History (access to humanities and social science) Essay - 1

History (access to humanities and sociology) - Essay Example (Davis and Moore, 1945: cited in Zaidi, 1999) The most significant factor of social separation remembers the division of society for three fundamental classes for example upper, center and lower. Lower or work class makes the biggest layer of practically all social orders that contains constrained pay assets and riches. A greater part of the people having a place with this class needs to endure and satisfy their necessities and prerequisites in these scant assets. Since the helpless layer or lower class can't keep the wolf from the entryway even by buckling down from sunrise to sunset, practically all individuals from this class draw in themselves in budgetary exercises so as to meet with their developing uses. Subsequently, the kids are additionally expected with respect to loaning some assistance to their folks and senior relatives by winning something in one manner or the other. Thus, youngster work has been stylish for a considerable length of time, and offspring of lower layer h ad been denied of legitimate sustenance, satisfactory learning offices essential training and other central rights since ever. The average workers had been experiencing very hopeless and despicable circumstance in all pieces of the planet. Their circumstance was more regrettable in European nations during eighteenth and nineteenth hundreds of years, where the abuse of the blameless youngsters was thing to get done. They worked at the houses, ranches and farming grounds of the rich pastorate and honorability from day break to nightfall, and didn't receive any cash consequently. Mechanical upheaval of 1750 expanded the tragedies of the average workers and their kids had to work in plants and production lines with no or ostensible compensations and wages. Since there had been occurred no enactment to ensure the privileges of ladies and youngsters at the night before mechanical unrest, there was no rule of law to bar the enrollment of kids in businesses. It was when industry was in its sprouting and the proprietors of plants, production lines and modern units required

How does Hughes convey his response to pike in the poem? Essay

Hughes’ reactions to the pike incorporate reverence, interest, regard, dread and ghastliness. He shows this through utilization of portrayal, likenesses and allegories. During the sonnet his dread of the pike increments from segment to segment. He portrays the pike as â€Å"perfect†, â€Å"stunned by their own grandeur†, demonstrating his regard for them. In this, the main, refrain he shows his appreciation and dread of the pike with the expression â€Å"They move on a superficial level among the flies†. This allegorical expression shows profound respect through â€Å"dance on the surface†, which shows excellence and elegance of development however it shows dread through â€Å"among the flies† as this can be interpreted as meaning that the pike are ‘the rulers of the flies’ which means villain; the word ‘tigering’ brings out a feeling of magnificence and dread simultaneously, much like the tiger. In the primary verse he additionally shows his dread of them by saying that they are â€Å"killers from the egg: the noxious matured grin†, this expression combined with the following line shows the pike as naughty executioners, who must choose between limited opti ons in the way that they slaughter, yet invest heavily in realizing that they have murdered; pike are astonishing, damaging and frightful beasts. Their â€Å"malevolent matured grin† combined with â€Å"hooked clip and teeth/Not to be changed at this date† invoke the picture of a frightening, unfeeling slaughtering machine with a lasting melancholy articulation, that won't let go of its prey once it has sunk its teeth in. The â€Å"aged grin† gives the pike an appearance of inalienable astuteness. â€Å"In lakes, under the warmth struck lily padsâ€â€ , the pike’s fiendish conduct is exhibited by its decision to cover up in shadows under lily-cushions. This connects the pike with haziness, a typical factor among savage animals. â€Å"Of submarine delicacy and ghastliness./A hundred feet in length in their world.† â€Å"Gloom of their stillness:† â€Å"The gills massaging unobtrusively, and the pectorals† These show the pike as being quiet; ready to sneak up and snare their prey. These self absorbed predators are a lot of like the perilous and beauteous submarine coasting quietly through the water. In the second area of the sonnet, verse 5 †6 and an a large portion of, a genuinely clear representation of the pike’s conduct is exhibited where we see that there were three pike in a tank who, in spite of the fact that were being taken care of enough food(fry), began to eat one another. This is underscored by â€Å"With a list paunch and the smile it was conceived with† which shows that the pike appears to appreciate and is glad for the way that it has slaughtered and eaten its brethren. Hughes utilizes this to show how awfully coldblooded and insidious pike are, even towards their own sort; this is the main impression we have of the fierce idea of the pike; yet this may not be a genuine look at their inclination yet rather a sly and deceptive impression, brought about by the pike being caught in a tank . In the third area, refrain 6 and a half †7, the pike’s full-scale needing for viciousness is carried nearer still to the peruser. There is not, at this point a glass divider to shield us from the pike as in the past area. Two enormous pike are gotten and tied up to dry out in the sun. One of the pike is â€Å"jammed past its gills down the other’s gullet†. So as to keep us from erroneously accepting that the viciousness displayed by the pike â€Å"kept behind glass† was an aftereffect of their bondage, Hughes sets up the nearness of a similar brutality showed in nature. This likewise shows want for incomparability which could be deciphered as making one pike murder another in the main way it knows how, this is like human instinct and shows that a pike is happy to step on anybody and anything that hinders it getting top of the natural pecking order. In the fourth area, verse 8 †11, we perceive how risky the pike have become, as the persona, who used to keep pet pike, is presently alarmed of them. We know this from â€Å"That past sunset I challenged not cast†, which shows his dread of what the pike may do to him on the off chance that he couldn’t see them. This is accentuated by a human conviction that with obscurity fiendish turns out to be all the more remarkable; for this situation the shades of malice of the pike. This last area additionally gives the pike a mythic quality â€Å"Pike too gigantic to even think about stirring, so huge and old†. It likewise creates a demeanor of dread and anticipation, which is appeared through â€Å"Darkness underneath night’s dimness had liberated,/That rose gradually towards me watching†. The dramatic and frightful sentiments, toward the end, cause the peruser to feel that, one of these beast pike could come up whenever and kill him.

