Amino Acid Definition and Examples

Amino acids are important in biology, biochemistry, and medicine. They are considered to be the building blocks of polypeptides and proteins. Learn about their chemical composition, functions, abbreviations, and properties. Amino Acids An amino acid is an organic compound characterized by having a carboxyl group, amino group, and side-chain attached to a central carbon atom.Amino acids are used as precursors for other molecules in the body. Linking amino acids together forms polypeptides, which may become proteins.Amino acids are made from genetic code in the ribosomes of eukaryotic cells. The genetic code is a code for proteins made within cells. DNA is translated into RNA. Three bases (combinations of adenine, uracil, guanine, and cytosine) code for an amino acid. There is more than one code for most amino acids.Some amino acids may not be made by an organism. These essential amino acids must be present in the organisms diet.In addition, other metabolic processes convert molecules into amino acids. Amino Acid Definition An amino acid is a type of organic acid that contains a carboxyl  functional group (-COOH) and an amine functional group (-NH2) as well as a side chain (designated as R) that is specific to the individual amino acid. The elements found in all amino acids are carbon, hydrogen, oxygen, and nitrogen, but their side chains may contain other elements as well. Shorthand notation for amino acids may be either a three-letter abbreviation or a single letter. For example, valine may be indicated by V or val; histidine is H or his. Amino acids may function on their own, but more commonly act as monomers to form larger molecules. Linking a few amino acids together forms peptides, and a chain of many amino acids is called a polypeptide. Polypeptides may be modified and combine to become proteins. Creation of Proteins The process of producing proteins based on an RNA template is called translation. It occurs in the ribosomes of cells. There are 22 amino acids involved in protein production. These amino acids are considered to be proteinogenic. In addition to the proteinogenic amino acids, there are some amino acids that are not found in any protein. An example is the neurotransmitter gamma-aminobutyric acid. Typically, nonproteinogenic amino acids function in amino acid metabolism. The translation of genetic code involves 20 amino acids, which are called canonical amino acids or standard amino acids. For each amino acid, a series of three mRNA residues acts as a codon during translation (the genetic code). The other two amino acids found in proteins are pyrrolysine and selenocysteine. These are specially coded, usually by an mRNA codon that otherwise functions as a stop codon. Common Misspellings: ammino acid Examples of Amino Acids: lysine, glycine, tryptophan Functions of Amino Acids Because amino acids are used to build proteins, most of the human body consists of them. Their abundance is second only to water. Amino acids are used to build a variety of molecules and are used in neurotransmitter and lipid transport. Amino Acid Chirality Amino acids are capable of chirality, where the functional groups may be on either side of a C-C bond. In the natural world, most amino acids are the L-isomers. There are a few instances of D-isomers. An example is the polypeptide gramicidin, which consists of a mixture of D- and L-isomers. One and Three Letter Abbreviations The amino acids most commonly memorized and encountered in biochemistry are: Glycine, Gly, GValine, Val, VLeucine, Leu, LIsoeucine, Leu, LProline, Pro, PThreonine, Thr, TCysteine, Cys, C  Methionine, Met, MPhenylalanine, Phe, FTyrosine, Tyr, Y  Tryptophan, Trp, W  Arginine, Arg, RAspartate, Asp, DGlutamate, Glu, EAparagine, Asn, NGlutamine, Gln, QAparagine, Asn, N Properties of the Amino Acids The characteristics of the amino acids depend on the composition of their R side chain. Using the single-letter abbreviations: Polar or Hydrophilic: N, Q, S, T, K, R, H, D, ENon-Polar or Hydrophobic: A, V, L, I, P, Y, F, M, CContain Sulfur: C, MHydrogen Bonding: C, W, N, Q, S, T, Y, K, R, H, D, EIonizable: D, E, H, C, Y, K, RCyclic: PAromatic: F, W, Y (H also, but doesnt display much UV absorption)Aliphatic: G, A, V, L, I, PForms a Disulfide Bond: CAcidic (Positively Charged at Neutral pH): D, EBasic (Negatively Charged at Neutral pH): K, R

Why Do We Read Literature - 938 Words

Literature has become an unalienable part of human life for centuries. However, it is worth asking, â€Å"Why do we read literature?† What powers does it have that we prioritize literature in our lives and culture? There can be innumerable answers to this question. I recall a famous dialogue from the movie Dead Poets Society (1989), â€Å"Medicine, law, business, engineering: these are noble pursuits and necessary to sustain life. Poetry, beauty, romance, love- these are what we stay alive for.† Literature is a great source of knowledge through vicarious experience, a powerful tool of expression, and a pleasant form of entertainment. In life, we learn only a few things through our own experience. Where does the rest of our knowledge come from? How do we know what went inside the concentration camps in Nazi’s Germany, how the world war wars looked like, and how it feels to not have ever known our own parents? Have we experienced all of those? Hopefully not. Then how do we know? A more than likely answer is going to be because we have read such things in different forms of literature such as poems, stories, and novels. In other words, we gain knowledge through vicarious experiences that literature provides us. For instance, I did not have to flee my country when I was a kid, nor was I victimized by a gay rape. But, after reading Khaled Hosseini’s â€Å"The Kite Runner†, I have an idea of what I would have gone through, had that happened to me. Similarly, although I wasn’t born as a slaveShow MoreRelatedEssay about Critique on I Know Why the Caged Bird Cannot Read946 Words   |  4 Page sIn Francine Prose’s â€Å"I Know Why the Caged Bird Cannot Read: How American High School Students Learn to Loathe Literature†, the author is trying to explain why high school students are not asked to read more quality pieces of literature now a days. In my opinion I agree with Prose because I think the texts we read in high school are not challenging and not a lot of students enjoy the readings because they cannot relate. Prose uses the rhetorical strategy of degrading the books high school studentsRead MoreWhy We Read Literature918 Words   |  4 PagesWhy we read literature The word literature means ‘acquaintance with letters.’ With literature we can put anything and everything into words and play it like a video for someone else to see. It is a profession where words are arranged in such a way that they describe, feelings, emotions, experiences etc. it describes society and the people living in it, what they think of it and what they want it to be. There are many reasons to why we read literature. We could read it for information which is toRead MoreCritical Analysis Skills Developed Through Writing a Reflection Paper870 Words   |  4 Pagesfeelings down about what I had learned in a class that I had to read literature and then interpret those readings into journal entries addressed to my fellow students. This left me a little intimidated. So to start the ideas flowing, I went back to the beginning. I looked up the â€Å"Week One Letter† to the student and re-read the description and goal of the course. Dr. Doe stated in the letter that, â€Å"we will be reading a variety of literature for a better understanding of the ideals, values, and attitudesRead MoreLiterature and Its Relevance in Modern Times1515 Words   |  7 Pages2013 Literature and its Relevance in Modern Times Before the importance of literature is discussed we must ask ourselves: â€Å"What is literature?† Many individuals that are asked that question will often give a complex answer for it seems to be a complex word. 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These are all questions that divide the human race into two separate sections, those who believe in the power of literature, and those who see it as impoverished compared to the social sciences in its abilityRead MoreReading Is A Process Of Literate Thinking1098 Words   |  5 Pagesis a vital skill and important activity for people of all ages. I grew up surrounded by books. I had parents who encouraged me from an early age to read books both with and without them, and they would read to me every night before I went to bed. They wanted to ensure that I was literate and would grow up with a love of books, they succeeded. This is why I consider reading to children when they’re young is essential in ultimately shaping the way the feel about books as they go through life. It is alsoRead MoreClassic Literature and Comic Books1383 Words   |  5 Pagestimeless nature of classic literature, it has a large influence in today’s world. 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Photosynthesis And Cellular Respiration Review Answers Free Essays

What is the equation for photosynthesis? CA + OH ; C6H1206 + 602 6. What are suspended in the fluid strata Of chloroplasts? Stacks of ayatollahs called grand 7. _ Photosynthesis/Diocletian Pathway_ is a series of linked chemical reactions from which energy from the sun is converted into chemical energy in the form of organic compounds. We will write a custom essay sample on Photosynthesis And Cellular Respiration Review Answers or any similar topic only for you Order Now 8. What is the purpose of chlorophyll? Absorb light energy Why is it green? Green Color reflected 9. What can happen to light when it strikes an object? Reflected, Absorbed, and Transmitted 10. What happens when chlorophyll absorbs light? Electrons are raised to a higher energy level 11. Where do the electron from a chlorophyll molecule go when they move to a higher energy level? Electron transport chain 12. Electrons found in photosynthesis are eventually replaced by electrons from _photosynthesis II . 13. Where does the oxygen come from that is produced in photosynthesis? Water 14. What is the major gas byproduct of photosynthesis? Oxygen 15. Photosynthesis occurs in the ethylated membrane and converts light energy into chemical energy. 16. What process provides the energy to produce TAP molecules? Photosynthesis 17. Ethylated membrane is where electrons return to their original energy levels. 8. Calvin_ Cycle creates the carbohydrates needed for energy and growth in photosynthesis. What other organic molecules are produced? Proteins and Lipids 19. Name the two prod cuts of the light reaction in photosynthesis that provide energy for the Calvin Cycle. TAP and NADIA 20. What does the Calvin Cycle require? TAP and NADIA Can it occur in light and dark conditions? Yes What does the Calvin Cycle generate? Glucose 21 . Where does the TAP for the Calvin Cycle come from for the production of carbohydrate molecules? Light Reactions of photosynthesis 22. Where do all the carbon atoms in organic lessees ultimately come from? Carbon Dioxide from the atmosphere 23. Why is TAP important? Essential for all tasks necessary for cell’s life 24. What gas is produced in photosynthesis necessary for cellular respiration? Oxygen 25. What is the equation for cellular respiration? C6H1206 + 602 CHIC + OH + energy (TAP) 26. What process breaks down food molecules to release stored energy? Cellular Respiration 27. What occurs during glycoside? Molecule of glucose is split, two molecules of Pyrrhic Acid are made, and 2 Tap’s are produced. Is glycoside an aerobic or anaerobic reaction? Anaerobic 28. What is the process that takes place when organic compounds are broken down anaerobic (without oxygen)? Fermentation 29. What is produced in muscles when you exercise vigorously in the absence of necessary oxygen? Lactic Acid 30. Name the three stages of cellular respiration. Glycoside, Krebs (Citric Acid) Cycle, and Electron Transport Chain What are the two main stages for cellular respiration? Glycoside and Aerobic Respiration Which stage prod cues the most energy? Electron Transport Chain 31 NADIA, CA, and FADDY are formed during the Krebs Cycle. 32. What two aerobic stages in cellular respiration reduce most of the TAP needed for life, break down glucose into Carbon Dioxide, water, and TAP? Krebs Cycle and Electron Transport Chain 33. What are the end products of the electron transport chain in cellular respiration? Water and Tap’s 34. Electrons combine with oxygen and protons to form water at the end of the electron transport chain . 35. When living cells break down molecules, what is the form of energy stored and energy released Stored as TAP and heat is released 36. What two molecules donate the electrons for the electron transport chain? FADDY and NADIA and H2O How to cite Photosynthesis And Cellular Respiration Review Answers, Papers

