Business Ethics Essay -- Ethics

According to Wikipedia, moral philosophy, also known as moral philosophy, is a branch of philosophy that addresses questions about morality. Concepts such as good and bad, noble, sound and wrong, justice and virtue. To disdain, ethics is a tool to examine principles and moral or good problems that arise in a business environment. Therefore, business ethics preempt be both a normative and a descriptive discipline. Ethics is a part of the larger social ethics, and also always affect business development. In other words, business ethics is a factor of determining the fundamental purposes of a company. Marketing ethics is a subset of business ethics. Because in marketing, ethics deals with the principles, values and ideas by marketers it shows how they behave in business cases. Marketing ethics affects other processes of business. Visual communication is part of marketing ethics, it is observed and serves as an cock of epistemic closure restricting worldviews with stereotypes of g ender, social status and race relationships. Pricing is how firms work out price between produce processing and customers, Anti-competitive practices with supply and chains, glut of advertisements, like products regarded as immoral or harmful to public. Children and marketing could be concerned in this case. Children is a weak group and should get more protective covering in business sales action.In fall 2008, Chinas baby milk crisis was about thousands of Chinese babies have developed kidney stones after imbibing milk contaminated with melamine. An industrial chemical has highlighted the need for the country to improve detection standards for chemical contaminants in foods. In this case, the milks company failed to larn ethics, instead of seeking profit wit... ...h person has grown up with a particular cultural background and their own understanding of right and wrong. From a businesspersons point of view, Social factors also play and important part and so does education and u p bringing it. To firms, it has significant meaning to promote ethical spirit with business development. Because ethics is a primary element to all business, ethical is an essential part of the foundation in society. A business or society that lakcs ethical principles is bound to fail sooner or later. References www.wikipedia.com ( vocabulary & definition search) CCTV4 Face to Face TV Program ( Statistics approve)Shang Hai University Survey ( Published by China daily ) Financial Time ( Resources& Example) (Published by Zhang Ruimin, CEO of Haier) www.baidu.com (Resources&Example)

A. H. Maslow Essay -- essays research papers

Abraham Harold Maslow(1908-1970)Abraham Harold Maslow was born on April 1, 1908 in Brooklyn, New York. He was the oldest of seven children born to his parents, who were uneducated Jewish immigrants from Russia. His parents, wanting the high hat for their children in the ?new world?, pushed him hard in his academic studies. In order to satisfy his parents, Maslow studied law at the City College of New York. later on a few semesters in college, Maslow married his 1st cousin, Bertha Goodman, against his parent?s wishes and had two daughters. They moved to Wisconsin, where he attend the University of Wisconsin and studied psychology. He met his chief learn Professor Harry Harlow, who was famous for the behavior studies on baby monkeys. He received his BA in 1930, his MA in 1931, and his PhD in 1934, all in the field of psychology, all from the University of Wisconsin. In the year of 1935, he returned to New York to work with E.L. Thorndike at Colombia, where he studied similar topics. From 1937 to 1951, Maslow worked full-time on staff at Brooklyn College. In New York, he found two more mentors, anthropologist Ruth Benedict and Gestalt psychologist Max Wertheimer, whom he admired both professionally and personally. These two throng were so accomplished in what they did and such ?wonderful human beings?, that Maslow began taking notes about them and their behavior. This would be the foundation for his lifelong research and thinking about affable health and human potential. He wrote ...

Banning Tobacco Essay -- Smoking Cigarettes Cigarette Smoker Smoke

Tobacco Tobacco has been around for many years, and it should be stopped, but can the economy handle it. The tobacco is reaching unsalted children, and not to mention the nonsmokers as well. The medical effects alone should convince batch to stop smoking. Even if the people wanted to quit, its hard because they are already addicted. If the health doesnt stop people from smoking the cost should because this year the tax on tobacco has gone up dramatically. So now the cost is debilitative our pockets. The only ones that win in the tobacco field are the Tobacco Company, because they make all the money. If profits fall, all they have to do is advertise a little harder and profits will roll in. But the Tobacco Company does employ a lot of people and is a huge part of the economy. in that respect are a lot of smokers and rising, but today more then ever the smokers are the children. By the age 18, about two-thirds of the young pe ople in the United States have tried smoking.(Elders 1994) We must not let this happen, the kids are our future, and we should want the best for them, but this will help the tobacco company because most(prenominal) people are going to smoke are hooked by the time they are 20 years old.(Elders 1994) This will keep the young people from smoking for a long time. We must protect the children from smoking or we are put them in to an early grave. Tobacco is estimated to have caused around terzetto million deaths a year in the early 1990a and rising.(Mccuen 1997) Pretty soon the smokers will get younger and young, we must save the children, or who will.Smokers are not the only ones that are effected by tobacco smoke. Cigarettes dont only kill the smoker, they also kil... ...inors In Your Community, 1992, Stanford CRDP5. Gold, Mark S. Tobacco, 1995, plenum6. Hyde, Margaret O. Know About Smoking, 1990, New York7. Kessler, David A. Smoking set Nicotine as a Drug beNecessary, 1995 , San Diego8. Mackenzie, Thomas D. Smoking Smoking Should Be Regulated. 1995, San Diego9. Marketguide (1996)http//www.marketguide.com/mgi/snap/7043N.html10. McCuen, Gary E. Tobacco People Profits and Public Health, 1997, Wisconsin11. Pringle, Laurence. Smoking A Risky Business, 1996. New York12. Robertson, Brian. Smoking Cigarette Tax Increase Would BeHarmful, 1995, San Diego13. Waxman, Henry A. Smoking Smoking Should Be Banned in Nonresidential Building, 1995, San Diego14.Wilson, Catherine. The orange tree County register Secondhand smoke linkedTo more illnesses Health, 1997, Miami

Soundtrack to a Schizophrenic Mind :: Psychology Loneliness Essays

Soundtrack to a Schizophrenic Mind The only people for me are the sensitive ones, the ones who are mad to live, mad to talk, mad to be saved, desirous of everything at the same time, the ones who never yawn or say a commonplace thing, save burn, burn, burn, like fabulous yellow roman candles exploding like spiders across the sky. Jack Kerouac On the RoadTrack 1 Ryan Adams Back beat the word is on the street that the fire in your heart is out...Next door and two flights up an unknown woman sings scales, melancholic and operatic, ghostlike, she vocalizes the sorrows that haunt me. Music has always been my salvation. A feeling rolls in, filling the empty vibration of my atmosphere. Rain, softly at first, then steadily. The universe weeps. It feels like God mocks me, showing off by crying when I cant. In retrospect, maybe he was empathizing, like a parent leading by example, gently nudging me to follow suit. But presently, I am bitter, completely incompetent of seeing optimisticall y. Perception is inseparable from state of mind. in that location is a huge difference between being alone and feeling lonely. The former is bearable, even enjoyable, when a person is actually physically alone. The latter, being surrounded by the people who care, yet separated by an invisible distance, a magnetic charge of pridefulness and insecurity, repelling love despite closeness of its proximity and the friendliest of intentions, tortures the soul. In Thailand, halfway across the world, I missed the people I love, but in a happy nostalgic way. Alone yet never lonely. Home again, I see them every day, smile at them, converse with them, yet cannot connect psychically. There is no heart in my friendships here. Surrounded by the people I once missed, I feel only empty.58 moonstones arranged on links of tarnished silver wrap loosely around my bony fingers. I am not catholic, or even Christian, but on this night I swoop my fingertips over the smooth rosary beads. Drowning. Sometim es it is just so painful to be alive. Screams, trapped with the tears somewhere inside, build a dam of discouragement and frustration to protect society from the unsightly emotions anger, sadness, grief. Freud called it melancholy loss unmourned. Modern society calls it depression, apparently a phenomenon common amongst students returning from extended travels in maturation countries. Youll readjust in a month or so, they consoled me.

Alices Adventures in Darwinism and the Realm of Child Versus Adult Ess

Alice in Wonderland, the most famous work of Charles Lutwidge Dodgson, better known as Lewis Carroll, is the enduring tale of whizz girls journey into a world of whimsy and imagination. The story was written for the enjoyment of all children, as Carroll had a strong love and bond to them, especially little girls. It was however, written more specifically for a dear, close child-friend of his by the name of Alice Liddell, who was the inspiration for the title character. Alice in Wonderland has been, throughout the years since its publication in 1865, endlessly deconstructed, analyzed, and studied for underlying meaning in the text (as in Martin Gardners The Annotated Alice). One of the most noticeable and famous facets of the story is the many changes in size that Alice goes through. Alice changes size eleven times to fit her changing predicament in the tale. This can be easily seen in the excite Disney interpretation of the story that came out years ago. Throughout the book, Alic e is given the opportunity to change size numerous times, this aiding her in getting in and out of dissimilar situations and places in Wonderland. Alice accomplishes this through eating and drinking contrary tonics and mushroom pieces. It is interesting to note that the time period in which Carroll wrote and published Alice was the same time at which Charles Darwin was writing and publishing his historic book The Origin of Species in which he puts forth the now universally known ideas of evolution and survival of the fittest. Darwin developed these ideas mend he served as naturalist on the ship the Beagle from 1831-1836. During this time, he studied wildlife on the Galapagos Islands, and was amazed by the great diversity of life. He was especially arouse in the birds of the island, which had highly adapted beaks that fit their particular eating habits and lifestyle. (Coincidentally, in one of the first scenes in Wonderland, Alice arrives on shore with a group of different birds. ) Carroll may have been inspired to have his title character change size according to her needs and predicament by the emerging science of the time. Alice excessively seems to get better at, and becomes more comfortable with changing her size as time goes on, and a parallel between evolution and Alice can be pull on that point, in that as evolution progresses, it becomes more refined. Lewis Carroll... ...bsp    Alice in Wonderland, the work of Charles Lutwidge Dodgson, better known as Lewis Carroll, has been the enduring tale of one girls journey into a world of whimsy and imagination because of the multi-layered meaning that exists within. The story was written for the enjoyment of all children, merely as Carroll once wrote himself, "we (adults) are but older children, dear."(499). Inspired by a dear, close child-friend of his by the name of Alice Liddell, the Alice of Alice in Wonderland has been the mediator between childhood and adulthood, and staying innocent and becoming experienced for everywhere a hundred years. One of the most noticeable and famous facets of the story is the many changes in size that Alice undergoes, a phenomenon of evolution that was brought to the forefront of scientific and workaday Victorian life by the revolutionary thinker and naturalist Darwin. Charles Darwin wrote and published his historic book The Origin of Species at the same time Carrolls arguably equally famed book was written and published, a coincidence that can not be overlooked when we observe the clear links between Darwins theories and Dodgsons themes.

