Thursday, February 6, 2020

An analysis of stakeholders and the impact that implementation of Case Study

An analysis of stakeholders and the impact that implementation of particular option will have on them - Case Study Example An analysis of stakeholders and the impact that implementation of particular option will have on them There is little doubt in the fact that the third option is likely to have a positive impact on the image and reputation of the company. The latter is likely to react to it with a boost of performance. In this case the following opportunity emerges: the company will be able to restore its good name. However, the major challenge that is posed by the option is that it will probably have a negative impact in terms of finances, but in the long term perspective it will surely win. The next important stakeholder, the role of which cannot be undermined is Halo Ethical Fund. It is identified as the body that has made the biggest investment and, therefore, it will be affected by the decision a lot. It is quite obvious that this stakeholder is likely to experience serious negative impacts that are brought by the option three, since it will involve more investment and the price per stock is not likely to rise in the future. However, the best reaction in this case would be implementing the chosen option and making sure that it brings the positive consequence in the future. If this stakeholder takes half measures, the outcome will be devastating. Speaking of the opportunities that it might experience, one should point out that if option three works out, the performance of the company will improve and so will the return on investment.

Tuesday, January 28, 2020

Ascorbic acid content of fruit juice Essay Example for Free

Ascorbic acid content of fruit juice Essay OBJECTIVE To determine ascorbic acid content in a sample of fruit juice by using titration method with 0.001M 2,6-dichlorophenolindophenol, C12H7O2NCl2. INTRODUCTION image00.png Structure of Ascorbic acid Ascorbic acid, the chemical term for vitamin C, are found naturally in fruits and green vegetables. It is a dietary requirement for normal metabolism, formation of collagen, wound healing, and tissue repair. Ascorbic acid is often used as an antioxidant to help prevent free radical damage in the skin, builds resistance to infection, aids in the prevention treatment of the common cold, and aids in the absorption of iron. Yet, vitamin C cannot be synthesized by the body, and needs to be ingested. A lack of vitamin C can cause abnormalities of the spine, scurvy, and a reduction in the ability of the body to heal wounds. The determining factors as to whether organic substances can be determined in an aqueous medium depend primarily on the functional groups that characterise the redox properties. The determination of ascorbic acid content is based on the oxidation of ascorbic acid to dehydroascorbic acid: C6H8O6→ C6H6O6 + 2e- + 2H+ image01.png The redox potential depends on the pH and without adequate buffering the pH at the electrode surface can be displaced by the oxidation reaction of the ascorbic acid leading to peak broadening. Vitamin C is found in fruit drinks such as orange juice and also other sources like vegetables, liver and kidney meat. Vitamin C in food can be destroyed by cooking, leaching out from fruits and vegetable during washing, and being oxidized when expose to the air. Thus, food that rich in vitamin C needs to be stored and prepared well. PROCEDURE 1. Standardization of 0.001M 2, 6-dichlorophenolindophenol solution. 25.00mL aliquot of ascorbic acid solution was pipette into a 100mL conical flask. 0.001M 2, 6-dichlorophenolindophenol solution is titrated until a faint colour persisted for at least 15 seconds. The molarity of the dye solution is calculated by the result obtained. 2. Ascorbic acid concentration of fruit juice is determined. 5mL of fruit juice was pipette into a 100mL conical flask. 10mL of 5M acetic acid, 5mL of acetone (prevent interference of SO2) and 30mL of water was added, then the mixture was allowed to stand for 5 minutes and titrated with 2, 6-dichlorophenolindophenol solution. 3. CuSO4 and bubbling to air. 2 flasks is set up and filled with 25mL of fruit juice in each flask. 1mg of copper sulfate is added to one of the flasks and both are put to bubbled air for 20 minutes. The titration is repeated at the completion of the 20 minutes of air bubbling. DCPIP is a chemical compound used as a redox dye. This dye is blue in base (DCPIP-) and pink in acid (DCPIPH) and the pink form can be reduced by ascorbic acid to a colorless form (DCPIPH2). image03.png Titration with 0.001M 2,6- dichlorophenolindophenol solution Reaction 1: DCPIP- (blue) +H+→ DCPIPH (pink) Reaction 2: DCPIPH (pink) + Ascorbic acid → DCPIPH2 (clear) +Dehydroascorbate If a drop of blue DCPIP dye is added to a low pH solution (pH4.0), it will turn pink (Reaction 1). If a suitable electron donor such as ascorbic acid is present in that solution, it will turn colorless (Reaction 2). When all of the ascorbic acid in the solution has been oxidized to dehydroascorbate, no more electrons will be available to reduce a drop of DCPIPH to the colorless form and the solution will remain pink (Reaction 2 will not take place). The end-point was a faint pink colour that persisted for 15 seconds. (http://www.bbc.co.uk/schools/ks3bitesize/sosteacher/science/45432.shtml) Acetic acid added in Step 2 (iii) and Step 4 of the method will reduce the oxidation of the ascorbic acid by lower the pH of the orange juice to retard the action of the enzyme polyphenol oxidase. If the pH is reduced below 3.0, the polyphenol oxidase will be inactivated. Acetic acid also reduces interference from any iron present, and thereby facilitates subsequent clarification of the extract. Since the ascorbic acid is not oxidized, it was existed in L-enantiomer form. Therefore, the L-enantiomer form of ascorbic acid was determined in this experiment. ( James , 1999 ) (http://ag.udel.edu/other_websites/foodworkshop/WSFWorkshop/Enzymatic%20Browning%20(Ch2).htm) image04.png From the experiment, the molarity of the ascorbic acid and the dye solution computed are 0.001134 mol/L and 9.8425 Ãâ€"10-4 mol/L respectively. Hence, the concentration of the ascorbic acid in the fruit juice is 3.27mg/100ml which is much more lower compared to the amount stated in the product label (Sunkist) in which the ascorbic acid content is 150mg/100ml. The high discrepancy between these two values might be due to the oxidization of ascorbic acid, which was exposed to the oxygen for a period of time due to the insufficient of apparatus in the laboratory. This can be improved by not exposing ascorbic acid to oxygen, metals, light and heat, as it can be oxidized easily. Therefore, it must be stored in dark and cold and but not in a metal containment. The mechanisms of ascorbic acids degradation is commonly due to the effect of metal ions and the presence or absence of oxygen. The rate of oxidative degradation of ascorbic acids is commonly proportional to the concentration of ascorbate monoanion (HA-), molecular oxygen and the metal ion. It is known that uncatalyzed oxidation is essentially negligible but the presence of trace metals in food are responsible for most of the oxidative degradations. The potency of metal ions in catalyzing ascorbate degradation depends on the metal involved, its oxidation state, and the presence of cheletors. For example, Cu(II) is about 80 times more potent than Fe(III) while te chelate of Fe(II) and ethylenediaminetetraacetic acid (ETDA) complex is about 4 times more catalytic than free Fe(III). (Fennema , 1996) In this experiment, the potency of copper (II) sulfate in catalyzing ascorbate degradation was tested. One of the conical flask with only fruit juice act as control. It is titrated with 44.70ml of DCPIP for oxidation to occur. On the other hand, another conical flask with fruit juice and 1 mg of copper sulfate titrated with only 11.70ml of DCPIP for oxidation to occur. It is proven that the presence of metal ions responsible for accelerates the rate of degradation of ascorbic acid in an air-saturated fruit juice as less DCPIP is needed. During the step 5, bubbling through air is applied to the ascorbic acid to enhance the oxidation of ascorbic acid by the catalyst, copper. If not, it will consume a lot of time before the reaction can take place. Advantages 2,6-Dichlorophenolindophenol served as a good electron acceptor. DCPIP is used as the titrant because it only oxidises ascorbic acid and not other substances that might be present and it acts as a self-indicator in the titration It is reasonably accurate, rapid, and convenient. Can be applied to many different types of samples. Disadvantages The end point of a titration for this reaction is difficult to ascertain due to the lack of complete decolourisation of the DCPIP. These methods are not specific or are not very sensitive. The reagent itself is not stable and needs standardization before use. If the sample solution is intensely coloured (fruit juice or syrup), end point detection will be difficult. Better choice for vitamin C According to the hypothesis, content of vitamin C in fresh fruit is suppose to be higher than commercial packet fruit juice. Due to a lot of processing, most of the vitamin C in commercial fruit juice are destroy. The fewer amounts of millilitres of juice it took to turn DCPIP from blue to clear, the larger the amount of vitamin C there was in the drink. Many of the commercial fruit juice are heavily fortified with vitamin C. Conclusion The molarity of the ascorbic acid and the dye solution computed are 0.001134 mol/L and 9.8425 Ãâ€"10-4 mol/L respectively. The concentration of the ascorbic acid in the fruit juice is3.27 mg/100mL which is much more lower than the ascorbic acid content of the label product (15 mg/100mL). this might be due to the oxidation of ascorbic acid. Ascorbic acid (vitamin C) is essential to humans. It is involved in the synthesis of collagen, which is the main constituent of skin, connective tissue, and the organic substance of bones and teeth. A deficiency of vitamin C results in a disease called scurvy. A quantity of 60 mg vitamin C per day is enough to prevent the disease, and this is the recommended daily dietary allowance (RDA). (http://a-s.clayton.edu/ptodebus/CHEM1211/lab/experiments/Vitamin%20C/Vit%20C%20titration%20v1.doc) REFERENCES Ceirwyn S.James , 1999, Analytical Chemistry of Foods , An Aspen Publications , page 138,139 Owen R. Fennema, 1996, Food Chemistry, Third Ed., Marcel Deeker,Inc., pg 561,562 http://www.bbc.co.uk/schools/ks3bitesize/sosteacher/science/45432.shtml http://www.ncbi.nlm.nih.gov/entrez/query.fcgi?cmd=Retrievedb=PubMedlist_uids=7016874dopt=Abstract http://darwin.nmsu.edu/~blyons/BCHE_397/VitaminC.htm http://www-saps.plantsci.cam.ac.uk/docs/vitc.pdf http://journals.tubitak.gov.tr/chem/issues/kim-02-26-5/kim-26-5-8-0106-6.pdf#search=Determination%20of%20ascorbic%20acid%20by%20DCPIPIntroduction http://www.naturalhub.com/natural_food_guide_fruit_vitamin_c.htm http://ag.udel.edu/other_websites/foodworkshop/WSFWorkshop/Enzymatic%20Browning%20(Ch2).htm http://a-s.clayton.edu/ptodebus/CHEM1211/lab/experiments/Vitamin%20C/Vit%20C%20titration%20v1.doc