Spotless Strategy to Extend its Contract-Myassignmenthelp.com

Question: Discuss about the Spotless strategy to extend its contract with Emirates. Answer: First: Meet Emirates budget Spotless is considered as a leading company in the marketplace, it provides integrated facilities services in Australia and New Zealand. It utilizes its inner resources of 36 thousand team members across the company sectors. The company strategy considers customer centricity, growth, innovation, brand loyalty and operational excellence. Spotless is unmatched in its ability to provide integrated services to everyday business requirements, according to Spotless Group (2017a), as follows: Providing services for sustainable buildings, including Technical, engineering and construction services Managing and maintaining assets Hospitality and catering, as it feeds about 186 thousand people per day Cleaning services Facilities management Laundry management Security and electric solutions Sustainability services and asset optimization. Second: Maximise use of products Spotless aims to reduce its utilities and assets costs and performance improvement to reduce the cost and maximize the production efficiencies. It provides managed solutions from its savings rather than investing the clients' capital to reduce its operating costs. According to Spotless Group (2017a), the solutions are as follows: Using alternative energy sources: As using solar power to substitute electricity and maximizing the gas supply through technology that self-generate electricity, cold and hot water. Optimize asset maintenance: Through reducing the maintenance costs by 40% accompanied by lower risk. Smart monitoring systems: By using advanced information systems as the Internet of things, enterprise energy management systems and energy management systems. The company could meet all financial covenants under existing debt facilities during 2017. Also the company forecasts a positive free cash flow in fiscal year (Spotless Group, 2017b). Third: Providing good services The company invests in staff training and development to ensure high performance and maintain a developed workforce. It considers the HR investments as an investment in its future. Also, it attracts, retains and develops the highest quality staff, ensures the safety of customer service. The training program is called "Australian Apprenticeships", it offers the required qualifications of hospitality, cleaning, laundry operations, health, maintenance, logistics and business and finance. Moreover, the company offers training delivery methods, as online learning, house face-to-face, on the job training and external courses (Spotless Group, 2017c). The provided training enables Spotless to compete in the international market. Fourth: Increase client Satisfaction Customer satisfaction is considered a factor that generates trust and confidence in the offered products and services. The relationship between the customer and the company may increase the commitment and the level of satisfaction (Bricci, Fragata, Antunes, 2016). Spotless seeks to foster the client-centric culture. It considers the customer at the center of its strategy, customer needs are the main driver of the company creativity and innovation (Spotless Group, 2017a). The company seeks to deliver the best value for its clients. Fifth: Service quality The service quality is highly important, especially in the facilities management. It refers to the supplier's ability to deliver a good quality service. It also involves the observation of the service delivery contracts, complaints handling and pricing. It is important to attract the customer through the prompt response to their requests, suggestions and inquiries (Nimer Puad, 2012). Spotless is highly committed to the service quality to fulfill the clients' expectations with its well trained staff. Sixth: Understand competitors The competitors in the Emirates market for the integrated facilities services, single Services and bundled Services involves a combination of all services. The large number of industries prefers to deal with one company to handle the entire facilities management services. Enova Company dominates the UAE facilities management market in 2016. Also, both of Deyaar and Farnek have significantly contributed to the overall market revenues in 2016 (ken Research, 2017). References Bricci, L., Fragata, A., Antunes, J. (2016). The effects of trust, commitment and satisfaction on customer loyalty in the distribution sector. Journal of Economics, Business and Management, 4(2), 173-177. ken Research. (2017, Nov. 28). Facilities Management Market Outlook to 2021. Retrieved from ken Research: https://www.kenresearch.com Nimer, A., Puad, A. (2012). Service quality management in hotel industry: A conceptual framework for food and beverage departments. International Journal of Business and Manegement, 7(14), 135-141. Spotless Group. (2017a, Nov. 28). Integrated Services. Retrieved from Spotless: https://www.spotless.com/services Spotless Group. (2017b, Nov. 28). Annual Report 2016/2017. Retrieved from Spotless: https://www.spotless.com/wp-content/uploads/2017/02/Annual-Report-2017-171024-WEB.pdf Spotless Group. (2017c, Nov. 28). Training and Development. Retrieved from Spotless: https://www.spotless.com/careers/training-and-developmen

Zaire Essays - Zaire, Mobutu Sese Seko,

Zaire The situation in Zaire (today The Democratic Republic of Congo) under the reign of Mobutu Sese Seko is a good illustration of an African tragedy. A nation so rich in national resources ? having some of the largest diamond mines in the world ? destined for success and growth, becomes victim to one of the worst administrators (if you can even call him that) of the 20th century and one of the best ?corruption artist? of all time. Corruption engulfed the young nation shortly after independence and it hasn't seen daylight ever since. In a time when Asian countries, Central American countries, and South American countries are making magnificent headway towards development, a tyrant thief who embodies everything evil, sets one of Africa's main prospects in reverse. This was the situation in Zaire that we shall look at today and examine. We shall focus on the country of Zaire (1965 ? 1997), which was Mobutu's. Mobutu has been toppled as of May 16, 1997 and the country renamed The Democratic republic of Congo. The Oxford American Dictionary defines a ?State? as, ?an organized community under one government.? Zaire was anything but organized, anything but a community, and had anything but a government. To justify the claim that Zaire is a good illustration of a ?failed state,? we shall show several examples that support this statement. Examples and illustration include Mobutu's acceptance of bribes from foreign governments, misuse of government budget, embezzlement of export earnings, diversion of foreign aid and loans, a failed Treasury, a failed Central Bank, a highly centralized government, chronic wide-spread rent-seeking, a lack of long-term planning, no political development and stability, near agricultural failure, nepotism, bad investments, inability to repay national debt, human services failure, and overall government failure. All of these contributors to this ?failed state? are a direct result of corruption. ?Corruption has detrimental effects on economic development. It decreases the efficiency of the civil service and its ability to formulate and implement government development policies, and it robs the country of vast sums of foreign exchange needed for investment? (George Ayittey 262). In other words, corruption puts a ?stranglehold on the economic and political levers of powers? (Kempe Ronald Hope Sr. 90-91), thus making it virtually impossible for a government to operate.

Qantas Airlines Performance Analysis Essays - Finance, Economy

Qantas Airlines Performance Analysis Essays - Finance, Economy Qantas Airlines Performance Analysis Name: ID: Module: Instructor: Number of Words: Date of Submission: Executive Summary Having residual claim to the net assets of a company in liquidation, equity holders, both potential and existing, have a substantial stake in the financial performance of a company. But the fiercely competitive business landscape, with higher mobility of finance and knowhow, has made the decision making task before investment difficult. The global financial crisis (GFC) in the last decade is a clear message to all concerned that short term financial performance cannot give true picture of long term potential of a firm. Getting a true view of a firm's long term health necessitates an overall analysis of the firm's operations and performance which includes investigations as to how the firm values interest of other stakeholders and how far it has been able to meet their expectations. Hence the potential and existing stock holders need to evaluate the attractiveness of a firm as investment destination on the basis of the firm's long term financial and non-financial performance as regards all the stakeholders' interest. TABLE OF CONTENTS Introduction4 Stakeholders Value Analysis4 Share Price History12 Share Price Return13 Return and Volatility of Qantas Stock Price15 Current Valuation of the Equity of Qantas 17 Evaluation of the company's Investment Projects 19 Dividend Policy and Capital Structure of Qantas 19 Overall cost of capital20 Concluding Remarks 21 References 23 Introduction A business is a conglomeration of activities performed by persons, group of persons, and institutions. The performance of the business affects the interest of all the stakeholders, namely the stock holders, the employees, the suppliers, the government agencies, and the community at large. Evaluation and decision as regards attractiveness of a company for investments can be made by existing and potential stockholders, bankers, and suppliers of raw materials and utilities on the basis of analysis of financial figures disclosed by the company in its annual reports. A more comprehensive report card of the firm can be done through stakeholders' analysis directed to the assessment of overall corporate health of the firm. This instant report is a case study consisting of a systematic and structured analysis and assessment of the long-term attractiveness of Qantas Airlines, an Australian airline industry listed in Australian Stock Exchange (ASX), as an investment destination. Qantas 2018 Stakeholders Value Analysis Stakeholders' value is a management philosophy and maximization of it tends to get momentum in acceptance as a valid objective of business among business management fraternity. Short term financial success may not sustain in the long run, and other non-financial parameters are needed to be measured to derive a more inclusive picture depicting overall health of the company. Stakeholders, by their actions, deeply influence operations and performance of a firm, and also have certain expectations from the firm. Analysis of the extent to which such expectations are met is known as stakeholders' value analysis, and the final assessment is called Balanced Scorecard of performance of the firm which shows its current profitability and long term sustainability in the competitive landscape. Qantas Airlines is the Australia's biggest domestic and international airlines with a strong brand value, and one of the leading airlines company in the global aviation sector. In this section Stakeholders A nalysis and balanced scorecard of Qantas Airlines are done. The widely accepted benchmarks for aviation company performance are used in the analysis and the metrics are calculated on the basis of financial figures and non-financial information given in the company websites, annual reports, and professional websites. Analyzing period for this section is 2013 -14 to 2017 - 18. Table 1: Economic Integrity Benchmark Metric 2017/18 2016/17 2015/16 2014/15 2013/14 Underlying PBT $M 1,604 1,401 1,532 975 -646 Statutory PBT $M 1.391 1,181 1,424 789 -3.976 ROIC % 22 20.1 22.7 16.2 -1.5 Underlying EPS Cents per share 64 55 53 32 -21 Statutory EPS Cents per share 56 46 49 25 -129 Net FCF $M 1,442 1,309 1,674 1,104 0 Analysis: Underlying PBT: This is a non-statutory measure, showing the profit earned in the normal course of business, with normal parameters. No one off profit or loss is included. The trend shows the metric is increasing steadily. Statutory PBT: This is derived by adjusting any one off profit or loss with the underlying PBT. It has markedly improved since 2013/14. Underlying EPS: It is calculated from underlying PBT. After deducting tax from underlying PBT the amount is divided by weighted average number of shares outstanding. The trend shows steady increase. Statutory EPS: It is calculated from statutory PBT. The trend shows steady increase. Net free cash flow (CFC): It is the operating cash available after deducting cash spent