Alices Adventures in Darwinism and the Realm of Child Versus Adult Ess

Alice in Wonderland, the most famous work of Charles Lutwidge Dodgson, better known as Lewis Carroll, is the constant tale of angiotensin converting enzyme girls journey into a world of whimsy and imagination. The story was written for the enjoyment of all children, as Carroll had a hygienic love and attachment to them, especially little girls. It was however, written more specifically for a dear, close child-friend of his by the name of Alice Liddell, who was the inspiration for the title character. Alice in Wonderland has been, throughout the years since its publication in 1865, endlessly deconstructed, analyzed, and studied for underlying meaning in the text (as in Martin Gardners The Annotated Alice). One of the most obtrusive and famous facets of the story is the many changes in size that Alice goes through. Alice changes size eleven times to fit her changing predicament in the tale. This sess be slowly seen in the animated Disney interpretation of the story that came out years ago. Throughout the book, Alice is given the opportunity to change size numerous times, this aiding her in getting in and out of different situations and places in Wonderland. Alice accomplishes this through eating and drinking different tonics and mushroom pieces. It is interesting to note that the time period in which Carroll wrote and published Alice was the equal time at which Charles Darwin was writing and publishing his historic book The Origin of Species in which he puts forth the now universally known ideas of evolution and extract of the fittest. Darwin developed these ideas while he served as naturalist on the ship the Beagle from 1831-1836. During this time, he studied wildlife on the Galapagos Islands, and was amazed by the great diversity of life. He was especially interested in the birds of the island, which had highly adapted beaks that fit their particular eating habits and lifestyle. (Coincidentally, in one of the first scenes in Wonderland, Alice arrives on shore with a group of different birds.) Carroll may have been inspired to have his title character change size according to her needs and predicament by the rising science of the time. Alice also seems to get better at, and becomes more comfortable with changing her size as time goes on, and a parallel between evolution and Alice can be drawn on that point, in that as evolution progresses, it becomes more refined. Lewis Carroll... ...bsp    Alice in Wonderland, the work of Charles Lutwidge Dodgson, better known as Lewis Carroll, has been the enduring tale of one girls journey into a world of whimsy and imagination because of the multi-layered meaning that exists within. The story was written for the enjoyment of all children, but as Carroll erst wrote himself, "we (adults) are but older children, dear."(499). Inspired by a dear, close child-friend of his by the name of Alice Liddell, the Alice of Alice in Wonderland has been the mediator between childhood and adulthood, and staying innocent and decent experienced for over a hundred years. One of the most noticeable and famous facets of the story is the many changes in size that Alice undergoes, a phenomenon of evolution that was brought to the question of scientific and everyday Victorian life by the revolutionary thinker and naturalist Darwin. Charles Darwin wrote and published his historic book The Origin of Species at the same time Carrolls arguably equally famed book was written and published, a coincidence that can not be overlooked when we observe the clear colligate between Darwins theories and Dodgsons themes.

Literary Analysis Paper on Lord of the Flies Essay

Struggling for PowerThe novel Lord of the Flies can be a violent like story. All throughout the novel, William Golding does a slap-up job of showing how Ralph and Jack quarrel mingled with each other whether who should take charge and who will be the leader to keep things in order. William Golding uses the trial for power to show the different sides of good and evil throughout the novel Lord of the Flies. The theme Struggle for Power plays a huge part mingled with Ralph and Jack which causes them and the boys to act in savagely focussings.The constant battle for power leads to a debacle in their group on the island. Struggle for power in the beginning of Lord of the Flies is mainly between Jack and Ralph. Golding demonstrates this when Jack says I ought to be school principal because, Im chapter chorister and head boy, (14). This shows that Jack is decided to be the leader no matter what everyone else says and therefore showing his character as being very controlling. As a res ult, the boys vote Ralph to be chief which makes him lead in a more reliable way. Now Ralph portrays a good example of a true leader. He demonstrates his brave and good leaders skills when he says Im chief. Ill go. Dont argueYou. Hide here. Wait for me (114). This quote gives us a good example of the willingness Ralph is to nurse his tribe and it also shows us the good leadership skills Ralph has. Jack is very determined to steal the leadership from Ralph and continues to do so throughout the novel. A peculiar(prenominal) event showing this is when Jack says Hes not a hunter. Hed never got us meat. He isnt perfect and we wear offt know anything about him.See more how to write an analysis paper on an article examplesHe just gives orders and expects people to obey him for nix (140). This quote gives a good indication of how Ralph and Jack go back and forth. Jack and Ralph both want different things, which cause them to disagree almost on everything. Now Jacks cravings for power le ads to misfortunes in their group when Jack says Who thinks Ralph oughtnt to be chief, hands up, whoever wants Ralph not to be chief?(140). This quote shows us that Jack isalways in the constant need of power and how every chance he gets he is always trying to steal the power from Ralph. He gives us a good example of how demanding his character is and how he will not stop till he gets what he wants as chief. Jack gives a good example of using his demanding sense of power to try to gain control by continuing his battle with Ralph to gain power when Jack says try all of you. Me and my hunters are living along the beach at the flat rock. We hunt and feast and have fun. If you want to join come and see us. possibly well let you join. Perhaps not (140). In this situation when jack was turned down to be chief the first time he walks off reservation his own tribe therefore leaving the denouement of the group damaged. Jack believes that the way things are being run by Ralph are not the wa y things he would run them and he should be the chief. When Jack decides to leave the rest of the group and go on to make his own tribe and own rules, he soon later realizes he has no way of making a fire so he goes back to tell them they can come over to their side for a feast. He then leads an attack to steel Piggys glasses which becomes clear when Ralph confronts Jack about the specs. After they stole the specs we see the true meaning of the rejection of rules when Ralph says Now Piggy cant see, and they came, stealingand stole our fire. They stole it. Wed have given them fire if theyd asked. But they stole it and the signals out and we cant even be rescuedWed have given them fire for themselves but they stole it (168).This quote gives us a good explanation of how the boys and their savagery and it also shows tells us that the need for power is no more because of Jack qualifying his separate way with his own tribe. William Golding does a good job of not only giving you a in d epth mental cipher of what is exit on between Jack and Ralph and their struggle for power but he also does a good job of giving a good picture of the novel as a whole.All throughout the novel Lord of the Flies, Ralph and Jack tussle as to whom should be chief of the island. Struggle for power plays an great role throughout the novel and William Golding gives us a good mental picture as to what is going on in the story. The need for power between Jack and Ralph continues throughout the novel and it also shows the different sides of the good and evil sides of what power can do to us.

College degree Essay

The quest for college point in eon has brought us to here HCC, because there was no real fulfillment in our various jobs. The benefits from having a college studying up ar manifold and range from jobs satisfaction, higher earning potential, and healthier life style choices. With the advances in technology, many of todays jobs now require to a greater extent than a high instruct education or trade skills. Success in the workforce is increasingly defined by the ability to think critically, operate a computer, and to work collaboratively in a teaming environment.Todays college education develops these abilities, providing individuals with invaluable business and personal skills and knowledge, as well as opening the entrance to unwrap cargoner opportunities and increased earning power. Having a college degree is linked to higher pay. People with a higher level of education are more than pleasant in their jobs than people who only have a high school diploma. For example, in 201 2 the median of earnings for young adults with a bachelors degree was $46,900, while the median was $22,900 for those without a high school credential and $30,000 for those with a high school credential.In other words, young adults with a bachelors degree earned more than twice as much as those without a high school credential (105 percent more) and 57 percent more than young adult high school completers. (National Center for Education Statistics website). One of the biggest arguments against a college education is not being able to go work when you bending eighteen. Many people believe that this testament cause them to fall behind and not be able save up enough money.A college education will let you skip the line and start working with better jobs, in better places, with better conditions, and on top of that, the unemployment rates for high school graduates have increased to 8. 1% in the last year (Value of a Degree). The bottom line is that better jobs come from a better educati on. College education will help in making good choice and have a healthier life style. Apparently those with a college education are more likely to live healthier lifestyles, with fewer incidences of smoking and obesity.The gap amidst smoking rates of those with high school diplomas and those with four-year degrees has risen from 2 parcel points in 1962 to 17 points in 2012. College-educated adults of all ages, and their children, are also less likely to be obese. In addition, mothers with higher levels of education spend more time with their children, regardless of whether they are employed or not (Top Universities). Also in the other hand, according to Malcom X Education is the passport to the future, for tomorrow belongs to those who wee-wee for it today. The Luck of education is a serious problem today. Some effects include illiteracy and increased drop rate, this is also leads to have a difficultness finding work. It is difficult to see the exact value of your education in the beginning. However, finishing high school is an asset that everyone with the opportunity should take full receipts of. Just finishing high school opens up some doors, but not many. On the contrary, not going to school can result in higher unemployment and therefore a means for extra burden on the society.You can see from the chart that there is a dramatic difference between what a person will be paid with a diploma and as a college graduate. According to the chart a college graduate can bring home nearly fifty-percent more than a person with a high school diploma. Higher education opens up opportunities for people. It gives student the experience and the confidence that they will be able to use in many life situations. Attending college gives students opportunities to express themselves and to learn about other people and their ideas.Although college isnt for everyone, everyone should at to the lowest degree give it a try. By going to college you learn to become independent, y ou go into the race for bigger, safer, better jobs, and you make more money on the other side. If you are given the opportunity to go to college, you should take advantage of it. You might even find out that you like it. The college experience is both academic and practical. College gives us a great opportunity to grow intellectually and gives us a chance to mature.

Effects of reality tv on teens Essay

Although pragmatism TV is fascinating and full of drama, it still has an enormous effect on at presents youth. Throughout the years ingenuousness TV has become popular and it has attracted different age groups. But one group that earthly concern TV attracts would be teens. Now I am not talking about all teens, but some teens do look at the actions of the television stars and think what theyre doing is amazing. When teenagers watch reality shows it opens their eyes to a lot of sex, vulgar language, and drugs. Allowing teens to be exposed to this much disapproval behavior is dangerous and can subsequently bring problems later on in life. My best friend younger sister, who is fifteen, is starting to live the life of a reality star. She wakes up early for school, tired, from the preceding(prenominal) night. She enjoys staying up all hours of the night just to be able to catch her favorite show, The Bad Girls Club. Wanting to be free, and doing whatever she feels like doing. Saying anything she wants to whomever, passing game out partying with all her friends, open to try drugs (weed), ready to try and have sex.At a young age she wants to do everything like these bad girls do. Is it healthful? No, going out every weekend and partying is making her tired. All this freedom that shes getting is making her not want to study for school. But observance these reality shows isnt healthy for a fifteen year old. According to Mullings The impact of heavy television viewing and the effects it has on young viewers has been a dominant topic since the 1960s. With the ever-changing landscape of television programming, reality television has become increasingly popular, especially among the pre-teen and teen audiences (Mullings) BodyWhat exactly is reality TV? Well, according to LiveStrong reality television consists of programs which purport to showcase people appearing as themselves in a variety of different contexts. Many reality programs revolve around competitions othe rs feature celebrities in their everyday lives. For precedent tee shirt Shore is about these Italian New Yorkers that only cares about partying and having sex. Another example would be The T.I and Tiny Show these two open their home to the public eye to see what they do and how the act on a daily basis. I am not saying that all reality showsare horrible or not healthy for you, but some of the shows that they do play on television arent safe for young people eyes. Although there are pros and cons to watching reality TV, the pros seems to outweigh the cons. Teens that view shows like Teen Mom, Jersey Shore, or even Real World expect that maybe they can do the exact thing the reality star does.Beyond the reality shows teens, preferably girls, connects reality shows with social media. The teen girls go out partying, just like the reality stars, and spend majority of the night taking pictures of them and their friends. Just like in Jersey Shore, when Snooki and J-wow, goes out to a clu b its always about selfies1 and when it is the right time to post the picture on social media.1. Mullings, Natifia. REALITY tv set AND ITS EFFECT ON THE ACADEMIC ACHIEVEMENT OF INNER-CITY HIGH SCHOOL STUDENTS . (2012) n. page. Web. 8 Apr. 2014. . 2.

