Company Evaluation Assignment Example | Topics and Well Written Essays - 250 words

Company Evaluation - Assignment Example Secondly, Miller stated that the fact the site is accessible worldwide has made it the most popular online site in the world where different people from different corners of the world can interact. The third key competence of facebook is its active research and development department, which has continually offered the site with new features that, makes social interaction more interesting. Lastly, the multilingual capability of facebook means non-English speakers can also utilise the social site (40-45). The value and mission of facebook is to simple enable people to connect with friends across that world and this value and mission statement help shape the planning function in the company, since every plan should always be applicable and beneficial to different users across the world. Therefore, the statement helps planners within the company to approach their task with a global approach. The main internal factors of facebook that will influence the business in the future are its research and development, and marketing. Through, continued research and development, the company will be able to remain at the top of competition and it will provide users with a variety of functional features for social interaction. Additionally, through aggressive marketing campaigns across the world the company will be able to attract many users and stay on top of the competition. One of the external factors that can influence the business in the future is heightened competition from other online social sites that are continually coming up and therefore, pose a threat to facebook’s market

Foreign Investment in Oil and Gas Sector in Kurdistan Region of Iraq Dissertation

Foreign Investment in Oil and Gas Sector in Kurdistan Region of Iraq - Dissertation Example Historically, the Middle East, a land known for its rich Sheikhs and vast sandy topography, was and is extremely enriched in petroleum reserves. Petroleum extraction and refinery is the prime industry in the Middle East and export of petroleum and gas is the main trading product. Middle East has little arable land and any other type of minerals apart from petroleum is almost absent. These have forced the region to resort to the best thing they are capable of. Among the oil producing nations of the Middle East; Saudi Arabia holds the top spot followed by Iran and Iraq (Leverett and Bader, 2005). Petroleum and the Middle East share a complex political relation with the rest of the world; especially with the developed nations. The developed nations are highly industrialized and they need fuel to sustain their economic growth. This has often led to their involvement in Middle East politics with a sole goal of controlling the largest share of the oil reservoirs and refineries along with t he land through which the pipeline (carrying oil and gas) passes (Leverett and Bader, 2005). Even the latest war against Taliban and their eventual obliteration might have been linked to the settlement of a peaceful pathway for petroleum and gas line that was getting disturbed by the anti American sentiments of the Taliban (Kull, Ramsey and Lewis, 2002).The present paper concentrates on the foreign direct investment in oil and gas sector in the Kurdistan region of Iraq. ... The Legal framework for contractors, and affiliates under the Iraqi and Kurdish Law†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 31 5.2. What is the importance of oil and gas sector in Kurdistan†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 33 5.3. What are the driving factors of FDI into this sector†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 35 5.4. Reason behind source countries investing in Kurdistan†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 39 Chapter 6. Discussion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 53 Chapter 7. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 64 7.1 Aim One Conclusionà ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 64 7.2 Aim Two Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 65 7.3 Aim Three Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 66 Topic Page Number 7.4. Implications of the Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 67 7.5 Limitations of Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 68 7.6. Recommendations for Future Research†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã ¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 68 Chapter 8. Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 69 Abstract: The report is about the Foreign Investment in Oil and Gas Sector in Kurdistan Region of Iraq. Iraq is one of the leading country which is rich in natural oil and natural gas. In Iraq, Kurdistan region have the most of natural oil and gas storage. In this report we discussed about different factors that are associated with the foreign direct investment in this region. The role played by the government to attract the FDI to boost the economy of the region. Study of FDI in Kurdistan region also

A Study on Research Methods And Approaches

A Study on Research Methods And Approaches This section describes the methods used in carrying out this research. Methodology is an overall approach to research process, from theoretical underpinning to the collection of data (Collis and Hussey, 2003). This section informs the reader of research design, whether it is explanatory, descriptive or he exploratory, and why a particular design is design is chosen. It informs the reader about the primary and secondary sources of data along with argument and rationalization (Ghauri and Gronhaug, 2005). Baker (2003) describes methodology as the critical evaluation of alternative research strategies and methods. Methodology is a combination of techniques used to enquire into specific situation (Easterby-Smith, et al. 2002). Methodology is the analysis of, and the rationale for, the particular method or methods used in a given study, and in that type of study in general (Jankowicz, 2000). 3.2 Research approaches The extent to which the theory is clear at the beginning of the research is important in the design of the research project. The researcher can use the deductive approach and/or the inductive approach (Saunders et.al, 2007). 3.2.1 Deductive approach In this approach, a theory and hypothesis is developed and a research strategy is designed to test the hypothesis. The theory allows examining the specific outcome of the inquiry, which will tend to confirm the theory or indicate modifications (Saunders et.al, 2007). 3.2.2 Inductive approach In this approach, first the data is collected and theory is developed from the result of the data analysed. The result of this analysis would be the formulation of a theory. This approach is concerned with the context in which the events are taking place. Therefore the study of a small sample of subjects might be more appropriate than a large number as with the deductive approach (Saunders et.al, 2007). According to Saunders et al. (2003), followers of the inductive approach would criticise the deductive approach because of its tendency to construct a methodology that is not flexible and that does not allow alternative explanations of what is going on. On the other hand, the deductive approach emphasises scientific principles, moving from theory to data, the need to explain underlying relationships between variables, collection of quantitative data, the application of controls to ensure validity of data, the working of concepts to ensure clarity of definition, a highly structured approach, researcher independence of what is being researched and the necessity to select samples of sufficient size in order to generalise conclusions (Saunders et al., 2003). According to Saunders et al. (2003), the inductive approach also emphasises gaining an understanding of the meanings humans attach to events, a close understanding of the research context, the collection of qualitative data, a more flexible structure that allows room for changes as the research progresses, a realisation that the researcher is part of the research process and less concern with the need to generalise. This approach to research also gives room for alternative theories to be put forth. According to Saunders et al. (2003), deductive research can be quicker to complete. However, time must be devoted to setting up the study prior to data collection and analysis. On the other hand, inductive research can be more prolonged. While the deductive approach to research can be a lower risk strategy, inductive research poses the risk that no useful data patterns and theory may emerge. According to Saunders et al. (2003), most managers are familiar with the deductive approach and are much more likely to put faith in the conclusions emerging from this approach. Having looked at both the research approaches individually and weighing them against each other, it is also useful to look at whether a combination of both these methods is possible. According to Fowler (2002), although most surveys use a single data collection method, it is not uncommon for a combination of methods to be used. This is further reiterated by Saunders et al. (2003) who say that these approaches can not only be mixed and matched, but it is also beneficial to do so. There are two major advantages of using multi-methods in the same study. Another advantage of using a combination of two methods is that it enables triangulation to take place. The advantage of using triangulation is that the weaknesses in each single method will be compensated by the counter-balancing strengths of another. The researcher has used the combination of two methods i.e. triangulation approach which was best suited for the undertaken study. 3.3 Research Design Research design is about organising research activity, including the collection of data, in ways that are most likely to achieve the research aim (Easterby-Smith, et al. 2002). Saunders, at al. (1997) suggests that a research design needs to consider the extent to which you should collect data from a research population. Vogt (1993) defines research design as the science of planning procedures for conducting studies so as to get the most valid findings. Research design is an overall plan for relating the conceptual research problem to relevant and practicable empirical research which provides a plan or a framework for data collection and its analysis (Ghauri and Gronhaug, 2005). Collin and Hussey (2003) argue that determining a research design would give a detailed plan, which will be used to guide and focus on research. Hair, et al. (2003) argues that a research design provides the basic direction for carrying out a project. For the purpose of this research a case study approach has been used i.e. the case study of SVR Institutions, Bangalore (SVR), an educational institution in India. Collin and Hussey (2003) define a case study as an extensive examination of a single instance of a phenomenon of interest and is an example of a phenomenological methodology. Case study is a research study, which focuses on understanding the dynamics present within single setting (Eisenhardt, 1989). Robson (2002) defines case study as the development of detailed, intensive knowledge about a single case or related number of cases. Case study method is used when thesis focuses on a set of issues in a single organisation, and when researcher wants to identify the factors involved in an in-depth study of the organisation (Jankowicz, 2000). The case study approach is suitable because the researcher looked into an educational organisation to ascertain whether this organisation benefits the economically weaker and deprived famili es in the community. 3.4 Adopting Qualitative and Quantitative Research Methods Research method is that section of research report that describes the research methods used in conducting the research (Hair, et al. 2003). Research method is a systematic and orderly approach taken towards the collection and analysis of data so that information can be obtained from data (Jankowicz, 2000). Two main type SVR of approaches to research are qualitative and quantitative approaches. The quantitative approach is collecting and analysing of numerical data and applying statistical test, while quantitative approach is more subjective in nature and involves examining and reflecting on perceptions in order to gain an understanding of social and human activities (Collis and Hussey, 2003). Qualitative approach is the nature and content of what is said while quantitative approach determines the number of who said it (Jankowicz, 2000). Baker (2003) argued that quantitative methods are usually regarded as more robust, leading to actionable results and recommendations, whereas qualitative methods are seen as lacking in rigour, resulting in indecisive outcomes. Van Maanen (1983) defines qualitative techniques as an array of interpretative techniques which seek to describe, decode, translate and otherwise come to terms with the meaning, not the frequency, of certain more or less naturally occurring phenomena in the social world. Collis and Hussey (2003) argue that quantitative approach to data collection provides relative ease and speed with which research can be conducted. Ghuari and Granhaug (2005) describe qualitative method of data analysis as the interactive way where collected data are analysed initiating new question and further data collection. Qualitative research is thus common in social and behavioural sciences and among practitioners who want to understand human behaviour and functions. Since this research has to do with social sciences, it makes qualitative analysis relevant to the research. The rationale of using quantitative methods for this study was in order to obtain the opinion of the management, staff and students rather than seek only statistical data which can eliminate the human aspect and only seek to measure a predetermined variable (Black, 2003). The quantitative data analysis gives the research more direction and viable to readers by numeric interpretation of responses to the questionnaires given out, apart from this using quantitative method of analysing is rational. The quantitative data analysis has been used in the research by quantifying responses from the management, staff and students of the organisation via questionnaires. Rather than using large samples and following a rigid protocol to examine a limited number of variables, case study methods involve an in-depth, longitudinal examination of a single instance or event: a case. They provide a systematic way of looking at events, collecting data, analysing information, and reporting the results. As a result the researcher may gain a sharpened understanding of why the instance happened as it did, and what might become important to look at more extensively in future research (Collis and Hussey, 2003). The figures obtained by the researcher from the different questionnaires and the bar charts could be referred to as the quantitative element of this research while the subsequent analysis and explanation of ideas could be referred to as the qualitative element. 3.5 Questionnaires Questionnaire is a list of carefully structured questions, chosen after considerable testing, with a view to eliciting reliable responses from chosen sample. The aim of a questionnaire is to find out what a selected group of participants do, think or feel (Collin and Hussey, 2003). Questionnaires are used to collect data by asking the sample/participants to respond to exactly the same set of questions. Saunders, et al. (2003) identifies two basic type SVR of questionnaires as self-administered and interviewer administered. They further identified the following type SVR of self-administered questionnaire: Online Questionnaire, The Postal or Mail Questionnaire, Delivery and Collection Questionnaires, Telephone Questionnaires, Structured Interview Questionnaires. For the purpose of this research the self-administered questionnaire shall be used through the use of delivery and collection system. The questionnaire method will facilitate this research due to time constraint on the part of both the researcher and the respondents. To justify this, other methods used in collecting primary data are semi structured and in depth interviews. The questions in the questionnaire will be a combination of Yes/No questions, questions that will give the respondent an option to add comments/justification further to his/her answer. Open questions are also used to allow the respondents free to express his/her view, so that it helps in critical analysis. 3.6 Interviews Interviews are a method of collecting data in which selected participants are asked questions in order to find out what they think or feel. Interviews make it easier to gather the necessary information and opinions, maybe face to face, voice to voice or screen to screen; conducted with individuals or group of individuals (Hussey and Hussey, 1997). For the purpose of this research, conducting interviews, a qualitative method of data collection is used. According to Saunders et al. (2003) interviews are categorised as follows: Structured interviews Semi- structured interviews Unstructured interviews Structured interviews are based on a pre-determined set of questions that are asked by the interviewer in a particular order with no room for flexibility. There is no much room for interaction between the interviewer and the interviewee. A semi-structured interview also involves a pre-determined set of questions, but gives the interviewer scope to change the order of questions asked, query certain areas of interest based on the answers given. However, unstructured interviews are informal. This method of interviewing allows the interviewer to ask any questions without being bound to a pre-determined set of questions. It looks more like a casual chat which allows the interviewer to talk about the issues pertaining to the research (Saunders et al., 2003). The interviewer conducted semi-structured interviews, as it is more flexible and helpful in this research. 3.6.1 Interviews Procedure Prior to the interview, each respondent will be met personally to provide him or her with details about the topic, time and details about the topic. All the respondents were issued a consent form, which mentioned that participation will be voluntary, without coercion and they could withdraw from the study at any time. Interviews will be physically constructed in the organisation rooms, with prior permission. 3.7 Samples and Procedures Jankowicz (2000) describes sampling as a deliberate choice of a number of people, the sample who are to provide data from which you will draw conclusions about some larger group, the population whom this represents. Sample is a subset of a population, while population is a body or any collection of items under consideration (Collis and Hussey, 2003). Ghauri, et al. 1995 defines sampling as saving work, examining the sample instead of whole population. Sampling saves time; this is evident when you have tight deadlines. Occasionally, to save time, surveys collect data from the entire population but analyse only a sample of the data collected. For reasons of economy this procedure has sometimes been adopted for hard-to-code questions, such as occupation and industry, in the United Kingdom 1991 census. Data were collected from the total population for all questions but, for the hard-to-code questions, only 10 per cent were entered into the computer and subsequently analysed, although it should be noted that, for the 2001 census, advances in automated and computer assisted coding software meant all these were coded (Teague, 2000). Many researchers, for example Henry (1990), argue that using sampling makes possible a higher accuracy than a census. The smaller number of cases for which the data is collected means that more time can be spent designing and piloting the means of collecting these data. Collecting data from fewer cases also means that the collected information will be more detailed. For the purpose of this research, the sampling method has been used because it is practically impossible to reach the entire population due to time constraints on the part of the researcher. 3.8 Sampling Techniques Sampling techniques are a range of methods that enable the researcher to reduce the amount of data to be collected by considering only data from a subgroup rather than possible cases or element (Saunders, et al. 2003). Two types SVR of sampling techniques are identified as follows: Probability or Representative sampling Non-probability or Judgemental sampling (Saunders, et al. 2003). Probability sampling is the selection of elements based on random sample procedure that gives a known and non-zero chance of being selected, thereby minimizing selection. It involves taking large samples considered to be representative of target population from which they are drawn (Saunders, et al. 2003). In non-probability sampling, the probability of each case being selected from the total population is unknown. Non-probability sampling is more frequently used for case study research. In this sampling the researcher uses subjective methods such as personal experience, convenience, and expert judgement to select elements in the sample (Saunders, et al. 2003). For the purpose of this research a non-probability or judgmental sampling was used because samples were determined by the use of researchers judgement, experience and convenience. 3.9 Population for Study The population will compromise of all the employees of the SVR Institutions, Bangalore. 3.10 Sample Size Collis and Hussey (2003) assert that the question of appropriate number of subjects to include in a sample is complex and it is a question of deciding how accurate the researcher wants the result to be and how confident is the answer. For the purpose of this research, the total sample size is confined to 110 individuals. 3.11 Pilot Study Pilot study refers to so-called feasibility studies, which are small scale versions or trial runs, done in preparation for the major study (Polit et al. 2001: 467). A pilot study can also be the pre-testing or trying out of a particular research instrument (Baker 1994: 182-3). De Vaus (1993: 54) quotes Do not the risk, Pilot test first. The advantages of conducting the pilot study is that it will caution the researcher in advance where the research project could fail, whether the proposed methods or instruments are appropriate or too complicated. Pilot studies are conducted for the following reasons: To assess the feasibility of a (full-scale) study. It wasnt feasible to consider all the UK companies, hence the case study research. Designing a research protocol Use of case study approach, research questionnaires to sample views and opinions about the project topic, subjective selection of sample based on the researchers judgement, disregarding response questionnaires, which were incomplete. Assessing whether the research protocol is rational and feasible The case study approach, use of questionnaires and interviews are tried and proven methods, hence the researchers confidence in employing them. These research protocols were taken to ensure that project deadlines were achievable. Establishing whether the sampling frame is affective The chosen sampling frame was deemed to be effective because the researcher found the method successfully applied in similar research. Identifying logistical problems, which might occur using proposed methods Issuing of questionnaires to a very large sample size was a problem, hence an appropriate sized sample was chosen. Interviews with the sized sample were conducted to gain their views and opinions. Developing a research question and research plan The researcher developed his research questions based on his primary research on the project topic. Convincing other stakeholders that the main study is worth supporting The stakeholder was the researchers supervisor. Before embarking on the project, the researcher had to complete a proposal outlining the importance and benefits of researching the project topic. 3.12 Method of Data Analysis The data collected through responses in the questionnaires, were analysed and interpreted with the use of the Pie Chart: this is a data presentation which is use in analysing quantitative datas to show the proportion of occurrences of categories or values for one variable. (Saunders et al, 2003, p.340). The data collected through semi-structured interviews were analysed through the use of conceptualization, meanings expressed through words and classifying the results into categories. The above methods used indicate that validity and reliability of data will be ensured and problem of bias will be reduced (Collis and Hussey 2003). Both the qualitative and quantitative methods of data collection will lead to actionable result. The case study approach has helped the researcher to be more focused and facilitate a meaningful result. 3.13 Ethical issues Another very important consideration during research is the ethical issues that may arise. Some of the data to be collected during research could be of highly sensitive nature and therefore may need a formal consent. Some other ethical issues could be privacy of the respondents, possible harm to participants, and possibility of deception involved (Diener and Crandall, 1978). These issues have been taken into consideration for the purpose of this research. The data was collected after a formal consent from SVR Institutions, Bangalore. A clear explanation of the purpose of the study was given to the management. All the respondents were explained the purpose of the study and were also given literature about the study and assured confidentiality and anonymity.

