Leveraging IT for Business Assignment Example | Topics and Well Written Essays - 2500 words

Utilizing IT for Business - Assignment Example The advantages of offshoring are various to the organization that participates in it. These incorporate the decrease of the expense of working together. Organizations have had the option to lessen costs particularly on the pay rates that it pays out just as different advantages. This is good for the association as it empowers the association to keep on working without superfluous cost added to it (Click and Duening 2005). This is on the grounds that the greater part of the re-appropriating goals like China, India and different nations offer less expensive work to these organizations that redistribute to them. Another advantage of re-appropriating is the upper hand that it provides for those organizations that utilization it. This is increased both in the nearby just as in the global scene. This is because of the lower cost of business tasks and the vicinity to the accessible market for the completed products. Then again, the challenges of redistributing a business are likewise presen t and should be placed into thought. These incorporate the proportionality of the activities benefited and the supplier of the BPO to satisfy the commitments. As the size of the supplier goes up, so is the hazard. Simultaneously, there is the matter of trust between the supplier and beneficiary. The individuals or organizations that are the beneficiaries of the administrations that are being redistributed might be obscure. This implies it is a trying endeavor when an organization, for instance, far away, Australia chooses to endow its business to a mostly secret gathering like in India. The final product might be a poor demonstration of the BPO which might be an incredible danger to the endurance of the organization. Another test to redistributing is that it has the ability to cause cerebrum channel. As indicated by associations inside Australia, the redistributing has driven various nationals from Australia to different nations looking for better terms of business (Switzer 2006). This is on the grounds that when organizations re-appropriate, they diminish the quantity of neighborhood occupations that they have. This is nature of joblessness that drives the activity searchers somewhere else to attempt to endure. Outsourcings will, in this way, cost the nation a great deal of its exceptionally profitable labour.â

The Judicial Branch free essay sample

The Judicial Branch is the most significant part of the United States government, because of the huge job it plays in deciphering and deciding whether laws are protected. Despite the fact that the Judicial Branch is the littlest in size and has littlest financial plan of any branch in our nation’s government, it practices gigantic force and is equivalent to different parts of the administration since it has the intensity of Judicial Review. Legal Review is the survey by the US Supreme Court of the protected legitimacy of an administrative demonstration. The Creation of the Federal Courts The Constitution characterizes the structure and elements of the administrative part of the legislature. It obviously addresses the obligations and forces of the president. Be that as it may, it treats the legal branch nearly as a bit of hindsight. Article III explicitly makes just one court (the Supreme Court), permits judges to serve forever and to get pay, extensively plots unique purview, and frameworks the preliminary method for and restrictions of congressional force against those blamed for conspiracy. Designers of the Constitution The designers of the Constitution were plainly progressively keen on their trial with administrative government than in the making of a legal framework. Had it not been for John Marshall, the third boss equity of the Supreme Court, the legal branch may well have formed into a frail, insufficient beware of the lawmaking body and the administration. Yet, Marshall made a huge difference by deciphering a force suggested by Article III. Legal audit, or the intensity of the courts to upset a law, was the vehicle he used to make the most impressive legal branch throughout the entire existence of the world. Article III fundamentally suggested that â€Å"the legal Power of the United States will be vested in one Supreme Court and in such sub-par Courts as the Congress may every now and then appoint and establish†. It additionally expressed that â€Å"The legal Power will reach out to all Cases, in Law and Equity, emerging under this Constitution, the Laws of the United States, and Treaties made, or which will be made, under their Authority,†. Writs A writ is a composed court request requiring a gathering to perform or stop to play out a given demonstration. Marshalls choice was to pronounce the writ of mandamus illegal, guaranteeing that Congress had passed a law repulsive to the Constitution. He pronounced that since Article III didn't give the legal branch the intensity of the writ of mandamus, thus the Supreme Court couldn't organization Madison to act. Obviously, Jefferson and Madison were content with the choice, and the emergency went, with just a displeased planned equity (Marbury) to dissent. I How the Supreme Court gets the Final Word No one appeared to comprehend the excellent ramifications of what Marshall had done: he had made the intensity of legal audit. This built up the standard that solitary the government courts could decipher the Constitution. This force has given bureaucratic appointed authorities the last word in settling for all intents and purposes each significant issue that has tested the administration in American history. Today, the legal branch not just gives solid balanced governance to the official and administrative branches; it has a huge measure of approach making power in its own right. This force lays more on the standard of legal audit set by Marshall in 1803 than on the arrangements of the Constitution. How the Judges and Justices of the Federal Courts are picked The first of three different ways Judges and Justices are picked is the Nomination Process. The Constitution gives expansive parameters to the legal selection process. It gives the duty regarding naming government judges and judges to the president. It likewise expects assignments to be affirmed by the Senate. Be that as it may, numerous opportunities do happen during a presidents term of office. Delegating judges, at that point, could be an all day work. A president depends on numerous sources to suggest proper chosen people for legal posts. Suggestions frequently originate from the Department of Justice, the Federal Bureau of Investigation, individuals from Congress, sitting adjudicators and judges, and the American Bar Association. Some legal hopefuls even assign themselves. An extraordinary, extremely incredible custom for suggesting locale judges is called senatorial civility. As indicated by this training, the representatives from the state wherein the opening happens really settle on the choice. A congressperson of a similar ideological group as the President sends an assignment to the president, who quite often follows the suggestion. To disregard it would be an incredible attack against the congressperson, just as a greeting for struggle between the president and the Senate. Presidents must think about numerous elements in settling on their decisions for government judgeships. Let’s start with the first of four variables, Experience followed by Political Ideology, Party and individual loyalties; at long last they think about Ethnicity and sex. †¢Experience-Most candidates have had generous legal or administrative experience, either on the state or government level. Many have law degrees or some other type of advanced education. †¢Political belief system Presidents as a rule delegate judges who appear to have a comparable political philosophy to their own. At the end of the day, a president with a liberal philosophy will ordinarily delegate nonconformists to the courts. Similarly, moderate presidents will in general delegate traditionalists. †¢Party and individual loyalties-A strikingly high level of an occupants nominees have a place with the presidents ideological group. Albeit political preference is less regular today than it was a couple of decades back, presidents despite everything delegate companions and steadfast supporters to government judgeships. †¢Ethnicity and sex Until moderately as of late, practically all government judges were white guys. Today, be that as it may, ethnicity and sexual orientation are significant rules for delegating judges. In 1967, Lyndon Johnson designated the main African American Supreme Court equity, Thurgood Marshall. In 1981, Ronald Reagan selected the primary lady to the Supreme Court, Sandra Day OConnor. Every single ongoing president have selected African Americans, Latinos, individuals from other ethnic minority gatherings, and ladies to area courts and courts of advance. The intensity of the Federal Courts Not every person concedes to how much power the legal branch ought to have. All things considered, government judges and judges are delegated, not chose. As most Americans have confidence in vote based system, shouldnt chosen authorities run the nation? Then again, maybe American government would be more attractive if passes judgment on had much more force. Since they don't need to stress over re-appointment, they are assuaged of the outside weight of popular sentiment. All things considered, the larger part isn't in every case right. It is no mishap that the Founders accommodated chose authorities in the governing body and delegated authorities in the legal executive. They accepted that opportunity, balance, and equity are best accomplished by a harmony between the two parts of government. Minds Judicial Power The president and Congress have some control of the legal executive with their capacity to choose and affirm arrangements of judges and judges. Congress additionally may reprimand judges, modify the association of the government court framework, and change the Constitution. Congress can likewise get around a court administering by passing a past law announced unlawful by the Courts. Courts likewise have constrained capacity to execute the choices that they make. For instance, if the president or another individual from the official branch decides to disregard a decision, there is almost no that the government courts can do about it. The intensity of the Courts The government courts most significant force is legal survey, or the power to decipher the Constitution. At the point when bureaucratic appointed authorities decide that laws or government activities abuse the soul of the Constitution, they significantly shape open approach. For instance, government judges have pronounced more than 100 bureaucratic laws unlawful. Another proportion of the Supreme Courts power is its capacity to overrule itself. In 1954, the Supreme Court administered in Brown v. Leading group of Education of Topeka that schools isolated by race were illegal. This switched the 1896 Plessy v. Ferguson choice that maintained the regulation of independent however equivalent. I For the most part, however, government courts do have a lot of regard for past choices. A solid point of reference called gaze decisis (let the choice stand) guides judges to be wary about upsetting choices made by past courts. I Judicial Activism versus Judicial Restraint Judicial Activism is an understanding of the U. S. constitution holding that the soul of the occasions and the necessities of the country can honestly impact legal choices (especially choices of the Supreme Court). While Judicial Restraint is a hypothesis of legal understanding that urges judges to constrain the activity of their own capacity. The absence of understanding with respect to the arrangement making intensity of courts is reflected in the discussion over legal activism versus legal limitation. Legal activists accept that the government courts must address shameful acts that are sustained or disregarded by different branches. Supporters of legal restriction bring up that selected appointed authorities are resistant to popular feeling, and on the off chance that they forsake their job as cautious and careful translators of the Constitution, they become delegated administrators. In spite of the discussion over what establishes the proper measure of legal force, the United States government courts remain the most impressive legal framework in world history. Their capacity is upgraded by life terms for judges and judges, and they assume a significant job in advancing the center American estimations of opportunity, fairness, and equity. End That is the reason I accept the Judicial Branch is the most grounded part of the Government. Since in addition to the fact that it interprets laws and proclaim on the off chance that they are protected, they additionally ex