Travel Agency Strategy

H Travel Agency Strategy Plan February 25, 2013 This paper will take a gander at the difficulties that the movement organization is confronting, itemizing an arrangement for change dependent on perceptions of difficulties that the HR division is confronting. Utilizing measurements to clarify change and how they can help senior administration during the arranging procedure. Moreover there will be a framework for the assurance of the HR vital arrangement joined with strategies for the enrollment and choice techniques. The subtleties gave should help in helping the movement office conquer their difficulties with another arrangement to assist them with developing and become an impressive rival to the competition.The make a trip organization seems to have difficulties with the workers and the HR division. There are no objectives or structure for the representatives to depend on, and no objectives to accomplish. There are six significant elements of HR that are should have been executing a ll together for the change to start in the Travel office. As indicated by Byars and Rue (2008) The Society for Human Resource Management (SHRM) has recognized six significant elements of human asset the executives: 1. Human asset arranging, enrollment, and determination. 2. Human asset improvement. 3.Compensation and advantages. 4. Wellbeing and wellbeing. 5. Representative and work relations. 6. Human asset examine. (Byars and Rue, 2008). The HR division can begin to layout an arrangement if HR, the executives and the representatives all have away from and heading of what the HR office is for and how they help the organization and the workers. The difficulties that the HR office will confront is utilizing, HRP (Human asset Planning), to adjust the company’s in general key arrangement with the fitting representatives set up to accomplish this goal.According to Byars and Rue (2008) Human asset arranging (HRP), likewise alluded to as workforce arranging or staff arranging has b een characterized as the procedure of â€Å"getting the correct number of qualified individuals into the correct activity at the ideal time. HRP includes applying the essential arranging procedure to the human asset needs of the association. To be powerful, any human asset plan must be gotten from the key and operational plans of the organization.In quintessence, the accomplishment of HRP relies generally upon how intently the human asset office can incorporate successful individuals arranging with the association's business arranging process. 5 Unfortunately, HRP is frequently deficiently attached to generally speaking corporate arranging. (Byars ; Rue, 2008). There are four factual displaying methods that can be utilized by the HR office to conjecture the necessities that the organization will require. The can utilize time-arrangement examination, work force proportions, efficiency proportions and the relapse analysis.Another method that can be utilized is benchmarking, â€Å"be nchmarking includes altogether looking at inward practices and strategies and estimating them against the manners in which other effective associations work. ’ Byars and Rue (2008). So as to satisfy the Needs of the organization and set up a strong arrangement, an abilities stock ought to be finished to perceive what sorts of workers the organization has and their ranges of abilities to decide future preparing and progression openings. An abilities stock unites data about the association's human resources.It gives essential data on all workers, including, in its least difficult structure, a rundown of the names, certain attributes, and aptitudes of representatives. Since the data from an abilities stock is utilized as contribution to advancement and move choices, it ought to contain data about every worker's arrangement of aptitudes, not simply those pertinent to the representative's present place of employment. (Byars and Rue, 2008). The subsequent stage will be metric for t he HR office to assemble information that can be utilized to show the senior administration regions of progress, or territories that need a more profound focus.These measurements can show where the organization invests the greater part of their energy and cash alongside, regions of the organization or offices that don't meet the ideal metric objectives. Measurements can show profitability dependent on a set wanted objective for the organizations workers. Measurements alludes to any arrangement of quantitative measures to survey workforce execution. Instances of measurements that HR may utilize incorporate such things as investigation of the expense per enlist, normal period of time to fill a position, preparing cost per representative, turnover cost per worker, and recently recruited employee execution by enrolling procedure. Byars and Rue, 2008). The explanation that measurements are so imperative to the dynamic of the ranking staff is that they give a beginning stage to the organi zation to see where they have to begin their concentration for change. Having the option to assess an employee’s execution will help mentor and tutor the worker. Measurements give genuine numbers that can show regions were preparing is expected to get the representatives to an ideal yield or rate objective. Correspondence of the ideal outcomes or a t new key arrangement can be precarious, particularly to an incredulous pack that has truly had no definition or objectives in place.They are going to need to recognize how might this benefit them. Correspondence is the way to guarantee understanding. The whys must be replied, why this vital, for what reason are we doing this how might this benefit me. So as to convey these new changes these must be replied. The objective is to let the representatives to comprehend what HR does and what will be changing, for example profession arranging, improvement and preparing. This will be to guarantee that all representatives have or will have the information and abilities to perform to the level that the organization needs their workers to be at.Letting the representatives realize that they are here to help them in getting to where they need to be, while giving them a framework of vocation way and preparing to keep them intrigued. Where there is space for progression there is space for selecting new staff part with abilities to enable the organization to develop. With regards to enlisting, there are a few techniques that can be utilized. Utilizing inside sources from the start, the association will keep moral up as they look for effectively prepared and qualified personnel.Another technique is coming to outside the association to get new ability with different viewpoints and new plans to bring to the group. â€Å"Organizations have available to them a wide scope of outside hotspots for enlisting staff. Outside enrolling is required in associations that are developing quickly or have a huge interest for specialized, gif ted, or administrative representatives. † (Byars and Rue, 2008). The outer sources bring a wide range of workers in addition to they bring a more extensive range of abilities to look over. Different sources incorporate utilizing work sheets, publicizing, sites, work arrangement offices, representative referrals and walk-ins.When it goes to the determination procedure there are things that should be seen, what precisely is the organization needing, where would they like to go, where have past inner and outside workers gone inside the organization. Utilize the measurements to perceive what has worked out previously. All in all the movement office has been deficient with regards to clear heading for future development. So as to develop and to make progress, the HR division and the executives need to decide how to join the key arrangement and objectives of the organization into the HRP.The HRP will at that point make objectives, preparing and structure for development in the organ ization by figuring out what the organization has as far as representatives and their aptitudes. By deciding the aptitudes of representatives then HR and the board can decide the new measurements dependent on the old ones and by utilizing the measurements they can figure out what changes should be made first. By figuring out where the organization is inadequate underway will the assistance senior administration figure out what kinds of representatives are required for future achievement. References Byars, L. L. , and Rue, L. W. (2008). Human asset Management (ninth ed. ). New York, NY: McGraw-Hill.

