Effectiveness: Communication and Team Members Essay

Aims / details: The primary purpose of the report is for you to work with three other people and undertake a study of an organization – the steps for establishing team performance plans, the development and facilitation of team cohesion, the facilitation of teamwork and, liaising with stakeholders. Reviewing the effectiveness of teams within an organization is imperative so that opportunities for improvements may be identified and investigated. The study necessitates an evaluation of an organization’s policies, procedures, processes and resources – whether they are sufficient, or whether additional arrangements need to be looked into. The study may reveal a need for: more documentation, infrastructural changes and/or employee requirements. During your study of the organisation you must consider the following: how are team members consulted about their roles, responsibilities and accountabilities; how do team members develop performance plans; how are team members supported in achieving performance outcomes; what are the strategies, policies and procedures to ensure team member participation; how is feedback about team member efforts provided; what are the processes for raising and addressing concerns; how are team members encouraged to take responsibility for team activities; how does the contributions of team members serve as a role model; how are communication processes established and maintained; what are the arrangements for communicating information; what are the arrangements for communicating issues and problems; how is corrective action evaluated and taken to resolve those issues and problems. From the information that is gathered, you will also be required to make recommendations for improving the problem areas that you may have identified. It will be crucial for you to liaise and interview the appropriate key personnel for this report. These may be: employees, the chief executive officer, direct superiors, other management representatives, board members,  business or government contacts, funding bodies, union/employee groups and representatives and work teams. Elements / performance criteria: This workplace related report would assess all the topics of the module Ensure Team Effectiveness. The assessment is done holistically. Remarks: This assignment must be presented in a report form and Presented professionally – bound or presented in a file. Include an assignment cover sheet, table of contents, introduction, body, recommendation/conclusion, and in the bibliography use the Chicago style referencing (refer to Summers, J and Smith, B 2004, Communication Skills Handbook. How to succeed in written and oral communication, Wiley, Queensland, Australia, Chapter 2). As a guide, the report should be approximately 10 to 12 pages-this excludes the bibliography / any other attachments. Typed/font size 12 (Times New Roman) or 10 (Arial) Margins to be 2.5 cm all round. Line Spacing – 1  ½ BRIEF REASONS must be given to support the points raised in your report. The project (report) will be marked according to the headings / guidelines as provided in the DAS – the outline of what are to be included. Note that each report may contain different details –as each organization may have different systems, procedures, processes and programs etc. You are expected to be able to aptly apply the concepts to a real life situation. Granted that there will always be a degree of difficulty in assessing all the details of any company, a fair amount of secondary data and ‘common sense’ will be needed in working through this project. The company that you are choosing to ‘study’ must be willing to be interviewed / provide information where necessary. Actual information on the organisation and relevant information of organizations in a similar industry must also be available / able to be obtained. The following headings could be used in your report. You could also choose to have your own ‘headings’ and /or add additional headings / sub- headings as you deem appropriate. The notes following the headings provide some guidance of the kinds of information and analysis that would need to be considered. Group Report Provide an appropriate title (as it relates to the organisation under study) Suggested headings For report – EnSURE TEAM EFFECTIVENESS (name of organisation) 1. Introduction Provide an overview of what this report entails – include aspects of the purpose of your report and what the report entails. You should also briefly include a brief overview of the organisation (for example, its name, type of business etc) 2. Sources of information Outline the various sources of information that you used to gather your information. Such sources could include gathering information from primary sources (e.g. the relevant personnel in the company- personally and via questionnaires) and secondary sources (e.g. company reports, documents). Include copies of your interviews as an appendix in the report. 3. Develop Headings and Sub-headings Clearly describe what is included/considered (keeping in mind the Module Topics, required knowledge and required skills). a) Establish Team Performance Plan Explain the mechanisms that the organization has in place for consulting with team members to establish a common understanding of team purpose, roles, responsibilities and accountabilities in accordance with organizational goals, plans and objectives Briefly outline the steps and procedures that the organization has to develop performance plans to establish expected outcomes, outputs, key performance indicators and goals for work team Describe the steps/procedures that the organization has to support team members in meeting expected performance outcomes b) Develop and Facilitate Team Cohesion Briefly outline / summarize the strategies the organisation has in place to ensure team members have input into planning, decision making and operational aspects of work team Explain the steps that the organisation has in place to develop policies and procedures to ensure team members take responsibility for own work and assist others to undertake required roles and responsibilities Describe the arrangements that the organization has to provide feedback to team members to encourage, value and reward individual and team efforts and contributions Summarize the steps/procedures that the organization has to develop processes to ensure that issues, concerns and problems identified by team members are recognized and addressed Include copies of the organization’s policies, procedures and codes of practice in the appendix of the report. If these are not available, you should note these and make suitable recommendations on how these deficiencies should be addressed. c) Facilitate Teamwork Explain the steps that the organisation has in place to encourage team members and individuals to participate in and to take responsibility for team activities, including communication processes Describe the procedures  that the organization has to support the team in identifying and resolving work performance problems Briefly describe the arrangements that the organisation has to ensure own contribution to work team serves as a role model for others and enhances the organization’s image for all stakeholders d) Liaise with Stakeholders Explain the processes that the organisation has in place to establish and maintain open communication with all stakeholders Describe the steps that the organization has in place to communicate information from line manager/management to the team Outline/summarize the arrangements that the organization has in place to communicate unresolved issues, concerns and problems raised by team members and follow-up with line manager/management and other relevant stakeholders Briefly explain the provisions of the organisation to evaluate and take necessary corrective action regarding unresolved issues, concerns and problems raised by internal or external stakeholders 4. Recommendations & Conclusion Briefly summarize your findings Outline the problem areas that have been identified.  Explain whether the current procedures, processes, activities and resources in the organization are sufficient, or whether additional arrangements might need to be looked into. Indicate what those arrangements are (i.e. more documentation, infrastructural changes and/or employee requirements)