The Potential Role of Large Tour Operators for the Implementation

Table of contents Table of figures2 List of abbreviations2 Introduction and purpose mastery3 The potential role of large hindrance operators for the murder of sustainable communicate bowed stringed instrument management in the tourism sedulousnessConclusion5 Bibliography7 1 Table of figures Fig. 1 Exemplary tourism depict range of a function5 List of abbreviations NGO Non-governmental organization SC add chain SSCM sustainable supply chain management TOI act Operators Initiative for sustainable passism Development 2 Introduction and purpose statementWith an exponentially growing population, the stumble exertion is expected to grow significantly in the near future. At the same time, different stakeholder groups pose a lot of pressure on this industry. tourist are gaining awareness of the negative upholds of stilt tourism on the environment as well as socio-economically speaking. As a result the demand for commons tourism-solutions is increasing. Further more than, the financial market, governments as well as NGOs increasingly exert leverage on the industry to practice more sustainable tourism by means of legislation.Moreover, an intact environment is the invaluable asset for the tourism industry, preserving it means serving the self-preservation of the tourism industry. 1 Indisputably, tourism has to transform into a more environmentally friendly and sustainable business. The implementation of environmental management systems as well as the alignment of the full supply chain are important tools to guard this transformation. In this paper I chose the tour operator stage of the supply chain as the focal point, because it acts as a link between the supply and demand side of tourism.Hereafter, I present how the structural properties of large tour operators provide them with special responsibility to promote the implementation of sustainable supply chain management (SSCM) systems in the tourism industry. The potential role of large tour operators for the implementation of sustainable supply chain management in the tourism industry stoppageism, no different from other industries, is organized in supply chain (SC) structures since its products/services are composed of multiple elements as e. g. ransportation, entertainment, travel agencies and accommodation. 2 Aiming for sustainability wherefore means to strive for a long-term improvement of the economic, social and environmental process, not only of an isolated company or product but its whole SC. This concept is alike known to literature as the triple bottom line-approach. 3 Suring and Muller define SSCM as the management of material, information and heavy(p) flows as well as cooperation among companies along the supply chain while taking goals from all three dimensions of sustainable development, i. e. economic, environmental and social, into account which are derived from client and stakeholder requirements. 4 Large tour operators resemble a key role in this constella tion because they have the means to 1 2 Clarke (1997) Sigala (2008) 3 Kleindorfer, Singhal & train Wassenhove (2005) 4 Seuring & Muller (2002), p. 1700 3 reverse logistics measurement mechanisms B management, transparency and stakeholder dialogue Worldwide environmental reporting of hotels, airlines, destinations, shareholdings and at every step of the measure out chain with a continuous improvement process ritically reviews thethe practicesidentifying the SCM tools and or importance of and induceis also highlighted in sustainable SCM influence literature for of the individual suppliers distributors information the implementation ? literature Seuring and Muller 20 reported that insuf? cient or critical success factors for implementing the former. of al. 24 identi? ed three SC tools to regulate the missing SC communication a tourism flows, Cigolini etSSCM-practices as well asnamely information dissemination and volumeisof major barrier to sustainable SCM implementation. ools, coord ination and control tools, and organisation tools. which indirectly influences the economic development of the travel control tools areIt is embark on of Coordination and destinations. utilized to monitor and inInformation tools (e. g. online connections, automated identi? cation ? uence the decision-making process, by measuring performances systems such as barcodes and shared databases) are utilized to their transmit to act as gatekeepers while linkingand riding horse rewards basedcustomers. Knowing the suppliers to the on the achievement of certain results. A gather, analyze, functionand share data, regarding customer data, SC performance metric system, including a set end-to-end inventory positioning and locations, order status, costs that it becomes obvious that tour operators may also significantly performancethe design bothof parameters that influence poetic rhythm of of the whole SC (as in full describe the the connect data and performance status.Data sharing ensures th at perceived by end are often bound actor of participating members bequeath be products areuse of shared in- because supplierscustomers, and of all(prenominal) to this the chain), is components their able to make composed of a necessity for ensuring trustworthiness and accountability 25. formation to help design and deliver products that ful? l customer Hence, instead of functional-cost-oriented metrics requirements more quickly and 6effectively.Visibility of position in the SC tour operators act also as nodes for that are often distribution channel. Due to their central perforachieved at the expense of another member, integrated metrics are mance metrics enables members to address production and quality communication between the different entities of required. However, research in SCM performance measurement has issues more quickly permitting more agile demand planning. The the SC, with communication world a critical factor for the successful implementation of SSCM-practices. To urism admit Providers of tourism infrastructure Hotels, resorts, golf courts, restaurants, museums and other tourism related suppliers such as water and power supply, road infrastructure airports etc Tour operators Travel Agents another(prenominal) tourism intermediaries such as internet websites, destination organizations etc Leisure travelers Conference travelers etc Direction of money, documents, and information flows Fig. 1. Tourism supply chain. Fig. 1 Exemplary tourism supply chain (Sigala, 2008, p. 1591) Tour operators can draw profits from promoting SSCM-practices along their SC.Since any effort made to make the own product or service more environmental friendly is perceived well among customers (at least as long that does not drive up the price), the tour operators can turn this image-improvement into a laughable selling point. For instance TUI uses a self-designed environment ranking to evaluate their products. 8 This resembles a logic response to the growing public awa reness of environmental impact of mass tourism and acts as an incentive for the tour operators to evaluate the environmental performance of their suppliers (e. . trough ISO 14001, EMAS or similar certification concepts). 9 Even though the majority of the large tour operators do have some kind of sustainability policies in place, the real impact on their business is so far insufficient. Tour operators often try to justify this trough a lack of demand and state that the majority of customers shops for packages of the lowest price. But the nature of tourism-products has it, that the tourists themselves are co-producing the product, while it is being consumed, which makes them part 5 6Tepelus (2005), Budeanu (2009) Van Wijk & Persoon (2006) 7 Sigala (2008) 8 Clarke (1997) 9 Budeanu (2009) 4 of the supply chain. 10 In other words, implementing an SSCM in the tourism-industry also encompasses the education of the consumer. Tour operators are predestinated for this task, since their positi on in the SC allows them to exercise influence over the consumers choices. Still, this is asking a lot from operators, since the tour direct-business is a very competitive industry accompanied with relatively low profit margins of about 2% and customer-loyalty being not exactly widespread.This might well be part of the reason wherefore a lot of tour operators pursue green washing without seriously engaging in long-term SSCM-changes. 11 Another one of the main issues understandably is the variety of certification schemes and the low participation of suppliers. It is doubtful that an individual label will reach a critical mass in national tourism, level though the establishment of an internationally recognized unified label could be a powerful tool it could help to reduce consumer confusion and act as an indicator for quality for those tourists searching for green tourism services, increasing credibility.If tour operators feel compelled to search for suppliers carrying this specifi c label in order to meet their customers needs, also suppliers would have to comply with it in avoidance of risking their business relationship to the tour operator. This would provide the operators with a broader range of certified products to choose from. 12 In this case, it would have to be assured, that this accreditation cannot be obtained by devious means or through just an individual examination to avoid the allegation of green washing. Currently, close tour operators apply their own standards, tailored to their business activities. 3 This is partly due to the fact, that many certification schemes address small-scale tourism when it is really the mass tourism that needs to green the industry. Despite the fact that Europe is a forerunner in the sustainability discussion, there are hardly any regulations regarding the tour operator-business. Tour operators need to be provided with stronger incentives and effective tools to proactively enhance their own and their SCs sustainabi lity performance. 14 Conclusion Sustainable development in the tourism industry will take time. It requires a change of culture and governance.Tour operators are very well aware of their role and the responsibility they have in order to transform the tourism industry into a more sustainable one, acting as a hub for communication and collaboration. But since there are no generally accepted frameworks or 10 11 Sigala (2008) Van Wijk & Persoon (2006) 12 Font (2002) 13 Budeanu (2009) 14 Van Wijk & Persoon (2006) 5 tools, many dont see the necessity to fully comply. The most important step to take next is therefore the establishment of well-recognized standardized metrics for sustainable performance among tour operators and suppliers to set the stage for drawn-out SSCMimplementation.An initiative that was created to answer this purpose is the United Nations Environment Programme named Tour Operators Initiative for Sustainable Tourism Development (TOI), which could not be discussed here, due to he brevity of this paper. Future research should also address to tour operator-networks respectively tourism-SCs outside Europe since SSCM-practices might be used by tour operators as a tool to raise the awareness of suppliers in the destinations. 6 Bibliography Budeanu, A. (2009). Environmental supply chain management in tourism The case of large tour operators.Journal of Cleaner Production, 17(16), 1385-1392. Clarke, J. (1997). A Framework of Approaches to Sustainable Tourism. Journal of Sustainable Tourism, 5(3), 224-233. Font, X. (2002). Environmental certification in tourism and hospitality progress, process and prospects, Tourism Management, 23(3), 197-205. Kleindorfer, P. R. , Singhal, K. & Van Wassenhove, L. (2005). Sustainable Operations Management. Production and Operations Management, 14(4), 482492. Seuring, S. & Muller, M. (2008). From a literature review to a conceptual framework for sustainable supply chain management.Journal of Cleaner Production, 16(15), 1699 1710. Sigala, M. (2008). A supply chain management approach for investigating the role of tour operators on sustainable tourism the case of TUI. Journal of Cleaner Production, 16(15), 1589-1599. Tepelus, C. M. (2005). Aiming for sustainability in the tour operating business. Journal of Cleaner Production, 13(2), 99-107. Van Wijk, J. & Persoon, W. (2006) A Long-haul Destination Sustainability Reporting Among Tour Operators. European Management Journal, 24(6), 381-395. 7

“Harrison Bergeron” Versus “2081” Essay

There are mevery similarities mingled with Kurt Vonneguts short story Harrison Bergeron and Chandler Tuttles short film fitting 2081. Obviously the very(prenominal) staple idea and theme are prevalent throughout both the stories. They are both set in the future where everyone is made equal by organism forced to wear handicaps where they might show strength. Both of the stories involve the same characters in the same settings under mostly the same circumstances. The short film adaptation may vary a little bit in some of the details but for the most part both of the stories are exactly the same. In the fount of 2081 the narration of the story is exactly the same as the beginning of Harrison Bergeron. Chandler Tuttle took it word for word straight from the short story.There are many differences between Harrison Bergeron and 2081 but they are mostly small details and do not change the story much. The first difference that I observe when I watched 2081 was that sooner of wearing bag s filled with lead balls around their necks, the characters wore futuristic computer devices with a flashing display on them. The next subtle detail that I noticed was when George, one of the main characters, heard a loud noise coming through his earpiece in the beginning, it was Hazel who had suggested that it had sounded like a milk nursing bottle being stuck by a ball peen hammer instead of George. One of the bigger differences between the two stories is the conversation between George and Hazel in the beginning of the story. In Harrison Bergeron when Hazel suggests to George that he rest his handicap weights on the pillows for a while, George responds by saying that he doesnt mind them because he has worn them for so long that hes become accustomed to them. He hence proceeds to explain to Hazel that if he tried to get away with it then other people would try to get away with it as well, and that would lead to everyone being against each other again and eventually to the dark a ges. Hazel resounds that she would abominate it if that were the case.However in the short film 2081 when Hazel suggests that George rest his weights for a while, George responds only implying that he himself would not be equal to Hazel to which she responds she would hate that. in any case in the short story Harrison is arrested at age fourteen and escapes at age fourteen but in the short film the story takes erupt sixyears after Harrison was arrested. The final main difference between Harrison Bergeron and 2081 is the flush it. In the short film adaptation when Harrison escapes from jail and bursts into the ballet he claims that he has a bomb stored under the theater and the detonator in hand. When the H-G men cut off the broadcast to the incident, Harrison presses the detonator button, revealing to the audience that the bomb was in fact a device that sent out the television broadcast once again. In the short story there is never any mention of any such device.There are many d ifferences and many similarities between the short story Harrison Bergeron and the short film 2081. However, throughout both stories the same theme remains prevalent throughout the entire stories conveying to the audience the same message, showing the beauty and necessity of diversity.

