Cultural Perspectives from another Country - Pakistan Essay

Cultural Perspectives from another Country - Pakistan - Essay Example (http://en.wikipedia.org/wiki/Pakistan) The second most populous Muslim country was formed on the 14th of August 1947. Before Pakistan gained independence, the country was under the rule of the British Empire. The British entered the Subcontinent as the British East India Company, a private trading company, when the Mughals had Jehangir as an Emperor. Slowly and gradually the huge Mughal Empire began to crumble because the emperors and nobles alike had grown so accustomed to living a life of pure pleasure with the wealth their ancestors had accumulated. Many historians blame Aurangzeb, the Emperor Shah Jehan's son for sowing the seeds of decline, as it was after he started ruling that the kingdom began to fall apart. Aurangzeb couldn't rule very well, his administration left a lot to be desired. The nobles were often power hungry and the consequence of the lack of supervision was that they became highly powerful at court and the emperors couldn't control them. The empire was huge and when rebellions broke out it took the emperor months to take decisive decision to end them. The cost of maintaining a huge army to continuously quell these rebellions and that wasn't the only cost. When an emperor died, the succession dispute resulted in a waste of huge sums of money. When riddled with such... In the beginning The East India Company only had a few bases along the coast of the Subcontinent but then they started expanding and spread out to Bombay (Mumbai), Calcutta (Kolkata) and Madras (Chennai). The EIC were good at fighting and protected India from other European countries such as France, Portugal and Denmark. After the battle of Plassey and the exploitation of Bengal the British government decided that the misgovernment of India had to be stopped. So they passed the India Act in 1784 in which the British government took direct control of Indian possessions and appointed a Governor-General. From then on the British influence could be seen everywhere. However things weren't made a 100% percent official until the 1857 War of Independence (as the Indians called it) or the 1857 Mutiny (as the British called it). The Indians, the Indian army in particular rose in revolt against the British and they were crushed. The British government took complete control of India and a member of the British cabinet, the Secretary of State for India. The Governor -General was now called Viceroy and in 1877 the British Queen Victoria became the Empress of India. Gradually the Muslims in India began to become aware of their individuality and cultural identity. They were of the opinion that they could not live together with the Hindus and under the regime of the British. They wanted an independent country of their own. Sir Syed Ahmed Khan was one of the earliest pioneers of the independence movement. His "Two-Nation-Theory" was later supported by people like Allama Muhammed Iqbal and Chaudri Rehmat Ali Kahn. Both Allama Muhammed Iqbal and Chaudri Rehmat Ali Kahn had studied in Britain and when they came back they both believed that a

Americans for Safe Access vs Dea Essay Example for Free

Americans for Safe Access vs Dea Essay Abstract This paper examined The American’s for Safe Access’s petition before a federal court to have the Drug Enforcement Administration reduce its current classification of marijuana as a Schedule I drug. As this case goes before the court, there could be three possible outcomes: a judgment in favor of the plaintiff, the defendant, or a decision for the DEA to reexamine marijuana’s current classification. Of these three outcomes, I believed there would be sufficient evidence in my findings to support a decision by the justices to reexamine marijuana’s classification. One key component to this decision will be whether or not enough evidence exists to support marijuana’s medical use, as a drug that is used for medical treatment is typically not classified as Schedule I. Evidence for arguments from both sides was gathered from various sources, including medical publishings, the University of Washington’s School of Medicine archives, and online articles. After reviewing this information, the conclusion that enough evidence exists to reexamine marijuana’s current classification was reached. Introduction As more and more states petition to and effectively pass legislation to legalize medical marijuana, its current classification as a highly banned substance by the Federal Drug Administration continues to serve as a harsh stance against the desires of the public for the option of marijuana as a medical treatment. The escalation of this debate in the political and federal arena appears to be overtaking the medical industries ability to determine marijuana’s harms and benefits. Perhaps the heart of this debate lies in marijuana’s current classification by the Drug Enforcement Administration as a Schedule 1 drug. Of all of the drugs on the current DEA Schedule I, list marijuana is the only one that has doctors supporting its medical uses. In light of this, does marijuana still deserve the same classification as heroin and LSD? As more states are passing this legislation and more states desire it, is it now time to reexamine marijuana’s current classification? Section 1: Case/Issue Summary Last year, the Drug Enforcement Administration rejected a petition by medical marijuana advocates to reduce its classification as a Schedule I drug, which kept marijuana in the same category as drugs such as heroin. The DEA concluded that there wasnt a consensus opinion among experts on using marijuana for medical purposes (Press, 2012). However, medical marijuana advocates have not given up in their pursuit to reduce the Justice Department and Drug Enforcement Administration’s classification of marijuana. In my chosen case, the plaintiff is Americans for Safe Access and the defendant is the Justice Department. Once again, the key issue at hand is the Drug Enforcement Administrations continued classification of marijuana as a Schedule I drug. In order to be classified as a Schedule I drug, the drug must be officially determined to have no medical use and a high potential for abuse (McClathy, 2012). Justice Department attorneys site an absence of available evidence of acceptable and controlled studies, and a lack of agreement among experts as to marijuanas effectiveness as a medicine, as their basis for its current Schedule I classification. Those standing against the Justice Department claim that regulators are disregarding hundreds of peer-reviewed studies on the effectiveness of medical marijuana and the subsequent medical marijuana laws passed by 16 other states. The concerns for both the plaintiff and the defendant lie in the same key issue – is there enough acceptable medical evidence that marijuana does in fact have medicinal benefits? Studies and opinions as to which side has the most support to back its claim are widely varied, but both sides claim they have sufficient evidence to support their assertions. Take, for example, to very different statements, one from the medical book â€Å"Marijuana as Medicine?: The Science Beyond the Controversy† (Mack Joy, 2001), and the other from the medical book â€Å"Marijuana and Medicine, Assessing the Science Base† (Joy Stanley, 1999): â€Å"The cannabis plant (marijuana) . . . [has] therapeutic benefits and could ease the suffering of millions of persons with various illnesses such as AIDS, cancer, glaucoma, multiple sclerosis, spinal cord injuries, seizure disorders, chronic pain, and other maladies.† – from the editor’s introduction to Cannabis in Medi cal Practice, by Mary Lynn Mathre, R.N. (Mack Joy, 2001). â€Å"Consequently, the rapid growth in basic research on cannabinoids contrasts with the paucity of substantial clinical studies on medical uses.† (Joy Stanley, 1999). These two statements help highlight just how much inconsistency on exists on this issue, inconsistency that could be a concern for both the plaintiff and the defendant. Section 2: Identification and Evaluation of all Main Possible Solutions Though the challenge filed by the plaintiff is directly asking for one solution, there are several solutions that could be reached. The first solution would be that the judges would dismiss the challenge without review. The result of this would be that the appeals court considers marijuana’s current classification to be proper and this would represent solid validation of the DEA’s authority to determine a drug’s status and classification. There would be evidence to back this decision. According to the doctors that authored â€Å"Marijuana and Medicine†, more extensive data exists on the harmful effects of marijuana than data on its medical benefits (Joy Stanley, 1999). It is the opinion of these doctors that clinical studies on marijuana’s positive and negative effects are difficult to conduct, due to both difficulty in procuring funding and the encumbrances of the many federal regulations involved with such testing (Joy Stanley, 1999). The court could also reach this decision due to the bioethical principle of Nonmaleficence. Under the standards of care, this is the principle that a healthcare provider should not bring harm to a patient (McCormick, 1998). Should the court determine that not enough evidence exists to support marijuana’s medical benefits, it would have to conclude that prescribing marijuana to a patient could lead to their harm. This decision by the court would serve as a strong deterrent to future challenges of the DEA’s classifications of drugs. The consequences would be a major setback for advocates of widespread legalization of prescription marijuana. Dismissing the challenge would, for the time being, lay to rest all claims made by American’s for Safe Access. Another solution would be for the district court to decide a reduction in marijuana’s drug classification to be justified. For the plaintiffs, reducing marijuana’s classification from a Schedule I drug to a lesser controlled substance would be a major step in their ultimate quest to see marijuana legalized for medical use in the remaining 34 states that don’t already allow for such use (Press, 2012). Should its classification be reduced to a Schedule II drug, it would then be legal for marijuana to be prescribed to patients in need. Along with the physical medical benefits, reducing marijuana’s classificati on would also lessen the penalties faced by those found in possession of it. Currently, possession of a Schedule I drug can carry a maximum sentence of up to 7 years in prison. Ruling in favor of the plaintiff could indicate that the judges felt the principle of beneficence – that a healthcare professional must act to provide medical benefit to a patient – is involved (McCormick, 1998). In this case, the benefit to the patient would be relief from pain and protection from harm. A recent petition by Governor and former senator Lincoln Chafee of Rhode Island, and Governor Christine Gregoire of Washington filed made the assertion that â€Å"patients with serious medical conditions who could benefit from medical use of cannabis do not have a safe and consistent source of the drug as a result of its current classification† (Madison, 2011). This ruling could also be a result of the justices deciding that enough trusted medical evidence does in fact exists to support the use of marijuana for medical purposes. According to the book â€Å"Marijuana Medical Handbook: Practical Guide to Therapeutic Uses of Marijuana†, some medical marijuana specialists have reported a significantly large amount of uses for medical marijuana, ranging from treatment for nausea and convulsions to an appetite stimulant for cancer patients (Gieringer, Rosenthal Carter, 2010) For the Justice Department and Drug Enforcement Administration, seeing marijuana’s classification reduced would be a major setback in its efforts to eradicate a drug that Justice Department lawyer Lena Watkins says is â€Å"the most widely abused drug in the United States, (Press, 2012). A decision against them by the federal court would essentially erase all of their efforts, along with damaging their ability to make similar determinations in the future. A third solution could be that the court could order the Drug Enforcement Administration to take a more in-depth look at the available evidence (McClathy, 2012). This would be a blow to the DEA, who claims they have spent a substantial amount of time and energy in executing due diligence to determine marijuana’s Schedule I classification. It would counter their stance that not enough acceptable evidence and proper studies can be found to support marijuana’s medical benefits. In turn, a decision by the court for the DEA to reexamine its evidence could ultimately lead to another challenge for its legalization. Consequently, this same decision would be very positive for American’s for Safe Access. They claim that the DEA has failed to consider notable support for medical marijuana from many respected institutions, all of whom support the reclassification of marijuana (McClathy, 2012). A request by the Court of Appeals for the DEA to reexamine its findings could be due to the principle of respect for autonomy. This principle protects the patient’s right to make their own informed decisions with regards to treatment (McCormick, 1998). Not having access to the best evidence as to marijuana’s medical benefits could act against this principle. The principle of justice could also play a part in this ruling. A patient in Missouri suffering the same amount of pain as a patient in California, but not having the opportunity to benefit from the same medicinal advancements as a patient in California, might be a constitute a breach of the principle of judgment in the eyes of the court. Section 3: Decision Statement and Defense Against Weaknesses After examining the facts of the case and all possible solutions, the solution to allow for the reduction of marijuana’s classification to a Schedule II drug seems the most prudent. This conclusion was reached for several reasons. Despite the DEA’s claims, there appears to be enough acceptable evidence on the ASA’s side to support its assertion that marijuana has applicable medical benefits. Cocaine is certainly proven to be a harmful substance when taken irresponsibly, yet its remote medical benefits have landed it on the Drug Enforcement Administration’s Schedule II. For marijuana to remain on the Schedule I list while cocaine is on Schedule II hardly seems just considering there is even one state that has passed legal medical marijuana legislation. That there is even a small amount of substantial evidence from credible institutions supporting marijuana’s medical benefits makes the penalties involved with its possession seem severe. The recent petition sighted earlier by the two governors offers that they have support from many respected institutions, including The American Medical Association, The American College of Physicians, the Rhode Island Medical Society, the Washington State Medical Association the Washington State Pharmacy (Madison, 2011). All of these institutions are respected, making a decision to dismiss the challenge without even a reexamination seem imprudent. One also can’t help but wonder if the DEA’s current stance comes from a fear of its potential legalization for recreational use. This solution would also address another important issue in terms of marijuana use, and that would be to provide â€Å"safe, reliable, regulated use of marijuana for patients who are suffering,, as the governors have suggested (Press, 2012). In conclusion, certainly it seems that the current Schedule 1 classification of marijuana obstructs the medical principles of autonomy, beneficence, and justice . References Gieringer, D., Rosenthal, E., Carter, G. T. (2010). Marijuana medical handbook, practical guide to therapeutic uses of marijuana. Oakland: Quick American Archives. Joy, J. E., Stanley, J. W. (1999). Marijuana and medicine, assessing the science base. National Academies Press. (Joy Stanley, 1999) Mack, A., Joy, J. E. (2001). Marijuana as medicine?, the science beyond the controversy. Washington, D.C.: National Academies Press. (Mack Joy, 2001) Madison, L. (2011, November 30). Govs. chafee, gregoire lobby for reclassification of marijuana. Retrieved from http://www.cbsnews.com/8301-503544_162-57334326-503544/govs-chafee-gregoire-lobby-for-reclassification-of-marijuana/?tag=contentMain;contentBody McClathy, N. (2012, October 12). Medical marijuana case going before court. Maine Sunday Telegram. Retrieved from http://www.pressherald.com/news/medical-marijuana-case-going-before-court_2012-10-13.html McCormick, T. R. (1998). Principles of bioethics. Ethics in edicine: University of Wa shinton School of Medicine, Retrieved from http://depts.washington.edu/bioethx/tools/princpl.html Press, A. (2012, October 16). Federal court considers marijuana classification. Retrieved from http://www.cbsnews.com/8301-201_162-57533647/federal-court-considers-marijuana-classification/