Most Memorable Event

Tyler Graves Most Memorable Event My most memorable event took place on October 6, 2012 in a packed and rowdy Williams-Brice Stadium. It is a memory that I will hold onto for the rest of my life and one that I will be sure to tell people about for the rest of my life. It was a great evening to be a Gamecock fan from the start of the game. We jumped out front from the first possession and it was complete domination for the entire game.The game started out with two passing touchdowns from Connor Shaw that really got the fans going. Everyone in the stadium was in such a good mood and you could feel the vibe in the air. The best part of the game for me was what came after those two touchdown passes. Georgia made the mistake of punting to Ace Sanders who was able to return the punt for a 70 yard touchdown. The stadium erupted. It was the loudest I have ever heard the fans at Williams-Brice get and it was amazing.This game was great to see, feel, and hear. The event was very memorable beca use South Carolina finally broke through and put themselves on the map. We have always struggled on the big stage but it finally was our turn to crush a legitimate top team. The other key factor to why this game was so memorable was that I was able to enjoy the victory with both my friends and my little brother. I will never forget the night of October 6, 2012 for as long as I live.

Behavioural Finance Essay Example | Topics and Well Written Essays - 2000 words - 3

Behavioural Finance - Essay Example Louis Bachelier established this model in 1900 with an aim of understanding modeling fluctuations of prices in the financial markets. Still, Albert Einstein gave his contribution towards this arithmetical model, which was first established by Robert Brown in 1827. Through this model, econometricians can access past relationships and various variable such as consumer spending, tax rates, employment, household income, and interest rates. At this point, economists predict how such variable affect the future course of an economy development. This assists to explain proportional growth which is attributed by the economy development. It is worth noting that, economic development enhance better living, creates job opportunities, and better chances for investment. This book is useful as it lays a strong foundation for learners to comprehend economic facts that affect the market. Therefore, students can use this book to understand in depth about what attributes to economy development. The significance of reading this book is that it has great insights on the following. The concluding remarks are based on graphs analogous, which are explained in the fractal context. In explaining, the author presents graphs as that indicated in figure E1-5 that illustrate the multifractal aspect of fractal context. As intended, the author reveals the deep link between the fractal approach and finance. Therefore, from this article, readers can comprehend the following. The author describes ways of applying Ratio analysis in various markets. In his research, he found out that non-periodic cycles and fractal structure outlay evidence of the fact that the capital markets being nonlinear systems. Basically, they are two fundamental aspect of financial ratio analysis. It can be used to judge how the firm progress such as liquidity status or increasing revenues: For instance, it can be effective in making the relative performance comparisons such as the firm’s productivity

Cuban Legal System and Stereotypes Essay Example | Topics and Well Written Essays - 1000 words