Critical Thinking and Ethics Essay

In a discussion of morality, vituperative thinking may not be the first term that comes to mind, unless opposing. as yet in some ways, scathing thinking can the foundation, from which an honorable decision is made. This paper will explain the relationship among critical thinking and ethics, how the principles and rules of critical thinking are applicable to respectable debate, and if ethical decisions would be necessary if everyone followed the rules of logic.Is Critical Thinking Applicable to Ethical Reasoning?Ethical reasoning is ground on the principles of what is considered right and wrong. Critical thinking on the other hand, warrants more of a thought process, causing one to analyze the situation from all aspects ahead reaching a conclusion. By taking the path of a critical thinker, a person develops a mental process of evaluation which helps to determine their ethical standards (Mnmelillo, 2010, Professional Growth, para.1). Logic versus Ethical ReasoningThe purpose o f logic is to find that which is true. Logical thinking processes are often times used in ethics to answer important moral questions. However logic does not guarantee a morally correct outcome. For example, the legalization of marijuana is constantly under debate. development the rules of logic, one would be able to see both the pros and cons of this argument. Although drug use is considered unethical by US government standards, even for medicinal use, the state of California, has legalized medicinal marijuana. In this particular case or should I say state, the rules of logic did not produce a morally correct result.ConclusionEthical reasoning and critical thinking are derived from differentprocesses, although there are circumstances in which one is necessary to reach a decision regarding the other. As with critical thinking, there are no hard rules determining the use of ethics, considering what may be unethical in some cultures, for example, may prove to be ethical in another. Ul timately the use of ethics versus critical thinking or logic is determined by the situation at hand.ReferenceMnmelillo, N. (2010). What is the relationship between critical thinking and ethics? Triad Search Marketing Professional Growth. Retrieved from http//www.triadsearchmarketing.com/what-is-the-relationship-between-critical-thinking-and-ethics/

Boston Lyric Opera Essay

1. BLOs ogdoad customer objectives The first objective is to gain generous contrisolelyions. The amount per donator, ration between cutting donators and cutting(a) contacts (collection rate) and the total amount of the donators and contributions be shipway to measure how this spirit is doing. In cen eraives for the staff should also be coordinated into these objectives, especially ones that steer the process towards multi-year support programs. To measure the board involvement and recruitment, it is important that the reputation of the bran- current board member is blameless and since operating in capital of Massachusetts, a local person with strong ties to the federation would be better.To measure involvement the easiest way is to look the members activity, how many times theyve been in meetings and how theyve acted to build system. For example number of new initiatives. Also hours spent educating the board members ab fall forbidden strategy and fancy could be one meas urement. Building an chaste reputation is hard and so is measuring it. Reviews on cover give a sight how the opera is doing, but the best way to know is to make a consumer survey for example once a month. Also comparing the growth in visitors between BLO and former(a)wise operas gives an idea. Rating different aspects is another way to measure the artistic view.Giving value for example to the deport singer or the orchestra will help to understand how the opera is doing on its main field. These measures arent real proactive though, but helpful anyway. One objective is to launch a residency program. Its success rout out be measured by the amount of acceptances to invites and by comparing the audition amounts to normal. Like when measuring artistic reputation, the best way to measure how exciting and diverse operas repertories are is to see reviews and audience amounts. The grading system works when the given grades are compared to the rivals same grades and the shows are compar ed.These are of course not proactive measures. BLO wants to collaborate with other major artistic institutions like museums and theatres. Also other operas and specially talents working(a) in them are important. One way to measure collaboration is the amount of tickets to opera that our associates sell. How many per cent of the total amount of sold tickets is it and realise these collaborations brought new visitors to BLO. Community support and focus on friendship programs tin be measured with the amount of local donators and specially the amount of new supporters.Has the PR-campaign been affective? go local companies supported the opera? This squirt be measured with the amount of companies. Measurements that measure processes in discover with the strategy are not always easy to come and it usually takes a lot of time to find the right ways to use them. Often they need to be adjusted or readapt to fit the strategy. The main challenge is to find measures that are pro-active and directive instead of controlling. 2. Boston Lyric opera had not really measured their organizational performance before.This had ultimately caused lack of focus and limited accountability. Boston Lyric Opera was mainly led by qualitative values as quantitative measures and financials were not the top virtually factors in decision making. The new general director Janice Del Sesto and BLOs board acknowledged that in that location was a history of expensive opera productions and large losses in Bostons opera scene and they had to adapt a new business philosophy in order to operate fiscally. Non-profit organizations practically have a lack of focus and their strategy concentrates to too many things at the same time. view Freed, a BLO board member, acknowledged that a to a greater extent formal strategic planning process was inwrought for BLO in order to avoid mistakes that several arts organizations had make in the past. They decided to adapt the fit bill of fare to focus thei r strategic planning process. Using the Balanced Scorecard, BLO and its employees could see their day-to-day activities within a bigger and much strategic context. They started the switch by defining BLOs mission, strategy, competitive advantages, and distinguishing characteristics that would make it unique. The biggest change here was BLO reshaping its strategy.They acknowledged that their most important customers in this situation are the people who resourced their organization. BLO received roughly 70 percent of their operating budget from sources other than ticket sales, mostly from givers and supporters. BLO decided to place donors and supporters as their main interest group in the Balanced Scorecard. They were the body that enabled BLO to carry out their mission and strategy. change surface though Boston Lyric Opera is a non-profit organization and its output is intangible, its organizational performance terminate be measured by quantitative measures.The Balanced Scoreca rd would bring quantitative measures alongside the qualitative measures. The Balanced Scorecard required BLO to quantify their activities. BLO acknowledged that and they for example created a database where they linked quantifiable donor data to qualitative information about donor meetings etc. Basically, the Balanced Scorecard required BLO to be managed like a business. 3. Lyric Opera had a new question ahead of them. They had to figure out what they wanted to become. BLOs existing strategy was not valid anymore as their operating expenses flush and revenues from ticket sales were limited.BLO decided to adapt the Balance Scorecard in order to set new strategic objectives and measure their performance against those objectives in order to overcome to challenges they were facing. Adapting the Balanced Scorecard, BLO was able to compose a clear and precise strategy. Actually, the strategy itself was quite complex and multidimensional but the Balanced Scorecard gave it a framework that presented the new strategy clearly. BLO set third strategic themes that they felt were important in arriver their addresss and they had objectives and measures of success for all of the themes.Using the Balanced Scorecard and the strategy map, BLO was also able to communicate the new strategy clearly to their staff, stakeholders, and other associates. The fact that BLO now had sufficient information of their organization and operations, it could draw new donors to them. By using the Balanced Scorecard, BLO recognized their key success drivers and they started to focus on the activities that had the greatest move on their goals. They all had a clear common goal and BLOs staff worked cross-departmentally, motivationally to reach the goal of providing unique, uality opera in Boston. However Jessica Del Sesto and Sue Dahling-Sullivan faced some difficult challenges and barriers to capture the above-mentioned benefits. in that location was some ambition from a few board-members of changing the organizations governance structure, adapting the Balance Scorecard and managing an art organization by quantitative measures. These old school members did not understand that BLO could not grapple with the great opera houses and they could not standout from the crow without differentiating in some way.Del Sesto and Dahling-Sullivan were still able to carry out the new strategy and capture the benefits to make BLO a highly successful arts organization. One of the most crucial parts of the adapting a new strategy was to communicate the strategy clearly to their staff, board members and other stakeholders. It is an unconditional requirement that people understand the new strategy and its benefits in order it to succeed. Del Sesto and Dahling-Sullivan used the strategy map in communicating the new strategy and it clearly presented the reasons and benefits of the new strategy and it lighten opposition substantially. . The departmental managers and the employees of BLO are more empowered after the BSC but the artistic leaders are less. The managers are now more empowered because every department now gets to plan its avouch scorecard, and describe the ways how the department would meet the high level strategic goals. The employees are with the scorecard more empowered, as they can see the work in a more strategic context and therefore set priorities more effectively themselves. However the artistic leaders felt that the scorecard and specially the repertory planning guidebook could limit their opportunities in designing productions. . Del Sesto uses the BSC as a managerial system. The BSC purely concentrates on the big jut out everything is based to support strategy. Del Sesto believes that the BSC helps her to steer board members attention to proper tasks. Also, she thanks BSC for helping employees to think more strategically, and with greater clarity towards their objectives. All in all, Del Sesto is clearly more interested on the management aspec t of the BSC. One explanation to this is that BLO is a nonprofit organization. Its reason to exist is not to make profit to its owners but to offer culture to the community.All the objectives connected to the three main points are easier to measure with controlling measurements. 6. Kaplan and Norton have studied the success of BSC implementations in different organizations. They have concluded five principals that contribute greatly to the success. These principals can also be found on BLOs BSC implementation. The process started with planning. Group consisting members from all functions thought in several meeting how the BSC should be made and what BLO is now and what it wants to be. All possible views were brought to conversations and the members were challenged to use their imagination.As a result the group made three strategic themes which determined the main points to BLOs future strategy. These three big themes were divided to smaller parts and brought to a form that is clear to everyone in the organization. This is similar to Kaplans and Nortons principal 1, where the strategy is translated in to operational terms. The BSC was completed by determining the actions to be made so that the strategy can be fulfilled. After this all parts of the organization got to make scorecards of their own and were so committed to the strategy.The whole organization was aligned to meet the strategy (Principle 2). The project succeeded because BLO was able to find the crucial processes and finish them through. The personnel were part of the developing strongly. During the process of creating the BSC, the role of the entire staff in overall success was emphasized. This made them easier to adapt the new way of doing things and easier to understand the strategy and how it can be fulfilled (Principle 3). Often when BSC implementation fails it is because the scorecard is considered to be only managements project, just a top-level adjustment.As always with large scale organizati onal changes, also this project faced some resistance. more or less board members and artistic staff were unsure about the motives for changing the old customs. This problem however was solved, as the need for change was successfully communicated through various levels of the organization (Principle 5). Other crucial point which was through with(p) well was the targeting. The mission was announced clearly and the goals were easy to understand. The three major themes were chosen wisely and shredded in to smaller pieces well.

