The Marketing Concept Essay Example | Topics and Well Written Essays - 1250 words

The Marketing Concept - Essay Example The paper tells that the Chartered Institute of Marketing (CIM) has defined the concept of marketing in a different way. It suggests that marketing is a type of management process where the customer requirements are identified, anticipated and finally supplied in an efficient and profitable manner. Hence marketing can be considered to be consisting of a wide range of activities starting from market research to the development of a new product. Marketing is supposed to have evolved through five different phases over the past many years. They are the: a) era of trading, b) era of production, c) era of sales, d) era of the marketing department, and e) era of a marketing company. The marketing company era, which is the most recent and current phase of marketing evolved as a result of the realisation of the need of different business organisations to be focused on their customers to achieve their goals and objectives. Hence, in this modern era, customer is given the highest priority in an y of the marketing activities followed by the organisations. The concept related to marketing orientation is believed to have been developed at the Harvard University and in a few of the proactive and forward looking organisations during the period of the end of 1960s to the beginning of the 1970s. It has actually replaced the concept of sales orientation that was prevalent prior to this period. There is a substantial difference between the sales and market orientation. According to Lamb, Hair, and McDaniel these two types of orientations have been compared with each other based on five different characteristics. They are the focus of the organisations, the business activities followed by the firms, people to whom the products are being directed, primary goals of the firms, and various tools that are utilised to achieve those objectives and goals. Personnel of organisations that are sales oriented have their focus on selling the products to the customers that are already manufacture d by the firms. However, in recent times most of the organisations are observed to gain competitive advantage by focussing on the external market environment. Various organisations like Dell, Inc., Southwest Airlines, and the Royal Bank of Canada have succeeded in outperforming their competitors through the market orientation approach. A marketing oriented company can be considered as a business organisation which has its focus on the customers and their needs and wants. Companies try to identify various solutions to meet the satisfaction levels of the customers and in order to achieve this objective the organisations get involved in activities related to gaining an insight about the customers’ needs and wants through various means that includes both secondary and primary research. Most often people are found to misunderstand the concept of marketing and they associate it with advertising. However, marketing consists of various other aspects which the organisations need to be concerned with in order to have its sustainable growth and development in future. The thinking process of customers is volatile in nature and their needs and wants change in a short period of time. Hence organisations are required to be aware of those changing needs and wants of the customers and this fact makes marketing a useful concept for the companies.

Sustainable Management Futures Essay Example | Topics and Well Written Essays - 3000 words - 7

Sustainable Management Futures - Essay Example Hence, there was considerable opposition from developers of the resort as the scenic splendour The company can adopt the policy of maximum pollution, which can be evaded under the law of South Carolina, in order to maximise the company’s revenues as well as create adequate job opportunities in the concerned area. Then again, this policy will affect aesthetic quality of the environment and hamper business of the resorts in Hilton Head by way of attracting lesser visitors (Taylor, 2011). Long-term effects of pollution are very hard to determine and BASF’s past experiences in other countries, where they had polluted rivers, did not help them with a buoyant feeling. As a result, development of the factory had become more of a moral issue than a business one. In order to solve the moral issue, the researcher proposes that the BASF’s manager had three options. He can either build the factory with the least pollution control or maximise the pollution control or further still, he can choose to not build the factory at all. The first option will yield a tolerable amount of water pollution, huge company profits, satisfied shareholders and extremely antagonistic resort developers as well as greater employment opportunities. The second option, on the other hand, would yield low profits for the company, unsatisfied shareholders, minimal pollution, welcoming developers and high costs incurred so as to implement pollution control measures. The third option would have approval of the developers, yield no profits, incur costs so as to search for a new location and also disappoint the local residents who were in support of the industrialisation. The best course of action in such a case would be to weigh all the options, analyse the environment and organisational benefits and come up with the best possible or optimal solution that would benefit all. Both the manager and the company were confronted with a number of duties and obligations. The organisation management

The Factors affecting dividend payout policy

