The Costs On Healthcare For The Homeless Population

Our Innovation Our proposed innovation will decrease the costs on healthcare for the homeless population in the inner city that suffer from chronic obstructive pulmonary disease (COPD). Our proposed innovation is an internal capnography chip. The chip sends a signal to the local health department that will be able to monitor respiratory, circulatory, and metabolic status of the homeless. The internal chip will have a global positioning system (GPS) to locate the patient when the capnography is showing increased respiratory distress. Capnography provides a quantitative reading and a graphic waveform that measures the patient’s exhaled carbon dioxide (CO2). The byproduct of metabolism in the human body is carbon dioxide; it is diffused into the blood and transported to the lungs. The alveoli in the lungs eliminate it from the body. This process provides the healthcare provider with valuable information on the health status of the individual. Capnography provides quick and accurate information on the ventilator, circulatory and metabolic function of the patient in real-time (Brandt, 2010). Capnography will allow the team to monitor the presence and severity of bronchospasm and if the patient is following the treatment plan for exacerbations. If the patient isn’t showing signs of improvement EMS can be sent to the location to provide additional support. Along with COPD, metabolic conditions can be effectively monitored in the field. Patients with diabetes mellitus can beShow MoreRelatedThe Costs Of Hea lthcare For The Homeless Population1987 Words   |  8 PagesOur Innovation Our proposed innovation will decrease the costs of healthcare for the homeless population in the inner city that suffer from chronic obstructive pulmonary disease (COPD). Our proposed innovation is an internal capnography chip. The chip sends a signal to the local health department that will be able to monitor the respiratory, circulatory, and metabolic status of homeless individuals. The internal chip will have a global positioning system (GPS) to locate the patient when the capnographyRead MoreLegal Factors Of An Urban Institute1683 Words   |  7 Pageseligible populations, the Congressional Budget Office has projected that only eight million will enroll in the first year (2014) and only 11 million two years after implementation (Congressional Budget Office, 2013). Issue Statement How can state legislatures improve access to care for the homeless population? Stakeholder Due to the magnitude of this issue there have been several interest groups, for the expansion of Medicaid. Stakeholders include advocacy groups such as, the Homeless Health CouncilRead MoreEssay on Barriers to Healthcare for the Homeless Population1432 Words   |  6 PagesBarriers to Healthcare for the Homeless Population Dana Duggan University of Phoenix Sheila De Vaugh, APRN, BC August 3, 2009 Introduction A homeless person is defined as someone â€Å"who lacks a fixed, regular adequate night time residence or a person who resides in a shelter, welfare hotel, transitional program or place not ordinarily used as regular sleeping accommodations, such as streets, movie theaters, cars, abandoned buildings, etc.† (Cone, 2008, p. ). Homelessness is a growing problemRead MoreThe Affordable Care Act Of The United States1616 Words   |  7 Pagesincome, homeless, and uninsured individuals (Hwang et al., 2010). The government has recognized the lack of healthcare for these individuals. For many years, politicians have been struggling to enact a healthcare reform. Finally, in March 2010 the Affordable Care act was written into law (Hammer, Phillips, Schmidt, 2010). There have been many debates on the pros and cons and how effective this act will be at achieving the goal. These debates raise the question, should poor or homeless individualsRead MoreSample Grant Proposal Essay1723 Words   |  7 PagesGrant Proposal Robert Breedlove III Faculty: Allison Butler NUR 465: Population Health: Local, National, and Global approaches April 28, 2015 The student name indicated on this title page signifies that the author has read and understands the IWU Honesty Policy as outlined in the Student Handbook and IWU Catalog. Affixing this statement to the title page certifies that no cheating or dishonest use of information has occurred in completing this assignment. The work submitted is originalRead MoreVulnerable Population and Self Awareness Paper1620 Words   |  7 Pageshead: VULNERABLE POPULATION AND SELF Vulnerable Population and Self-Awareness Paper: Substance Abuse Lesley Pyron University of Phoenix Vulnerable Population and Self-Awareness Paper Effective healthcare is dependent on understanding vulnerable individuals and populations with respect to biases and prejudices of healthcare providers. According to de Chesnay (2008), â€Å"Vulnerability is a general concept meaning susceptibility, and its specific connotation in terms of healthcare is at risk for healthRead MoreHealth Care Analysis1113 Words   |  5 PagesAlice Lam POLS 110 David Kelly November 16 Extending the Health Coverage to 30 The United States of America has been struggling to resolve the issues of its health care system for decades. The cost of healthcare is high, the quality and access to health care are relatively affected. America has a highly developed health care system, which is available to all people. Although it can be very complex and frustrating at times, it has come a long way from the health care organizations. The boomerang generationRead MoreShould Poor Or Homeless Individuals Be Required Pay For Healthcare Insurance?1592 Words   |  7 Pagesoverall inadequacy of healthcare for low income, homeless, and uninsured individuals (Hwang et al., 2010). For many years the government has recognized the lack of care and have been struggling to enact a healthcare reform. Finally, in March 2010 the Affordable Care act was written into law (Hammer et al., 2010). There have been many debates on the pros and cons and how effective this act will be at achieving the goal. These debates raise the questio n, should poor or homeless individuals be requiredRead MoreThe Problem Of Homeless Population1401 Words   |  6 Pagesnumber of homeless people; this situation has been highly overlooked by media and political attention. Cities in many parts of the world may be known as centers for poverty whether if it s a developed or developing country. No city, state, or country is prone to homelessness. Los Angeles in particular is an entry point for many immigrants who come to look for jobs. The intentions are not to cause there to be a vulnerability to poverty but to try to make a living some how. â€Å"Skid Row homeless populationRead MoreAnalysis of the Homeless Family in America1728 Words   |  7 Pagesthe Homeless Family in America Introduction While homelessness may be an issue that is so far from the minds of the average American family, the truth remains that the current homelessness statistics in America suggest that the issue of homelessness is far more average than one could ever imagine. As of January 2012, The National Alliance to End Homelessness published a series of reports that listed the number of homeless Americans at 636,017 with a rate of homelessness at 21 homeless people

Personal Computers and Smarthphones - 1785 Words

Apple, Google and Microsoft are three well-established companies all competing for the same position, which is to be the leading company in the technology industry. Each company currently has its own products and specialty; however they are all trying to enter new fields in order to dominate the biggest share of the market. Apple is known for being more focused on developing hardware devices, while Google is recognized for generating revenues through developing its own software. Finally, Microsoft is famous for its deep-rooted grounds in the desktop operating system industry. Even though each one of those companies has a strong foundation in their specified field, they all suffer from a number of weaknesses that is making them struggle in achieving their goal. Regardless of their weaknesses, these companies are wealthy enough to maintain their market dominance regarding their specified field. All three companies have one thing in common; they are all competing to be at the top of the technological triangle since the world is going to be depending and relying on mobile computing devices. Apple is an American corporation that was founded by Steve Jobs and Steve Wozniak in April 1, 1976. The corporation develops and designs hardware electronics such as: MAC Personal Computers, iPod Media Player, iPhone Smartphone and iPad tablet. The software includes OSX and iOS operating systems, iTunes and iCloud. Similar to all companies in the industry, Apple has criticism on their wayShow MoreRelatedRisk-Averse Consumers Toward High Involvement Product (Smartphone Case)2124 Words   |  9 Pagescontext of product and brand management, a number of studies have shown various effects of risk aversion on consumers’ decision making. This conceptual paper aims to discuss about how risk-averse consumers behave in choosing particular brand in smarthphone market and how that risk aversion lead to the brand loyalty, brand trust and brand affect. Keywords: consumers, brand, smartphone, risk aversion, brand trust, brand affect, brand loyalty. Introduction The more sophisticated technology developmentRead MoreStrategic Management Apple4831 Words   |  20 PagesApple Inc. Company Summary: Apple Inc. is an American multinational electronic company. It designs, develops and sells mobile communication and media services, personal computing products, portable digital music players and wide range of software products worldwide. Apple’s iPhone, iPod, iPad, MacBook, Apple TV, IOS and OS X operating software are the major successful products and services of late. It also sells and delivers digital contents and application through iTunes store, App Store, iBook