(Business Negotiation) Select any two countries or World regions (like Essay

(Business Negotiation) Select any two countries or World regions (like Asia, Europe, or North America) and using the academic li - Essay Example There is a significant contribution made by culture during international business organizations, and this has an influence on the transactions (Jiachu, Shifi & Li, 2000). Nevertheless, the paper will explore substantial factors that affect the business negotiations between America and China, which will be based on an evaluation of the cultural differences between these countries. CULTURE Interdependence between countries, people and businesses establishes the significance of national cultures. In fact, culture refers to a pattern of behaviors, norms, convictions, values, which are socially transmitted among the community members. Therefore, culture has a substantial influence on people’s thinking, communication and behaviors; thus, becoming a serious source of influence to the aspect of negotiations (Salacuse, 2004). Moreover, culture and nationality among different countries are not the same, while culture is distinct; thus, the paper will focus on the Chinese and American cu lture. There is an immense influence on Chinese culture by traditional philosophies such as Confucianism and Taoism. These philosophies focus on virtual like patience, harmony in relationships and instincts of survival (Faure, 1999). Americans have been identified by their individualism, though they are also known for their value for networking and information. WAYS CULTURE CAN AFFECT NEGOTIATIONS Negotiating Goal People of different culture have varying objectives of engaging in negotiation, there are those who focus on reaching a deal and singing a contract, while others perceive this as a commencement of a long-term association and this emanates to a contract. For instance, in China, there is a focus on creating an interpersonal relationship before establishment of a commercial transaction. In fact, these behaviors are attributed to values of Confucianism; thus, Chinese people have a conviction that a business relationship should be based on interpersonal relationship (Graham & L am, 2003). Establishment of interpersonal relationship is aimed at fostering a relationship attributed to trust during pre-negotiation stage in China. On the other hand, Americans are known to lay lot of emphasis on the signed contract, since numerous negotiators in America are lawyers (Demers, 2002). In fact, there is a virtue acquired by the law students from their schools, which entail engaging in a negotiation with an objective of acquiring a signed contract. Moreover, the Americans consider reaching at an agreement as the final stage of the negotiation; thus, they have a great adherence to the details. Furthermore, Americans have a tendency of rushing to the preliminary stage of a negotiation, which creates a high chance of misunderstandings, and it leads to adverse effects to the process of negotiation. Negotiating Attitude There are forms of attitudes attributed to parties engaging in a negotiation, which are a win-lose or win-win attitude. However, negotiators with a win-win attitude have a perception of a negotiation being a collaborative effort aimed at ensuring that parties have established a mutual beneficial arrangement (Bazerman, Curhan, Moore & Valley, 2000). However, negotiations with parties having a win-lose attitude are focused on ensuring that at the end of the negotiation one party has lost. Nevertheless, Americans and Chinese share a

Innovating Essay Example | Topics and Well Written Essays - 3000 words

Innovating - Essay Example The broad nature of ideas in the definitions of innovation and skills, the hardship in the ability to relate innovative outputs and outcome with human capital, and the limitation in the availability of innovation-specific information have made it difficult task for firms to accurately come up with innovative means of operations in order to maximize their potential in performance. This study aims at exploring the link that exists between the desired innovations and skills necessary for the management of an enterprise (Acharya, 2012). In both managerial and individual levels, one needs to acquire and develop certain skill in order to become efficient in the smooth running of his/her business operations. Some of these basic skills include; academic skills, reading and writing, generic skills in problem solving, multicultural openness, technical skills, and leadership skills. These are some of the skills one will need to add in his/her portfolio as a manager and an individual. Skill assessment exercise helps one measure his level of skills and realize the need to add more skills necessary for effective management (Acharya, 2012). In creativity design, the managers will also be required to acquire the managerial and entrepreneurship skills in order to be able to foresee future opportunities and threats in their managerial operations. Individuals need to acquire the skills that will enable them to; learn from their work place the new ideas and opportunities that can be explored at an individual level for their development of skills and knowledge (Aghion, 2013). The required set of skills in an organization is determined by certain factors such as the type of innovation and industry structure, as well as the stage of the innovation. Some of the problems foreseen in group exercise are on how the group will be able to draw different skill mixes in different times to come up with

Do genes cause anti social behavior Essay Example | Topics and Well Written Essays - 1250 words

Do genes cause anti social behavior - Essay Example Ant- social behavior in a person is connected to his personal traits like impulsivity, sensation seeking risk – taking attitude hence it is genetic. ( Thesis) Anti – social behavior is often studied with many theories and one among them is biological theory. In this theory the biological make up of a person influences them to deviate from social norms. We can see that all children are not aggressive or violent in young age. Some children at tender age are more aggressive and violent than others. Such children end up in fights and quarrels even with little provocation. This means their biological make up is more responsive to situations and circumstances. This theory suggest that the physical body, inherited genes, brain structure, hormones has a role to play in anti – social behavior. As per ( Cohen)â€Å" Growing understanding of body mechanism suggest that certain biological factors like particular genes, neurological deficits ,low serotonin activity can affect a person’s biological propensity for crime or anti- social behavior† The basic behavior of a person is connected to the biological constitution of a person. Not all people and impulsive and eccentric in nature. Some people never respond to situation in a violent manner and they would ignore many provocative situations by being sober and calm. However, a person who has a trait of impulsiveness and aggression can become a criminal or an anti – social element more easily than others. Some people are more aggressive by birth and might have inherited from their family lineage The criminologist has found a link between the anatomy of a person and their propensity to commit crime. It is understood that height, weight and appearance of a person has correlation with a person’s tendency to commit crime. As per ( The Ministry of Justice) â€Å"Looking at records from the 19th, 20th and 21st centuries, they have found evidence that shorter men

The Importance Of Knowledge Management Management Essay

The Importance Of Knowledge Management Management Essay Knowledge is quite distinct from data and information in nature. Data includes facts, observations, or perceptions which may or may not be true. Information, according to is the content that represents analyzed data. Knowledge is defined in an area as justified true beliefs about relationships among concepts relevant to that particular area. The skills required for effective knowledge management are to identify, generate, acquire, diffuse and capture the most valuable benefits of knowledge that sets up a strategic advantage to the organizations. Knowledge life cycle consists of: creation, mobilization, diffusion and commoditization to explain the early emerging knowledge to it maturity. INTRODUCTION The knowledge has been created more and more nowadays. The important of knowledge management is recognized and effectively implement by many organizations. In this brief essay, I will explain the differences between knowledge and information. After that, there will be the discussion of the importance of knowledge management in the organization as well as how effective knowledge management can create competitive advantage for the organization. Also, the essay explains the skills required to effectively implement knowledge management process in the workplace through the explanation of knowledge life cycle. NATURE OF KNOWLEDGE According to Fernandez (2004), to define knowledge, we need to distinguish it from data and information. Although they are sometimes used interchangeably, knowledge is quite distinct from data and information in nature. Firstly, data includes facts, observations, or perceptions which may or may not be true. By itself, data shows the raw numbers or assertions and may therefore be devoid of context, meaning, or intent. However, it can be easily captured, stored, and communicated using electronic or other media (Fernadez, 2004). For example, the schedule of movies will be show in a day, or observation of number of left-handers in a group of people illustrates data. Information, according to Dalkir (2005), is the content that represents analyzed data. Also, Fernandez (2004) defined information as a subset of data, which only includes those data that possess context, relevance, and purpose. It means that information manipulates raw data to obtain a more meaningful indication of trends or patterns in the data. For example, for the cinema director, the numbers indicating the daily sold tickets (in dollars, quality, or percentage of daily sales) of each movie are considered information. So, the director can use such information to make decisions concerning pricing and extra or cancel some movie shows. According to Fernandez (2004), there are two different ways to distinguish knowledge from data and information. The first one considers knowledge to be at highest level in a hierarchy with information at the middle level, and data to be at the lowest level. By this view, knowledge refers to information that enables action and decisions, or information with direction. Although, knowledge is the richest and deepest of the three, and is consequently also the most valuable, it is intrinsically similar to information and data. In the more complete perspective way, according to which knowledge is intrinsically different form information, knowledge is defined in an area as justified true beliefs about relationships among concepts relevant to that particular area (Nonaka, 1994). For example, the daily sold tickets can be used, along with other information such as information on the pop corns and soft drinks sold at the cinema, to compute the total revenue. The relationship between the information is an example of knowledge. Hence, as what I understand, knowledge is how people get information from data, or more valuable information from less valuable information. THE IMPORTANCE OF KNOWLEDGE MANAGEMENT IN THE ORGANIZATION Knowledge management was defined by Nonaka and Takeuchi (1995) as the process of applying a systematic approach to the capture, structure, management, and dissemination of knowledge throughout an organization in order to work faster, reuse best practices, and reduce cost of rework from project to project. It means that Knowledge management is the logical process that helps people to use knowledge effectively and efficiently. There are 4 business drivers that make knowledge management become important and increase in application for today according to Dalkir (2005). Firstly, the globalization of business means that the expansion of organization to global with multisite, multilingual, and multicultural in nature. The expansion results in the more complex work environment that all organizations have to face because of the increase in the number of subjective knowledge items. The second driver is the leaner organization. As the required work environment, people need to work faster and smarter as knowledge worker to adopting an increased pace and workload. Another business driver is the corporate amnesia. This driver explains that people as a workforce is no longer expect to spend entire work life with the same organization which will create problems of knowledge continuity for the organization and places continuous learning demands on the knowledge worker. Finally, technological advances make people more con nected. The advances in information technology not only have made connectivity ubiquitous but have radically changed expectations, which workers are expected to be on at all times. Base on the importance of the knowledge management, all organizations need to develop a suitable and effective approach to manage their knowledge. By doing so, they will get many benefits to create competitive advantages. At first, effective knowledge management approach will provide many benefits to each individual employees of the organization. It helps the employees in doing their job and save time through better decision making and problem solving. It builds a sense of community bonds within the organization and helps people to keep up to date. It also provides challenges and opportunities for employees to contribute. The effective approach also brings benefits to organization. It helps drive strategy for organization, solves problems more quickly, and diffuses best practices. Also, it improves knowledge embedded in products and services. It cross-fertilizes ideas and increases opportunities for innovation. In addition, it enables organizations to stay ahead of the competition be tter, and builds organizational memory. Therefore, in my point of view, knowledge management is essential for all type of business nowadays. With an effective knowledge management, the organization can facilitate collaboration and help knowledge worker connected. It also helps organization in making decision base on complete, valid and well interpreted data, information, and knowledge. LEADERSHIP AND THE SKILLS REQUIRED TO EFFECTIVELY IMPLEMENT KNOWLEDGE MANAGEMENT PROCESSES IN THE WORKPLACE Nowadays, most of organizations realize that the important of managing knowledge effectively. For doing so, they need to be always able to identify, generate, acquire, diffuse and capture the most valuable benefits of knowledge that sets up a strategic advantage to themselves. It also needs to have the ability to differentiate the information, which is digitizable, and true knowledge assets, which can only exist with in the context of an intelligent system (Dalkir, 2005). To be able to clearly understand the requirements for effectively implement knowledge management processes in the workplace, we may discuss the knowledge life cycle and strategies in each stages of the cycle. KNOWLEDGE LIFE CYCLE: Base on the research of Birmingham and Sheehan (2002), knowledge has a life cycle. Their study had showed that new knowledge is born as uncertainty thing, and it form into shape as it is tested, matures through implementation in reality, is diffused to a growing user, and finally becomes broadly understood and recognize as common practice. The knowledge can process through four stages of knowledge life cycle: creation, mobilization, diffusion and commoditization. Creation: At this stage, knowledge first appears in someoneà ¢Ã¢â€š ¬Ã¢â€ž ¢s head as an idea. In fact, no one can fully understand the idea or emerging knowledge, even if person creating it. In doing business, the suitable strategy in this early stage is to test the idea on its commercial viability. To encourage this activity, organizations need to create an environment which requires adjustments in the following areas: Informal Knowledge System: the organizations can lay out their space in an open plan that has many common areas, give their employees time to experiment, and provide resources for training programs and conferences in order to grow up knowledge effectively. Information Technology Systems: technology should be considered to connect people who have interest at highly specialized internet forums rather than to codify and store emerging knowledge. Human Resources: organizations regularly create knowledge should hire people in using new knowledge for critical feedback. External Relationship: the contact with external customers and suppliers will encourage the experimental of new idea. Mobilization: In this stage, knowledge continues to be improved, and the organization will extract more value from it. To achieve it, organizations need to mobilize knowledge internally and keep it away from outsiders. There are approaches for doing that: Informal Knowledge System: the organization can encourage the internal transferences among employees by building an internal network. Information Technology Systems: the IT should focus on technology that can enable the informal transfer of knowledge, and the system need to make it possible for adding comments on the subject from users. Human Resources: thinkers, doers, mavericks and pragmatists are needed in order to fully transform new ideas into valuable knowledge. External Relationships: it is still important to maintain strong relationship with customers and other partners in this stage. Diffusion: In this diffusion stage, the organizations will accept the leakage of knowledge, and no longer try to keep the knowledge under wraps. They will spread out the knowledge by selling it to outsiders. Again, the managers should consider following approaches in this stage: Informal Knowledge Systems: knowledge in this stage will be disseminated widely and quickly, which requires a system that focuses on training employees and encourage their use. Information Technology Systems: an extensive knowledge database will be useful for the organization during this stage. The competitive advantages will stem from the ease of access to information. Human Resources: customer consultants will be needed in this stage, so that they can work with customers and recognize the value of applying the knowledge to customersà ¢Ã¢â€š ¬Ã¢â€ž ¢ problems. External Relationship: organizations should focus on building strong customers relationship by their services, and using their brand to create the differences with other competitors. Commoditization: The organizations concentrate on managing knowledge that is already well known. The basic knowledge has been completely diffused. However, there are many opportunities to extract value from current knowledge to generate one in this stage. The approached to extract value as follow: Informal Knowledge Systems: in this stage, the use of formal knowledge systems will be more valuable than the informal one. The systems will help the organization to supply the best practices that can add value to well developed processes, and encourage new ways of commercializing existing knowledge. Information Technology Systems: organizations should develop effective search engines and retrieval systems because of the significant volume of documents that have gathered overtime. Human Resources: it is similar to the requirements of the diffusion stage. However, the demand for the knowledge may decline the demand for the jobs will be reduced. It is better to use the contract employees to solve this problem. CONCLUSION Base on my research, knowledge is much different from data and information. It is how people use data to crate valuable information and from less valuable information to more valuable one. In other words, knowledge in an area can be defined as justified true belief about relationships among concepts relevant to that particular area. Every organization needs to implement effectively its knowledge management processes due to four important drivers. By doing so, it will bring many benefits to the business as well as the individual employees. The organizations need to understand the knowledge life cycle in order to manage the knowledge. The cycle comprises four stages, which are creation, mobilization, diffusion, and commoditization, points out the essential skill needs to effectively implement knowledge management process.