Cuban Legal System and Stereotypes - Essay Example The movie creates negative stereotypes of Cuban people as criminals and drug-dealers. It portrays that the majority of immigrants are criminals who follow the same way of life in America. Immigrants can acquire schooling in either the country of origin or in the country of destination. The movie portrays that immigration has been an economic phenomenon, operating through labor demand within more or less competitive labor markets in the United States. Workers like Manny and Tonny, have quickly responded as economic men and women to any indications that jobs were available to them; the pay that they could earn in the United States was many times greater than the sums that they received for subsistence farming, hired farm work, or other kinds of low-skilled employment in Mexico. With wages on the order of seven to ten times higher in the United States than in Ciba throughout the century, an extremely strong motive force for migration has existed and has produced actual migration wheneve r U.S. employers have beckoned. Cuban people are portrayed as low skilled and low educated who agree on any job even if it illegal. I select these stereotypes (stereotypes of a criminal and poor immigrant) because they reflect the plot and message sent by the movie. Poverty and underemployment in Cuba are conditions from which many workers have obviously wanted to escape, but escape is not possible until there is someplace to escape to. The United States at various times has put out a call for Mexican workers. Poverty in Cuba has meant that an ever-ready pool of labor has been available south of the border, waiting to be tapped; it is clear that U.S. economic agents, largely employers, have decided when that pool would be tapped. In other words, Mexican migration, at least until recently, has not been a case of workers and their families unilaterally overriding U.S. border and immigration control in order to escape

Prime Ministers can never behave like Presidents. Therefore, the Essay - 1

Prime Ministers can never behave like Presidents. Therefore, the presidentialisation of parliamentary democracies thesis is misguided. Discuss - Essay Example 2010). This mounting discontent in several parliamentary democracies is taking place against the backdrop of a popular movement toward individual headship by the chief executive. This has not been complemented by new machineries that would enable the electorate to make their leaders, instead of the parliamentarians and parties, responsible (Mughan 2000). The case of Britain, and existing pre-election movement, reveals these conflicts well. Tony Blair pleases voters on the basis of his reputation, but the electorate cannot reprimand or reward the prime minister directly. Their sole power is to support or oppose his/her party, whose control on its leader is usually viewed as restricted (Flinders, Gamble, Hay & Kenny 2009). This disparity in accountability has broadened over the recent decades. Although political leadership strategies and electoral appeals in Britain throughout the past three decades have become ever more presidential and individualised, the system stays decisively party and parliamentary based (Gunther, Montero & Puhle 2007). The emergence of this ‘individualisation’ of political leadership has been traced by the author of The British Presidency, Michael Foley (2000). He claimed that it is, partly, the politicians’ reaction to the media environment. Policymakers resent the media’s focus on exposing personality conflicts and the manipulative mechanisms of contemporary politics, disregarding policy and ideas, making political issues emergency headlines. There are, basically, similarities and differences between presidential chief executives and prime ministers, but both necessitate two major power machineries to work successfully: control over the parliament, and power within the executive (Samuels & Shugart 2010). In general, the United States, the most prominent case of presidentialism, has an executive which certainly holds the first power source, but

Answer the 4 questions from the provided uploaded information and the Research Paper

Answer the 4 questions from the provided uploaded information and the provided book - Research Paper Example Likewise, it was asserted by Powell (2008) that â€Å"the death of Jesus Christ is an integral aspect of salvation† (p. 3232) because at the moment of death, it was noted that God forgave the sins of many and became the liberation of the souls from the bondage of sin; thus, opening the gates of heaven to eternal life and to salvation. In addition, it was also contended that â€Å"salvation includes new life in Christ, comprising regeneration (or rebirth) and eternal life. We have this new life as we participate in Jesus’ resurrection† (Powell, 2008, p. 3599). 2. In 150-300 words, compare the theological positions of James Arminius and John Calvin. (10%) James Arminius alleged that man should not be held accountable for the sin of Adam; but only accountable when man transgressed against God’s laws voluntarily. ... As such, children of Christian disciples should be baptized while infants to be participants in the noted new covenant (Powell, 2008, p. 4764). Likewise, his teachings include: (1) total depravity concept where man was believed to be incapable of saving oneself; (2) that God chooses those who go to heaven or hell and man can do nothing to change this; (3) that Jesus allegedly died on the cross not to save mankind; but only those who were elected to go to heaven; (4) that man cannot resist God if and when he chooses to draw man towards Him; and finally, (5) salvation is believe to be left entirely to God. 3. In your own words, write a one to two sentence definition of the following terms or phrases: (5%) Canon of Scripture, as defined, means rule of a collection of writings of the Church which were considered of great value (Powell, 2008, p. 4514). Image of God was allegedly described in the Bible where man was created after the likeness of God, in terms of resemblance to some form of goodness, which is solely attributable to Him. Kenosis is a term which actually meant ‘emptying† which was analogous to Jesus, as the Son of God, who apparently emptied his divinity and assumed the role of a slave (Powell, 2008, p. 5270). Omniscience was noted to be the term which signifies the universality of God’s wisdom, which far exceeds the understanding and grasp of human nature and intellectual faculties of man. Original sin is reported to be a doctrine which presupposed that people are born in a sinful world; and therefore, it is acknowledgement that even before the ability to reason and have the capacity for spirituality, people are born to participate in the natural and universal sinfulness of the world. Orthodoxy was acknowledged to come from the word orthodox, a