Monday, January 20, 2020

The Plague :: The Black Death

The Black Death caused a widespread death rate over the eastern and western parts of Europe during the fourteenth century. Not only did the Black Death take a devastating toll on human life, it also played an important role in shaping European life in years to come.   Ã‚  Ã‚  Ã‚  Ã‚  The Black Death came in three forms, the bubonic, pneumonic, and septicemic. Each form killed people in it’s own vicious way. All forms were caused by a bacterium called Yersinia pestis. The most commonly seen form was the bubonic plague. The death rate was thirty to seventy five percent. The symptoms were inflamed lymph nodes, armpits, neck and groin. The victims were subjected to headache, nausea, aching joints, and fever of 101- 105 degrees, vomiting, and a general feeling of illness (The Black Death). Symptoms usually took one to seven days to appear.   Ã‚  Ã‚  Ã‚  Ã‚  The second most common form of the Black Death was the pneumonic plague; the victims often died before they could reach other places. The pneumonic plague mainly attacked the lungs. Symptoms included slimy sputum tinted with blood. (Sputum is saliva mixed with mucus exerted from the respiratory system.) The death rate was ninety to ninety five percent. Symptoms took one to seven days to appear.   Ã‚  Ã‚  Ã‚  Ã‚  The rarest form of the Black Death was the septicemic plague. The death rate was close to one hundred percent. The symptoms were high fever, and skin turning deep shades of purple, due to respiratory failure. Victims usually died the first day the symptoms appeared.   Ã‚  Ã‚  Ã‚  Ã‚  The disease was spread through an infectious fever caused by the Yersinia pestis, passed on by the rat flea. The infection spread to anyone that had contact with the diseased. The infected found themselves pierced by a pain throughout their whole body. Soon after they developed on their thighs or the upper arms a lump the size of a walnut which some people called them â€Å"burn boils.† This then pierced them until the patient violently began vomiting blood. The vomiting of blood persisted without stopping for three days, which didn’t give the victims any time to heal their wounds. Swellings continued to expand until they eventually exploded, with death following immediately after. The whole process from transmission to death usually lasted three or four days. The plague was deathly terrifying to have and to witness, the terrible pain and the bizarre appearance both made the plague especially terrifying. People could not only get infected through the transmission of the disease but by talking to the sick touching them or any of their things.