How I Spent My Summer Vacation :: Summer Vacation Essays

How I Spent My Summer Vacation My boyfriend, Greg and I felt it would be a great opportunity to spend some quality time with our friends. We were going on a three day camping trip with long time friends, another couple, Chris and Heather. Chris is the go-with-the-flow type of guy but only if Heather allows him to do so. Heather is a very kind person who looks out for others. She just crosses that line of being concerned to being motherlike. See we spend a lot of time with them, but it's like other people's children, you can go home and leave them, this time we couldn't. You maybe asking yourself why would we decide to go camping with such people . . . I just don't know. This question would overwhelm Greg and me for the next two weeks while planning this getaway. Greg looked more pessimistically at the trip then I did. I thought if you go looking for a bad time, the only outcome will be a bad time. Realizing that we could be each other's only sanity from Heather's overpowering behavior and Chris's childlike mind, we made up little cues to give each other if we needed to getaway. We stocked up on interesting reading material to get lost in and relaxing alcoholic beverages to take off the edge. We packed up the trucks and we were off. Chris's friend from work recommended the campsite so we decided to follow him since he had the directions. We traveled up interstate 84 east bound over the Newburgh Beacon Bridge and made our way to the State Taconic Parkway. Now, this is where Greg and I looked at each other in agreement that the trip was going to go only down hill from there, the parkway that we had gotten ourselves onto by following Chris was for passenger cars only. We both had commercial trucks. About fifteen minutes on the highway we passed a State Trooper, thank God he didn't budge from where he was sitting. Through that hour on the parkway we must have passed four Troopers, none of whom pulled us over. Finally, and I mean finally, we arrived two and a half hours later at our campsite. All four of us got out of the trucks to observe where we were going to spend the next three days with each other, Greg and I actually found some humor with our surroundings.

Effects of Global Warming on Animals Essay

In the United States, the Environmental Protection Agency (EPA) has initiated various environmental campaigns to gradually resolve the increasing impacts of climate change towards the environment (Silverstein et. al. , 2003 p. 5). The public’s increased attention to such problem is not anymore surprising as it threatens every creature with potentially devastating consequences. However, the subjects of animal health have received lesser attention compared to the economic, industrial and social impacts of climatic changes brought by global warming (Sherman, 2002 p. 204). According to Root, Price and Hall et al. (2003), the primary concern of ecologists is the rapid increase of climatic change consistently altering the natural ecology of wildlife in various ecosystems. Based on the annual measurement of atmospheric carbon dioxide (ACO) concentrations, two major signals depicting dramatic ecological patterns have been observed, namely (1) â€Å"seasonal cycle that reflects the metabolism of terrestrial ecosystems in the northern hemisphere†, and (2) â€Å"accelerating increase in tropospheric concentrations of ACO since 1957† (Vitousek, 1994). As supported by various studies (Root, Price and Hall et al. , 2003; Vitousek, 1994; Tylianakis, Didham and Bascompte et al. , 2008), global warming effects, namely (1) increases in temperature, (2) alteration of food chains, and (3) atmospheric gas imbalances, dramatically affect the conditions of animal kingdom. II. Literature Review a. Global Warming: Ecological Imbalance The basic principle of global warming consists of the accumulation of radiation energy from the sun resulting to the warming of the planet’s surface (Houghton, 2004 p. 14). Based on 688 published studies on global warming, the three major environmental impacts affecting the ecological systems of animals and plants are (1) temperature changes, (2) alterations of animal symbiotic relationships, and (3) imbalances in the atmospheric gases (Tylianakis, Didham and Bascompte et al. , 2008). Based on the study of Root, Price and Hall et al. (2003), global temperature has increased to approximately 0. 6 degree C since 1880s, and projected to increase consistently with the coming generations. The continuous alterations of climate may be due to the three following reasons: (1) sunspot cycles, (2) volcanic eruptions producing large quantities of fine ash in the air, and (3) the occurrence of El Nino Southern Oscillation (Gupta, 1998 p. 86). In the literary reviews of Root, Price and Hall et al. (2003) using 143 different studies, majority of the studies reveal the endangering situations of approximately 80% of species that are now gradually adjusting to various ecosystems due to the physiological constraints brought by ecologic changes. In fact, according to the study of Thomas, Cameron and Green et al. (2004), animal habitats and survival expectations have been altered by the effects of global warming increasing the projected extinction risks to approximately 20% among the sample ecosystems, namely Queensland, Mexico, South Africa, Amazonia and Europe. b. Increases in Temperature With the advent of modernization, auto engines, power plants, industrial mills, and residential heating systems burn coal, oil, or natural gas accounting to 98% of the carbon dioxide added to the atmosphere, while the other 2% id due to the increased deforestation and mining (Tomera, 2001 p. 113). According to Root, Price and Hall et al. (2003), rapid temperature increases and ecological stresses brought by the alterations of ecosystems are disrupting the natural communities of various species, which lead to forced adaptations of species, numerous extirpations and possible extinctions. As supported by the study of Pounds, Bustamante and Coloma et al. (2006), one example of massive animal extinctions occurred in the mountains of Costa Rica wiping 67% of the various 110 species of Atelopus, such as harlequin frog (Atelopus Sp. ) and golden toad (bufo periglenes) and pathogenic chytrid fungus (Batrachochytrium dendrobatidis), which are endemic to American tropical habitats. In a study conducted by Penuelas, Fillela and Comast (2002), life cycles in a Mediterranean environment (Cardedeu, NE Spain) has been observed from 1952 to 2000 in order to determine possible alterations in the ecosystems and increasing climate changes. With the temperature increase amounting to ? 1. 4 degree C (1952 to 2000), results reveal significant phonological alterations among the different species of animals (e. g. spring migratory birds arriving 15 days later in 2000 compared 1952, etc. ). Noting the mentioned temperature increase in the latter study, Hanson, Sato and Ruedy (2006) suggest that a relative increase of ? 1 degree C is likely to affect the sea levels and exterminate various species. c. Symbiotic Relationships: Predisposing Species Extinction Temperature, climate, and gas imbalances are the leading global warming effects altering the different levels of ecologic symbiosis. The rise of global temperature affects the geographical distribution of ectothermic animals, decomposers and mostly those with lesser thermal tolerance (Portner, 2001). For example, thermally intolerant metazoans and other decomposers have markedly shown increase mitochondrial oxygen demand parallel to the rise of temperature, which resulted to the reduction of their population (Portner, 2001). Using species-area and endemic-area relationships, Malcolm, Liu and Neilson et al. (2006) have identified the projected percent extinctions of sample biodiversities (Cape Floristic Region, Caribbean, Indo-Burma, Australia, and Tropical Andes, etc.) ranging from