Is Casual Dating Good for Relationships

Is Casual Dating Good for Relationships Relationships Print Is Casual Dating Good for Relationships? By Anabelle Bernard Fournier Updated on January 31, 2020 Westend61 / Getty Images More in Relationships Spouses & Partners LGBTQ Violence and Abuse Relationship scientists define casual dating as dating and sexual behavior outside of a long-term romantic relationship, and it is a common relationship among teenagers and young adults. In other words, casual dating is dating someone and possibly having sex with them when you are not engaged, married, or otherwise in a long-term commitment. Casual dating is not the same as hooking up, even though they have many things in common. Casual dating implies a desire to maintain a relationship, even though it is deemed casual. Hooking up, on the other hand, does not necessarily demand an emotional commitment on any level. Depending on your age and particular upbringing, you might consider casual dating a fun way to socialize, a stepping stone towards a more long-term relationship, or an immoral relationship because of its extramarital sex component (if sex is occurring). Many proponents of traditional marriage denounce casual dating as harmful and a precursor of divorce. Is it true that casual dating is harmful in the long term? Casual Dating and Divorce Relationship psychologists and sociologists have long believed that casual dating and cohabitation before marriage leads to higher divorce rates. However, the connection is difficult to establish on its own (there are lots of possible confounding factors), and there are many studies that show the opposite trend. How you ask questions and to whom you ask questions about casual dating deeply influence the type of results you get on this topic. If you ask happy couples in both casual and married relationships, they will both show similar patterns in satisfaction and happiness. The same goes for unhappy couples. In other words, evidence that shows couples as less happy and more likely to divorce could be a result of the specific couple and not the relationship style. Casual dating may or may not lead to more divorce rates in the future, depending on the person you are dating and the likelihood of a long-term relationship. Scientists cant quite agree. Are Casual Relationships Less Satisfactory? Another common effect attributed to casual dating is that these non-committed, casual relationships are less satisfying than more traditional, committed relationships. On the side of sexual satisfaction, a study published in the Canadian Journal of Human Sexuality found that although sexual satisfaction was higher for people in married, engaged, or exclusive relationships, there was still a positive link between casual dating and sexual satisfaction. Casual dating doesnt lead to unhappy sex life. What about general satisfaction with the relationship as a whole? The picture gets a little more complicated here. If you dont expect a future with the person you are dating, your relationship satisfaction will be lower than that of cohabiting, engaged or married relationships. If you do hope that your casual dating relationship will turn into something more long-term, then your satisfaction will be the same as that of cohabiting or married couples. It all depends on whether you feel the relationship is coming to an end or is in danger. Overall, if your expectations and attitudes towards casual dating are positive, its likely that youll be happy with your relationship and your sex life. Does Casual Dating Lead to Poor Mental Health? Some people also believe that casual dating leads to negative psychological effects such as low self-esteem, anxiety, and depression. Myths about the negative effects of casual dating and hooking up, especially for women, abound. What does the science say? On the topic of hooking up, research over one year with undergraduate students in the United States showed that only when people hooked up for non-autonomous (I didnt choose this) reasons had lower self-esteem, higher depression and anxiety, and more physical symptoms. In other words, when a person hooked up because of peer pressure, or because they couldnt consent (being under the influence of drugs or alcohol), it made them less happy. However, the participants who hooked up because they wanted to (autonomous) were just as happy as the students who didnt hook up at all. Whether hooking up and casual dating hurt people mentally depends on their own personal desires and attitudes towards these relationship styles. If you think that hooking up and casual dating is wrong, engaging in these things will make you feel bad. If you think that they are fun ways to meet people and explore future relationships, you will feel happy. It all depends on your point of view. Casual Dating in Relationship Progression If you dont think that casual dating is wrong or immoral, then you are likely to find this kind of relationship satisfying. More interestingly, researchers have begun considering casual dating as a step in a progressive relationship that eventually leads to long-term commitment or marriage. In a world where traditional marriage is retreating, people use casual dating as a way to test sexual and relationship compatibility with partners. In other words, casual dating tends to be an early step toward long-term partnerships. These relationships often begin with a meeting or even hooking up. The two people may start going on dates, perhaps not exclusively at first. If there is compatibility, people then tend to become exclusive, move in together, and eventually marry and have children. The difference between todays casual dating and the dating styles of previous generations is that now, casual dating more openly involves extramarital sex. This may be why older, more conservative groups tend to denounce casual dating as undesirable. However, since the non-marital, casual sex is widely accepted in modern societies, this attitude is less influential than it used to be. A Word From Verywell Casual dating will hurt you only if you are doing it against your will, if you have no hope for a future with the person, or if you think it is immoral. If you enjoy the sense of freedom that comes with developing relationships with a potential partner and testing the waters before making a commitment, casual dating is one step towards finding a person to possibly form a long-term commitment with in the future.