Business website design Essay

Here be the sections which are include in this proposal Introduction A brief statement about the company and what is required from the knob guest requirements Here is what the client would require from the web target in detail drug exploiter needs A commentary of the target audience and what they require and impart Objectives The purpose of the web range and what it hopes to achieve Explanations for Here is why specific plectrums were chosen as opposed to others reason of treatment Proposed contents What the website compromises ofHuman resources The professionals which are required to produce the website sectionalisation of Breakdown of the tasks within the project project Introduction Zak Autospare is a medium sized occupation give in Huddersfield. The main line of stage business is a wide range of railroad elevator car harvest-tides from car split to car strait frequency. The business has a bragging(a) amount of clients varying from mechanics to people with need of car parts. There are five workers at Zak Autospare, one of these be a manager and another the owner.The invigorated website bequeath advertise the business nationally as opposed to beingness only local at the moment, it forget al clinical depression clients to purchase via the web, the main emphasis here will be upon car audio and car accessories such as alloy wheels, seats, steering wheels, etc. The website will be an advantage to Zak Autospare because as headspring as trading over the counter they can make extra sales via the website, close to buyers would be people requiring parts they need for their car and then ordering them through the website and within a matter of days the will receive those particular products.Overall the website will bring forward spic-and-span clients as well as new business ideas and possible expansion of the business to other towns and cities. Client Requirements The clients would require a website, which projects their dedication to provi ding and efficient service which delivers quality products. The website will reflect the businesses image of being a reli sufficient service and having an excellent after sales service. It will also state the low prices and competitively priced products, which customers can enjoy for a cheap price. The client will require the following from the website* The site will be created in hypertext mark-up language as opposed to nictation since everyone does not beat cheap and maybe be reluctant to download it * The site will be linked to a hunt club qualified database (linked to on-line(prenominal) database using Microsoft ASP) to discontinue its users (customers) to use the website easily and efficiently * The database will also include a search facility starting with the user being able to input the type of car they have and from in that location being given a range of options leading to the relevant car part or product * The company logotype will be used throughout the website to achieve recognition and a strange brand and bring out.This will be the same logo which is out on the keep going itself * The site will have to incorporate many images, that are quickly downloaded therefore large web space * An trenchant shopping cart allowing the users (customers) to purchase products confidently and secu verify over the internet. * Personal email address to allow sufficient contact between the business and its electronic customers while also allowing the ability for customers to query wanted products. * Separate pages for each category, i. e. page for wheels, page for engine parts, page for car audio, etc User needs.The main users of the website will be people who own cars (Class C1, C2, D and possibly A and B, these would probably buy car audio since it does not require as much work as fitting in a car part) and possibly mechanics from car garages, here they will order when they require particular parts and are not available from elsewhere. The user needs have been investigated and researched by asking questions to existing customers and people who have used the internet to purchase parts and accessories for their car, the following are profiles of possible users and what they will require from this website. User 1 Name Harpreet Singh Age 21. origin Student Car Ford Fiesta XR2i Internet shopper Yes From this user what was found was, this type of user required the website to have images for as many car parts and products possible. They would wish well for the car audio section to have an image of the product alongside a full specification list, this will allow the user to view the product as well as reading up on the features and options of the particular product. They would also like the option of having an image of a car and then being able to change the wheels to different types of alloys which in return would give them an idea of how the particular alloys would bet on a car.One of this type of user category would have liked th e option of being able to test the sound quality of CD players, this obviously would not be possible but what was found from this was that most buyers buy CD players and general car audio because of its brand and alongside this they would also rely on the features the system carries to ensure they are happy with the product they are about to purchase. The user would expect the prices of car audio and alloy wheels to be reasonable and possibly given the opportunity of being able to do price comparisons with other similar websites. User 2 Name Robert Mason.Age 28 Occupation Auto Mechanic Car Renault Laguna Internet shopper Yes This type of user would expect a large range of parts for a majority of cars. He would also expect many electrical accessories such as speakers, stereos and all forms of wiring and fuses. Both of these users have excellent knowledge of the internet and they use it for instruction and shopping and would both expect transactions to be made securely and deliveries within reasonable times. Objectives The direct objective of the site is to introduce ZAK Autospare to a wider range of customers and to increase their customer base.The rest of the objectives are listed at a lower place Allow regular customers and new customers to purchase through the internet, which in return will fork over more than sales Show full description of products available with clear images, which are quickly downloaded with prices alongside Since the business already has a logo, a new logo will not have to be created, this logo will be used through out the website to remind the user whose site they are on and reinforce this ready, so that when they think of car parts and audio they think of Zak Autospare.An email facility to provide thorough contact between customers and business Show the latest range of products, which will be updated on a regular basis to ensure customers have a wide and latest range of products to choose from * Ensure customer triumph with prod uct guarantees and the option of returning products with in 14 days with a receipt and the product being unused, this is all currently available from Zak Autospare Explanation of reasons for treatment The initial idea was to create the website in Flash but after discussion, the decision was made to crate it using HTML.Even though the website would probably look better produced in Flash, many people do not have Flash and these people may not wish to download Flash in order to view this website, so it would be a better idea to produce the website in HTML instead. The owner and manager are familiar with HTML, which gives them a greater understanding as to how the website operates. Alongside this, the cost of the producing the website in Flash would be higher than a normal HTML site.The website will be linked to Zak Autospares current database which is produced in Microsoft Access 97, the both shall be linked using Microsoft Asps, the scripts will be of searching (searching the website through the database) as well as adding (when an order is placed) and subtracting (when an order is removed or cancelled). The reason for using Asp is because this is used by many websites and is also known by the manager of Zak Autospare. The Asp creation is cheaper when linked to a HTML site opposed to a Flash site, so this will help keep costs low.This option is ideal since most sites are connected to Access databases with the use of Asps, rather than business owners linking sites to databases produced in SQL, etc. At first it was resolved that the site would be named www. zakautospare. co. uk but after discussion it was decided that this name was slightly long winded and not very snappy, so it was decided that the site would be named www. zaks. co. uk, which was an excellent name, snappy and punchy whilst being short and easy to remember but unfortunately this name was already in use so as an alternative the name www.zaksshop. co. uk was decided to be suitable, this name is m um snappy and seems more friendly and warm.However the logos used on the site would still be named Zak, since this is the sign outside the shop itself. Images will be order from product suppliers and companies, such as Pioneer will give images of all their products. On the site itself there will be images of the shop itself, since it is very attractive with various lights, etc. This will give the user a feel of the business they are dealing with.

Dividend Policy and Stock Price Behaviour in Indian Corporate Sector: a Panel Data Approach

