their ability and potential. This fact of people committing suicide when they are overcome with sadness demonstrates that without happiness human beings lose their meaning and passion in life. Without this passion and drive depressed people tend to isolate themselves and do not ‘live’ their lives to its fullest extent. It seems therefore that the purpose of our lives is to find those things that do make us happy, and then doing them. If there’s a certain person in our lives that makes us happy, we need to find a way to spend more time with them. Because if you’re not happy, you need to look at your life and think about why you aren’t feeling that amazing thing you want to be feeling. When a person reflects back on their life in their elder years the memoires they tend to remember are based around the feelings of joy and happiness such as the birth of their children or their first kiss, spending times with friends etc. These  memories are fundamentally the building blocks of their personalities and without these moments of happiness a person would more than likely feel unfulfilled in their lives in reflection. We see this time and again when renowned people who have achieved great accomplishments turn to drugs and seep into mental illness when they are not happy with the direc tion of their life. This then demonstrates that regardless of what you accomplish if you are not enjoying what you are doing you may lose meaning in your life and turn to unhealthy methods so that you can cope with your current life style. Thirdly when people have the available time and resources it is more than likely that they will spend this leisure time doing activities that make them feel happy and give them self-satisfaction. ‘Happiness can also be a by-product of working’ (Andersen, W, 2008) occupation that the person enjoys. It therefore seems that humans will go through burdens so that they may enjoy the activity of their choice. An example of this would be working all week in a occupation you do not enjoy so that you may go on a camping trip with your family, supporting the coming saying that people ‘live for the weekend’ as that is during the time when they are doing activities they enjoy, although these kinds of one off activities do not demonstrate lifelong happiness it must be something ongoing, a more long term activity that can be used as an example could be coaching a junior sport team. This therefore demonstrates if recreational activities are what people are working towards and it is what makes them happy it must then tie in with what they consider meaningful in life and therefore be its purpose. If you can find something that makes you happy, truly happy, then life will be a lot better for you. It can’t be something superficial, or something that only lasts for a day or two. It’s something that affects your entire life. It lasts. It burns inside of you and it doesn’t go out. That is happiness. It is therefore clear that Aristotle’s statement that happiness is the meaning and purpose of life can be argued as correct on multiple basis’s such as those people lacking happiness losing all meaning and purpose as explained in the second paragraph. In addition when people look back on their lives in reflection it is moments of happiness that people are most likely to remember and cherish and not those of turmoil and heartache. Furthermore people will pursue activities they find enjoyment and happiness in when given the opportunity demonstrating that they live for those brief  moments of time. In conclusion it is clear that Aristotle’s stat ement may well be correct but it is entirely dependent on the individual to find what makes them happy. References: Colebrook, C 2006, Narrative Happiness and the meaning of life Andersen, W, 2008, Journal of Christian education, vol 51, No. 2, p1/p17

Life on the Color Line Essay

A- Gregory Howard Williams wrote the book. Before you read the book you have no idea who he is. Once you read the book you find out that he is mulatto and was raised in a community that was extremely prejudice against blacks. The authors’ point of view is his own story. P-The book takes place in Virginia at the beginning of the book from 1943-1952, and then in Muncie, Indiana from 1952-1969. The source was produced in 1995. The meaning of the source doesn’t really change at all, but now that it is after the problems of racial segregation and discrimination, we are able to read it and look back on the problems of our society and make sure it doesn’t happen again. P- Other than what I learned from the book, I actually knew a lot. I knew that in the 1940’s-50’s there was a major problem with racial discrimination. I knew that the way whites treated blacks was terrible and unjust. I also knew that blacks looked toward whites as horrible people and that it was taboo to interracially date/marry. This helped me better understand why the whites were treating Greg the way that they were and why the blacks had a hard time accepting him into their community. A- The audience is for teenagers and adults. It’s pretty graphic so it is intended to be taken seriously and with an open mind. It is it is more so towards teenagers and people with hard lives to show that they aren’t the only ones going through something difficult, because he went through some really complicated times and is now leading a successful, happy life. R-This book was produced in order to show what life was like for the mulatto race and how difficult it was for them. It is an inspirational book to tell people that they can go through anything if they keep their eyes on a goal and work towards it, no matter how hard it gets. T-The theme of the book was trials and success. It tells of his early child hood having to be both white and black in a community that was extremely prejudiced. It shows how he finds his way by keeping with the black influence and embracing it as his own lifestyle. It shows the difficulties he had with bullies and ignorant people and how he used academics as a way to stay out of trouble. It shows how he has to live with an alcoholic father and how he takes care of him even though he would probably be better off not worrying about him. It shows how he went through an extremely difficult childhood and was able to graduate college with a doctorate in law. S-This book is significant because it gives us a deeper look into how messed up our society was during the late 1900’s. It gives us a better understanding into the life that we aren’t familiar with because we usually just look at the black or white side of the story. Life on the Color Line makes us realize that it was just as hard for mulattos in that time as it was for blacks.

Homework Grace Essay

Homework Grace Essay Homework Grace Essay F2 Case Study Analytical Questions Q1. Describe Master’s management style. According to Hickey (2005, pp.23-7), managers who are autocratic were rigid in their management method. From the case study we can see that Master has an autocratic management style. Firstly, when Master works with Engineering department staff, he failed to delegate authority to the stuff, in contrast, he interferes in the department management. Moreover, he never takes into account the staff’s opinion before he makes decisions. For example, he set a tight deadline without talking to the staff involved ,which caused the staff increasingly stressed and considering quitting the job. Therefore, Master held all the powder and never accept the other staff’s opinion. Q2. Imagine you are the management consultant referred to in the case study. What management style would you recommend that Master’s adopt to manage his different staff members? Firstly, Master needs to pay more attention to delegate authority to the two department managers. According to Bartol (2003, pp.369-370), delegating appropriate responsibility to the employees who can achieve the required task’s goals is one of the motivators which can promote the staff’s job satisfaction. Secondly, in terms of the two department employees, Master need focus on meeting the employees’ physical needs and security needs. According to Hickey (2005, pp.27-31), individuals have intrinsic needs that they are impelled to seek to satisfy. These intrinsic needs are arranged in four levels which are physic needs, security needs, ego needs and self-actualisation needs. The third need level means employees are desired to be valued or be praised. In the case study, when the engineering department staff tried to solve some problem Master told her that she has to get approval from him first. Thus Master failed to satisfy the third need level which is ego needs. Furthermore, some newer staff have been injured, therefore, Master unable to meet the staff’s physical and security needs level which is the reason why employee morale is at an all-time low. Q3. Using one or more motivation theories, advise Masters how to motivate his different staff members. Firstly, according to Bartol (2003,pp.369-370), delegating