False Deception In The Great Gatsby - 1739 Words

The Great Gatsby Essay Individuals perpetuate false personas to such an extent that they are convinced into a state of false consciousness of reaching the American dream, ultimately, this facade leads them to their downfall, exposing repressed reality from idealistic lies. In The Great Gatsby, F. Scott Fitzgerald utilizes symbols to describe the hollow nature of each character’s deceitful persona, which comes to show the ultimate theme of downfall through the individual’s perception of the American dream. The use of gold as a mask for the colour yellow represents authentic wealth versus fake wealth, further developed though Jay Gatsby’s pursuance of the American dream. The colour white known for is purity and simplicity is denoted by Daisy†¦show more content†¦However, Gatsby’s attempts fail as the parties he hosts exposes parts of his false persona. The aspect of a golden turkey, convinces Gatsby s of the notion that like a main course meal he too can have that level o f importance by convincing himself and others that he is rich and has authentic wealth or, in this case old money, similar to Tom Buchanan. The surroundings of the house, the gold brass rail, are meant to mask the true identity of Gatsby, repressing the reality of his fake money, that like the alcohol needs to be forgotten/hidden. Therefore the false persona slips through the expression of the guests at the party, who also happen to dress in yellow, the fake money. As a result, Gatsby faces rumours that affect his image, the one he is trying to falsify for Daisy, his American dream. Towards the middle of the novel, Jay Gatsby’s encounter with Daisy and Tom, further reveals his true identity that eventually results in his downfall in realizing his American dream of Daisy. â€Å"‘Her voice is full of money,’ he said suddenly. High in a white palace the king’s daughter, the golden girl [...] ‘You take Nick and Jordan. We’ll follow you in the cou pà ©.’† (Fitzgerald 120-121). Daisy is recognized as a golden girl, a person of real-old money versus Gatsby a person of fake-new money. Gatsby s car and tie further exposes him to Tom Buchanan, due of the aspect of themShow MoreRelatedDeceiving Appearances in The Great Gatsby by Fitzgerald Essay1327 Words   |  6 PagesDeceiving Appearances in The Great Gatsby by Fitzgerald In 1808, Sir Walter Scott penned, O, what a tangled web we weave/When first we practise to deceive! (Marmion 6.17) In life, people often lie and use people in order to preserve an ideal self-image or to get what they want. However, there are often serious repercussions for those who lie and for those around them. In F. Scott Fitzgeralds novel, The Great Gatsby, this theme that deception and self-centerednessRead MoreColors in The Great Gatsby758 Words   |  3 Pages Colors are very apparent in The Great Gatsby. They often show up as descriptions to many important items throughout the book, and make those items resemble symbols. The color white confuses the reader, and often causes him/her to rethink their logic. It describes false purity and deception within something, which is very apparent in the character Daisy in this novel. The color grey gives the reader a comparison, and that is of humans to machines. Something that is lifeless is described as grey.Read MoreThe Great Gatsby, by F. Scott Fitzgerald1015 Words   |  4 PagesColor Symbolism In The Great Gatsby When F. Scott Fitzgerald was writing The Great Gatsby, he was not only working as a writer, he was an artist painting a piece through his words. While making the lives of fictional characters come to life for the reader, one of the main tools he used to do this was by using the symbolism of colors. Nick Carraway, the main character, befriends many of the wealthiest and corrupt people of Long Island, while exposing them for what they truly are in the journeysRead MoreTragedy: Shakespeares Hamlet and Fitzgeralds The Great Gatsby1007 Words   |  5 PagesIn the play Hamlet by William Shakespeare and the novel The Great Gatsby by F. Scott Fitzgerald, the objective is to divulge the quintessence of humanity. Although the protagonists in both works of literature have drastically different journeys that lead to climactic endings, the use of plot is to demonstrate that the essence of mankind is ultimately a tragedy if great care is not taken. Both Hamlet and Jay Gatsby are unable to focus on the reality of the situation, and rather waste valuable timeRead MoreThe American Dream In The Great Gatsby Analysis1744 Words   |  7 PagesDeceptions of the American Dream From a distance, the American dream is a hopeful one- that anyone, regardless of race, class, or gender, can become successful and wealthy if they possess ambition and the ability to work hard. However, when scrutinized, this rosy view clearly shows ignorance towards societal issues such as misogyny, racism, and income inequality and instead focuses on the notion of having an extravagant home, fancy cars, and a happy family- all of which symbolize the great AmericanRead MoreThe Villain Of Gatsby By F. Scott Fitzgerald1056 Words   |  5 PagesThe Villain of Gatsby Here’s the thing about stories; they’re all different, but they’re all the same. Now, everyone knows how they’re different. Different letters make up different words which make up different sentences. It’s this difference that allows for multiple stories to be told. The other side of stories is much less understood. They’re all the same. This can be seen through the examination of archetypes, most importantly the hero vs the villain. It can be seen in every tale imaginableRead MoreThe Great Gatsby By F. Scott Fitzgerald1452 Words   |  6 PagesThere have been many speculations as to why I, F. Scott Fitzgerald, wrote my book The Great Gatsby, however most of these are false and I would like to clarify my true purpose. Some say that I have wrote this book using positive and negative imagery of Myrtle and Daisy to embody the promise and disappointment in the novel and in the mother figure, however my true purpose behind The Great Gatsby is fa r from that. I used the imagery of Gatsby’s house and the characters of Myrtle and Daisy to demonstrateRead MoreThe Great Gatsby By F. Scott Fitzgerald894 Words   |  4 PagesClark-Mane COMS 440 Deconstruction: The Great Gatsby The idea that the â€Å"American dream† consists of achieving unlimited wealth, which ultimately results in unlimited happiness and eliminates all life’s worries, is challenged by F. Scott Fitzgerald’s The Great Gatsby. The novel outlines that power and wealth does NOT necessarily equate to happiness, the consequences of materialism, as well as the distinct differences and divide between social classes. The Great Gatsby focuses on various themes throughoutRead MoreAdversity In The Great Gatsby1118 Words   |  5 Pagesemotion, a novel should teach people lessons and the morality of actions and their consequences. Although some books may vainly appear as obsolete and forgotten, each story shares a different voice and a different perspective of the world. In The Great Gatsby, by F. Scott Fitzgerald, the rivalry between East Egg and West Egg directly relates to the time period and to modern day society. The idea of progress and the betterment of an individual’s situation is allegorical and timeless. Therefore, Fitzgerald’sRead More##s Of Illusions In The Great Gatsby By F. Scott Fitzgerald And Macbeth1067 Words   |  5 Pagesthem from achieving their goals. Illusion often clouds one’s perception of reality and makes it difficult to distinguish what’s real from what’s imaginary and this is represented in many forms of media, including pieces of lit erature such as The Great Gatsby by F. Scott Fitzgerald and Macbeth by William Shakespeare. Illusions have been melded into our society, especially through media. On social networks, only the highlights of people’s lives are captured, which creates unattainable standards for