Humanism and Christian Belief: Change in the 15th Century Essay

Considering that humanism is a movement wherein a focus upon the capabilities of humanity has fueled a myriad of changes in society, it would be rather expectable for one to assume that such a movement was in direct conflict with Christian belief. Interestingly though, Christianity and Humanism did not necessarily lead into philosophical conflicts wherein one would remain while the other weakened or abolished. Instead, humanism brought forth beneficial if not entirely positive changes to the manner in which Christian faith is both interpreted and expressed. In this sense, throughout the following discussion, the impacts of humanism upon Christian belief during the 15th century would be delineated and thoroughly explained. Humanism is associated with a significant shift in the manner through which the world is understood. For example, instead of merely relying upon the interconnections of Greek philosophical texts with Christian concepts, those who embodied humanism instead engaged in a re-evaluation of such accounts without consideration of any external criteria (Blei 63). In addition, the Christian Bible also underwent a similar process of analysis. Scholars during the 15th century realized the need to gain a better comprehension of the Bible through an assessment of Biblical accounts in its original form; superior translations of Hebrew and Greek Bibles were accomplished through such a pursuit (Blei 65). As a result, of such scholarly and faith driven endeavors, the Church eventually came under scrutiny. Desiderius Erasmus, a notable figure in 15th century humanism, enabled the society to realize the errors of Church. In particular, his published books challenged the appropriateness of abuses and the ineptness of some Church authorities in accomplishing the responsibilities of their positions (Blei 65). Through such means, as well as through the presence of unaltered versions of the Bible made accessible to the public, a notable change in the perception of Christians manifested. In particular, instead of merely relying upon the preaching of priests and considering the ways of the Church as undoubtedly faithful to the Bible, people began to question the Church even further. The wealth and power of the Church during such times became a common cause of challenges and questions from the public (Blei 66). Challenging the ways of the Church is not indicative of a waning focus upon Christian beliefs but rather highlights the desire to be truly faithful and worthy in the eyes of God. From being driven by the Church and its authorities, Christian belief and faith once again became rooted entirely from the most sacred text in such a religion, the Bible. As a matter of fact, such a change became the reason for the emergence of the Reformation in the 16th century (Blei 69). Therefore, while it would be impossible to identify all the specific changes brought forth by humanism to Christian belief throughout the 15th century, it is evident that the movement reoriented Christian belief from one that is manipulated by the leaders of the Church to one that is reflected and supported entirely by the Bible.

Western Expansionism the benefits and pitfalls essays

Western Expansionism the benefits and pitfalls essays Someone once said success has a price, while prosperity has a value. When comparing this statement with the benefits and pitfalls of Western expansionism, it is easy to conclude that in many cases the price that was stipulated by overpowering Western expansionism was indeed too high for the innocent. In many cases, those who were the target of Western expansionism were forced to accept, by the ruling and ruthless hand that forced it upon them, a Western imperialism which was never desired or requests. When looking at benefits and negatives of the prosperity of Western expansionism, it is fair to say that expansionism's value for European nations, in all probability, did not fairly equate to the inflated price that the innocent were forced to pay. It is not my intention in this paper to solely express only one side of Western expansionism, although I do believe that history has given us numerous examples of the pitfalls of Western Expansionism. These include the slaughter of the Aztecs that occurred when the Spaniards feared the growing Aztec resistance. The Spanish expeditions under the command of Hernan Cortez massacred many Aztecs at Cholula and pillaged the city, a taste for blood and expansionism that was mirrored by the Spanish genocide that occurred with attacks on the native population of Cuba. It is also possible that Western expansionism brought some real benefits to those people who were the targets of Western expansionism. In many cases, it can be argued that Western expansionism offered new economic opportunities and cultural diffusion. With expansionism, Europe brought technologies and medicines that could benefit the inhabitants of many countries. Today, countries like the United States and Canada are clear examples of countries that have high standards of living that may be attributed to the expansionist tendencies of Britain, France, and Spain. ...

1st Autism Assignment Example | Topics and Well Written Essays - 750 words

1st Autism - Assignment Example Stereotypes about autism are more than just laziness or incorrect information in the arguments. They actively affect people in the spectrum and harm them. They form a view on autism and sharply narrow perceptions and expectations. Autistic person would hardly achieve something in his or her life, until they are considered to be "in their own world", "devoid of emotion" and so on. Unethical practices. Stereotypes do not just erroneously attribute autistic certain features. They always assume that these features once and for all set and unchangeable. But in reality it is not. The biggest problem with any stereotype is that it denies the fundamentally important fact that autistics may vary. People with autism adapt to society, find their destiny, their friends and interests (Grinker, 2010). But it is very private for them it is accompanied by a kind of "victim complex": many autistic individuals think that they have no right to seem too happy. After all, children with "autism" have no chance of happiness. All this propaganda worked: many families do not see any future for their autistic children, if the way to cure autism is found. But the problem may be just psycho-somatic – as, according to some investigations, placebo use may reduce the behavioral symptoms (Kroeger & Brown, 2011). Thus, many autistic people have very low sense of self-confidence just because haw autism is being depicted in society. As a result, according to many polls, half of the adults with autism were exposed to violence and abuse on the part of those whom they knew personally. It speaks of the "appalling prevalence" of violence and exclusion among adults with autism. But this problem of stereotypes also has its solution. Children who interacted with children with disabilities or who watched how they communicate with other children without disabilities, developed a healthier attitude towards disabilities, comparing with children without such

Mundell-Fleming model Essay Example | Topics and Well Written Essays - 750 words

Mundell-Fleming model - Essay Example If the monetary policy is constant and is not modified, higher level of government spending might entail the sharp rise in the demand for money which in turn may lead to higher interest rates. As one knows from the course in macroeconomics, capital inflows that, the nation can receive in this scenario, may strengthen the exchange rate to the level that it can hamper the export operations of the private companies and thus reduce or even stultify any positive expansionist effect of the government spending. The following graph illustrates the model; it also provides the illustration on the effect that fiscal policy under floating exchange regime might cause on the economy of the country. Thus monetary policy is one of the most effective tools in the economic policy of the Government under floating exchange rate regime; if the government increases the supply of money, which leads to the reduction of the interest rates, which consequently entails capital outflow, that in turn depreciates exchange rates and consequently stimulates export activities in the country and leads to the expansion in the economy through higher level of net exports. 2 The opposite situation occurs under the regime of fixed exchange rates. As one can see under floating exchange rates in the short time period, the interest rate is bound to decrease (which might take more positive effect on the economy and stimulate investment activities in the country... First, there should be one "interest parity" condition. National interest rates on the bonds i should equal interest rates overseas i* with the expected rate of the depreciation of the exchange rate (Et (et+1 - et)). In the above mentioned equitation, e is a logarithm of the exchange rate (foreign currency denoted in national one), whereas Et is the expectations of the markets based on the time t information. As one can conclude from the situation mentioned, there is no difference between the profitability of national and foreign bonds; however as in current economic system, the capital is highly mobile so the two bonds could pay various interest rates only if the investors expect to receive some compensation from the differences in exchange rates. It is assumed in this model that the country is comparatively small in the global capital market and the foreign interest rate i* is exogenous in this case. (On this picture MM- short time equilibrium, whereas GM -goods market equilibrium, q long run equilibrium level of the real exchange rate, e exchange rate, C and B various levels of the economy). 3 The rate parity equitation in this case is written as the following: it +1 = i + Et (et +1- et), in this equation it +1 is the nominal exchange rate whereas (et +1- et) predicted rate of charge of exchange rate. Dornbusch's model was based on the assumption that there was no uncertainty in the economy; many observers also claim that above mentioned equation of uncovered interest parity is rather an exception from the rule, and the interest parity situation rarely happens in practice. According to equation of Dornbusch high interest rates might lead to the increase in the opportunity cost of keeping money and thus entail the decrease in the demand for money; the

Organizational Innovation and Change D5 Essay Example | Topics and Well Written Essays - 250 words

Organizational Innovation and Change D5 - Essay Example In an aim of expanding the organization and giving it a global image the bank has invested realized its social responsibility. It has invested in charity events and in the effort of improving the needless in society it has vented into Africa and Asia (Zell, 2008). The bank has been involved in the motivation of their employees. The bank has developed a culture in which the welfare of the employees is paramount. They have end month fan fairs and they pay their employees well. All employees are insured and housed or given house allowances. This intern increases the employees’ commitment (Tushman, 2006). The customers get satisfied due to good public relation; it is able to expand due to a large client base. The bank has also has also invested into technology and allows great idea this is there reason to its expansion. There are regulations that drive the financial sector consolidates is the result of 60 percent growth in terms of shares and asset. There banks vision statement has been realized to a percentage. The success is due to an organized team. The bank has portrayed the essence of the vision statement and how it’s used to drive the company forward. The bank has invested heavily and employed expertise to enable their success (Beerman, 2005). The vision statement should be the one driving a company towards the