The Public Sector Project Funded by XYZ Foundation Coursework

The Public Sector Project Funded by XYZ Foundation Coursework The Public Sector Project Funded by XYZ Foundation – Coursework Example Through this memorandum, a trial is being done to analyse the ethical issue pertaining to the policy decisions which has to be taken regarding the untrue reflection of the number of beneficiaries being catered under the public sector project funded by XYZ Foundation. Though this issue is under the jurisdiction of the management board and not the supervisor, I am addressing this memorandum to the supervisor keeping in view of the Organizational moral to adhere with the professional hierarchy involved. The works done in continuation with my predecessor to formulate a project proposal in order to attract funds from XYZ foundation has revealed that the previous office bearer had inflated the number of beneficiaries of the project to a count of ten percent. This was done in order to meet the fund receipt standards set by the funding agency. On the other side this fund was inevitable for the follow up activities of the project and the organization as well. Being the new administrator, I analyzed the ethical issue against the moral standards. To determine the moral standards of the ethical issue, the whole scenario was passed through the Cooper’s ethical decision making model whose first step was the perception of an ethical problem which was already realized. The second phase involved the description of the situation and the definition of the ethical issue. Here the trial of the previous administrator to project figures which was more than the actual ones in a scenario of Institutional and Project crisis was the situation of concern. The ethical issue was clearly defined as whether to keep on the hyped figures so as to ensure the fund receipt or to replace the figures with the actual ones. Identification of the alternatives was the third phase in Cooper’s ethical decision making model. On evaluation of the defined ethical crisis, there were few possible alternatives. One of it was to have relentless efforts in order to achieve the inflated number of clients by the time the grant was sanctioned. Another possible option was the correction of the figures to actual ones and the last alternative was to keep the proposal going with the hyped figures. The final step in Cooper’s model was the evaluation of each alternative against moral rules and ethical principles. The practicability of the first alternative was at stake as the grant proposal was due on a sooner date and the gap in the inflated number of clients could not be achieved by the time of proposal submission. The second alternative could have however resulted in the rejection of the fund leading to serious problems with the finance of the organization and the project as well. Though the alternative to keep the proposal going with the hyped figures poised doubts on the rehearsal defense or the publicity test, it was further evaluated against the ethical principles. The moral consistency with the Social standards and the organizational standards could be ensured with transparency in the intention of the option. However the principle of utilitarianism substantiated the lacunas of the suggested solution as it addressed the genuineness of the social cause intended and it proved to be a more practical solution with not even scare traces of Amoralism. Ladd’s concept of moral responsibility John Ladd has described formal organizations as "machines" in order to emphasize the constraints on their options for action.(Risser,2006). He tries to make the point that organizations some times are bound to procedures and policies and some times legalities leading to non compliance with the moral obligations to the society and towards the concerned particular task. His point is completely agreed upon as the non flexibility of the procedural undertakings of organizations often tends to move out and respond as per the ethical and moral requirement at particular point of time and with reference to the specific development involved. He further argues that an organization must be capable of non-programmed behavior, such as responding constructively to moral blame or disapprobation, to qualify as a morally responsible agent However his point that organizations have neither moral responsibility nor moral rights cannot be completely agreed to, as there exists many systems even with in the modern corporate world to address such issues. The concept of Corporate Social Responsibility is in a broader sense an example to this. However it is true that the context of ethics from an individual perspective is much easier to monitor and is more flexible than the Context for Ethics in the Organization. But this does not mean escapism of the organizations from the responsibility of following the moral and ethical standards. Ladd also relates the organizational moral perspective to a machine which is only capable of performing those functions that it has been designed or programmed to undertake. However this philosophy is also challenged in an ironical way, by the upcoming possibility of Artificial intelligence of the next generation computers. WORKS CITED Risser T, The Internet Encyclopedia of Psychology, 2006, Collective Moral Responsibility, 18 Oct 2008, Scott R, â€Å"Ethical  Decision-Making: The Link Between Ambiguity and Accountability†, 2002, Air and Space Jounal, 18 Oct 2008,

Law Notes on Behalf of The Peoples Republic of Zambeziland Essay

Law Notes on Behalf of The Peoples Republic of Zambeziland - Essay Example The PRZ asks the commission to take into account whether or not it has jurisdiction over this matter since Article 56(5) requires that all local remedies are exhausted, unless it can be shown that there is the excessive delay. As the African Commission previously decided, governments should have an opportunity to remedy human rights violations prior to being ‘called to account by an international tribunal’. No national remedies have been pursued by Zapo notwithstanding the fact that the PRZ has been working with the IMF and the World Bank as a means of addressing the consequences of the national disaster. Thus a claim that there is the exemption to the exhaustion of remedies’ requirement on the grounds that there are no adequate remedies would fail. With respect to derogation, the Banjul Charter does not address the issue of derogation at all and thus it neither forbids derogation nor does it set standards for derogation. Therefore, the only reasonable explanation for this omission is that the Banjul Charter expects derogation to be regulated by customary international law.   Under the fiduciary theory of human rights, states may derogate from non-peremptory human rights norms during emergencies as long as such derogation is intended to ensure ‘secure and equal freedom’. Derogation is therefore recognized as a means by which the state takes action for the good of the people and not as a means of advancing the interest of the state. Specifically, under international law, Article 62 of the Vienna Convention on the Law of Treaties 1969 provides specific guidance on the issue of derogation. To begin with, where termination or withdrawal from a treaty is not provided for in a treaty, states may withdraw from the whole of the treaty.6 In particular a change of circumstances in relation to circumstances existing at the time of subscribing to a treaty can justify withdrawal from a treaty.