France History Essay Example | Topics and Well Written Essays - 1000 words

France History - Essay Example He goes further to explain how the French revolution and Haitian revolution; influenced the eradication of slavery through enactment of new laws. His claim is valid, as well as the rationale she provides in establishing his argument. In the essay, the writer has outlined the positive effects brought about by French revolution and Haiti revolution. As a way of illustrating, he argued that the French revolution has inspired the American Revolution. In addition, he has stated how declaration of freedom was written. It resulted into freedom from slavery in both Haiti and France. In my opinion, these illustrations were explained properly. Furthermore, the writers attempt to explain the hierarchy of leadership and challenges affecting the two countries; creates a clear impression. From my point of view, discrimination of slaves as being less human is ruthless. It goes a long way to affecting social aspects of an individual. In conclusion, the writer’s argument was expressed clearly. However, the points offered were less. As stated before, the revolution of France was more important in terms of enacting new enlightenment principles; is certainly true. In my opinion, the argument was not properly covered; there was a need for more supportive points. There was need to include extra materials on the related topic; this meant to play a significant role in shedding more light. Moreover, it would provide more points necessary in supporting the thesis statement. There are many sources of information regarding revolution of France and Haiti; although, my focus will be limited to sources with great depth of information. To start with, A Concise History of The Haitian Revolution provides a clear overview of the revolution in Haiti. It elaborates on the impacts of the revolution (Popkin 22). Secondly, The French Revolution of 1789 And Its Impact provides information about the factors that led to the revolution and its effects (Rubenstein 82). Finally, Haitian

Affect of junk food advertising on children Essay

Affect of junk food advertising on children - Essay Example This "Affect of junk food advertising on children" essay outlines how the young children are getting affected to the luring advertisements and promotions of the junk food. The problem is that a few children are getting addicted to the habit of eating junk food to an extent that they are turning out to be obese, hefty. The article showcasing the boy in super size me is a practical example to the above said statement. The story of the child is that the boy generally doesn’t get inclined towards unhealthy eating but the boy cannot resist upon himself after gazing at the chavs made for the junk. He even tells that he always guarded himself by listening the instructions given by the government about what to eat and what not to eat. After listening to all such instructions generally anyone would not wish to and fill the belly full but this eating is the result of the eye captivating and alluring advertisements. The boy is indirectly blaming the organizations promotional activities. Probably the boy will not be aware of the consequences that follow up over the bulk eating. But once he becomes sick it will be very hard for a doctor to bring him to normal health and size and shape. The theory of the book is that people of the nation are indirectly responsible to what happens in the society. The responsibilities need to be shared by everyone. â€Å"I consider various ways in which it may be said that people are responsible for having become and remaining insensitive even when it is difficult or impossible at the moment to choose to be different†.

Britain and Ethnic Divisions Essay Example | Topics and Well Written Essays - 1250 words