The Factors affecting dividend payout policy INTRODUCTION Dividend policy in the firm has been the major matter for recognizing how managers set dividend ratio and change dividend given to stockholders. The existing literature on dividend payout ratios provides firms with no generally accepted prescription for the level of dividend payment that will maximize share value. Black (1976) in his study concluded with this question is that what the corporation should do about dividend policy. It has been argued that dividend policy has no cause on either the price of a firms share or its cost of capital. Thus, extensive studies were done to find out various factors affecting dividend payout ratio of a firm. The setting of corporate dividend policy remains a troublesome issue and involves ocean deep judgment by decision makers. The behavior of dividend policy is the most debatable issue in the corporate finance literature and still keeps its prominent place both in developed and emerging markets. Many researchers try to uncover the issue regarding the dividend behavior or dynamics and determinants of dividend policy but still dont have an acceptable explanation for the observed dividend behavior of firms (Black, et.al (1976), Allen and Michaely, 2003 and Brealey and Myers 2005). One of the well known explanations of dividend behavior is the smoothing of firms dividends vice versa earnings and growth. Linter (1956) found that firms in the United States adjust their dividends smoothly to maintain a target long run payout ratio. Numerous studies appeared after this work and facts suggested that the dividend policy of the companies varies from country to country due to various institutions and capital market differences. The study examined the relationship between determinants of dividend payout ratios from the context of a developing country like Pakistan. The primary objective of this thesis is to find out whether numerous factors influence the dividend payout ratio of Sugar Sector in Pakistan. The purpose of this study is to investigate the dynamics and determinants of dividend policy of sugar firms in Pakistan. After that it explored how Pakistani firms set their dynamic dividend policies in a different institutional environment than that of developed markets. This study examined whether Pakistani firms follow stable dividend policies as in developed markets or they are going to retain their earnings. The paper also identified the areas of firm level factors that influence the degree of dividend smoothing. This paper indicated that importance of institutional features towards the dynamic of dividend policy and also critical out the advantages of examining the dividend policy in different institutional environments. The outcomes of the thesis provided meaningful and handy information in the role of institutional factors which creates dividend policy at firms level. More than a few studies become visible after this work and evidence suggest that the dividend policy of the c ompanies varies from country to country due to various institutions and capital market differences. The Pakistans capital market and the economy have several important features for examining the dynamics of dividend policy. Firstly Pakistan is moving towards the development and improving the economy position in the world since the 1980. Pakistan capital markets are much better than before. Many studies conclude that firms are likely to pay constant dividend during the high growth period and it is interesting to find that how dynamic dividend policy is determined in growing economy like Pakistan. In fact, in Pakistan the many major investors are still disagreed with dividends and consider stock prices positive reception as the major part of stock returns therefore, it is assumed that investor attitude towards dividends is expected to have an impact on the way in which firms set their dividend policy in Pakistan. Sugar Industry in Pakistan The sugar industry plays an important role in the economy of the Pakistan. It is the second largest industry after textiles. The Pakistan sugar industry is the second largest agro based industry consists of 78 sugar mills with per year crushing capacity of over 6.1 million tones. Sugarcane farming and sugar manufacturing contribute significantly to the national exchequer in the form of various taxes and levies. Sugar manufacturing and its by-products have contributed appreciably towards the foreign exchange resources through import substitution. The Sugar industry employs over 75000 people, including management experts, technologists, engineers, and financial experts, skilled, semiskilled and unskilled workers. It contributes around 4 billion rupees only under the head of excise duty and other levies to the Government are also paramount significance. In the year 2008-09 sugarcane production is estimated at 51.5 MMT, a decrease of 19 percent over the previous year due to both a decline in area harvested and yield. Milling policies and practices, coupled with attractive prices for alternative/competing crops (rice, cotton and sunflower) and insufficient irrigation supplies are major factors limiting crop expansion in the country. In the year 2009-10 sugarcane production is estimate at 53.6 MMT, an increase of 4 percent over the previous year due to an expected increase in area and yield. A shortage of cane supply during the current crushing season led to an increase in cane prices. This situation benefitted growers who received prices higher than the indicative prices announced by the Government. This development is expected to contribute to an increase in sugarcane area and productivity in the ensuing year. Moreover, last years higher production of rice and sunflower led to lower prices received by farmers, thereby encouraging the switch back to sugarcane. Purpose of the Study In Pakistan there were few firms which paid dividend to stockholders constantly. For this explore, the listed sugar firms of Karachi Stock Exchange (KSE) were not able to pay their dividends and which factors are influencing or determining the dividend policy in Pakistan. In this thesis it examined the number of firms various factors and their function in dividends policy. The liquidity of the stock market, is the profitable firms are paying dividends in Pakistan, is the firms with greater investment opportunities pay less dividends in Pakistan, is the dividends and debts are substitutes and the degree of leverage is negatively associated with dividends payments and finally examined the firms with greater cash flows pay lesser dividend in Pakistan. Research Objective Objective of thesis has to find out the relationship between dividend policy and operating cash flow, EBIT, Sales and Debt to Equity Ratio. It is very important for investors to examine the