How Gas Laws Apply In the Health Care Industry Research Paper

How Gas Laws Apply In the Health Care Industry - Research Paper Example Most of the arms and ammunition works utilizing the principles of the gas laws. A bullet utilized the gas pressure to be shot from the bullet. This high pressure is attained by igniting the gunpowder present in the bullet. Rockets also have the same principle but a rocket requires a lot more fuel to attain such a pressure due to its weight as compared to a bullet. In this way, the significance of the gas laws is in every aspect of life. Gas laws are applicable to most of the industries to provide goods and services to the customers. Gas Gas is a state of matter in which the molecules of the matter remains apart from each other, in this way, the volume of the gas remains higher as compared to its weight. Gas may be colorless and odorless but gases have odor and slightly light color like chlorine has a stingy smell while oxygen is colorless and odorless (West 2008). Difference between Gas and Other Type of Matter The other two states of matter are solid and liquid. The molecules of the solids are such liked to each other that the molecules can only vibrate maintaining their position because of external force. In liquids, the molecules are liked to each other but in relatively loose bond than that of the solids. In this way, the molecules can more from one place to remains contacted with the other molecules. In gases, the moles are free to move, there exists no bondage between the molecules of the gas. ... Pressure Pressure is a term, which is utilized when the freely moving particles of the gas collide with the walls of the container and collide with each other to make a force exerting against the wall of the container. The more the dimensions of the container, the lesser will be the pressure and the container with less dimensions has the more pressure for the same amount of gas. In the similar way, if the amount of gas is increases the pressure will be increased in the container with similar dimensions. The units of the pressure are Atmospheres (atm), Pounds per square inch (PSI), Inches of mercury (in.Hg) and millimeters of mercury (mm.Hg). While the SI unit of pressure is Pascal (Pa) or Newton per square meter (N/m2) while non SI units are Bar and dyne per square centimeter (barye). Standard pressure is considered as one atm (Halzner 2011). Temperature Temperature intensely affects a gas. Temperature is an external effect that affects the molecular motion of the gas particles. As t he temperature increases the random molecular motion of the particles, increases as the gas molecules take the heat energy and convert it to kinetic energy. In this way, the volume of the gas increases and thus the pressure increases. Similarly, if a container filled with an amount of gas is exposed to extreme lower temperature, the gas in the container contracts and creates a vacuum in the container, the container may sucker external gas to fill the vacuum. The standard value of temperature is 273K or 0oC. The units of temperature are Kelvin (K), Celsius (C) (Halliday, Resnick and Walker 2005). Chemical amount The chemical amount of gas is represented as the no of grams or no of moles. The amount in grams is calculated using the

Eradicating Cheating in the Educational System Essay

Eradicating Cheating in the Educational System - Essay Example At a very young age, the students are exposed to adult problems like facing the necessity of putting food on the table and taking care of their younger siblings. They carry the burdens of problems supposedly faced by their parents; however, due to the fact that oftentimes a father is in jail or a mother is struggling with drug addiction, the children are oftentimes faced with the very real demand that they begin to find alternative ways to earn money of their own so that they can help supplement the meager earnings of their family. With such a kind of life, the students are exposed to hardships that pressure them to cheat in order to survive in an increasingly challenging educational environment. Furthermore, in order to examine and understand the factors that oftentimes leads students to cheat in the first place. By way of perception, educators and police often consider these youths to be a mere extension of their parents; i.e. drug dealers and cheaters who are threats to the peace and order of the traditional community. They know they are selling drugs and they are watched by the requisite authorities in similar ways as are adults. Sometimes, they are also made as assets when the opportunity arises. They know they are tough so that even if they are young, they play rough with them. The children’s parents look up to them to take responsibility in their families. For instance, Michael is expected to provide for the family’s needs and in the eighth episode of season 4, he even gives his mother money instead of the mother giving him what he needs (The Wire Season 8 Episode 4 [34:37]). The familial and environmental backgrounds of the children demand them to become tough as they are and lost interest in schoolwork. However, to the teachers, the children are still children and human beings. Although most of them are failing in their classes, teachers like Prezbo do their best to seek to  continue to impart knowledge to the children in their classrooms.  

The Virginia Department Essay Example for Free

The Virginia Department Essay The Virginia Department of Juvenile Justice is the state agency responsible for handling juveniles in the state of Virginia. This department operates a number of group homes (22), detention centers (24), and correctional centers (5). The Beaumont Juvenile Correctional Center is capable of housing and providing services for 264 males to the age of 21. This facility offers high school classes, GED programs, and college correspondence courses so that the juveniles can continue their education. Treatment services include the following: substance abuse, sex offender, anger control, and independent living skills. This facility has both medium and maximum security buildings. The Bon Air Juvenile Correctional Center is capable of housing and providing services for 193 males and females. It is in fact the only co-ed correctional facility operated by the DJJ. Education programs include high school classes and courses leading to the GED. Treatment programs include the following: substance abuse, aggression management, sex offender, and an intensive therapeutic program. This facility provides mental health services. The Culpeper Juvenile Correctional Center has a budgeted capacity of 144. This maximum security facility handles the 18-20 year-old Circuit Court male offenders. It offers educational programs leading to the high school diploma or GED. Treatment programs include the following: sex offender, substance abuse, and anger management. Mental health services are not provided on a regular basis, but psychiatrists and counselors are on staff in case of emergency. The Hanover Juvenile Correctional Center has the budgeted capacity of 120 males aged 12-18. Educational programs leading to the high school diploma or GED are offered, as are vocational programs. Treatment programs offered at the medium security facility include the following: sex offender, substance abuse, and anger management. This facility also offers the Junior Reserve Officers Training Program. Social workers and psychologists offer individual, group, and family therapy. The Oak Ridge Juvenile Correctional Center houses 40 juvenile males with severe behavioral disorders and developmental disabilities. As such, this is the primary facility for juveniles with mental health issues. Treatment programs include sex offender, anger control, life skills, and substance abuse. Residents are able to continue their education at the facility, and special education curricula are offered. In addition to the correctional facilities, the Department manages three halfway houses: Abraxas House, Discovery House, and Hampton Place. These locations provide juveniles just leaving correctional centers with programs designed to help their transition and to reduce the risk of re-offending. References Department of Juvenile Justice. (2010). Residential Programs. Retrieved from http://www. djj. virginia. gov/Residential_Programs/Default. aspx

The Social Contract Tradition: Hobbes, Locke, Rousseau :: Philosophy Philosophical Papers