Profitability And The Corporate Leverage Policy Of Firms - Free Essay Example

Abstract This study attempts to determine the relationship between the profitability and leverage policy of firms of Fuel and Energy sector of Pakistan. The analysis was implemented on 27 firms in the Fuel and energy sector listed at the Karachi Stock Exchange for the period 2003-2008. Regression was used to find out the relationship between the independent variable (Profitability) and dependent variable (Leverage). We expect the negative relationship between the Profitability and the Leverage Policy of firms in the Fuel and Energy sector of Pakistan, confirming the pecking order theory of capital structure. The results found in our study were not as expected. The results showed that there is inverse relationship between profitability and leverage but our results were not that much significant to accept our hypothesis. So we rejected our pecking order theory hypothesis. Therefore we conclude that because of certain factors such as economic situation of the Pakistan, rising prices of oil all around the world, interests rates and reliance of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financing needs mostly on bank financing, pecking order theory model becomes insignificant in the Energy and Fuel sector of Pakistan. Chapter-1 Introduction Capital structure involves different decisions taken by a firm in financing its assets. Generally, a firm can solve this issue through different mixes of debts, equity, or other financial arrangements. It can also combine bonds, TFCs, lease financing, bank loans or many other options with equity in order to boost the market value of the firm. 1.1 Importance of the topic: Optimal capital structure plays a vital role in the overall value maximization of a firm. The strategic management of capital structure ensures access to the capital needed to fund future growth and enhance financial performance. Our focus in this study is to correlate the profit of the firm with its leverage. Importance of the study is to find out that which source of funds either retained earnings, debt or equity, a firm in the Fuel and Energy sector should prefer in order to optimize the profit and the value of the firm. In Pakistan, firms usually prefer short-term borrowing, because commercial banks are the major lenders and they do not encourage long-term loans. Up to 1994 firms did not rely on market based debt; in mid 1994 the government amended the Company Law to help companies to raise debt directly from the market in the form of TFCs (Term Finance Certificates). 1.2 Background of the study: Various capital structure theories had been discussed by many authors to explain the variation of capital structure of different firms. So many researches had also been taken place in order to solve the mystery of optimal capital structure in Pakistani firms. A thorough research study relating to the capital structure was carried by two Pakistani professors Shah and Tahir (2004) which attempted to answer the question of what determines the capital structure of Pakistani Listed firms other than those in financial sector. Booth, et. Al (2001) had also worked on the determinants of capital structures of 10 developing countries including Pakistan, but their data analyzed the firms that were included in the KSE-100 Index from 1980 to 1987. Shah and Tahir (2004) analyzed the data of non-financial firms for the period of 1997-2001 while our study differs from theirs on grounds of different sector, variables and period. 1.3 Objective of the study: The objective of this study is to find out the relationship between the profitability and the corporate leverage policy of firms in the Fuel and Energy sector of Pakistan. We are trying to figure out that the firms that have more profits in the Fuel and Energy sector have lower leverage. Our main focus in this study is to correlate the profit of the firm with its leverage in the context of pecking order theory. According to pecking order hypothesis firms tend to use internally generated funds first and than resort to external financing. This implies that profitable firms will have less amount of leverage. Therefore we expect a negative relationship between profitability and debt of a firm i.e. higher the profits of a firm, the lesser will be its debt. 1.4 Scope of the study: This study is limited on the Fuel and Energy sector of Pakistan. There are 27 firms of that sector which are listed on the Karachi Stock Exchange. But after screening the firms with incomplete data, we have selected 22 firms having complete data for six years from 2003-2008 as the study covers the period from 2003 to 2008. 1.5 Disposition of the study: This study is organized into five stages. In first stage we have described the background of our topic. In second stage review of literature has been done. In next stage we have explained our data and variables used in our analysis. At fourth stage we have discussed the model and the statistical test to be used. While the last stage concludes the results of the test. Chapter 2 Literature Review In this chapter we have gone through the various research studies regarding the leverage and well known capital structure theories. Capital structure refers to specific mixture of debt and equity a firm needs to finance its operations and optimal capital structure plays a vital role in the overall value maximization of a firm. This has given birth to different capital structure theories that attempt to explain the variation in capital structures of firms. The Miller Modigliani theorem showed that the market value of a firm is determined by the risk of its underlying assets and its earning power and is independent of the choices to finance its investments i.e the value of the firm is independent of the capital structure it takes on. But Myers suggested the contemporary thinking on capital structure in form of Static Tradeoff Theory. This explained that a firm initially following a target debt-equity ratio behaves accordingly. The costs and benefits related to the debt option make this target ratio. The costs and benefits are cost of financial distress, tax shields and agency cost. There are different theories that are used to explain the capital structure decisions which are based n the asymmetric information, tax benefits associated with the debt, bankruptcy cost and agency cost. The asymmetric information is related with pecking order framework and the other three are rooted in static trade-off choice. Under the trade off theory firms tried to equate the marginal benefits of an additional unit of debt with the related marginal cost, while holding the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets and investments plans. Under this model the key benefits are debt tax deductibility and the mitigation of agency cost while the main cost of additional debt is bankruptcy. Green, Murinde and Suppakitjarak (2002) observed that the tax policy also effect the capital structure decision of firms. Firm are allowed to deduct interest on debt in computing taxable profit un der tax ordinance while the payments associated with the equity such as dividends are not tax deductible. Therefore, the tax effect encourages the debt usage by the firm if the rates are higher and more debt increases cash savings in form of after tax proceeds to the owner. Usage of debt in the capital structure of the firm also leads to agency cost which arises as a result of relationship between the share holder and manager while the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s management is the agent and the share holder being the principal. Agent may not choose to maximize their principalà ¢Ã¢â€š ¬Ã¢â€ž ¢s wealth. The conflict arises as the managers have less