Hard Cover vs. Hard Drive Essay -- Compare Contrast Writing Technology

Hard Cover vs. Hard Drive Will Electronic Publications Ever Replace the Book? At one time our world was strictly an oral culture. We recited stories, kept records stored in our memories. When writing was invented did we suddenly stop speaking to one another or remembering facts? Of course not. At any given moment we can recall, from memory, names, dates, and places that we have committed to memory. When the printing press was invented, did we stop writing by hand? Again, no. So, why would we stop reading a book just because we have access to the World Wide Web? All previous information technologies of language, rhetoric, writing and printing are technological in themselves (Landow 218). These technologies—writing, speaking, typing—may seem second nature, but given time so will the Web. There are reasons for choosing a book over the Internet. To make that choice, first you must ask yourself what material you want to read, and why you want to read it. Then you can more easily discover the best medium to read it on. "It appears that electronic publications are generally either read by different people than those who read printed works, or are used by them differently†¦or as compliments, but not competitors (Pang 344)." If I want driving directions, for example, I could pull out my atlas and look through the pages of roads I’ve never heard of and landmarks I have ever seen. Or, I could go to www.mapquest.com and simply type in my starting point and final destination and get exact directions and mileage along with a map of that specific area in a matter of seconds. This is just one instance where the web is the choice over a book. "A great many—perhaps most—books do not contain literature, the arts, history, or even... ... distinction, I’m not sure. Maybe I have more respect, even a sense of duty, to the classical writers. At any rate "the movement to embrace new technology will not be a movement from something natural or human to something artificial—from nature to technology," and George Landow puts it, "since writing and printing books are about as technological as one can be (Landow 219)." The World Wide Web has just given us a different forum to experience text we have come to love and depend on. Works Cited Tribble, Evelyn B. & Anne Trubek, ed. Writing Material: Readings from Plato to the Digital Age. New York: Longman, 2003. Landow, George, "Twenty Minutes into the Future, or How Are We Moving Beyond the Book?" Tribble & Trubek 214-26. Pang, Alex Soojung-Kim, "The Work of the Encyclopedia in the Age of Electronic Reproduction." Tribble & Trubek 343-51.

Forms of Business Essay

The vast majority of small businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts. In the eyes of the law and the public, you are one in the same with the business. Advantages of a Sole Proprietorship †¢ Easiest and least expensive form of ownership to organize. †¢ Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit. †¢ Profits from the business flow-through directly to the owner’s personal tax return. †¢ The business is easy to dissolve, if desired. Disadvantages of a Sole Proprietorship †¢ Sole proprietors have unlimited liability and are legally responsible for all debts against the business. Their business and personal assets are at risk. †¢ May be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans. †¢ May have a hard time attracting high-caliber employees, or those that are motivated by the opportunity to own a part of the business. †¢ Some employee benefits such as owner’s medical insurance premiums are not directly deductible from business income (only partially as an adjustment to income). Partnerships In a Partnership, two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. The Partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, how future partners will be admitted to the partnership, how partners can be bought out, or what steps will be taken to dissolve the partnership when needed; Yes, its hard to think about a â€Å"break-up† when the business is just getting started, but many partnerships split up at crisis times and unless there is a defined process, there will be even greater problems. They also must decide up front how much time and capital each will contribute, etc. Advantages of a Partnership †¢ Partnerships are relatively easy to establish; however time should be invested in developing the partnership agreement. †¢ With more than one owner, the ability to raise funds may be increased. †¢ The profits from the business flow directly through to the partners’ personal tax return. †¢ Prospective employees may be attracted to the business if given the incentive to become a partner. †¢ The business usually will benefit from partners who have complementary skills. Disadvantages of a Partnership †¢ Partners are jointly and individually liable for the actions of the other partners. †¢ Profits must be shared with others. †¢ Since decisions are shared, disagreements can occur. †¢ Some employee benefits are not deductible from business income on tax returns. †¢ The partnership may have a limited life; it may end upon the withdrawal or death of a partner. Types of Partnerships that should be considered: 1. General Partnership Partners divide responsibility for management and liability, as well as the shares of profit or loss according to their internal agreement. Equal shares are assumed unless there is a written agreement that states differently. 2. Limited Partnership and Partnership with limited liability â€Å"Limited† means that most of the partners have limited liability (to the extent of their investment) as well as limited input regarding management decision, which generally encourages investors for short term projects, or for investing in capital assets. This form of ownership is not often used for operating retail or service businesses. Forming a limited partnership is more complex and formal than that of a general partnership. 3. Joint Venture Acts like a general partnership, but is clearly for a limited period of time or a single project. If the partners in a joint venture repeat the activity, they will be recognized as an ongoing partnership and will have to file as such, and distribute accumulated partnership assets upon dissolution of the entity. Corporations A Corporation, chartered by the state in which it is headquartered, is considered by law to be a unique entity, separate and apart from those who own it. A Corporation can be taxed; it can be sued; it can enter into contractual agreements. The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes. Advantages of a Corporation †¢ Shareholders have limited liability for the corporation’s debts or judgments against the corporation. †¢ Generally, shareholders can only be held accountable for their investment in stock of the company. (Note however, that officers can be held personally liable for their actions, such as the failure to withhold and pay employment taxes. †¢ Corporations can raise additional funds through the sale of stock. †¢ A Corporation may deduct the cost of benefits it provides to officers and employees. †¢ Can elect S Corporation status if certain requirements are met. This election enables company to be taxed similar to a partnership. Disadvantages of a Corporation †¢ The process of incorporation requires more time and money than other forms of organization. †¢ Corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations. †¢ Incorporating may result in higher overall taxes. Dividends paid to shareholders are not deductible from business income; thus this income can be taxed twice. Sole proprietorship Also referred to as â€Å"single proprietorship,† a sole proprietorship is the most simple form of business and the easiest to register, through the Bureau of Trade Regulation and Consumer Protection (BTRCP) of the Department of Trade and Industry (DTI). It is owned by an individual who has full control/authority of its own and owns all the assets, as well as personally answers all liabilities or losses. The fact that it is run by the individual means that it is highly flexible and the owner retains absolute control over it. The problem, however, is that a sole proprietor has unlimited liability. Creditors may proceed not only against the assets and property of the business, but also after the personal properties of the owner. In other words, the law basically treats the business and the owner as one and the same. This uniform treatment also has important tax implications. Partnerships and corporations may lessen their tax liability through a myriad of business expenses and other tax avoidance techniques. These tax deductions may not be applicable to a sole proprietorship. Also, the potential growth and reach of a sole proprietorship pale in comparison with that of a corporation. Partnership A partnership consists of two or more persons who bind themselves to contribute money or industry to a common fund, with the intention of dividing the profits among themselves. The most common example of partnerships are professional partnerships, like in the case of law firms and accounting firms. Just like a corporation, it is registered with the Securities and Exchange Commission (SEC). A partnership, just like a corporation, is a juridical entity, which means that it has a personality distinct and separate from that of its members. A partnership may be general or limited. In a general partnership, the partners have unlimited liability for the debts and obligation of the partnership, pretty much like a sole proprietorship. In a limited partnership, one or more general partners have unlimited liability and the limited partners have liability only up to the amount of their capital contributions. Unlike a corporation, which survives even when a member/stockholder dies or gets out, a partnership is dissolved upon the death of a partner or whenever a partner bolts out. Corporation A corporation is a juridical entity established under the Corporation Code and registered with the SEC. It must be created by or composed of at least 5 natural persons (up to a maximum of 15), technically called â€Å"incorporators.† Juridical persons, like other corporations or partnerships, cannot be incorporators, although they may subsequently purchase shares and become corporate shareholders/stockholders. The liability of the shareholders of a corporation is limited to the amount of their capital contribution. In other words, personal assets of stockholders cannot generally be attached to satisfy the corporation’s liabilities, although the responsible members may be held personally liable in certain cases. For instance, the incorporators may be held liable when the doctrine of piercing the corporate veil is applied. The responsible officers may also be held solitarily liable with the corporation in certain labor cases, particularly in cases of illegal dismissal. The biggest businesses take the form of corporations, a testament to the effectiveness of this business organization. A corporation, however, is relatively more difficult to create, organize and manage. There are more reportorial requirements with the SEC. Unless you own sufficient number of shares to control the corporation, you’ll most likely be left with no participation in the management. The impact of these concerns, however, is minimized by the army of lawyers, accountants and consultants that assist the corporation’s management.

My Goals for Introductory Psychology Essay

It is my hope that this introduction into psychology will open new ways of understanding how our minds work and the impact our mental processes have on our everyday lives. My goal is to learn how to become a more insightful reader and thinker across disciplines so that I can apply this new knowledge to practical issues in a thoughtful and educated manner. My initial goal is to become a critical reader of our course readings. In order to accomplish this I am going to change my reading habits by utilizing an active approach, including highlighting, note-taking, and asking questions when I am not clear. By tracking my reading and keeping the information organized in my notes I will have direct access to my thoughts about a psychological issues. Specifically, I will maintain a detailed bank of information to draw from when I need to study for a paper or an exam. This alone will be immensely helpful in putting a halt to my current procrastination method and will open up new ways of learning about our mental applications. I will be able to track my progress by how well I retain the information I am reading and by how well I am able to implement this knowledge into practical situations, whether settling an argument, planning my future, or developing personal relationships. I am very comfortable accessing and utilizing computer based texts to help me gather information. On-line quizzes are helpful in testing general knowledge and they point out areas that are in need of improvement. I also follow links to study aids and suggested websites because they often provide detailed information about specific topics as opposed to the general information provided in some textbooks. In addition, Wiki pages and hyperlinked text pages can offer many different lines of inquiry. For example, when I am studying about Freud, I can follow through to pages that are specifically oriented to the id, ego, and superego. Furthermore, I can follow these links to pages about the subconscious or to pages about his notions concerning dreams, desires, and impulses. I am hoping that this course will shed light on the way people act as we do. I am interested in discovering some of my root motivations for holding certain attitudes and beliefs, for example what types of pre-conceived ideas I hold about strangers, or how I react to the way people judge me without fully knowing my personality. I feel that the more we can understand our impulses and desires the more we can direct our energy toward our ideal selves; this psychological basis will be a key to this approach. Being a critical thinker will open these pathways to understanding by incorporating various psychological perspectives to complement my knowledge up to this point. Instead of simply taking things at face value, I will be able to apply my critical knowledge to my everyday life in a more nuanced and balanced understanding.