The Social Contract Tradition: Hobbes, Locke, Rousseau ABSTRACT: The classical contract tradition of Hobbes, Locke, and Rousseau have enjoyed such fame and acceptance as being basic to the development of liberal democratic theory and practice that it would be heretical for any scholar, especially one from the fringes, to critique. But the contract tradition poses challenges that must be given the flux in the contemporary socio-political universe that at once impels extreme nationalism and unavoidable globalism. This becomes all the more important not in order to dislodge the primacy of loyalty and reverence to this tradition but from another perspective which hopes to encourage that the anchorage of disclosure be implemented. The contract tradition makes pronouncements on what is natural and what is nonnatural. It offers what many have contended are rigorous arguments for these pronouncements that are "intuitive," "empirical," "logical," "psychological," "moral," "religio-metaphysical." What I offer in this essay is a challenge from the outside. I ask: 1) on what empirical data are the material presuppositions of contractarianism built? 2) what is the epistemological foundation of contractarianism? 3) is contractarianism not derivable from any other form of sociological presupposition except that of the state of nature? 4) does any human know a "state of nature"? 5) given the answers to the above questions, to what extent are the legal and moral foundations of contractarianism sacrosanct? I attempt to answer these questions in what can only be a sketch, but my answers suggest that it is very presumptuous of contractarianist to suppose that they have captured the only logically valid basis of democratic practice universally. Introduction The classical social contract tradition of Hobbes, Locke and Rousseau have, in spite of their variation in themes and emphases, enjoyed such fame and acceptance as being basic to the development of liberal democratic theory and practice that it would be almost heresy for any scholar, especially one from the fringes or margins of mainstream (socio-political) philosophical academia, to post frontal, side, arial, rear or sub-surface attack and critique. But the social contract tradition poses challenges that must be accepted on various counts, with new insights and interpretations, given the fluxed reality in contemporary socio-political universe that at once impels extreme nationalism and unavoidable globalism. This becomes all the more important, not simply in order to dislodge the primacy of the loyalty and the reverence of devotion from the followers of this tradition

The Role of Business Ethics and Corporate Social Responsibility in Business Management