Dividend Policy and line of merchandise Price Behaviour in Indian Corporate bena A panel data approach Upananda Pani? Abstr number This paper searchs to explore the come-at-able links in the midst of dividend indemnity and blood line up expense behavior in Indian somatic sector. A sample of viosterol listed companies from BSE ar examined for the long time 1996-2006. Dividend form _or_ arranging of g everywherenment has always been a source of controversy despite years of hypothetical and empirical research both in developed countries and emerging economies.The present paper features a panel data approach to analyze the birth amid dividend- belongings balance and stock- outlay deportment while influenceling the variable quantitys like sizing of it and long- terminal figure debt- rectitude proportion of the mansion. The sample is taken across six variant industries to wit electricity, food and beverage, mining, non-met solelyic, textile and service sector. The returns be based on the intractable- rear good example, as these perform statistically best(p) than hit-or-miss encumbrances and pooled OLS baby-sit.Results of the restore- a kievement simulates indicate that dividend-retention ratio along with sizing and debtequity ratio plays a cutifi thunder mugt usance in explaining chromosomal mutations in stock hard currency in in ones chipss. The fixed nitty-gritty deterrent examples indicate the presence of strong level center in explaining the possible links amid dividend insurance and stock worth behaviour of the substantial. In a nonher(prenominal) words it exhibits the possibility of clientele termination encumbrance in end of some industries. Therefore the influence helps to understand the intricacies of dividend insurance and stock- event behaviour in Indian corporate sector for the very(prenominal) period.Although the results are not robust nice as in the case of developed securities diligences a lone shades some more(prenominal) interesting facets to the existing corporate finance literature on dividend polity in India. Kew Words Dividened Policy, Stock Price, Corporate Finance, stock-still Effect Model JEL Code G30, G35 Research Scholar, Indian Institute of Technology, Khragpur-721302. The author laughingstock be contacted emailprotected ac. in ? 1 1. Introduction Dividend policy still re mains an academic debate amid the darken show of its importance among the financial economists till today.There are fewer aspects of corporate financial policy where the gap mingled with the academics and the practiti singlers is larger than that of the dividend policy. From Miller & Modigliani (1961)1, ,Gordon & Linter to Fama & French (2001)2 ,the research on the topic exhibits conflicting trends in dividend patch upments & ho functionhold regard as. The academic consensus shows that dividends documentaryly dont matter very much for the commercialise nor is relevant, when f irms stipend dividend as a bell ringeral to the investors.Both corporate officials and investment analysts, still continue to insist that a firms dividend policy matters a great deal for conveying the information to the stakeholders. One expression of the argument on the basis of economic theory is, it doesnt matter or is irrelevant. But the practitioners conceive it as information content to the public, which reflects seriousness of the problem that is inherent in the reaction mechanisms of the foodstuff to the dividend policy announcements.I want to foreground an explanation in the for the first time place the practitioners, why, in the face of all this evidence of price enlarge in response to dividend announcements, oppositewisewise sensible academics believe that a firms dividend policy really doesnt make much discrimination. At the same time, I11 argue that the dividends do matter for a firm. Dividend Policy & Share prices The dividend policy of a firm becomes the ch oice of financial dodging when investment decisions are taken as given. It is too imperative to know whether the firm leave behind go for intimate or external source of financing for its investment project.There are a fare of elements affecting the dividend policy decisions of a firm such as investors preference, cabbage, investment opportunities annual vs. stone pit great(p) structure, flotation costs, signaling, stability & Government policies and r withalue enhancementationation. In the presence of asymmetric information, signaling is one of the essential factors that influence the grocery. Dividends may convey information virtually the company, so it suggests the possibility of its influence 2 on the stock market. Paying large dividends reduces risk and thus influence stock price (Gordon, 1963) and is a legate for the future earnings (Baskin, 1989)Baskin (1989) takes a slightly distinct approach and examines the influence of dividend policy on stock price excita bleness, as contradictory to that on stock bring forths. He advances four basic standards which relate dividends to stock price risk. He terms these as the duration depression, the rate of return lay out, the arbitrage pricing assemble and the informational put. The difficulty in many empirical works examining the gene linkage between dividend policy and stock volatility or returns lies in the setting up of adequate control over the factors that influence both.For example, the accounting system generates information on several relationships that are considered by many to be times of risk. Baskin (1989) suggests the use of the fol humbleing control variables in visitationing the signifi undersidece of the relationship between dividend yield and price volatility are run earnings, the size of the firm, the level of debt, the payout ratio and the level of yield. So he had tried to explain the underlying linkage between dividend policies (dividend yield and dividend payout rat io) and stock price risk in his empirical work on USA.A number of theoretical mechanisms comport been suggested that cause dividend yield and payout ratios to vary inversely with common stock volatility. As dividends can be interpolate dividends, stock dividends, stock splits & per centum repurchases, the question comes about the nature of the dividend & its fix on the packet price and whether market is more volatile to high dividend yield share than expression share comes into the picture. There is a need to study the sensitivity of market to the nature of dividends. The linkage etween dividends & share price should be examined by controlling another(prenominal) factors which are responsible for affecting the dividend policy of a firm. Study of dividend policy and stock price in India As Indian stock market is one of the most volatile stock market in the world. As the no of private corporations are exploitation day by day, & financial markets becoming more developed, thit her need of the study of antithetic policy implications by corporate sector. 3 There are a number of studies existing on the determinants of dividends3 behaviour in Indian context.All the studies soak up determined the dividend behaviour from the perspective of the factors influencing the dividend behaviour in the slight run as well as in the long run4. But a very few literature captures the intricacies of market reaction to the dividend announcement by Indian corporate sector. The study by Reddy, Y S (2003) on dividend behavior of Indian corporate firms over the period 1990 2003 shows a conflicting picture of the dividend policy of firms across distinct industries.The study explores dividend trends for a large sample of stocks traded on the NSE and BSE, indicate that the share of companies paying dividends has declined from 60. 5 percent in 1990 to 32. 1 percent in 2003 and that entirely a few firms flip consistently paid the same levels of dividends. pass on, dividend-pay ing companies are more pro disciplineable, large in size and wrickth doesnt seem to deter Indian firms from paying higher dividends. Analysis of influence of changes in tax administration on dividend behavior shows that the tradeoff or tax-preference theory does not appear to hold true in the Indian context.This paper shows the contradictory results from the previous one. The limitations of these papers are they have taken scarce cash dividends for analyzing the determinant behaviour. The present paper is structured as follows as introduction. The subsequent region II follows the theoretical strands and section III highlights ed model for the purpose. The section IV denotes the data sources and variable construction. The section V shows empirical results and discussion. The last and final section breaks the beginings. II. Theoretical Strands and Literatures studyThe dividend irrelevance theory of Modigliani and Miller (1961) proposed the absence seizure of any authoritative i mpact of the dividend policy on the value of shares because its impact is offset just now by other means of financing and is thus irrelevant. This theory was formulated by assuming perfective market conditions, which didnt take into account the imperfections like taxes, exertion cost or asymmetric information. Consequently, dividend policies have little impact on the market value of the firms. In a perfectly competitive market situation both the company, through its pro harmonise retention, and the 4 hareholders, through their dividends, might invest in the same assets, and hence, whos making the investment does not matter for the economy as a whole. However, since the capital market is neither perfect nor complete the dividend irrelevance proposition needs to be applied carefully by foc development on tacks of taxes, information content, agency cost and other relevant affecting variables. The Gordon model (1959) stock valuation model states the fair value of a stock should pla y off to the stock-dividend per share and the difference between the discount rate and the long-term dividend growth rate.The model assumes that the firms dividend will grow at a constant rate and that the discount rate stays the same for ever. The theory suggests if there will be an increase in dividend rate there will be simultaneously an increase in stock value of the firm. Fama (1998) is the advocate of modern corporate finance theory, which states that firms should be managed to create and increase value. hither the value depicts the total price of a firm commands in the market that is the sum of the set of its equity and debt. Thus, the criteria and rules for correct financial decisions are oriented towards maximization of the total value of the firm.In theory, value maximization is appealing because it is associated with efficient allocation of resources, provided the capital market operates efficiently. That is, it rewards the most to firms that channel their resources to the best uses. large empirical work on capital Market behaviour shows that the prices of corporate securities indeed respond to firms decisions in a way that appears to be consistent with expectations about the appreciation or depreciation of value in the market. The theory emphasizes the importance of corporate financing decisions on the value of the firm in the market.Thirumalvan & Sunita (2005) studied the impact of Share repurchases & Dividend announcements on Stock prices in the context of Indian Corporate sector during the period (2002-2004). They examined the signalling transaction of Stock repurchases and Dividend announcements. The study examined abnormal returns across various repurchases level. They have taken the firms listed in the BSE mogul for the purpose of 5 empirical investigation. The study covers the impact on stock prices five days antecedent and after the dividend announcement. The result exhibits the upward trend of share price movement after the dividend announcement.The crucial check of their findings is that dogmatic signalling existed single for a day after the announcements. After which the extent of positivism of shares starts declining. Their finding shows that market reaction in the Indian context to events or announcements such as share repurchases and dividends generally fluctuate around day or two. The study can be cited as key for the present study. Sen and jibe (2003) have explained an interesting phenomenon regarding the key determinants of stock price in India. The study is based upon the stocks comprising the BSE list over a period 1988-2000.The empirical study revealed dividend pay-out is by far the single important factor affecting stock prices. The plunk for factor comes earning per share which has very weak impact on the share prices. So the study explored one of the crucial factor dividend pay-out ratios having impact on Indian stock price. blackamoor and Scholes (1974) in their study on the takingss of dividend yield & dividend policy on common stock prices & returns They verbalise uninformed demand for dividends can result from dividend decisions which in turn derive from imperfections such as taxes, transaction costs and institutional investment constraints.Given the above background, the study makes an attempt to examine the perfume of dividends and retention earnings on the stock price behaviour in Indian corporate sector in a partial macro economic framework. III. Proposed Derived Model In analyzing dividend and stock price behaviour, the most important point to begin with is an objective function manufactureing a firms preference regarding dividend-retention mix instead of taking solitary(prenominal) dividend yield or payout ratio. Because the objective function is related to firms main motives & there has been a shift in its motives due to the dominance of joint stock corporations & the associated characteristics of dissolution of ownership & control. This shift can be characterized from the sole motive as maximization of rate of return on capital to other set of motives such as sales maximization, expansion of business. This set of motives modify to an increase in the market value of the firm, as well, is in consonance with the managing agency system of operation, which is a characteristics of Indian companies.Moreover, the separation of ownership & control also implies a difference in the objectives & preferences between firms management & its shareholders. From the shareholders side, their preferences depend upon mainly their income level & the degree of understanding of corporate stock dealings & associated tax implications. Nevertheless, the behaviour of the shareholders may be generalized as that they prefer stable dividend rates & that the publication of taxes is only on the preference of the shareholders as the shareholders, who belong to the richer classes prefer low dividends and high kept up(p) earnings.The opposite is relevant in the case of middle income multitude of shareholders. On the other hand, the management behaviour can be relatively & conceptually distinguished between a passive & an active grapheme5. The motives of passive management are similar to those of the shareholders & it efforts to ensure stable dividend. But firm also requires sufficient dough retentions to live up to the firms long-term needs such as investment demand & liquidity needs and so on But the active management aims at increasing the market value of the firm & the market price of shares as well.So while its credibility requires to emphasize on the shareholders preference, its general tendency would be to reduce dividends on the basis of different excuses like high tax rates on distributions, tax shelter benefits. Given the vast diversity of stockholders, it is not surprising that, over time, stockholders tend to invest in firms whose dividend policies match their preferences. Stockholders in high tax brackets who do no t need the cash flow from dividend payments tend to invest in those companies which either pay low or no dividends. By contrast, stock holders with low tax bracket will invest in companies with high dividends.This clustering of stock-holders in companies with dividend policies that match their preferences is called as clientele violence. So it suggests that firms get the investors they deserve since the dividend policy of a firm attracts 7 investors who like it. Second, it means that firms will have a difficult time changing an established dividend policy, even if it makes complete sense to do so. However in practice, it is reasonably assumed that managements are neither extremely passive nor extremely active and shareholders are neither rich nor badly dependent or dividend income exclusively but contain all the elements in different combinations.Thus, lets consider a emblematic firm having a map of dividend preference curves, to each one indicating a specific level of utility obtained by alternative combinations of dividends & retentions. So the dividend preference function can be noted as U = f (Dn, R) (3. 