Modern America was shaped Free Essays

Modern America was born in the 1920s Looking back at the 1920s we see the birth of modern America. Women started dressing differently, the invention of household cleaning tools were emerging, and athletes were becoming heroes of many. The Jazz Age also came about In the 1 920s and influenced different types of music we have today such as: Rock and Roll, Hip- Hop, and RB. We will write a custom essay sample on Modern America was shaped or any similar topic only for you Order Now Although, many new inventions and social changes were coming about, nothing/no one shaped modern America more than Henry Ford and his impact on the automobiles, the media, and the start of a public education. Henry Ford, American Industrialist, greatly influenced production. wages, working conditions, and daily life. With his development of the assembly line, a technique used for mass production, Henry Ford made cars faster and cheaper than ever before. He allowed both wealthy and non-wealthy to afford cars. Today, thanks to automobiles, people are able to live farther from their jobs and the demand for car parts or necessities has fueled the economy by an increase of Jobs and businesses, In addition to this, automobiles have played a key role in the development of many cities, motels, and highway systems of today. Having not only an Impact on automobiles, Ford also provided better working conditions and wages for his workers. Doubling wages to $5 a day, reducing workdays from 9 hours to 8, and giving the weekends off, was how Henry Ford Influenced working conditions of today. Along with automobiles, the media also helped shaped modern America. The Inventions of the radio and sound films have greatly influenced America’s lifestyle of today. The radio as well as sound films are probably one of the most used inventions of all time. When the radio first came about it was used by many as a leisurely thing. People would listen to music, religious sermons, news, and sports games. Today the radio is used by almost everyone; it is used in cars, stores, houses, and parties, it Is a form of entertainment. The radio has influenced many other electronic devices of today such as the iPod. Sound films are another popular invention that we still use today. With the help of sound films, movie theaters arose and shaped the American tradition of going out to the movies. Today there are about 18,000 movie theaters in the U. S that help fuel our economy and keep America entertain with new releases every week. In addition to leisurely Inventions, public education became more important in the 1920s. Before the 1920s a public education was not the maln concern of people as It Is today. In the 1920s public education became more important when people realized that, â€Å"Mastery of mathematics and language could spell the difference between a low-paying Job, unskilled Job and a higher paying position as an office worker. † (p. )This idea has greatly prospered over the years and led to many public schools and unlversltles of today. In the 1900s the percentage of students graduating rom high school was 6. and tripled during the 1920s. Today children, teens, and adults continue to go to school to receive an education and a higher paying Job. During the 1920s the theory of evolution also became known during the scopes trial t Of2 ata scnool In lennessee. I nls Idea 0T evolutlon vs. rellglon Is stlll around today ana continues to be challenged. It is safe to say that the 1920s affected Ameri ca greatly and continues to do so today. The invention of the automobile still affects modern America today and has greatly impacted the economy financially and socially. It has defined America’s structure and changed the way we do things. The radio and sound films have changed the lifestyles of many and have become an American custom. Its businesses continue to grow today and are thriving. Education has also become very important to America and plays as key to architecture, health, and politics of today. Education has challenged many ideas and influences the way we think, positively. How to cite Modern America was shaped, Papers

The savage male free essay sample

Yanomamo a tribe of American Indians are labeled as the ‘fierce people’. They are one of the most aggressive, warlike, male-oriented people in the world. Yanomamo male is usually covered with wounds and scars due to quarrels, duels and military raids. Women are also covered with scars and bruises as a result of violent encounters with seducers, rapists and husbands. Yanomamo is a hot-tempered, drug-taking, warrior-husband. Kind husbands merely hurt and mutilate, the fierce one wound and even kill them. Women are expected to serve promptly and respond without protest. Unproved violence against women helps to prove that they are capable of deadly assault, he ‘image’, is prominent if he publicly beats his wife with a club. Women are used as scapegoat to vent their anger. A brother of a runaway sister struck her with because their (he and her husband’s) relationship was disturbed. The male supremacy is also the exercise of the use of hallucinogenic drugs which helps them to ignore extremes of pain and overcome fear during duels and raids. We will write a custom essay sample on The savage male or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Yanomamo are victimized from childhood, she gets punished if she retaliates her little brother who hits her. Marriage is like, men are exchangers and women the exchanged, marriage is â€Å"dragging something away,† divorce as â€Å"throwing something away. † Yanomamo women expect to be manhandled by their husbands. They find it difficult to imagine a world in which husbands would be less brutal. Male chauvinist is expressed in duels. The scars made by the duels are souvenirs which they are proud of. They shave their heads and rub red colour so that each scar stand out clearly. War is a favourite lifestyle of the Yanomamos. Even the best of allies behave in a fierce and aggressive manner. A friendly feast is unpredictable until the last guest leaves. Extreme act of bravery, a warrior may slip into the enemy village and kill somebody who is sleeping in a hammock.

Agency Costs and Corporate Governance Mechanisms Evidence for Uk Firms Essay Example

Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms Essay Agency costs and corporate governance mechanisms: Evidence for UK firms Chrisostomos Florackis and Aydin Ozkan* University of York, UK Abstract In this paper, we aim to extend the empirical literature on the determinants of agency costs by using a large sample of UK listed firms. To do so, we employ two alternative proxies for agency costs: the ratio of total sales to total assets (asset turnover) and the ratio of selling, general and administrative expenses (SGA) to total sales. In our analysis, we control for the influence of several internal governance mechanisms or devices that were ignored by previous studies. Also, we examine the potential interactions between these mechanisms and firm growth opportunities in determining agency costs. Our results reveal that the capital structure characteristics of firms, namely bank debt and debt maturity, constitute two of the most important corporate governance devices for UK companies. Also, managerial ownership, managerial compensation and ownership concentration seem to play an important role in mitigating agency costs. Finally, our results suggest that the impact exerted by internal governance mechanisms on agency costs varies with firms’ growth opportunities. JEL classification: G3; G32 Keywords: Agency costs; Growth opportunities; Internal Corporate Governance Mechanisms. * Corresponding author. Department of Economics and Related Studies, University of York, Heslington, York, YO10 5DD, UK. Tel. : + 44 (1904) 434672. Fax: + 44 (1904) 433759. E-mail: [emailprotected] ac. uk. We thank seminar participants at University of York, and the 2004 European Finance Association Meetings for helpful comments and suggestions. 1 1. Introduction Following Jensen and Meckling (1976), agency relations within the firm and costs associated with them have been extensively investigated in the corporate finance literature. We will write a custom essay sample on Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Agency Costs and Corporate Governance Mechanisms: Evidence for Uk Firms specifically for you FOR ONLY $16.38 $13.9/page Hire Writer There is a great deal of empirical work providing evidence that financial decisions, investment decisions and, hence, firm value are significantly affected by the presence of agency conflicts and the extent of agency costs. The focus of these studies has been the impact of the expected agency costs on the performance of firms. 1 Moreover, the implicit assumption is that, in imperfect capital markets, agency costs arising from conflicts between firms’ claimholders exist and the value of firms decreases if the market expects that these costs are likely to be realised. It is also assumed that there are internal and external corporate governance mechanisms that can help reduce the expected costs and their negative impact on firm value. For example, much of prior work on the ownership and performance relationship relies on the view that managerial ownership can align the interests of managers and shareholders and hence one would observe a positive impact exerted by managerial shareholdings on the performance of firms. The positive impact is argued to be due to the decrease in the expected costs of the agency conflict between managers and shareholders. Despite much valuable insights provided by this strand of literature, however, only very few studies directly tackle the measurement issue of the principal variable of interest, namely agency costs. Notable exceptions are Ang et al. (2000) and Sign and Davidson (2003), which investigate the empirical determinants of agency costs and focus on the role of debt and ownership structure in mitigating agency problems for the US firms. In doing so, they use two alternative proxies for agency costs: the ratio of total sales to total assets (asset turnover) and the ratio of selling, general and administrative expenses (SGA) to total sales. In line with the findings of prior research they provide evidence for the view that managerial ownership aligns the interests of managers and shareholders and, hence, reduces agency costs in general. However, there is no consensus on the role of debt in mitigating such problems and associated costs. Ang et al. (2000) point out that debt has an alleviating role whereas Sign and Davidson (2003) an aggravating one. The objective of this paper is to extend the investigation of these studies by analysing empirically the determinants of agency costs in the UK for a large sample of 1 See, for example, Morck et al. (1988); McConnell and Servaes (1990); and Agrawal and Knoeber (1996) among others. 2 listed firms. Following the works of Ang et al. (2000) and, Sign and Davidson (2003), we model both proxies of agency costs: asset turnover and the (SGA) ratio. More specifically, we empirically examine the impact of capital structure, ownership, board composition and managerial compensation on the costs likely to arise from agency conflicts between managers and shareholders. In doing so, we also pay particular attention to the role of growth opportunities in influencing the effectiveness of internal governance mechanisms in reducing agency costs. In carrying out the analysis in this paper, we aim to provide insights at least in three important areas of the empirical research on agency costs. First, in investigating the determinants of agency costs, the analysis of this paper incorporates important firmspecific characteristics (internal corporate governance devices) tha t possibly affect agency costs but were ignored by previous studies. For example, we explore the role the debt maturity structure of firms can play in controlling agency costs. It is widely acknowledged that short-term debt may be more effective than long-term debt in reducing the expected costs of the underinvestment problem of Myers (1977). 3 Accordingly, in our analysis, we consider the maturity structure of debt as a potential governance device that is effective in reducing the expected costs of the agency conflict between shareholders and debtholders. Similar to Ang et al. 2000) that investigate if bank debt creates a positive externality in the form of lower agency costs, we also check if the source of debt financing matters in mitigating agency problems. Another potentially effective corporate governance mechanism we consider relates to managerial compensation. Recent studies suggest that compensation contracts can motivate managers to take actions that maximize shareholders’ wealth (see, e. g. , Core et al. , 2001; Murphy, 1999 among ot hers). This is based on the view that financial â€Å"carrots† motivate managers to maximize firm value. That is, a manager will presumably be less likely, ceteris paribus, to exert insufficient effort and risk the loss of his job the greater the level of his compensation. Several empirical studies provide evidence for the effectiveness of managerial compensation as a corporate governance mechanism. For instance, 2 As explained later in the paper, the two proxies for agency costs that are used in our analysis are more likely to capture the agency problems between managers and shareholders. However, we do not rule out the possibility that they may also capture the agency problems between shareholders and debtholders. It is argued that firm with greater growth opportunities should have more short-term debt because shortening debt maturity would make it more likely that debt will mature before any opportunity to exercise the growth options. Consistent with this prediction, there are several empirical debt maturity studies that find a negative relation between maturity and growth opportunit ies (see, e. g. , Barclay and Smith, 1995; Guedes and Opler, 1996; and Ozkan, 2000 among others). 3 Hutchinson and Gul (2004) find that managers’ compensation can moderate the negative association between growth opportunities and firm value. In this paper, we examine the effectiveness of managerial compensation as a corporate governance mechanism by including the salary of managers in our empirical model. We also acknowledge that there have been concerns about excessive compensation packages and their negative impact on corporate performance. Accordingly, we investigate the possibility of a non-monotonic impact the managerial compensation may exert on agency costs. Second, our empirical model captures potential interactions between corporate governance mechanisms and growth opportunities. Following McConnell and Servaes (1995) and Lasfer (2002), we expect the effectiveness of governance mechanisms in reducing agency problems to be dependent on firm’s growth opportunities. In particular, if agency problems are associated with greater information asymmetry (a common problem in high-growth firms), we expect the effectiveness of corporate governance mechanisms in mitigating asymmetric information problems to increase in high-growth firms (Smith and Watts, 1992 and Gaver and Gaver, 1993). However, if, as argued by Jensen (1986), agency problems are associated with conflicts over the use of free cash flow (a common problem in low-growth firms), we expect governance mechanisms that are likely to mitigate such problems to play a more important role in low-growth firms (Jensen, 1986). Last but not least, in contrast to previous studies that focus on the US market, we provide evidence for UK firms. Although the UK and the US are usually characterized as having a similar â€Å"common law† regulatory system (see, e. g. , La Porta et al. 1998), the UK market bears significant distinguishing characteristics. 4 It is argued that several of these characteristics may contribute to a more significant degree of managerial discretion and, hence, higher level of managerial agency costs. For example, despite the relatively high proportion of shares held by financial institutions, there is a great deal of evidence that financial investors do not take an active role in corporate governance. Similarly, UK boards are usually characterized as corporate devices that provide weak disciplinary function. More specifically, weak fiduciary obligations on directors have resulted in nonexecutives playing more an advisory than a monitoring role. 5 Consequently, the investigation of agency issues and the effectiveness of the alternative governance 4 For a more detailed discussion about the characteristics of the prevailing UK corporate governance system see Short and Keasey (1999); Faccio and Lasfer (2000); Franks et al. (2001); and Ozkan and Ozkan (2004). 5 Empirical studies by Faccio and Lasfer (2000), Goergen and Rennebog (2001), Franks et al. 2001) and Short and Keasey (1999) provide evidence on the weak role of institutions and board of directors in reducing agency problems in the UK. 4 mechanisms in the UK, in a period that witnesses an intensive discussion of corporate governance issues, would be of significant importance. Our results strongly suggest that managerial ownership constitutes a strong corporate governance mechanism for the UK firms. This result is consistent with the fi ndings provided by Ang et al. (2000) and Sign and Davidson (2003) for the US firms. Ownership concentration and salary also seem to play a significant role in mitigating agency related problems. The results concerning the role of capital structure variables on agency costs are striking. It seems that both the source and the maturity structure of corporate debt have a significant effect on agency costs. Finally, there is strong evidence that specific governance mechanisms are not homogeneous but vary with growth opportunities. For instance, we find that executive ownership is more effective as a governance mechanism for high-growth firms. This result is complementary to the results obtained by Smith and Watts (1992), Gaver and Gaver (1993) and Lasfer (2002), which support the view that high-growth firms are likely to prefer incentive mechanisms (e. g. managerial ownership) whereas low-growth firms focus more on monitoring mechanisms (e. g. short-term debt). The remainder of the paper is organized as follows. In section 2 we discuss the related theory and formulate our empirical hypotheses. Section 3 describes the way in which we have constructed our sample and presents several descriptive statistics of that. Section 4 presents the results of our univariate, multivariate and sensitivity analysis. Finally, section 5 concludes. 2. Agency costs and Governance Mechanisms In what follows, we will discuss the potential interactions between agency costs and internal corporate governance mechanisms available to firms. Also, we will analyze how firm growth opportunities affect agency costs and the relationship between governance mechanism and agency costs. 2. 1 Debt Financing Agency problems within a firm are usually related to free cash-flow and asymmetric information problems (see, for example, Jensen, 1986 and Myers and Majluf, 1984). It is widely acknowledged that debt servicing obligations help reduce of agency problems of this sort. This is particularly true for the case of privately held debt. For example, bank 5 debt incorporates significant signalling characteristics that can mitigate informational asymmetry conflicts between managers and outside investors (Jensen, 1986; Stulz, 1990; and Ross, 1977). In particular, the announcement of a bank credit agreement conveys positive news to the stock market about creditor’s worthiness. Bank debt also bears important renegotiation characteristics. As Berlin and Mester (1992) argue, because banks are well informed and typically small in number, renegotiation of a loan is easier. A bank’s willingness to renegotiate and renew a loan indicates the existence of a good relationship between the borrower and the creditor and that is a further good signal about the quality of the firm. Moreover, it is argued that bank debt has an advantage in comparison to publicly traded debt in monitoring firm’s activities and in collecting and processing information. For example, Fama (1985) argues that bank lenders have a comparative advantage in minimizing information costs and getting access to information not otherwise publicly available. Therefore, banks can be viewed as performing a screening role employing private information that allows them to evaluate and monitor borrowers more effectively than other lenders. In addition to debt source, the maturity structure of debt may matter. For example, short-term debt may be more useful than long-term debt in reducing free cash flow problems and in signalling high quality to outsiders. For example, as Myers (1977) suggests, agency conflicts between managers and shareholders such as the underinvestment problem can be curtailed with short-term debt. Flannery (1986) argues that firms with large potential information asymmetries are likely to issue short-term debt because of the larger information costs associated with long-term debt. Also, short-term debt can be advantageous especially for high-quality companies due to its low refinancing risk (Diamond, 1991). Finally, if yield curve is downward sloping, issuing short-term debt increases firm value (Brick and Ravid, 1985). Consequently, bank debt and short-term debt are expected to constitute two important corporate governance devices. We include the ratio of bank debt to total debt and the ratio of short-term debt to total debt to our empirical model so as to approximate the lender’s ability to mitigate agency problems. Also, we include the ratio of total debt to total assets (leverage) to approximate lender’s incentive to monitor. In general, as leverage increases, so does the risk of default by the firm, hence the incentive for the lender to monitor the firm6. 