Scientific Management †Frederick Taylor Essay Example for Free

Scientific Management – Frederick Taylor Essay Abstract Frederic Taylor was one of the pioneers of management theory. His work was a product of the Industrial Revolution and the strict societal views and class structures of that day. Although scientific management is often criticized today, its key principles are still applicable in many areas of work and life. Scientific Management- Fredrick Taylor Employee management techniques and procedures are central to the effectiveness of a business. Every business must find a way to complete the tasks necessary for it to provide its goods and services to the marketplace. Because a business is unable to act unless all of its employees, from interns to the chief executive officer, act as a single team to achieve the goals the business has established, it is essential for a business to determine how it can affect these employees to have them produce the results the business needs. Today many management techniques and theories tend to center on the personality or character of employees and how best to affect people based on their psychology or personalities. For example, some theories center on the motivations that can drive a person to take action, others on how persons react to different management styles. Management theories today recognize that employees are a key part of a company and that management theories are not just about controlling employees. Management theories must consider how to motivate and encourage workers to perform their jobs. Management theories, however, must also consider the value of employees and that employees have different personalities and goals. There also is an understanding that there cannot be one management theory that works on all employees equally, on all types of businesses, or for all managers all of the time. The differences in setting, work, employer, manager, and employee must all be considered today. The most effective management theories of today are not meant to apply to all situations. Their developers understand that different situations and people require different  methods and techniques because today society understands that all people have individual needs and offer different potential. At the time of the industrial revolution, however, there was a belief that laborers and managers were different classes of people. The thought was that people should be treated differently based on their social status. Management techniques were not concerned with â€Å"who† an employe e was. Instead, management techniques were more concerned with assuring managers had order and control over employees, similar to the way a parent has over a child. While the goal was the same as it is today, to achieve company goals, the belief was that labor had no role to play other than to follow orders. There was no thought or expectation that a laborer could have any knowledge or character that the employer may benefit from. At that time it was the role of management to train or convert a person into what the company needed. When management though of employee or labor training, what it thought about was not training that would benefit the person the employee was. Instead, training was thought to be geared to improving the production of the employee for the benefit of the employee (Berdayes). The management style that was developed in this society, which remains one whose principles are still relevant today, was â€Å"Scientific Management†. It was a style geared to determining the best methods management could require employees to follow so that work was done most efficiently and productively (Berdayes). In fact, Taylor once indicated that managers/employer had to understand that: It is only when we fully realize that our duty, as well as our opportunity, lies in systematically cooperating to train and to make this competent man, instead of in hunting for a man whom someone else has trained, that we shall be on the road to national efficiency. This statement clearly indicates the view that any man could be trained to simply follow a procedure and that would lead to great results. However, to fully understand scientific management it is important to understand the mind of the man from whom it originated: Frederick Winslow Taylor (Roper). Frederick Winslow Taylor was a member of the middle or upper middle classes of his time (Guru). He was born in 1856 into a family of Quakers, who believed in â€Å"plain living,† (Guru). His father was an attorney and Taylor graduated with a degree in industrial engineering from Stevens Institute of Technology in New Jersey (Guru). As can be expected, based on this resume, Taylor was a part of management. In fact, while he worked his way through school, his jobs were those of a skilled worker, not a laborer (Guru). He worked in a metal products factory as a machinist where he eventually became a foreman (Guru). Then, he was promoted into the role of a research director and â€Å"finally achieved the position of chief engineer.† (Guru). The fact that Taylor was born into a family headed by an attorney and his ability to attend college, even though he worked, seems to attest to the fact that he was from the higher classes of the time. Student loans and programs by the government were not available at the time to assure that students could afford an education if their families were unable to pay for them. Taylor’s jobs, although he worked as a machinist for years, also indicate that he was never a laborer on an assembly line or a member of that class of workers that was lowest in the society of the time. Taylor’s views, therefore, can be seen to more closely aligned to those of managers and employers than to labor. A person’s view point is greatly shaped by their upbringing and life experiences. Taylor’s life is almost empty of any contact with, or connection to, an average laborer. Taylor’s father was very successful as an attorney. Taylor spent his early teen years in private schoo ls in France and Germany (Stearns). He then attended the famous Phillips Exeter Academy in New Hampshire and was set to attend Harvard University Law School (Stearns). Society at the time of Taylor’s life was very different from the democratic and accepting society of today. Those who lived in Taylor’s circles did not associate or interact with those in the lower classes (Stearns). People were expected to be born in a certain class and die in that class. People obtained the education expected for their class members to have, they worked in jobs their class was expected to obtain, and they were presumed to have intelligence, feelings, and thoughts which their â€Å"class† was stereotyped as having (Stearns). Taylor is often perceived as looking â€Å"down† on the lower classes and the laborers of his day (Schachter). This was the era of the Industrial Revolution, where people were being looked at by employers and those who were building the American industrial complex, as machines (Stearns). Just as a motor’s part can be replaced, employers thought of employees are interchangeable parts of the machinery of the assembly line (Stearns). Indeed, there are several  documented instances where Taylor speaks of workers as lacking in intelligence or being lazy in their work (Schachter). In particular, there is one instance in which he observes a German bricklayer doing his job and describes him as lazy and unintelligent due to the way he performs his work (Schachter). However, in reality this â€Å"simple† man, was not only working full time as a bricklayer, but had also managed to purchase a parcel of land and was in the process of building his own home, on which he would work after his normal twelve hour day was over (Schachter). This was the stereotypical view of laborers, that they had no purpose, role, or life, nor could they benefit society in any other way than as labor, or a part of the â€Å"industrial machine†. In fact, it is this view of so much of humanity as being nothing more than parts of a large industrial machine that people such as Max Weber began to look at the way in which society was devaluing humanity (SJSUIE). It is interesting, however, that while Weber’s management theories were meant to humanize production, in the areas of sociology, his theory of management was one that also can be seen as evolving out of a fixed view of class and social structure. Weber’s â€Å"ideal bureaucracy† formulated a system of management in which a firm hierarchy was put in place (SJSUIE). Through this system all involved were to firmly know and understand their responsibilities and duties (SJSUIE). Another system of â€Å"rules† for the new industrial complexes that were developing came from Henri Fayol (Holmblad). Fayol’s work went beyond that of Weber to provide more guidance for management as to their roles (Holmblad). Fayol established the five principle roles of management at this time: to forecast and plan; to organize; to command; to coordinate; and to control (Holmblad). Both of Weber’s and Fayol’s theories are interesting concerned only with the structure of management or the role of those in management (Holmblad). The viewpoint taken by both of these theories is that the important part of management is the managers and labor merely has to follow their managers’ orders. This is perfectly in li ne with the view taken of labor at the time period. It is in this society that the theory of scientific management developed. Taylor was convinced that efficiency and productivity could be obtained through the use of study of motion and the use of that work to develop efficient production methods (Wrege). As Taylor argued, the techniques of science, so respected in society, could be applied to labor  (Salvendy). This would permit the discovery of the most productive means of building a product or completing a process in the production of that product (Salvendy). Taylor believed people needed to be observed to understand the movements involved in their work (Salvendy; Wrege). These individual movements then could be further broken down to help identify the procedures necessary to accomplish them (Salvendy). In the end, Taylor would develop a production method, similar to the way machines are now designed, that would produce the most units in the least amount of time (Berdayes; Guru). Workers were instructed on exactly how to accomplish a task and were not to deviate from the procedures designed by Taylor ( Salvendy). Taylor’s scientific management was a great success during Taylor’s lifetime (Schacter). Because the term â€Å"scientific† was associated with the work, and as Taylor devised human body diagrams to â€Å"prove† how its movements were the most efficient, the theory gained great respect and generated great debate (Berdayes). One commentator argued that scientific management was a process in which â€Å"the person’s activity is thereby reduced to repeating a fractional operation at the tempo of the machine. At the extreme of this approach the person is simply subsumed as one more mechanized component of production with precisely specifiable fuel, cooling, and other operational requirements,† (Berdayes). Throughout the study the laborer in scientific management was reduced to a laboratory animal that was observed in its environment and after the study was reduced to a machine part in how they were required to work. The method was not loved by all or praised by all, regardless of its success. Interestingly, however, unlike Weber or Fayol, Taylor f ocused his improvements for the industrial complex at the level of the labor pool, not that of management. His theory appealed to management because it provided clear cut order and direction for workers, but it was based on the need to have workers follow a certain order. This too meant the theory worked on a principle of hierarchy, in which management controlled, but at least Taylor saw that labor also played a role in production. It has been said that Taylor’s methods were driven only for the benefit of management, but Taylor did not feel this way (Schachter). There is some evidence that Taylor’s deep devotion to labor studies and motions to find the most efficient work process may have been a way to help keep management from taking advantage of workers (Schachter). During the industrial revolution  managers would pay many laborers by the piece, say at a rate of $0.02 per nut or bolt produced (Schachter). Often, to earn more, workers would quickly develop faster means of production (Schachter). When that happened, however, management would then change the piece rate they paid because, they told their workers, their fast rate of production meant the work was too simple and should not be so highly paid (Schachter). Taylor may have wanted to keep management honest and felt that by developing a clear work process management could not harm labor for efficiency improvements (Schachter). If this view point is correct, then Taylor’s scientific management may have been a way to help labor (Schacter). He may have believed that through scientific management labor would have a proven way to show management that they were acting as best as they could, hence avoiding any arbitrary actions by managers (Schacter). Taylor’s insistence on the use of written instructions, training, and incentive payments to workers can also be said to signify his belief in the fact that scientific management was a benefit to both employees and management (Guru). Unfortunately, however, that is not how Taylor’s work is remembered today, even though his work is still a part of current management studies (Wagner). Even as the Twentieth Century dawned people were disdainful of Taylor’s scientific management (Roper). The theory was believed to be too dehumanizing (Roper). However, scientific management’s worker efficiency and work processes were still valued, but th ere was a demand for theories that also involved human relations (Roper). For the first time consideration was given to humans who worked at all levels in a company or firm. Workers were looked at as â€Å"sentient† beings, not just as â€Å"tools† who were part of an industrial machine. Finally, it seems, management and workers were viewed as mutual participants in work and the managerial process. This was the main problem with scientific management, and the reason for its disfavor as the Twentieth Century continued (Roper). Society also changed and labor itself placed demand on management and wanted to participate in how their work was to be structured and performed (Roper). In fact, scientific management was once so looked down upon that it was considered a form of slavery (Roper). Detractors argued that management was supposed to be more concerned with the humanity of the people who were being managed than with management needs or desires to â€Å"slave drive† people into production (Roper). Some argued that it  would be better t o motivate and encourage workers to product through the establishment of more humanitarian wages, working conditions, work hours, and job security (Roper). This is one of the times when there were a great number of people convinced of the need for a communist revolution and it was often workers, who suffered the worst working and living conditions society had to offer, even through the First World War, that championed such movements (Roper). The theory of scientific management, as society developed, has been strongly disfavored (Wagner). As society moved away from the conditions that existed during the industrial revolution and left behind the strict beliefs in social class and a person’s proper place in society, the belief that labor had to be â€Å"instructed† into how to perform each minute step of their jobs was seen as insulting (Roper). The view that the lowest level employee would not understand how best to accomplish a task, and that, indeed, there was only â€Å"one best way† to perform a task, was discredited (Roper). However, parts of scientific management are still recognized for the work Taylor completed in the principle of efficiency (Taylor). Seen as a social philosophy, instead of a management theory, scientific management does have application, at the personal level, to everyone who needs to complete a task, from a baker to a zoologist (Roper). Scientific management can be viewed as an early introduction of the principle of efficiency in labor and society. The idea that through thought and observation a person could perform regular tasks faster and more easily remains a very important part of work and life in our busy world. References Berdayes, V. (2002). Traditional Management Theory as Panoptic Discourse: Language and the Constitution of Somatic Flows. Culture and Organization, Vol. 8(1), pp. 35–49. Guros on Managing People. (NA). Fredrick Winslow Taylor: (1856-1915). Kerns, D. (2008). History of Management Theory. San Jose State University Industrial Engineering, SJSU ISE. 250. Retrieved September 23, 2008, from http://www.kernsanalysis.com/sjsu/ise250/history.doc Holmblad, K. (2008). Some effects of Fayolism. International Studies of Management Organization, Spring 2008, Vol. 38, No. 1, pp. 30 – 49. Roper, M. (2001). Masculinity and the Biographical Meanings of Management Theory: Lyndall Urwick and the Making of Scientific Management in Inter-war Britain. Gender, Work and Organization, Vol. 8, No. 2, April 2001. Salvendy, G. (2004). Classification of Human Motions. Theoretical Issues in Ergonomic Science, March–April 2004, Vol. 5, No. 2, pp. 169–178. Schachter, H. L. (1989). Frederick Taylor and the Public Administration Community: A Reevaluation. (Albany: State University of New York Press). Stearns, P.N. (2007). The Industrial Revolution in World History, Third Edition. New York: Westview Press). Wagner, T.S. (2007). An Institutional Economic Reconstruction of Scientific Management: on the Lost Theoretical Logic of Taylorism. Emerald Management Review, Vol. 32, No. 1, pp. 105 – 118. Wrege, C.D. (2008). F.W. Taylors Lecture on Management, June 4, 1907: an Introduction. Journal of Management History, Vol. 14, No. 3, pp. 209 – 213.