factors of dividend policy that whether they have been impact on the sugar sector of Pakistan or not. Hypotheses Development H1: There is association between CFO and dividend payout ratio. H2: There is association between Debt to Equity and dividend payout ratio. H3: There is association between Revenue and dividend payout ratio. H4: There is association between EBIT and dividend payout ratio Thesis Structure: This thesis is composed of five chapters. The first part of a thesis is introduction (Chapter I).Then after it evaluates and discusses the literature review in (Chapter II), in this chapter it examined the dividend payout policy of Pakistan and the main factors that influenced on it, theories, models put forward by many well-known authors is examined various studies. In (chapter III), it explained research methods and sample in detail. (In chapter IV),examined the dividend payout policy and the main indicators that affect the dividend payout policy of listed firms on the Karachi Stock Exechange 100 over the period 2003-2008 and present the interpretation of results. Finally in Chapter V, we present and discuss the main contributions and conclusion, implication and recommendation of this thesis. CHAPTER-2 LITERATURE REVIEW Naceur (2006) found that the high profitable firms with more stable earnings can manage the larger cash flows and because of this they pay larger dividends. Moreover, the firms with fast growth distribute the larger dividends so as attract to investors. The ownership concentration does not have any impact on dividend payments. In Indian case Reddy (2006) showed that the dividends paying firms are more profitable, large in size, and growing. The corporate tax or tax preference theory does not appear to hold true in Indian context. Amidu and Abor (2006) found dividend payout policy decision of listed firms in Ghana Stock Exchange is influenced by profitability, cash flow position, and growth scenario and investment opportunities of the firms. Lease (2000) the firms should follow a life cycle and imitate managements assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. Linter (1956) studied and developed a compact mathematical model based on survey of 28 well established industrial U.S. firms which is well thought-out to be a finance classic. According to him the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Linters (1956) study of dividend policy found that a firms bottom line net income is the key determinant of dividend changes, which in his sample are largely dividend increases since he primarily surveys healthy firms. If one can extrapolate this finding to dividend decreases, it implies that low bottom line earnings drive dividend reductions. Jensen (1986) argued that debt is an effective substitute mechanism for dividends in this respect. By issuing debt instead of equity, managers give bondholders the right to take the firm into bankruptcy court if managers do not maintain their promise to make the interest and principal payments. This substitutability between debt and dividends as alternative mechanisms for reducing the agency costs of FCF implies that firms that use low debt ratios will tend to follow a policy of high- dividend payout. Alli (1993) the liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less generous dividends due to shortage of cash. It reveals 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. Farzad Farsio and Amanda Geary (1983) in their research the relationship between Dividends and Earnings say that dividends have no explanatory power to forecast future earnings. They presented four cases for possible effects of earnings on future dividends and show that there should be no significant relationship between dividends and future earnings in the long run. The contribution of this study is that it provides financial managers and investors with evidence that it would be a mistake to base investment decisions on inferences about dividend/earnings relationships that rely on some certain short-term periods. John and Kalay (1982) Debt agreement to minimize dividend payments are necessary to prevent bondholder wealth transfers to shareholders. An additional way dividend payout ratio affects agency costs is the reduction of agency cost through increased monitoring by capital market. Analysis shows the positive association among profitability and dividend payout ratio, corporate tax and cash flows. The study also suggests that when the liquidity of companies increases the companies disburse more dividends. The companies with dynamic profitability find out hard to disburse dividends. Last but not least, conclusion of the study shows that cash flow, profitability, growth and investment opportunities influence the dividend payout policy. Amidu and Abor (2006) conducted and they have taken the Payout Ratio as dependent variable and defined as dividend per share divided by earning per share. The included the explanatory variable profitability(profit), risk(risk), cash flows (cash), corporate tax(tax), institutional holdings(INSH), Sales Growth and Market to Book value(MTBV). By using the Panel data which involves the pooling of observations on a cross sectional of unit over several time periods and provides the results that are simply not measurable in pure cross-sections or exact time series studies. Because the panel time series is different from a regular time series or cross section regression equation and each variable use the double subscript in the data. Jensen (1986) concluded that funds remaining after financing all positive net present value projects cause conflicts of interest between managers and shareholders. Dividends and debt interest payment decrease the free Dividend payout ratios in Ghana cash flow available to managers to invest in marginal net present value projects and manager perquisite consumption. Crutchley and Hansen (1989) examined the hypothesis that financial leverage, dividends and managerial ownership are jointly determined by firms attempts to minimize the total agency costs of debt and equity. Chaplinsky and Niehaus (1992) examine whether managerial ownership share and financial leverage common determinants. In addition to the agency costs of