6 Ang et al. 2000) focus on sample of small firms, which have do not have easy access to public debt, and examine the impact of bank debt on agency costs. On the contrary, Sign and Davidson (2003) focus on a sample of large firms, which have easy access to public debt, and examine the impact of public debt on 6 2. 2 Managerial Ownership The conflicts of interest between managers and shareholders arise mainly from the separation b etween ownership and control. Corporate governance deals with finding ways to reduce the magnitude of these conflicts and their adverse effects on firm value. For instance, Jensen and Meckling (1976) suggest that managerial ownership can align the interest between these two different groups of claimholders and, therefore, reduce the total agency costs within the firm. According to their model, the relationship between managerial ownership and agency costs is linear and the optimal point for the firm is achieved when the managers acquires all of the shares of the firm. However, the relationship between managerial ownership and agency costs can be non-monotonic (see, for example, Morck et al. , 1988; McConnel and Servaes, 1990,1995 and, Short and Keasey, 1999). It has been shown that, at low levels of managerial ownership, managerial ownership aligns managers’ and outside shareholders’ interests by reducing managerial incentives for perk consumption, utilization of insufficient effort and engagement in nonmaximizing projects (alignment effect). After some level of managerial ownership, though, managers exert insufficient effort (e. g focus on external activities), collect private benefits (e. g. build empires or enjoy perks) and entrench themselves (e. g. undertake high risk projects or bend over backwards to resist a takeover) at the expense of other investors (entrenchment effect). Therefore the relationship between the two is non-linear. The ultimate effect of managerial ownership on agency costs depends upon the trade-off between the alignment and entrenchment effects. In the context of our analysis we propose a non-linear relationship between managerial ownership and managerial agency costs. However, theory does not shed much light on the exact nature of the relationship between the two and, hence, we do not know which of the effects will dominate the other and at what levels of managerial ownership. We, therefore, carry out a preliminary investigation about the pattern of the relationship between managerial ownership and agency costs. Figure 1 presents the way in which the two variables are associated. [Insert Figure 1 here] agency costs. Our study is more similar to that of Ang et al (2000) given that UK firms use significant amounts of bank debt financing (see Corbett and Jenkinson, 1997). 7 Clearly, at low levels of managerial ownership, asset turnover and managerial ownership are positively related. However, after managerial ownership exceeds the 10 per cent level, the relationship turns from positive to negative. A third turning point is that of 30 percent after which the relationship seems to turn to positive again. Consequently, there is evidence both for the alignment and the entrenchment effects in the case of our sample. In order to capture both of them in our empirical specification, we include the level, the square and the square of managerial ownership in our model as predictors of agency costs. 2. 3 Ownership Concentration A third alternative for alleviating agency problems is through concentrated ownership. Theoretically, shareholders could take themselves an active role in monitoring management. However, given that the monitoring benefits for shareholders are proportionate to their equity stakes (see, for example, Grossman and Hart, 1988), a small or average shareholder has little or no incentives to exert monitoring behaviour. In contrast, shareholders with substantial stakes have more incentives to supervise management and can do so more effectively (see Shleifer and Vishny, 1986; Shleifer and Vishny, 1997 and Friend and Lang, 1988). In general, the higher the amount of shares that investors hold, the stronger their incentives to monitor and, hence, protect their investment. Although large shareholders may help in the reduction of agency problems associated with managers, they may also harm the firm by causing conflicts between large and minority shareholders. The problem usually arises when large shareholders gain nearly full control of a corporation and engage themselves in self-dealing expropriation procedures at the expense of minority shareholders (Shleifer and Vishny, 1997). Also, as Gomez (2000) points out, these expropriation incentives are stronger when corporate governance of public companies insulates large shareholders from takeover threats or monitoring and the legal system does not protect minority shareholders because either of poor laws or poor enforcement of laws. Furthermore, the existence of concentrated holdings may decrease diversification, market liquidation and stock’s ability to grow and, therefore, increase the incentives of large shareholders to expropriate firm’s resources. Several empirical studies provide evidence consistent with that view (see, for example, Beiner et al, 2003). In order to test the impact of ownership concentration on agency costs, we include a variable that refers to the sum of stakes of shareholders with equity stake greater than 3 8 per cent in our regression equation. The results remain robust when the threshold value changes from 3 per cent to 5 per cent or 10 per cent. 2. 4 Board of Directors Corporate governance research recognizes the essential role performed by the board of directors in monitoring management (Fama and Jensen, 1983; Weisbach, 1988 and Jensen, 1993). The effectiveness of a board as a corporate governance mechanism depends on its size and composition. Large boards are usually more powerful than small boards and, hence, considered necessary for organizational effectiveness. For instance, as Pearce and Zahra (1991) point out, large powerful boards help in strengthening the link between corporations and their environments, provide counsel and advice regarding strategic options for the firm and play crucial role in creating corporate identity. Other studies, though, suggest that large boards are less effective than large boards. The underlying notion is that large boards make coordination, communication and decision-making more cumbersome than it is in smaller groups. Recent studies by Yermack, 1996; Eisenberg et al. , 1998 and Beiner et al, 2004 support such a view empirically. The composition of a board is also important. There are two components that characterize the independence of a board, the proportion of non-executive directors and the separated or not roles of chief executive officer (CEO) and chairman of the board (COB). Boards with a significant proportion of non-executive directors can limit the exercise of managerial discretion by exploiting their monitoring ability and protecting their reputations as effective and independent decision makers. Consistent with that view, Byrd and Hickman (1992) and Rosenstein and Wyatt (1990) propose a positive relationship between the percentage of non-executive directors on the board and corporate performance. Lin et al. (2003) also propose a positive share price reaction to the appointment of outside directors, especially when board ownership is low and the appointee possesses strong ex ante monitoring incentives. Along a slightly different dimension, Dahya et al. (2002) find that top-manager turnover increases as the fraction of outside directors increases. Other studies find exactly the opposite results. They argue that non-executive directors are usually characterized by lack of information about the firm, do not bring the requisite skills to the job and, hence, prefer to play a less confrontational role rather than a more critical monitoring one (see, for example, Agrawal and Knoeker, 1996; Hermalin 9 nd Weisbach, 1991, and Franks et al. , 2001)7. As far as the separation between the role of CEO and COB is concerned, it is believed that separated roles can lead to better board performance and, hence, less agency conflicts. The Cadbury (1992) report on corporate governance stretches that issue and recommends that CEO and COB should be two distinct jobs. Firms should comply with the recommendation of the report for their own benefit. A decision not to combine these roles should be publicly e xplained. Empirical studies by Vafeas and Theodorou (1998), and Weir et al. (2002), though, which study that issue for the case of the UK market, provide results that do not support Cadbury’s stance that the CEO – COB duality is undesirable. In the context of the UK market, UK boards are believed to be less effective than the US ones. For instance,. To test the effectiveness of the board of directors in mitigating agency problems we include three variables in our empirical model: a) the ratio of the number of non-executive directors to he number of total directors, b) the total number of directors (board size) and c) a dummy variable which takes the value of 1 when the roles of CEO and COB are not separated and 0 otherwise. 2. 5 Managerial Compensation Another important component of corporate governance is the compensation package that is provided to firm management. Recent studies by Core et al. (2001) and Murphy (1999) suggest, among others, that compensation contracts, whose u se has been increased dramatically during the 90’s, can motivate managers to take actions that maximize shareholders’ wealth. In particular, as Core et al. (2001) point out, if shareholders could directly observe the firm’s growth opportunities and executives’ actions no incentives would be necessary. However, due to asymmetric information between managers and shareholders, both equity and compensation related incentives are required. For example, an increase in managerial compensation may reduce managerial agency costs in the sense that satisfied managers will be less likely, ceteris paribus, to utilize insufficient effort, perform expropriation behaviour and, hence, risk the loss of their job. Despite the central importance of the issue, only a few empirical studies examine the impact of managerial compensation components on corporate performance. For example, Jensen and Murthy 7 Such a result may be consistent with the governance system prevailing in the UK market given the fact that UK legislation encourages non-executive directors to be inactive since it does not impose fiduciary obligations on them. Also, UK boards are dominated by executive directors, which have less monitoring power. Franks et al. (2001) confirm this view by providing evidence on a non-disciplinary role of nonexecutive directors in the UK. 10 (1990) find a statistically significant relationship between the level of pay and performance. Murphy (1995), finds that the form, rather than the level, of compensation is what motivates managers to increase firm value. In particulars, he argues that firm performance is positively related to the percentage of executive compensation that is equity based. More recently, Hutchinson and Gul (2004) analyze whether or not managers’ compensation can moderate the negative association between growth opportunities and firm value8. The results of this study indicate that corporate governance mechanisms such as managerial remuneration, managerial ownership and non-executive directors possibly affect the linkages between organizational environmental factors (e. g. growth opportunities) and firm performance. Finally, Chen (2003) analyzes the relationship between equity value and employees’ bonus. He finds that the annual stock bonus is strongly associated with the firm’s contemporaneous but not future performance. Managerial compensation, though, is considered to be a debated component of corporate governance. Despite its potentially positive impact on firm value, compensation may also work as an â€Å"infectious greed† which creates an environment ripe for abuse, especially at significantly high levels. For instance, remuneration packages usually include extreme benefits for managers such as the use of private jet, golf club membership, entertainment and other expenses, apartment purchase etc. Benefits of this sort usually cause severe agency conflicts between managers and shareholders. 9 Therefore, it is possible that the relationship between compensation and agency costs is non-monotonic. Similar to the case of managerial ownership, we carry out a preliminary investigation about the pattern of the relationship between salary and agency costs. As shown in figure 2, the relationship between salary and agency costs is likely to be non-linear10. In our empirical model, we include the ratio of the total salary paid to executive directors to total assets as a determinant of agency costs. Also, in order to capture potential 8 Rather, the majority of the studies in that strand of literature reverse the causation and examine the impact of performance changes on executive or CEO compensation (see, for example, Rayton, 2003 among others). Concerns about excessive compensation packages and their negative impact on corporate performance have lead to the establishment of basic recommendations in the form of â€Å"best practises† in which firms should comply so as the problem with excessive compensation to be diminished. In the case of the UK market, for example, one of the basic recommendations of the Cadbury (1992) report was the establishment of an independent compensation committee. Also, in a posterior report, the Greenbury (1995) report, specific propositions about remuneration issues were made. For example, an issue that was stretched was the rate of increase in managerial compensation. In the case of the US market, the set of â€Å"best practises† includes, among others, the establishment of a compensation committee so as transparency and disclosure to be guaranteed (same practise an in the UK) and the substitution of stock options as compensation components with other tools that promote the long-term value of the company 10 A similar preliminary analysis is carried out so as to check potential non-linearities concerning the relationship between the rest of internal governance mechanisms and agency costs. Our results (not reported) indicate that none of them is related to agency costs in a non-linear way. 11 non-linearities, we include higher ordered salary terms in the regression equation. Finally, we include a dummy variable, which takes the value of 1 when a firm pays options or bonuses to managers and 0 otherwise. Including that dummy variable in our analysis enables us to test whether or not options and bonuses themselves provide incentives to managers. As Zhou (2001) points out, ignoring options is likely to incur serious problems unless managerial options are either negligible compared to ownership or almost perfectly correlated with ownership. [Insert Figure 2 here] 2. 6 Growth Opportunities The magnitude of agency costs related to underinvestment, asset substitution and free cash flow differ significantly across high-growth and low-growth firms. In the underinvestment problem, managers may decide to pass up positive net present value projects since the benefits would mainly accrue to debt-holders. This is more severe for firms with more growth-options (Myers, 1977). Asset substitution problems, which occur when managers opportunistically substitute higher variance assets for low variance assets, are