A Presentation Of George Orwell And His Protest Novels :: essays research papers

Eric Arthur Blair was born on June 5, 1903, in Bengal, India. His father was not a wealthy man. He supported his family only on the salary of a civil servant. When his writing career began, his penname became George Orwell. Orwell received his formal education from Eton Academy during a period ranging from 1917 to 1921. After completion of Eton, Orwell did not continue his education; instead he joined forces with the Indian Imperial Police in Burma. He served with the police until he began teaching. He was a high-ranking officer during his years on the police force. His life was poverty stricken until the mid-1930’s. He was considered to be a â€Å"combination of middle class intellectual and working class reformer† (Stewart). Orwell chose to live among tramps in England and the working class in Paris. His experience in England and Paris was the basis for his first book Down and Out in Paris in London, first published in 1933. For many years, Orwell worked as a teacher . A Clergyman’s Daughter was based on his experience as a teacher (Borman 5-6). Considered a novelist and a social critic, Orwell’s fame began in 1945 with the publication of his first protest novel, Animal Farm (Stewart).   Ã‚  Ã‚  Ã‚  Ã‚  Animal Farm is just one of Orwell’s protest novels, but disputably the best protest novel of all time. The novel is allegedly based on the Russian Revolution. Animal Farm is an allegory of the political strife in twentieth-century Europe (Brown 72). According to Orwell his inspiration for Animal Farm came from a little boy, perhaps ten years old driving a huge cart-horse along a narrow path, whipping it whenever it tried to turn. It struck me that if only such animals became aware of their strength we should have no power over them, and that men exploit animals in much the same way as the rich exploit the proletariat. (Williams 339) During the Russian Revolution, leaders such as Russia’s Joseph Stalin negotiated with England but made plans secretly with other leaders and nations. In Animal Farm various animals personify or represent political leaders and factions of the Russian Revolution. In the novel Old Major represents Karl Marx, a German economist of the Russian Revolution. Joseph Stalin is portrayed, in the novel, by Napoleon. Stalin was known for negotiating with England but also leading acts of corruption with other countries. In Animal Farm Napoleon negotiates with Mr.