Transformational Writing Essay - 617 Words

Transformational Writing In the piece, Coming into language, Jimmy Santiago Baca reflects his time spent in prison, where he battled illiteracy and experimented with personal writing. Orphaned at the age of two, Baca spent most of his life in the barrio and on the streets. He dropped out of school in the ninth grade and became a felon at the age of seventeen. Completely illiterate, Baca discovered his heritage in a picture book of Chicano history. A Chicano, Baca identified with the pictures in the book. This discovery motivated Baca to become literate and capable of freely expressing his thoughts. Jimmy Santiago Baca released his first collection of poetry, Immigrants in our own land, and later wrote Working in the dark:†¦show more content†¦Baca introduces himself with his background and then explains how his life was transformed through writing. Baca supports his argument with personal experiences and addresses his readers with an informal tone. For example, Baca explains, â€Å"From the time I was seven, teachers had been punishing me for not knowing my lessons by making me stick my nose in a circle chalked on the blackboard† (p.41). With his very personal stories and informality, Baca removes any possible barrier between himself and his readers. Baca explains his reason for writing was â€Å"to sublimate my rage, from a place where all hope is gone, from a madness of having been damaged too much, from a silence of killing rage† (p. 46). Baca approaches his readers in a subjective stance by allowing his private life to become public. His stories sufficiently persuade readers to believe that a personal transformation through language is possible. Baca’s informality and openness maintain the attention of his readers. Throughout the piece, deeper meanings in words engage and captivate Baca’s readers. His writing is very poignant and emotionally appealing. To further convince readers of his personal transformation through writing, Baca creates metaphors in his words. Such engaging metaphors are noticeable in Baca’s depiction of his new birth as a poet: Through language I became the grass, speaking its language and feeling its green feelings and blackShow MoreRelatedWriting As A Form Of Communication938 Words   |  4 PagesWriting is a form of communication that utilizes symbols to express an idea or thought. The earliest form of writing began with pictographs, which were symbols of objects used to portray an idea. Thus, writing started with the Sumerians of Mesopotamia, who carved the first known pictographs in stone in approximately 35000 BC. Eventually, the pictograph developed into phonetic writing, where the symbols no longer just expressed an idea, but rather a sound. This development was a significant one, asRead MoreEssay On Maya Angelou1280 Words   |  6 Pagesa true transformational leader. Maya Angelou is an effective transformational leader because she gave a speech at the inauguration, used her celebrity platform to raise awareness on equal rights and racism, and although she never attended college, she empowered education through her literature. She shows this in her characteristics of vision, empowerment, and celebrity charisma. Maya Angelou proved to be a transformational leader throughout her life. According to Dubrin, a transformational leaderRead MoreThe Timeless Quality of the Foundations of Excellent Leadership1177 Words   |  5 Pagessubordinates, along with a very clear focus on results attained through shared vision. It is the intent of this analysis to show that transformational leadership is timeliness because it is predicated on principles applicable to each generation. The impact of technology on leadership is to accelerate transparency and trust across entire organizations when transformational leaders are driving progress to shared goals and objectives (Bernoff, Li, 2008). Technology will amplify excellent leadership andRead MoreThe Work Of Dock And Wald Raised Public Health1513 Words   |  7 PagesHistorical Research and Writing recognized outstanding writing and research in a book by an experienced scholar of nursing history† (American Association for the History of Nursing [AAHN], 2007). Lavinia Dock was a transformational leader. Transformational leadership does not have a single clear cut definition. Transformational leadership is a group of characteristics, an approach that encompasses many theories and schools of thought. According to Marshall (2011), transformational leadership is a styleRead MoreEmotional Intelligence And Transformational Leadership1619 Words   |  7 PagesDiscussion The findings show that emotional intelligence and transformational leadership can increase the performance of managers as well as their followers. The transformational leadership is based off leaders motivating employees to perform better in their organizations. The transformational leader is linked to traits such as charisma which is then linked to trust and compassion. Moreover, transformational leadership was linked with Big Five Personality Traits extraversion and agreeableness.Read MoreFormative Experiences And The Formation Of My Self Leadership Model1175 Words   |  5 PagesFormative experiences and the formation of my self-leadership model Different experiences come a long way to form my model of self-leadership currently. During my first years of my employment, the dean in the department I worked in Vietnam was a transformational leader who motivated me significantly. Among senior faculties in the department, she was not evaluated as the best researcher or instructor. However, no one in the department rejected the fact that she was a very effective leader. She led toRead MoreThe Great Man Theory Of Leadership963 Words   |  4 Pagestransactional and transformational leadership and Post-heroic theories of leadership, just to name a few. These theories will be touched upon and compared later in my writing. This essay will be highlighting the prominence of transformational leadership and how it fosters performance at work, compared to the other forms of leadership mentioned above, primarily the dichotomy between it and transactional leadership, as I feel transactional leadership contrasts the methodology behind transf ormational leadershipRead MoreLeadership Essay1739 Words   |  7 Pagesable to answer but the process has been a fascinating insight to self-discovery. The end result is a desire to try something a little different, in regards to my leadership style at home and at work. My favorite leadership theory is that of transformational vs. transactional leadership. But first, I want to quickly look at leadership qualities. Trait theory evolved from the very same question I had as to whether or not leaders are born or made. If leaders are born with certain traits then shouldRead MoreTransformational Leadership : A Transformational Leader1240 Words   |  5 PagesProductive transformational leadership abilities can easily be developed. A transformational leader has a trustworthy relationship with their followers. Having a strong bond between a leader and their followers can influence more productivity and incorporate more ethical practices. With this bond, the follower tends to put their best foot forward, taking full accountability for their actions because there is a sense of trust and honor. There are four dimensions of transformational leadership, whichRead MoreLeadership In A Public Sector Can Be A Key Factor In How1444 Words   |  6 Pagescompany or o rganization are being achieved. It also determines if the needs of the people are being met. One must understand there is a difference in leadership styles that will help in managing a team. The three styles are ethical, creative and transformational leadership. One can be a creative leader without being an ethical one or one can be an ethical leader without being a creative one (Menzel, 2015). Understanding the differences in leadership can help ensure that proper management is being performed