than 100% of the residual claim. Thus, managers may invest in projects that reduce the value of the firm while enhancing their control over its resources. Additional cash flow is the prime source of the agency cost. Debt helps to mitigate this agency cost as the firm is committed to pay out excess cash in the form of interest payments. T he probability of bankruptcy increases with the increase in the level of the debt. If the firm goes beyond the optimum level of debt, then it is more likely that the firm will default on the repayment of the loan. As a result of that, the control of the firm will be shifted from share holders to the bond holders or the creditors who will liquidate the firm in order to recover their investment. There are also direct and indirect costs associated with the bankruptcy. Direct cost includes administrative costs of bankruptcy and costs of reorganization in the event of insolvency. While the indirect cost arises when the firm gets into financial distress. It may arise because of the change in the investment policies of the firm if firm foresees possible bankruptcy. In order to avoid the possible financial distress it will cut down the expenditure on certain departments like research and development, training of employees and advertisements etc. Therefore, if a firm is perceived to be close d to bankruptcy customers may be less willing to buy its goods because of low perceived quality of goods and the risk that the firm will not be able to meet its warranty obligation. Employees may also be less interested to work for the firm and creditors are less inclined to extend trade credit. Hence under the static trade off theory the optimal capital structure represents a level of leverage that balances the bankruptcy and the benefits of tax deductibility and mitigation of the agency costs. While The Pecking Order Theory of Myers (1984) and Myers and Majluf (1984), stated that firm while establishing its capital structure follow a hierarchy of financial decisions. First of all firm uses its internal financing i.e. retained earnings in order to finances its projects. In case of need of external financing, they prefer a bank loan first then go for the public debt. Thus in accordance with the Pecking Order Theory, profitable firms while having the available internal funds pr efers not to incur debt for new projects. A study was carried by Benito, (2002) which considered the two most influential approaches, the trade off and packing order theories, in understanding capital structure decisions of firms of Spain and United Kingdom. This study made a valuable contribution to our study because of the same objective of testing Pecking Order Theory with reference to capital structure of firms. The resulting data included 6417 Spanish companies over period of 1985-2000 and 1784 British quoted non-financial companies over period of 1973-2000. The results provided significance in favor of pecking order theory, concluding debt ratios found to be significantly inversely related to cash flow and profitability of the firm and vary positively with its investment. In order to find the best empirical explanation for the capital structure of Brazilian firms Medeiros and Cecilio (2004) tested a model to represent the Static Trade-off Theory and Peking Order theory. This theory is helpful for our study because of the same independent variables that is profitability. à ¢Ã¢â€š ¬Ã…“Profitability all the STT streams sustain that a positive relationship must exist between profitability and debt. The stream based on bankruptcy costs states that these costs increase when earnings fall so that leverage tends to be lower for less profitable firms or those with higher earnings volatility. For the stream focusing on tax benefits, the more profitable the firm the more it benefits from the tax shield provided by interest payments. The agency stream believes that large amounts of free cash flows build up the dispute between shareholders and managers, which make those firms to issue more debt in order to diminish the problem (Fama and French, 2003). According to the POT, retained earnings are the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s best financing option. This type of resource does not produce information asymmetries and can be used promptly for new projects. The i nformation asymmetry caused by equity issues or by more complex securities that require a higher degree of communication with the market is the basis of the POT. It is exactly to dodge the adverse selection premium brought by the information asymmetry that firms opt for internal financing as their major source of resources (Myers, 1984). The relationship between these two variables must be therefore negativeà ¢Ã¢â€š ¬?. Medeiros and Cecilio (2004) The sample of their study included 371 non-financial firms with shares listed in the Brazilian stock exchanges from 1995 to 2002. The analysis of results of the study led to the conclusion that the pecking order theory provides the best explanation for the capital structure of those firms Another study on the capital structure was carried by Abor, (2008) comparing the capital structure of large un-quoted firms, small and medium enterprises (SMEs) and publicly quoted firms in Ghana using a panel regression model. On the grounds of th e similar independent variable this study made a useful contribution to our review literature. The results showed insignificant difference between the capital structures of large unquoted firms and publicly quoted firms. The results of all sample groups showed that the total debt has relatively a high proportion of short-term debt. The results of the regression test indicated that age and size of the firm, profitability, risk, asset structure and managerial ownership are significant influencers in decisions regarding the capital structure of Ghanaian firms. Chiarella et.al (1991) conducted a study in Australia on the determinants of corporate capital structure by seeking to provide evidence on the significance of capital structure determinants in Australian context. This study provided a great support for writing review literature of our study. The analysis was carried on a sample of 226 Australian firms from 1977-1985. The results showed that company non-debt tax shields display a negative relationship with debt ratios. The results also supported the pecking order hypothesis of Myers and Majluf (1984) showing significant negative relationship of profitability with debt ratios and indicating that firms prefer to finance investments with internally retained earnings before issuing debts. The results provided some evidence of size effect indicating that the larger firms tend to employ more debts in their capital structure. Results showed positive but insignificant relationship between cash holdings and debt ratios while confirming the free cash flow hypothesis of Jensen (1986). Simultaneously results did not provide any support for growth opportunity and collateral value attributes as determinants of debt ratios. A study on the Malaysian companies regarding the capital structure and the firm characteristics was carried by an Indian professor Pandey (2000). This study is useful for our study because of one of the same independent variable i.e. profitability . The study was carried on Malaysian companies in order to examine their determinants of capital structure using data from 1984 to 1999 while classifying the data into four periods that relates to different stages of capital market of Malaysia. Results of the regression clarified that profitability, size; growth, risk tangible variables have significant impact on all debt types. Results showed persistent and consistent negative relationship of profitability with all debt ratios in