Sunday, January 12, 2020

Ethical Problems in the Practice of Law: A Book Review Essay

There are a number of laws in any given society. These laws seek to manage the nature of relationships and transactions in the society. The intent is for society to be orderly, stable and based on justice (Black, 1979). In an ideal world where every human being is just and acts for the benefit of all, law might not be applicable anymore, but given the complexities of society, these laws are important in maintaining order and enforcing justice. Laws are written and legislated usually by the duly elected members of the legislature of the government in any nation. These laws are based on the norms, the value system and at times, the dominant ideology in the society (Dworkin, 1986). The major aspects of the relationships and transactions between and among humans are covered by the laws of the land. There are laws that define what is considered as crime in the society and how such crimes will be punished if committed by any member of the given society. There are also laws that govern the contracts and obligations entered into by two or more people. Laws like these prescribe the ideal nature of such contracts and obligations, and also stipulate what are prohibited. In addition to this, there are laws that seek to protect citizens from the negligence of others or any acts committed that may impinge upon the rights of others (Glenn, 2000). The properties of citizens are also protected under the law. Such property laws govern the ownership of people over land and other properties that belong to them. This way, their rights to their properties are protected. On top of these laws, the Constitution is the basic law that guarantees the freedoms, rights, and duties of the citizens of a particular country. The Constitution is also supported by other laws and policies that seek to reinforce and guarantee the freedoms and rights of the citizens. This body of laws collectively seeks to make society orderly (Glenn, 2000). Legislators write and enact laws for the society, the police and other government agencies enforce such laws—those who uphold the law are rewarded, albeit subtly, and the violators are apprehended and punished accordingly. The violators are not punished immediately, however, as they are also entitled to be tried and litigated under the judicial system of the society where they belong to. This is where the judiciary steps in. Through the institution of the dispensation of justice, accused persons may argue about their innocence and the aggrieved parties may bring their cases to the judicial officials against the people who apparently wronged them. In this process, lawyers perform a significant task (Glenn, 2000). Lawyers in the Legal System Lawyers are the professionals who interpret the provisions of the laws of the society and looks at the principles in these laws and present solutions and applications regarding difficulties and interpretations of these laws. In litigations, the services of lawyers are hired by both the accused persons and the aggrieved party. This is because these laypersons do not have a nuanced understanding of the law, its applications, ambiguities and interpretations. As such, they would need the help of lawyers in sorting through their experiences and proving the merits of their case in the courts (Glenn, 2000). Consequently, they would seek redress in cases where their rights are impinged upon. This article reviews Ethical Problems in the Practice of Law, written by Lerman & Schrag (2005). It looks at the major topics covered by the authors as well as the main points they make in the book. It will also evaluate these arguments in light of several literatures written about the same subject matter. In order to review the book more effectively, the role of lawyers in the legal system and the kinds of relationships that they have with their clients should be reviewed first. This will provide a solid background about the law and the nature of the lawyers’ profession prior to the discussion of the major themes and issues discussed by Lerman & Schrag (2005) in their book. The law profession, however, is not limited to this kind of practice. There are various other ways in which lawyers use their knowledge and expertise. Several kinds of responsibilities are performed by lawyers, depending on the country in which they practice. These responsibilities include the following. For one, lawyers present legal arguments in the courts of law. In this regard, the lawyer represents his client in the court proceedings and presentation of arguments. Some countries may allow persons to present arguments in the courts without the help of lawyers. However, this may prove inefficient as individuals may not be aware of how the legal system works. Hence, lawyers make it possible for the proceedings to go as smoothly as possible (Kent, 2002). Lawyers are also engaged in the research, drafting and final writing of papers for the use of courts. Prior to the delivery of oral arguments, lawyers provide a brief of the backgrounds, facts and main points of the case. In short, lawyers are called upon to deliver both their written and oral arguments regarding the cases which they are handling. Before the actual process of litigation and court hearing, however, the lawyer would need to be in consultation with his or her clients about the provisions of the law and other matters that directly affect the case being brought to the courts. Even without litigation or court cases, lawyers still provide necessary legal advice to those who seek their services (Abel & Lewis, 1988). Part of the lawyers’ work is also the protection of intellectual property rights and the management of contracts. In relation to this, contracts are either drafted by a lawyer or the draft passes through them for review and revision in accordance with what the law allows in such cases. The transfer of deeds of real properties is also done by lawyers. The legal documents as well as the necessary processes are facilitated by the lawyer in this regard. Moreover, the wills, trusts of people who expect their demise soon; or those who have already passed away are implemented by lawyers. Lastly, lawyers prosecute or defend people who are suspected of having committed crime (Abel & Lewis, 1988). Before a person could practice law, he should have completed the prescribed course of study, and usually, he should have passed the bar examinations. The purpose of this is to ensure that those who practice law are indeed capable of doing so and that they are accountable to the government and to the society as a whole in the practice of their profession (Abel & Lewis, 1988). Lawyers and the Need for Regulation Requiring lawyers to acquire license prior to practicing law is one strategy in regulating the profession. Only those who pass the required standards would be able to practice law. Once the lawyers have their licenses, however, the necessity for regulation is still evident because of the relationship of the lawyer with its clients. The rights of the clients of lawyers should also be ensured and protected against the malpractice and abuse of lawyers. In some countries, the Department of Justice is the government agency that governs regulates lawyers. In other countries, it is the Supreme Court (Abel & Lewis, 1988). The role of lawyers in the society is important. As such, should they fail or make mistakes, they compromise the reputation of the profession. Because of the sensitivity of the relationship of lawyers with their clients, the need for regulation in the profession cannot be overemphasized. Against the backdrop of the ethical issues besieging the legal profession, the textbook on legal ethics written by Lerman and Schrag (2005) provides practical guidance together with an explanation of the foundational principles and the laws that govern the situations where issues of legal ethics may arise. Another important reason for the regulation of the practice of law is the existence of a myriad of ethical issues that should be confronted by lawyers in their profession. Lerman and Schrag’s (2005) Ethical Problems in the Practice of Law, explores the laws and other related institutions that govern and regulate lawyers and the way that they practice law. In addition to this, the authors dealt with the practical aspects of these laws as they apply to torts, contracts and obligations, the prosecution and defense of suspected criminals, real estate, family law and civil law. The authors formatted their book such that it would be easily accessible and readable. It also contains digests of important related doctrines to the topic that they are exploring. Such highlighting of related doctrines can be found throughout the book. They also presented judicial opinions in their edited versions so that the student will not need to go through every minute detail of the cases. In terms of presentation, the authors used the Socratic method of presenting questions and answers for the purpose of presenting the laws and the major issues governing such issues. Since the law profession is rife with ethical issues, the authors also found it expedient to include rules governing professional conduct. Such set of rules are important for lawyers in helping them practice their profession. This cursory examination of the book will be further expanded in the succeeding sections. A detailed review of the chapters of the book will be made. This review will also look at the language used by the authors, the level of language, the main points of their chapters and the solutions they provided to several problematic areas presented in the text. Background on the Authors The authors of Ethical Problems in the Practice of Law have had experience and authority in the subject that they have written about. They have had extensive classroom experience; they have also researched and practiced the law profession throughout their career and they have been engaged in the policy-making process. This broad range of experience make Lerman and Schrag as veritable authors in the field of legal ethics and their book is a testament to these experiences. Lisa G. Lerman Since 1987, Lisa G. Lerman has served as a law professor at the Columbus School of Law at the Catholic University of America. She has had extensive experience in teaching contracts, exercising lawyers’ professional responsibility and the practicum on public policy. In addition to this, she has written numerous articles on law firms, the practice of law, about lawyers, and law education. Her focus used to be domestic law; however, she has focused on the relationship of lawyers and clients, together with the issue of dishonesty of lawyers occupying her attention. Prof. Lerman has long been considered an expert on ethics on the legal profession. In recognition of her advocacy, she has been named the chair of the ABA National Conference on Professional Responsibility’s Planning Committee. Given these plethora of achievements and experiences, she is an authority on the subject she has co-written with Philip G. Schrag (Catholic University of America Website, 2007). Philip G. Schrag Philip G. Schrag, on the other hand, is a professor of Civil Procedure at Georgetown Law School of the Georgetown University. He is currently the Director of the Center for Applied Legal Studies. He also provides career guidance to lawyers through the Public Interest Law Scholars Program. He has also served as a civil servant by writing legislations, notable among these are New York City’s Consumer Protection Act of 1969 and his involvement with several boards and agencies of the government. He has written twelve books (Georgetown Law Website, 2007). Organization of the Book Ethical Problems in the Practice of Law has been organized thematically. It has ten (10) chapters that explore deeply and comprehensively the end-to-end practice of the legal profession from the provision of legal advice, the conduct of the representation of clients in the courts as well as the legal and ethical obligations of lawyers even after they have represented a client. The Regulation of Lawyers Chapter 1 deals with the regulation of lawyers. They explained the basis of the process of making prospective lawyers go through the bar examinations in order to get their license. They also enumerated and explained the institutions that make the regulations in the legal profession. These institutions are crucial in ensuring that lawyers are practicing their profession in accordance with the law and without impinging upon the rights of their clients. These institutions are: (1) the highest state courts; (2) bar associations; (3) lawyer disciplinary agencies; (4) the American Bar Association; (5) the American Law Institute; (6) Federal and State trial courts; and (7) the Legislatures among others. The authors also took a look at the law governing lawyers. They walked through the special provisions of this law and cited instances in which the provisions of this law could be useful and where there are ambiguities and vagueness. In addition to this, Lerman and Schrag provided cases and examples to illustrate the principles that they discussed. Lawyers and the Confidentiality of Clients Client confidences and the duties of lawyers to protect this confidential information is the subject matter of Chapter 2. The duo started out by defining the bases of confidentiality and the way that clients provide their trust to their lawyers. There are instances, however, in which this duty to protect confidentiality may be exempted and the law and national interest may even compel the lawyer to disclose some important matters confided to him by the client. In any case, however, the lawyer should never disclose confidential information from a client in the interest of personal gain or for the use of another client as this may be construed as a violation of the trust granted to the lawyer by the client. The chapter closes with several tips and suggestions on informing the clients about confidentiality and how such confidentiality may be protected.