Chinese Birthdays and Customs for Newborn Babies

Chinese Birthdays and Customs for Newborn Babies Chinese people put their family in a very important position as they regard it as a means to continue the family bloodline. The continuation of the family bloodline maintains the life of the whole nation. That is why reproduction and family planning in China truly becomes a focus of all members of families it is, in essence, an essential moral duty. There is a Chinese saying that of all who lack filial piety, the worst is who has no children. Traditions Surrounding Pregnancy and Childbirth The fact that Chinese people pay great attention to beginning and growing a family can be supported by many customary practices. Many traditional customs about the reproduction of children are all based on the idea of protecting the child. When a wife is found to be pregnant, people will say she has happiness, and all her family members will be overjoyed. Throughout the whole period of pregnancy, both she and the fetus are well attended, so that the new generation is born both physically and mentally healthy. To keep the fetus healthy, the expectant mother is offered sufficient nutritious foods and  traditional Chinese medicines believed to be beneficial to the fetus. When the baby is born, the mother is required to zuoyuezi or stay in bed for a month in order to recover from childbirth. In this month, she is advised to not even go outdoors. Cold, wind, pollution and tiredness are all said to exert a bad effect on her health and thus her later life. Choosing the Right Name A good name for a child is considered equally important. The Chinese think a name will somehow determine the future of the child. Therefore, all possible factors must be taken into account when naming a newborn. Traditionally, two parts of a name are essential the family name or last name, and a character showing the generation order of the family. Another character in the first name is chosen as the namer pleases. The generation signing characters in the names are usually given by the forefathers, who chose them from a line of a poem or found their own and put them in the genealogy for their descendants to use. For this reason, it is possible to know the relationships between the family relatives by just looking at their names. Eight Characters Another custom is to find the newborn babys Eight Characters (in four pairs, indicating the year, month, day and hour of a persons birth, each pair consisting of one Heavenly Stem and one Earthly Branch, formerly used in fortune-telling) and the element in the Eight Characters. It is traditionally believed in China that the world is made up of five principal elements: metal, wood, water, fire, and earth. A persons name is to include an element that he lacks in his Eight Characters. If he lacks water, for example, then his name is supposed to contain a word like river, lake, tide, sea, stream, rain, or any word associating with water. If he lacks metal, then he is to be given a word like gold, silver, iron, or steel. The Number of Strokes of a Name Some people even believe that the number of strokes of a name has a lot to do with the owners fate. So when they name a child, the number of strokes of the name is taken into account. Some parents prefer to use a character from an eminent persons name, hoping that their child inherits that persons nobility and greatness. Characters with noble and encouraging connotations are also among the first choices. Some parents inject their own wishes into their childrens names. When they want to have a boy, they may name their girl Zhaodi meaning expecting a brother. The One-Month Celebration The first important event for the newborn baby is the  one-month celebration. In Buddhist or Taoist families, on the morning of the babys 30th day of life, sacrifices are offered to the gods so that the gods will protect the baby in his subsequent life. Ancestors are also virtually informed of the arrival of the new member in the family. According to the customs, relatives and friends receive gifts from the childs parents. Types of gifts vary from place to place, but eggs dyed red are usually a must both in town and the countryside. Red eggs are chosen as gifts probably because they are the symbol of the changing process of life and their round shape is the symbol of a harmonious and happy life. They are made red because red color is a sign of happiness in Chinese culture. Besides eggs, food like cakes, chickens, and hams are often used as gifts. As people do in the Spring Festival, gifts given are always in an even number. During the celebration, relatives and friends of the family will also return some presents. The presents include those which the child may use, like foods, daily materials, gold or silver wares. But the most common  is money wrapped in a piece of red paper. Grandparents usually give their grandchild a gold or silver gift to show their deep love for the child. In the evening, the childs parents give a rich feast at home or a restaurant to the guests at the celebration.