INTRODUCTION It is important to note that business ethics and CSR go hand in hand. In order to understand CSR, one must also understand ethics. Also, a socially responsible firm should also be an ethical firm and an ethical firm should also be a socially responsible firm. However, one might wonder as to why business ethics and CSR receive so much importance. Researchers are making it increasingly clear that the two concepts are essential for long term sustainability of an organisation. In today’s highly competitive business environment, business ethics and CSR are no more an option but a necessary practice activity for all organisations. Therefore, business ethics and CSR continue to be important to organisations and strong ethical value shall take a organisation a long way forward. 2. 1 INTRODUCTION TO BUSINESS ETHICS * 2. *1. 1 DEFINITION OF BUSINESS ETHICS Definitions of ethics abound. These include among others: The discipline dealing with what is good and bad and right and wrong or with moral duty and obligation (Hurn, 2008). Hurn (2008) testifies that ethics is also considered as the study of â€Å"human duty in its wider sense†, underlining the common thread of the recognition of obligation and acceptance of responsibility for how one's actions would impact on other people. However, Seital (2001) as cited by (Papasolomou-Doukakis et al. , 2005) defines ethics as the values that guide a person, organization, or society and the differences between right and wrong, fairness and unfairness, honesty and dishonesty. From another point of view Sutherland and Canwell (1997) as cited by (Papasolomou-Doukakis et al. , 2005) define ethics as â€Å" a particular code of behaviour, which to most people is considered to be a morally correct approach†. Cutlip et al. (2001) propose that an individual’s conduct is not only measured against ones conscious but also against some norm of acceptability that has been determined by the society, the profession or the organisation, as cited by (Papasolomou-Doukakis et al. , 2005). It is generally agreed that ethical principles are devised mainly from the undamental beliefs and value systems developed within a culture, such as religious beliefs, traditions, importance of the family structure, national identity and cohesion (Hurn, 2008). From my understanding, ethics attempts to tell us what is and what is not morally acceptable within a particular society or culture and how people ought to behave towards each other in various contexts, including busine ss. According to Trezise (1996), Business ethics tries to answer the question: â€Å"What is the role and function of business in society†? In doing so it explores the difference between ethical values in the private, economic and political spheres of human activity, and does this by borrowing eclectically from law, philosophy, economics, politics, history and psychology. However, Hurn (2008) believes that Business ethics, therefore, can be defined as the application of moral and ethical considerations in a business setting. Furthermore, Nisberg (1988) as cited by (Kilcullen and Kooistra, 1999) defines business ethics as â€Å"as a set of principles that guides business practices to reflect a concern for society as a whole while pursuing profits†. text:list-item} There are mainly three types of Business Ethics which would affect the organisation in one way or the other. The different types of ethics, each bringing a different outcome to an organisation is such as: Social ethics: an approach that came from Greek society and is based on the Greeks’ idea of basic rules for civilized living, but which is differ ent from one group or society to another. In other words, organization A may have different ethics to organization B by virtue of a different set of values and/or principles (Orme and Ashton, 2008). In short, it is likely to be based on a firm’s beliefs about the integrity and quality of the information provided. But the starting points for its ethical stances differ, according to a firm’s particular values or principles. These differences in approach are valuable in differentiating a particular company from its competitors in a difficult marketplace. Transcendental ethics: rely on the absolute concept of right and wrong and a sense of justice, which is applied equally regardless of any social, geographical or cultural restriction. The author claims that it is our view that organizations are moving towards this particular understanding of ethics, and that it represents the next phase of evolution for companies across the world. It involves taking some unpopular decisions that ultimately will have beneficial results in the long term. It relies on leaders being able to operate ethically (Orme and Ashton, 2008). 2. 1. 3 IMPORTANCE OF BUSINESS ETHICS Fisher (2003), states that the main reason for businesses to do the right thing is that the readers believe that good ethics is good for the bottom line. The workplace is a collection of different cultures that differs in their ethical behaviour. Therefore, organisations cannot afford to ignore ethics. Indeed ethics has been added to the corporate value of many organisations (Orme and Ashton, 2003). Business ethics helps generate trust between an organisation and its stakeholders (Holme, 2008). For example, while looking for a supplier, an organisation would rather work with one that has clear ethical values rather than a supplier who is known to be unethical. Therefore, the higher the level of trust with a supplier, the better the relationship hence the better the business. When a problem arises, that is when trust build up over a period of time really pays off . 2. 1. 4 BARRIERS OF BUSINESS ETHICS There are some areas of ethical dilemma which organisation will encounter during the practice of Business Ethics. The two main barriers an organisation may encounter are: Bribery and corruption Counterfeiting According to Hurn (2008), corruption is intrinsically immoral and at times downright criminal, causing harm to the economy, public life and individuals, and, if accepted, may encourage organized crime. Corruption can include: attempts to secure government or other contracts by bribery; payments because of extortion, blackmail and protection; facilitating government services that companies are entitled to receive but whose provision is delayed by excessive bureaucracy; and price-fixing. As a result of the spotlight on bribery and corruption, many companies have designed their own code of ethics. Their development has been strongly endorsed by K. Rushton, the Director of the London-based Institute of Business Ethics, as â€Å"a code of ethics underpins the values of any business. Without it a corporation will have no moral compass† (Hurn 2008). As confirmed by Hurn (2008), counterfeiting or the production of fake goods, which is the result of the theft of intellectual property, is another area of ethical concern in business. It can have the following effects: stealing jobs and revenue from legitimate producers; flooding the market with cheap counterfeit goods; potential health hazards for customers, e. g. fake pharmaceutical products, cigarettes, unsafe manufactured goods, e. g. tyres, toys and electrical goods.. With the barriers above, respect for the genuine brand drops when a large numbers of fakes are produced which leads to low performance by the organization. 2. 2 INTRODUCTION TO CORPORATE SOCIAL RESPONSIBILITY Stewardship CSR – obligation towards those in need or affected by their company’s action Corroll (2001) as cited by Lantos, (2002) states that economic responsibilities includes being profitable for shareholders, while proving economic benefits to other corporate stakeholders, such as fair-paying jobs for employees and good quality, fairly-priced products for customers. Legal responsibilities involve conducting business legally. Ethical responsibilities go beyond the law by avoiding harm or social injury; respecting people’s moral rights; and doing what is right, just, fair (Smith and Quelch, 1993) as cited by (Lantos, 2002) and caring. Philanthropic responsibilities entail â€Å"giving back† time and money in the form of voluntary financial giving and service. However, Friedman (1996) as cited by Lantos (2002) famously argued that a corporation’s only social responsibility is its fiduciary duty to maximize shareholder wealth, while obeying the law and basic canons of ethics. Here, Friedman laid the groundwork for arguments against Carroll’s (2000) philanthropic responsibilities Lantos (2002) proposed that the confusion about the meaning and legitimacy of CSR could be clarified by suggesting three types of CSR, which are: Ethical CSR Altruistic CSR (Humanitarian CSR) Strategic CSR (Refer Appendix 3) Similarly, Lantos (2002) states that Ethical CSR is morally mandatory and goes beyond fulfilling a firm’s economic and legal obligations, to its ethical responsibilities to avoid harm or social injuries, even if the business might not appear to benefit from this. Hence, a corporation is morally responsible to any individual or group where it might inflict actual or potential injury from