Analysis of a Doll’s House by Henrik Ibsen Free Essays

Honesty in Marriage In A Doll’s House, Ibsen uses role reversal between Nora and Christine to show the importance of honesty in a good marriage versus dishonesty. Nora and Torvald have the dishonest marriage and that proves to turn out badly for their relationship in the end. Christine remained an honest person and ended up with a rekindled relationship with her old love. We will write a custom essay sample on Analysis of a Doll’s House by Henrik Ibsen or any similar topic only for you Order Now At the very beginning, everything seems fine with Torvald and Nora if Nora’s initial act of dishonesty is ignored. Torvald calls to her first. â€Å"When did my squirrel come home? (Act I) Right after answering him, Nora does her best to hide the macaroons she had eaten against Torvald’s wishes by stuffing the bag in her pocket and frantically wiping the evidence from her mouth. All is seemingly well between them besides Nora’s lack of willpower against cookies. When Christine comes on the scene, she is alone. She has come to where Nora lives to find work (even though she feels overworked). She is completely honest about her situation with Nora though. From the beginning Christine seems to have nothing to hide. She explains how she spent her life taking care of her family and how she no longer has someone to care for other than herself. Later in the play, when Nora and Torvald go to the party, Nora’s mind is less on dancing the Tarantella and more on the letter Krogstad had written for Torvald. In the letter was the truth about how Nora was able to pay for Torvald’s treatment in Paris. All this time, Torvald was thinking the money came from Nora’s father when in reality, Nora illegally forged her father’s name in order to obtain a loan from the bank at which Krogstad was employed. Nora broke to law by doing business without a man and had not notified her husband. Now Nora is doing her best to stall Torvald in hope of not letting him read his letter from his letterbox. She does her best to be subtle by begging to stay at the party longer. Torvald refuses to give in to her pleas and eventually reads the letter. The result is not pretty. Torvald becomes furious, â€Å"And as for you and me, it must appear as if everything between us were just as before–but naturally only in the eyes of the world. You will still remain in my house, that is a matter of course. But I shall not allow you to bring up the children; I dare not trust them to you. To think that I should be obliged to say so to one whom I have loved so dearly, and whom I still–. No, that is all over. From this moment happiness is not the question; all that concerns us is to save the remains, the fragments, the appearance—† (Act III) Torvald’s idea of a solution is to do his best to hide the situation as best her can by trying to appease Krogstad. Then he wants to keep Nora as a prisoner in her own home while simultaneously isolating her from her own children indefinitely. All this time, Nora’s lies has cost her the relationship she thought she had with her husband. At the same time, Torvald has been hiding his true self from Nora. She never expected him to react in such a way and this lead her to make, more than likely, one of the hardest decision’s she’s ever had to make. While Nora stresses about Krogstad’s letter, Christina decides to pay him a visit and does what Nora should have done with Torvald. Christine tells Krogstad the truth. She explains to Krogstad why they could not be together in the past. She explains how much she needed money to care for her helpless mother and two brothers. She could not afford to wait around for Krogstad. That much, Krogstad can understand. Notice how, their conversation does not involve any talk of shunning the other in anyway. Because Christine is honest with Krogstad, he accepts her the way she is, flaws and all. In the end, Nora feels it is best for her to be on her way even after Torvald changes his mind. Krogstad decides to forget the debt and not hold it over Nora’s head as blackmail any longer. Torvald gets really happy and tries to act as if everything can go back the way it was, â€Å"Listen to me, Nora. You don’t seem to realise that it is all over. What is this? –such a cold, set face! My poor little Nora, I quite understand; you don’t feel as if you could believe that I have forgiven you. But it is true, Nora, I swear it; I have forgiven you everything. I know that what you did, you did out of love for me. † (Act III) He wants to believe that since Krogstad has relinquished the bonds, the situation is all over and everything her said before is in the past. Unfortunately for him, Nora is not so sure. She thinks about how he was so ready to shun her and put her away like a common criminal. She realizes that Torvald is not the noble man she thought he was and she is not the woman for him. She is tired of living like a man’s plaything all her life. Torvald is the one who helps her realize it and she leaves. Christine and Krogstad decide to revive their lost love and live together as a happy couple. So in the end, Nora and Torvald go through their marriage and lying to themselves and each other. As a result, the marriage falls apart and Nora makes the decision to walk away. She hopes to find herself in the world by allowing herself to be honest. Christine walks in with no one. She hides nothing and stays honest with herself. This gives her the freedom to be honest with her long, lost sweetheart, Krogstad. Her honesty gives them both the ability to truly love each other, unlike Nora and Krogstad. Nora and Christine have essentially switched places all because Christine was honest and Nora was not. How to cite Analysis of a Doll’s House by Henrik Ibsen, Essay examples

No Idea free essay sample

The values inculcated in SAF officers are the same ones that they will transmit to their men, and which will permeate our society. † Mr Lee Kuan Yew Quote 6: â€Å"However, no one can teach each of you how to be a leader of men. You will have to learn how to earn the respect and confidence of other men placed under your charge, what moves them, and why some officers are better than others in getting their men to do better. † Mr Lee Kuan Yew Quote 7: â€Å"You will be responsible not only for what you yourself do, but also for your subordinates, what they do, or fail to do. Mr Lee Kuan Yew Quote 8: â€Å"However, later in life, you will realise that how to get on with other men and how to get them to do things to the best of their ability, are amongst the most important things in life. † Mr Lee Kuan Yew Quote 9: â€Å"There are several characteristics common in men in top positions: strength of character and a mind able to take in the details and complexities of a problem quickly, seize hold of the essential elements, and act decisively to tackle the problem. We will write a custom essay sample on No Idea or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page † Mr Lee Kuan Yew Quote 10: â€Å"The SAF must have men who are emotionally stable and totally committed to Singapore. We shall have an efficient and effective defence force, dedicated to ensure the security of all in Singapore. † Mr Lee Kuan Yew 2. Dr Goh Keng Swee Quote 11: â€Å"We must never forget that our existence as an independent sovereign state cannot be made to depend on the sufferance of others. The most dependable guarantee of our independence is a strong SAF: A strong SAF, in turn, depends on the political will to make the effort and pay the price. Dr Goh Keng Swee, Minister for Defence (1984) Quote 12: â€Å"Singapore survives and prospers because it has been able to adjust to quickly changing situations. For this, we need people with keen minds, able to see beyond the routine and the ordinary to perceive the big opportunities ahead and to think out bold, imaginative yet practical plans and to carry these out successfully. † Dr Goh Keng Swee, Minister for Defence (1972) Q uote 13: â€Å"The guns we provide the SAF are as effective as the soldiers who fire them. The soldiers are as effective as the officers who lead them. † Dr Goh Keng Swee, Minister for Defence (1981) 3. Dr Ng Eng Hen Quote 14: (Proposed @ Bravo) â€Å"The ultimate measure of the SAFs strength lie in the will and resolve of our people to defend Singapore. † Dr Ng Eng Hen, Minister for Defence (2011) 4. Dr Tony Tan Quote 15: (Proposed @ Hotel) â€Å"The defence of Singapore is the sacred duty and solemn responsibility of each and every Singaporean who calls our Nation home. † Dr Tony Tan, Minister for Defence (2000)