Savoy hotel Essay Example | Topics and Well Written Essays - 4000 words

Savoy hotel - Essay Example This is one of the lowest global corporate tax rates giving the business additional capital to recapture the costs of renovation and expand service offerings. The UK Value Added Tax (VAT) increased from 17.5 percent to 20 percent since the Savoy closed and completed its reconstruction, this increased taxation rate is reflected in the pricing structure at the Savoy (Fairmont Hotel & Resorts 2013). Savoy must now retain 20% to comply with this legislation. Economic Forces The UK Consumer Price Index indicates rising prices for consumers at an inflating rate of 2.7 percent. Impacted products experiencing the highest inflation include fruits, bread, cereals and utilities (Peston 2012). This has implications for rising costs in the Savoy supply chain. The government is actively establishing a variety of austerity packages and making cuts in order to prevent a return to recession. Driving down the national interest rate impacts the wealth management portfolios of important target consumers . The Euro continues to gain against the British Pound, creating a favourable exchange opportunity for Savoy’s European clients. Social Forces Schiffman and Kanuk (2010) identifies that consumers often rely on first impressions and stereotypes when determining future repurchase intentions. This has implications for Savoy in terms of providing a positive servicescape and ensuring helpful and constructive initial impressions when working with guests. Growth in utilisation of the Internet continues in the UK, with many consumers using mobile technologies to access the Internet and social media (Arthur 2012). Mobile internet technologies becoming a significant part of lifestyle and social behaviour. Technological New consolidated technologies that facilitate more effective guest messaging and booking systems are now available for Savoy. Known as Adaptive Messaging, this technology has the ability to properly queue guest messages and retrieve all guest messages effectively in an e nvironment that fields approximately 1,000 telephone calls daily (NMS Adaptive 2005). Technologies are also available that support the ability to sustain self-owned internal power systems that reduce reliance on the national grid and save financial resources. This provides opportunities for gaining a better reputation in areas of corporate social responsibility. Legal Booking systems online that require electronic signatures from customers serve as binding, legal contracts. New 2012 legislation now forces companies that use cookies when consumers are utilising a business’ website to gain permission before placing cookies (BBC News 2012). This has significant implications for data mining and tracking consumer behaviour. Environmental Hybrid vehicles are gaining prominence with many consumer markets that care about environmental sustainability. Savoy offers transport for many guests to airports or local commercial centres. Technologies are now available for businesses to recycl e paper products and even food waste for transformation into biofuels. This, too, has implications for Savoy in maintaining a positive CSR reputation. 1.2 SWOT Analysis Strengths A very strong brand identity/reputation stemming from respected operations in the UK since 1889 Diversity of food and beverage services providing unique themes and performances to enhance guest stay The Savoy Cocktail Book illustrates the brand

The impact of biofuels on the future of (any industry except airlines) Essay

The impact of biofuels on the future of (any industry except airlines) - Essay Example On the other hand, the energy requirements of transportation are exponentially increasing. The world population growing by 1% every year, and it has been estimated the consumption of oil by transportation sector will rise by 30% until 2050. As a result, the world is aggressively looking out for alternative sources of fuel that can replace oil for and never get depleted. One such renewable source of energy for transport sector is bio-fuels. However, although they are a sustainable source of energy and cause less pollution than traditional sources of fuels, they have been accused for causing loss of fertile lands reserved for agriculture, increase in food prices due to redirecting food crops towards fuel production, and large scale deforestation This report examines the existing state of development of bio-fuels with vis-a-vis the transport sector’s aspiration of sourcing only 13% of its energy from petroleum by 2050, and assesses the impact of bio-fuels on the future of vehicular transport. The largest contributors to energy requirements of the world are fossil fuels. Of these, the transportation sector heavily relies on petroleum. Petroleum in turn consists of oil and natural gas, out of which oil provides over 95% of the total transportation energy requirements (Bredenberg, 2012). However, oil sources are limited, while consumption is exponentially increasing. As per market report, the petroleum companies of the world extracted about 85 million barrels of oil, which equal to 13.5 billion litres (Lamb, 2009; Metric Conversions, 2012). It had been estimated that oil production rate will become stagnant in 2018, after which it will start declining. Although advanced technology has resulted in reduced wastage from individual oil wells and extraction from reserves earlier deemed unrecoverable, the most important concern remains that oil is a non-renewable resource of energy and its production would

The Evolution of Six Sigma Research Paper Example | Topics and Well Written Essays - 1250 words

The Evolution of Six Sigma - Research Paper Example However, it means a quality measure that attempts for perfection by eliminating defects in any process (Terry, 2010). As different organizations interpret Six Sigma differently, its definition varies from organization to organization. These variations do not harm the main crux of the approach. At Motorola, Six Sigma is a â€Å"Metric, Methodology and a Management System while according to Six Sigma, it can be defined as three levels of â€Å"Metric, Methodology and Philosophy† (Terry, 2010). The main objective of this approach is â€Å"variation reduction and process improvement through the implementation of measurement-based strategy| (Montgomery & Woodall, 2008) by using Six Sigma improvement projects. Six Sigma’s statistical representation describes the performance of a process quantitatively. For a process to achieve Six Sigma, it should not have more than â€Å"3.4 defects per million opportunities; it has two sub methodologies namely DMAIC and DMADV that helps in achieving its objective† (Montgomery & Woodall, 2008). Six Sigma is an old concept that occupies an essential part in the history of management. The concept since its introduction has developed and improved over the years. This methodology’s evolution is an integral part of what it is today. Its evolution consists of different stages based on the phases of time and developments made in it. To understand the complete evolution process of Six Sigma, it is important to understand each stage. The different stages of evolution are: In the early 1970s, numerous US companies faced extensive loss of business and markets. These losses resulted in motivation for the use of statistical methods to improve quality and business procedure in general. The adoption and use of statistical methods helped US industries to regain their competitiveness in regards of quality. This all resulted in the emergence of numerous management systems