debt and equity, they also assess whether these decisions are governed by the tax advantage of debt, the costs of issuing securities and the demand for risk sharing by insiders. Avazian (2006) conducted the study on United Stated listed firms at NYE and find that decision to smooth dividends depend at the part of public market access as proxies by the rating of bonds. In their study dividend payment is the optimal for firms raising debts in the public Unknown bond markets but not for firms in the private informed bank markets. In this logic the dividend decision is related to information asymmetric between the managers and the creditors of the firms. Pruitt and Gitman (1991) found that risk (year-to-year variability of earnings) also important factor firms dividend payout ratio. A company that has constant earnings is often able to forecast approximately what its future earnings will be. Company is therefore more likely to pay out a higher percentage of its earnings than a firm with unpredictable earnings. The liquidity or cash flow from operation is an important factor of dividend payouts policy. A less liquidity position means less generous dividend due to shortage of cash. He exposed 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 not really reflect the firms ability to pay dividends. (Alli, 1993) Green (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions. Their study showed that dividend payout ratio is not totally decided after a firms investment and financing decisions have been made. Dividend decision is taken along investment and financing decisions. Higgins (1981) indicated a shortest link between growths and financing needs, speedily growing firms have external financing needs because working capital needs usually exceed the cash flows from new sales. Daniel (2007) conducted the study that they found that firms are more likely to manage their earnings upward when their earnings would otherwise fall down of expected dividend levels. The earning management behavior significantly impacts the likelihood of dividend cut. The firms made discretionally accruals because reported earnings to exceed the expected dividend levels are significantly less likely to cut dividends than those firms whose reported earnings fall down of expected level of dividends. They conclude that managers treat expected dividend levels as a vital earning threshold. Higgins (1972) and McCabe (1979) et.al the leverage (Lev) also influenced the dividend behavior of the firm, if the level of the leverage is high that mean the firm is high risky in the cash flows. The negative effect of leverage on dividends payments is documented in the literature, finds that the firms with higher leverage pay lower dividends in order to evade the cost of raising external capital of the firm. Lintner (1956) founded that past dividends of the companies and current earnings are the key determinants of current dividends and managers prefer to maintain stable dividends and make cyclic adjustments toward a target payout ratio. Arditti (1976) carried out research in order to evaluated dividend policy with respect to taxes and uncertainty. The purpose of this paper has been to tackle the distressing dilemma of the zero dividend solution by clearly incorporating MMs original proposal that dividends have an information aspect that is of potential worth to investors. The analysis of ambiguity they have offered is only one of many possible hypotheses which can account for the experimental fact that companies naturally do not take on intense dividend policies. Arnott and Asness (2003) suggested that a higher payout ratio results in low future growth, based their study on America stock market it founded that higher aggregate dividend payout ratios were associated with higher future earnings growth. Modigliani and Miller (1985) carried out research to evaluate dividend Policy under asymmetric information. The Standard finance model of the firms dividend/investment/financing decisions gives manager more appropriate information regarding the firms current earnings. The purpose of research is to replace the assumption built by Miller and Modigliani that the outside investors and inside managers have the same information about companies profit and future income with the assumption that inside managers know more than outside investors about the actual situation of firms current earnings. James A. Gentry (1990) informed about free cash flow analysis, showed that the financial position of a company depends upon its ability to generate net operating cash flows that are sufficient to cover up a hierarchy of cash outflows. The profiles generated from a large sample of companies show that relative cash flow components vary across company size and across industry groups. The researcher hopes that these profiles will serve as benchmarks for comparing cash flow components and encourage financial analysts to use cash flow analysis. Miller and Modigliani et.al (1961) suggest that in perfect markets, dividend do not affect firms value. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as for as firms doesnt change the investment policies. In this type of situation firms dividend payout ratio effect their residual free cash flows and the result is when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firms future earnings. Gordon and Walter (1963) present the bird in the hand theory which says that investors always prefer cash in hand rather than a future promise of capital gain due to minimizing risk. Jensen and Meckling (1976) the agency theory is based on the conflict between managers and shareholder and the percentage of equity controlled by insider ownership should influence the dividend policy. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The firm size (SIZE) defined as natural logarithm of total assets is expected to have a positive effect on dividend payouts as large more diversified firm are likely to have very low chance of bankruptcy and can sustain higher level of debt. In investigating the determinants of dividend policy of Tunisian stock Exchange, found that the high profitable firms with more stable earnings can manage the larger cash flows and because of this they pay larger dividends. (Naceur, 2006) Baker (2007) reports that Canadian dividend paying firms are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less generous 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. Megginson and Eije (2006) examined that the dividend paying tendency of fifteen European firms decline dramatically over this period 1989 to 2003. The increase in the retained earnings to total equity doesnt increase the payout ratio, but company age does. The empirical study of Canadian dividend-paying firms found that they try to maintain stable dividends per share, are reluctant to decrease the payout level, and smoothly adjust the level of payout based on level of expected future earnings. (Adjaoud, 1986) Easterbrook (1984) argues that increasing dividends raises the probability that additional capital will have to be raised externally on a periodic basis and consequently, the firm will be subject to constant monitoring by experts and outside suppliers in the capital market. Green (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 not totally decided after a firms investment and financing decisions have been made. Dividend decision is taken along investment and financing decisions. Partington (1983) revealed that firms use of target payout ratios, firms motives for paying dividends and level to which dividends are determined are independent of investment policy. Lipson (1998) conducted study to examine the factors that derives dividend initiations and earnings surprises, look at the performance of newly firms that started dividends with those that did not. Earnings increases following the dividend initiation and earnings revelations for initiation firms are more constructive than for those non initiating firms. In an economy that charges taxes on investment income, dividends are obviously a disadvantageous means of transferring wealth to shareholders. To validate dividend costs, two clarifications are typically given: dividends are used to solve agency problems inside the firm, or dividends are used to communicate information to the market. H. Kent Baker, Gail E. Farrelly (1983) in their study A Survey of Management Views on Dividend Policy say that the major determinants of dividend payments today appear strikingly similar to Linters behavioral model developed during the mid-1950. In particular, respondents were highly concerned with dividend continuity. Second, the respondents seem to believe that dividend policy affects share value, as evidenced by the importance attached to dividend policy in maintaining or increasing stock price. Although the survey does not uncover the exact reasons for their belief in dividend relevance, it does provide evidence that the respondents are generally aware of signaling and clientele effects. Finally, the opinions of the respondents from the utilities differ markedly from those of the other two industries. Smith and Watts (1992) examined the relationship among executive compensation, corporate financing and dividend policy. They concluded that a firms dividend policy is affected by its other corporate policy choices. Jensen et.al, Solberg and Zorn (1992) linked the interaction between financial policies (dividend payout and leverage) and insiders ownership to informational asymmetries between insiders and external investors. They found that corporate financial decisions and insider ownership are interdependent. Lintner (1956) suggested that the firms have long run target dividend payout ratios and place their attention more on dividend changes than on absolute dividend levels. He also finds that dividend changes follow shifts in long-run sustainable earnings and managers are hesitant to make dividend changes that may later need to be reversed. Managers also try to stabilize dividends and avoid dividend cuts. Linter developed a partial adjustment model to describe the dividend decision process that explained 85 percent of year-to-year dividend changes. Gordon (1959) argued that an increase in the dividend payout raise stock price (value) and lowers the cost of equity, but practical support for this position is weak. Bemstein (1996) maintain that dividend policy makes no difference because it has no effect on either stock prices or the cost of equity. According to Gordon (1959) a higher payout ratio will reduce the required rate of return (cost of capital), and hence increase the value of the firm. Miller and Rock (1985) dividends contain this private information and therefore can be used as a sign device to influence share price. An announcement of dividend increase is taken as good news and accordingly the share price reacts favorably, and vice versa. Only good-quality firms can send signals to the market through dividends and poor-quality firms cannot mimic these because of the dissipative signaling costs. According to Easterbrook (1984) the agency costs thesis predicts that dividend payments can reduce the problems associated with information asymmetry. Dividends may also serve as a mechanism to reduce cash flow under management control, and thus help to mitigate the agency problems. Reducing funds under management discretion may result in forcing them into the capital markets more frequently, thus putting them under the scrutiny of capital suppliers. The tax-preference theory posits that low dividend payout ratios lower the required rate of return and increase the market v aluation of a firms stocks. Because of the relative tax disadvantage of dividends compared to capital gains investors require a higher before-tax risk adjusted return on stocks with higher dividend yields. Higgins et.al indicated that a direct connection between growth and financing needs: growing firms have outside financing requirements because working capital needs normally go beyond the incremental cash flows from new sales. It showed those payouts ratios are negatively related to firms need top fund finance growth opportunities. (Higgins, 1972) De Angelo (2004) conducted a study on dividend policy, agency cost and earned equity. The study told that why companies pay dividends? If they didnt have their assets and capital structure, would ultimately become unsustainable as the earnings of