Saturday, January 4, 2020

Outsourcing to India Is the United States benefiting...

Outsourcing to India: Is the United States benefiting from it? I. Introduction â€Å"Did you hear the news? No, what happened? We are shipping all of the IT jobs to India †¦Ã¢â‚¬  Water cooler conversations are beginning to sound more and more like this. Outsourcing of jobs has become a major concern for employees at large corporations (technical or financial). The economic drought that the United States faced in 2000 to late 2001 led to numerous cost-cutting measures, but none more effective than that of outsourcing. The outsourcing of jobs is now a necessity in the United States, so companies are forced to send jobs to places such as India to keep costs down, all the while trying to balance the advantages and disadvantages of the move.†¦show more content†¦Other services that are currently being outsourced fall under the category of business process outsourcing (BPO) which includes payroll, billing, accounting, telemarketing and call centers. At this rate, almost every corporation will have main operations being done in a forei gn country with management staying in the United States. When should you outsource? If you are losing focus on your core business because you are too busy handling operations or if you are facing a time, money or human resource crisis, outsourcing is a solution[2]. Outsourcing can also allow you to be the first one in your market to gain that important edge to put you over the top. However, the main reason for outsourcing is that a mission-critical project needs to be finished, but there is a lack of specialized personnel to finish the project. Outsourcing is not done only to save money, but because the specialization is necessary for certain products. Where should you outsource? When companies are thinking of where to outsource, the first answer is India. This is because India has an abundance of technically skills people who are in need of employment. Corporations such as Intel, IBM, Cisco, Amazon, and Dell have already seen the benefits of outsourcing to India. The most common place to outsource is Bangalore, which is often called the SiliconShow MoreRelatedOutsourcing: Staying Competitive In The Global Market Essays1719 Words   |  7 Pagesaddress what key elements companies in this situation need to address, such as, quality of customer service provided, security of confidential information, and the possibilities of cost savings, in order to be sure that outsourcing is the best solution for their company. Outsourcing to Stay Competitive For companies to stay competitive in todays global market, many are facing the decision to outsource sectors of their company. By taking a part of their business offshore, a company can lower theirRead MoreUrban India vs. Rural India1322 Words   |  6 Pageshas allowed nations to connect with other nations through mediums such as the internet, fax machines, music and television. Globalization has also encouraged companies to take advantage of the knowledge and talents of people all over the world. Outsourcing has created thousands of job opportunities for developing nations. The flow of income into developing countries has allowed people to increase their standard of living (Friedman, 126-150). Globalization has also helped expand the consumer baseRead MoreAn Economic Analysis of Outsourcing Essay1745 Words   |  7 PagesAnalysis of Outsourcing Outsourcing can be termed as shifting of major functions (production, back office processing and call centers) of a firm from one area to other which in return gets them more profit. Usually large firms base their head offices in developed countries and operate their productions from other developing countries where they can produce the goods at a cheaper cost. 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INTRODUCTION Hillary Clinton, I dont know what reality the Bush administration is living in, but its certainly not the reality I represent, from one end of New York to the other. This response came on the statement of the head of U.S. President George W. Bushs Council of Economic Advisers, Gregory Mankiw. He said: outsourcing is just a new way of doing international Read MoreOutsourcing: White Collar Exodus1926 Words   |  8 PagesWhile outsourcing may be beneficial to some of the companies partaking in it, the general consensus is that it ultimately proves to be harmful to the American workforce. The act of outsourcing and shifting many company call centers and technical support teams, or â€Å"low skill service jobs,† to foreign countries reduces jobs for those that could truly benefit from them within our own country. 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Factory jobs have been moved to other nations for decades, and more recently, customer call centers are being relocated to foreign nations. With the current downturn in the economy, people are looking to at this situation in an increasingly negative way. Not all work that moved abroad ended in satisfaction, yet the trend appears to be spreading to new jobsRead MoreGlobalization : The Transition Of Human Society Into The Third Millennium 1744 Words   |  7 Pagescompanies into the developing you can argue is a good and positive thing for globalization as they are opening up new markets, and therefore greater opportunities benefiting both the local community, through foreign direct investment (FDI), and the company itself. FDI refers to the flow of capital between countries and companies. According to the United Nations Conference for Trade and Development (UNCTAD), â €˜FDI Is investment made to acquire lasting interest in enterprises operating outside the economy of