Advertising and Public Relations Portfolio Essay

1.Write a report on experience with regards to approaching the organisation First contact was via telephone where I set up an interview time with Mr. Solly Khuthama. The contact was very positive and he was supportive and understanding with the need for this campaign. Once at the Tumelo Children’s Home, I met with Miss Mpho who was also very helpful with fully answering all my questions about the organisation, as well as professional. How did the organisation respond to the request They were both very positive and looked forward to the finished communication campaign. Any information I needed was fully provided through open communication channels. Establishing a working relationship with the organisation It was decided in the interview that all further communication would be done telephonically and via e-mails between either Mr. Solly or Miss Mpho. As all questions were answered during the interview period, only the letters to and from the organisation, as required, were to be followed up on. Please refer to APPENDIX A and C. Identifying the communicator for the campaign The communicators of Tumelo Children’s Home are both Mr Solly and Miss Mpho on behalf of the entire organisation as Mr. Solly is the manager and Miss Mpho is the admin clerk/receptionist and they both oversee the entire running of the centre. 1.2 Identify the target audience (According to Integrated Organisational Communication text book, 2013:459) 1.2.1 Problem statement for the research To establish financial support and raise awareness about the Tumelo Home for the Mentally Handicapped Children. 1.2.2 Sub-problems a) To raise awareness amongst potential sponsors in Pretoria who are business owners. It contributes to solving the main problem as most of the business in Pretoria do not know about this organisation and cannot help without any previous knowledge of its needs. b) To find out the potential business owners’ needs (in the Pretoria area) and communication expectations of the organisation- if willing to deal with Tumelo Home for the Mentally Handicapped Children. This will help solve the main problem as when the businesses have all the information about the home, then further steps can be taken to ensure that all funding and support offered is used as desired. c) To educate potential donors’ in the Pretoria area through the use of different medias about the Tumelo Home for the Mentally Handicapped Children. This will contribute positively due to increased awareness through a larger media coverage than previously, and inform the potential Pretoria donors about the organisation in its entirety. 1.2.3 Research questions a) Research question 1: What is the current awareness of the Tumelo Home for the Mentally Handicapped Children, with Pretoria based business owners? b) Research question 2: If willing to deal with the Tumelo Home for the Mentally Handicapped Children, what would the potential business owners needs’ be? c) Research question 3: What media could be used to educate potential donors about the Tumelo Home for the Mentally Handicapped Children? 1.2.4 Unit of analysis Since the focus of the communication campaign is on business owners in the Pretoria area, the unit of analysis will be on these individuals, as they will be the receivers of the questionnaires. 1.2.5 Population(s) The target population identified for this study is of various Pretoria based businesses, while the accessible population is only the business owners that agree to meet up to take the questionnaire. 1.2.6 Sampling procedures Random sampling: questionnaires were sent out to various business owners via online methods, such as Facebook and e-mails, as well as telephonically through references given by employees, in a cross sectional manner of industry. 1.2.7 Methodology and measuring instrument Quantitative methodology is used as it more focused on the quantity of answers rather than the quality of the answers received. The measuring instrument used are questionnaires which answer specific questions of the desired target audience that are easy to complete and non-confusing. Please see APPENDIX B for questionnaire. Percentages of companies willing to support a non-profit organisation: 5 of the 9 participants indicated willingness to consider supporting (if more information could be obtained), leaving a total of 35.7% willing. Awareness of Tumelo Home for the Mentally Handicapped Children: 85% had indeed not heard of this home, leaving 14.3% (2 persons) having prior knowledge before the questionnaire. Information heard: The first person indicated that the information previously heard was abstract, while the other said that the information shared about the home sounded negative as the children need so much still. Preferred communication medium: 100% stated E-mail as their preferred communication medium. Preferred media medium Please note for the preferred medium: Many participants chose more than one option with preferred media mediums. 6 of the 14 participants indicated that they would prefer the website as a media medium, yet as the Tumelo Home for the Mentally Handicapped Children has a website already, I changed their selection to a newspaper advertisement as I want to create broader knowledge through media mediums not yet explored before. 1.2.9 Audience segmentation Demographics was provided for as one question asked for the situation of the company, as the questionnaire was specifically aimed at the Pretoria area, yet provision was provided for other areas. Another question was to find out whether or not the company would be willing to invest in the Tumelo Home for the Mentally Handicapped Children, to know the percentages that the communication campaign should be aimed at, and what their specific needs would be for this to occur. 1.2.10 Self-reflection (a) I discovered that the Tumelo Home for the Mentally Handicapped Children lacks coverage as most of the audience members had never heard of them before. (b) The extent that I predicted the results was a surprise as I believed that other forms of media mediums would be chosen, yet were not. (c) It was worthwhile in conducting the research as now the communication  campaign manager knows that there is a dire need of this awareness campaign and what media to use to get the word out as indicated by personal preferences of the random audiences. (d) The research could influence the way in which this communication campaign is planned due to the results indicating an exact percentage of awareness in which demographic areas, as well as showing that while the communications manager would prefer to use a Twitter handle for example, the audience prefers Facebook as an online means of marketing. Page 8 1.3 Analyse the situation and identify campaign aims 1.3.1 Historical review and forecast The historical background of Tumelo Home for the Mentally Handicapped Children: the home was opened in 1996 by Dr. Moses and Mrs. Orina Thindisa when Mr. Moses saw the many difficulties faced by the parents and families of these handicapped children. Driven by a love for the children in need, the facility was open in Ivory Park, Midrand. While it was originally opened as a centre for the children during daytime working hours, many of the parents abandoned their children and were never heard from again, leaving the two founders in a difficult situation, yet they persevered and the home operates on a 24 hour basis ever since. It now houses 32 children from which about seventy per cent are either orphaned, abandoned and previously abused. Since this is the old home for children with special needs, the waiting list contains around 250 applicants, coming from further afield than Ivory Park. Tumelo Home for the Mentally Handicapped Children’s forecast is to therefore gain enough fun ds to expand the home to cater for the many needs of so many special children that still need the attention, facilities and activities that they do not receive unless admitted. 1.3.2 Social, political and economic environment (a) The social environment is very supportive on the home as the community volunteers, looks after the security of the facility and helps out when possible. (b) The political environment affects the home as the Tumelo Home for the Mentally Handicapped Children is funded by grants from the  government currently. Parents of the children residing within the home’s walls are asked to pay R500.00- which is given to them by the government as children’s grants. (c) The economic environment does affect Tumelo Home for the Mentally Handicapped Children as shortage of jobs results in that some of the parents neglect to pay their fee and rather use the government grants for themselves, leaving the home at a loss, whilst facing food and other cost increases. 1.3.3 Competitors Tumelo Home for the Mentally Handicapped Children does not have any competitors and have children from afar as Alexandria and Soweto needing space due to this lack of competition. 1.3.4 Describe the organization and its culture Tumelo Home for the Mentally Handicapped Children is extremely clean and the interior is cheerful and bright. It is clearly a place well taken care of and the caretakers truly have a passion for the well-being of the children. Culturally, the community has committed to the centre and looks out for the security of the grounds, are regular volunteers and help out where they can, leaving an impression that this facility is very family and community orientated. Please refer to APPENDIXES D, E, F, G, H, I, J, K, L, and M for photographs of the organisation. 1.3.5 Identify three issues based on the research results and situation analysis that are relevant for the campaign (a) There is not broad awareness about Tumelo Home for the Mentally Handicapped Children, leaving the home in dire need of financial sponsorship with no feasible way of gaining it. (b) Businesses that are interested in supporting a non-profit organisation all indicated that they required more information about the organisation to investigate whether or not it is worth while. (c) Local media coverage does not extend out the community, leaving the Tumelo Home for the Mentally Handicapped Children as another non-profit organisation that hardly anyone pays attention to. 1.3.6 Three broad general aims for the campaign (a) The first phase of this communication campaign would therefore be to raise awareness about the Tumelo Home for the Mentally Handicapped Children. Time frame: throughout the campaign- April 2013 to December 2013. (b) The second phase would then be to revamp all previous internal advertising and marketing to ensure that the corporate image is the same throughout in order for credible businesses to take an active interest and hopeful partnership. Time limit would be 4 months. (c) As the third and final phase of this campaign, this aim would be to do viral marketing about Tumelo Home for the Mentally Handicapped Children where all media coverage would go further afield than just locally in Ivory Park by the end of 2013. 2 PHASE 2: CREATE 2.1 Stipulate the communication problem or opportunity (According to Angelopulo and Barker, 2013: 461-469) 2.1.1 Formulate the main communication problem or opportunity As there is not a large awareness about the Tumelo Home for the Mentally Handicapped Children, fundraising is difficult and needs to be addressed. 2.1.2 The need to conduct this campaign Without funding, the Tumelo Home for the Mentally Handicapped Children will fail, leaving thirty-two children disadvantaged and hundreds of other challenged children on the waiting list without hope for a better life. 2.1.3 What the campaign aims to achieve To raise awareness amongst Pretoria business owners that are potential sponsors and donors. 2.2 Define strengths, weaknesses, opportunities, and threats 2.2.1 Describe three audience characteristics The audiences’ needs are to have an understanding of what the non-profit organisation does so that they can decide whether their company will be a suitable match. The audiences’ perceptions of Tumelo Home for the Mentally Handicapped Children will influence whether or not they are willing to donate based on previous knowledge. Attitudes of the audience in terms of donating to non-profit organisations depend on any dealing in the past with charities and how their money was used. 2.2.2 Define the needs of the audience The audience needs to know more about Tumelo Home for the Mentally Handicapped Children. They need to know what their money will be used for specifically. They need to have an open, two-way communication channel with the organisation. They need to be constantly updated and reminded about these children’s needs through the media. 