successful firms surpass their investment opportunities. They found that dividend payments prevented major agency problems since the retention of the earnings would have given the managers command over an additional $1.6 trillion without access to better investment opportunities and without any monitoring. This sense suggests that firms with high retained earnings are especially likely to pay dividends. In this view, firms pay high dividend when earned equity to total equity is high, and decline when this ratio declines and when this ratio is zero or near to zero, meaning that firms dont have the earned equity. They finally found that the highly significant association between the decision to pay dividends and the ratio of earned equity to t otal equity controlling for size of the firm, profitability, growth, leverage, cash balance. CHAPTER-3 RESEARCH METHODS As a various factors available in literature review have been identified that they affect the dividend policy decisions of the companies. It includes some important variables in order to achieve at some positive conclusions. Multiple linear regressions model has been developed to conduct the research, which contain of dependent variable and independent variables. Dependent variable in this study has dividend payout that is defined as the percentage of earnings disbursed as dividends. While the independent variables include of profit (EBIT), sales, debt equity ratio and cash flow from operation. These four variables are used as predictors in order to conclude that how much each of the variables affects the dividend payout of sugar firms listed on the Karachi Stock Exchange over the period of eight years (2001-2008). Model: DP = ÃŽÂ ± + ÃŽÂ ²1 EBIT + ÃŽÂ ²2 sales + ÃŽÂ ²3 CFO + ÃŽÂ ²4 DER+ ÃŽÂ µ DP is the annual dividend paid by firms during the period, while ÃŽÂ ± is Alpha constant in the model. Whereas ÃŽÂ ² (beta) shows the times of the variable in the model and ÃŽÂ µ represents the error term. Variables include in the model are Earning before interest and tax, Sales per year, Cash flow from operation and Debt equity ratio. Dependent Variable: Dividend payout ratio: The dividend policy is the one of the very important issue of corporate finance. It developed the dividend model which becomes very famous and known as Linter Partial Adjustment Model. According to the Linter each firms i has target dividend payout ratio. By using the target payout ratio linter calculated the target dividend at time (Dit*) as percentage of net earnings of the firms i at the time t (Eit), i.e Dit*= ri. Eit. John Linter (1956) In this study we used dividend payout ratio as dependent variable. It is calculated by percentage of net earnings of the firms paid at the end of period. The set of determinants of dividend payout ratio consist of following variables. CFO (cash flow), Sales, EBIT (earning) and Debt to Equity Ratio (leverage). Independent Variable: There are four independent variables are used in this thesis to find out their impact on the dependent variable as dividend payout. Operating Cash Flow: The liquidity or cash flows position is also an important determinant of dividend payouts. A poor liquidity position means less giving dividends due to shortage of cash. Alli (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. The market liquidity is defined as annual value of stock traded divided by the stock market capitalization. Market liquidity is one of very important factor that can influence the decision or behavior of the dividend policy. Belanes (2007) there is a negative relationship between the market liquidity and dividend yield in Tunisian Stock exchange (TSE). OCF= EBIT +Depreciation-Taxes H1: There is positive impact of CFO on dividend payout ratio. Debt to Equity Ratio (leverage): The leverage has been used as proxy of Debt to equity ratio and variable in this study. Because debt to equity is very important variable for the determinants of dividend policy,if the level of the leverage is high its mean the firm is more risky in the cash flows. The effect of negative leverage on dividends payments is already documented .Higgins (1972) and McCabe (1979) suggested that long term debt had

Music Video Proposal Essay

The track I’m going to use to make a music video has a genre of a mix between indie and very chill out music this has made me think about what video will suit the music. My idea for the music video will be a narrative based , and the story will between a girl and boy in a relationship and they have split up and they cant see the love they have for each other anymore based on this the story will also involve them getting back together. Reason I have chosen this is because the track that was mixed has a somewhat depressing feel to it when you listen to it and the lyrics also explain this story well (referring to different parts of the lyrics) My video will promote the track, as it is not a piece of music you can listen to on the radio and sing to it. That would get plaid on the radio. Therefore, it needs something to make it viewable and push the viewing of the music. By using a video, that’s video to go with the track will really help also I think using the video it will appeal to a wider range audience. With the story of a break up I think it will stereotypically appeal to older teenagers to around the age of mid 30s, because often in this age a girl would have been through a relationship and then broke up and maybe been upset then it could appeal to them as a target audience. My music video will be relatively simple and include animation at the start of the music video and the end. The animation will consist of a boy and girl sitting at a bench and they have sad expressions on their face, in between them will be an animated heart which will split as they get up and walk separate directions to each other. And then animation at the end will have the bench with this time another man on the bench with half a heart then the girl also with half a heart joins him on the bench and the heart makes one. This will be in a style of narrative because its telling the story of the lyrics in the song. From narrative animation to concept real life my music video will carry on from the