Change Management At Sainsburys Plc Management Essay

Change Management At Sainsburys Plc Management Essay This report will examine the change management with focus on how change could be introduced, implemented and how resistance to change could be mà ©nage. Therefore we shallbriefly look at the change which had been taking place within sainsburysplc how it was mange and the success rate. It also evaluates the need for the change. How the stake holder analyst was done therefore the Sainsburys was used and the mckinsey company. Task one 1.1 The background of the Sainsburys plc Sainsbury plc is a registered parental company of Sainsburys Supermarkets Ltd, which is popularly known as Sainsburys, a chain of supermarkets in the United Kingdom with special focus on property and banking business. HYPERLINK http://news.uk.msn.com/uk/article.aspx?cp-documentid=16788775SainsburyHYPERLINK http://news.uk.msn.com/uk/article.aspx?cp-documentid=16788775HYPERLINK http://news.uk.msn.com/uk/article.aspx?cp-documentid=16788775s profits see 11% surgeHYPERLINK http://news.uk.msn.com/uk/article.aspx?cp-documentid=16788775. MSN News. http://news.uk.msn.com/uk/article.aspx?cp-documentid=16788775 Retrieved 2009-06-13.. Its estate has been estimated to be about  £8.6 billion March 2007. Sainsburys was the market leader in the UK supermarket sector in much of the 20th century, but lost its place as the UKs largest grocer to Tesco in 1995 and in lost 1995 and was pushed into third by ASDA in 2003. The companys performance has improved by CEO Justin King in 2004 since the launch of a recovery programme. The company has been reporting its 12th consecutive quarter of sales growth. Despite predictions that Sainsburys would regain second position in January 2008, Taylor Nelson Sofres data released in January 2008 shows Sainsburys market share at 16.4%, behind Asdas share of 16.7%, but ahead of Morrisons at 11.22%. This report shall evaluate the series of change programmes in the company under the last five years with special consideration to the change types of change, change processes and how the management has been able to deal with issues of stakeholder analysis while implementing the change and how resistance to change was dealt 1.2 Business Transformation as a form of change which has occurred in Sainsbury within t. 2004-2009 Developmental Changes in the year 2004 Between 2000 and 2004, Peter Davis was chief executive of Sainsburys. Davis appointment was well received by investors and analysts the appointment was only confirmed after Sainsburys was sure of the support of the Sainsbury family, who snubbed Davis offer of becoming chief executive in the early 1990s. . ( Shah, Saied 2000. Sir Peter Davis brought back to take helm at Sainsburys (The Independent (Newspaper Publishing): p.  19). Within the first two year Sainsbury was able to raise its profit above the target but later drop sharply in 2004 when compared with the performance of its major competitors.Davis was the architect of an almost  £3 billion upgrade of stores, distribution and IT equipment, called Business Transformation Programme. . Business expansion and innovation strategy were used to implement the change. However his successor later discovered that most of the investment was more or less wasted and considered failed in his key goal of improving availability. Fraction of the investments witness the construction of four fully automated depots, which was considered at  £100 million each cost four times more than standard depots Townsend, Abigail 2006. ( HYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212How the HYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212HYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212Newbury processHYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212HYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212 turned SainsburyHYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212HYPERLINK http://www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212s roundHYPERLINK http:/ /www.findarticles.com/p/articles/mi_qn4159/is_20060423/ai_n16212212. The Independent on Sunday (Independent Newspapers). http://www.findarticles.com/p/articles . Retrieved 2007-02-08. . However. Lack of accurate estimation and appropriate consultation of the stakeholder was fingered to have contributed to the failure of the project and the change programme. Though, enough information were not make public on the implication of change on workers and other relevant stakeholders, but the sharp falling in the profit within the short period cold be used as yardstick to justify the reason while the project was considered good for dropping Developmental changes programme in year 2006 Christensen spoke on the four automated depots introduced by Davis, that there was no single day went by without one, of the system developing if not all of them The systems were flawed. They most of the time to stop for four hours daily for repair maintenance. But because they were constantly breaking down you would be playing catch up. It was a vicious circle. Christensen believe it was a great mistake to build four such depots at a goal, instead of building one which could be thoroughly tested before investing in another. Resuscitating of the Failed automated Project in 2007 The launch of the recovery programme by king, Sainsburys announced a further  £12 million investment In 2007 in its depots in order maintain speed with sales growth and the removal of the failed automated systems from its depots. Since the launch of Kings recovery programmed, the company has reported fifteen consecutive quarters of sales growth, most recently in November 2008. Early sales increases have been attributed to the new companys distribution system and the focus of the fresh and healthy food (HYPERLINK http://news.bbc.co.uk/1/hi/business/4378035.stmImproved supply lifts SainsburyHYPERLINK http://news.bbc.co.uk/1/hi/business/4378035.stmHYPERLINK http://news.bbc.co.uk/1/hi/business/4378035.stmsHYPERLINK http://news.bbc.co.uk/1/hi/business/4378035.stm. BBC News. 2005-03-24. http://news.bbc.co.uk/1/hi/business/4378035.stm. Retrieved 2006-10-11.) A transformational change: In May 2007 Sainsburys identified five areas of focus to take the company from recovery to growth in order to transform its business strategy: therefore it identified the following focus as key factors to core activates in line with the concept of comparative advantage and the value chain (Michael p, 1985) the five core value include: Great food at fair prices Growth of non-food ranges Reaching more customers through additional channels through opening of new convenience stores and growth of online home delivery and banking operations. Expansion of supermarket space through new stores and development of the companys largely underdeveloped store portfolio. Active property management 2009 update Transformational changes Sainsbury embraced the external boundary as change model through merger and acquisitions to achieve this change Sainsburys announced In March 2009 its intention to buy 24 stores from The Co-operative, 22 of which were Summerfield stores and the remaining 2 were Co-op stores. These were among of their estate which The Co-operative were required to sell after the completion of the Summerfield takeover. (Guardian (2009-11-04). 1.3 The issues which have made the company consider the change The loss of market position; peter Davis Within the first two year Sainsbury was able to raise its profit above the target but later drop sharply in 2004 when compared with the performance of its major competitors.Davis was the architect of an almost  £3 billion upgrade of stores, distribution and IT equipment, called Business Transformation Programme. This was among of the issues that necessitated the change 1.4 The process which the change took place 1.4.1 Identification of the need for change At the end of March 2004 Davis was promoted to chairman and was replaced as CEO by Justin King. Justin King joined Sainsburys in 2004 from Marks and Spencer plc where he was a director with responsibility for its food division and Kings Super Markets, Inc. subsidiary in the United States. Schooled in Sol hull and a graduate of the University Of Bath, where he took a business administration degree, King was also previously a managing director at Ads with responsibility for hypermarkets. 1.4.2 Shareholders consultation: Gathering of useful data needed for the change from the relevant stakeholders as part of his 6 month business review asking them what they wanted from the company and where the company could improve, King ordered a direct mail campaign to 1 million Sainsburys customers This confirm the commentary of retail analysts repot that the group was not ensuring that shelves are fully stocked, because of the IT systems introduced by Peter Davis. (SainsburyHYPERLINK http://news.bbc.co.uk/1/hi/business/3755066.stmHYPERLINK http://news.bbc.co.uk/1/hi/business/3755066.stms heads back to basicsHYPERLINK http://news.bbc.co.uk/1/hi/business/3755066.stm. BBC News. 2004-10-19. http://news.bbc.co.uk/1/hi/business/3755066.stm. Retrieved 2008-10-09.) 1.4.3 Implementation of change On 19 October 2004 King unveiled the results of the business review and his plans to revive the companys fortunes in a three year recovery plan entitled Making Sainsburys Great Again. This was generally well received by both the stock market and the media. He used CHANGING STRUCTURES MODEL in his implementation of the change. Immediate plans included lying off 750 headquarters staff and the recruitment of around 3,000 shop-floor staff to improve the quality of service and the firms main problem: stock availability. The aim would be to increase sales revenue by  £2.5bn by the financial year ending March 2008. Another significant announcement was the halving of the dividend to increase funds available for price cuts and quality. King hired Lawrence Christensen as supply chain director in 2004. Previously he was an expert in logistics at Safeway, but left following its takeover by Morrison. Immediate supply chain improvements included the reactivation of two distribution centers. This led to developmental changes in 2006 2.0 Task 2 2.1 How the relevant stakeholder analysis was done during the change Before 2004, series of transformational changes have been taking place within the company. Though, it was recorded that most of the change produced a favorable result in the short run. But the shortfall of the change became so sharply and worst than the formal position of the company. Sainsbury plc did not only witness decline in profit but also lost market position to his arch rivers Tesco and Asda. Poor project assessment and lack of proper consultation with relevant stakeholders. 2.1.1 Customers Having learnt from the previous mistake committed by the predecessors who had caused the organization its place of pride in the market, King ordered a direct mail campaign to 1 million Sainsburys customers as part of his 6 month business review asking them what they wanted from the company and where the company could improve. This reaffirmed the commentary of retail analysts the group was not ensuring that shelves are fully stocked, this due to the failure of the IT systems introduced by Peter Davis. 