Audience in Rhetoric and Composition

Audience in Rhetoric and Composition In rhetoric and composition, audience  (from the Latin- audire: hear),  refers to the listeners or spectators at a speech or performance, or the intended readership for a piece of writing. James Porter notes that audience has been an important concern of Rhetoric since the fifth century B.C.E., and the injunction to consider audience is one of the oldest and most common suggestions to writers and speakers (Encyclopedia of Rhetoric and Composition, 1996). Examples and Observations Your readers, those people you are trying to reach with your writing, constitute your audience. The relationship between your audiences needs- based on its knowledge and level of expertise- and your own selection and presentation of evidence is important. Much of what you say and how you say it depends on whether your audience is a group of experts or a more general audience consisting of diverse people interested in your topic.Even the way you organize your writing and the amount of details you include- the terms you define, the amount of context you provide, the level of your explanations- depends in part on what your audience needs to know.(R. DiYanni and P. C. Hoy II, Scribners Handbook for Writers. Allyn, 2001) Knowing Your Audience Knowing your audience means understanding what it is that they want to know, what they are interested in, whether they agree with or oppose your central arguments, and whether they are likely to find your subject matter useful. You also need to keep in mind the diversity of the audience- some of them might want knowledge while others want to be entertained.(David E. Gray, Doing Research in the Real World. SAGE, 2009)In short, knowing your audience increases your ability to accomplish your purpose for writing.(George Eppley and Anita Dixon Eppley, Building Bridges to Academic Writing. McGraw-Hill, 1996)Writing a book is a solitary experience. I would hide from my own family in a tiny room next to our washer/dryer and type. To keep the writing from being too stiff, I tried to imagine I was having a conversation with a friend.(Tina Fey, Bossypants. Little, Brown, 2011)Forget your generalized audience. In the first place, the nameless, faceless audience will scare you to death and in the second place, unlike the theater, it doesnt exist. In writing, your audience is one single reader. I have found that sometimes it helps to pick out one person- a real person you know, or an imagined person and write to that one.(John Steinbeck, interviewed by Nathaniel Benchley. The Paris Review, Fall 1969) How to Increase Your Awareness of Audience You can increase your awareness of your  audience  by asking yourself a few questions before you begin to write: Who are to be your readers?What is their age level? background? education?Where do they live?What are their beliefs and attitudes?What interests them?What, if anything, sets them apart from other people?How familiar are they with your subject? ​(X.J.  Kennedy, et al.,  The Bedford Reader, 1997) Five Types of Audience We can distinguish five types of address in the process of hierarchical appeals. These are determined by the kinds of audiences we must court. First, there is the general public (They); second, there are community guardians (We); third, others significant to us as friends and confidants with whom we talk intimately (You which internalized becomes Me); fourth, the self we address inwardly in soliloquy (the I talking to its me); and fifth,  ideal audiences whom we address as ultimate sources of social order.(Hugh Dalziel Duncan, Communication and Social Order. Oxford University Press, 1968) Real and Implied Audiences The meanings of audience...tend to diverge in two general directions: one toward actual people external to a text, the audience whom the writer must accommodate; the other toward the text itself and the audience implied there, a set of suggested or evoked attitudes, interests, reactions, [and] conditions of knowledge which may or may not fit with the qualities of actual readers or listeners.(Douglas B. Park, The Meaning of Audience. College English, 44, 1982) A Mask for the Audience [R]hetorical situations involve imagined, fictionalized, constructed versions of the author and the audience. The authors create a narrator or speaker for their texts, sometimes called the persona- literally the mask of the authors, the faces they put forward to their audiences. But modern rhetoric suggests that the author makes a mask for the audience as well. Both Wayne Booth and Walter Ong have suggested that the authors audience is always a fiction. And Edwin Black refers to the rhetorical concept of audience as the second persona. Reader-response theory speaks of implied and ideal audiences. The point is that the author has already begun to craft the appeal as the audience is envisaged and assigned to a position...The success of the rhetoric  depends partly upon whether members of the audience are willing to accept the mask offered to them.(M. Jimmie Killingsworth, Appeals in Modern Rhetoric: An Ordinary-Language Approach. Southern Illinois University Press, 2005) Audience in the Digital Age Developments in computer-mediated communication- or the use of various forms of computer technology for writing, storing, and distributing electronic texts- raise new audience issues...As a writing tool, the computer influences the consciousness and practice of both writers and readers and changes how writers produce documents and how readers read them...Studies in hypertext and hypermedia point out how in these media readers contribute actively to textual construction in making their own navigation decisions. In the realm of interactive hypertext, the unitary notions of text and author are further eroded, as is any notion of the audience as a passive receiver.(James E. Porter, Audience. Encyclopedia of Rhetoric and Composition: Communication from Ancient Times to the Information Age, ed. by Theresa Enos. Routledge, 1996)

to kill a mockin bird essays

to kill a mockin bird essays In 1963 Martin Luther King Jr. gave a speech called I Have a Dream. The purpose of this speech was to change the way that African Americans are treated; Martin Luther King Jr. uses metaphors, repetition, and historical reference to enhance his purpose. The speech I Have a Dream has many metaphorical references. One quote in particular helps show the power and effectiveness of metaphors. One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination(1). This quote demonstrates one of his uses of metaphors. Martin Luther King Jr. is saying that even after African Americans were pronounced free one hundred years ago they are still experiencing persecution and prejudice for the color of their skin. This is valuable to his purpose because it gives people a new perspective on how people treat African Americans even after they declared that they were free. Martin Luther King Jr. uses repetition throughout his speech. Repetition is a very powerful tool when writing; it puts extra emphasis on things you are trying to get across to your audience. A quote which shows this is I have a dream that one day this nation will rise up and live out the true meaning of its creed: we hold these truths to be self evident: that all men are created equal. I have a dream...(2). In this case repetition is being used to get across the point that Martin Luther King Jr. hopes that the future of the African American will be much brighter (which is the purpose of the speech as a whole). By using repetition it forces the listener to pay attention to that part in the speech in particular due to the repetition of the sound. This helps his purpose because it projects the thinking of every African American at that time, giving the non-African American people a picture of what they dream to come in the ...

Crush your Next Job Interview with These 12 Questions

Crush your Next Job Interview with These 12 Questions The end of an interview can be a tricky moment. I’m never quite sure when â€Å"Do you have any questions† is actually soliciting questions, and if it’s  a polite â€Å"Time to wrap up† cue. Regardless, having these questions from Levo League for TheSavvyIntern in your back pocket will help you turn that moment into an opportunity to stand out- in a good way. â€Å"What do you most like about working here?†or â€Å"What’s a day in the life of this role like?†Both of these questions are designed to move your interviewer away from lofty statements of company mission or corporate values and into the nitty gritty of what your job actually would be if you were hired. It also helps you remember that you’re trying them out as much as they are contemplating hiring you.â€Å"What are the most important things (or key goals) that this role should focus on in the first 30 days to one year of employment?†What I like about this ques tion is the shifting focus from the immediate, which tells you priorities, to the long-term, which tells you what kind of variety you might have a chance to work with. And again, clarity is always helpful.â€Å"What are the one-year and/or five-year goals for the organization? And how do you see someone in this role supporting those goals?†This one is helpful if you’re curious about the bigger-picture plans for the company and how you’d fit into it. Knowing that you will serve as crucial coordinator for the company’s flagship conference in a few months takes the sting out of getting cut from meetings or spending 20 minutes de-clogging the copier.â€Å"What are the qualities of the person who excels in this role?† or â€Å"What are the qualities of the person you’re looking to hire that will be successful in this role?†Pro-tip, don’t do this if they’ve already talked about the demands/requirements/optimal traits for succe ss in this role. Then it just sounds like you can’t listen. Know the job description really well too- you don’t want to sound like you didn’t bother to read up on the job you applied for.What are the success metrics for this job?Take notes now in case these come up again in your annual review after you’re hired- seriously! I live in fear of jobs where I’m charged with recruitment (you have no control over it!) or cold-calling; I need to know before I leave that office if I should withdraw graciously or if I can spend a few days nerving myself up for a big challenge.â€Å"What are some of the challenges that this role will face?†Speaking of challenges, you might as well hear the downsides too- it’s helpful to know ahead of time that you’ll be grappling with tightfisted resource departments or an out-of-touch marketing staff, so you can start brainstorming strategies (Or, even better, casually mention how you’ve worked wit h just such a situation before and resolved it gracefully to everyone’s satisfaction).  Ã¢â‚¬Å"Can you give me an example of a ‘stretch project’ within the organization?†This is actually a chance for you to showcase your independent thinking and problem solving skills- I know a guy who asked for an example of the kind of work he’d be able to challenge himself with, and when they described a modem/server problem they’d been working on for months, spontaneously tossed off an answer that solved their problem and boosted him from intern to permanent hire in a matter of months.â€Å"What’s the career path for this role within the company?†This question shows that you’re thinking long term and helps you manage expectations for advancement and review. At my first office job, they were quick to assure me that I wouldn’t advance as fast as my predecessor had (she had a master’s degree and was awesome), but that ther e was a an eventual path from editorial assistant to editor. I held on to that after I got the job, whenever I was feeling frustrated by the â€Å"assistant† in my title.â€Å"What’s the organization’s management style?†This is a really important question, especially if you’re interviewing with a less senior member of the team than the person you’d finally report to. They can tell you (sometimes via body language and word choice) how their boss is to work for.â€Å"What’s the team culture like?†I really like this one because depending on the rapport you’ve established and how senior the person interviewing you is, this is a good chance for coworker intel. On my first job out of school, when I asked about the coworker vibe, my future best friend dropped the Assistant Hiring Manager mask and sighed dramatically while rolling her eyes at the guy who’d just asked us to keep it down a little, then resumed her professio nalism and told me everyone was great.â€Å"Do you have any reservations about my fit for this role?†This one takes moxie. I’m not sure if I’ll ever quite be brassy enough to ask this one! What if they tell you?! On the other, bolder hand, you might catch them off guard enough to actually give you some examples, plus it gives you a chance to respond to them right then and there.Final tip- write these Qs on the second sheet of a legal pad or notebook that you take into the interview with you! Take notes so it doesn’t seem weird you’re glancing at it, and you’ll impress the interviewer with your diligence and clearly highly evolved attention to detail.

Discuss 'residential satisfaction' Essay Example | Topics and Well Written Essays - 1500 words

Discuss 'residential satisfaction' - Essay Example With this backdrop, people seek to stay in houses which give them complete residential satisfaction by way of good neighbourly relations, peaceful surroundings, serene environment, suitable facilities and good administration of residential complexes. Depending on individual tastes and preferences, aspirations and satisfaction levels change but most house owners or tenants prefer to seek better houses in order to get full residential satisfaction in all respects whenever their aspirations are not met with in their existing homes. As everyone commonly understands, satisfaction is a state of happiness derived through fulfilment of an objective. It can be more clearly described as a sort of contentment one gains by fulfilling a desire, need or hope. Residential satisfaction is therefore a certain state of happiness gained by a person in all respects in relation to his / her residence, own or rented. Going by common knowledge, people would generally tend to continue to reside in houses where full satisfaction is sustained in relation to their neighbours, environment, facilities available and maintenance of the premises. When one runs out of residential satisfaction with regard to any of these issues, he or she may opt to move out of it in search of better residential satisfaction. In such a case, either the house is sold off or vacated by the occupant. Golledge and Stimson (1996: 473) quite appropriately describe ‘residential satisfaction’ as the meeting point of the residential achievement with the residential aspiration. Aspirations are not similar and most of the times, they differ depending on the different tastes of people. This is especially so with regard to a dwelling unit. Because of the different perceptions of different people on how to achieve residential satisfaction, all house owners would not display the same level of satisfaction from a single residential environment (Galster, 1987: 93). One therefore has to understand

Why Age Restrictions Should Be Enforced in Pageants Term Paper

Why Age Restrictions Should Be Enforced in Pageants - Term Paper Example The Boulder Police fell under intense criticism for their failure to solve the case and Jon Benet’s wealthy parents were scrutinized and questioned extensively, with the media and many members of the public suggesting that one of the family had committed the crime. One of the aspects of the Ramseys’ previously quiet life was the strange and relatively unknown spectacle of beauty pageants aimed at very young girls. Jon Benet’s mother Patsy not only enrolled her daughter in pageants across the country, she also used her own wealth to fund some of them. The media and public alike were horrified to learn little girls (and boys), sometimes as young as babies, were paraded like their teenaged and adult counterparts. This included makeup and skimpy outfits, including swimsuits. CBS Anchor Dan Rather called the very airing of historical footage showing the little girl â€Å"kiddie porn† (Rich) and it was suggested by more than one person that a pedophile had broke n into the house and killed her, as some sexual trauma was evidenced. Investigators are now pretty much convinced that neither pedophilia nor the pageants themselves had anything to do with the homicide. Yet the damage was done and what was once a subject that only a small percentage of the American public knew anything about suddenly became front page news. The parents of the contestants were the ones who were criticized the most, as well as it should be, for they were the ones who enrolled their tiny divas and pushed them hard to succeed. Again quoting John Rich, at the time of the sensational killing, the kids’ pageant production was a billion dollar industry with 3,000 contests and 100,000 contestants annually. Critics were harsh and very little if any positive publicity was generated about the pageants in the months following the girl’s death. With that much negative exposure, one would expect the child beauty pageants would have withered and died shortly thereaft er. Flash forward more than fifteen years since Jon Benet’s death. She would now be twenty-one years old, the optimum age for either a Miss USA/Miss Universe pageant or a New York runway model. But have child beauty pageants been pushed to the annals of history? No, by no means. One of the most popular shows on Cable’s The Learning Channel (TLC) is Toddlers and Tiaras and episodes are broadcast several times a week. The television show has been on since September 2008 and has been renewed for at least another season. Another show along the same lines was the (presumably) now defunct Little Miss Perfect that aired on another cable channel WE-TV. So why did one show triumph while another failed? It could be said that Discovery Networks (the parent company of TLC) had enough finances and experience to put behind their show and fledgling WE didn’t. Watching various episodes of Toddlers and Tiaras, it is very much evident that TLC puts glitz along with glamour and vo iceovers and expert evaluations, whereas Little Miss Perfect evidently just showed the contestants two at a time. As cable networks often do, on Wednesday, April 25, 2012, TLC had a marathon showing of its fifth season of Toddlers and Tiaras. A rerun airing of the show â€Å"Darling Divas - New York†, showed exactly how far over the top these kids and their parents go just to win a measly prize (The top prize in Brooklyn was $300). Little girls and their mothers were having meltdowns on camera. For instance, one mother, so upset that her dear little one got stage-fright and froze in front of the judges, literally pushed the cameras away and said she was very much angry with this child, who couldn’t have been more than four. The girls were all between

The Health Implications of Female Genital Mutilation on the Somali Research Proposal

The Health Implications of Female Genital Mutilation on the Somali Women - Research Proposal Example According to the research findings, it can, therefore, be said that FGM causes severe panic and pain among almost to 130 million women annually across the world. Apart from this, FGM has adverse emotional, social and psychological effects on the females involved. Further, FGM causes severe panic and pain among almost 130 million women annually across the world. Among the reasons for widespread FGM in Somalia include deeply rooted Somali traditions, religions endorsement and the need to preserve femininity. Somalia also exemplifies countries that adhere strictly to cultural traditions and practices perhaps compounding the desire to stick to FGM. Meanwhile, the country faces severe economic, financial, infrastructural and political challenges, necessitating humanitarian services offered by community workers from the West. The implication of the presence of these foreign workers has been the introduction of liberal practices, which the Somali women and men seem to be acquiring. As a res ult, the Somalis have started showing reluctance to letting their female children undergo FGM. A bar graph showing the percentages of FGM in selected African Countries. Female genital mutilation is considered illegal in most countries in the world. It is necessary to create awareness of the implications of this practice if other countries like Somalia are to discontinue FGM and consider is illegal as well. The primary objective of this research is to familiarize the society about the perils associated with Female Genital Mutilation. Further, research is needed to further investigate into FGM to reveal the challenges that the Somali women undergo in silence due to stigmatization. Literature Review This literature review identifies the past researchers concerning health implications FGM, factors that motivate the continuity of practicing FGM, and possible strategies that can be used to reduce the act of Female Genital Mutilation. Health Implications of FGM Boyle contends that Female G enital Mutilation is associated with a myriad of health complications; these include psychological, emotional and social consequences of the practice on the victims. Psychological complications constitute the disturbances and lifelong stress caused by the practice of the victims. The uncircumcised girls suffer stigma arising from what is considered disobedience to the cultures of the community. Psychological implications of stigmatization include suicide attempts and insanity. World Health organization recognized some of the implications of female genital mutilation on the fitness of women and girls. This included death resulting from bleeding, life-threatening pain that is caused by the cutting, and psychological stress caused by those undergoing the cut. Moreover, severe infections can attack the victims due to the tools used in clitoridectomy. Clitoridectomy is the act of circumcising girls.