Britain and Ethnic Divisions - Essay Example While on one side, it is the cultural conquest, most often referred to as the internal colonialism, the colonies of the Celtic fringe continued to exist from Middle Ages. Whereas, these areas showed a renewed frenzy of nationalism every now and then, English had hardly any nationalism or nationalistic movement. In case of the other ethnic minority, since there was a subjugation of rights, there was a spirit of nationalism among them too. While colonisation of other parts of the world by the English have been history, the settlement and colonisation of the Celtic fringe has been subtle. The first empire of the English was to establish the British. This is possibly the reason why nationalism and ethnicity were not referred to in the context of the British. The Celtic Fringe in British National Development 1536 - 1966. The colonisation started in the sixteenth century and in many cases was very subtle. 'They had been sleep walking towards their extinction. Not knowing what internal colonialism has done to them'. (Ken Saro Wiwa 1 Jan 1996). Internal colonialism is not easily recognised either by the settler or by the conquered. A similar colony was created in the Celtic Fringe by the English. This was to be an integrating effort resulting in the English becoming the British. The English culture became overpowering. ... Though the entire event started as a migration of the English from the lowlands to the rest of the regions, the regions soon become colonies of England. This trend was continued by the English when they colonised many other nation states across the world. English did not thrust their culture or practices on to the people whom they colonised. This also happened in the Celtic fringe (Ellis, Summer 2003) where the original culture of the Irish, the Scottish and that of the Welsh continue to exist in addition to the imperial culture of the English. Ethnic Migration The Ethnic migration, on the other end, resembles more for a want of better living conditions and of course, financial gain. Migration of the people in other countries was towards greener pastures. Large number of ethnic migrants came into the UK. Larger groups are the Caribbean, Black African, Indian, Pakistani, Bangladeshi, Chinese and others apart from white migrants settled elsewhere. All these people contribute to the large scale migration into the country. Nature of work they get themselves into after getting into the country, indicates the type of life they lead and their capability to work. Most of the people end up doing routine and manual work while a few do get into professional work. Figure: 1 Data on nature of work ethnic migrants get into. (National Statistics 2001) Figure 2: Social Class of the ethnic migrants (National Statistics 2001) Similarly the migrants mostly end up in the working class which amounts to almost 73.1% of the total ethnic migrants from 1971 to 1981. The nature of people who come into the country are from either the poor or the low level