a particular course of action. Altruistic CSR relates to Corroll (2000)’s fourth type of CSR, Philanthropic Responsibility. These entail voluntarily â€Å"giving back† time and money to good works which contribute to the well-being of various societal stakeholders, even if this sacrifices part of the business’s profitability (no author, 2003). Philanthropic Responsibility- â€Å"giving back† time and money in the forms of voluntary service, voluntary association and voluntary giving – is where most of the controversy over the legitimacy of CSR lies. Lantos (2001) proposed that there are a number of arguments for Altruistic CSR. The most basic justification for humanitarian CSR is the social contract argument previously discussed. â€Å"Business is a major social institution that should bear the same kinds of citizenship costs for society that an individual citizen bears† (Davis, 1983) as cited by Lantos (2001). Furthermore, it is said that just as you and I have an obligation to take into consideration all of the parties that we directly and significantly affect, so too are businesses required to take into consideration all parties that they will affect. However, (no author, 2003) argues that from ethical perspective Altruistic CSR is immoral as it violates shareholder property rights, unjustly seizing stockholder wealth, and bestows benefits for the general welfare at the expenses of those for whom the firm should care in close relationships such as employees and customers. Furthermore, the author also states that corporation need not guiltily â€Å"give back† to society since a business pays taxes in return for any benefits it receives. Altruistic CSR, to me has a two face view as it may be unjust on one hand and at the same time it may do a great deed. However, I believe that no one is in the position to seize ones wealth and force one to sacrifice it. Strategic CSR is done to accomplish strategic business goals – good deeds are believed to be good for business as well as for society. With strategic CSR, corporations â€Å"give back† to their constituencies because they believe it to be in their best financial interests to do so. As cited by Lantos (2001) this is â€Å"philanthropy aligned with profit motives† (Quester and Thompson, 2001) – social goals might be profitable in the long run since market forces provide financial incentives for perceived socially responsible behavior. The greatest benefit of such activities to the firm lies in their marketing communications value and accrued goodwill among publics. Strategic CSR activity should improve corporate image and increase motivation and loyalty, primarily among employees and customers, but also with other key constituencies such as suppliers of marketing services and retailers. For instance, â€Å"socially responsible† firms like Ben & Jerry’s Homemade, Inc. , the Body Shop, and Tom’s of Maine have clearly benefited in immense goodwill from their good works, which means that, as Ben & Jerry’s mission statement tellingly reveals, â€Å"As we help others, we cannot help but help ourselves† (no author, 2003). Thus, corporations contribute to their constituencies not only because it is a kind and generous thing to do, but also because they believe it to be in their best financial interests to do so, thereby fulfilling their fiduciary responsibilities to the stockholders. Strategic CSR is moral and commendable because it benefits stockholders while helping other stakeholders. This not only minimizes harm to the firm’s image but also ensures that stockholders are not unknowingly fund activities that go against their own values. When volunteerism leads to higher employee morale and hence productivity gains, or contributes to the local community, gaining better quality recruits for the business, there is a â€Å"win-win† situation that benefits both the firm and its constituencies (no author, 2002). All the authors mentioned above have very strong point of view of their own, however I strongly be of the opinion that CSR would do best with just Ethical CSR and Strategic CSR, which cover a slight element of Philanthropic CSR. From my point of view Altruistic CSR is inequality to certain group that are closely related to the organization who practice it. 2. . 3 IMPORTANCE OF CORPORATE SOCIAL RESPONSIBILITY It has been argued that all organization have an impact on society and the environment through their operations, products and services and through their interaction with key stakeholders and therefore CSR is important in all firms, large and small ( Williams, 2005; Hopkins, 2003) as cited by Sweeney (20 07). CSR is of relevance to a broader section of people than just stakeholders. It has political significance for governments of poorer and developing countries. Corporate conduct which is informed by CSR can, for example, contribute to the integration of foreign workers, o general education and training, employees’ retirement conditions and health benefits. CSR can also help governments address social and economic development needs in developing countries; it can help fight corruption and contribute to the implementation of human rights. Under these criteria, CSR can contribute in a major way to the welfare of their employees, and set examples for competing employers (Buhmann, 2006). Prout (2006) strongly believes that CSR plays a very important role in all organisations as CSR works ethically in many manner that brings benefits to all. According to Prout (2006) CSR is important as it is: Cost effective Reduce costumer’s risk and financial exposure and Gives firm a competitive advantage. He further states that, pollution prevention makes sense not because of end of pipe regulation, but because it has become cost effective approach to materials management. Product stewardship makes sense not because of waste disposal laws, but because it can reduce the customer’s risk and financial exposure. And the development and commercialization of clean technologies that reduce inputs as well as outputs makes sense because it can give one firm a competitive advantage. However, as argued by Moir (2001), CSR plays a part in solving social problems that arise in an organisation. He also further states that CSR would enhance reputation and greater employee loyalty and retention. The Commission of the European Communities (2002) as cited by (Jones et al . , 2005) argues that CSR has gained increasing recognition amongst companies as an important element in new and emerging forms of governance because it helps them to respond to a new set of fundamental changes in the overall business environment. These changes include globalisation and the responsibilities companies feel the need to address as they increasingly source products and services in developing countries; the issues of image and reputation, which have become increasingly important elements in corporate success; and the need for companies to recruit and retain highly skilled personnel. Girod and Bryane (2003) as cited by (Jones et al. , 2005) adopt a strategic marketing perspective arguing that CSR is â€Å"a key tool to create, develop and sustain differentiated brand names†. National and international governments have also been active in promoting CSR. Carlisle and Faulkner (2004) as cited by Sweeney (2007) has argued that SMEs are likely to experience a wide range of barriers including, a perception that CSR does not relate to SMEs and resource constraints such as financial, human and time limitations. Large firms tended to agree with this and argued that small firms, in comparison to themselves may lack resources such as finances, human resources or time to devote to CSR and this can act as a barrier preventing them from undertaking CSR. It was also mentioned from some large firm respondents that smaller firms may not feel CSR is an issue for smaller firms to concern themselves with and as such the main barrier may simple be a perception that there is no need for them to concern themselves with CSR (Sweeney, 2007). One of the main crucial barriers of CSR is corruption according to Lewicka-Strzalecka (2006), corruption is accompanied by economic stagnation and social decline. Therefore, it may be not ungrounded to suppose that there is a relation between the level of corruption in a country and social responsibility of companies of this country. Lewicka-Strzalecka (2006) believes that the high level of corruption discourages managers and businessmen from creating positive, long-standing relations with specific stakeholders, because the position of their companies is hardly dependant on their customers, employees, partners, and the local community. They are instead likely to get involved in corrupt deals with high-ranking state officials, in order to win tenders, ensure their access to the market, or get various licenses. Members of various social, consumers', and other non-governmental organisations use the resources assigned for social and ecological goals for their own private interest (Lewicka- Strzalecka, 2006). Lewicka- Strzalecka (2006) claims that one of the theoretical problems of CSR is the question of precisely defining