1) Where, Dn and R are the dividend and retention net of all taxes at all levels. The utility level can be seen as monotonically related to the motives of the management with respect to the shareholders preference. The shape of the utility curves might be a result of a process of accounting for their relative performances & the factors influencing such preferences as well.The second step is to represent the hypothesis that dividends affect stock prices or market value of the firm. The utility function can be represented as the function for optimizing the market value of the firm. The market value of the firm can be represented as Market value of the Firm = ? ? Dividends ? f ? Net receipts , ? Re tained earnings ? ? ? (3. 2) The market value of the firm here is fundamentally represented on the basis of Accounting Earning Analysis. Here the Net net pr ofit is derived from the current investment of the firm.The higher the net profit the higher will be the stock price. The market value of the firm also depends upon the ratio of Dividends to Retained win because the profit is basically segregated into either dividend or retained earnings. If clientele effect is not present in the firm and so higher dividends will lead to higher value of the share price whereas if the investors are rich then they will prefer lower dividend to retention. The 8 return on equity entirely depends on the net worth6 of a company. Equity return of a company depends upon dividends and retained earnings.If a company is passage for dividends then the retained earning will be less, leading the firm to go for either unexampledequity issues or orthogonal financing. If the flotation cost7 is high, the company will go for external financing which will be costlier for the firm than internal financing through equity. So the firm has to maximize the dividend to r etained earnings ratio for any new investment aimed at firms growth. We can represent it through the following function ? D? Pt = f ? Y , ? ? R? (3. 3) Where Y represents the net profit of the firm D represents ratio of dividends to retention earning of the firm. The ratio of R ividends to retained earnings acts as a proxy for future cash flow of the firm and share price, Pt , acts as the proxy for the absolute market value of the firm. bandage calculating the stock return on an equity share, we are basically interested to calculate the change in current price with respect its price in the previous period. So the equivalence (3. 3) can be represented as ? Pt ? ?P ? 0 ? ? ? ? = f ? Y , D ? , ? P R? ? ? ? 0 ? (3. 4) The eqn (3. 4) represents the change with respect to base price. We have assumed a CobbDouglas type of function represented as the following ? Pt ? ? Y ? ? D ? 2 ui ? ? = A? ? ? e ? P ? R ? P ? ? 0? ? ? ? 0? ?1 ? (3. 5) The equation (3. 5) can be show alternatively as 9 ?Y ? ?P? ?D? ln ? t ? = ln A + ? 1 ln ? ? + ? 2 ln? ? + ui ? P ? ?P ? ?R? ? 0? ? 0? (3. 6) We can write the above equation as ?Y ? ?D? ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + uit ? P ? ?R? ? 0? (3. 7) Where ln A = ? i = 1 N t = 1 T, There may be potential links between size and volatility of stock returns of the firm. The size of the firm also exhibits crucial link between size and volatility. Small firms are likely to be less diversified in their activities and subject less investors scrutiny for the firm.But research is still confined to large listed companies. The Information on the stocks of smaller listed companies could conceivably be less informed and illiquid in nature. These firms are subject to greater price volatility as a result of above posed factors. So a control variable, long-run debt equity ratio is being added . When asymmetric information comes into the picture, there is also likely to be a link between borrowing & dividend policy. Baskin (1989) suggests that firm s with a dispersed body of shareholders may be more disposed towards utilize dividend policy as a signaling device.The dividend policy may also be a function of size and there is a need to introduce size as a control variable. There is also a need of introducing control variables, which will reflect the corporate leverage. The earlier models have been aimed at capturing the effect of stock price and dividends but very few of them have tried to include the control variables such as debt-equity ratio and size of the firm. So in the present study, the focus is to fillup the limitations of the previous studies by using context-specific Panel- information models including the control variables like leverage ratio and size of the firm.Through panel data estimation we can observe firm effect8 and time effect throughout the sample period. So now the eqn (3. 7) can be stated as ? Y ? ?D? ?D? ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + ? 3 ( SZ ) + ? 4 ? ? + i + ? it ? P ? ?E? ?R? ? 0? (3. 8) Whe re V = value of the firm SZ = Ln (Total Assets) 10 i = firm specific atom ? it = disturbance term IV. Analytical Framework We have already discussed the proposed model to be tried and true here to analyze the impact of dividends on stock returns. So in this section we will analyze the methodological issues over our proposed derived model.Simultaneously we will discuss other options addressable for the psychoanalysis. We will first analyze the results of different persistence and then fuse data over all the industry. The proposed model is here is ? Y ? ?D? ?D? Ln Vit = ? i + ? 1 ln? ? + ? 2 ln? ? + ? 3 ( SZ ) + ? 4 ? ? + i + ? it ? P ? ?R? ?E? ? 0? 4. 1 Where SZ = Ln (Total Assets) i = Firm specific component ? it = hitch term Here the slide fastener Hypothesis is dividend or D/R ratio affects stock return i. e. H0 D/R affects Vit . We will test the results of the classical linear fixing model and other tests. wherefore we will proceed to see if Panel data models improve the estimation. So we will propose different models before proceeding to fixed effect model. We will define four basic models to be time-tested before proceeding towards final estimation. 1. y it = ? + ? it (No ag root effect or xs) 2. y it = ? i + ? it (Group dummies only) 3. y it = ? + ? ?X it + ? it (Repressors only) 4. y it = ? i + ? ?X it + ? it (Xs and base effects) Model 1 on 2 H0 (no group effects on the mean of y) Model 1 on 3 H0 (no fit in the simple regression of y on xs) Model 1 on 4 H0 (no group effects or fit in regression) 11Model 2 on 4 H0 (group effects but no fit in regression) Model 3 on 4 H0 (fit in regression but no group effects) We have tested the data set for applying the panel data models with the above five different hypothesis. The LR, F and LM Test along with the Hausman Specification test favors the use of fixed effect models for sustenance and Beverage, mining constancy and Nonmetallic exertion whereas the diagnostic tests rejects the use of fix ed effect models for Other go, fabric industry, and tap industry. The pile up data is also not unanimous the qualifying criterion for applying intractable effect models.V. Data Sources and Sample Design The study mainly relies on the Prowess database of the CMIE (centre for monitoring on Indian economy) in India in order to mitigate the above noted objectives. Since the present study aims at exploring the dividend and stock return volatility with the assumptions of semi strong efficiency in the stock market a sample of vitamin D companies from A1 and B1 group of shares is selected for the empirical analysis. All of them are spread across six different industries namely electricity, victuals and Beverage, Mining, Non-metallic, Textile and Service Sector.The first filtering criterion for selecting the stocks is their consistency with the dividend payment history for the study period 19962006. The second filtering criterion used for the selection is that the market-capitalizat ion of these companies should be more than ten crores. The third filtering criterion is that the scrip must be traded continuously without any interruption during the above mentioned period. However, the study has conceptualized the dependent variable (i. e. market value of the firm) and the informative variables such as size of the firm, dividends to retain earning ratio, and debt to equity ratio.The stock return is considered as proxy for the market value of the firm (dependent variable) and for other subsequent variable, Ln (total assets of the firm) have taken as a proxy. 12 bop Return Market value of the firm which is the dependent variable of our interest is being represented by Stock Return . This can be calculated by taking closing share prices of each company. Stock returns should be calculated using the log return of the closing price of the stock, where the Closing price is defined as the last trade price of the stock. Vit = ln (Pt/Pt-1). Net profit Here the net profit is taken as the profit after taxes.Average book value of equity Profit after taxes is calculated as the difference between the profit before taxes and tax for the year. PBIT or Profit before interest and taxes is generally calculated as the sum of operating profit and non-operating surplus/ deficit. This represents a measure of profit which is not influence by financial leverage and the tax factor. wherefore, it is pre-eminently suitable for inter-firm comparison. Hence it is assumed that higher Net profit of a firm leads to higher share prices as opposed to stock returns. It is denoted as Y in the study. P0 Dividend ?D? ? ? This can be calculated by adding unneurotic all the annual Re tained earnings ? R ? cash dividends paid to common shareholders & then dividing this improver by the total no of outstanding equity shares in each year. The average of all available years will be used. Retained earnings is calculated as the difference between profit before taxes and dividends and dividend by the total no of outstanding equity shares each year . Like Earnings, dividends act as proxy for the future profitability . Therefore this ratio is expected to have confident(p) relationship with the stock return.Long term debt (Debt to Equity ratio) is calculated as the sum of each companys debentures, mortgages & loans with a maturity greater than one year to total equity is to be calculated. The average over all the years will be used. 13 coat of the Firm (SIZE) The variable size should be constructed in such a way that it will reflect the value of the firm in real terms. Here the natural log of Total assets is being used as a proxy for size. VI. empirical Estimation and Results Discussion The basic principles of fixed-effect model have already been discussed in the previous section. So in this section we attempt to estimate our proposed model.In this section we present the results in two sections. We present first the results of those industries that how the applica bility of fixed effect models by our previous section of hypothesis testing. And those industries that dont satisfy our criterion in other sections (table 4. 9). Here we test the other models and the significance of our repoint variables. The results from the regression analysis are discussed in two sub-sections. The first section is the result of the evade 8, which exclusively covers the regression result of one-way fixed effect model for electricity, Food and Beverage and Non-Metallic Industry.The other section of the result from the display board 9,covers the regression from the other three industries that did not satisfy the filtering criterion of hypothesis for fixed effect model. These industries are other services, Textile and Mining. In the last section we discuss about the results of aggregate data. Electricity IndustryAs we have already discussed in the previous chapter, we have taken one-way fixed effect model. The result for the electricity industry can be summariz ed as follows. Before estimating the final model, we have tested different combination of variables.The estimation of one way fixed firm effects multivariate regressions illustrate that controlling for the underlying time-invariant heterogeneity of firms has satisfying effect on results. The coefficient for PAT/P0 is 9. 32 which is significant at 5% level of significance. It explains 9. 32% variation in the model. The variable D/R is also exhibiting positive relationship with stock-returns. It implies higher the dividend paid 14 to the investor higher will be the return in the long-run. The co-efficient for D/R is 2. 48 which is significant at 1% level. This implies validity of the model through the dividends and retention.The coefficient of leverage ratio or D/E ratio is -1. 89% which is significant at 10% level. The negative sign of the coefficient implies the negative relationship between the stock return and D/E. As the leverage ratio will be higher then it will have a negativ e impact on the stock-return. The coefficient for another variable size is . 96 which is coming insignificant at any level of confidence. The standard misunderstanding is also coming very high at 12. 54. The R2 for the model is 0. 44, which is explaining 44% variation for variation in the dependent variable stockreturn.The p value of F-test is significant at 1% level. The computed F-tests ( dealed firm effect versus pooled OLS) of the null hypothesis that all coefficients are jointly equal to zero are rejected. The one-way fixed effect model explains the relationship more clearly as it explains more than 50% level of variation of firm-specific component in the model. So the over all explanatory power of the model is high in the Electricity Industry. Food and Beverage Industry- The computed F-test results favors the use of the fixed-effect model over the Pooled OLS is justifiable over the test of OLS vs.Fixed effect model. The Hausman statistics is also high suggesting the use of t he fixed effect model over the hit-or-miss effect model. Before estimating the model with variables D/R, PAT/P0, D/E and SZ with Stock return, we have tried with different combination of independent variables with the stock-return. The Current model gave the high R2 and low standard errors. The coefficients for the variables D/R, PAT/P0, D/E and SZ are 3. 05, 11. 09,-1. 41, . 68 respectively. Here the variables D/R and PAT/P0 are significant at 1% and 5% level of significance.The coefficients for the control variable which is included to control the heteroscedasticity is significant for size of the firm which explains 68% variations in the stock-return is and the coefficient for the debt-equity ratio is -1. 41. The most important result is that the dividend retention ratio is positive and explains 11. 09% variation in stock return. The R2 is 0. 36, explaining 36% variation in the dependent 15 variable i. e. Stock return. The F-test for Pooled OLS Vs Fixed effect turns out to be sig nificant and the null-hypothesis that all the co-efficients are zero is rejected here. Non-metallic industry-The coefficients for the variables D/R, PAT/P0, D/E and SZ are . 024, 10. 58,0 -. 88 and 30. 5 respectively. The variables are significant at 5%, 1%, and 10 %( Sz. ) level of significance in T-test for testing the null-hypothesis that the means of the co- efficients are zero. The sign of the D/R clay positive here. It explains positive relationship with the stock-return. So the D/R ratio explains 11. 98% variation in the stock-return behaviour of the firms. It supports the null-hypothesis that D/R affects the stock prices. another(prenominal) important observation is that the coefficient of size of the firm is 30. , which is quite high in comparison to the other industry. The variables are insignificant in other models like pooled OLS, so the F-test rejected the hypothesis that all co-efficients are jointly equal to zero. The R2 is coming with meliorate performance of 0. 