Time Management and Productivity Essay Example for Free

Time Management and Productivity Essay Context of the problem. Time management is a term used to refer to the events that individuals follow in order to better their time usage. It refers to the principles and systems that people make use of in order to make conscious decisions about the activities that will occupy their time. Concerns about time usage have a longer history. Effective people manage their time properly. People who are able to manage their time properly are high achievers in everything they pursue. In www.learndirect.business.co.uk/campaigns/finances05/glossary/ time management is defined as the development of tools and processes that lead to an increase in a business’s time efficiency. People who are good time managers are self-starters, organized and do not procrastinate. Time management is usually seen as a concept of balance. Time management in http://www.wisegeek.com/what-time-management.htm is defined as the ability to be able to arrange, organize, schedule and budget personal time with an aim of producing effective work and productivity. According to http://www.articlealley.com/article-28248-24.html there are various advantages that are associated with time management in our daily endeavors. Time management has got many advantages. It influences reduction of stress, gaining of more time to carry out your tasks and reduces the chances of avoiding some tasks which are meant to be carried out. It also helps in eliminating cramming. Time management is also a motivator when carrying out tasks, this is because the tasks will always be ready at the time they are required. It also helps in avoiding procrastination. To be able to manage your time successfully the management of enterprises should set up goods which needs to be prioritized in order to know which tasks need to be completed at what time. (Covey, 1990) asserts that to be a good time manager, assets need to be enhanced and promoted. He suggested the four dimensions of nature which help in managing time effectively. According to http://learnsmallbusiness.wordpress.com/2006/03/11/are-you-content-with-your-time-management-skills-7-reasons-why-you-must-have-a-to-do-list/ great time management gives individuals chances of developing a timetable which suits their tasks at their tasks at their respective places. Good time management is a saver of health as it reduces stress which may come along due to unaccomplished tasks. According to http://www.gradresources.org/articles/time_management.shtml a schedule should be utilized which outlines all the activities together with the time they will be performed. The planned schedule should always be changed to match the changing activities and also prioritize the activities. Prioritizing enables the completion of tasks at the time they are required. In order to achieve good time management one need not to multitask because it will consume a lot of time. Once you have the timetable it should be followed as it appears hence avoiding skipping of activities which have already been scheduled for. People who do not manage their time thus lacking a time management plan suffer from insomnia, deteriorating health and other discomforting issues. They may even be divorced by their spouses because they do not spend time with them. Effects of poor time management affect not only you but also people around you. Time management reduces cost as the saying goes that time is money. It allows you to use the minimum costs possible in every activity that one may go through. It helps reduce the anxious nature of being when they have not done their tasks accordingly. Time management enhances discipline and efficiency in terms of completing the tasks at hand. It also allows prudence to be a key guider in performing tasks. Time management has also its own problems which have to be dealt with for a business enterprise to be successful. The problems ranges from stress, anxiety and feeling overwhelmed. We become anxious when we realize that there many things that need to be done and we are not able to handle them. (Bly, 1999) claims that when we are not capable of dealing with the present tasks of that need to be handled due to the fact that time is running out we become stressed. We get overwhelmed when there are too many demands that need our time and attention. Also when we are faced with large new projects or tasks and there is no clarify on what need to be done, how, when and where. This is because we cannot be able to take the first important step. Lack of proper organization of our activities take a lot of our time thus wasting our time which could have been used to better and constructive tasks. There are therefore various ways in which time management can affect the productivity of our activities hence those of business enterprises. There is therefore the need to evaluate the impacts that time management would have on productivity, so that we can be able to stop them if they are severe to the business enterprise or encourage them if they are advantageous to the business. The purpose of the research study will be to evaluate the impacts that time management have in the productivity of the call centre workers in the telecommunication industry. Time management is believed to be essential in the success and prosperity of each an every organization. It is said to be the stepping stone for success. Good time management achieves high results in terms of profits and the production of products that a company maybe producing. It therefore becomes important to evaluate the impacts time manage may have in the productivity of workers in their respective areas of work. The research study will deal with the call centre workers in the telecommunication industry. Problem statement Time management has an impact on the productivity of business enterprises. A review of academic and professional books have emphasized the need of time management in our daily endeavors be it school work, business activities or our personal activities. They have outlined the importance of formulating a timetable which will work as a guideline in our daily tasks. For time management to be effective, many have suggested the various ways to do it hence the need to evaluate which are the most effective tools, strategies and techniques that can be utilized in order to have high productivity in business enterprises. Time management has got it own reasons as outlined in http://ezinearticle.com/?Reasons-why-we-Have-To-value-Time-Managementid=506366 hence the need to evaluate the impact that time management has on business enterprises. Time is considered to be gold. No one wants to loose gold, therefore time should be managed well because it will never come back, once a minute have elapsed it does not return. Good results in terms of duties and responsibilities will come forth every time individuals manage their time well. It also gives fulfillment because it enhances our ability to determine what is valuable and should be given more attention. It allows one to achieve a greater social life after a busy day of working and full accomplishment of all activities. The above reasons have emphasized why time management is important hence the need to evaluate its impacts on business enterprises whether positive or negative. Research questions The purpose of this research study is to determine how time management impacts productivity of call centre workers in telecommunication industry. Sub questions 1. What are the problems faced by the workers in managing their time? 2. What are the tools that workers use to manage their time effectively? 3. What are the impacts of poor time management? 4. Does effective time management add benefits to the telecommunication industry? 