2.2.3 SWOT analysis According to Angelopulo and Barker, (2013:322), the SWOT analysis is of the â€Å"organisation† itself- where the â€Å"strengths and weaknesses are internal factors†, with â€Å"external categories being the opportunities and threats†. (a) Strengths Tumelo Home for the Mentally Handicapped Children has access to basic services namely: electricity, water sanitation and a doctor’s room/surgery next door. They are fully supported by the surrounding community of Ivory Park. Their facilities contains two fully equipped dormitories, stimulation area, equipped kitchen and office, an inviting reception area, playground for the children, as well as a large hall that can be used multi-purposively. (b) Weaknesses The home needs more physio equipment for needed stimulation for the children. They do not have sufficient rehabilitation and medical equipment. They need to develop an adequate stimulation programme that meets the needs of the various age groups. Need a trained physiotherapist and speech therapist. (c) Opportunities The facility contains a large enough area for care-giver training for current employees as well as trainees. They can develop their service centre into a training centre for young people with mental and physical disabilities. (d) Threats Some parents do not support their children, leaving the home struggling to cover the extra costs that should have been taken care of. As there is a low awareness level, people further afield from Ivory Park rarely donate. (e) Problem As the area has no other facility to help take in these children, Tumelo Home for the Mentally Handicapped Children is the only safe place, leaving it in high demand, with too little space to accommodate such a high intake. 2.3 Determine the campaign topic The â€Å"help children that are abandoned, abused, orphaned and handicapped† campaign will promote awareness and raise funds amongst various target audiences. 2.4 Formulate strategic communication objectives 2.4.1 To raise awareness through various media about Tumelo Home for the Mentally Handicapped Children throughout the campaign- April 2013 to December 2013. 2.4.2 To educate the target audience about the needs of Tumelo Home for the Mentally Handicapped Children throughout the communication campaign running from April 2013 to December 2013. 2.4.3 To raise funds for the Tumelo Home for the Mentally Handicapped Children by spreading knowledge about their needs through different communication mediums. 2.5 Create the communication message 2.5.1 Formulate the â€Å"big idea† The â€Å"help children that are abandoned, abused, orphaned and handicapped† campaign is designed to raise awareness and increase funding for the Tumelo Home for the Mentally Handicapped Children by targeting mainly Pretoria based business owners who can donate significantly. 2.5.2 Message approach The approach used is emotional as the Tumelo Home for the Mentally Handicapped Children are in need for care and support, and no rational reasoning can put a price limit on that. It will also appeal to the business’ public relations departments as they should want their community to perceive them as giving and caring for the children of the community, which will also benefit them. 2.5.3 Different ways of presenting your message Theoretically the information produced will be emotional yet contain factual, demonstrative and testimonial information about Tumelo Home for the Mentally Handicapped Children. The billboard is a short message appealing emotionally to passers-by to put themselves in the children’s’ place, while he Facebook advert contains factual information about the children and their need for funding. The poster is eye-catching and more a demonstration on how would you feel if you had to rely on the support of others, leaving the newspaper advertisement as testimonial of the trials faced by these children and creates awareness of their funding dilemma. 2.5.4 Communication mix The use of the home’s own logo design is the most specific and best way to portray its internal communication as its marketing remains consistent in every form of media used. Billboard advertising is an excellent medium to portray an integrated internal communication of the Tumelo Home for the Mentally Handicapped Children. Page 14 Facebook adverts are an online communication tool specifically aimed at online users in a company. Posters integrate different element of emotional aspects that appeal to people, leaving them wanting to help in any way  possible. Newspaper advertisements is a traditional marketing tool that also contains a link for further information online if wanted. 2.6 Select the media 2.6.1 Medium one: billboard (a) This medium was selected because it will reach a larger target audience subconsciously, and business owners who are looking to contribute to charities will remember the billboard. (b) It contributes to internal integration through: Reach: Hundreds of people driving daily. Frequency: Everyday on the N1 North. Impact: Passengers will read it and interest will be created, while drivers can glimpse it and hopeful awareness for later research to be done will result. 2.6.2 Medium two: Facebook advert (a) This medium was selected as many internet users have a Facebook accounts and adverts online will reach people all over the world who may pass it on to their employers seeking a non-profit organisation to donate to. (b) It contributes to internal integration through: Reach: Everyone online with Facebook will receive it. Frequency: Every 30 minutes to pop up. Impact: People will see this advert and greater awareness will be created and hopefully more interest will occur, resulting in a viral word of mouth spread over the internet, possibly reaching people who can help. 2.6.3 Medium three: posters (at universities) (a) This medium was selected as many university students are encouraged to be more actively involved in the community and in charities, as well as may raise further awareness in future projects. Page 15 (b) It contributes to internal integration through: Reach: All students on campus will see it. Frequency: Students to and fro from classes. Impact: Students who are caring will pay attention to these posters and will further raise awareness about the home and may even help themselves. 2.6.4 Medium four: newspaper advertisement (a) This medium was selected as many business owners based in Pretoria read these newspapers for general knowledge about the country and daily issues that may influence the running of their businesses. (b) It contributes to internal integration through: Reach: All Sunday Times and Pretoria News newspaper readers. Frequency: Every day and every Sunday. Impact: Readers will gain increased awareness to enable them to enact further. 2.7 Produce the communication material (For the purpose of seeing the media activities as a whole, they will start on the next page.) Page 16 2.7.1 Design the four activities Billboard HOW WOULD YOU FEEL IF YOU WERE APART OF THE Tumelo Home for the Mentally Handicapped Children Abandoned, Abused, Orphaned, Handicapped HELP THEM, HELP YOURSELF Facebook Advert The Tumelo Home for the Mentally Handicapped Children is a place of safety for disabled and abused children. They need support from the South African community to ensure that these abandoned, abused, orphaned and handicapped children carry on receiving the supportive lifestyle they need and deserve. Help now through donating for this great cause of keeping our children safe. YOU can be that difference in THEIR lives Poster Tumelo Home for the Mentally Handicapped Children Awareness Campaign: Fundraising for CHILDREN in need. How would YOU feel- ABANDONED†¦ ORPHENED†¦ ABUSED†¦ HANDICAPPED†¦ YOU would also want a place of refuge†¦ HELP NOW- contact: Mr.Solly Khuthama on: (011) 261 1868 Newspaper Advertisement Tumelo Home for the Mentally Handicapped Children is a non-profit organisation that is in ever constant need of support from the South African community. Will YOU be the difference in the lives of these abandoned, abused, orphaned and handicapped children? 2.7.2 Explain how each activity contributes to the â€Å"big idea† Each media contains the phrase â€Å"help children that are abandoned, abused, orphaned and handicapped† which is the ‘big idea’ for this communication campaign. 1. The billboard’s meaning to catch passers-by’s attention to raise awareness for the children of Tumelo Home for the Mentally Handicapped Children. By  helping them, you help yourself be a better person by society’s standards. 2. The Facebook advert is aimed at creating awareness about funding needed for the Tumelo Home for the Mentally Handicapped Children and how these special children need help for the readers. 3. The poster helps raise awareness and educates viewers of the ‘big idea’ through its catch phrases emboldened, catching attention to remind people of others’ needs other than their own. 4. The newspaper advertisement contributes to the ‘big idea’ as it appeals emot ionally through the catch phrase, asking people to help donate to ensure the children’s’ safety. 2.8 Proof of authenticity Please refer to APPENDIX C SOURCES CONSULTED Books Advertising and Public Relations. 2012. Only Study Guide for COM3708. Pretoria: UNISA Advertising and Public Relations, COM3708, Tutorial Letter 101/3/2013. Department of Communication Sciences. Pretoria: UNISA Angelopulo, GC & Barker, R. (eds). 2013. Integrated organisational communication. Lansdowne: Juta. CMNALLE Tutorial Letter 301/4/2013 APPENDIX A Dear Miss Mpho and Mr. Solly, I wish to confirm the telephonic conversation and the subsequent meeting that took place. During the interview which took place on Thursday, 4th April 2013, at your offices, the following was agreed upon:- The communication campaign will focus specifically on raising awareness about your organization and its need for urgent funding. This will be accomplished through the following proposed steps:- a Your organization and where this community is situated. b Creating the proposed campaign through identifying the different key issues faced by the Tumelo Children Home. c 4x media draft versions to create public awareness of your plight. As I am a student of UNISA, I will not be implementing my research unfortunately, yet your organization will receive exposure through the interviews and questionnaires I will conduct during this time, about peoples’ and companies’ awareness of your home, and its many needs associated with the care of handicapped children. You are welcome to use any of my planning and research to assist you in any way you deem fit. If you do decide to use any of my suggestions and recommendations, I would be grateful if you would let me know what section/s you have used and the outcomes thereof as this will help me with future work. Any photography used in this portfolio is strictly confidential and anonymous, with only the marker/s of UNISA, my internal lecturer and myself seeing them, and will in no way be used in any manner unbefitting and will be used only with your consent. Thank you again for your willingness to work together with me and the sharing of your information. I will send the finished product if you so wish. I look forward to working with you both and if you have any other questions or concerns, please do not hesitate to contact me. Please accept my grateful thanks for consenting to see me and for the time spend discussing my proposals. APPENDIX B N.P.O. 016 874 The following questionnaire is specifically for the use of a UNISA portfolio about an integrated communication campaign based on the ‘Tumelo Home for the Mentally Handicapped Children’. The recorded results are completely anonymous. Please circle the correct option where relevant. What is your position in your company? Owner Director APPENDIX C N.P.O. 016 874 PBO 930018541 08 April 2013 To Whom It May Concern Cara Grater Tumelo Home is situated in Ivory Park settlement .MIDRAND, it is a home for profound mentally and physically handicapped children, 75% of our children are either abandoned, orphaned or abused from home, at present Tumelo Home is catering for 100%, black and disadvantaged children with severe mental retardation and physical disabilities. TUMELO HOME has created 20 job opportunities to previously disadvantaged persons (amongst them is 17 women, 1 person with disability). We hereby authorise the above student to use our organisation to do her school project. She is a warm person and dedicated. During our interview, she was coming up with exciting ideas and she showed initiative. We were please to have met her and are very honoured to help her, so that she can help us. As an organisation, we feel that the communication campaign will be helpful because as an NGO we need exposure and for people to know about the kind of people we are taking care of, to learn about their condition and be able to appreciate them. So we feel like this project is going to be a great help to us. M.S. Khuthama[Manager] Rev. H.S. Mpshe [Chairman] Dr. G.M. Thindisa [Dep-chairman] T.M Malatji [Treasurer] E. shadung [Secretary] R. Madibogo[Dep-Secretary] B. Matlala, M.B. Lefophana Page 25 N.P.O. 016 874 PBO 930018541 For any further information, please do not hesitate to contact us. Yours sincerely, Mr. Solly. M .Khuthama TUMELO HOME MANAGER M.S. Khuthama[Manager] Rev. H.S. Mpshe [Chairman] Dr. G.M. Thindisa [Dep-chairman] T.M Malatji [Treasurer] E. shadung [Secretary] R. Madibogo[Dep-Secretary] B. Matlala, M.B. Lefophana Page 26 APPENDIX D; E Above: View of Ivory Park- Midrand Below: Close up of Ivory Park- Midrand