Team communication in Ford and Toyota companies Case Study

Team communication in Ford and Toyota companies - Case Study Example Organizational climate and morale means good relations and positive atmosphere which supports workers. Thus critics admit that morale "has suffered in Ford for a long time" (Ettlie, 2002). The company tried to improve morale creating new culture and rules but was not successful in its efforts. Many project teams in Ford have excellent problem solving skills and communication. Many employees follow Henry Ford's statement: "Don't find fault. Find a remedy" (Ettlie 2002). Team members use participative and enthusiastic approach to solve current problems and finding new innovative solutions (www.ford.com). Organizational coaching is not just a single conversation or a scheduled meeting that is part of the performance-management process. It is a commitment that requires the coach to establish. The uniqueness of approach implemented by Ford is coaching for competencies. The coaching relationship has the potential for deepening an individual's understanding of his influence on the organizat ion and for strengthening the personal commitment to achieving that organization's goals and outcomes. Developed by Henry Ford, the company has 'lean enterprise system'. Further this system was adopted by Toyota (www.ford.com; Lothans, 2006). B. For Ford Company, team morale and climate become the main problem.

Summaries Assignment Example | Topics and Well Written Essays - 250 words - 2

Summaries - Assignment Example establishing research problems, attaining information by scrutinizing a variety of most important and less important sources, consolidating information by making graphic illustrations, evaluating facts to determine and elucidate patterns and inclinations, and presenting and authenticating findings verbally or in inscription. Geography plays a pivotal role in enhancing life skills (Butt et.al 2011). It enables learners to understand and comprehend the environment well. In the long-run, this enables learners with the ability to discern between what is virtuous and debauched towards the environment. Besides, it makes life easy and enjoyable to leave since the life skills and techniques enable an individual to think analytically and propose viable strategies to make life worth leaving. It facilitates research of geographical features, which have significance to human beings. Research facilitates growth of projects like; nuclear power plants, irrigation schemes, canals and dams roads and terrace farming. Indulgence in the aforementioned activities enhances life skills as it is through discovery of a single invention that leads to another. Besides, the technology sector continues to witness invention of applications like the google app the Global positioning systems among others. Successful invention of an in novation encourages inventors to research more and thus enhancing self-actualization and satisfaction. However, life without geography could mean nothing. Since, inventions like electricity came into being due to a critical analysis of geographical features. Electricity plays a significant role towards the economy since it is through electricity that industries are able to operate, thus high employees to work in industries. This in turn, ensures the economy runs smoothly since goods and services are readily available to the market. Justifiably, it is through geography that researchers were able to invent and develop their

Critique on The Affluent Society Essay Example | Topics and Well Written Essays - 1250 words

Critique on The Affluent Society - Essay Example For that purpose he gave an idea in his book "the Affluent Society". This book became a best seller as it highlighted the back draws of lesser public goods such as highways and education. In this book Galbraith highlighted an important term 'Conventional Wisdom'. This is cited in the 2nd chapter of the book. Conventional wisdom means something that is accepted generally by the public. Conventional wisdom is said to be what the public generally believes will prop development and in economic theory these are well defined in the new growth theory that is somewhat like keeping budget deficits small, keeping a easy to collect tax base, keeping inflation low and spending more on public goods rather than private goods. Inflation has a high impact on almost every sector of the economy. Its awareness is considered very important when it comes to general public and the system should be educated enough to deal with this threat. However inflation is regarded as the best tool for expansion ONLY if it is CONTROLLED. Inflation is the general increase in the price level. It can also be defined as a persistent or continuous rise in the general price level or in other words it can be presumed as an unrelenting or gradual fall in the value of money. Inflation refers to the change in the general level of prices. It does not refer to changes in one commodity price relative to other commodity prices. These differences are common when the overall system is balanced even. For the term inflation, the rise in the price level must be significant and continue over a period longer than a day, week, or month. According Galbraith inflation was presented by the increase in public demand for goods. This meant that the aggregate demand came nearer to what actually the economy can sustain to produce. This conversely gave rise to prices and therefore the private sector in the World War II phase grew stronger as to meet their demands people paid more. Inflationary effects Inflationary effects upon the Economic growth are considered as difficult challenges. As the tools present to deal with inflation need other trade offs which an economy does not want. Such as to reduce the price level the economy must try to reduce costs and in doing so it may lose quality production. Some products are meant to be expensive and reducing their prices will cause the suppliers to lose out. Inflation tends to widen the gap between the rich and the poor as the rich becomes richer and the poor pays the penalty. During the time of high inflation the main priority of the state becomes to provide the poor with proper food shelter and clothing at a reasonable cost. Another shortcoming of the (uncontrolled) inflation is that the industries start loosing out to the outside competitors thereby creating job cuts which further bring down the GDP level of the economy. The US and Inflation The US economy suffered the same disease that the price level soared and people were unable to cope with it. What can be an effective tool to stop this disparity is the introduction of a strong Fiscal Policy as at the time of World War II US was suffering from deficits and the actual level was lower than the budgeted or predicted. At this time I believe that the Keynesian approach is the strongest as the monetarists can only be able to control price thereby creating more trouble for the

Summaries Assignment Example | Topics and Well Written Essays - 250 words - 2

Summaries - Assignment Example establishing research problems, attaining information by scrutinizing a variety of most important and less important sources, consolidating information by making graphic illustrations, evaluating facts to determine and elucidate patterns and inclinations, and presenting and authenticating findings verbally or in inscription. Geography plays a pivotal role in enhancing life skills (Butt et.al 2011). It enables learners to understand and comprehend the environment well. In the long-run, this enables learners with the ability to discern between what is virtuous and debauched towards the environment. Besides, it makes life easy and enjoyable to leave since the life skills and techniques enable an individual to think analytically and propose viable strategies to make life worth leaving. It facilitates research of geographical features, which have significance to human beings. Research facilitates growth of projects like; nuclear power plants, irrigation schemes, canals and dams roads and terrace farming. Indulgence in the aforementioned activities enhances life skills as it is through discovery of a single invention that leads to another. Besides, the technology sector continues to witness invention of applications like the google app the Global positioning systems among others. Successful invention of an in novation encourages inventors to research more and thus enhancing self-actualization and satisfaction. However, life without geography could mean nothing. Since, inventions like electricity came into being due to a critical analysis of geographical features. Electricity plays a significant role towards the economy since it is through electricity that industries are able to operate, thus high employees to work in industries. This in turn, ensures the economy runs smoothly since goods and services are readily available to the market. Justifiably, it is through geography that researchers were able to invent and develop their