5. What is productivity? Significance of the study This research study will be of help to the call centre workers in many telecommunication industries because they will be able to know which problems they are likely to encounter while managing their time. This will enable them to be able to evade from them in which ever way possible as well as knowing how to cope or deal with the problems that they are likely to encounter. The call centre workers in a telecommunication industry will also get to know which tools they can employ in order to be able to manage their time properly. By the call centre workers realizing which tools to use they will be able to achieve high results in their work hence the productivity of the company will increase. By bringing out the effects and impacts of time management, the workers will benefit from the research study because they will try as much as possible to manage their time so that they do not feel the effects of it on their work. The management of companies by knowing the impacts and effects of poor time management will be able to campaign and urge their workers to manage time properly. They will also put the necessary measures that will allow the worker to be able to manage time effectively. The research study will evaluate whether time management has its own benefits both to the workers and the company. The workers by knowing the benefits they are entitled to as a result of time management will try to their level best to effectively manage their time. The research study will also help the companies because after knowing the benefits that are a result of proper time management the will educate their workers by organizing seminars, debates etc on how to manage time so that they can be able to acquire the benefits of time management. The research study will be of help to many companies which want to maximize on time management. Research Design and Methodology The research design that will be employed in this research study is case study. The case in this research study will be two telecommunication companies where by their call centre workers will become the subject of study. They will be studied in depth in order to give the most reliable information which will allow for generalizations to be made. Call center workers in these two companies will be the objects of study. They will be studied in depth to help reveal the problems that are faced by them when they are trying to manage time in order to achieve productivity.   They will also be studied so as to give information on the tools that they use in managing their time. They will also reveal what they feel are the impacts of time management in the productivity of a telecommunication company. They will also give reliable information on whether time management adds any benefits to the telecommunication industry. Instruments of data collection Data collection is the gathering of information to which will offer critical evaluation to the research questions. They are many and are chosen depending of their validity and reliability. This according to http://ohoiline.osu.edu/b868/pdf/b868.pdf The methods which one has chosen should offer the best answer to the research questions. Also in selecting the data collection procedures or methods one need to consider how the information gathered will be organized, analyzed as well as interpreted. The gathered information should be reported to the various audiences. The research study will utilize the following data collection procedures. a. Face to Face interviews This is oral administration of an interview schedule. To obtain accurate information a researcher needs to establish friendly relationships between the respondent prior to conduct on interview. The face to face interview will be administered because of the following: 1. They provide in depth data, which cannot be collected by use of questionnaires. 2. It will be possible to obtain data required to meet the objectives of the research study. 3. They are flexible because they allow follow up of an aspect as it gets raised in the course of the interview. 4. They guard against confusing questions because they give a room for clarification. b. Questionnaires It is a list of questions that will be asked to the respondents in order to get the desired data. They may be structured or unstructured. They will be used in this research study because: 1. They are easy to administer. 2. They are economical in terms of money. 3. Their responses may give an insight to the background motivation, feelings and interests. c. Observation Observation is where by the researcher utilizes check list and records what he/she observes during data collection. The researcher in this case observes the behavior and how it occurs. Observation will be used in this research study because: 1. It enhances accuracy because the researcher himself or herself observes what exactly happens and does not depend on what the respondent has to say. 2. Observation can be used alongside other instruments or procedures of collecting data e.g. Interviews. 3. It can be done repeatedly thus increasing its level of accuracy. Reliability and validity of the research instruments According to http://www.nova.edu/ssss/QR/QR8-4/golafshani.pdf reliability and validity have got their roots in positivist perspective. Reliability of instruments in data collection determines the appropriateness of the research instruments for particular study. It tells how well the instruments managed or failed to measure what they were supposed to measure. To test the reliability of the instruments, the research study will conduct a pretest study where the original interview schedules, questionnaires and observation schedules will be administered to selected persons in the sample. Validity ensures that what an instrument claims to measure has been measured. To ensure that the instruments are valid advice will be sought to experts in the area. Based on the comments that will be given as well as guidelines adjustments will be made before the final version of the interview schedule, questionnaire and observation schedule will be administered. Population of the Study The population of the study will be call centre workers in two telecommunication industries. Since they are many and it will take a lot of time to access and study them, they will be randomly selected using simple random sampling technique to obtain a number of 90 respondents only. From this sample data will be collected to help answer the questions addressed by the research study. Simple random sampling technique will be chosen because it ensures that the population is representative. Data Analysis The data that will be collected will be analyzed by descriptive and inferential statistics. This is because descriptive statistics will help in summarizing the data while the inferential statistics will help infer the sample results to the general population of the study. Organization of the study Chapter One In chapter one the research study will explain the context of the problem in details and give a detailed statement of the problem that the research study will deal with. The objectives, purpose, research questions, sub questions and the hypotheses will be stated clearly. The scope that the research study will cover will be stated together with the limitations that will be encountered during the research study. Chapter Two The second chapter will deal with literature review where by literature that is related to the research study will be   evaluated to give various trends that may exist which will be helpful in the research study. Chapter Three It will basically deal with the methodology of the research study. It will deal with the research design the research study will utilize, instruments of data collection together with their validity and reliability. The population that the research study will utilize will be discussed and how the data collected will be analyzed. Chapter Four It will deal with data presentation and interpretation. It will include analysis of the data which have been collected and how it will be presented. It will also include how the collected will be interpreted for the audience to be able two understand. Chapter Five This chapter will include with the conclusions that will be drawn from the study. The population of study will be representative to allow for the generalizations to be drawn from it be inferred to the whole population. This chapter will also include recommendations which will be given to allow a room improvement. References Bly, R.W (1999) 101 Ways to Make Every Second Count: Time Management Tips and Techniques for More Success with Less Stress. Franklin Lakes: Career Press Covey, R.S (1990) The Seven Habits of Effective People. New York: Simon and Shulter Inc http://www.nova.edu/ssss/QR/QR8-4/golafshani.pdf http://www.wisegeek.com/what-is-time-management.htm www.learndirect-buisnes.co.uk/campaigns/finaces05/glossary/ http://ezinearticles.com/?reasons-why-we-have-to-value-time-managementid=506366 http://www.articlealley.com/article-28248-24.html http://ohoiline.osu.edu/b868/pdf/b868.pdf http://learnsmallbusiness.wordpress.com/2006/03/11/are-you-content-with-your-time-management-skills-7-reasons-why-you-must-have-a-to-do-list/ http://www.gradresources.org/articles/time_management.shtml