Friday, December 27, 2019

Introduction Background of the Study - Free Essay Example

Sample details Pages: 13 Words: 3837 Downloads: 7 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Good corporate governance is the key for the business organization success. Corporate governance explained the rules of governing: board structure, managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ and boardsà ¢Ã¢â€š ¬Ã¢â€ž ¢ incentive compensation, decision right by the board and the CEO, succession of the board and CEO, shareholder voting, debt/equity finance, disclosure concerning takeover and etc. Thus, the corporate governance can be defined as a set how the institutional arrange and effect the corporate decision making (Ball, 1998). Don’t waste time! Our writers will create an original "Introduction Background of the Study" essay for you Create order Due to the poor corporate governance, the Asian 1997/98 crisis has affected many companies including the Government Link Companies (GLC) around the region because of the poor corporate governance practices which reflected the corporate decision making. Previous researchers have found poor corporate governance consists of over-leveraging (Fraser, D.R, C.Derasid, 2006); lacks of accountability, transparency and financial disclosure (Mitton, 2002) have influences to the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s failure. Furthermore, in the United States, many latest financial reporting scandals have been caused by the poor corporate governance which has oversight during the financial reporting process (Agrawal Chadha, 2005). Most of the corporate governance failures cases recorded in Malaysia are related to billing scheme fraud, financial statement fraud, employeesà ¢Ã¢â€š ¬Ã¢â€ž ¢ fraud and misappropriation of assets (Haron, 2006). Economic crime actual statistic 2007 showed Asset misappropriation (36%), Corruption and bribery (24%), Accounting Fraud (15%), Money Laundering (5%), IP infringement (9%) and others (7%) cases ( PwC Alert Issue No.72, 2007). Thus, based on the PwC Alert statistic explained that the poor corporate governance caused for the economic crime. This statistical information has motivates this study to examine further the impact on the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast which influence by the corporate governance. 2.0 Problem Statement Accuracy of the analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast depends on many factors that derive to achieve the accuracy of earning. Analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ are the information available in the capital market that links the financial and non-financial information to estimate the earnings (Schipper, 1991). The accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast also linkages to the corporate governance. Previous study shows better corporate governance tends to issue more specific accuracy of the analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Ajinkya, Bhoraj, Sengupta, 2005). Byard and Weintrop (2006) find better corporate governance firm contribute to better analyst forecast. The prior studies show the relationship between the corporate governance has influence the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. There are underlying theories such as agency cost where describe the problem between the principal and agent which the accounting asymmetric information exits between the parties. In this study , the researchers believe corporate governance is to reduce information asymmetric. This study chooses the agency theory because ownership structure is use as one of the control variable where the researcher believes the selected companies will have separation between ownership and management which will cause to agency problem. Previous study find managers have more on long term interest rather than the interest of shareholder (Winter, 1999). The problem arises between the manager and shareholder affected the positive role of corporate governance practised in the company. Furthermore, the revised of Malaysian Code of Corporate Governance (MCCG) in October 2007 has enhanced the corporate governance practised in the several aspects. The changes in MCCG have motivated this study to find the influence of MCCG before the revised and after the revised toward the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast in public listed companies. This study will examine the factors of corporate governance that influence the dispersion and error of accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Thus, the problem statement for this study is to examine the dispersion and error of accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast influence by the corporate governance structure. 2.1 Research Questions 1. What is the effect of corporate governance to the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast? 2. How the corporate governance factors influence the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast? 3. What are the effects of MCCG revised toward the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast? 2.2 Research Objectives Corporate governance reduces the accounting information asymmetric between a company and investors. 2. Board of director efficient role in corporate governance influence the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 3. The revised MCCG do enhance the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 3.0 Significance of the Study. The accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast is an important key to enhance the investors confident. The confident levels of investors are depending on the market demand of an organisation which measure by using the available informationà ¢Ã¢â€š ¬Ã¢â€ž ¢s in the public to forecast the company performance. This study will use corporate governance variables such as the à ¢Ã¢â€š ¬Ã…“CEO Duality Structure, the independent of the Board, The size of the Board and The Governance Role of Audit Committees. Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast will act as a proxy for the quality of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ efficiency and effectiveness to achieve the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Furthermore, to relate between the analystà ¢Ã¢â€š ¬Ã‹Å"s forecast accuracy and firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ governance, this study includes two set of control variable such as firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ ownership structure and forecast horizon that affects the analystsà ¢Ã¢â€š ¬Ã¢ „ ¢ forecast accuracy (Byard, Li, Wintrop, 2006). Previous study finds that poor corporate governance tends to reduce the confident level of investors (Noordin, 1999). Prior researchers find poor corporate governance leads to mistake in reporting the financial progress (Agrawal Chadha, 2005). Based in many empirical studies, this study will contribute to enhance the investor confident level and identifies which corporate governance variables are contributes and influence to achieve the accuracy of forecast analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢. Furthermore, the revised in Malaysian Code of Corporate Governance in 2007 will impact to the company existing corporate governance. Thus, this study will examine the effect of prior and after effects on corporate governance to the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 4.0 Literature Review Corporate governance can be defined as a set on how the institutional arrangement can affect the corporate decision making (Ball, 1998). Corporate governance describes the rules of governing: board structure, managersà ¢Ã¢â€š ¬Ã¢â€ž ¢ and boardsà ¢Ã¢â€š ¬Ã¢â€ž ¢ incentive compensation, right decision made by the board and the CEO, succession of the board and CEO, shareholder voting, debt/equity finance, disclosure concerning takeover and etc (Verhoven, 1998). While another researcher define corporate governance as whole control systems where a company is directed and controlled with the basic focus toward the role of à ¢Ã¢â€š ¬Ã…“governorsà ¢Ã¢â€š ¬? of the company which is the board of directors (Haron, 2006). The corporate governance will determine how well the organization performance and contribute for good decision making when confronted with the uncertainty issues. The current uncertainty economics condition has weakened many companies around the world because of poor corporate governance. The 1997/98 Asian financial crisis has revealed that lack of corporate governance practices in Malaysia has contributed to the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s failure during the crisis (Wahab, C.Y.How, Verhoeven, 2007). Poor corporate governance leads to mistake in reporting the financial progress (Agrawal Chadha, 2005). Poor corporate governance that identify by previous researchers are such as over-leveraging (Fraser, D.R, C.Derasid, 2006); lack of accountability, transparency and financial disclosure (Mitton, 2002) has influence to the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s failure. Other researchers find during the crisis, variables under the corporate governance are the most explained proportion of the excha nge rate variation, performance of stock market and the other economic variables (Johnson, Boone, Breach, Friedman, 2000). Based on the previous studies, this study is interested to explore about the corporate governance effects on the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast in public listed companies in Bursa Malaysia. The previous researchers find better corporate governance firm contribute to better accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast ( (Byard, Li, Weintrop, 2006). Factors that influencing the good corporate governance are: (i) quality board of directors, (ii) quality audit committee, (iii) effective internal audit function, (iv) quality internal control system in place and (v) independent external auditors (Haron, 2006). In this study, the researcher will examine the corporate governance variables such as the à ¢Ã¢â€š ¬Ã…“CEO Duality Structure, the independent of the Board, The size of the Board and The Independent Director of Audit Committees. Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast will act as a proxy for quality of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ efficiency and effectiv eness to achieve the accuracy of the analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Furthermore, to relate between the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast and firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ corporate governance, this study includes two set of control variable such as firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ ownership structure and forecast horizon that affects the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Byard, Li, Wintrop, 2006). 4.1 Corporate Governance 4.1.1 The à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? structure à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? exists when an organization has the person hold the CEO position and at the same time is a chairman of Board of Director in the company. The duality or multiple positions such as chairman and board of director are common practiced among the listed firm in Malaysia (Haron, 2006). Previous researchers find company CEOà ¢Ã¢â€š ¬Ã¢â€ž ¢s that acting dual role do have lesser shareholder return (Rechner D.R.Dalton, 1989). However, other researchers find the duality role of a CEO can lead to positive relationship to performance under certain industry condition such as resource scarcity or high complexity and the effect on other economic conditions is negative (Donaldson, 1991). This mean the duality role has negative relationship with the return except under the condition of resources scarcity or high complexity. Another study also finds the presence of CEO Duality in organization has significantly negative relationship with the accuracy of analysts à ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Byrad, Li, Weintrop, 2006). 4.1.2 The Independent Board of Directors Independent Board of Director who is does not hold any executive position in the organization. The independent directors are responsible to make independent judgments in strategy, performance, resources, key appointment and etc. Thus, the independent board of directors must free from any relationship with the management that will bias during the judgment exercise. Previous study shows, majority number of independent board of director during the tenders offered to biddersà ¢Ã¢â€š ¬Ã¢â€ž ¢ results zero stock price return (Byrd Hickman., 1992). While the bidders without the independent board suffer statistically loses on 1.8 percent on average (Leng Chang, 2004). Previous study also find the relationship between the proportion of à ¢Ã¢â€š ¬Ã…“inside directorsà ¢Ã¢â€š ¬? and bidder stock price return is significantly negative (You, R. Caves, Henry, 1986). The finding shows that organization that have more independent directors tend to be more profitable compare to the organizatio n that has lesser independent directors. Furthermore, the additional of outside directors has pushed the stock price increase on average by 0.2 percent (Rosenstein Wyatt, 1990). The independent board of director has significantly positive relationship with the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Byrad, Li, Weintrop, 2006) 4.1.3 Board of Director Size. Board director size is referring to the total number of director exist in the organization. Previous researcher used the agency theory and assumed that larger board will consists of various education background, industrial background, and also skills (Haron, 2006). The quality of an organization to monitor and decision making are depending on the board of directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ size which will determine the organization performance. Thus, what size whether large or small board of directors? The previous study find the board of directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ size should be small because small size will lead the board function effectively (Smale, Patricoft, D.Marcus, D.W.Johnson, 1995). However, the size of the organization also determines the size of the boards: larger the company has larger the number of boards. The consequences of larger board of directors are reduce the ability of board to control CEO (Lipton J.Lorsh, 1992) and slower the decision making (Kole K.Lehn, 1997). P rior studies also do not specified recommended the number of directors but the companies should allow the active boards which have ability to make effective decision and performing their function. 4.1.4 The Independent Director of Audit Committees Audit committee is a committee formally appointed by full board and responsible to consider and report on matters comprised of financial reporting and governance procedures and the organization audit and other matters which referred by the board (Kulansingam, 2002). Several study find presence of an audit committee is associated with lesser incidences of error in financial reporting. For example, previous researcher find organization that has audit committee would likely more reliable financial reporting such as absence of material errors, irregularities and illegal act (Kulansingam, 2002). Klein ( 2002) finds negative relationship between the audit committee and management earning. However, previous study found that more independent audit committee does not improve the quality of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast accuracy (Byrad, Li, Weintrop, 2006). 4.2 Control Variables 4.2.1 Ownership Structure Ownership structure is also known as Board of director ownership where it works as direct incentives to the manager who has the favour to act like the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ interest. (Weishbach, 1988). The ownership structure is one of the major corporate governance mechanisms that help to monitor the agency problem (Jensen Meckling, 1976). Control the agency problem in organization able to enhance the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth (McConnell Servaes, 1990). Another researcher find that reduce of agency problem is link to the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Hope, 2003). Thus, ownership structures where the top manager holds the more percentage of stocks are likely to make decision to maximizing the shareholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ wealth. 4.2.2 Forecast Horizon Based on the previous studies, firm characteristic was included as a control variable to determinant of the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Forecast horizon is an important element to obtain the accuracy outcome of information. The different duration of forecast period can result different result and assumption. For example, previous study that the shorten forecast horizon tend to result less biased and less extreme (Capstaff, Paudyal, Rees, 1995). This mean the longer the forecast horizon is more exposure to more biased and more extreme. The shorten and longer horizon are depending on the analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ reputation which the longer horizon required more information compare to shorten horizon forecast because the more longer the analysts mean more information available which will affect the analysts credibility. 4.3 Accuracy of Analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ Forecast 4.3.1 Dispersion Dispersion occurred when the disagreement among the analyst with the regard to expected Earnings per share (EPS) of a given form (Athanassakos Kalimipalli, 2003). Previous study finds that accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast has negative relationship with dispersion (Imhoff G. J. Lobo, 1992). To overcome this problem, previous researcher finds that availability of information will enhance the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast and reduce the degree of dispersion (Kwon, 2002). Hence, this study will use dispersion result to determine the accuracy earning which influence by corporate governance factors. 4.3.2 Error Forecast error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest. Abarbanell and Bernard (1992) find that errors are positively related to the prior earnings change. The available information is important to obtained forecast accuracy. Ball and Brawn (1968) find that accounting information is use to predict the earning price. Kim and Verrecchia (1991) find the positive relationship between share-price response and the accuracy of management forecasts. While another study find negative relationship between the share-price and management forecasts errors (Laurent, 2000). Based on previous studies, this study will use corporate governance factors to influence the forecast error and determining the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 5.0 Conceptual Framework Hypotheses Development. Independent Variable Dependent Variable ACCURACY OF ANALYSTSà ¢Ã¢â€š ¬Ã¢â€ž ¢ FORECAST CORPORATE GOVERNANCE The independent of the Board 1. Dispersion The size of the Board 2. Error The CEO Duality Structure The Independent of Audit Committee Ownership Structure ii. Forecast Horizon Control Variables Four hypotheses are develops in this study: H1 relates to the link between the independent of Board and accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. H2 relates to the link between the size of Board and accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. H3 relates to the link between the à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? structure and accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. H4 relates to link between the independent of Audit Committee and accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 5.1 The independent of Board and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Independent Board of Director who is does not hold any executive position in the organization. Core, Holthausen Larker (1999) specify that fewer independent of Board of director cause to poor monitoring. The independent board of director has significantly positive relationship with the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Byrad, Li, Weintrop, 2006). H1: Higher number of independent of board is associated with higher accuracy of analysts forecast. 