Five Years Strategic Plan Essay Example for Free

Five Years Strategic Plan Essay Executive summary You are employed by a Swiss subsidiary of a transnational company in the processed food business whose products are sold via retailers and direct to the food service industry in a number of countries. Recently in Swiss subsidiary has been allocated responsibility for the Asia-Pacific Region and you have been assigned the task of spearheading the firm’s push into china and adjacent countries. In the light of opportunities and constraints to be awaited on the chinese market, the evaluation of alternative entry options showed that our best opportunity was on health food products related to the dairy products actual massive trend. We also decided to adress chinese cultural sensitivity issues by entering in long term close relationship with customers instead of being too focused on quick deals and to adapt our networking strategy to chosen entry strategy. We also examined how we should select a strategic partner, should the Chinese government advise us to do so, and how we should be adapting our global marketing processes to the issues raised by national sovereignty in China. Finally, we decided to include as adjacent market either Thailand or Vietnam in order to benefit from the existing trade relationship between them and China, even if countertrade obligations are to be met. INTRODUCTION The overall purpose of this paper is to present our five years strategic plan which objective is to enable our firm to become a major player in the processed food market adressed to retailers and food service industry. Among our very wide range of products, we will examine alternative market entry options in the light of potential opportunity and constraints, then examine the question of the influence of cultural sensitivity on negociations and on introduction of our product to chineses market. The next step of our analysis will be to examine the impact of adhesion of China to WTO on market environment and the consequences of cultural sensitivity to network and relationships. Our next field of investigation will be to examine the threat represented by a potential obligation to enter a strategic alliance with a local player and by our global company culture regarding national sovereignty issues. And we will finally include perspective of developping an adjacent market with eventually compulsory countertrade involved. Section 1 Alternative chinese market entry option for breakfast cereals and cereal bars in the light of potential opportunities and constraints. The recent huge success of dairy products in China, although a majority of the population is lactose intolerant and milk was never part of the traditional chinese food is showing that chinese market has become increasingly open to adopting foreign fooding habits. This is even reinforced by the success encoutered by Mc Donald’s and Starbucks. But one very interesting element of dairy products success is that its main reason and marketing idea is to value its good impact on health. This is what makes us think that the best way to introduce our firm’s product range is to be highly positionned on health benefits to be awaited from consuming our products, their total safety through high level controls. In terms of politics, China is a stable country, which has invested huge efforts into modernisation of its institutions and legal framework in order to enter the World Trade Organisation (WTO) in 2001. Contract enforcement and business matters involving foreigners are to be brought before high courts specifically trained. Intellectual property protection is still a broad problem through counterfaiting and brands like Starbucks are now facing parasite competitors who sell similar products to much lower prices. Chinese market is a huge opportunity but the country still lacks infrastructure and geographic entry has to be limited to main big cities, with a view of extending to the ever increasing number of middle sized cities growing all around the country. The idea of staying in urban areas is linked to two factors: our products are distributed through retailers networks, and food service industry which can only be found in big cities in China at the moment. As we work with retailers and food service industry, indirect market entry strategy through intermediary could prove worthy, at least at the beginning, as long as our products are not known. We could benefit from the intermediary’s network and his expertise on selling foreign products to chinese market. However, using and intermediary is not the prefered solution as it would increase our costs, and as chinese market is very price sensitive due to copycats, keeping good price/value ratio is a key strategic point. With direct market entry methods, we would have more control on market reactions and be able to lower our export costs. Alternative solutions to enter market range from specialised trade fairs (on dairy products, health products, breakfast and snacking products, etc) to a campain of trial gifts to be organised with either yoghurt or milk distributors, or by giving free samples in school, university and working areas cafeterias. We could also reach agreements with already installed foreign companies who would be interested in distributing our products on their shelves. Considering our objective of becoming a major player on processed food within the next 5 years, it would probably be worth it to make a large upfront investment to develop internal expertise in chinese market, in order to maintain our own relationships in the target market, which could be later used in order to introduce other product range on the same market. Therefore, and in the context of a long term investment, prefered market entry would be on health safe products targeting families and young working singles. SWOT Analysis Opportunities: Economic climate : a double digit economic development favourable to high quality trendy foreign food processed products with an attraction to health promising food. Demographic changes turning a rural population into city office working people whose life standards have increased dramatically over the last few years. Market opening through China’s entering WTO system and making legal and administrative environment more import friendly Threats: Competitive activity: other global firms are already on the market and Mc Donald’s, Vuitton and Starbucks experience of the market show that any brand valuation generates its army of copycat making it difficult to keep up with very low prices in a very price sensitive market. Culture: Reluctance to adopt new foreign fooding habits in a very traditional culture Pricing: chinese market is very sensitive to pricing and client segment will have to be chosen carefully and matched to pricing range. Strength: Health food image connected to dairy products Processed food in a booming ever increasing market Product adaptability: Cereals can be flavoured according to Chinese market tastes Networking: Company’s excellent ethic reputation Large target: Product attractive to kids and adult alike Weaknesses Not enough differentiation in products Need high advertising budget to gain trendy attracting image Section 2 How culture might impact on (i) negotiating in china and (ii) introducing your firm’s product into china. The usual tip when you prepare a business trip to China is to carry business cards, bring an interpreter, wear a conservative suit. These advice are easy to follow and have proven usefull, but they are too superficial to get you into the kind of association with chinese you need to be able to negociate agreements and introducing on a long term perspective the firm’s products in China. Graham and Lam (2003) have described the roots of chinese culture which have bound chinese people for 5,000 years and show through chinese business negociation: agrarism which superseedes business(survival depends on group cooperation and harmony, loyalty and obdience to familly hierarchy), confucianist morality (relations of ruler and ruled between husband and wife, parents and children, older and younger, and of equal between friends), being more concerned by means than by end in negociations, the fact that chinese tend to see easily the big picture, and finally that chinese people are very cynical about rule of law and rules in general, only trusting their families and their bank account. The elements that are important in chinese negociation are: have personal connections (friends, relatives and close associates), use an intermediary in order to avoid suspicion and distrust, be formal in order to show social status, pay attention to interpersonal harmony (smile, be nice and friendly), see the big picture and leave the detail to a later stage, be patient in order to get concessions on prices, never embarrass or provoque a lost of composure to a chinese (equivalent to loosing face), value endurant work more than talent. As a result of the above, introducing our products into China will probably require either a very long time necessary to build a trusted network, or the use of an intermediary. It is of first importance to try to establish close contact with significant actors of the retail and food service industry. The pricing of the products will probably also be of concern, as, if too low, it might not have the value effect, but, too high, it might repell consumers more tempted by a local copycat.    Impact of recent access of China to the WTO on other environmental variables which can be encountered when doing business in China and how it might benefit to our ability to establish worthwhile business in China. When China joined WTO in 2001, it made a transition from a centrally planned economy to a market driven economy. The institutional framework for foreign trade was inexistent, the information transparency culture still to be invented, existing judicial and administrative system inadapted. A tremendous amount of work was requested before China could integrate WTO system. China agreed with its major trading partners to open chinese market within 3 to 4 years to foreign companies in various sectors, including telecommunications, distribution and wholesaling, financial services, and banking and insurance. The change in laws included codifying existing administrative practices into written laws and regulations, therefore increasing transparency and predictability, covering around 200. Foreign trade law had to be modifyed. Regulations on international trade of goods and rules of origins were created. Regulations on transnational mergers and acquisitions and franchising were developped according to their new objectives. Anti-dumping, subsidy, countervailing and safeguard measures were prepared, and altogether, the capacity of the Government to provide legal information to the public was strengthened. Under the China’s central planning system, foreign trade was administered with both tariff and nontariff controls, including quantitative controls which WTO rules require to eliminate. To ensure that the WTO’s nondiscrimination principle is met in the judicial process, China issued an order that took effect on 1 March 2002 to elevate the jurisdiction over commercial cases involving foreigners from the primary courts to the higher level of courts, the question of training the judges to the appropriate regulation still being an issue at the moment. (Mitchell:2004). Altogether, when entering WTO system China had the tools to a market economy. These modifications created a foreign investment friendly framework, but the cultural reluctance to rules and the natural reliance to human bonds are still to be watched when doing business in China (Usunier Lee:2005). It had a great impact on having major competitors entering the chinese market with success and provides market with the stability and rules needed to establish worthwhile invesment. Section 3 Significance of the focus in China on relationship and network on our chosen entry strategy. As, in China, all business is subject to relationship and network, and as we have chosen to invest into a direct market entry strategy, we will have to rely on building our network with key players. Relationship marketing involves creating, maintaining and enhancing strong relationships with customers and other stakeholders. This type of marketing is moving away from focusing on individual transactions and moving towards to focusing on on building value-laden relationships and marketing networks. This type of marketing is long term oriented, very demanding as it is aimed at delivering long term value and satisfaction to customer (Kotler al:2005) It also involves building relationships at different levels: economics, social, technical and legal resulting in high consumer loyalty. Kotler (2005:476), distinguishes five different relationships that can be formed with customers: basic (sale is made but no follow up on satisfaction) Reactive (salesman encourages customer to come back if any question arises) Accountable (salesperson contacts customer shortly after the sale to check that product meets expectations) Proactive (salesperson or company person phones customer from time to time to suggest other products) Partnership (company works with its customers to discover ways to deliver better value) Considering that we intend to sell our product to a large number of customers with medium profit margin, the adapted relationship level would be â€Å"accountable†. Therefore, salesperson would phone retailer or food service company shortly after the sale to check if product meets expectations. Of course, identifying key customers and being more proactive with them would also enhance efficiency of such relationship marketing. Company would probably take advantage to using other marketing tools as giving special treatment and reward to good customers, or inviting them to special events. Chosen strategy network map and discussion on focal and subsidiary relationship involved. First step is to identify key player in retail networking and food service industry, like main wholesalers to be met at trade fair, mass retailers like supermarkets, trendsetters to be identified on TV or sports like football. Next step is to initiate contact with them with a focus on long term relationship and not on result. These relationship, due to their weight on market and the advantage that can be gained from being referenced with them have to be favoured at a first stage. Then, once this network is established, and in order to continue expansion, identify other distribution channels than wholesalers or mass retailers and initiate subsidiary relationship with them, as smaller restaurants, or hotels. Section 4 Adressing the issues related to rumour that Chinese government might request that we enter into a strategic alliance with a Chinese owned firm: selecting and managing strategic alliance partners in china. As in many asian country there is a rumour that we may have to enter a strategic alliance with a chinese partner in order to be allowed to market processed food in China. As Charles Revson, founder of Revlon cosmetics said once â€Å" I don’t meet competition, I crush it† and this should be remembered when entering a strategic partnership with a chinese partner. In fact, as cultural analysis hereabove showed, chinese only trust their family and their bank account, so, in order to enter a sound alliance, a few criterias must be met. Criterias for selecting strategic partner in China should be: good reputation of loyalty and integrity on the market, but also of product quality for reputation purposes natural feeling and common values, understanding of what our goals are and willingness to collaborate extensive network on our targeted customers, on the areas where we have the greatest growth or the most profitable areas proven synergy opportunity between our two companies instead of competition long term relationship seems possible through mutual cooperation (strategic alliance must be a win-win situation in order to be sustainable on the long term) Impact of the issues of national sovereignty in China on application of our standard marketing approaches in order to enhance global image and additional profits through economy of scale. China is very sensitive on the issue raised by separatist claims by   Taiwanese nationalists, Tibet and Xinjiang separatists. Our standard marketing approaches, designed to enhance global image and enable additional profits through economy of scale, mustn’t be a threat to our main objective which is to become a major player in dairy products in China. Therefore, our standard marketing approaches should be amended in order to avoid any differenciation between the average product sold within China and the ones sold in these three areas. The main market should be priviledged against the particularism of the three separatists areas. No marketing argument that our product would be specifically adressed to the separatists areas should be set forth and it should under no circumstances become a selling argument or even be mentioned, because it would probably cause us to loose main market. Section 5 Criteria to select an adjacent market between Taiwan, Thailand, Myanmar, Vietnam The first criteria to take into account is capacity to use both markets to enhance presence on each other. Creating synergies in a market entry phase might be vital and the level of trade relationship already existing between China and that country is the right measurment. The second one is to choose a market which might be governed by the same cultural trends in order to be able to adopt the same marketing approach to both. A third criteria, maybe more operational, is distance and accessibility (custom tariffs, roads, etc) between both territories. This might enable to base product in one country and ship to the other from thereof. Fourth criteria might be existing trade relations with Switzerland which might make it easier for us to start networking, as the swiss image would already be a commercial advantage. Myanmar being subject to economic sanction from China due to compulsory labor is not a valid adjacent market, though it has entered the asian liberalisation trend and was even acknowledged by the UN Conference on Trade and Development in 2001 as a member that performed ‘well to better’ in the trade liberalisation process under the WTO’s principles It also does not have the right development stage to be interesting and human rights issues might be damaging our image. It has very little commercial bonds with Switzerland. Thailand had rather recent diplomatic relations with China (dating 1975) but shows since then a real will to become a partner of choice of China. Both nations have common roots and share common ancestors. The commercial agreement between the two countries (Sino Thai Free Trade Agreement) only covers fruits and vegetables at the moment but could possibly be extended. Thailand is also member of the WTO. Its main advantage is to already have strong network trade connections with Switzerland (on machinery, watches, etc), where we are based, which could be a decisive advantage for us in terms of network. Taiwan is actually administrated by China which makes it a priviledged area to invest in. It also has a long tradition of trade with China which makes it a good candidate due to the need for trade network to enhance each others, and as a little dragon, it also has the wealth to be interesting, but choosing it would probably not be the best in terms of advantage on chinese market as it does not really add anything different to being only present in China. Also it does not have any specific links with Swiss market. Vietnam has a common frontier with China and is following more or less the same path towards becoming a market economy and entered WTO in january 2007. Though it does not have the same laws, it has a similar development trend, close traditions and the close commercial links with China in all sectors that makes it a suitable adjacent market. It is also a so called little dragon, a booming economy that could be a very profitable market. The trading network between Vietnam and Switzerland is not too developped though Switzerland is present in Vietnam with a swiss embassy in Hanoi. Finally, in order to develop a global brand image in asia, it might be a good choice to choose between Thailand and Vietnam. How to turn the risk of being obliged to countertrade into a profitable trade More than 80 countries nowadays use or require countertrade exchanges. A concensus of experts opinions (Okaroafo, 1989) has put the percentage of the value of world trade volumes related to countertrade at between 20 to 25%. Counter trade usually occurs when countries lack sufficient hard currency. There are five main variants of countertrade which could be of different value to our firm. Entering a barter (exchange of goods or services directly for other goods or services without the use of money as means of purchase or payment) could eventually be interesting if we manage to find good quality bulk products that could be integrated in our products, like fruits or packaging. Using the switch trading practice (in which the country would exchange allowing our importations against an obligation to make a purchase on the domestic market) could also be of interest to us for the same reasons. A buyback (buying machinery necessary to our production in exchange for products) agreement is not a really interesting deal for us as it involves very heavy transportation. Finally, entering an offset agreement (offsetting a hard-currency purchase of an unspecified product) would be a very dangerous operation as we would have to cover currency exchange variations. Proactive strategy to trade profitably with the selected country In order to be ready when the ban on import occurs, we will implement a proactive strategy by identifying products that could be of use in our production process. Then we will start making contacts with producers of these products and gain market knowledge of prices and quality available, identify suitable suppliers that meet our quality requirements and are able to supply us with the adequate quantities. Therefore, when we will be forced to countertrade, we will already have our network in place. Conclusion: As stated in this document, our five year strategic plan on entering Chinese market involves: entering market with health food linked to dairy products mass trendiness with direct marketing tools Always keep in mind the cultural sensitivity of China in order to use it as a competitive advantage instead of a falling trap. Utilise the huge work done by China to be able to keep up with WTO entering necessary standards in terms of transparency and legal framework to our profit in developping our business Invest in developping extended network and long term relationship marketing in order to open the route to introducing our other products on the market later If needed, choose carefully strategic partners Amend global marketing policy in order to avoid sovereignty issues Choose between Thailand and Vietnam as adjacent market, even if countertrade is involved. Reference Table SunfaithChina Ltd,September 2006,†Market Analysis report on China Yoghourt industry†, http://www.mindbranch.com/listing/product/R521-158.html Chen, C, February 2003, â€Å"Got Milk?†, Wall Street Journal http://www.mindfully.org/Food/2003/China-Dairy-Drinks28feb03.htm John L. Graham and N. Mark Lam, 13 october 2003, â€Å"Negotiating in China†, Havard Business School, Excerpted with permission from The Chinese Negotiation, Harvard Business Review, Vol. 81, No. 10, October 2003 Mitchell, A â€Å"Implementing WTO rules: The Importance of Law Reform, Remarks of Arthur M. Mitchell, General Counsel Asian Development Bank, February 2004, apeC Workshop on Best Practices in WTO Capacity Building, http://www.adb.org/Documents/Speeches/2004/sp2004050.asp Vertariu, P., (1992), Trends and Developments in International Countertrade, Business America, (November 2), 2-6. Okaroafo, S., (1989) Determinants of LDC Mandated Countertrade, International Management Review, (Winter), 1624 â€Å"Interview: Thailand aims to further enhance Thailand-China strategic partnership† People’s Daily, Beijing, 28 June 2005, http://www.bilaterals.org/article.php3?id_article=2180 Swiss Federal State Secretariat for Economic Affairs, 2005, â€Å"Report on Swiss Economic Development Cooperation with Vietnam† Kotler,P, and al: (2005), â€Å"Principles of Marketing†, Pearson Education Ltd Usunier, J-C and Lee, J (2005) â€Å"Marketing across cultures†, Pearson Education Ltd Buksbaum, L (1999), â€Å"Choosing strategic partner that really partner†, press release on Inc.com, (http://www.inc.com/articles/1999/11/19511.html)