Study on the Prediction of Corporate Bankruptcy

Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy. Study on the Prediction of Corporate Bankruptcy Study on the Prediction of Corporate Bankruptcy CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firms decisions to file for the bankruptcy or not and on the basis of firms financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a difference between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on the financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firms stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shoven (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms which filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions before February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditors opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing fi rms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positive cash flows before starting asset resources were exhausted (Levinthal, 1991). According to DAveni (1989), and Hambrick and DAveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-failed firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firms decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firms decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²       SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firms decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.

The Symbol of the South :: essays papers

The Symbol of the South The battle flag of the South stands above the capitol building in Columbia, SC. It waves proudly, echoing the lives and blood of men who sacrificed everything they were, and everything they had for something they believed in. They fought valliantly and bravely to protect their homeland, and to gain independence of the Union. The flag stands there, not as a symbol of hate, racial inequality, or blood-thirsty war, but as a symbol reflecting the rich South and the men who gave everything for it. Black and white, Indian, Irish and English, so many fought in the war. Blacks stood, shoulder to shoulder, with white men. Their blood is embedded as deeply as any white man's in the flag of the Confederacy. We all bleed red, the blood of many races were mingled on those ghostly battlefields when the smoke cleared. Removing the flag from where it has stood for over 60 years would be like saying that all of those men had given their lives for naught. Perhaps it would not have been best for the South to have won the war, but we should respect and uphold the men who fought so bravely for their cause. The mistaken idea that the Civil War was about slavery is one of the many causes that the flag's right to be above the capitol is questioned. This mistaken idea often causes problems between the races of this state. Slavery was wrong. I would never try to justify it, because it can not be justified. It was simply wrong, God made us all equal. A human being was never intended to be treated like an animal, animals even were not meant to be treated like slaves. Slavery is a sensitive area, but the flag does not reflect this. The war was about the South's right to make it's own laws, and to be free from the Union. There were many Black soldiers there in the Confederacy of their own will. They loved the South just as any white man. The flag means to harm to black people; it is there representing many lives of blacks who died in the war as well! Most of the white men who fought in the war did not even own slaves. The very high majority were not slave owners at all.

Ancient Near East :: World History

Ancient Near East Millions of years ago the procreant low lands in the river basins of Euphrates and Tigris was probably the home of some animal life, but no great civilizations. However, things change over time, and just a few thousand years ago the same fertile low lands in the river basins of Euphrates and Tigris became the home of a very rich and complex society. This first high society of man was located in what some still call "Mesopotamia". The word "Mesopotamia" is in origin a Greek name meaning "land between the rivers." The name is used for the area watered by the Euphrates and Tigris and its tributaries, roughly comprising modern Iraq and part of Syria. South of modern Bagdad, this alluvial plain was called the land of Sumer and Akkad. Sumer is the most southern part, while the land of Akkad is the area around modern Bagdad, where the Euphrates and Tigris are closest to each other. This first high, Mesopotamian society arose as a combined result of various historical, institutional, and rel igious factors. The reality of these factors occurring at a specific place within the fabric of space / time indeed established the basis for this first high civilization. Items like irrigation, topography, and bronze-age technical innovations played a big part along with the advent of writing and the practice of social conditioning (through the use of organized religion) in this relatively early achievement of man. The factors of irrigation, inherent topography, and useful bronze-age technical innovations paved the way for the agricultural revolution to occur in the land of Sumer and Akkad. The people of the Tigris and the Euphrates basin, the ancient Sumerians, using the fertile land and the abundant water supply of the area, developed sophisticated irrigation systems and created what was probably the first cereal agriculture. This historical factor resulted in an excess of production of cereals, dates, and other commodities. The consequence of excess is the emergence of a productive peasant agricultural system and a redistributive economy that fuels the progress of civilization. Without a doubt, the Sumerians were highly innovative people who responded creatively to the challenges of the both the Tigris and Euphrates rivers. Not just any spot on the planet is a good prospect for irrigation, and it is the topography of the land and the intelligence of the people that allowed efficient irrigation systems to develop.