5.2 Size of Board and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Board director size is referring to the total number of director exist in the organization. Previous researcher used the agency theory and assumed that larger board will consists of various education background, industrial background, and also skills (Haron, 2006). Based on Yermack (1996) larger board reduce the board effectiveness. The previous study find the board of directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ size should be small because small size will lead the board function effectively (Smale, Patricoft, D.Marcus, D.W.Johnson, 1995). H2: Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast has negatively associated with the Size of board. 5.3 The à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? Structure and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? exists when an organization has the person hold the CEO position and at the same time is a chairman of Board of Director in the company. The duality or multiple positions such as chairman and board of director are common practiced among the listed firm in Malaysia (Haron, 2006). Prior studies argue find that present of CEO Duality in an organization is reflecting to poor governance (Jensen, 1993; Yermack, 1996). Previous researchers find company CEOà ¢Ã¢â€š ¬Ã¢â€ž ¢s that acting dual role do have lesser shareholder return (Rechner D.R.Dalton, 1989) H3: Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast has negatively associated to CEO Duality. 5.4 Independent of Audit Committee and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast Audit committee is a committee formally appointed by full board and responsible to consider and report on matters comprised of financial reporting and governance procedures and the organization audit and other matters which referred by the board (Kulansingam, 2002). Several study find presence of an audit committee is associated with lesser incidences of error in financial reporting. Klein (2002b) finds that less independent of audit committee cause decreases in earning management. H4: Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast has positively associated with Independent of Audit Committee. 6. Research Methodology 6.1 Sample Selection To pursue this study, firstly the researcher has to select 100 companies which are listed in Bursa Malaysia. The selection of companies is base on random sampling. The researcher will use fully the secondary data in this study. The information sources will basically from the Company Annual Report and Institutional Broker Estimate System (IBES) consist of year 2006, 2007, 2008 and 2009. This study uses information from year 2006, 2007, 2008 and 2009 because the MCCG start revised on 2007. So, this study will examine the effect of corporate governance before revised and after revised. The Annual Report of the selected companies can be obtained from the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s website from internet. IBES provides data to calculate analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast accuracy which can be obtained from DataStream System and the system is available in Management School, University Sains Malaysia. Based on the information, this study will compare the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast between year 2006 to 2007, 2006 to 2008 and 2006 to 2009. This study will use 2006 as the final year of before revised and compare it with the 2007, 2008 and 2009 which are after revised. The implementation of revised corporate governance is mandated to all public listed companies. Thus, this study will examine the effect of the corporate governance before the revised on 2006 and the revised on 2007 until 2009 to the Malaysian Public Listed Companies. Furthermore, this study will examine the different between the actual earning and forecast earning. This will identify the dispersion and error between the actual and forecast earnings. 6.2 Measure the forecast Accuracy To measure the accuracy, this study follows the previous study done by Duru and Reeb (2002). For each firm-year 2006 to 2009, this study will estimate the ACCURACY as the total different between the IBES consent forecast of annual earnings (made 9 months before the earnings announcement date) and the actual annual earnings which reported by IBES. ACCURACY = (-1) (FCAST-ACTUAL) PRICE Where ACTUAL is the actual annual earnings which reported by IBES; FCAST is the consent analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast made nine months before the end of the fiscal year; and PRICE is the closing stock price one day before the consent analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 6.3 Measure of Corporate Governance This study will use Annual Report of the selected companies to obtain the corporate governance information. This study will look into four (4) dimensions under the corporate governance factors; the independent of the Board, the size of the Board, the à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? structure and the independent of Audit Committee. Based on the information, this study will estimate four (4) proxies for a company. This study will use EVIEWS software to analyse the descriptive, univariate and multivariate regression. 6.4 Control Variables When estimating the relationship between the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast and the corporate governance, this study include two sets of control variables. The first control variable is ownership structure and second control variable is forecast horizons that affect the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Since this study measure four (4) proxies for corporate governance at the end of prior year, this study will also measure the ownership structure and forecast horizon at the same time. At the end current year, which is the same time this study measure accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 7.0 Expected Findings This study expected the corporate governance will influence the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast in selected to Malaysian public listed companies. This result will consistent to previous study finds that better corporate governance tends to issue more specific accuracy of the analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Ajinkya, Bhoraj, Sengupta, 2005). Byard and Weintrop (2006) find better corporate governance firm contribute to better analyst forecast. To examine the affect on the corporate governance, this study examines few dimensions under corporate governance which effect the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. This study expected the hypotheses conducted under study will result consistent with the previous result. 7.1 Relationship between the independent of Board and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast This study expects the findings will shows the independent of board has positively associated with the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. Then, this finding is consistent with previous study; the independent board of director has significantly positive relationship with the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Byrad, Li, Weintrop, 2006). This outcome will show the situation of selected companies whether the corporate governance practise in the companies contribute to achieve accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. 7.2 Relation between the Size of Board and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. This study expects the findings will shows the size of board has negatively associated with accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. This is consistent with previous study by Yermack (1996) find larger board reduce the board effectiveness. The size of the recommended board is not discover by previous researcher, however, the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast which measures under dispersion and error will determine the appropriate size for the selected companies. 7.3 Relationship between the à ¢Ã¢â€š ¬Ã…“CEO Dualityà ¢Ã¢â€š ¬? Structure and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast This study expects the finding will shows the CEO Duality has negatively associated with the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. This is consistent with previous study that finds the presence of CEO Duality in organization has significantly negative relationship with the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast (Byrad, Li, Weintrop, 2006). Most of the Malaysian companies exist the present of CEO Duality structure. Thus, this dimension will clarify how the selected companies practice their corporate governance in the companies. 7.4 Relationship between the Independent of Audit Committee and Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. This study expects the findings will shows the Independent of audit committee has positively associated with the Accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast. This is consistent with the previous study by Klein (2002b) finds that less independent of audit committee cause decreases in earning management. Thus, the result of this finding will provide the effect of independent audit committee role in the selected companies contribute toward the accuracy of analystsà ¢Ã¢â€š ¬Ã¢â€ž ¢ forecast.