Shareholder Activism Business

Shareholder Activism Business This paper looks at the issue of shareholder activism from an Irish and International perspective, in the context of understanding agency theory and corporate governance which acts as catalysts to this new phenomenon. This is done by looking at past and current published papers that revolve around the subject matter. Theoretical concepts within the business and finance literature are explained in relation to how agency theory and corporate governance are practised worldwide. Three countries namely, the OECD countries (European Union as one whole entity), Ireland, and China, are assessed to identify how these concepts are practiced to gain a better insight into this new problem known as shareholder activism. Finally a critical review of matches and mismatches is used to compare and contrast similarities between the theoretical concepts and the empirical evidence within the literature review that is gathered for this paper to identify whether this problem is a worldwide problem or it is at the growth stage of becoming a worldwide phenomenon. Chapter 1: The Concept of Shareholder Activism Shareholder activism has begun to play a role in reshaping the corporate governance in companies all across the globe. In industrialised or advanced countries, institutional investors or financial intermediaries serve the function of active shareholders. In general, shareholder activism has become one of the most important and highly debated issues of the 21st century. The issue of shareholder activism (shareholder revolt against management objectives) can be said to have arisen due to the recent collapse of huge international organisations; in theoretical terms it is known as Corporate Governance. Now, Corporate governance refers to structures and processes for directly and controlling companies. Collectively, these constitute a set of rules that govern the relationships among management, company shareholders, and other stakeholders including consumers, creditors, employees, the general public, neighbouring people and suppliers. The rules of corporate governance aim to ensure that managers act in the best interests of their shareholders rather than simply acting in their own interests or those of a majority shareholder. Good corporate governance can provide companies in emerging markets in particular, better access to outside capital by making them more attractive targets for portfolio investment. The impact of recent corporate scandals, which has opened the debate as to the validity of corporate governance, has been felt all across the world and Ireland is no exception. Domestic scandals such as the fallout from the Inquiry into no-collection by certain banks of applicable tax on deposit accounts prompted a report on auditing standards which eventually resulted in the Companies (Auditing and Accounting) Act (2003), essentially is Irelands Sarbanes- Oxley Act. Until relatively recently, meanwhile, there was scant compliance with corporate governance and companies legislation which led to government committee report on the matter in 1997 and ultimately to the enactment of company Law Enforcement Act, 2001. This Act established the Office of Director of Corporate Enforcement, which now has responsibility for ensuring compliance with the Companies Acts (1963 -2003) in Ireland. This government body has significant powers of investigation and prosecution, which are being exercised vigorously. In the European Union (OECD), although this had been a subject of thought for over a decade, it was originally developed in response to a call by the OECD council meeting at ministerial level in 1998, to develop, in conjunction with national governments, other relevant international organisations and the private sector, a set of corporate governance standards and guidelines. Since the principles were agreed in 1999, they have formed the basis for corporate governance initiatives in both OECD and non-OECD countries alike. Accordingly, they form the basis of the corporate governance component of the World/IMF Reports on the Observance of Standards and Codes (ROSC). Aims and Objectives The aim of this paper is to address the issue of aligning management objectives with the objectives of shareholders and help identify why this has not been successful. I.e. this genesis has led to shareholder activism at annual general meetings, which management have found it very unpleasant to bear with within organisations all across the globe. The objective of this research paper is to first look at the genesis (beginnings) of this problem pertaining agency theory and corporate governance with regard to their relevance in satisfying shareholder objectives. Secondly, to explain the current trend in relation to shareholder activism within organisations and also how companies are preparing and dealing with this phenomenon at AGMs. I.e. The right information is given to shareholders as to the accurate financial earnings and gains of the organisation which they were appointed to manage. This will be looked at from an Irish and International perspective. Finally, a critical appraisal of the validity of published material so far covering agency theory and corporate governance within organisations will be addressed. Chapter 2: Existing Literature Review The need to understand and deal with shareholder activism is one that has come of recent due to the collapse of major international organisations around the world within the past decade. According to Grace (2004), in Ireland, the role of the institutional shareholder and the extent of their responsibilities as such, insofar as these differ from those of individual shareholders, are governed by practice rather than legislation. In addition, she adds that in Irish incorporated companies the overall management function vests in a board of directors, although the directors may delegate functions to certain executives or committees of the board. There is no statutory limit on the number of directors (hence wasting company funds on management) that can comprise a board, although limits may be imposed in the Articles of Association. Current legislation (Companies Act 2003) in Ireland requires a minimum of two directors, both of whom must be natural persons and one of whom must be an Irish resident. Grace (2004) also argues that the Articles of Association set out the requirements for the convening and holding of board meetings, while the corporate governance requirements for listed companies ensure that regular meetings are held. Written notice is usually required, including an agenda and all relevant documents to be considered at the meeting. All minutes of board meetings must be kept in the register of minutes but these are not generally available to shareholders, a major reason for shareholder activism. Daily et al.(2003) suggest that the overwhelmingly dominant theoretical perspective applied in corporate governance studies is agency theory. This serves as an explanation of how the public corporation could exist, given the assumption that managers are self-interested, and a context in which those managers do not bear the full wealth effects of their decisions. The theory responds to the observation 70 years ago of some of the key problems inherent in the separation of ownership and control. Daily metal. (2003) also add that in nearly all-modern governance research, governance mechanisms are conceptualised as deterrents to managerial self-interest. Corporate governance mechanisms provide shareholders some assurance that managers will strive to achieve outcomes that are in the shareholders interests. Shareholders have available both internal and external governance mechanisms to help bring the interests of managers in line with their own. They also argue that internal mechanisms include an effectively structured board, compensation contracts that encourage a shareholder orientation, and concentrated ownership holdings that lead to active monitoring of executives. The market for corporate control serves as an external mechanism that is typically activated when internal mechanisms for controlling managerial opportunism have failed. Abelson (2001) argue with regard to the collapse of Enron, that what made the Enron case different is how sudden and final the companys fall was for its shareholders, i.e.it was the shareholders that lost out and not management, adding that how can someone (people on the board of directors in Enron) who cannot own stock in a company serve on its board. In Europe, the OECD principles of corporate governance (2004) state that corporate governance is one key element in improving economic efficiency and growth as well as enhancing investor confidence. Corporate governance involves a set of relationships between a companys management, its board, its shareholders and other stakeholders. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. Good corporate governance should provide proper incentives for the board and management to pursue objectives that are in the interests of the company and its shareholders and should facilitate effective monitoring. In addition the OECD (2004),also argue that while a multiplicity of factors affect the governance and decision making processes of firms, and are important to their long-term success, the principles focus on governance problems that result from the separation of ownership and control (agency theory). However, this is not simply an issue of relationship between shareholders and management, although that is indeed the central element. In some jurisdictions , governance issues also arise from the power of certain controlling shareholders over minority shareholders. In other countries, employees have important legal rights irrespective of their ownership rights. The OECD (2004) also suggests that corporate governance is affected by the relationships among participants in the governance system. Controlling shareholders, which maybe individuals, family holdings, bloc alliances, or other corporations acting through a holding company or cross shareholdings, can significantly influence corporate behaviour. As owners of equity, institutional investors are increasingly demanding a voice in corporate governance in some markets. Individual shareholders usually do not seek to exercise governance rights but may be highly concerned about obtaining fair treatment from controlling shareholders and management. Creditors according to the OECD (2004) play an important role in a number of governance systems and can serve as external monitors over corporate performance. Employees and other stakeholders play an important role in contributing to the long-term success and performance of the corporation, while governments establish the overall institutional and legal framework for corporate governance. The role of each of these participants, OECD (2004), and their interactions vary widely among OECD countries and among non-OECD countries well. Adding that these relationships are subject, in part, to law and regulation and, in part, to voluntary adaptation and, most importantly, to market forces. Bebchuk (2003) also argue that in theory, if directors fail to serve shareholders, or if they appear to lack the qualities necessary for doing so, shareholders have the power to replace them. This relates to a document presented to the securities exchange commission in New York, considering the improved rights of shareholders. Bebchuk (2003) also states that this shareholder power, in turn, provides incumbent directors with incentives to serve shareholders well, making directors accountable. He suggests that although shareholder power to replace directors is supposed to be an important element of corporate governance system, its largely a myth. Attempts to replace directors he states are extremely rare, even in firms that systematically underperform over a long period of time. By and large, directors nominated by the company run unopposed and their election is thus guaranteed. This varies from country to country. Hamid (2005) argues with regard to the International Financial Corporation, which is part of the World Bank in relation to corporate governance models in China. It states that corporate governance is a new concept in China and most managers and boards remain unaware of basic governance procedures, often confusing governance with general management. As a result, bridging the gap between rhetoric and reality is required. It adds that the private sector in China has clearly become the engine of growth, seemingly offering enormous investment opportunities. But the structures in place at private companies are often immature, reflecting the newness of the private sector. Most small and mid-sized enterprises in Chinaware run informally. They are family owned, they dont have checks and balances, and their financial reporting is not transparent. It goes on to argue that the state-owned enterprises on their way to becoming private enterprises suffer from a different set of governance problems. When these companies take on private ownership, they carry the legacy of the state-dominated decision making regime. They often have complex and opaque corporate ownership structures, overlapping new and traditional bodies of corporate control, and reporting practices that are focused on satisfying the information requirements of the authorities rather than the needs of investors. Stutchbury (2001) states that in Australia, when AMP handed down its 1999 results showing a $1.2 billion abnormal loss from the GIO takeover, the AMP chairman was nowhere to be seen. He did not deem it necessary to front up to the cameras or to face media questioning to explain himself to shareholders. He left it to the relatively new CEO, who was required to dead bat the many serious questions about the companys board, its relationship with top management, and the departure of its former CEO. These were questions, which the new CEO could not properly answer. They had to be answered by the Chairman, if they were to be answered at all. This shows across misconduct of rules and guidelines with regard to corporate governance. Although CSR has only become one of the most heated topics of the new millennium, its roots undoubtedly go back to some of the key philosophical debates over ethics, values, equity and equality, Smith(2003). However, the systematic treatment of business ethics has been neglected in most advanced economies, which directly relates to CSR. Hartley (1993), for example, suggests that the interests of a firm are actually best served by scrupulous attention to the public interest and by seeking a trusting relationship with the various stakeholders with which a firm is involved. In the process, society is also best served because the firm is forced to consider a whole range of competing objectives and to move away from activities, which are derived from short-term performance indicators. Hartley (1993) also adds that any philosophy or course of action that doesnt take the public interest into consideration is intolerable in todays society. Todays firms face more critical scrutiny from stakeholders and operate in a setting, which is becoming more regulatory and litigious. The Pensions and Investment Research Consultants (PIRC) (2000) in the UK, argue that the law should require all proxy votes are brought to bear on the business of a companys annual general meeting, which should encourage institutions to vote their proxies. Adding that they do not consider that abolishing the show of hands would act as a disincentive for small shareholders to attend and vote as they are aware of their lack of voting power under current UK law arrangements. The show of hands is largely symbolic. The PIRC (2000), also state that if the annual general