Human rights Essay

The United Nations defines human rights as â€Å"[†¦] rights inherent to all human beings, whatever our nationality, place of residence, sex, national or ethnic origin, religion, language or any other status† (OHCHR 2009). They are rights that are guaranteed to all human beings simply because they are human. When people speak of ‘having a right’ or ‘it is their right’ to have this or that or to do that or the other, it is usually a reference to their human rights. To have a right implies an entitlement to something. Other people are obligated to give it to you and if this right is endangered or denied then you can make special claims on political, moral and social grounds that will galvanize the concerned parties into action and obligate the person guilty of denying the rights to discharge them even if they are not willing. Rights can therefore be termed as rules of interaction between persons; guidelines on how humans should relate to each other. A violation of these rules is not only improper; it may subject someone to special corrective claims as well as sanctions usually but not always at the discretion of the rights holder. Right holders are therefore not just passive beneficiaries of their rights but are actively in control of them. It is worth noting that human rights are not simply abstract principles such as equality, security or liberty. Rather, they refer to the social practices that have been instituted precisely for the realization of those values and are recognized by law (Donnelly 2003, p. 7-8; 11). The international treaties on human rights have summarized human rights under two categories; civil and political rights on one hand and socio-cultural and economic rights on the other. Civil and political rights constitute the freedom of assembly, freedom from torture, freedom of speech, freedom from slavery and the right to a fair trial. On the other hand, socio- cultural and economic rights cover the right to social security, the right to equal wages for the same work irrespective of gender, right to leisure time with control of working hours, right to good health, right to free basic education and the right to take part in the community cultural life (Asher and Banks 2007, p. 4). The violation of human rights is more commonly referred to as human rights abuse. It may include physical and sexual assault, mass killings, torture, unlawful detention, disappearances of persons, forced displacement among others. Asher and Banks (2007, p. 4) point out that abuses of socio- cultural and economic rights are not as easy to pinpoint as civil and political rights violations but include forced labor, withholding of humanitarian relief supplies, destruction or seizing of property, and the various forms of discrimination. It is precisely because of these violations of human rights on a global scale that the international community sought to form treaties and declarations that would legally bind countries and compel them to observe human rights, thereby protecting all humans regardless of their place in society and their country of origin. However, before analyzing human rights in international relations, it is important to first of all understand their justification. Justification of human rights As earlier mentioned, human rights are guaranteed to humans simply by virtue of their being humans. They are equal rights, that is, one is either a human being or not. Therefore they apply equally to all humans across the board. They are also inalienable, that is, one cannot stop being a human even though he or she behaves in a totally inhuman way or conversely, is treated in an inhuman manner (Donnelly 2003, p. 10). Some people may argue that human rights should not apply to certain categories of people especially those who behave in an inhuman way towards others. But since these people cannot stop being humans, their rights remain inalienable. Thus even prisoners have their rights. However, it is worth noting that infringement of other people’s rights may cause one to loose some of his or her rights as a form of sanction. Our entitlement to human rights comes with the responsibility of ensuring that the rights of others are respected as well but even when some of these rights are taken away as a sanction for violations, it is well nigh impossible to forfeit all rights and one remains entitled to at least some fundamental rights whose violation may cause an outcry from human rights advocates – never mind that this person has violated other people’s rights (Orend 2002, p. 7). This gives rise to the question; what justifies the holding of human rights? One of the grounds on which the holding of human rights is justified is the fact that it is intrinsic to human nature. We all share a core belief that it is profoundly and distinctly wrong to cause a fellow human being to suffer. The occasioning of such harm and suffering is viewed as unjust and below what is expected of human behavior and can therefore not be tolerated at any cost. The only exception to this is if the harm inflicted is in self defense or defense of others. Thus human rights do not exist because of force or over-romanticizing of issues but simply because of an intrinsic compulsion to treat fellow human beings in a minimally civilized manner (Orend 2002, p. 69; 73). This argument draws heavily from social morality. Human rights exist in the beliefs that are shared by humans across the globe. They are a result of ethical customs and practices and their codification into law only facilitate their application though they existed before the law (Orend 2002, p. 76). The grounding of human rights on morality and ethics has however come under criticism. Some people feel that moral norms are an illusion that has subconsciously been entrenched into our thoughts and our language. This gives rise to the problem of justification. It is important for human rights to be grounded on an objective viewpoint rather than the subjectivity of others who wish to impose their beliefs on the rest of the populace (Gorecki 1996, p. 19). However, morality appears to be the best grounds for justification of human rights. This is because morality and ethics are universally upheld and all societies have a code of conduct that implies respect for fellow human beings with some sanctions when these are violated. In deed as Gorecki (1996, p. 17-18) asserts, the inalienable rights of liberty, life as well as the pursuit of happiness as proclaimed in the American Declaration of Independence were not proclaimed because of the subjective thoughts of Thomas Jefferson or the imposition of the Continental Congress. They were given independent of any subjective views since every man has these inherent rights by virtue of their humanity. Thus in this sense, human rights are objectively justified. Other validations for human rights are based on religious principles. Such arguments usually posit that human rights are ordained by God and should therefore be observed since not doing so would be in violation of God’s teachings. The grounding of human rights in religious teachings places them beyond interference by man or government. Such arguments have been referred to as metaphysical justifications and they place human rights justification beyond human design; linking them to the supernatural (Edel 1978, p. 126; 128). However, Orend (2002, p. 73) argues that the premises on which religious justifications are based are ‘controversial’ as well as ‘exclusionary’ and go against the principle of equality and universalism with respect to the protection of human rights. A third human rights justification is based on the premise of legal positivism. Legal positivism implies that it is only those rights which have been ratified into law that are applicable and legitimate. Thus people are compelled to observe human rights lest they be punished by the law. The penalties for not obeying human rights are outlined and include imprisonment, the payment of fines and simply the burden of a criminal record. There are numerous declarations, charters and treaties which provide these legal guidelines for the countries and they apply across the globe. However, Orend (2002, p. 4) points out a weakness in this justification, stating that in the event that some important human rights have not been ratified, then this may pose a problem since people do not feel obliged to observe them. Human rights and international relations Human rights are universal and are therefore guaranteed by international law. International human rights laws have been expressed through the formation of treaties, application of general human rights principles and customar y international law among others. International laws on human rights obligate governments across the globe to act in certain ways or to desist from engaging in particular acts that may violate the rights of the citizens. This is done with a view to protecting the fundamental rights and freedoms of all humans across the globe (OHCHR 2009). There are numerous international treaties, charters and declarations that have been internationally agreed upon through numerous human rights conventions and which outline how international human rights will be handled. For instance, the 1945 International Covenant on Civil and Political Rights Article 7 states that no one should be subjected to any inhuman, cruel or degrading treatment. Ignatieff terms this article as the ‘juridical revolution’ of human rights. Other internationally recognized human rights documents are the 1948 Geneva conventions, the 1949 Geneva conventions revision, the International convention on asylum of 1951 and the Universal Declaration of human rights (Ignatieff et al 2003, p. vii). The Universal Declaration of Human Rights was proclaimed by the United Nations General Assembly in 1948. It is one of the most recognized human rights documents and outline basic rights and freedoms of the individual which are to be recognized globally (UN 2009). The Universal declaration of human rights- this great and inspiring instrument was born of an increased sense of responsibility by the international community for the promotion and protection of man’s basic rights and freedoms. The world has come to a clear realization of the fact that freedom, justice and world peace can only be assured through the international promotion and protection of these rights and freedoms. U Thant, Third United Nations Secretary- General, 1961-1971 (UN Cyberschoolbus, 2009) The above quote perhaps best exemplifies the commitment of the international community towards the promotion of human rights. The internationalization of human rights meant that they were no longer the preserve of the state but that the states were answerable to the international community for the treatment that they accorded their citizens. However, there is no decisive action with which to deal with states that violate international rights violations (Forsythe 2006, p. 5).

12 Angry Men by Henry Fonda and Reginald Rose Essays

12 Angry Men by Henry Fonda and Reginald Rose Essays 12 Angry Men by Henry Fonda and Reginald Rose Essay 12 Angry Men by Henry Fonda and Reginald Rose Essay Essay Topic: 12 Angry Men 12 Angry Men In 12 Angry Men by Henry Fonda and Reginald Rose a young man charged with the murder of his father, is in the hands of twelve men all with entirely diverse views. After hearing, the case the jurors go into discussions. Eleven of the twelve men are convinced that the boy murdered his father. However, Juror #8, Davis (Henry Fonda). Doesn’t necessarily believe the boy is guilty, rather wants to explore the evidence and discuss the trial further. Davis, was the most important juror in Twelve Angry Men for a number of reasons. First is that when all the other jurors voted guilty without even thinking about their decisions, Juror #8 suggested that they talk about it for a little bit before jumping to conclusions. When asked if he thought the boy was guilty or not guilty, he said, â€Å"I don’t know. † This shows that he hadn’t decided one way or the other. When asked why he voted this way, he replied, â€Å"It’s not easy for me to raise my hand and send a boy off to die without talking about it first. This shows that he wanted to talk things over with the other jurors before he makes a decision. Even when some of the other jurors got mad and started arguing with him, he stayed composed and tried to work things out in a rational manor. Later on he said, â€Å"I just want to talk for a while. † This is more proof that he wanted to discuss the issue. Secondly Juror #8 re-enacted scenes from the night of the murder in order to prove his points. The third reason is that he con vinced Juror #9 to change his vote to not guilty. This was a vital step because it added question and doubt to the other jurors and made it acceptable to change their minds as well. This was important because if no one changed his or her decision in the second vote, Juror #8 said he would change his vote to not guilty. However, Juror #9 did change his vote giving Juror #8 more time to talk about the case. Juror #9 said, â€Å"He gambled for support and I gave it to him. I want to hear more. † By convincing one person to change their vote, it forced everybody to listen to more arguments, and possibly change their thinking on the case. The third reason Juror #8 was the most important juror is that he re-enacted scenes from the night of the murder in order to prove his points. The first time Juror #8 re-enacted a scene was when he proves that the old man could not have walked from his bedroom to the hallway in fifteen seconds. He did this by measuring how far his bedroom was from he hallway, and then walking it himself. It took him thirty-one seconds, making it impossible for the old man to have made it in fifteen. By doing this re-enactment, he changed the minds of several other jurors. With the points I have given, Juror #8 is the most important juror. Not only did he do what he felt was the right thing to do, but he also may have saved a boy’s life. For these reasons Juror #8 is the most important juror in Twelve Angry Men. Juror # 3, a so called sadistic man who had at one point in the movie admitted he would pull the switch himself to end the boys life. It was never revealed why #3 feels so passionate about putting the boy to death. Numerous reasons can influence a jurys decision, such as personal prejudice and emotional make-up of individual jurors, personal life history such as home life and environment. Many elements can alter a juror’s decision. Juror #8 tries to convince #3 how the boy is not guilty beyond reasonable doubt but #3 does not listen and would rather see the boy die. â€Å"For this kid, you bet Id pull the switch†. This shows how emotionally unstable Juror #3 is. He is a grown man living in a civilized community and would like to see a boy who he does not even know die by his own hands. Because of Juror # 8, the others must now go over the whole case again to review the facts. Juror #3, who is convinced that the boy is guilty, and is allied with Juror #4, who is eventually convinced by #8 showing of how the two testimonies given by the older woman and old man are lies, stating that the old man who had a stroke the previous year and walked with a limp, could not have witnessed the boy running down the stairs calming that it were impossible for the man to get from one room, down the hall and to the latched door in enough time to see the boy. The woman who wore glasses clamed to be in bed unable to sleep when she saw the boy murder his father, though she wore glasses and when in bed is unrealistic to be wearing them while trying to sleep. Both statements with reasonable doubt. The way which the father was stabbed being another, the boy was a experienced knife fighter and the way the father was stabbed did not correlate with the way someone with experience with knifes especially a switch blade would follow through with the act. #4 sees the truth in that #8 has brought to attention and still votes guilty.