all periods, thus accepting the prediction capital structure according to the pecking order theory. A research relating to the capital structure was carried by two Pakistani professors Shah and Tahir (2004) which attempted to answer the question of what determines the capital structure of Pakistani Listed firms other than those in financial sector. Because this study was also carried in Pakistan so it provided a support to a great extent in order to understand the capital structure according to Pakistan à ¢Ã¢â€š ¬Ã¢â€ž ¢s environment. A sample of 445 listed firms on KSE were taken and their five year data from 1997-2001 were taken into consideration. Pooled regression results indicated that assets tangibility is positively correlated with debt, concluding that asset structure does not matter in determination of capital structure of Pakistani firms. Size was positively correlated with leverage suggesting that large firms would employ more debt. Growth was found to be negatively correlated with leverage that supports the simple version of pecking order theory that growing firms finance their investment opportunities first by their internally generated funds. There was strong relationship between profitability and leverage. Profitability was negatively correlated with leverage that supports the pecking order theory. A study in Hong Kong was carried by Hung, et.al (2002) examing the inter-relationship between profitability, cost of capital and capital structure among property devel opers and contractors in Hong Kong. The results showed that capital gearing is positively related with assets but negatively with profit margins. Bartholdy and Cesario (2006) analysed the decisions regarding the capital structure of Portuguese non-listed bank financed firms. Primary purpose of the research was to find out the impact of debt tax shield on the decisions regarding capital structure of small non-listed firms. The secondary purpose was to find out that whether the determinants of capital structure of larger listed firms were also same as in case of smaller non-listed firms. The research explained that the solution of two big problems (agency and asymmetric information) for large firms are apparent on the balance sheet as restriction on debt. On the other hand it is less apparent on the balance sheet of smaller firms. This provided the smaller firms with the benefit of tax shield due to more debt. This research has provided a great support in writing our review literat ure and understanding the relationship between profitability and debt to a great extent. The sample of their research consisted 998 firms with 7765 firm yearsà ¢Ã¢â€š ¬Ã¢â€ž ¢ observations. The results concluded that the tax provisions regarding the carry forward of tax losses and debt tax shield play a vital role in determining the capital structure of small non-listed firms. It was also concluded that in order to solve agency problem traditional balance sheet variables were significant in large listed firms but were insignificant for the small non-listed firms with the exception of variables required to solve bankruptcy risk. A research study was conducted in Greece by Eriotis, et.al (2007) aiming to isolate the firm characteristics that effect capital structure. The investigation was performed using panel data for a sample of 129 Greek companies listed on Athens Stock Exchange during 1997-2001. The findings justified a negative relationship between the debt ratio of the firms and their growth, and size appeared to have a positive relation. Gropp and Florian (2008) conducted research study regarding the determinants of the capital structure of banks by examining the capital structure of banks from the prospective of empirical capital structure literature for non-financial firms. The sample of the study includes 200 largest listed banks (100 from US and 100 from EU) from the sixteen different countries (US and 15 EU members) from 1991 to 2004. The results suggest that the capital requirements may only be of second importance for bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s capital structures and confirm the robustness of corporate finance findings in a holdout sample of banks. In order to examine the capital structure across countries a study was carried by Rajan and Luigi (1994). The primary objective of the study was to establish whether the choice of capital structure in other countries is based on the factors similar to those influencing capital structure of US firm s. Study was on the 8000 non-financial corporations of G-7 countries (USA, Germany, Japan, France, UK, Italy and Canada) for the period of 1987-1991. After correcting the differences ranging from accounting practices to legal and institutional environments between the countries. results of the study showed extent to which firms are levered is fairly similar across the G-7 countries except UK and Germany being relatively less levered. Sakuragawa (2001) conducted another study regarding the capital structure of banks under non-diversifiable risk. The purpose of the research was to study the design of optimal capital structure of a large financial corporation when it faces a non-diversifiable risk. When there is a non-diversifiable risk the intermediary finds it profitable to issue equity because by issuing equity it can reduce the cost and the probability of bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s failure. The intermediary designs the optimal capital structure by balancing the marginal benefit of reducing probability of bankà ¢Ã¢â€š ¬Ã¢â€ž ¢s failure against the marginal cost of debt-equity swap. Results showed that a large corporation under weaker conditions realizes more efficient allocation by issuing both debt and equity than by issuing only debt. An African study was conducted by cole-man (2007) whose aim was to examine the impact of capital structure on the performance of microfinance institutions. Panel data covering the ten-year period 1995-2004 were analyzed within the framework of fixed- and random-effects techniques. Results showed that the most of the microfinance institutions employ high leverage and finance their operations with long-term as against short-term debt. Results also revealed that the highly leveraged microfinance institutions perform better by reaching out to more clientele, enjoy scale economies, and therefore are better able to deal with moral hazard and adverse selection, enhancing their ability to deal with risk. Fernandez (2003) analyze d the driving forces of capital structure in Chile for the period 1990-2002. The purpose of the research was to study aggregate leverage and interest-bearing liabilities in isolation for all firms, and firms segmented by economic sector. Their sample of the study consisted of 64 firms having the complete information for the whole sample period of 1990-2002. Results while supporting the trade-off theory revealed that the firms favored equity over debt issues to cover their financing deficit because of the Chileà ¢Ã¢â€š ¬Ã¢â€ž ¢s tax and monetary policies. In order to find out the determinants of very small firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial leverage Barbosa and Cristiana (2003) carried a research. They described the relationship between profitability and financial leverage as: As far as profitability is concerned, the most common expectation in the financial structure literature is for a negative relationship with financial leverage. Toy and others (1974 p.877), Marsh (19 82 p.126 footnote 22), Friend and Lang (1988 p.277), Titman and Wessels (1988 p.6) and Barton and others (1989 p.40) all say that in different words. According to them, a firm with a high profit rate, ceteris paribus, would maintain a relatively lower debt ratio because