animation to a shot of the girl filmed in Ipswich town centre she will be moving very slow and the rest of the people around her will be moving very quick. With this effect it will be given the proposed reading that everyone is moving on and she is not. I will achieve this effect by filming the shot with the girl moving very very slowly and then in the editing stage I will speed up the pace so it gives the effect she is moving very slow and everyone else is moving fast. My video will use this shot when the girl sings but I will use different angles and cuts so it does not look boring. in the song there is also the boy singing he is very much in the same mood and cannot move on but wants to and he is very much sad. My idea for this shot will be that he is in the underground where he is alone and he can be sitting on the floor not really knowing what he is doing there giving the audience a picture that he is very much confused and upset. Also I will be using the graffiti wall in Ipswich close to the train station , the man in the video will be walking along this wall. Close to the end of the track both the male and female are singing for this I will use footage from the graffiti wall and the girl walking slowly but showing both on screen so we get a view of both persons point of view and then when the music stops is comes to the animation showing the girl has moved on .

Facts, Fiction and Theatre History Essay Topics Renaissance

Facts, Fiction and Theatre History Essay Topics Renaissance One of the very first things you have to understand in earning your topic choice is that there's a difference between history and current affairs. Afterwards, the best action to do is to narrow the subject down according to the guidelines supplied by your professor. You must be quite sure in regards to the concept which you want to expand on. Your very first idea is nearly always very likely to be too significant. Referred to as the Great Migration, more African Americans established themselves in cities like Harlem, in New York. World History Research Papers involve an amazing quantity of information. What was the reason for the Great Depression. But What About Theatre History Essay Topics Renaissance? The thesis statement ought to be included within this paragraph to allow readers to comprehend the central argument of the paper. In the center paragraph you're akin to a barrister arguing a circumstance. Indee d it is a great test of an essay that the reader ought to be able to guess the question even in the event the title is covered up. The selection of topic is all-important in regards to writing a protracted essay and certainly in the topic of history. In the event you can't find your subject here, don't hesitate to have a talk with our staff and set an order for a customized history essay on your specific subject. If you would like to compose the essay yourself, we believe it would be best to opt for a universal subject or issue. Because the prolonged essay contains far more words than a normal essay, the selection of topic should be such a good argument can be developed and resolved. Bear in mind, the aim isn't to simply report random facts and information concerning the topic. Writing service businesses maintain writers that possess a whole lot of experience with writing narrative essays. Writing they use creative ingredients to mix narrative essays into a quality product. Even in case you have good history essay topics and the proper ideas in mind, but you're not focused on writing, you may wind up ha ving a low-quality paper. Perhaps you still have to understand more about the way to compose a history paper. It is an impossible task to compose a great history paper if you write about something you find boring and don't care about whatsoever. Thus, writing a history paper will surely be fun, if you simply select a really intriguing history essay topic. Thus the very first paragraph or maybe you might spread this opening section over two paragraphs is the secret to an excellent essay. It is advised to divide this sort of paper into sections. There are lots of assortments of topics based on the subject you would decide to compose a paper. It will produce the history essay writing process faster and easier, and you won't need to devote a great deal of time doing research. As a historian you should interrogate your sources and ask the vital questions. Anyway, adequate research and knowing of the material also play an essential role in writing an excellent essay. If you're looking for assistance with your essay then we provide a comprehensive writing service given by fully qualified academics in your area of study. As soon as you have a more specific idea of the region of the renaissance era that you wish to write about, it should make it a lot simpler to think of excellent excellent titles. The debut of jazz proved to be a leading musical contribution of Harlem renaissance. Today, singers are accompanied with a number of instruments, that range from traditional drums to modern music systems, including pianos. Then Read the biography from your brochure as a means of introducing her or him. The data about the real personalities from their nation are available, and it might really contribute to your paper concerning credibility and research value. Anyway, you might not have a dependable supply of income for a student. Do not increase your odds of being discontinued from your studies as a result of trusting people who can't even aid with choosing history essay topics for high school students. Then you can choose on different aspects that explain his rise. The Good, the Bad and Theatre History Essay Topics Renaissance Music and other art pieces were influenced in a multitude of ways, a few of which are hereby discussed. Today, it can cover almost all aspects of nature and people's lives, both real and imagined, with a wide variety of messages, ranging from real and live broadcast to traditional paintings. It was now viewed as a source of livelihood for the participants, especially because art required people with new skills and ideas, in order to prevail in the market. Standard art, on the flip side, was limited to customs and religious practices.