Health Systems Administration Essay Example

Health Systems Administration Essay Example Health Systems Administration Paper Health Systems Administration Paper Health care organizations operate to offer quality services at minimal costs. Excessive costs would work to increase the financial losses that such organizations face. Establishing effective strategies and reassessing the current approach would suffice in ensuring such costs are contained. New subsystems can be implemented to ensure sustainability of the current health care delivery market. Leadership is considered a very complex phenomenon that entails diversified roles. Leaders are expected to be in a capacity to influence and persuade for the benefit of an organization or a firm that a leader is working for. They create conducive environment where change can be incorporated and they can act as catalyst in the change process. Leaders can influence those under them to embrace change and this would translate to people accepting such a change. They are influential in the society. Leaders also perform the ‘representative’ role in organizations or whichever areas they are in. they represent the group fraternity where they lead and can be used to communicate the group’s interests, concerns or complain. Group’s members entrust their leaders to represent them to the larger societies (Ferrand P. 2006). In order to achieve their responsibilities or functions leaders ought to have in themselves and are in a position to inspire confidence. Strong self image works to positively affect one’s communication skills a very crucial aspect in leadership. To be able to persuade and influence the group members leaders must have a vision for the future and they must have solid belief in the organizational goals. Without these goals it would be hard for them to influence people. Internalizing such goals would work to motivate the leaders in their duties. Leaders ought to have the ability to coordinate activities in the group respectively and they should not coerce people to do things. Leaders can adopt different leadership styles depending on their personal interests or interests of the majority. They could opt for autocratic, bureaucratic participative, laissez-faire or paternalistic leadership (Silcox N. 2006). An autocratic leader offers close supervision to those under him or her. This kind of leadership does not allow for employees point of view as the leader gives the direction to be followed in a clear or precise conditions. Such kind of leadership offers little if any motivation for the employees. Employees feel alienated under such leadership as they are not included in running process of the group or organization. This kind of leadership sounds very exploitative as all decisions are one way. Bureaucratic leadership entails following to the letter the procedures, rules, and policies that have been set. It ensures minimal employee freedom as it works to ensure that accepted rules are followed. Institutions rules and policies are given priority in this arrangement (Silcox N, 2006). Participative leadership values group ideology and group contribution is highly appreciated and emphasized. Employees retention and motivation is greatly achieved as they are involved in the decision making of the greatly achieved as they are involved in the decision making of the organization. Employees feel that they are part and parcel of the organization since they are consulted on the organizations goals and objectives. The Laissez-faire leadership entails autonomous leadership where individuals are given the chance to lead themselves and only consult the leaders when need arises. There is little supervision and individuals are perceived to be self motivated and hence can perform duties on their own. However this kind of leadership leads to disorganization and chaos in the organization due to lack of effective leadership. Quality of output produced may be negatively affected. Â  Paternalistic leadership entails viewing the employees as inadequate and hence cannot be entrusted to make decisions. They become independent on the leader who acts like a dictator. To react to emergencies the employees have to want on their leaders who may be far causing delayed decision making. Their motivation is also negatively affected (Silcox N, 2006).

Facts About the Crystal Jelly

Facts About the Crystal Jelly The crystal jelly (Aequorea victoria) has been called the most influential bioluminescent marine organism. This cnidarian possesses green fluorescent protein (GFP) and a photoprotein (or a protein that gives off light) called aequorin, both of which are used in laboratory, clinical and molecular research. Proteins from this sea jelly are also being studied for use in early detection of cancer. Description The aptly named crystal jelly is clear but may glow greenish-blue. Its bell may grow up to 10 inches in diameter. Classification Kingdom: AnimaliaPhylum: CnidariaClass: HydrozoaOrder: LeptothecataFamily: AequoreidaeGenus: AequoreaSpecies: victoria Habitat and Distribution The crystal jelly lives in pelagic waters in the Pacific Ocean from Vancouver, British Columbia, to central California. Feeding The crystal jelly eats copepods, and other planktonic creatures, comb jellies, and other jellyfish.

The Causes Of The Palestinian Israeli Conflict Essay

The Causes Of The Palestinian Israeli Conflict - Essay Example The conflict thus received considerable attention from scholars studying conflict and terrorism between the two countries (Caruso and Esteban 1; Ross 6). The Israeli-Palestinian conflict is mainly a dispute regarding the possession and control of territory referred to as the holy land, Palestine and Eretz Israel. Territory control evokes the Israeli-Palestinian conflict with powerful passion that involves identity, propriety of cultural together with religious claims and honor (Kapitan 494). Elements in both sides of the conflict consider control of the region as a way of securing cultural identities as well as the human rights of their own individual members, their continuous presence in the land, room for cultural appreciation and development and survival of their people as a distinct population (Waxman 76). Both sides of the conflict seek autonomy and the fact that they seek it in the same territory results in the conflict, a struggle that often turns deadly killing even the unarm ed and innocent people (Allegra and Paolo 263). Majority of Israeli Jews together with their supporters are determined to create and uphold a Jewish state in Palestine with their dominant leaders endeavoring to extend the state to most of the territory. Therefore, after 1967, expansion into west bank ensured that either the Palestinian Arab population in the west bank moved to other parts or it was confined in isolated enclaves (Hallward 262). Violence in terms of overt physical assault, settlement building, expulsion, economic restrictions and structural violence of land confiscation have been the predominant ways of securing the Jewish end while Arab civilians are the principal victims (Kapitan 495). On the other hand, Palestinian Arabs retain deep desire to maintain or return to the territory where they were the predominant community in at least the past 1300 years. Therefore, Palestinian Arabs seek self-rule to protect their human rights and ensure they continue living in their land. After continuous diplomatic ideas and peaceful resistance failed to progress their quest, since they were the weak party, the Palestinians availed themselves to their strategies of violence in order to publicize their quest and enhance their community’s tenacity to resist (Yvroux and Jean-Paul 94). This brought the intervention of external parties making Israel to change its policies in the face of casualties among its civilians (Kapitan 495-6). The principle of self-determination has become a diplomatic stage for both Arabs and Jews who claim autonomy in Palestine. Zionists argue the 1917 Belfour declaration together with 1922 League of Nations permission for recognizing Palestine constitute appreciation of the Jewish right to autonomy in Palestine, a right which moreover grounds in historical and cultural links of Jews to the land. Arabs counter by arguing that those who actually owned and inhabited a territory for a long period have the right to self-determination in the land and in Palestine, thus this only means the Arab majority. Despite assurances before 1947 from Zionist leaders that Jews never had the intention of evicting Arabs out of their land and homes, Zionist political rhetoric in streets and exclusive policies regarding Jewish owned land brought to the surface other intentions. On the other hand, Palestinian Arabs requested for the establishment of democratically elected council and eventually establishment of an Arab state that emulated the successful countries across the borders (Kapitan 497). Expulsion of 750,000 Palestinians during the 1947-1949 war is a basis for

Domestic Violence Centre of Santa Clarita Valley Research Paper

Domestic Violence Centre of Santa Clarita Valley - Research Paper Example This research paper analyzes the website in which Domestic Violence Centre advertises it's products and thereafter gives recommendations on how to improve it for the better. DVC stands for Domestic Violence Centre. This is a non-governmental organization that advocates for non-violence measures in solving domestic issues. DVC is transparent in running its affairs and all information regarding its activities is on the public domain through its website. Therefore anybody donating his/ her resources to the organization knows how their resources are spent. The organization also audits its accounts after every six months to ensure that its financial resources are not misappropriated; therefore, DVC invites anyone willing to sponsor its activities as a partner. This research also analyzes the marketing strategies for DVC, giving recommendations on the best means of achieving its objectives. The website belonging to DVC is not commercial and therefore it doesn’t have advertisements f rom Google AdSense, chitika and other online marketing firms. These features distract viewers from the organizations site therefore resulting into low traffic and thus minimal information is passed regarding the services that DVC offers. The researcher also focuses on the analysis of various means, in which DVC has communicated its objectives and gives recommendations on how best to improve on them. In conclusion, the researcher states that crowdsourcing and free-lancers hiring are the ways and means in which the organization will leverage itself.