Wednesday, December 18, 2019

Citizen Soldiers essay - 576 Words

In the book Citizen Soldiers by Stephen E. Ambrose, the title explains mainly what the book is about. The title itself gives you the insight about how the war was fought through the perspective of a regular citizen fighting in the biggest war in history. During the war there were many casualties, as a result more regular citizens were being drafted to go right into battle. In this book Ambrose exemplifies the fact that there were many regular citizens in the war and that they took the situation that they were in and made better of it and overcame it to come home as heroes. The men of the story were ordinary citizens put into an extraordinary situation and came out on top. These men often bonded together through some of the harder times,†¦show more content†¦nbsp;nbsp;nbsp;nbsp;nbsp;The soldiers in the book also had many knew chances to bond together during the war while still concentrating of fighting. â€Å"I never observed any loners on the front line†¦The men automatically paired up. The buddy system worked very well; it provided additional security†¦it provided additional warmth†¦.We were a team, and sharing the adversities of the elements and combat brought us together and created a bond.† Sergeant Egger expressed his observations from the newer soldiers of the company. This quote expresses what was said and what came out of the war due to the fact that everyone had basically the same amount of training because they were normal everyday people from the states and not highly trained soldiers of the U.S Army. This bond was the only thing the soldiers of the army could rely on, the fact that they knew the man standing next to him could and would take a bullet for him and the fact that there was no competitive nature between most of the newer recruits. nbsp;nbsp;nbsp;nbsp;nbsp;The book Citizen Soldiers gave me a bigger perspective on how the life of an average soldier was before, during, and after the war due to the stress of going into the war, the bond they made during the war, and the aftereffects of having made those bonds and sharing the times they had together during the war. That experience could have turned out to beShow MoreRelatedAmerican Patriots: Soldiers, Citizens, And Voters Essay1188 Words   |  5 Pagesopposed those positions were right. Had those right-minded people not openly voiced their disapproval of what the government was doing, our history would not reflect the democratic principles it so publicly espouses. 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In fact, the author expressedRead MoreThe Disregard Of Life During War1654 Words   |  7 PagesThe Disregard for Human Life during War Times The quality of life for soldiers of war has decreased and basic necessities are lost. The value of civilian lives is also lost in the disputes between two countries. An example of this is, â€Å"Something was being burned there. A truck drew close and unloaded its hold: small children. Babies! Yes, I did see this, with my own eyes†¦ children thrown into the flames† (Wiesel 33). The above quote from Night by Elie Wiesel represents the disregard of life andRead MoreEssay on The Meaning of the Gettysburg Address564 Words   |  3 PagesEssay on the Meaning of the Gettysburg Address While the Gettysburg Address is fairly short in length at around 300 words, this famous speech delivered by President Abraham Lincoln on November 19, 1963 in Gettysburg, Pennsylvania is both enduring and meaningful for all Americans today, almost exactly 146 years later. The first paragraph of his speech sets the tone, in which Lincoln does not directly mention the bloody Battle of Gettysburg, in which 50,000 soldiers lost their lives. Instead, heRead More The Fall of the Roman Empire Due to Army, Citizens, Barbarianism1587 Words   |  7 PagesPROBLEMS   Ã‚  Ã‚  Ã‚  Ã‚  The Roman Empire was plunged into military anarchy and raided by barbarous Germanic tribes causing a major burden from an economic standpoint. Emperors, feeling pressure from all directions, resorted to manners which depleted army and citizen moral. The personal dreams of empirical leaders was never capable of re-stabilizing the Empire after the invasions. For instance, Constantine created a â€Å"substantial field force where he recruited many regiments from Germany. He greatly increasedRead MoreArgumentative Essay On Child Soldiers1291 Words   |  6 Pages â€Å"Over the last ten years, two million children have been killed in conflict. Over one million have been orphaned, [and] over six million have been seriously injured or permanently disabled† according to Children in Conflict: Child Soldiers. In poor, war-stricken countries, impotent children starting from the young age of 5 are being forcibly recruited, kidnapped, and inhumanly threatened into joining sanguinary, brutal wars. These impuissant kids are often appallingly injected with drugsRead MoreThe Role the Media Played in Helping the United States Join World War II1142 Words   |  5 Pagesinvestigated. Leaders of all the Allie Forces will be evaluated in this essay. The essay will focus primarily on the rise of media impact on the citizens of the United States. The Soviet Union will be mentioned but only minor. Two of the sources used in this essay Freed om Forge: How American Business Produced Victory in World War Two by Arthur Herman and World War II in Europe by World Book: Chicago are evaluated and used in this essay. â€Æ' Summary of Evidence Propaganda Posters †¢ â€Å"Roosevelt thought that