Antonio Gramsci - Biography and Intellectual Contributions

Antonio Gramsci - Biography and Intellectual Contributions Antonio Gramsci was an Italian journalist and activist who is known and celebrated for highlighting and developing the roles of culture and education within Marxs theories of economy, politics, and class. Born in 1891, he died at just 46 years of age as a consequence of serious health problems he developed while imprisoned by the fascist Italian government. Gramscis most widely read and notable works, and those that influenced social theory were written while he was imprisoned and published posthumously as  The Prison Notebooks. Today, Gramsci is considered a foundational theorist for the sociology of culture, and for articulating the important connections between culture, the state, the economy, and power relations. Gramsci’s theoretical contributions spurred the development of the field of cultural studies, and in particular, the field’s attention to the cultural and political significance of mass media. Gramscis Childhood and Early Life Antonio Gramsci was born on the island of Sardinia in 1891. He grew up in poverty amongst the peasants of the island, and his experience of the class differences between mainland Italians and Sardinians and the negative treatment of peasant Sardinians by mainlanders shaped his intellectual and political thought deeply. In 1911, Gramsci left Sardinia to study at the University of Turin in northern Italy and lived there as the city was industrialized. He spent his time in Turin amongst socialists, Sardinian immigrants, and workers recruited from poor regions to staff the urban factories. He joined the Italian Socialist Party in 1913. Gramsci  did not complete formal education, but was trained at the University as a Hegelian Marxist, and studied intensively the interpretation of Karl Marx’s theory as a â€Å"philosophy of praxis† under Antonio Labriola. This Marxist approach focused on the development of class consciousness and liberation of the working class through the process of struggle. Gramsci as Journalist, Socialist Activist, Political Prisoner After he left school, Gramsci wrote for socialist newspapers  and rose in the ranks of Socialist party. He and the Italian socialists became affiliated with Vladimir Lenin and the international communist organization known as the Third International. During this time of political activism, Gramsci advocated for workers’ councils and labor strikes as methods of taking control of the means of production, otherwise controlled by wealthy capitalists  to the detriment of the laboring classes. Ultimately, he helped found the Italian Communist Party to mobilize workers for their rights. Gramsci traveled to Vienna in 1923, where he met Georg  Lukcs, a prominent Hungarian Marxist thinker, and other Marxist and communist intellectuals and activists who would shape his intellectual work. In 1926, Gramsci, then the head of the Italian Communist Party, was imprisoned in Rome by Benito Mussolini’s fascist regime during its aggressive campaign of stamping out opposition politics. He was sentenced to twenty years in prison but was released in 1934 because of his very poor health. The bulk of his intellectual legacy was written in prison, and is known as â€Å"The Prison Notebooks.† Gramsci died in Rome in 1937, just three years after his release from prison. Gramscis Contributions to Marxist Theory Gramsci’s key intellectual contribution to Marxist theory  is his elaboration of the social function of culture  and its relationship to politics and the economic system. While Marx discussed only briefly these issues in his writing, Gramsci drew on Marx’s theoretical foundation to elaborate the important role of political strategy in challenging the dominant relations of society, and the role of the state in regulating social life and maintaining the conditions necessary for capitalism. He thus focused on understanding how culture and politics might inhibit or spur revolutionary change, which is to say, he focused on the political and cultural elements of power and domination (in addition to and in conjunction with the economic element). As such, Gramsci’s work is a response to the false prediction of Marx’s theory that revolution was inevitable, given the contradictions inherent in the system of capitalist production. In his theory, Gramsci viewed the state as an instrument of domination that represents the interests of capital and of the ruling class. He developed the concept of cultural hegemony to explain how the state accomplishes  this, arguing that domination is achieved in large part by  a dominant ideology expressed through social institutions that socialize people to consent to the rule of the dominant group. He reasoned that hegemonic beliefs dampen critical thought, and are thus barriers to revolution. Gramsci viewed the educational institution as one of the fundamental elements of cultural hegemony in modern Western society  and elaborated on this in essays titled â€Å"The Intellectuals†Ã‚  and â€Å"On Education.† Though influenced by Marxist thought, Gramsci’s body of work advocated for a multi-faceted  and more long-term revolution than that envisioned by Marx. He advocated for the cultivation of â€Å"organic intellectuals† from all classes and walks of life, who would understand and reflect the world views of a diversity of people. He critiqued the role of â€Å"traditional intellectuals,† whose work reflected the worldview of the ruling class, and thus facilitated cultural hegemony. Additionally, he advocated for a â€Å"war of position† in which oppressed peoples would work to disrupt hegemonic forces in the realm of politics and culture, while a simultaneous overthrow of power, a â€Å"war of maneuver,† was carried out.