a company's duties towards its stakeholders. The author then further states that if the demand towards business is specified too broadly, authorities and individuals feel exempted from their responsibility. One of the unintentional results of the CSR policy can be growing expectations from specific stakeholders, as well as indifference of the local and central government, which is only too glad to dispose of a part of its duties. When a company helps people in other than purely financial terms, it may be perceived as an example of paternalistic attitude towards the employees. For instance, dismissed employees think that the company would do better if it gave them specific sums of money instead of financing their outplacement, i. e. covering costs of training and providing psychological help (Lewicka- Strzalecka, 2006). Lewicka- Strzalecka (2006) also alleges that another of the results of CSR is the development of the welfare-state mentality. The author further explains it as; if a company voluntarily helps individuals or groups, after a certain time those groups can go on to regard it as something that is rightfully theirs, or even propose other demands. Systematic help may encourage acquired helplessness, damp entrepreneurship, and even establish a dependency between the business and those who could otherwise act on their own in the market or society 2. 3 BUSINESS ETHI*CS AND CORPORATE SOCIAL RESPONSIBILITY IN BUSINESS MANAGEMENT It is extremely important for managers to behave in ways that are ethical and consider the greater good of the organisation and its employees. Since ethics plays a major role in business management future managers therefore need to be aware of the positive and negative implications with one’s behaviour and hence this will allow them to think about how ethical and unethical behaviour has future effects. One of the main rolesof business ethics in business management is for managers to act as a role model by demonstrating ethical behaviour in order to set a leading example for other employees to look upon (Duarte, 2008). Another role of Business Ethics in business management involves creating a competitive advantage by creating resources that are socially complex, difficult to imitate and pass through critical time dependent stages (Dierickx and Cool, 1989; Barney, 1991; Amit and Schoemaker, 1993) as cited by (Galbreath, 2009). Such resources can be created based on reputation and trust which is not so easily imitated by competitors (Fombrun and Shanley, 1990; Barney and Hansen, 1994) as cited by (Galbreath, 2009). Similarly, Jones (1995) as cited by (Galbreath, 2009) argues that firms who develop relationship with stakeholders based on honesty, trust and corporation are in a better position to gain an advantage over firms that do not. The reason being is that developing trust and corporation between stakeholders takes time, which in turn leads to mutually beneficial value exchanges which help gain advantages that lead to improved performance. Business ethics also plays a vital role in helping an organisation in creating a strong positive corporate image which is believed to be the foundation for building successful commercial relationships with different target publics. However, business ethics is also central in generating faith and trust between an organisation and its stakeholder (Papasolomou-Doukakis et al. , 2005). Furthermore, Chajet (1989) as cited by (Papasolomou-Doukakis_ et al_. 2005) postulates that a company with a good image can more easily attract audiences that influence the success of the organisation such as investors, partners, employees and customers. Therefore Business Ethics highly contributes to enhanced performance. CSR undeniably plays a very important role in Business Management. According to Moir (2001) CSR plays a major role in building a sustainable growth for business in a responsible manner. The author further states that CSR brings many forms of business benefits which include enhanced reput ation and greater loyalty and retention. Furthermore The World Business Council for Sustainable Development on CSR (WBCSD, 1999) as cited by (Moir, 2001) states that CSR plays a major role in controlling risk, identifying market opportunities, improving reputation and maintaining public support. Buhmann (2006), reports the example of international companies who are recruiting employees that might otherwise find it difficult to get employed; this includes the recruitment of immigrant, refugees and disable people. In such a scenario, CSR plays a leading role in achieving a profile of decency within communities, and can have the advantage of attracting goodwill from governments in their efforts to integrate migrant workers or refugees who would otherwise have to be supported out of public funds. Organisations firmly believe that long term economic viability is in the interest of all stakeholders and that by integrating CSR into their organisation, it will play a role of providing long term growth and financial security for those stakeholders and to aintain or enhance their market position for example health and safety at work, training and management development all help to promote stability, security and efficiency within the workforce (Jones et al. , 2005). CSR also plays a role of giving organisations a competitive advantage over their competitors. CSR can take form of taking care of employees by providing them with benefits which could be a source of competitive advantage (Smith, 2007). A c ompetitive advantage also depends on reputation as well as on people, products and prices. Therefore, an organisation’s position in the market place depends on its acting in a socially responsible manner and how socially responsible its publics perceive it to be (Papasolomou-Doukakis et al. , 2005). Lantos (2001) states that prior to the 1960s, business ethics was not a major concern of business people. Rather, it was left to theologians to discuss issues of fair wages, unfair labor practices, and the morality of capitalism. The Protestant work ethic taught people to work hard and be successful – this was the essence of business’ social responsibility. He also declares that, beginning in the 1960s ethical issues in business were raised on an unprecedented scale. Consequently, we heard consumer outcries against insensitive and immoral business practices. As a reaction to the negative publicity, by the mid-1970s, the concept of raising corporate USA’s consciousness was in vogue in both corporate boardrooms and college classrooms. The idea was that enterprises should not single-mindedly pursue profit without regard to morality. Thus, since the 1970s, society’s expectations of business ethics have been climbing. Unlike yesteryear, productivity alone is no longer considered sufficient morally to justify a business organization. Also important is how wealth generation affects non-economic aspects of society, such as the welfare of employees, customers, and other members of the business system, as well as other outside groups and the natural environment (Lantos, 2001). Here is where CSR comes in. As the finding of Kilcullen and Kooistra (1999) states that CSR have canteredon the long-term advantages of socially responsible behaviour, advantages such as greater customer and employee loyalty and a more supportive external environment. 3. CONCLUSION To understand CSR one must also understand Business Ethics. Organisations need to have a commitment to developing and maintaining an ethical organisational culture. This organisational culture is considered Social glue by Serpa (1985) as cited by (Wood and Rentschler, 2003), as it binds the organisation around its values, beliefs and ways in which it e stablishes and executes organisational practice. If CSR is practiced effectively, it can be extremely beneficial to an organisation by creating customer loyalty and also helps in gaining a competitive advantage. However, I disagree with Altruistic CSR as I feel it is immoral. I strongly contemplate that seizing one’s wealth for another is immoral and therefore Altruistic CSR is partially inequitable, in my point of view. Albeit the above, from my understanding I consider Business ethics and CSR to be about similar to one another. Reason being; when an organisation practices CSR, indirectly Business ethics is being practiced. This can be proven as CSR is practised with betterment of both the society and organisation in mind. Therefore, having in mind the interest of a party that may not matter to the organisation shows ethical responsibility which is a part of Business ethics. Hence CSR and Business Ethics are similar in their own manner. REFERENCE JOURNALS Amit, R. and Schoemaker, P. (1993), ‘Strategic assets and organisational rents’, _Journal of Strategic Management, Vol. 4, No. 1, pp. 33-47, as cited by Galbreath, J. (2009), ‘Building corporate social responsibility into strategy’, Journal of European Business Review_, Vol. 21, No. 2, pp. 109-127. 