of its ability to finance itself from internally generated funds. The preference for raising capital first from retained earnings may be due, according to Titman and Wessels (1988 p.6), to the costs of issuing new equity or debt that arise because of asymmetric information or transaction costs. Marsh (1982 p.126 footnote 22) raises the possibility that the impact may be due to the tendency of firms to issue new equity immediately after periods of abnormally good performance. Hall and Weiss (1967 p.328) assert that relatively profitable firms take some of their exceptional returns in the form of reduced risk, through retaining earnings, and, therefore, show lower debt to assets ratios. Rajan and Zingales (1995 p.1451) cite Jensen (1986) who predicts that, if the market for corporate control is ineffective, managers of profitable firms prefer to avoid the disciplinary role of debt. This preference would lead to a negative correlation between profitability and debt. Gupta (1969 p.522) speaks of a theory that extends the first belief above mentioned from the firm level to the industry level. Accordingly, profitable industries, because of the greater availability of internally generated funds related to their high profitability; tend to have lower debt in their financial structure. Last, Gale (1972 p.417-8) interprets leverage as representing the degree of risk or otherwise in the industries in which the firm competes and hypothesizes that leverage should then be negatively related to profitability. This author himself acknowledges that his reasoning is somewhat at odds with previous discussions and theory, though. According to him, low debt to total capital ratios would reflect high industry risk b ecause of two aspects. First, the corresponding capital structures would be the result of higher investment on the part of entrepreneurs, who, differently from lenders, place a lower value on security relative to rewards. Second, high-risk industries are, at least theoretically, associated with higher profitability. Barbosa and Cristiana (2003) Results of their research concluded that the growth, entrepreneurà ¢Ã¢â€š ¬Ã¢â€ž ¢s risk tolerance, size and operational cycle were positively correlated with the financial leverage whereas asset composition, inflation, profitability and business risk are negatively correlated with financial leverage of very small firms. Chapter-3 Methodology In this section, we have explained the source of data, sample size, explanation and measurement of the variables, and the regression model. 3.1 Source of Data In this study financial data of firms listed on the Karachi Stock Exchange under Fuel and Energy sector of Pakistan is taken from the State Bank of Pakistan Publications à ¢Ã¢â€š ¬Ã…“Balance Sheet Analysis of Joint Stock Companies Listed on the Karachi Stock Exchange 2003-2008à ¢Ã¢â€š ¬?. 3.2 Sample size This study is carried on the Fuel and Energy sector of Pakistan. There are 27 firms of that sector which are listed on the Karachi Stock Exchange. But after screening the firms with incomplete data, we have selected 22 firms having complete data for six years from 2003-2008 as our study covers the period from 2003-2008. So we have 132 firm years for the panel data analysis. 3.3 Explanation and Measurement of the variables Basically our study follows the framework of Shah and Tahir (2005). We include only two variables in our study. First variable is leverage (dependent variable) and another is profitability (Independent variable). In this section we describe these two variables and explain how they are measured. 3.3.1 Leverage (Dependent variable) Leverage is explained as percentage of assets financed by debts. Different researchers have measured leverage differently. Frank and Goyal (2003) differentiated between two debt ratios, one based on market value while the other on book value. Debt ratio based on market value relates with the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s future situation whereas on the other hand debt ratio based on book value tends to reflect the past situation. While in our study measuring leverage through book value, we have mainly two reasons in our mind. First, one of the main benefits of debt is tax shield that is the interest payments are tax deductible expense, resulting in cash savings. Once the debt is issued these tax shield advantages do not vary by the market value of the debt. Second point in our mind while measuring leverage through book value is the relationship of debt with bankruptcy risk. The probability of bankruptcy increases with the increase in the debt. Moreover, in case of bankruptcy of a firm , the value of the debt through the book value of the debt is more relevant than the market value of debt. While measuring the financial leverage we faced a problem of choosing either total debt or only long term debt as percentage of total assets. Interestingly many capital structure theories favor long term debt but we have used total debt because the average firm size in Pakistan is small which limits their access to capital market because of technical difficulties and cost involved. So the firms in Pakistan prefer short term borrowing because of the fact that the major lenders in Pakistan are commercial banks and they discourage long term borrowing. Firms in Pakistan did not rely on the market based debt upto 1994, but in the mid of 1994 Government while amending Company Law, allowed firms to raise debt directly in the form of TFCà ¢Ã¢â€š ¬Ã¢â€ž ¢s (Term Finance Certificates) from the market. Thus in our study we have measured the leverage through total debt to total asse t ratio. 3.3.2 Profitability (Independent Variable) Profitability has been the main point of distinction between the Static Trade-off Theory and the Pecking Order Theory. Static Trade-off Theory explains that the firm with higher profitability has more reasons to issue more debt while taking tax shield benefit. While on the other hand, Pecking Order Theory presupposes that firms with larger earnings tend to use its internally generated funds i.e. retained earnings initially to fulfill their financial needs then they go for debt. Thus, Static Trade-off Theory expects a positive and direct relationship between profitability and leverage of a firm while Pecking Order Theory suggests negative relationship between the two above said variables. We have measured the profitability as the ratio of Net Income before Tax divided by the total assets. 3.4 Research hypothesis This research study supports the Pecking Order Theory hypothesis and our proposed research hypothesis is à ¢Ã¢â€š ¬Ã…“There is significant negative relationship between profitability and leverage of a firmà ¢Ã¢â€š ¬?. Ho: There is significant negative relationship between profitability and leverage of a firm 3.5 Regression Model Linear Regression analysis has been used in this study. Basically we have used pooled regression type of panel data analysis. By saying this we mean that the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial data and time series data are pooled together in a column. The equation for our regression model will be LG= ÃŽÂ ²0 + ÃŽÂ ²1 (PF) + ÃŽÂ µ. Where LG= Leverage ÃŽÂ ²0= Constant PF= Profitability ÃŽÂ µ= Error term Chapter 4 Results of the test and interpretation. This chapter contains the results of the descriptive statistics and linear regression test. There are 27 firms in Energy and fuel sector which are listed on the Karachi Stock Exchange. But after screening the firms with incomplete data, we have selected 22 firms having complete data for the six years from 2003-2008 as our study covers that specified period. So we have 132 firm years for the panel data analysis. 