5 Words That End in the Excrescent -st

5 Words That End in the Excrescent -st 5 Words That End in the Excrescent â€Å"-st† 5 Words That End in the Excrescent â€Å"-st† By Mark Nichol Somewhere along the way, a very small group of English words, through dialectical divergence, acquired spelling and punctuation variants in the form of an odd appendage: the letters -st. Three of these terms are acceptable (but declining in use) in British English but deemed nonstandard in American English, while two others, strangely, have prevailed over earlier forms. The phonological term for this type of change is excrescence, which although it simply means â€Å"outgrowth† is a word with unpleasant associations that should help writers (and speakers) of American English to remember to think twice before using one of the following three words: 1. Amidst: The preposition amid, meaning â€Å"among† or â€Å"during,† or â€Å"with the accompaniment of,† is often written (but rarely said as) amidst, even in American English, but it is considered colloquial and unsuitable for formal writing. 2. Amongst: The excrescent form of the preposition among, in some senses synonymous with amid(st), is perhaps even more frequently employed in informal American English writing (and speaking). However, amongst, like amidst, should be avoided in formal writing. 3. Whilst: Alone among these three words, the conjunction whilst is rarely used in American English, perhaps because it sounds especially affected; many users of British English also favor while. Its relative unpopularity, however, is counterintuitive in that it is relatively easy to pronounce, while amidst and amongst involve some mandibular gymnastics. Though they have the same ending as amidst, amongst, and whilst, these words ending in the excrescent -st are standard: 4. Against: Anomalously, though against followed a path similar to those of the three words listed above, forming from the alteration of again to againes and then to againest before settling into its current form, the nonstandard variant prevailed. Again, as a preposition, has been relegated to dialect used for comic effect; indeed, in this context, it is often spelled agin to emphasize the drawled pronunciation, as in â€Å"I ain’t sayin’ nothin’ agin ya† (translation: â€Å"I’m not saying anything against you†). 5. Midst: This variant of the noun middle (from the Middle English term middest, an alteration of middes, which in turn is short for amiddes, meaning â€Å"amid†) is correct, though its survival is curious, considering that middle is easier to pronounce. The truncated form mid is acceptable only as a prefix in a hyphenated (mid-Atlantic) or closed (midafternoon) compound. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Spelling category, check our popular posts, or choose a related post below:Writing a Reference Letter (With Examples)Hyper and HypoComma After Introductory Phrases

Corporate Governance and Finance Essay Example | Topics and Well Written Essays - 3000 words

Corporate Governance and Finance - Essay Example Company Background Apple Inc. was instituted in the year 1977 and is headquartered in California, United States of America. The company along with its subsidiaries designs, produces, and sells mobile communication devices, personal computers, media devices, and handy digital music players among others. Apple Inc. also sells a range of associated services, software, networking solutions, peripherals, digital content and other forms of applications. Apple Inc. caters to a broad array of clients, ranging from individual consumers, to small and mid-sized enterprises and education, corporate and government customers (Apple Inc. (a), 2012). The products as well as services offered by Apple Inc. comprise of iPhone, Mac, iPod, iPad, Apple TV, in addition to a collection of specialized and consumer software applications. Apple Inc. also provides the iOS, iCloud, and Mac OS X operating structure, in addition to an assortment of accessory, service as well as support offerings. Apple Inc. also v ends and distributes digital content as well as applications by means of the App Store, iTunes Store, Mac App Store and iBookstore. The Company markets its products throughout the globe via its stores, both online as well as retail in addition to direct sales force. Apple Inc. also sells via wholesalers, intermediary cellular network carriers, retailers, as well as value-added resellers. Furthermore, Apple Inc. also markets a range of third-party iPhone, Mac, iPad, and iPod attuned products, such as application software, printers, speakers, headphones, storage devices, as well as many other accompaniments and peripherals, via its retail and online stores (Apple Inc.(a), 2012). Company History Apple was founded by Steve Jobs and Steve Wozniak in the year 1976. Originally, the... This essay stresses that the subject of corporate governance is associated with the jobs and accountabilities of a business organization’s Board of Directors in handling the business and their associations with the organization’s shareholders as well as other stakeholder. Characteristically, in any corporate organization the full time executive directors possess extensive powers with reference to the dealings and matters of the organization they are paid to manage in support of the shareholders. Nevertheless, the executive directors might not always bear the interests of the shareholders in their mind while carrying out their executive responsibilities. Consequently, this had resulted in endeavors to make the directors more liable for their strategies and actions. This paper makes a conclusion that Apple Inc. practices strong corporate governance principles and hence the company has not faced any major instances of conflict of interest. The comprehensive assessment of the corporate governance as well as the code of conduct of Apple Inc. revealed that the Company abides by strict guidelines and always attempts to protect the interests of its stakeholders. This strict abidance to the required market practices have resulted in positive fortune for the Company. The assessment of the financial position of the company illustrated that the position of the company had further fortified since the years and the stock price movements revealed that Apple is provided good value for shareholders’ money.

Who is Affecter in Labor Market Essay Example | Topics and Well Written Essays - 1750 words

Who is Affecter in Labor Market - Essay Example Labor implies the workforce needed. There needs to be market for services provided. The labor market is unique in the sense that it comprises people who lease their time to enterprises for a given period. The labor they provide is exchanged with wages; in other words, these people trade their idle hours for paid time to that they can earn a living and buy goods and services. In turn, businesses utilize the labor to generate goods and services that consumers demand.As mentioned previously, capital, labor, entrepreneurship and natural resources are the major components required in generating good and services. The quality and quantity of labor that people provide is a significant factor in influencing the rate of growth and level of production of an economy. Employed people, job seekers and enterprises looking for workers constitute the labor market. The contact between the suppliers of labor and businesses seeking human capital determines the salaries and wages that the employees are paid. It also dictates how many people will be employed. A major feature of the labor market is the role of the unique abilities and skills of everyone. Unique talents can be enhanced and changed through training and education so that the labor force becomes an evolving talent pool that businesses hire. Effective use of skills and training of people to meet emerging demands in the market makes the process of production more efficient. Another significant aspect of the labor market is the flexibility of its workforce.

The Effective Decision Essay -- GCSE Business Marketing Coursework

The Effective Decision The Effective Decision - The Function of the Chief Executive At 60, John Neyland, the company president, decided he would retire before the mandatory retirement age of 65. He did not reveal his decision to anyone until he reached 62, and at this time he confided to his best friend and the most powerful board member that he would retire imminently. Mr. Neyland proposed that Bill Strong, Vice President, Administration, a very able and experienced executive, succeed him as president. Mr. Neyland's friend vehemently opposed Bill Strong's candidacy, and forcefully argued that Margaret Wetherall, vice president of manufacturing, was the best qualified to be the new president. This case presents a situation where the decision-making process has completely failed. The selection of the president is one of the most important decisions a board of directors makes. Not only does a president have an enormous impact on the fortunes of a company, but the very process by which the executive is picked influences the way employees, investors, and other constituencies view the company and its leadership. One of the board's most critical roles is to ensure the presence of an effective management development program for the whole enterprise. While the CEO (in most firms, the president is also the CEO), is the person managing the program, the board needs to play an active oversight role to ensure that the program is in place and is working effectively. Considering that Mr. Neyland was approaching the mandatory retirement age, and that a significant difference in opinion between Mr. Neyland and the most powerful board member as to who should be the new president, it is clear that the board (the president is almost always a board member) was extremely derelict in its duties. The decision-making process was greatly undermined, with huge ramifications for the organization. In the Japanese way of decision-making, the single most important element in solving such problems is defining the question. Because the Japanese system is very time consuming and involves many participants from various functions within the organization, the Japanese system is suited to big decisions. A change is president is one of the most crucial events in the life of a company, and it is an event in which the board of directors plays a central role. Because the ne... ...ns by consensus, and they have developed a systematic decision-making process. The critical first step in the Japanese decision-making system is to define the problem and then proceed through well-defined stages to arrive at an effective decision. For example, the Japanese flush out various opinions without any discussion of the answer. The Japanese focus on exploring and debating the merits of alternatives, rather than on the optimal solution. The process includes all parties that are affected by the decision. When a consensus is reached, the decision can be easily implemented because people implementing the decision were intimately involved in the decision-making process. The disagreement between Mr. Neyland and the board member regarding who should succeed Mr. Neyland has sabotaged the effective decision-making process. It is highly unlikely that the next president will be the "best" candidate, and politics will compromise the integrity of the decision process. Naturally, there are enormous implications for the economic health of the organization. American and European managers often make poor decisions, and the consequences can be devastating for their organizations.