Biostatistics Essay Example | Topics and Well Written Essays - 1250 words

Biostatistics - Essay Example From our calculation, our odds ratio is skewed in nature and therefore it is not possible to make a direct calculation of the standard error. We have a 95% confidence level and the population odds ratio for heart disease associated with smokers lies within 1.21 (an increased odd of 1.21 fold) and 1.99 (an increased odd of 1.99) fold. When a confidence interval does not include the value of 1, we know that the odds of the measured outcome are different for both attributes even without a significance test. In this case, the confidence interval does not contain value 1.0, hence there is significant association between smoking and heart disease. The Odd’s ratio is 1.55, the smokers are having 1.55 times more risk of having heart disease on the other hand, the risk ratio is 1.2939, means for smokers there is 29.39% more chance to having risk of heart disease. Both the confidence intervals do not contain the value 1, hence the results of both Odd’s ratio and risk ratio are significant. Observe that for both Odd’s ratio and Risk ratio, the p value is 0, hence both the measures are equally significant. The odds ratio value is skewed and therefore it is not possible to directly calculate the standard error of the statistics. The no difference value for this statistics is 1 and therefore when a confidence interval includes the value of 1, we know that the odds of the measured outcome are the same even without a significance test. To evaluate the p value, we can use the chi-square approach but in this case, it is not appropriate therefore it would be proper to use Fisher’s exact solution. Odd’s ratio is preferred in case of a nested control study because it is an efficient method of analysis in terms of both time and cost. It also makes it possible to investigate a wide range of possible risk factors. Odd’s ratio is also particularly suitable to investigate rare diseases with a long induction period. Odd ratio is also preferred because it a

What steps have governments taken to solve the problem of employment Essay

What steps have governments taken to solve the problem of employment since 1980 and how effective were they - Essay Example loyers are willing to offer and what workers are willing to accept explains why United Kingdom unemployment is so much higher than in the United States, where taxes and benefits are considerably lower. The interaction between the welfare state and a changed economic environment, Krugman argued, can also explain why unemployment has increased so much in United Kingdom. The change he emphasized was declining demand for low, skilled workers in industrial nations. Such a change would tend to increase income inequality by depressing the wages of low-skilled workers. But large disparities in incomes are what the United Kingdom welfare state was designed to prevent. The collision of market forces pushing toward greater income inequality with government policies that prevented such inequality has resulted in growing unemployment in United Kingdom, especially among low-skilled workers. In analyzing the reasons for declining demand for these workers, Krugman expressed skepticism about the importance of increased competition from newly industrializing nations. Although intuitively plausible, this explanation has been found to have little empirical support according to Krugman. Instead, he at tributed the declining demand for low-skilled workers to technological change that devalues the market value of manual labor. The same forces raising unemployment in United Kingdom, Krugman claimed, have caused rising poverty and income inequality in the United States. With less generous social service benefits, low-skilled workers in the United States have seen their real incomes decline. Krugman did not see any painless way out of the tradeoff between more poverty and more joblessness. Transforming low-skilled workers into high-skilled workers through improved education and training might seem the obvious solution. But raising education levels can be done only gradually, and government training programs are not particularly effective. Some modest improvement in United Kingdom might

The final project Research Paper Example | Topics and Well Written Essays - 1250 words

The final project - Research Paper Example Precisely, behavioral aspect of budgeting is summarized as participation, budget slack, politics, group effects, motivation and feedback. Financial accountants, economists as well as financial analyst are all involved in the process of developing a budget (Deegan & Unerman, 2006). A budgeting design where by the people involved are active members of the business or organization is known as participative budgeting. This kind of budgetary design ends up creating budget that is more realistic and adoptable. It pulls up employees’ morale and it cats a gauge for their effort in the growth and development of the business and or organization (Shah, 2007). As opposed to top-down budget that is generally imposed on employees by the executive directors and managers, participative budgeting takes into account the opinions and contributions of others. However, if the budget design is purely participative then the resulting budget may not put into consideration some of the high level strategic plans. If an organization has to use participative budgeting design them the top management must serve other people involved in the process with write-ups indicative expected outcome of the budgeting process. In literature, the models of budgetary participation between superiors and subordinates have been identified, with emphasis on who has the greater influence on the budget outcome. (Brown et al., 2013; Brink et al., 2012; Chong, K., & Chong, M., 2002; Chenhall, 1986; Wentzel, 2002; Lindquist, 1995). While Brown et al. (2013). developed a subordinate and superior-set theory, Brink et al. (2012) made their division based on the roles superiors play in the budgetary process namely active or passive players. This subdivision alludes to the principle that budget outcomes are being determined by the interaction between superiors and subordinate. In Brown et al. (2013) subordinate set theory and Brink et al. (2012) committed

Visual Strategies to Convey Political Information Essay

Visual Strategies to Convey Political Information - Essay Example The image showing a captive without pacho (traditional clothing) shows how prisoners or captives were treated in that land. For a human being to be denied the right to be properly clothed is a sense of humiliation or disrespect in the society. Looking at the picture, it is evident that the prisoners in the land of Israel were treated as useless or rather insignificant. The fact that they lack clothing can also portray that prisoners were not allowed to be in social places. Captives were not allowed to participate in various political activities like voting, inheriting power from their fathers as well as other social activities like wedding. The fear between the Palestine and the Israelis is clearly portrayed when the author says he could see Israelis who were soldiers as well as settlers through the eyes of two Israeli ladies he stood with. It can be drawn that all Israelis men underwent basic military training and for one to acknowledge or recognize a soldier at first sight, it mean s the soldiers had a unique way of dressing through dresses incorporated with swords, their sandals, helmets, and horses. It can also be said that the Israelis were ever ready or alert to protect their soil from their enemies who were mainly Palestine. This fear is further shown when the author invites his new friend so that he could show her the Palestine he saw. He reveals that there was some kind of fear or tension when they passed near an Israeli who is between Palestinians or surrounded by them. From this, it can be drawn that the Israelis and the Palestinians were not in good terms. He lived with the Palestinians for a while and they were kind and friendly to him. However, the moments he is with the Israeli lady, things change and they are no longer kind to him. This shows that the hatred between the two groups was imminent. He explains further that the Palestinians were not pleased with the Israeli lady walking in their market. First, they did not believe a woman could walk t hat free; women were not regarded important and did not enjoy the same privileges as men. Secondly, by seeing the Israeli lady in their territory, they felt under siege. This could have been the main cause of the conflict between the two groups. The author describes how the Israelis treated their enemies who were Palestinians. He uses a character named Ghassan and describes all the activities that followed after his capture. The character was interviewed then subjected to torture. It can be drawn that the Israelis were not kind to the Palestinians. The author uses the hooded character Ghassan to represent the Palestinians held captive in the Israelis’ territory. Hood is a kind of clothing that covers the entire head and ears meaning the captives were to remain ignorant on what was happening around them; they were isolated and blinded so that they could not recognize their torturers, hence, they could not testify against them. The picture of the torture room portrays the ruthl ess and inhuman treatment Ghassan experienced. The struggling voice of the character and the silent body language simply shows how traumatized the victim is. The hood also symbolizes some form of unease among the captives. Moving around with the hood also reveals some degree of entrapment

The final project Research Paper Example | Topics and Well Written Essays - 1250 words

The final project - Research Paper Example Precisely, behavioral aspect of budgeting is summarized as participation, budget slack, politics, group effects, motivation and feedback. Financial accountants, economists as well as financial analyst are all involved in the process of developing a budget (Deegan & Unerman, 2006). A budgeting design where by the people involved are active members of the business or organization is known as participative budgeting. This kind of budgetary design ends up creating budget that is more realistic and adoptable. It pulls up employees’ morale and it cats a gauge for their effort in the growth and development of the business and or organization (Shah, 2007). As opposed to top-down budget that is generally imposed on employees by the executive directors and managers, participative budgeting takes into account the opinions and contributions of others. However, if the budget design is purely participative then the resulting budget may not put into consideration some of the high level strategic plans. If an organization has to use participative budgeting design them the top management must serve other people involved in the process with write-ups indicative expected outcome of the budgeting process. In literature, the models of budgetary participation between superiors and subordinates have been identified, with emphasis on who has the greater influence on the budget outcome. (Brown et al., 2013; Brink et al., 2012; Chong, K., & Chong, M., 2002; Chenhall, 1986; Wentzel, 2002; Lindquist, 1995). While Brown et al. (2013). developed a subordinate and superior-set theory, Brink et al. (2012) made their division based on the roles superiors play in the budgetary process namely active or passive players. This subdivision alludes to the principle that budget outcomes are being determined by the interaction between superiors and subordinate. In Brown et al. (2013) subordinate set theory and Brink et al. (2012) committed

Summary and Critical Reflection of a Talk Essay

Summary and Critical Reflection of a Talk - Essay Example This makes the people supporting convicted mothers’ right to live with their children in prison raise questions about equality rights and if the government and law really cares about the natural rights of guilty women at all. The desire to keep a child close to look after him/her is a natural right of a parent regardless of his/her criminal background. This approach forms the bedrock of the female lawyer in the audio link who interestingly contemplates the validity of rights of imprisoned women to keep their children close. She establishes herself as an enthusiastic supporter of imprisoned women’s rights believing many of them are really confronted with unfortunate challenges. The lawyer who is also a shrewd women’s rights activist calmly asks that in absence of a good rehabilitation program, where is an unfortunate child supposed to go? The presence of a father or a guardian is one option, but what happens to a large population of children who in the absence of a thoughtful child protection group have nowhere to go when not allowed by the state to stay with their unfortunate mothers? It is stressed by her that in many instances, a mother despite her felonious record is fit to handle the chores of a regular mother but she is still denied the right to hold custody of her child. This rejection is only made emphatic by the fact that she is incarcerated, has committed some crime in the past, violated the law, and lost all reputation. However, it should be pondered here by opponents of â€Å"children inside prison† ideology as suggested by the lawyer that does any of these factors really make the desire of an imprisoned woman to live with her children any less overwhelming? Does the ministry’s decision to take children away from their guilty mother to help them grow up in a nontoxic atmosphere also snatch this will of the mother to see her children on routine basis? Such concerns are open to multiple interpretations as claimed by t he lawyer and implementing decision based on analysis of only one side of the picture is not a smart talent strategy. When there is not enough evidence suggesting a mother is physically, mentally, or behaviorally capable of looking after her child, creating barriers between mother and child is empty mockery of natural human rights. It is claimed by the highly concerned lawyer speaking for all incarcerated mothers that the importance of creating more mother and baby units in jails where cannot be stressed enough. It should be safely assumed by governments everywhere that the best place of all for a child to stay is with his/her parent provided the parent is not disadvantaged mentally. The issue of imprisoned women’s rights picked up momentum and made headlines in Vancouver, Canada when the provincial program got cancelled in 2008 which allowed babies to stay with their mothers. It is claimed in one report that this negative step taken by the law enforcement agencies and state not only negatively interfered with the infant’s right to a mother’s care, but also raised valid questions about discrimination against female prisoners and inequality of rights. It is compellingly stated by Peter Hough that â€Å"the lives of far more people in today’s world are imperiled by human rights abuses than by terrorist or conventional military attacks† (cited in Darian-Smith, 2013, p. 257). The report further reveals the