4.1 Data Consideration: For data consideration to be suitable for linear regression we graph the P-P plot of dependent and independent variable in order to check that the data is normally distributed. The P-P plots of profitability and leverage are as follows. Above Normal P-P Plot of Independent variable (Profitability) shows that the variable follows a normal distribution. On the other hand dependent variable (leverage) is also said to be fairly normally distributed. In order to show the linear regression model is appropriate for the data or not we graph a scatter plot between profitability and leverage which is as follows: Scatter plot shows that whether linear regression model is appropriate for the data or not. However above scatter plot appears to be suitable for linear regression. 4.2 Results of the test: After running the linear regression test on SPSS we have the following results. Table-1 Descriptive Statistics Total No: Minimum Maximum Mean Standard Deviation Profitability (PF) 132 -0.22 0.43 0.0515 0.12441 Leverage (LV) 132 .00 1.27 0.5588 0.27425 Valid No: (list wise) 132 Table-1 contains the descriptive statistics of the variables of our study i.e. profitability and leverage. This table indicates that the maximum loss on the total assets of a Pakistani energy and fuel sector firm listed on KSE is 0.22 or 22% while the maximum a firm has earned return on total assets is 0.43 or 43% and the average profitability in form of return on total assets o of a firm of the above sector is 0.0515 or 5.15% with the standard deviation of 12.44% during that period of 2003-208. While on the other hand, the minimum leverage (total liabilities to total assets) of a Pakistani energy and Fuel firm listed on KSE is 0% and the maxim um is 1.27 or 127%, while the average leverage of firms is 0.5588 or 55.88% with the standard deviation of 27.42%. Table-2 Correlation Leverage (LV) Profitability(PF) Pearson Correlation LV PF 1.00 -0.112 -0.112 1.00 Total No: 132 132 The above correlation table shows the relationship between independent variable (Profitability) and dependent variable (Leverage). The value of Pearson correlation which is -0.112 or -11.2%, indicates negative but weak relationship between profitability and leverage. Table-3 ANOVA Model Sum of squares df Mean Square F Significance value Regression 0.124 1 0.124 1.654 0.201 Residual 9.729 130 0.075 Total 9.853 131 Predictors: (Constant), Profitability. Dependent Variable: Leverage The above ANOVA table tests the acceptability of the model from a statistical perspective. The regression row displays information about the variation accounted fo r by the model while the residual row shows information about the variation that is not accounted for by the model. As the residual sum of squares i.e. 9.729 is far higher than regression sum of squares i.e. 0.124, which indicates that very less variation in leverage is explained by the model. It is also evident from the significance value of F statistics which is higher than 0.05. While the ANOVA table is a useful test of the modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to explain any variation in the dependent variable, it does not directly address the strength of that relationship. So, in order to check the strength of the relationship between the model and dependent variable, we have another table of model summary which is as follows. Table-4 Model Summary Model R R Square Adjusted R Square Standard error of the estimate 1 0.112 0.013 0.005 0.27357 Predictors: (Constant), Profitability. Dependent Variable: Leverage The above model summary tabl e reports the strength of the relationship between the model and the dependent variable i.e. leverage in our study. The value of R (the multiple correlation coefficient) is 0.112 or 11.2% which indicates weak relationship. The value of R square (the coefficient of determination) shows that about 1.3% variation in the leverage is explained by the model. Unfortunately our model becomes insignificant in the Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s energy and fuel sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment. But in an earlier study conducted by Shah and Hijazi regarding the Determinants of capital structure of stock exchange-listed non-financial firms in Pakistan in 2004 such sort of model proved significant. Moreover, another study conducted by Benito in UKà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment regarding capital structure decisions of firm also favored the pecking order model. Table-5 Coefficient Model Unstandardized Coefficients Standardized Coefficients t-value Significance value Beta Std. Error Beta Constant 0.571 0.026 22.162 0.000 -0.247 0.192 -0.112 -1.286 0.201 In above table in order to determine the importance of the predictor (profitability) we look at the value of standardized coefficients of profitability that is -0.112 indicating that it does not contribute more to the model which is also shown by the significance value of the F statistics which is higher than 0.05. While our results are not consistent with the earlier studies regarding determinants of capital structure carried in Pakistan by Hijazi and Yasir (2006) and Shah and Hijazi (2005). Therefore on the basis of Pearson correlation and R square (the coefficient of determination) we reject our null hypothesis that there is significant negative relationship between profitability and leverage of a firm. Our results are not in contrast with the pecking order theory as we expected. Our results are consistent with Frank and Goyal (2003) who found out that t he pecking order hypothesis proved significant for larger US firms rather then for smaller firms. Rajan and Zingles (1995) also showed mixed results. In their research Pecking Order hypothesis proved significant for USA, Canada and Japan while insignificant for other countries. On the other hand an earlier study conducted by Shah and Tahir (2004) regarding the determinants of capital structure of stock exchange-listed non-financial firms in Pakistan, such sort of model proved significant. Moreover, another study conducted by Benito (2002) in UKà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment regarding capital structure decisions of firm also favored the pecking order model. Chapter-5 Conclusion In this study we analyzed a sample of 22 firms of Fuel and Energy sector which are listed on the Karachi Stock Exchange and having complete data for six years from 2003-2008. So we analyzed 132 firm yearsà ¢Ã¢â€š ¬Ã¢â€ž ¢ data to test pecking order theory hypothesis that there is significant negative relationship between profitability and leverage of a firm. But unfortunately our model becomes insignificant in the Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s Energy and fuel sectorà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment. Our results are consistent with Frank and Goyal (2003) who found out that the pecking order hypothesis proved significant for larger US firms rather then for smaller firms. Rajan and Zingles (1995) also showed mixed results. In their research Pecking Order hypothesis proved significant for USA, Canada and Japan while insignificant for other countries. On the other hand an earlier study conducted by Shah and Tahir (2004) regarding the determinants of capital structure of stock exchange-l isted non-financial firms in Pakistan, such sort of model proved significant. Moreover, another study conducted by Benito (2002) in UKà ¢Ã¢â€š ¬Ã¢â€ž ¢s environment regarding capital structure decisions of firm also favored the pecking order model. The results found in our study were not as expected. The results showed that there is inverse relationship between profitability and leverage but our results were not that much significant to accept our hypothesis. So we rejected our pecking order