Psychology And How It Affects The System Of Referencing Essay

Cataloging is an olden time procedure that is made to arrange the collection of books within libraries. Of course, since libraries are considered to have a large collection of reading materials, arranging them into categories helps in the process of researching for the students or plain readers alone. However, this procedure of arranging the files and taking notes of the information with regards a certain book takes much time and effort from the librarians that they are already incapable of doing the primary responsibility that they should be addressing in their profession, assisting the readers. Today, the development of technology aides in libraries have created a radical change within the systems of arranging the files as well as redefined the role of librarians in completing the tasks appointed for them to finish. Technological changes are indeed good. As for this matter, the changes of the procedures taken into consideration by libraries have indeed radically changed the ways by which the librarians tried to complete their duties to their profession,. The existence of computer-based programs also made several files in the local libraries available online making it more convenient for readers to utilize. More than that, it could be noted that the digital based Operating System that is used in public libraries have made it easier for readers to find the actual resources that they need for their researches becomes highly possible and efficient for the users. Yes, the impact of technology in library activities as well as within the procedures of referencing could indeed be considered one of the most successful applications that is made and presented by today’s modern technology. Of course, with the massive overflow of informations through the publication of several reading materials, filing them up in a way that readers would have them through easier access today is beneficial. This is also true in terms of psychological referencing. IT is undeniable that both traditional and modern technological approaches make the psychological references more utilized for studies and assessment procedures for present researches. Psychology too interacts with the different approaches used today in referencing systems. Most often than not, the systems carry the fact that there are certain measures that needs consideration in terms of the acceptance of the human behavior with the referencing systems that are concerned with systematically placing references for basis of studies. Because of the utilization of technology, it is undeniable that the major sources on derived from psychological readings had primarily been improved. Both the ideas and the authors are carefully jotted down in researches with ample accuracy that the studies passed about psychology are then considered to be highly authoritative and validated in terms of sourced references. References: VICTOR HERRERO-SOLANA. (March 2006). Graphical Table of Contents for Library Collections: The Application of Universal Decimal Classification Codes to Subject Maps. Information Technology and Libraries. JOHN D. BYRUM JR. AND DAVID W. WILLIAMSON. (March 2006). Enriching Traditional Cataloging for Improved Access to Information: Library of Congress Tables of Contents Projects. Information Technology and Libraries. Library Information and Technology Association. (February 2007). Futurespeak: A Preface to Top Technology Trends in Libraries.

Study on the determinants of corporate borrowing - Free Essay Example

Sample details Pages: 17 Words: 5208 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. Don’t waste time! Our writers will create an original "Study on the determinants of corporate borrowing" essay for you Create order The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and i mperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail grow th opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: The re is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectivel y. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation an d flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained th e ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of li abilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test t he hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In c ontrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stoh s et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long -term debt financing, hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the c orporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed tim e of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt f inancing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽÂ ²1SG + ÃŽÂ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way t he referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multicollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29. Dedoussis E. Afroditi P. (2010). Corporate governance and investment: domestic and foreign firms in Greece. Managerial Finance, 36,174-200. Diamond Douglas W. (1991a). Debt maturity structure and liquidity risk. Quarterly Journal of Economics, 106, 709-737. Froot, Kenneth A., David S, and Stein C. (1993). Risk management: Coordinating corporate investment and financing policie s. Journal of Finance, 48, 1629-1658. Gan J. (2007). Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Financial Economics, 85, 709à ¢Ã¢â€š ¬Ã¢â‚¬Å"734. Guedes Opler (1996). The Determinants of the Maturity of Corporate Debt Issues. The Journal of Finance, 51, 1809-1833. Hadlock, C.J. (1998). Ownership, liquidity and investment. RAND Journal of Economics, 29, 487-508. Hayashi, F. (1982). Tobins marginal Q and average Q, Econometrica, 50, 213-24. Kale, Jayant, Thomas N. (1990). Risky debt maturity choice in a sequential game equilibrium. Journal of Financial Research, 13, 155-166. Khanna T. Palepu K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 40, 867à ¢Ã¢â€š ¬Ã¢â‚¬Å"891. Leff (1979). Entrepreneurship and economic development: the problem revisited. Journal of Economic Literature, 26, 46à ¢Ã¢â€š ¬Ã¢â‚¬Å"64. Loughran, Ti m, Ritter J. (1995). The new issues puzzle. Journal of Finance, 50, 23-51. Lucas, Deborah, Robert McDonald (1990). Equity issues and stock price dynamics. Journal of Finance, 45, 1020-1043. Marsh, P. R.(1982). The choice between equity and debt: An empirical study. Journal of Finance, 37, 121-144. Miller M. Rock K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40, 1031-1051. Mitchell K. (1991). The call, sinking fund and term-to-maturity features of corporate bonds: An empirical investigation. Journal of Financial and Quantitative Analysis, 26, 201-22. Myers, S.C., Brealey R. Schaefer S. (1977). Term structure with uncertain inflation. Journal of Finance, 32, 277-89. Myers, Stewart C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 9, 147-176. Queen, Maggie, and Richard R. (1987). Firm mortality: Using market indicators to predict survival. Financial Analysts Journal, 43, 9-26. Rizzi Joe (1994). Ga uging debt capacity. Corporate Cashflow, 102, 33-37. Saumitra, N. (2002). Determinants of corporate borrowing: Some evidence from Indian Corporate Structure. Journal of Economics and Finance, 26, 200-215. Stiglitz, Joeph Weiss (1981). Credit rationing in markets with imperfect information. American Econimic Review, 71, 393-411. Stohs, Mark H., Mauer C. (1996).The determinants of corporate debt maturity structure. The Journal of Business, 69, 279-312. Titman, Sheridan, Wessels (1988). The determinants of capital structure choice. Journal of Finance, 43, 1-21.