Voluntary Disclosure Behaviour of Kuwait Companies

Voluntary Disclosure Behaviour of Kuwait Companies BACKGROUND OF STUDY 1.1 Introduction Disclosure of information in corporate annual reports has attracted a number of researchers in both developed and developing countries. The voluntary disclosure information in excess of mandatory disclosure, has been receiving an increasing amount of attention in recent accounting studies. Because of the inadequacy of compulsory information, the demand for voluntary disclosure provides investors with the necessary information to make more informed decisions (Alsaeed, 2006). Voluntary disclosure of decision-useful corporate information is considered to be the first step in solving the alleged problems of traditional financial reporting (Leadbetter, 2000). Its objectives are well defined: closing (or narrowing) the gap between a companys potential intrinsic market value and its current market value. Voluntary disclosure, in the context of globalization of the worlds financial markets, has received a great deal of attention in the accounting literature in recent years (Hossain, Berera and Rahman, 1995). This is due to the following reasons: Firstly, additional disclosures may help to attract new shareholders thereby helping to maintain a healthy demand for shares, and a share price that more fully reflects its intrinsic value. It is possible that poor disclosure could lead to an undervalued share making it attractive to a potential predator. Secondly, increased information may assist in reducing informational risk and thereby lower the cost of capital (Spero, 1979). A lower cost of capital should mean that marginal projects become profitable. Thirdly, in order to raise capital on the markets, companies will increase their voluntary disclosure. Consequently, listed companies are more likely to have a higher level of disclosure than unlisted companies and multiple listed companies those raising capital on the international markets will have a higher level of disclosure than domestically listed companies. Fourthly, multiple listed companies often have an interest in foreign capital markets since foreign operations are often financed by foreign capital (Choi and Mueller, 1984). Disclosure levels might be increased to adapt to local customs to meet the requirements of banks and other suppliers of capital; finally, listed and multiple listed companies might increase their social responsibility disclosures to demonstrate that they act responsibly (Watts and Zimmerman, 1979). Companies may have attained their status on the securities markets and be able to attract new funds, not least because they act responsibly. According to Healy and Palepu (2001) a companys disclosure decision could be a response to innovation, globalization or changes in business and capital market environments. Kuwait is the focus of this study for three reasons. First, Kuwait is a small rich country, relatively open economy with crude oil reserves of about 10% of world reserves. Second, over the last decade, the Kuwaiti government has initiated several far-reaching reforms at the Kuwait Stock Exchange to mobilize domestic savings and attract foreign capital investment. These measures include privatization of state corporations through the stock exchange and allowing foreign investors to own shares in the listed companies since 2000, tax free. Third, the Kuwait Stock Exchange is becoming an important capital market in the region. It is ranked the second largest market in the Arab world (after Saudi Arabia) in terms of total market capitalization. Its total market capitalization was US$128,951 million as of December 2006 (Arab Monetary Fund 2006). These reasons could motivate investors to diversify their investment portfolios into that market. As a result, investors may be interested in the information disclosure practices of listed companies in Kuwait (Al-Shammari, 2008). 1-2 Problem Statement Many developing countries strive to mobilize financial resources from domestic as well as international sources with a view to attaining their economic and social development goals. Domestic and international investors utilize financial and non-financial information available on potential investment targets for assessing risk and making critical investment decisions. Thus, the availability of financial and non-financial information in sufficient quantity and of sufficient quality has an important bearing on efforts geared towards mobilizing investment for financing economic and social development. Adequate reporting and disclosure of financial and non-financial information will reduce asymmetric information problem, hence are likely to improve investor confidence and a lower cost of investment. According to Gray, Meeks and Roberts (1995) investors demand information to assess the timing and uncertainty of current and future cash flows so that they may value firms and make other investment decisions such as choosing a portfolio of securities. Companies satisfy this demand in part by supplying voluntary accounting information, thereby enabling them to raise capital on the best available terms (Gray et al., 1995). Given the faster pace of globalization, the growing interdependence of international financial markets and increased mobility of capital, developing countries need to attach greater importance to corporate transparency and disclosure. Policy makers, legislators and regulators, in recognition of the significant influence that corporate transparency has on decisions of investors, need to strengthen further the various components of corporate disclosure infrastructure so that domestic and international resources are mobilized more efficiently. Kuwait is one of the developing countries that face difficulties to attract foreign investments. Birgit Ebner at Germanys Frankfurt Trust, who helps manage a Middle Eastern stock fund, said Kuwait was not an attractive investment compared with others in the region (www.gulfnews.com). One of the main reasons that interpret this matter is the absence of voluntary disclosure as a result of sharp low supply of information by companies. According to Birgit Ebner, We are underweight in Kuwait because in Kuwait there are many holding firms dominating the market. And on top of it, the transparency is currently lower than in other Gulf States. In opinion of many analysts in Kuwait, the problem of gulf bank is related to absence of voluntary disclosure. Moreover, Kuwait stock exchange report that issued in (2007) revealed that 156 companies listed in Kuwait stock exchange from among 177 companies listed in Kuwait stock exchange are violating disclosure guidelines (www.alaswaq.net 2007). The purpose of this study is to empirically investigate the influence of several firm characteristics on the level of voluntary disclosure of companies listed in Kuwait and whether disclosure level improves over the years given changes in the accounting environment of the country and globalization that have taken placed. There are many studies have examined the relationship between a company`s characteristics and the level of disclosure in both developed and developing countries such as Canada (Belkaoui and Kahl, 1978); United Kingdom (Firth, 1979, 1980); Nigeria (Wallace, 1987); Sweden (Cooke, 1989); Japan (Cooke, 1992); United States (Imhoff, 1992; and Lang and Lundholm, 1993); Bangladesh (Ahmed and Nicholls, 1994); Switzerland (Raffournier, 1995); Hong Kong (Wallace and Naser, 1995), Egypt (Mahmood, 1999); Jordan (Naser, Alkhatib and Karbhari, 2002); Saudi Arabia (Alsaeed, 2006b) and United Arab Emirates (Aljifri, 2007). However, to my knowledge, little attention has been devoted to the role of voluntary disclosure in the Middle East countries, more specifically Kuwait (see Al-Shammari, 2008). The aim of this study is to understand what motivate or demonstrate a companys disclosure by empirically investigate the association between a number of company characteristics and the extent of voluntary disclosure in the annual reports of companies listed in the Kuwait Stock Exchange in 2005, 2006, 2007, and 2008. In addition, the influence of the reporting year on voluntary disclosure will also be examined to assess the progress of disclosure activities in Kuwait. Given that Ashammaris study only cover the year of 2005, the execution of this study is fully justified. 1.3 Research Questions In general, this study seeks for explanation on voluntary disclosure behaviour of Kuwait companies. The followings are the research questions:- 1- What is the relationship between the firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and voluntary disclosure level? 2- Does reporting year influences voluntary disclosure? 3- To what extent do the above factors affect the voluntary disclosure? 1.4 Research Objectives To determine the influences of firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and reporting year on the level of voluntary disclosure of companies listed in Kuwait. 1.5 Significance of the Study The significance of study can be viewed from contributions given to Accounting academic discipline and to the practitioners and policymakers. Contribution to Accounting body of knowledge This study contributes to the literature on corporate financial reporting and disclosure practices in one of the important capital markets in the Middle East in which International Financial Reporting Standards (IFRSs) are mandatory and the government controls the accounting and auditing profession. It also contributes to the corporate governance literature on whether the company characteristics found to be significant in companies operating in developed countries are similar to those a developing country like Kuwait. This study is important in enhancing our understanding of corporate financial reporting in Kuwait. It explores the determinants that help explain voluntary disclosure in Kuwait. Contribution to the practitioners and policy makers Knowledge on firms characteristics that influence voluntary disclosure would enable policy makers to target training and monitoring activities to suitable target companies in order to improve disclosure level in the country. This is important because higher disclosure among companies could improve investors confidence and help attracting more foreign investment into the country. The study is also able to show whether the external environment in Kuwait have improved the voluntary disclosure activities. 1.6 Scope and Limitations of the Study This study investigates the relationship between firm characteristics and voluntary disclosure of non financial companies listed in Kuwait. Financial companies (banks and insurance companies) were eliminated as the characteristics of their financial reports are different from those of non financial firms (Alsaeed, 2006). A disclosure index was constructed as a yardstick to measure the level of disclosure by the listed firms. The construction of the disclosure index is based on the information that firms supply in their annual financial reports to shareholders. Albeit not as conclusive, financial reports serve as a widely accepted (Knutson, 1992). The disclosure index does not intend to be comprehensive, nor does it intend to specify what firms ought to disclose. Rather, the index is crafted solely for the purpose of capturing and measuring differences in disclosure practices among firms. The selection of items embedded into the index was entirely guided by Meek, Rober and Gray (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006) 1.7 Organization of the Study The reminder of this study is organized as follows: Chapter Two discusses the literature review related to the study; Chapter Three consists of research methodology including theoretical framework, hypothesis development and model specification for the study. The measurement, sampling and instrumentations are also discussed in this chapter. Chapter Four presents the empirical findings and results. Finally, Chapter Five provides the discussion, implications and recommendation of the study as well as suggestions for future research. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction This Chapter discusses and summarizes the literatures review, which looks at many aspects of voluntary disclosure and the factors which affect the degree of voluntary disclosure in a firm. The discussion is segmented into five sections. The first section presents an overview of disclosure requirements in Kuwait so as to provide foundation knowledge of the issue understudy. Section two discusses the concept and measurement of voluntary disclosure. This is followed by section three which presents the firm-related determinants of voluntary disclosure as found from prior theoretical and empirical literature. These variables include firm size, debt ratio, ownership dispersion, profitability, audit firm size. 2.2 Disclosure Requirement in Kuwait Mandatory disclosure refers to firms disclose information about their operations because of legal requirements. For the efficiency of markets and the protection of investors, mandatory disclosure of information concerning the firms operating in capital markets has important consequences (Shin, 1998). 2.3 Voluntary disclosure level More detailed disclosure by the firms beyond the level of information disclosed within the mandatory disclosure process is called voluntary disclosure. Voluntary disclosure means making public the financial and non-financial information regarding the firms operations without any legal requirement (Fishman and Hagerty (1997), Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006). Alsaeed has identified a more comprehensive items for voluntary disclosure based on Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003). These items are as in Table 2.1 Table 2.1: Voluntary disclosure items in Alsaeed (2006) No. Disclosure items 1 Strategic information 2 Brief history of company 3 Information on events affecting future years results 4 Board directors names 5 Top managements names 6 Majority shareholders 7 Information on different types of products 8 Information statistics for more than two years 9 Information on dividends policy 10 Information on future expansion projects 11 Percentage of foreign and national labor force 12 Information on training and workers development 13 Information on social and environmental activities 14 Statement of corporate goals and objectives 15 Principle markets 16 Average compensation per employee 17 Market share 18 Information on events affecting current years results 19 Competitive environment 20 Forecasted profits Many studies have examined the relationship between a companys characteristics and voluntary disclosure level. Alsaeed, (2006) argued that firm size, profitability and auditor firm size influence the level of voluntary disclosure. Naser et al., (2002), Jensen and Meckling, (1976); Fama and Jensen, (1983) Donnelly and Mulcahy, (2008), Camfferman and Cooke (2002), studied the association between companys firm size, debt ratio, owner ship and auditor firm size and the level of disclosure. 2.4 Determinants of Voluntary Disclosure 2.4.1 Firm size Most of the firm disclosure studies used firm size as a control variable (see for example, Alsaeed (2006); Donnelly and Mulcahy (2008); Brammer and Pavelin (2004); Meek et al, (1995), Mitchell et al, (1995), Mckinnon and Dalimunthe, (1993), Aitken et al. (1997), Bradbury, (1992), Zarzeski (1996), Brennan and Hourigan, (2000), Naser et al.,(2002), Wallace and Naser (1995), Firth, (1979), Eng and Mak (2003) and Hossain et al.(1994). Many studies found a positive relationship between firm size and disclosure level of companies. For example, Alsaeed (2006) conducted a study to investigate the relationship between firm characteristics of non-financial Saudi firms listed on the Saudi Stock Market in 2003 and voluntary disclosure level by those companies. He found that there was a positive relationship between the firm size and the level of disclosure. Alsaeed (2006) argues that agency costs are higher for larger companies because shareholders are widespread, therefore, additional disclosure might reduce these costs (Watts and Zimmerman, 1983). This finding is consistent with other studies such as Meek et al, (1995), Donnelly and Mulcahy (2008), Foster (1986), Hossain et al, (1995) and Al-Shammari, (2008). In addition to what Alsaeed (2006) has mentioned above, they argued that large companies might have sufficient resources to afford the cost of producing information or the user of annual reports. Secondly, small companies might suffer from a competitive disadvantage if they provide additional disclosure. Thirdly, large companies might be of interest to different users of annual reports including government agencies. 2.4.2 Debt ratio There is no consensus among researchers about the relationship between debt ratio and voluntary disclosure. Most of studies found a significant positive relationship between debt ratio and voluntary disclosure such as Naser (1998), Mitchell, Chia and Loh (1995); Hossain et al. (1995), Al-Shammari, (2008) and Bradbury, (1992). Jensen and Meckling, (1976) found the voluntary disclosure level can reduce the agency costs by facilitating debt ratio suppliers assessment of the firms to ability to meet its debts ratio. In relation to this, Al-Shimmiri, (2008) argued that the companies with higher debt in their structure of capital are prone to higher agency cost, hence they will be more likely to disclose additional information in order to reduce agency costs and information asymmetry with shareholders. Alsaeed, (2006) argued that when firms increase their level of leverage, they have to disclose more information in order to reduce asymmetric information between the firm and its creditors. Hence he argued that firms with high leverage will have high level of disclosure. In addition, Zarzeski (1996) argued that firms with higher debt ratio are more likely to share private information with their creditors. Thus, voluntary disclosures can be expected to increase with leverage. However, Mckinnon and Dalimunthe, (1993), Hossain, Berera and Rahman (1994), Aitken, Hooper and Pickering (1997), Brennan and Hourigan, (2000) and Eng and Mak (2003) studied the relationship between the voluntary disclosure and leverage found no relationship. While Meek et al (1995) mention that there is negative relationship between voluntary disclosure and leverage for US, UK, and European MNCs, Wallace, Naser and Mora (1994). 2.4.3 Profitability Many studies refer the profitability as the factor that affects voluntary disclosure level such as Singhvi and Desai (1971); Foster (1986), Richard (1992), Meek et al. (1995) and Naser et al. (2002) they argues that when the level of firms profitability increase, the firms have to disclose more information that can be an indicator to good management and also have incentives to show to the investors and the public that their profitability has increased. However, Ahmed and Courtis (1999) identified 12 studies that investigated the relationship between profitability and disclosure with mixed results. Akerlof (1970) argued that larger profitable companies may disclose more information to be distinguished from less profitable companies. Watts and Zimmerman (1986) argued the firms with larger profits are more interested in disclosing detailed information in their annual reports in order to justify their financial performance and to reduce political costs. However Wallace et al. (1994) found no significant relationship between the comprehensiveness of disclosure and the profit margin of listed and unlisted Spanish firms. Inchausti (1997) elaborated that agency theory suggests that managers of larger profitable companies may wish to disclose more information in order to obtain personal advantages like continuance of their management position and compensation. Raffournier (1995), Wallace and Naser (1995) and Alsaeed, (2006) observed no significant relationship between the disclosure and the profitability, because none of the performance related variables provides an explanation of the disclosure level. Ho and Wong (2001), Barako, Hancock and Izan (2006) and Barako (2007) on the other hand found profitability to be positively and significantly related with two of the four disclosure categories, financial and forward looking disclosures, whereas other categories ware negative and significant with the disclosure of general and strategic. This result is similar with that of Eng and Mak (2002) study on Singapore listed companies. For example, companies in the manufacturing sector were found to disclose less of financial information, and instead disclosed more on general and strategic information to explain in detail factors affecting their poor financial performance. 