2.1.2 Employee As one of the relevant stakeholder, is considered to be important to the success of any change introduce in an organization. The change affect people and people tend to react to changes. Negative reaction to change could mark the beginning of the failure of the new change while the positive reaction could fast track the success of such change programme. These confirmed by recent research conducted by mckinsey on the important of change to the organization and how important is people in the implementation of change and therefore suggested tactics that to successfully implement change. Employees were carried along in making the change by getting the employees involve at the beginning of change and in the process of implementation. Organizations need for change Constantly, for all kinds of reasons, but achieving a true step change in performance is rare. Indeed, in a recent McKinsey survey of executives from around the world, 1 only a third say that their organizations succeeded in doing so. Executives were also asked how their organizations designed and managed a recent change effort, how they engaged employees in it, and how involved senior leaders were. (http://blog.theleadershipsphere.com.au/the_leadership_sphere/2008/09/index.html) The survey results highlight several important tactics that organizations use to transform themselves successfully. Setting clear and high aspirations for change is the most significant. A second tactic is engaging the whole company in the change effort through a wide variety of means; a highly involved and visible CEO is important, but successful companies also use various other communication and accountability methods to keep people involved-far more methods than unsuccessful companies use. Also notable: successful companies are far likelier to communicate the need for change in a positive way, encouraging employees to build on success rather than focusing exclusively on fixing problems. (The McKinsey Quarterly conducted the survey in July 2008.). Therefore Sainsbury was able to draft in the interest of their workers in terms of human resource planning, training and developmental programme reward team management and flat organisation structure which enhance effective two ways commu nication system. (http://blog.theleadershipsphere.com.au/the_leadership_sphere/2008/09/index.html) 2.1.3 Shareholders One of the objectives to maximise is the maximisation of the shareholders wealth. Organisation tents to satisfy the interest of this group while pursuing profitability and handsome return on investment. Hence inability of the past administration had lead to change of leadership before the period to be considered in this project. Maximisation of shareholders wealth was put at the centre of interest in all the change programmes. 2.1.4 Competitor: Through stakeholder analysis, competitor as always been a force to reckon with. Sainsbury was able to analysis his competitors to whom she as lost his place of priority in the market which had made her to settle for third position in the grocery market in up. Hence that is why Sainsbury has putting a lot marketing strategies in order to ensure customers satisfaction and retention through excellence customer service. 2.2 Where the staff involved or considered in the change In the planning and the implementation process of change The target of the change programme was to improve customer patronage and to make more profit. Therefore workers were put at the centre of the change in order to make them have the thorough knowledge of the change which was about to take place. Hence Sainsbury also embark on training and development. Staff got involved in the Implementation process as staff serve as a medium through new changes are being communicated to customers. Task 3 3.1 The significant change that took place in Mckinsey and company Transformational change in Mckinsey and company with special attention on knowledge management over the Years Between I926 and 1950s Mckinsey company was established in 1926 as an Accounting and Engineering Advisors. the was using a system integrated approach which could be otherwise refers to as General Survey Outline basis of knowledge managements, the company was pursuing undeviating sequence of analysis goal strategy, policies, organization, facilities procedures and personnel, data which are to be synthesized and think for themselves while solving clients problems. as a result of business boom, more hands were employed and the organizations value chain were broadened, more policies were created with the clients as the main stake holder putting them at the center of the activities The company belief that every assignment must to bring more than revenue to the company, more of experience due to business expansion in the 20th century the company need more hand to meet the increasing demand these made the company to adopt generalist approach which leaves the problem solving task with hired experts. This was the beginning of the change in the organization Between 1950 and 1967 Introducing the expert base problem solving system by the Bower lead administration. He assumed that a highly intelligent generalist (expert) could easily diagnose client issues and through it professional capabilities solve the problem without waste of time and resources this was believed to be the appropriate way of dealing with the increase in demand which the company was enjoying at present so instead of allowing the traditional practice where the collective, brainstorming section of solving client problems that encourage the participative system, which was the cultural practices of the company before the business expansion, bower prefer to rely more on the solving client problems by the means of expertise. However, the knowledge issue of development within the organization was considered to be peripheral as the solving clients problem was believed to be core issues that is important if the customers demand is to be achieved and the business expansion goal is to be continues. The assumptions worked for short period as the company experience increase in sales and expansion of business spreading across the globe. This work well as the company witness a lot of expansion during the period in terms of market growth at the expense of internal growth (knowledge development), but looking at the cultural web of McKinley which is was known for participative system of clients prob lem solving system through which the knowledge were gathered developed and shared that enhance staffs improvement was not considered. living the problem solving in the hand of the expert in a company like mckinsey where knowledge remain the core activities when considering the value added to the end product(porter value chain 1985). The growth of the organization stopped within the short time. 3.2 The key challenges the organization has faced in implementing changes Integration of objectivity due to massive business expansion: The massive business expansion which has led to the diversifying into other business had posse series of challenge to the company, the organization was growing bigger and the system of administration was also going more complex. This made series of change programmes to be difficult to implement. http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm 3.3 Resistance to change from the employees and partners Resistance to change from the staff that begins to see change introduce as a treat and therefore change their perspective towards participation in the change programmes. Example of such resistance was their unwilling to contribute to data collection programmes which the company was trying to use for database in order to enhance knowledge management within the organization. However the company use consultation and staff involvement in the change planning processes to win the support of the workers to embrace the change programmes http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm 3.4 My suggestion for the organization to resolve the various challenges facing the organization in implementing change programmes Here are things the organization can do to handle resistance, starting with kind and moral approaches and ending with the harsher end of gaining compliance. Facilitation It has been argued that best approach in creating change is by working with them, helping them achieve goals that somehow also reach to the goals of the change project. People will be very happy to work with you when you work with them. This could be said to appropriate and good practice where people are willing to support programme but finding it difficult to adjust. http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm Education When people are not willing to support changes due to lack of clear understanding of the benefits and the rationale behind the change programme, manger might use education to enlighten people in order to understand the benefit of the change from positive perspectives. http://www.changeminds.org Involvement When people are not involved physically or intellectually, they are unlikely to be involved emotionally either, involving people in change planning is one of the best methods dealing with peoples resistance to change. Their involvement will make them support the success of the programme by persuading others to begin to see the change from the positive perspectives. http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm Negotiation When persuasion seem to have failed to yield positive result, then manager might need to introduce a round table discussion by Sitting them down and ask what they want, find out what they want and what they will not. negotiate a mutually agreeable solution that satisfy them and the fundamental objective of the change. http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm Manipulation Manipulation means controlling a persons environment such that they are shaped by what is around them. It can be a tempting solution, but is morally questionable and, if they sense what you are doing, will lead to a very dangerous backlash. It is only good for short term purposes and after when all the other options has failed http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm Coercion Here manager tend to apply force in making people to accept the change threat of loss of job if fail to comply perhaps in a humiliating public sacking. This could be used when the change is urgent and speed is considered to be of essences and the process of other alternative has been considered too slow and not likely to yield any good result http://www.changeminds.org/disciplines/change_management/resistance_change/dealing_resistance.htm 4.0 Conclusion The change has been seen as an agent of business growth and development. Hence change could be said to important to the organization survival especially in the highly competitive business environment, how it capable of improving the organization, leverage the organization cultural web. Therefore, managers need to evaluate change within the context of the organization cultural web with the consideration of the relevant stakeholder with an appropriate implementation strategy. This will facilitate dealing with resistance to change and peoples corporation in achieving the fundamental objective of the change. An effective change processes will be of advantage as it will also pave way for constant review.

Climate Change is a Minor Threat Essay -- Global Warming Essays

Predicting climate change is less accurate than firing a pistol at long range. The fact is, finding a forecast of our future is just as difficult as explaining the meaning of life. I mean, how can we predict the future climate when meteorologists can’t even predict today’s weather? Scientists have only been keeping exact records of the earth’s surface temperature for only just over a hundred years.# Before accurate readings of the earth had been taken, scientists have only viewed charts and graphs of recent years. Patterns have been formed from these short-term graphs. But how can scientists be sure that their trend is true? What proof do we have anyway? The media-crazed threat of global warming has made this topic a very popular and, according to the media, a very serious global issue too. I’m not going to deny Global Warming, but I feel that as humans, we have only contributed very little to the emission of greenhouse gases, etc. Global Warming is a natural phenomenon, and should be dealt with accordingly: A coat when it’s cold, a t-shirt when it’s warm. The biggest ...