Windsurfing History

Windsurfing or boardsailing is a sport that combines sailing and surfing. It uses a one-person craft called a sailboard thats comprised of a board and a rig. The Inventors of the Board The sailboard had its humble beginnings in 1948 when Newman Darby first conceived of using a handheld sail and rig mounted on a universal joint to control a small catamaran. While Darby did not file for a patent for his design, he is generally recognized as the inventor of the first sailboard.  Darby did eventually file for and receive a design patent for a one-person sailboat in the 1980s. His design was called the Darby 8 SS sidestep hull. But by then other inventors had patented designs for a sailboard. The first patent for a sailboard was awarded to sailor and engineer Jim Drake and surfer and skier Hoyle Schweitzer  in 1970 (filed 1968 - reissued 1983).  They called their design a Windsurfer, which measured 12 feet (3.5 m) long and weighed 60 pounds (27 kg). Drake and Schweitzer based the Windsurfer on Darbys original ideas and fully credited him with its invention. According to the official Windsurfing website: The heart of the invention (and patent) was mounting a sail on a universal joint, requiring the sailor to support the rig, and allowing the rig to be tilted in any direction. This tilting of the rig fore and aft allows the board to be steered without the use of a rudder — the only sail craft able to do so. In a patent abstract, Drake  and Schweitzer describe their invention as a ...wind-propelled apparatus in which a mast is universally mounted on a craft and supports a boom and sail. Specifically, a pair of curved booms are accurately connected athwart the mast and secure the sail there between the position of the mast and sail being controllable by the user but being substantially free from pivotal restraint in the absence of such control. Schweitzer began mass-producing polyethylene sailboards (Windsurfer design) in the early 1970s. The sport became very popular in Europe.  The first world championship of windsurfing was held in 1973  and, by the late 70s, windsurfing fever had Europe firmly in its grasp with one in every three households having a sailboard. Windsurfing would go on to become an Olympic sport in 1984 for men and 1992 for women. The First Woman on the Board Newmans wife  Naomi Darby  is generally considered the first woman windsurfer and helped her husband build and design the first sailboard. Together, Newman and Naomi Darby described their invention in their article The Birth of Windsurfing: Newman Darby found he could steer a conventional 3 meter sailboat by tipping it fore and aft enough to make turns even without a rudder. This is when (late 1940s) Newman got interested in steering a boat without a rudder. Several sailboats and 2 1/2 decades later (1964) he designed the first universal joint to go along with a flat bottom sailing scow. This sailboard was fitted with a universal joint mast, a centerboard, tail fin and kite shaped free sail and thus windsurfing was born.

Career Development Plan - 1719 Words

Running Head: Career Development Plan Career Development Plan Part II - Development of a Training and Mentoring Program Chentrell M. Williams, MPA Human Capital Management – HRM 531 University of Phoenix Career Development Plan Part II - Development of a Training and Mentoring Program On February 22, 2005, InterClean, Inc. became a major force in the sanitation industry after acquiring a key competitor, EnviroTech. The company established a new strategic direction, and anticipates increased profitability in the next year. Additionally, the company expects the merger to increase sales experience and employee knowledge of the industry. The strategic plan includes 1) providing high-quality,†¦show more content†¦Performance standards â€Å"The ideal blended learning model is one that integrates a wide range of functions that empower learners with more control to participate in several formal and informal learning activities† (Baldwin-Evans, 2006, p.151). InterClean has performance standards in place to address employees work performance and staff development. The performance standards are based on the knowledge, skills, abilities, and other characteristics taught dur ing the training sessions and the behaviors exhibited by employees and observed by management (Baldwin-Evans, 2006). Each new sales representative receives InterClean’s company manual and other training documents. These documents reinforce the personnel policies, departmental requirements, and procedures learned during the training. Delivery methods Adult learning principles describe how people learn differently and how training modalities, or training activities, should reflect these differences. Some people learn best by observing or listening, while others learn more effectively by reading and other visual media. Most people retain more information when they are actively involved in the process of learning, instead of passively sitting and absorbing the information. 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