2.4.4 Ownership dispersion The ownership dispersion represents the percentage of shares owned by outsider after subtracting shares owned by the insider. Many studies found positive relationship between voluntary disclosure level and ownership, as explained by the agency theory which suggests that difference in the proportion of the companys shares owned by outsider shareholders causes differences in the voluntary disclosure level. This is because the companies with more outsider ownership are more likely to disclose more information than companies with less outsider ownership and also the demand for publicly available information is likely to increase (Wallace and Naser 1995). Gelb (2000) and Barako et al. (2006) found significant relationship between outsider ownership and disclosure level. Leftwich, Watts and Zimmerman (1981), Fama and Jensen (1983), Mckinnon and Dalimunthe, (1993) and Aitken et al. (1997) mentioned the detailed disclosure in annual reports that may allow outsider to monitor their interests more efficiently. Eng and Mak (2003) argued that voluntary disclosure is a substitute for outside monitoring and so is negatively related to managerial ownership. They found evidence consistent with this prediction. Many studies found negative relationship between voluntary disclosure level and ownership dispersion. Hossain et al. (1994) found evidence on Malaysian listed companies having significant negative association between voluntary disclosure and ownership dispersion. A later study by Haniffa and Cooke (2002) also found similar result. Naser et al. (2002) examined the affect of ownership on US companys disclosure and his results indicated that firms with a lower level of managerial ownership are more likely to receive higher ratings for the disclosure provided in their financial reports. Ho and Wong (2001) found negative relationship between family ownership structure and voluntary disclosure. Chau and Gray (2002) also found negative relationship between family ownership structure and voluntary disclosure of companies listed in Hong Kong and Singapore but found positive associated with outside ownership. Donnelly and Mulcahy (2008) on the other hand found no evidence that ownership structure is related to disclosure level. 2.4.5 Audit firm size According to Jensen and Meckling (1976) large audit firms act as a mechanism to reduce agency costs and exert more of a monitoring role by limiting opportunistic behavior by managers and are less likely to be associated with clients that disclose lower levels of information in their annual reports. In terms of size, audit firms can be divided into two; large or small. Large audit firms are identified as being one of these Big Four (or Big Five or Six formerly) international auditing firms, and smaller audit firms are the rest; the firms are more likely to choose a Big Six auditing firm. Such choice of audit firms signals to investors that the contents of the annual reports are audited with high quality (Craswell and Taylor, 1992). Furthermore, the large audit firms are widely spread in the world while small firms are domestically; hence the large audit firms have more capability to disclosure of the information and have higher reputation and power to affect the voluntary disclosure level related to the smaller audit firm (Alsaeed, 2006). Several studies found that audit firm size have significant relationship with voluntary disclosure level. Firth (1979), Craswell and Taylor (1992), Wallace and Naser, (1995), Ahmed (1995), Raffournier (1995), Inchausti (1997), Mahmood (1999), S.M. Ho and Wong (2001), Camfferman and Cooke (2002), Nasser et al. (2002) and Al-Shammari, (2008) found significant relationship between the voluntary disclosure level and audit firm size. Forker (1992) and Wallace et al. (1994) claim there are positive relationship between voluntary disclosure and audit firm size but not significant, while Hossain et al. (1994), Raffournier (1995), Wallace and Naser (1995), Depoers (2000) and Haniffa and Cooke (2002) they didnt fine significant association. 2.4.6 Industry sector According Cook (1989) disclosure level is more likely to vary from one industry to the other due to the likelihood that leading firms operating in a particularindustry could produce a bandwagon effect on the level ofdisclosure adopted by other firms working in the same industry. Cooke (1992) found evidence that Japanese manufacturing firms tend to provide more information than other non-manufacturing firms. Other studies that found significant effect of industry types are Wallace and Naser (1995) and Camfferman and Cooke (2002), while McNally et al.(1982); Wallace (1987): Wallace et al. (1994); Raffournier (1995); Inchausti, (1997); Patton and Zelenka (1997); Naser (1998); Owusu-Ansah (1998), Naser and Alkhatib (2000) and Alsaeed (2006) found insignificant effect. Table 2.2: Summary of independent variables influence on voluntary disclosure: Study Independent variable findings Akerlof (1970) Profitability Positive relationship Singhvi and Desai, (1971) Profitability Positive relationship Jensen and Meckling, (1976) Debt ratio and audit firm size Positive relationship with debt ratio and audit firm size. Firth, (1979) Firm size and audit firm size Positive relationship with debt ratio and audit firm size. Leftwich, Watts, and Zimmerman (1981) Ownership dispersion positive relationship with ownership dispersion McNally et al.(1982) Industry sector Insignificant with industry sector Fama and Jensen (1983) Ownership dispersion positive relationship with ownership dispersion Watts and Zimmerman (1983). Firm size positive relationship with firm size Foster, (1986) Firm size, profitability Significant positive with firm size and found positive with profitability. Watts and Zimmerman (1986) Profitability positive with profitability Wallace (1987) Industry sector Insignificant with industry sector. Cook (1989) Industry sector Positive with industry sector. Bradbury (1992) Firm size and debt ratio. Significant positive with firm size and debt ratio. Richard, (1992) Profitability Positive with profitability. Forker (1992) Audit firm size Positive but insignificant with audit firm size. Craswell and Taylor (1992) Audit firm size Positively significant with audit firm size. Cooke (1992) Industry sector positive with industry sector Mckinnon and Dalimunthe, (1993) Firm size, debt ratio, ownership dispersion. Positive with firm size and ownership dispersion and negative with debt ratio. Hossain et al. (1994) Firm size, debt ratio, ownership dispersion and audit firm size. Positive with firm size and ownership dispersion but negatively with debt ratio and audit firm size. Wallace et al. (1994) Industry sector Insignificant with industry sector. Meek et al, (1995) Firm size, debt ratio, profitability. Positive with firm size and profitability whereas significant, negative with debt ratio. Hossain et al. (1995) Firm size and Debt ratio Significant positive with firm size and debt ratio. Mitchell et al. (1995) Firm size and Debt ratio. Significant positive with firm size and debt ratio. Wallace and Naser (1995) Firm size, profitability, Ownership dispersion Positive with firm size, ownership dispersion and industry sector but- ,audit firm size and industry sector Negatively with profitability and audit firm size. Ahmed (1995) Firm size and audit firm size Positive significant with firm size and audit firm size. Raffournier (1995) Profitability, audit firm size and industry sector. No significant with profitability and industry sector, but significant positive with audit firm size Zarzeski (1996) Firm size and debt ratio Positive with firm size and debt ratio Aitken et al. (1997) Firm size, Debt ratio and owner ship dispersion Positive with the firm size and ownership dispersion but negative with debt ratio. Inchausti (1997) Profitability, audit firm size and industry sector. Positive with profitability and significant positive with audit firm size and insignificant with industry sector. Patton and Zelenka (1997) Industry sector Insignificant with industry sector. Naser (1998) Debt ratio and industry sector. Significant positive with debt ratio but insignificant with industry sector. Owusu-Ansah (1998), Industry sector Insignificant with industry sector. Mahmood (1999) Audit firm size Significant with audit firm size. Brennan and Hourigan, (2000) Firm size and debt ratio. Significant positive with firm size and significant negative with debt ratio. Gelb (2000) Ownership dispersion Negatively with Ownership dispersion Depoers (2000) Audit firm size No significant with audit firm size. Naser and Alkhatib (2000) industry sector Insignificant with industry sector. Ho and Wong (2001) Profitability, ownership dispersion and audit firm size. No significant with profitability but negatively with ownership dispersion and positive significant with audit firm size. Naser et al. (2002). Firm size, Profitability, ownership dispersion and audit firm size. Positive significant with firm size and audit firm size but positive with profitability and no significant with ownership dispersion. Eng and Mak (2002) Profitability No significant with profitability Chau and Gray (2002) Ownership dispersion Positively with outside ownership dispersion. Camfferman and Cooke (2002) Profitability, audit firm size and industry sector Voluntary Disclosure Behaviour of Kuwait Companies Voluntary Disclosure Behaviour of Kuwait Companies BACKGROUND OF STUDY 1.1 Introduction Disclosure of information in corporate annual reports has attracted a number of researchers in both developed and developing countries. The voluntary disclosure information in excess of mandatory disclosure, has been receiving an increasing amount of attention in recent accounting studies. Because of the inadequacy of compulsory information, the demand for voluntary disclosure provides investors with the necessary information to make more informed decisions (Alsaeed, 2006). Voluntary disclosure of decision-useful corporate information is considered to be the first step in solving the alleged problems of traditional financial reporting (Leadbetter, 2000). Its objectives are well defined: closing (or narrowing) the gap between a companys potential intrinsic market value and its current market value. Voluntary disclosure, in the context of globalization of the worlds financial markets, has received a great deal of attention in the accounting literature in recent years (Hossain, Berera and Rahman, 1995). This is due to the following reasons: Firstly, additional disclosures may help to attract new shareholders thereby helping to maintain a healthy demand for shares, and a share price that more fully reflects its intrinsic value. It is possible that poor disclosure could lead to an undervalued share making it attractive to a potential predator. Secondly, increased information may assist in reducing informational risk and thereby lower the cost of capital (Spero, 1979). A lower cost of capital should mean that marginal projects become profitable. Thirdly, in order to raise capital on the markets, companies will increase their voluntary disclosure. Consequently, listed companies are more likely to have a higher level of disclosure than unlisted companies and multiple listed companies those raising capital on the international markets will have a higher level of disclosure than domestically listed companies. Fourthly, multiple listed companies often have an interest in foreign capital markets since foreign operations are often financed by foreign capital (Choi and Mueller, 1984). Disclosure levels might be increased to adapt to local customs to meet the requirements of banks and other suppliers of capital; finally, listed and multiple listed companies might increase their social responsibility disclosures to demonstrate that they act responsibly (Watts and Zimmerman, 1979). Companies may have attained their status on the securities markets and be able to attract new funds, not least because they act responsibly. According to Healy and Palepu (2001) a companys disclosure decision could be a response to innovation, globalization or changes in business and capital market environments. Kuwait is the focus of this study for three reasons. First, Kuwait is a small rich country, relatively open economy with crude oil reserves of about 10% of world reserves. Second, over the last decade, the Kuwaiti government has initiated several far-reaching reforms at the Kuwait Stock Exchange to mobilize domestic savings and attract foreign capital investment. These measures include privatization of state corporations through the stock exchange and allowing foreign investors to own shares in the listed companies since 2000, tax free. Third, the Kuwait Stock Exchange is becoming an important capital market in the region. It is ranked the second largest market in the Arab world (after Saudi Arabia) in terms of total market capitalization. Its total market capitalization was US$128,951 million as of December 2006 (Arab Monetary Fund 2006). These reasons could motivate investors to diversify their investment portfolios into that market. As a result, investors may be interested in the information disclosure practices of listed companies in Kuwait (Al-Shammari, 2008). 1-2 Problem Statement Many developing countries strive to mobilize financial resources from domestic as well as international sources with a view to attaining their economic and social development goals. Domestic and international investors utilize financial and non-financial information available on potential investment targets for assessing risk and making critical investment decisions. Thus, the availability of financial and non-financial information in sufficient quantity and of sufficient quality has an important bearing on efforts geared towards mobilizing investment for financing economic and social development. Adequate reporting and disclosure of financial and non-financial information will reduce asymmetric information problem, hence are likely to improve investor confidence and a lower cost of investment. According to Gray, Meeks and Roberts (1995) investors demand information to assess the timing and uncertainty of current and future cash flows so that they may value firms and make other investment decisions such as choosing a portfolio of securities. Companies satisfy this demand in part by supplying voluntary accounting information, thereby enabling them to raise capital on the best available terms (Gray et al., 1995). Given the faster pace of globalization, the growing interdependence of international financial markets and increased mobility of capital, developing countries need to attach greater importance to corporate transparency and disclosure. Policy makers, legislators and regulators, in recognition of the significant influence that corporate transparency has on decisions of investors, need to strengthen further the various components of corporate disclosure infrastructure so that domestic and international resources are mobilized more efficiently. Kuwait is one of the developing countries that face difficulties to attract foreign investments. Birgit Ebner at Germanys Frankfurt Trust, who helps manage a Middle Eastern stock fund, said Kuwait was not an attractive investment compared with others in the region (www.gulfnews.com). One of the main reasons that interpret this matter is the absence of voluntary disclosure as a result of sharp low supply of information by companies. According to Birgit Ebner, We are underweight in Kuwait because in Kuwait there are many holding firms dominating the market. And on top of it, the transparency is currently lower than in other Gulf States. In opinion of many analysts in Kuwait, the problem of gulf bank is related to absence of voluntary disclosure. Moreover, Kuwait stock exchange report that issued in (2007) revealed that 156 companies listed in Kuwait stock exchange from among 177 companies listed in Kuwait stock exchange are violating disclosure guidelines (www.alaswaq.net 2007). The purpose of this study is to empirically investigate the influence of several firm characteristics on the level of voluntary disclosure of companies listed in Kuwait and whether disclosure level improves over the years given changes in the accounting environment of the country and globalization that have taken placed. There are many studies have examined the relationship between a company`s characteristics and the level of disclosure in both developed and developing countries such as Canada (Belkaoui and Kahl, 1978); United Kingdom (Firth, 1979, 1980); Nigeria (Wallace, 1987); Sweden (Cooke, 1989); Japan (Cooke, 1992); United States (Imhoff, 1992; and Lang and Lundholm, 1993); Bangladesh (Ahmed and Nicholls, 1994); Switzerland (Raffournier, 1995); Hong Kong (Wallace and Naser, 1995), Egypt (Mahmood, 1999); Jordan (Naser, Alkhatib and Karbhari, 2002); Saudi Arabia (Alsaeed, 2006b) and United Arab Emirates (Aljifri, 2007). However, to my knowledge, little attention has been devoted to the role of voluntary disclosure in the Middle East countries, more specifically Kuwait (see Al-Shammari, 2008). The aim of this study is to understand what motivate or demonstrate a companys disclosure by empirically investigate the association between a number of company characteristics and the extent of voluntary disclosure in the annual reports of companies listed in the Kuwait Stock Exchange in 2005, 2006, 2007, and 2008. In addition, the influence of the reporting year on voluntary disclosure will also be examined to assess the progress of disclosure activities in Kuwait. Given that Ashammaris study only cover the year of 2005, the execution of this study is fully justified. 1.3 Research Questions In general, this study seeks for explanation on voluntary disclosure behaviour of Kuwait companies. The followings are the research questions:- 1- What is the relationship between the firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and voluntary disclosure level? 2- Does reporting year influences voluntary disclosure? 3- To what extent do the above factors affect the voluntary disclosure? 1.4 Research Objectives To determine the influences of firm size, debt ratio, ownership dispersion, profitability, audit firm size, industry sector and reporting year on the level of voluntary disclosure of companies listed in Kuwait. 1.5 Significance of the Study The significance of study can be viewed from contributions given to Accounting academic discipline and to the practitioners and policymakers. Contribution to Accounting body of knowledge This study contributes to the literature on corporate financial reporting and disclosure practices in one of the important capital markets in the Middle East in which International Financial Reporting Standards (IFRSs) are mandatory and the government controls the accounting and auditing profession. It also contributes to the corporate governance literature on whether the company characteristics found to be significant in companies operating in developed countries are similar to those a developing country like Kuwait. This study is important in enhancing our understanding of corporate financial reporting in Kuwait. It explores the determinants that help explain voluntary disclosure in Kuwait. Contribution to the practitioners and policy makers Knowledge on firms characteristics that influence voluntary disclosure would enable policy makers to target training and monitoring activities to suitable target companies in order to improve disclosure level in the country. This is important because higher disclosure among companies could improve investors confidence and help attracting more foreign investment into the country. The study is also able to show whether the external environment in Kuwait have improved the voluntary disclosure activities. 