meeting (AGM) is not made the focus of the decision making process, but merely one moment in the process, companies would be tempted to lobby shareholders after the AGM, thus undermining the value of the AGM. They emphasise that such a proposal gives companies an ability to evade accountability to their shareholders. The OECD (2004) states that shareholders have access in a number of countries to the companys proxy materials, which are sent to shareholders, although sometimes subject to conditions to prevent abuse. The OECD (2004) also states that co-operation among investors could also be used to manipulate markets prior to proxy voting, and to obtain control over a company without being subject to any takeover regulations. For this reason, in some countries, the ability of institutional investors to co-operate on their voting strategy is either limited or prohibited. Shareholder agreements may also be closely monitored. On the other hand although corporate governance around the world varies with regard to successes and failure, Reuters(2004) stated that News Corp, one of the worlds largest media empires, had a proxy vote, in which more than 90 present voted in favour of the Chairmans plan to reincorporate the organisation in the United States, where it generates more than 75 present of its earnings. This can be seen as very good reaction from the shareholders of the company, in which corporate governance in this case has been a success. It is worthwhile noting that the adherence and practice of corporate governance to avoid shareholder activism does vary from country to country and so the rules, guidelines, regulations, and procedures governing this concept are subject to different interpretations in companies around the world. Chapter 3: Theoretical Perspectives On Agency Problem, Corporate Social Responsibility and Corporate Governance It is often assumed that the role conflict between those who own firms(i.e., who want the firm to maximise the value of their stake in the business) and those who manage them (who want to maximise their own reward) will be detrimental to the pursuit of profit maximisation as an overriding objective. The significance of this separation of ownership and control and the potential problems it can cause is known as the agency problem. While, corporate governance deals with how an organisation establishes who it is there to serve, how this should be decided, and by whom. This relates to how managers deal with issues of ethics and corporate responsibility. The following is a detailed elaboration of the agency problem and corporate governance with regard to the concepts acting as a catalyst that leads to shareholder activism. The Agency Problem Potential conflict arises where ownership is separated from management. The ownership of most larger companies is widely spread, while the day-to-day control of the business rests in the hands of a new managers who usually have a relatively small proportion of the total shares issued. This can give rise to what is termed managerialism, self-serving behaviour by managers at the shareholders ‘expense. Examples of managerialism include pursuing more perquisites(splendid offices and company cars, etc.) and adopting low-risk survival strategies and satisficing behaviour. This conflict has been explored by Jensen and Mackling (1976), who developed a theory of the firm under agency arrangements. Managers are, in effect, agents forth shareholders and are required to act in their best interests. However, they have operational control of the business and the shareholders receive little information on whether the managers are acting in their best interests. A company can be viewed as simply a set of contracts, the most important of which is the contract between the firm and its shareholders. This contract describes the principal-agent relationship, where the shareholders are the principals and the management team the agents. An efficient agency contract allows full delegation of decision-making authority over use of invested capital to management without the risk of that authority being abused. However, left to themselves, managers cannot be expected to act in the shareholders best interests, but require appropriate incentives and controls to do so. Agency costs are the difference between the return expected from an efficient agency contract and the actual return, given that managers may act more in their own interests than the interests of shareholders. Managing the agency problem To attempt to deal with such agency problems, various incentives and controls have been recommended, all of which incur costs. Incentives frequently take the form of bonuses tied to profits (profit-related pay) and share options as part of a remuneration package scheme. Share options only have value when the actual share price exceeds the option price; managers are thereby encouraged to pursue policies that enhance long-term wealth-creation. In reality, the agency problem between investors and directors is more illusory than real for the following reasons: †¢ The principal in the business relationship is the company rather than the shareholder and the directors set the priorities and goals forth business, not the shareholders. †¢ Because directors, in most firms, invariably own shares in their business they will benefit in the same way as the ordinary shareholders from the activities of the firm. Chief executives in a number of large companies have recently come under fire for their outrageously high pay resulting from such schemes. Executive compensation schemes, such as those outlined above, are imperfect, but useful, mechanisms for retaining able managers and encouraging them to pursue goals that promote shareholder value. Another way of attempting to minimise the agency problem is by setting up and monitoring managers behaviour. Examples of these include: †¢ Audited accounts of the company †¢ Management audits and additional reporting requirements, and †¢ Restrictive covenants imposed by lenders, such as ceilings on the dividend payable or the maximum borrowings. To what extent does the agency theory problem invalidate the goal of maximising the value of the firm? In an efficient, highly competitive stock market, the share price is a fair reflection of investors ‘perceptions of the companys expected future performance. So agency problems in a large publicly quoted company will, before long, be reflected in a lower than expected share price. This could lead to an internal response, the shareholders replacing the board of directors with others more committed to their goals, or an external response, the company being acquired by a better-performing company where shareholder interests are pursued more vigorously. Corporate Social Responsibility Corporate social responsibility (CSR) is now on the global policy agenda, with the last 20 years having seen great strides forward inks. Domestically and internationally governmental, business and other organisations are getting involved with CSR initiatives. This relates to the fact that independent legal entities such as pension fund managers, institutional investors, private investors, green peace, and Christian churches are leading the way in attending annual general meetings of organisations, to ask tough and environmental questions concerning the conduct and performance of management within organisations. This has proved difficult to comprehend with in recent times for major organisations such as the Shell, Financial Times(1997), facing its shareholders on the grounds of its ethical approach on human rights grounds in the Niger Delta region of Nigeria. At the European and UK domestic levels, the European Commission in 2002adopted a new strategy on CSR, and in the same year the UK government published its second national CSR report. The UK government has now also appointed a minister for CSR. Internationally, organisations such as the United Nations, the International Labour Organisation (ILO), and the Organisation for Economic Co-operation and Development (OECD) have also taken the lead. Initiatives such as the UN Global Compact, theology Declaration on Fundamental Principles and Rights at Work and the Tripartite Declaration of Principles Concerning Multinational Enterprises and Social Policy, and the OECD voluntary guidelines for multinational enterprises now dominate the corporate agenda, thus making CSR important for organisations of all kinds, large and small alike Hopkins (2003). The emergence of business ethics and responsible action on the corporate agenda is, however, more a function of the growing awareness of the social, political, and environmental impact of the modern industrial enterprise. Many of the shifts in political attitudes towards firms, for example, reflect serious abuse by specific companies and specific business leaders. The misappropriation of pension funds, repression of workers in the Third World, environmental incidents, and even the bribery and corruption associated with deals to gain large government contracts is all issues which have hit the headlines over the last few years. One of the major sticking points with regard to the rise in shareholder activism is the fact that corporate decisions are linked to a set of business ethics, and that by considering the structures and procedures which define the ethics of an organisation we ought to be able to say something about the prospects and preconditions for corporate performance. These v arious stakeholders, whom the firm must consider, are its customers, suppliers, values on which stakeholders requirement are based can be, in themselves, contradictory. The traditional way of resolving these issues is for the organisation to assume primacy over individuals, allowing it to pursue objectives dictated by senior management subject to financial constraints imposed by owners and lenders. The notion of public trust is also becoming more important. A clear measure of how far we have come towards a more responsive and responsible business climate is indicates by the fact that if a firm violates public trust, then it is likely to be surpassed by its competitors, who will be eager to please customers by addressing their wants more accurately. Moreover, while the overwhelming majority of business dealings arena-controversial, any abuses increasingly receive considerable publicity, harming the image of business. Once a companys image has been damaged, it often takes a long time to reverse that damage. In order to remain economically active, organisations need to learn from their mistakes or from those of other organisations. They need to take care to avoid situations and actions that might harm their relationship with their various stakeholders. In the worst of all cases, where an organisation faces a catastrophe, suddenly and without warning, its whole market image and business strategy can be destroyed. Examples of such events are increasingly commonplace. For example, in the case of Union Carbide, when one of its chemical plants in Bhopal, India leaked 40 tons of toxic chemicals, the event had (and continues to have) a profound effect on the reputation of that company. Although the company quickly rushed aid to the victims, it was bitterly condemned for complacency and the loose controls that permitted the accident to happen in the first place. Environmental considerations are only one of many issues, which might be included under the umbrella of business ethics. They nevertheless constitute an issue, which has grown in importance. As a result of them any accidents and growing environmental damage caused by organisations, there have been increasing demands from consumers for firms to operate more ethically in this area. The consumer movement has fundamentally shaped and contributed to the significant increase in legislation and regulation at all levels of government. This has been aimed at preventing abuses in the marketplace and in the environment and, therefore, environmental management strategies are increasingly commonplace in leading organisations around the world. To date, however, environmental considerations have not been given enough attention within the framework of business ethics, because dominant ideologies are being shaped more by short-term financial considerations than by the need to do business in a sustain able way. Ethics also vary internationally, due to cultural differences that exist across borders. The Corporate Governance In recent years, there has been considerable concern in the UK and around the world about standards of corporate governance, the system by which companies are directed and controlled. While, in company law, directors are obliged to act in the best interests of shareholders, there have been many instances of boardroom behaviour difficult to reconcile with this ideal. There have been numerous examples of spectacular collapses of companies, often the result of excessive debt financing in order to finance ill-advised takeovers, and sometimes laced with fraud. Many companies have been criticised for the generosity with which they reward their leading executives. The procedures for remunerating executives have been less than transparent, and many compensation schemes involve payment by results in one direction alone. Many chief executives have been criticised for receiving pay increases several times greater than the increases awarded to less exalted staff. In the train of these corporate collapses and scandals, a number of committees have reported on the accountability of the board of directors to their stakeholders and risk management procedures. The principles of Good Governance and Code of Best Practice, which apply to all listed companies from 1999 onwards within the OECD countries, are mentioned below: †¢ Directors and the Board An effective board is required to lead and control the company. It should have a balance of executive and non-executive directors; no individual or group must dominate the board; running the board and running the business are separate activities; no individual has unfettered powers; timely and quality information is given to the board; clear procedures for appointments; re-election at least every three years. †¢ Directors remuneration Executive remuneration is linked to corporate and individual performance; directors are not involved in deciding their own remuneration. †¢ Relations with shareholders Encourage dialogue on objectives with institutional shareholders; seams to communicate with shareholders and encourage participation. †¢ Accountability Reports influencing share price to give a balanced, understandable assessment of the companys position and prospects; a sound system of internal control to safeguard shareholders interests and company assets. Chapter 4: Critical Analysis of Theoretical Perspectives and the Empirical Evidence Gathered In The Literature Review The critical analysis in this chapter covers all aspects relating the theoretical perspectives of agency theory, corporate social responsibility and corporate governance from published books and articles. An analysis is made as to whether there is any consistency from the published material as far gathered and the already established theories. Due to the lack of time attached to this paper the empirical evidence used is one that has been covered in the literature review. One could say that the issue from shareholder activism from an international perspective is one that has come about of recent. Thesis rectified by the new guidelines, which only came into effect in1999, within the OECD countries including Ireland, and in China, it is still seen as a very new concept. The issue of agency theory with regard to the objectives of management and shareholders still varies from country to country. It can be