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Maybe not! ’, Journal of European Business Review, Vol. 17, No. 3, pp. 263-279. Prout, J. (2006), ‘Corporate responsibility in the global economy: a business case’, Journal of Society and Business, Vol. 1, No. 2, pp. 184-191. Quester, P. G. and Thompson, B. (2001), ‘Advertising and promotion leverage on arts sponsorshi p effectiveness’, Journal of Advertising Research, Vol. 1, No. 1, pp. 33-47, as cited by Lantos, G. P. (2001), ‘The boundaries of strategic corporate social responsibility’, Journal of Consumer Marketing, Vol. 18, No. 7, pp. 595-632. Roberts, S. (2003), ‘Supply chain specific? Understanding the patchy success of ethical sourcing initiatives’, Journal of Business Ethics, Vol. 44, No. 2/3, pp. 159-170, Sweeney, L. (2007), ‘Corporate social responsibility in Ireland: barriers and opportunities experienced by SMEs when undertaking CSR’, Journal of Corporate Governance, Vol. 7, No. 4, pp. 516-523. Serpa, R. 1985), ‘Creating a candid corporate culture’, Journal of Business Ethics, Vol. 4, pp. 425-430. Smith, A. D. (2007), ‘Making the case for the competitive advantage of corporate social responsibility’, Journal of Business Strategy Series, Vol. 8, No. 3, pp. 186-195 Sweeney, L. (2007), ‘Corporate social respons ibility in Ireland: barriers and opportunities experienced by SMEs when undertaking CSR’, Journal of Corporate Governance, Vol. 7, No. 4, pp. 516-523. Tresize, E. K. (1996), ‘An introduction to business ethics for human resource management teaching and research’, Journal of Personnel Review, Vol. 5, No. 6, pp. 85-89. Williams, A. (2005), ‘Consumer social responsibility’, Journal of Consumer Policy, Vol. 15, No. 2, pp. 34-35, Sweeney, L. (2007), ‘Corporate social responsibility in Ireland: barriers and opportunities experienced by SMEs when undertaking CSR’, Journal of Corporate Governance, Vol. 7, No. 4, pp. 516-523. Wood, D. J. (1991), ‘Corporate social performance revisited’, _Journal of Management Review, Vol. 16, pp. 691-718, as cited by Moir, L. (2001), ‘What do we mean by corporate social responsibility? ’, Journal of Corporate governance_, Vol. 1, No. 2, pp. 16-22. Wood, G. and Rentschler, R. 2003), †˜Ethical behaviour: the means for creating and maintaining better reputations in arts organisations’, Journal of Management Decision, Vol. 41, No. 6, pp. 528-537. BOOKS Carroll, A. B. (2000), ‘The four faces of corporate citizenship’, McGraw-Hill, Guiltford, as cited by Lantos, G. P. (2002), ‘The ethicality of altruisic corporate social responsibility’, Journal of Consumer Marketing, Vol. 19, No. 3, pp. 205-232. Carroll, A. B. (2001), ‘Ethical challenges for business in the new millennium: Corporate social responsibility and models of management morality’, McGraw-Hill, Guilford, as cited by Lantos, G. P. (2001), ‘The boundaries of strategic corporate social responsibility’, Journal of Consumer Marketing, Vol. 18, No. 7, pp. 595-632. Cutlip, S. M. , Center, A. H. , Broom, G. M. (2000), ‘Effective Public Relations’, Prentice Hall, Saddle River, New Jersey, as cited by Papasolomou-Doukakis, I. , Krambia-Kapardis, M. , Katsioloudes, M. (2005), ‘Corporate social responsibility: the way forward? Maybe not! ’, Journal of European Business Review, Vol. 17, No. 3, pp. 263-279. Davies, K. (1983), ‘An expanded view of the social responsibility of business’, 2nd ed, Prentice-Hall, Englewood Cliffs, New Jersey, as cited by Lantos, G. P. (2001), ‘The boundaries of strategic corporate social responsibility’, Journal of Consumer Marketing, Vol. 18, No. 7, pp. 595-632. Friedman, M. (1996), ‘The social responsibility of business is to increase profits’, Zondervan Publishing House, Grand Rapids, as cited by Lantos, G. P. (2002), ‘The ethicality of altruisic corporate social responsibility’, Journal of Consumer Marketing, Vol. 19, No. 3, pp. 205-232. Hopkins, M. (2003), ‘The Planetary Bargain, Corporate Social Responsibility Matters’, Earthscan Publications Ltd, London, Sweeney, L. 2007), ‘Corporate social responsibility in Ireland: barriers and opportunities experienced by SMEs when undertaking CSR’, Journal of Corporate Governance, Vol. 7, No. 4, pp. 516-523. Mackiewicz, A. (1993), ‘Guide to Building a Global Image’, McGraw-Hill, New York, as cited by Papasolomou-Doukakis, I. , Krambia-Kapardis, M. , Katsioloudes, M. (2005), ‘Corporate social responsibility: the way forward? Maybe not! ’, Journal of European Business Review, Vol. 17, No. 3, pp. 263-279. Seitel, F. P. (2001), ‘The practice of public relations’, 8th ed, Prentice-Hall, Upper Saddle River, New Jersey, as cited by Papasolomou-Doukakis, I. Krambia-Kapardis, M. , Katsioloudes, M. (2005), ‘Corporate social responsibility: the way forward? Maybe not! ’, Journal of European Business Review, Vol. 17, No. 3, pp. 263-279. Smith, N. C. and Quelch, J. A. (1993), ‘Ethics in Marketing’, Irwin, Homewood, Illinois, as cited by Lantos, G. P. (2002), ‘The ethicality of altruisic corporate social responsibility’, Journal of Consumer Marketing, Vol. 19, No. 3, pp. 205-232. INTERNET ARTICLES Commission of the European Communities (2001), ‘Promoting a European framework for Corporate Social Responsibility’, available at: http://europa. u. int/eur-lex/en/comg pr/2001/com2001_0366en01. pdf , as cited by Jones, P. , Comfort, D. , Hillier, D. (2005), ‘Corporate social responsibility and the UK’s top ten retailers’, Journal of Retail and distribution Management, Vol. 33, No. 12, pp. 882-892. Commission of the European Communities (2002), ‘Communication from the Commission concerning Corporate Social Responsibility: A business contribution to sustainable development’, available at: http://europa. eu. int/comm? Employment_social/soc-dial/csr/csr2002_en. pdf, Jones, P. , Comfort, D. , Hillier, D. 2005), ‘Corporate social responsibility and the UK’s top ten retailers’, Journal of Retail and distribution Management, Vol. 33, No. 12, pp. 882-892. Confederation of British Industry (2001), ‘CBI response to the European commission green paper on: ‘promoting a European framework for corporate social responsibility’, available at: www. europa. eu. int/comm/employment_social/soc-dia l/csr/cbi_uk_en011219. htm, as cited by Jones, P. , Comfort, D. , Hillier, D. (2005), ‘Corporate social responsibility and the UK’s top ten retailers’, Journal of Retail and distribution Management, Vol. 33, No. 12, pp. 82-892. The World Bank Group (2004), ‘Corporate social responsibility’, available at: www. worldbank. org/development communications/where1/environment/csr. htm, as cited by Jones, P. , Comfort, D. , Hillier, D. (2005), ‘Corporate social responsibility and the UK’s top ten retailers’, Journal of Retail and distribution Management, Vol. 33, No. 12, pp. 882-892. CONFERENCE PAPERS Kitchen, P. J. , Schultz, D. E. (2002), ‘Managing reputation: global issues and problems’, paper presented at the 7th Annual Conference on Corporate and Marketing Communications, 29-30 April, as cited by Papasolomou-Doukakis, I. Krambia-Kapardis, M. , Katsioloudes, M. (2005), ‘Corporate social responsibility: the way forwa rd? Maybe not! ’, Journal of European Business Review, Vol. 17, No. 3, pp. 263-279. Poiesz, T. B. C. (1988), ‘The image concept: Its place in consumer psychology and its potential for other psychological area’, paper presented at the 24th International Congress of Psychology, Sydney, as cited by Papasolomou-Doukakis, I. , Krambia-Kapardis, M. , Katsioloudes, M. (2005), ‘Corporate social responsibility: the way forward? Maybe not! ’, Journal of European Business Review, Vol. 7, No. 3, pp. 263-279. To amass this literature review, the most applicable or significant source would be secondary sources as it is very reliable and valid. Although there are many secondary sources available but journals retrieved from emerald insight database are mostly used in this literature review. The reason being is that journals published in the site have been permitted by many other researchers who hold high ranks. The credibility of the journals used is also considered much higher because journals on emerald are reviewed before being published. However most of the journal authors hold high ranks in universities. For example, Geoffrey Lantos is a professor of Business Administration at Stonehill College, USA. Maureen Kilcullen is also an assistant professor at Kent University, USA. Lance Moir is a senior lecturer in Finance and Accounting at Cranfield School of Management. Moir also has a considerable amount of work experience as he was the Head of Corporate Finance and Planning at Storehouse plc from 1985 to 1990 and the director of Corporate Finance at Bass plc from 1991 to 1994. He is also the author of Managing Liquidity. Therefore, from their positions and experience, it can be seen that the authors are very well established in their qualification. All journals are also found to be very consistent, well presented with a valuable amount of information and include a good number of references. All the journals used in this literature do not have pre assumptions and are not biased. In addition, all these sources are up to date, considered to be reliable and valid and they have been picked from an authentic source. Appendix 2: Mind Map Appendix 3: Types of CSR {draw:frame} Source : Lantos (2001)