Social Cultural Trends Essay Example for Free

Social Cultural Trends Essay The four current sociocultural trends that I’d like to focus on are increasing environmental awareness, changing pace and location of life, changing household composition and increasing diversity of workforce and markets. Here at Tobyhanna Army Depot, a green vegetative roof was funded with Research and Development money meant to test easily transferable technologies and verify their impacts. Team Tobyhanna funded three other roofs because of the benefits and to reduce the heat loading from the black roofs in an effort to avoid an expensive air conditioning project. This past summer here was the first one on record as having no complaints about the heat in those areas and it was an unusually warm summer here. Our data indicates 25% reduction in heating costs and we expect cooling cost savings to be even greater. Additionally, we also experienced about 40% reduction in storm water runoff as result of our efforts to improve environmental measures across the entire workforce. Secondly, lots of information and technology forms of communication application are too complicated or hardly worth the trouble for some users especially when people allow these devices to cause undue stressors or pressure. Some reactions to the typology characterize Americans as uninterested in information and communication technology or collectively hostile to cyberspace. Here at Tobyhanna Army Depot, approximately 32% of those with either cell phones or internet say that they need help from someone else to set up or use new electronic gadgets.

Dividend Payout Decision Making Process

Dividend Payout Decision Making Process CHAPTER ONE INTRODUCTION Background: Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emergence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investm ent to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies to retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money. A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the MM study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should formulate dividend policy decisions. Problem Statement: Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits. Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value. The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision. Research Objective: There are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study are: To analyze the financials of the company, to draw a framework of factors such as Retained earnings, Age of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration. To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends. To measure each factor individually on how it affects the dividend decision. Research Questions: RQ1. What is the relation between dividend payout and firms debt? RQ2. What is the relation between dividend payout and Profitability? RQ3. What is the relation between dividend payout and liquidity? RQ4. What is the relation between dividend payout and Retained Earnings? RQ5. What is the relation between dividend payout and Net Income? Contribution of the Study: Dividend decision is an important financial decision made by firms, managers, and investors. This study aims to contribute to the corporate finance literature, by looking at the Dividend puzzle. An attempt is made to make a valuable contribution in two major ways: Theoretical and Empirical approach is taken to provide a comprehensive view on the subject. The empirical Approach taken in this study will definitely leave some promising future ideas. The empirical findings and conclusions contained in this study can be used by financial managers to inform dividend decisions. Limitations of Study: The areas of concern to investigate in this study are extensive. Due to the Time constraint and accessibility of data, the research will be limited to the following: The period of study is only three years 2006 to 2008. The research has considered only those firms who pay dividends. The study is focused only on firms trading on the New York Stock Exchange. Structure of the Paper: The remaining chapters will be organized as follows: Chapter Two: Literature Review This chapter discusses the different theories laid down in context to dividend policy and explains the relationship between dividend payout and its determinants as concluded by the study of different researchers and theorists. Chapter Three: Research Methodology This chapter explains the research hypothesis and gives a descriptive study of the techniques and the model used for data analysis. The application of the statistical tests used are explained thoroughly. Chapter four: Data Analysis and Findings To address the research questions, results obtained from the regression analysis will be evaluated and discussed in this chapter. Chapter five: Recommendations and Conclusion. This chapter Concludes the entire study and provides recommendations based on the findings and analysis done in the previous chapter and recommendations for future research. CHAPTER TWO LITERATURE REVIEW Dividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in proportion to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005). Lintner (1956) conducted a notable study on dividend distributions, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers accept dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure. The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant association with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends. Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw). Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management. E.F Fama and K.R French (2001) investigated the characteristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, Cisco and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested t hat A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy. Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yield, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitaliza tion as at 31December 2005. Their study concluded that bigger firms pay higher dividends. For the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one thing that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. As a result the value of the firm would be increased a s a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not available to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978 , Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003). The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax l iability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations. Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends. Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected usefulness of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax; firm market value maximization is no longer determined by wealth maximization. He states that the continued undervaluation of corporate capital leads to dividend distributions. The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of transaction costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found weak or contrary evidence. There is an assumption that the managers do not always take steps which would lead to maximizing an investors wealth. This gives rise to another favorable argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main hitch would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency. Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984); he proposed that dividend payments reduce agency problems in contrast to the transaction cost theory which is of the view that dividend payments reduce the value as it forces to raise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and raising external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of t he firm. Moreover, as defined by Jenson and Meckling (1976), Agency costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and raising new debt and its contract negotiations would reduce potential for wealth transfer. The realization for potential agency costs linked with separation of management and shareholders is not new. Adam Smith (1937) proposed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests. An opportune and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and Means (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any o ne of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy. The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes. The dividend decisions are affected by a number of factors; many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of 1000 largest U.S companies about the interplay among the investment and dividend decisions in their firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positi vely correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China. A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationshi p between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship. Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will ultimately have to either reduce its investment plans or turn to investors for additional debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend. Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout. For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relationship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence. Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most influential variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were indeed a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman a nd Raaballe (2007) discovered that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy. Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends. Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not support the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative uptight disposable Dividend Payout Decision Making Process Dividend Payout Decision Making Process CHAPTER ONE INTRODUCTION Background: Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emergence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investm ent to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies to retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money. A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the MM study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should formulate dividend policy decisions. Problem Statement: Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits. Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value. The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision. Research Objective: There are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study are: To analyze the financials of the company, to draw a framework of factors such as Retained earnings, Age of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration. To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends. To measure each factor individually on how it affects the dividend decision. Research Questions: RQ1. What is the relation between dividend payout and firms debt? RQ2. What is the relation between dividend payout and Profitability? RQ3. What is the relation between dividend payout and liquidity? RQ4. What is the relation between dividend payout and Retained Earnings? RQ5. What is the relation between dividend payout and Net Income? Contribution of the Study: Dividend decision is an important financial decision made by firms, managers, and investors. This study aims to contribute to the corporate finance literature, by looking at the Dividend puzzle. An attempt is made to make a valuable contribution in two major ways: Theoretical and Empirical approach is taken to provide a comprehensive view on the subject. The empirical Approach taken in this study will definitely leave some promising future ideas. The empirical findings and conclusions contained in this study can be used by financial managers to inform dividend decisions. Limitations of Study: The areas of concern to investigate in this study are extensive. Due to the Time constraint and accessibility of data, the research will be limited to the following: The period of study is only three years 2006 to 2008. The research has considered only those firms who pay dividends. The study is focused only on firms trading on the New York Stock Exchange. Structure of the Paper: The remaining chapters will be organized as follows: Chapter Two: Literature Review This chapter discusses the different theories laid down in context to dividend policy and explains the relationship between dividend payout and its determinants as concluded by the study of different researchers and theorists. Chapter Three: Research Methodology This chapter explains the research hypothesis and gives a descriptive study of the techniques and the model used for data analysis. The application of the statistical tests used are explained thoroughly. Chapter four: Data Analysis and Findings To address the research questions, results obtained from the regression analysis will be evaluated and discussed in this chapter. Chapter five: Recommendations and Conclusion. This chapter Concludes the entire study and provides recommendations based on the findings and analysis done in the previous chapter and recommendations for future research. CHAPTER TWO LITERATURE REVIEW Dividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in proportion to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005). Lintner (1956) conducted a notable study on dividend distributions, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers accept dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure. The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant association with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends. Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw). Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management. E.F Fama and K.R French (2001) investigated the characteristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, Cisco and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested t hat A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy. Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yield, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitaliza tion as at 31December 2005. Their study concluded that bigger firms pay higher dividends. For the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one thing that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. As a result the value of the firm would be increased a s a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not available to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978 , Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003). The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax l iability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations. Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends. Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected usefulness of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax; firm market value maximization is no longer determined by wealth maximization. He states that the continued undervaluation of corporate capital leads to dividend distributions. The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of transaction costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found weak or contrary evidence. There is an assumption that the managers do not always take steps which would lead to maximizing an investors wealth. This gives rise to another favorable argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main hitch would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency. Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984); he proposed that dividend payments reduce agency problems in contrast to the transaction cost theory which is of the view that dividend payments reduce the value as it forces to raise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and raising external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of t he firm. Moreover, as defined by Jenson and Meckling (1976), Agency costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and raising new debt and its contract negotiations would reduce potential for wealth transfer. The realization for potential agency costs linked with separation of management and shareholders is not new. Adam Smith (1937) proposed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests. An opportune and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and Means (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any o ne of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy. The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes. The dividend decisions are affected by a number of factors; many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of 1000 largest U.S companies about the interplay among the investment and dividend decisions in their firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positi vely correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China. A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationshi p between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship. Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will ultimately have to either reduce its investment plans or turn to investors for additional debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend. Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout. For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relationship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence. Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most influential variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were indeed a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman a nd Raaballe (2007) discovered that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy. Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends. Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not support the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative uptight disposable