theory hypothesis. Our results while proving insignificant for Pecking order theory, intend to the fact that the firms in our sample have lower probability of bankruptcy and therefore have a higher capacity for debt. It is also consistent with the fact suggested by Jenson (1986) that the managers being the agents can be restricted through the debt from generating large amounts of free cash flows. Thus, Pecking order hypothesis has proved insignificant in Energy and fuel sector of Pakis tan because of some macroeconomic variables as economic growth of the country, rising prices of oil all around the world, interests rates and reliance of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financing needs mostly on bank financing. As in the earlier years undertaken in our study Pakistanà ¢Ã¢â€š ¬Ã¢â€ž ¢s economy had been growing at an average rate of over 7.6 percent per annum over the last three years from 2004 to 2007 and the government was making efforts to sustain the momentum going forward. Knowing well that there exists strong relationship between economic growth and energy demand government is making efforts to address the challenges of rising energy demand. These include, import of piped natural gas from Iran and Turkmenistan, import of LNG; increase in oil and gas exploration in the country; utilizing 175 billion tones of Thar coal reserves; setting up of new nuclear power plants; exploiting the affordable alternate energy resources and overhauling existing power generation pla nts to enhance their capacity generation.(Economic Survey 2006-2007) Such economic growth resulted in the increase in total liabilities of Energy and Fuel firms specially because of taking debt to meet their operationà ¢Ã¢â€š ¬Ã¢â€ž ¢s requirement in order to meet surge in energy demand. According to pecking order theory firms having higher profits will not prefer to take debt at first instance. But our data and results showed no relationship between profitability and leverage. While in the start of 2008 international oil prices fluctuated widely which results in leaving all vulnerable oil importing countries like Pakistan in stress. The volatile energy picture has not only made dents in major macroeconomic variables namely budget deficit, current account balance, inflation, exchange rate and foreign exchange reserves but also eroded the purchasing power of poor on back of the rising prices of petroleum products. The world has also been facing the challenge of internationa l financial crises, thus making way for wide spread recession which ultimately impact negatively on such economies which significantly impact on international market for growth efforts. Pakistan has experienced a slow down in all economic activities as a result of international financial crises and demand contraction policies of government. The major impact has been experienced in the industrial sector. Energy consumption being the integral part of all the economic activities declined as result of economic slow down. Energy in its all forms has declined or at least remained stagnant during the year 2008-09.the most prominent has been the large scale manufacturing sector which due to its negative growth of 7.7 % experienced decline in energy consumption. Interestingly poor and un-interrupted power supply on back of circular debt problem has been singled out as one of the prime reason for dismal performance. (Economic Survey 2008-09) One more reason why pecking order hypothesis has been rejected in Energy and Fuel sector of Pakistan is that firms in our sample are mostly financed by the banks as compared to the market financing. One of the main differences between market financing and bank financing is that banks while mitigating their risk monitor the firms on continuous periods and charging higher interest rates than the market financing by financial markets. Moreover, Pecking Order Theory has been proved more valid in market financed firms rather than the bank financed firms. Therefore we conclude that because of certain factors such as economic situation of the Pakistan, rising prices of oil all around the world, interests rates and reliance of firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s financing needs mostly on bank financing, pecking order theory model becomes insignificant in the Energy and Fuel sector of Pakistan.

SUNY Old Westbury Admissions SAT Scores More

Admitting over two-thirds of applicants each year, Old Westbury is neither highly competitive nor universally  accessible. Students will generally need solid grades and decent test scores to be considered for admission.To apply, prospective students will need to submit either the SUNY or the Common Application, along with SAT or ACT scores, high school transcripts, a personal statement, and a letter of recommendation. For more information about applying, including further requirements and deadlines, be sure to visit Old Westburys website, or get in touch with a member of the admissions team there. Admissions Data (2016): SUNY Old Westbury Acceptance Rate: 69%Test Scores -- 25th / 75th PercentileSAT Critical Reading: 440 / 540SAT Math: 440 / 520SAT Writing: - / -What these SAT numbers meanSUNY SAT comparison chartACT Composite: 19 / 24ACT English: - / -ACT Math: - / -What these ACT numbers meanSUNY ACT comparison chart SUNY Old Westbury Description: Located on a 604-acre campus in central Long Island, SUNY College at Old Westbury is a public four-year college with primarily an undergraduate focus. The college is about 20 minutes from New York City. Students can choose from 45 majors in the liberal arts or professional fields. Business, psychology and education are the most popular fields of study. The college has a 17 to 1 student / faculty ratio. Students can choose from over 50 organizations include the colleges fraternity and sorority system. On the athletic front, the Old Westbury Panthers compete in the NCAA Division III Skyline and East Coast Athletic Conferences. Enrollment (2016): Total Enrollment: 4,463  (4,244  undergraduates)Gender Breakdown: 41% Male / 59% Female86% Full-time Costs (2016  - 17): Tuition and Fees: $7,683 (in-state); $17,533 (out-of-state)Books: $2,500Room and Board: $11,020Other Expenses: $1,960Total Cost: $23,163 (in-state); $33,013 (out-of-state) SUNY Old Westbury Financial Aid (2015  - 16): Percentage of Students Receiving Aid: 83%Percentage of Students Receiving Types of AidGrants: 73%Loans: 55%Average Amount of AidGrants: $8,525Loans: $5,339 Academic Programs: Most Popular Majors:  Accounting, Business Administration, Communication Studies, Criminology, Elementary Education, Marketing, Psychology, Social Sciences Graduation, Retention and Transfer Rates: First Year Student Retention (full-time students): 79%Transfer Out Rate: 30%4-Year Graduation Rate: 22%6-Year Graduation Rate: 43% Intercollegiate Athletic Programs: Mens Sports:  Basketball, Golf, Baseball, Soccer, Swimming, Track and Field, Cross CountryWomens Sports:  Basketball, Soccer, Swimming, Softball, Cross Country, Volleyball, Track and Field Learn About Other SUNY Campuses: Albany  |  Alfred State  |  Binghamton  |  Brockport  |  Buffalo  |  Buffalo State  |  Cobleskill  |  Cortland  |  Env. Science/Forestry  |  Farmingdale  |  FIT  |  Fredonia  |  Geneseo  |  Maritime  |  Morrisville  |  New Paltz  |  Old Westbury  |  Oneonta  |  Oswego  |  Plattsburgh  |  Polytechnic  |  Potsdam  |  Purchase  |  Stony Brook Data Source: National Center for Educational Statistics Old Westbury and the Common Application SUNY Old Westbury uses the  Common Application. These articles can help guide you: Common Application essay tips and samplesShort answer tips and samplesSupplemental essay tips and samples

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