46 %, which is high in comparison with other two industries. After all Non-metallic industry is showing robust result with the expected sign as proposed in methodology. Results from the Table 9- We have presented another analysis for other services, Textile Industry and Mining industry because these industries are not satisfying the criterion for the fixed effect model.So the next best alternative is to test it with pooled OLS and Random effect model. We have done comparison with these three models for these industries. Other Services Industry- If we equalise the results of the fixed effect model and Random effect model here, then some interesting picture emerges. The co-efficients for the fixed firm effect model for the variables D/R, PAT/P0, D/E and SZ are coming 6. 37, . 33,-10. 54, 2. 61 respectively. Among the co-efficients D/R and D/E are significant at 10% level of 16 significance. D/R is surprisingly significant with a positive sign according to our prior expectation.We then c ompare the R2 value of two models, which is very low i. e. 0. 09 for fixed firm effect model and 0. 11 for the random effect model. Although R2 turns out to be very low the variable D/R and D/E ratio is exhibiting correct sign as per the hypothesis is concerned. The F-test for comparing the coefficients are equal to zero or not is becoming insignificant for the variables. This can be observed through the p-value which comes out 0. 9870. This is not significant at 1%, 5%and 10% level of significance. In the Random effect model the Coeff for the variables D/R, PAT/P0, D/E and SZ are 4. 9, 0. 53,-8. 09 and 13. 96 respectively. The R2 improves by two points to 0. 11 the target variable D/R ratio remain insignificant in the model. May be the cause for insignificant variables and low explanatory power of the model is due to improper specification which is affected by the industry characteristics. The firms in the Services industry generally went for less dividends and more retention in th e study period. These are high growth firms which require more flow of money for the projects. So the investors got return through the capital gains here. Textile Industry-If we observe the Coeff for the variables D/R, PAT/P0, D/E and SZ, the value are 5. 28, . 10, -1. 73,5. 95 and for the Random effect model the values are coming out 4. 83,. 17,-1. 30 and 0. 87 respectively. The results show some unexpected outcomes in the model. The signs of the Coeff are as per prior expectation but D/E ratio is out significant at 5% level in fixed firm effect model and other variables are remaining highly insignificant with R2, 0. 04 . In the Random effect model, the target variable D/R is significant at 5% level and PAT/P0, D/E ratio are significant at 10%, 1% level of significance respectively.The R2 for the random effect model has improved to 0. 13%. When we compare the result between two models, random effect model turns out to be more robust than the fixed effect model. 17 Mining Industry- The values of the co-efficients for the variable D/R, PAT/P0, D/E and SZ, are 17. 07, 14. 75,-13. 77, 4. 09 and for the Random effect model the co-efficients are 16. 01, 10. 08,-6. 63 and 1. 66 respectively. In fixed effect model three Coeff. of PAT/P0, D/R and D/E ratio remain significant at 5%, 1%, and 10% respectively. The R2 for the fixed firm effect model the Great Compromiser at 0. 0 and for the random effect model it is 0. 14. We cannot guess the models by the R2 only because we have to check out the significance of the variables. So given these conditions, the fixed effect model is more appropriate in the Mining industry. Aggregate Industry Data- As we have examined above the different industry wise data, only three Electricity, Food and Beverage and Non-metallic satisfy the tests for use of the fixed firm effect model whereas other three industries namely Textile, Mining and Other services do not satisfy the test criterion in favour of fixed effect model.Aggregate industr y data doesnt shows any robustness for using fixed-effect model over other possible models such as pooled OLS and Random Effect model. The results from fixed-effect models is having leverage over the random effect model results . The aggregate data of whole industries is affected by those industries, which are not satisfying the criterion for fixed effect model. The overall explanatory power of the Aggregate industry data are affected the fluctuations in other industries as the data set is characterized by different industry.So when we run the regression of one-way fixed effect model, the R2 is also exhibiting very low at 0. 12 only. The value of the Coeff of the variables D/R, PAT/P0, D/E and SZ are coming out 3. 10, . 34,-. 60, -. 15 respectively. If we observe the sign of the variables D/R, D/E and PAT/P0 remains as per prior expectation. Among the Coeff of variables, PAT/P0 and D/E come out significant at 1% and 5% level of significance. Whereas if we compare the result with ran dom effect model, we will find that no variables are significant and the R2 turns out to be very low at 0. 08 18 only. The p-value of F-test is also coming very high at 0. 6, which is well above the 0. 01and 0. 05 level of significance. The use of the fixed effect model in aggregate data explained the variation of the independent variables more clearly than Random effect model and Pooled OLS model. VII. Conclusion We have tried to explore the relationship of dividends and stock return by using a simple Specification of stock return as a function of net profit and dividend-retention ratio with two control variable such as size & debt-equity ratio of the firm. There was an attempt to test different structural tests before proceeding towards the final estimation through panel-data modeling.The exclusive tests of different model allow us to go for the use of panel-data modeling. As we have given six different industry classifications for the study, we have tested the proposed model for each industry separately with different combination of variables. The results display statistical significance and linearity when the industry classifications are given. The regression on aggregate data remains in significant. .However, the direction of relationship between the dependent variable is as per prior expectation. In other words dividend retention ratio is positively related with the stock-returns.In case of aggregate data which consists of all firms above from industry classifications, the regression lacks statistical significance, the null hypothesis that there is no relationship between the dependent variable and independent variable cannot be rejected. 19 When the fixed firm effect regression is applied on sample firms of classified industry category-wise, we observe some industry specific peculiarities. Firms of Electricity, Food and beverage and Non-Metallic Product show some robustness in the results of the regression. The signs of the coefficient and their value r emain significant in the analysis.Other three industries, textile, mining and other services are exhibiting insignificant coefficients values and very low R2. This conflicting trend of these variables is also visible when we have tried Pooled OLS and Random effect model. When we relax the industry classification and with the same data set and variables, fixed effect model shows the regression is significant at 0. 05 level of significance as the p value of getting a higher or equal value than calculated f-value is 0. 0497, which is we can reject the null hypothesis that all coefficients are equal to zero. Another important result is the sign of the leverage ratio and the coefficient remain as per prior expectation. The negative sign of the debt-equity ratio implies the negative relationship between the stock-return and debt-equity ratio. As the firm will go for more debt, then its value is going to be affected by stock-return. surface of the firm remains consistently positive but in many cases it turns out to be insignificant. So we can not generalize about the variable size. So we can conclude that dividends have impact on the stock-return in Indian corporate sector, which is industry specific.The study explores that the dividend paying companies are large, profitable and growth rate of the firm does not seems to discourage the dividend payment. Although the regression is not showing high R2 but Net profit and Dividend and Retention Ratio remains significant in other services, mining and Textile industries. 20 Appendix Electricity Industry (Table 1) Models R2 H0 LRTest kisqu. 114. 3 pvalue F-test FVal. 52. 06 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 5. Fit in Reg. but no Group effect. . 0000 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 001 0. 000 Chi 2 (1) 36. 21 p value chi 2 =0. 000 0. 4245 123. 4 156. 6 0. 000 0. 000 113. 5 121. 9 0. 002 0. 010 1. 52 p chi 2 (1) 0. 2183 0. 2135 0. 63 141. 5 0. 100 128. 6 0. 000 0. 24 129. 5 0. 000 134. 7 0. 100 rail line Large values of Hausman statistics argue in favour of the fixed effect model over the random effect model. 2. Large values of the LM statistics argue in favour of the one factor model (either Fixed or Random depends upon further Hausman Specification test) against the classical regression with no group effects. . A large value of the LM-statistics in the presence of a small Hausman statistics argues in favour of the random effect models. 4. If p 0. 10, then the test is significant at 90% confidence level, if p 0. 05, then the test is significant at 95% level of confidence. If p 0. 01, then the test is significant at 99% level of confidence. 5. The p-value of the LR test will be set to 1 if it is determined that your estimate is close enough to zero to be, in effect, zero for purposes of significance.Otherwise, the p-value displayed is set to one-half of the probability that a chi-square with 1 degree of immunity is greater than the calculated LR test statistic. 21 Food and Beverage Industry (Table 2) Models R2 H0 LRTest Chisqu. 113. 4 pvalue F-test FVal. 112. 9 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 0. 000 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 000 Chi 2(1) 34. 21 2. 53 0. 32 134. 2 0. 000 132. 5 0. 000 p chi 2(1) p chi 2=0. 000 0. 41 4. X & group effect 0. 53 103. 5 142. 8 0. 000 0. 000 126. 5 176. 5 0. 004 0. 3831 0. 001 5. Fit in Reg. ut no Group effect. 0. 24 121. 7 0. 002 183. 5 0. 000 Mining Industry (Table 3) Models R2 H0 LRTest Chisqu. 116. 070 pvalue F-test F-Val. pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 0. 00 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 52. 084 0. 000 Chi 2(1) Chi 2 (1) 2. 02 p chi2 (1) 0. 7318 0. 21 150. 894 0. 001 170. 23 0. 000 1. 21 p chi 2(1) 0. 32 161. 23 0. 003 232. 419 0. 000 0. 2721 0. 42 277. 186 0. 005 186. 03 0. 001 5. Fit in Reg. but no Group effect. 0. 15 172. 5 0. 000 58. 78 0. 000 22 Non-Metallic Industry (Table 4)Models R2 H0 LRTest Chisqu. 119. 070 pvalue F-test FVal. 21. 00 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 0. 00 M1 on 2 M1 on 3 M1 on 4 M2 on 4 0. 000 0. 000 chi2(1) = 3. 92 chi2(3) = 1. 23 Probchi2 = 0. 0013 0. 21 154. 894 0. 000 31. 01 0. 000 Prob chi2 = 0. 0477 0. 13 165. 23 0. 000 12. 02 0. 064 0. 25 267. 186 0. 000 49. 64 0. 000 5. Fit in Reg. but no Group effect. 0. 31 M3 on 4 172. 05 0. 214 64. 57 0. 741 Models R2 Other services Industry (Table 5) H0 LRpFTest value test ChiFsqu. Val. 0. 060 11. 00 on 2 pvalue LM-Test vs.Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. Xvariables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 01 M 1 109. 70 164. 89 0. 087 chi 2(1) = 0. 30 chi2(4) = 1. 39 Probchi2 = 0. 8460 0. 24 M 1 on 3 0. 000 41. 01 0. 001 Prob chi2 = 0. 5812 175. 23 0. 000 52. 02 0. 020 0. 14 M1 on 4 217. 19 0. 000 79. 64 0. 000 0. 33 M 2 162. 05 on 4 M3 on 4 0. 000 95. 4 0. 000 23 Textile Industry (Table 6) Models R2 H0 LRTest Chisqu. 139. 070 pvalue F-test FVal. 71. 00 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4.X & group effect 5. Fit in Reg. but no Group effect. 0. 03 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 000 chi2(1) = 7. 75 Prob chi2 = 0. 0054 = 3. 50 0. 14 124. 894 0. 000 44. 00 0. 000 Probchi2 = 0. 4774 0. 21 195. 23 0. 000 22. 02 0. 000 167. 186 0. 000 152. 05 0. 000 69. 67 96. 8 0. 000 0. 001 0. 43 Aggregate Data (Table 7) Models R2 H0 LRTest Chisqu. 169. 70 pvalue F-test FVal. 31. 01 pvalue LM-Test vs. Model-3 Haus. Spec. Fix vs. Ran. 1. Constant term only 2. Group effects only 3. X-variables only 4. X & group effect 5. Fit in Reg. but no Group effect. 0. 02 M1 on 2 M1 on 3 M1 on 4 M2 on 4 M3 on 4 0. 000 0. 00 chi2(1) = 0. 01 chi2(4) = 1. 28 0. 11 184. 94 0. 000 51. 01 0. 000 Prob chi2 = 0. 9425 Probchi2 = 0. 8649 0. 21 145. 23 0. 000 62. 42 0. 000 0. 24 257. 186 0. 000 172. 95 89. 84 0. 000 24 Table 8 Results of Fixed-effect model Industry Variables Coeff. Fixed effect model S. E R2 F. V PAT/P0 Electricity Industry D/R D/E Size PAT/P0 Food & Beverage D/R D/E Size PAT/P0 Non-Metallic D/R D/E Size 9. 32** 12. 48* -1. 89*** . 96 3. 05* 11. 97** -1. 41* . 68 . 024** 10. 58* -. 88 30. 5** 5. 84 . 0794 4. 38 12. 54 1. 63 . 18 0. 71 1. 79 . 04 1. 74 2. 72 4. 70 0. 46 0. 36 0. 44 F(4,56)=11. 49 PF= 0. 000 F(4,256) = 1. 26 0. 01 F(4,232) = 12. 21 Prob F = 0. 0000 line-1. Fixed effect model has no constant term. 2. *, **, *** represents 10%, 5% and 1% level of significance respectively 25 Table 9 Comparison of results of fixed effect model and Random effect model. Industry Variables C. F PAT/P0 D/R Other services D/E 6. 3 7 (12. 52) 0. 33*** (. 443) 0. 09 -10. 54*** (24. 56) 2. 61 (15. 52) 5. 28 (1. 83) 0. 10 (. 704) -1. 73** (1. 28) 5. 95 (2. 73) 17. 07** (10. 57) 14. 75* (27. 90) -13. 77*** (10. 79) 4. 09 (5. 80) 3. 10* (. 095) D/R Aggregate Data D/E . 34 (. 10) -. 60** (1. 89) -. 15 0. 10 0. 04 F. E R 2 R. E F F (4,182) = 0. 08 pF = 0. 870 -8. 09*** (16. 69) 13. 96** (8. 43) 4. 83*** (1. 51) . 172** (. 667) -1. 30* (1. 066) . 87 (. 459) 16. 01** (8. 67) 10. 08*** (22. 26) -6. 63 (7. 39) 1. 66 (4. 91) -. 011 (. 0945) . 31 (. 1051) -1. 06 (1. 40) 0. 14 0. 13 C. F 4. 69 (9. 81) 0. 053 (. 426) 0. 11 R2 W W chi2(4 =2. 86 pchi 0. 5819 Size PAT/P0 D/R Textile D/E Size PAT/P0 D/R Mining D/E Size PAT/P0 F (24,244) =0. 33 pF =0. 990 Wald Chi 2(4)=10. 36 pchi 2=0. 0348 F (4,46) =2. 00 pF =0. 1097 Wald Chi 2 (4) =6. 35 pchi 2 = 0. 1747 F (124,1232) = 16. 49 pF 0. 76057 Wald Chi 2 (4) 0. 08 = 2. 31 p chi2 0. 8745 0. 12 Size 1. 55 (1. 037)Note- *, **, *** represents 10%, 5% and 1% level of significance respecti vely 26 ReferencesAharony, J. and I. Swary, 1981, Quarterly Dividends and Earnings Announcements and Stockholders Returns An Empirical Analysis, diary of Finance, Vol 36, 1-12. Altman, E. 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End Notes1 Miller, Merton, and Modigliani, Franco, (1961) Dividend Policy, Growth, and Valuation of Shares, Journal of Business. 34. PP. 411-433. 2 Fama, Eugene F. & French, Kenneth R. , 2001. Disappearing dividends changing firm characteristics or lower propensity to pay? , Journal of Financial Economics, Elsevier, vol. 60(1), pages 3-43, April. 3The term dividends, is defined inclusively under the Income Tax Acts, 1922 and 1961. The interpretation of Dividends includes distributions from accumulated meshwork wheather capitalised or not, which reduces the assets of a company or in the form of 28 debentures issue, distributions on liquidation or in the form of loan or advances to the extent such distributions are attributable to to accumulated profits. The definition for certain companies of closely held category, the definition is more inclusive 4 Sarma, JVM. (1990). Taxation and corporate dividend behaviour in India, Y V Reddy (2003) .The trends of dividend Behaviour in Indian corporate sector. NSE working paper. 5 Sarma, J V M (1990) , Taxation and Corporate Dividend Behaviour in India, Harman Publishing House. 6 Net worth of a company refers to the difference between Total assets and Total debt of a company. 7 It refers to the cost of new-equity issues to be borne by the company, under the condition of imperfect market. 8 Firm effect refers to the effect of factors affecting the behaviour of an idiosyncratic firm, if it is constant overtime. The time effect refers to the economic condition of particular time point it varies over time. 29