1.6 Scope and Limitations of the Study This study investigates the relationship between firm characteristics and voluntary disclosure of non financial companies listed in Kuwait. Financial companies (banks and insurance companies) were eliminated as the characteristics of their financial reports are different from those of non financial firms (Alsaeed, 2006). A disclosure index was constructed as a yardstick to measure the level of disclosure by the listed firms. The construction of the disclosure index is based on the information that firms supply in their annual financial reports to shareholders. Albeit not as conclusive, financial reports serve as a widely accepted (Knutson, 1992). The disclosure index does not intend to be comprehensive, nor does it intend to specify what firms ought to disclose. Rather, the index is crafted solely for the purpose of capturing and measuring differences in disclosure practices among firms. The selection of items embedded into the index was entirely guided by Meek, Rober and Gray (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006) 1.7 Organization of the Study The reminder of this study is organized as follows: Chapter Two discusses the literature review related to the study; Chapter Three consists of research methodology including theoretical framework, hypothesis development and model specification for the study. The measurement, sampling and instrumentations are also discussed in this chapter. Chapter Four presents the empirical findings and results. Finally, Chapter Five provides the discussion, implications and recommendation of the study as well as suggestions for future research. CHAPTER TWO LITERATURE REVIEW 2.1 Introduction This Chapter discusses and summarizes the literatures review, which looks at many aspects of voluntary disclosure and the factors which affect the degree of voluntary disclosure in a firm. The discussion is segmented into five sections. The first section presents an overview of disclosure requirements in Kuwait so as to provide foundation knowledge of the issue understudy. Section two discusses the concept and measurement of voluntary disclosure. This is followed by section three which presents the firm-related determinants of voluntary disclosure as found from prior theoretical and empirical literature. These variables include firm size, debt ratio, ownership dispersion, profitability, audit firm size. 2.2 Disclosure Requirement in Kuwait Mandatory disclosure refers to firms disclose information about their operations because of legal requirements. For the efficiency of markets and the protection of investors, mandatory disclosure of information concerning the firms operating in capital markets has important consequences (Shin, 1998). 2.3 Voluntary disclosure level More detailed disclosure by the firms beyond the level of information disclosed within the mandatory disclosure process is called voluntary disclosure. Voluntary disclosure means making public the financial and non-financial information regarding the firms operations without any legal requirement (Fishman and Hagerty (1997), Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003) and Alsaeed (2006). Alsaeed has identified a more comprehensive items for voluntary disclosure based on Meek et al. (1995), Botosan (1997), Naser and Nuseibeh (2003). These items are as in Table 2.1 Table 2.1: Voluntary disclosure items in Alsaeed (2006) No. Disclosure items 1 Strategic information 2 Brief history of company 3 Information on events affecting future years results 4 Board directors names 5 Top managements names 6 Majority shareholders 7 Information on different types of products 8 Information statistics for more than two years 9 Information on dividends policy 10 Information on future expansion projects 11 Percentage of foreign and national labor force 12 Information on training and workers development 13 Information on social and environmental activities 14 Statement of corporate goals and objectives 15 Principle markets 16 Average compensation per employee 17 Market share 18 Information on events affecting current years results 19 Competitive environment 20 Forecasted profits Many studies have examined the relationship between a companys characteristics and voluntary disclosure level. Alsaeed, (2006) argued that firm size, profitability and auditor firm size influence the level of voluntary disclosure. Naser et al., (2002), Jensen and Meckling, (1976); Fama and Jensen, (1983) Donnelly and Mulcahy, (2008), Camfferman and Cooke (2002), studied the association between companys firm size, debt ratio, owner ship and auditor firm size and the level of disclosure. 2.4 Determinants of Voluntary Disclosure 2.4.1 Firm size Most of the firm disclosure studies used firm size as a control variable (see for example, Alsaeed (2006); Donnelly and Mulcahy (2008); Brammer and Pavelin (2004); Meek et al, (1995), Mitchell et al, (1995), Mckinnon and Dalimunthe, (1993), Aitken et al. (1997), Bradbury, (1992), Zarzeski (1996), Brennan and Hourigan, (2000), Naser et al.,(2002), Wallace and Naser (1995), Firth, (1979), Eng and Mak (2003) and Hossain et al.(1994). Many studies found a positive relationship between firm size and disclosure level of companies. For example, Alsaeed (2006) conducted a study to investigate the relationship between firm characteristics of non-financial Saudi firms listed on the Saudi Stock Market in 2003 and voluntary disclosure level by those companies. He found that there was a positive relationship between the firm size and the level of disclosure. Alsaeed (2006) argues that agency costs are higher for larger companies because shareholders are widespread, therefore, additional disclosure might reduce these costs (Watts and Zimmerman, 1983). This finding is consistent with other studies such as Meek et al, (1995), Donnelly and Mulcahy (2008), Foster (1986), Hossain et al, (1995) and Al-Shammari, (2008). In addition to what Alsaeed (2006) has mentioned above, they argued that large companies might have sufficient resources to afford the cost of producing information or the user of annual reports. Secondly, small companies might suffer from a competitive disadvantage if they provide additional disclosure. Thirdly, large companies might be of interest to different users of annual reports including government agencies. 2.4.2 Debt ratio There is no consensus among researchers about the relationship between debt ratio and voluntary disclosure. Most of studies found a significant positive relationship between debt ratio and voluntary disclosure such as Naser (1998), Mitchell, Chia and Loh (1995); Hossain et al. (1995), Al-Shammari, (2008) and Bradbury, (1992). Jensen and Meckling, (1976) found the voluntary disclosure level can reduce the agency costs by facilitating debt ratio suppliers assessment of the firms to ability to meet its debts ratio. In relation to this, Al-Shimmiri, (2008) argued that the companies with higher debt in their structure of capital are prone to higher agency cost, hence they will be more likely to disclose additional information in order to reduce agency costs and information asymmetry with shareholders. Alsaeed, (2006) argued that when firms increase their level of leverage, they have to disclose more information in order to reduce asymmetric information between the firm and its creditors. Hence he argued that firms with high leverage will have high level of disclosure. In addition, Zarzeski (1996) argued that firms with higher debt ratio are more likely to share private information with their creditors. Thus, voluntary disclosures can be expected to increase with leverage. However, Mckinnon and Dalimunthe, (1993), Hossain, Berera and Rahman (1994), Aitken, Hooper and Pickering (1997), Brennan and Hourigan, (2000) and Eng and Mak (2003) studied the relationship between the voluntary disclosure and leverage found no relationship. While Meek et al (1995) mention that there is negative relationship between voluntary disclosure and leverage for US, UK, and European MNCs, Wallace, Naser and Mora (1994). 2.4.3 Profitability Many studies refer the profitability as the factor that affects voluntary disclosure level such as Singhvi and Desai (1971); Foster (1986), Richard (1992), Meek et al. (1995) and Naser et al. (2002) they argues that when the level of firms profitability increase, the firms have to disclose more information that can be an indicator to good management and also have incentives to show to the investors and the public that their profitability has increased. However, Ahmed and Courtis (1999) identified 12 studies that investigated the relationship between profitability and disclosure with mixed results. Akerlof (1970) argued that larger profitable companies may disclose more information to be distinguished from less profitable companies. Watts and Zimmerman (1986) argued the firms with larger profits are more interested in disclosing detailed information in their annual reports in order to justify their financial performance and to reduce political costs. However Wallace et al. (1994) found no significant relationship between the comprehensiveness of disclosure and the profit margin of listed and unlisted Spanish firms. Inchausti (1997) elaborated that agency theory suggests that managers of larger profitable companies may wish to disclose more information in order to obtain personal advantages like continuance of their management position and compensation. Raffournier (1995), Wallace and Naser (1995) and Alsaeed, (2006) observed no significant relationship between the disclosure and the profitability, because none of the performance related variables provides an explanation of the disclosure level. Ho and Wong (2001), Barako, Hancock and Izan (2006) and Barako (2007) on the other hand found profitability to be positively and significantly related with two of the four disclosure categories, financial and forward looking disclosures, whereas other categories ware negative and significant with the disclosure of general and strategic. This result is similar with that of Eng and Mak (2002) study on Singapore listed companies. For example, companies in the manufacturing sector were found to disclose less of financial information, and instead disclosed more on general and strategic information to explain in detail factors affecting their poor financial performance. 2.4.4 Ownership dispersion The ownership dispersion represents the percentage of shares owned by outsider after subtracting shares owned by the insider. Many studies found positive relationship between voluntary disclosure level and ownership, as explained by the agency theory which suggests that difference in the proportion of the companys shares owned by outsider shareholders causes differences in the voluntary disclosure level. This is because the companies with more outsider ownership are more likely to disclose more information than companies with less outsider ownership and also the demand for publicly available information is likely to increase (Wallace and Naser 1995). Gelb (2000) and Barako et al. (2006) found significant relationship between outsider ownership and disclosure level. Leftwich, Watts and Zimmerman (1981), Fama and Jensen (1983), Mckinnon and Dalimunthe, (1993) and Aitken et al. (1997) mentioned the detailed disclosure in annual reports that may allow outsider to monitor their interests more efficiently. Eng and Mak (2003) argued that voluntary disclosure is a substitute for outside monitoring and so is negatively related to managerial ownership. They found evidence consistent with this prediction. Many studies found negative relationship between voluntary disclosure level and ownership dispersion. Hossain et al. (1994) found evidence on Malaysian listed companies having significant negative association between voluntary disclosure and ownership dispersion. A later study by Haniffa and Cooke (2002) also found similar result. Naser et al. (2002) examined the affect of ownership on US companys disclosure and his results indicated that firms with a lower level of managerial ownership are more likely to receive higher ratings for the disclosure provided in their financial reports. Ho and Wong (2001) found negative relationship between family ownership structure and voluntary disclosure. Chau and Gray (2002) also found negative relationship between family ownership structure and voluntary disclosure of companies listed in Hong Kong and Singapore but found positive associated with outside ownership. Donnelly and Mulcahy (2008) on the other hand found no evidence that ownership structure is related to disclosure level. 2.4.5 Audit firm size According to Jensen and Meckling (1976) large audit firms act as a mechanism to reduce agency costs and exert more of a monitoring role by limiting opportunistic behavior by managers and are less likely to be associated with clients that disclose lower levels of information in their annual reports. In terms of size, audit firms can be divided into two; large or small. Large audit firms are identified as being one of these Big Four (or Big Five or Six formerly) international auditing firms, and smaller audit firms are the rest; the firms are more likely to choose a Big Six auditing firm. Such choice of audit firms signals to investors that the contents of the annual reports are audited with high quality (Craswell and Taylor, 1992). Furthermore, the large audit firms are widely spread in the world while small firms are domestically; hence the large audit firms have more capability to disclosure of the information and have higher reputation and power to affect the voluntary disclosure level related to the smaller audit firm (Alsaeed, 2006). Several studies found that audit firm size have significant relationship with voluntary disclosure level. Firth (1979), Craswell and Taylor (1992), Wallace and Naser, (1995), Ahmed (1995), Raffournier (1995), Inchausti (1997), Mahmood (1999), S.M. Ho and Wong (2001), Camfferman and Cooke (2002), Nasser et al. (2002) and Al-Shammari, (2008) found significant relationship between the voluntary disclosure level and audit firm size. Forker (1992) and Wallace et al. (1994) claim there are positive relationship between voluntary disclosure and audit firm size but not significant, while Hossain et al. (1994), Raffournier (1995), Wallace and Naser (1995), Depoers (2000) and Haniffa and Cooke (2002) they didnt fine significant association. 2.4.6 Industry sector According Cook (1989) disclosure level is more likely to vary from one industry to the other due to the likelihood that leading firms operating in a particularindustry could produce a bandwagon effect on the level ofdisclosure adopted by other firms working in the same industry. Cooke (1992) found evidence that Japanese manufacturing firms tend to provide more information than other non-manufacturing firms. Other studies that found significant effect of industry types are Wallace and Naser (1995) and Camfferman and Cooke (2002), while McNally et al.(1982); Wallace (1987): Wallace et al. (1994); Raffournier (1995); Inchausti, (1997); Patton and Zelenka (1997); Naser (1998); Owusu-Ansah (1998), Naser and Alkhatib (2000) and Alsaeed (2006) found insignificant effect. Table 2.2: Summary of independent variables influence on voluntary disclosure: Study Independent variable findings Akerlof (1970) Profitability Positive relationship Singhvi and Desai, (1971) Profitability Positive relationship Jensen and Meckling, (1976) Debt ratio and audit firm size Positive relationship with debt ratio and audit firm size. Firth, (1979) Firm size and audit firm size Positive relationship with debt ratio and audit firm size. Leftwich, Watts, and Zimmerman (1981) Ownership dispersion positive relationship with ownership dispersion McNally et al.(1982) Industry sector Insignificant with industry sector Fama and Jensen (1983) Ownership dispersion positive relationship with ownership dispersion Watts and Zimmerman (1983). Firm size positive relationship with firm size Foster, (1986) Firm size, profitability Significant positive with firm size and found positive with profitability. Watts and Zimmerman (1986) Profitability positive with profitability Wallace (1987) Industry sector Insignificant with industry sector. Cook (1989) Industry sector Positive with industry sector. Bradbury (1992) Firm size and debt ratio. Significant positive with firm size and debt ratio. Richard, (1992) Profitability Positive with profitability. Forker (1992) Audit firm size Positive but insignificant with audit firm size. Craswell and Taylor (1992) Audit firm size Positively significant with audit firm size. Cooke (1992) Industry sector positive with industry sector Mckinnon and Dalimunthe, (1993) Firm size, debt ratio, ownership dispersion. Positive with firm size and ownership dispersion and negative with debt ratio. Hossain et al. (1994) Firm size, debt ratio, ownership dispersion and audit firm size. Positive with firm size and ownership dispersion but negatively with debt ratio and audit firm size. Wallace et al. (1994) Industry sector Insignificant with industry sector. Meek et al, (1995) Firm size, debt ratio, profitability. Positive with firm size and profitability whereas significant, negative with debt ratio. Hossain et al. (1995) Firm size and Debt ratio Significant positive with firm size and debt ratio. Mitchell et al. (1995) Firm size and Debt ratio. Significant positive with firm size and debt ratio. Wallace and Naser (1995) Firm size, profitability, Ownership dispersion Positive with firm size, ownership dispersion and industry sector but- ,audit firm size and industry sector Negatively with profitability and audit firm size. Ahmed (1995) Firm size and audit firm size Positive significant with firm size and audit firm size. Raffournier (1995) Profitability, audit firm size and industry sector. No significant with profitability and industry sector, but significant positive with audit firm size Zarzeski (1996) Firm size and debt ratio Positive with firm size and debt ratio Aitken et al. (1997) Firm size, Debt ratio and owner ship dispersion Positive with the firm size and ownership dispersion but negative with debt ratio. Inchausti (1997) Profitability, audit firm size and industry sector. Positive with profitability and significant positive with audit firm size and insignificant with industry sector. Patton and Zelenka (1997) Industry sector Insignificant with industry sector. Naser (1998) Debt ratio and industry sector. Significant positive with debt ratio but insignificant with industry sector. Owusu-Ansah (1998), Industry sector Insignificant with industry sector. Mahmood (1999) Audit firm size Significant with audit firm size. Brennan and Hourigan, (2000) Firm size and debt ratio. Significant positive with firm size and significant negative with debt ratio. Gelb (2000) Ownership dispersion Negatively with Ownership dispersion Depoers (2000) Audit firm size No significant with audit firm size. Naser and Alkhatib (2000) industry sector Insignificant with industry sector. Ho and Wong (2001) Profitability, ownership dispersion and audit firm size. No significant with profitability but negatively with ownership dispersion and positive significant with audit firm size. Naser et al. (2002). Firm size, Profitability, ownership dispersion and audit firm size. Positive significant with firm size and audit firm size but positive with profitability and no significant with ownership dispersion. Eng and Mak (2002) Profitability No significant with profitability Chau and Gray (2002) Ownership dispersion Positively with outside ownership dispersion. Camfferman and Cooke (2002) Profitability, audit firm size and industry sector