Reviewing the large body of works in Dividend Pricing - Free Essay Example

Sample details Pages: 13 Words: 3938 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? For past 40 years, a large body of works on the ex-dividend day price behavior of stocks have demonstrated that the price drop in most cases is only partial, decreasing by less than the full dividend amount. Researchers have proposed three competing theories to explain this empirical preference for capital gains over dividends. These include the existence of tax-induced clienteles (Elton Gruber, 1970), short-term trading (Kalay, 1982) and discreteness of stock prices due to minimum tick-sizes (Bali Hite, 1998). Don’t waste time! Our writers will create an original "Reviewing the large body of works in Dividend Pricing" essay for you Create order Although the partial price drop is well established as an empirical regularity, the explanation of this behavior is still very much an unresolved issue. In this chapter, we will discuss these three competing theories in theoretical part and we will compare them critically. Then, in empirical part, we will go through the latest researches to show the research gap and construct research hypothesizes. 2.2 Theoretical Literature 2.2.1 Tax-Induced Clienteles Miller and Modigliani (1961) show that, in the context of perfect markets, with no taxation and no transaction costs, dividend policy is irrelevant. In this context, investors are indifferent between dividends or capital gains, and the price of the stock should go down by the full amount of the dividend on the ex-dividend day. (H. M. Miller Modigliani, 1961) Although Miller and Modigliani (1961) accept the existence of dividend clienteles, they argue that if the distribution of payout ratios corresponds exactly to the distribution of investor preferences, then the case is no different to the case of perfect markets, where it is irrelevant whether investors receive dividends or capital gains. Each firm will tend to attract its own clientele, consisting of investors that prefer its payout ratio. Black and Scholes (1974) propose that firms, knowing that there are preferences for differing types of dividend yields, will adjust their dividend policies as necessary to satisfy such de mand. Farrar and Selwyn (1967) observe that the unfavorable fiscal treatment of dividends over capital gains implies that firms should not pay dividends because investors would prefer the higher after tax returns associated with capital gains. Brennan (1970) develops this line of work and reaches similar conclusions. (Black Scholes, 1974) (Farrar Selwyn, 1967) (Brennan, 1970) Given the wide variety of investors present in markets, there is no doubt that there is differing preferences caused by any given fiscal framing. Several researches at that time tried to answer this question whether, by observation of real data, this clientele effect can be empirically detected. Elton and Gruber (1970) establish a relationship between stock price behavior on the ex-day and the tax levied on the marginal stockholder. In a market with rational arbitrage, the price drop should reflect the relative after-tax value of dividends and capital gains for the marginal stockholder. This implies that t he marginal investors income tax rate can be inferred simply by observing the price drop on the ex-day. The equilibrium condition is: Where is the stock price on the cum-dividend day, is the stock price on the ex-dividend day, is the stock price when bought, is the dividend, is the dividend tax rate and is the capital gains tax rate. From Eq. we obtain: Elton and Gruber (1970) find that, on average, the stock price drop is less than the dividend amount, which is consistent with the tax on dividends being higher than the tax on capital gains, in the period covered by their study. They also find a statistically significant positive relationship between the right hand side of Eq. , both with dividend yield and payout ratio. Barclay (1987) confirms the results of Elton and Gruber (1970), while Schlarbaum et al. (1978) find very little evidence of this type of relationship using individual investor data from a brokerage firm. After the 1986 tax reform act in the US that equalized t axes on dividends and capital gains, Michaely (1991) finds that the ex-day price drop remained below one contrary to the tax-induced clientele hypothesis. (Barclay, 1987) (Schlarbaum, Lewellen, Lease, 1978) (Roni Michaely, 1991) 2.2.2 Short Term Trading Around the Ex-Day Several papers study the effect of dynamic trading strategies around the ex-dividend day. These strategies imply that investors trade around the ex-dividend day in order to avoid or to capture the dividend, depending on their preferences for dividend or capital gain. Kalay (1982) shows that the price drop is bounded by transaction costs: Where, and is the expected cost of a round trip transaction. Only within the boundaries defined by transaction costs in Eq., where there are no arbitrage opportunities, would it be possible to infer tax-clienteles effect exists. Beyond those limits, the price drop would reflect only the effects of arbitrage trading. Miller and Scholes (1982) present a similar argument. (M. H. Miller Scholes, 1982) Eades et al. (1984) study the behavior of prices around the ex-dividend day and show the existence of abnormal returns on days other than the ex-day, which is contrary to the tax-induced clientele hypothesis. The results of Kalay (1982) are consist ent with the findings of Karpoff and Walking (1988), who detect a significant relationship between ex-day returns and transaction costs. Lakonishok and Vermaelen (1986) confirm the presence of short-term traders in the market around the ex-dividend day, detectable because of high or abnormal volumes. Michaely and Vila (1996) set out an inverse relation between transaction costs and abnormal volume. The evidence of abnormal volumes around the ex-day is contrary to the clientele models. Naranjo et al. (2000) re-examine and extend the work of Eades et al. (1984) and find that the high-yield stock ex-day returns were highly influenced by corporate dividend capture. (Eades, Hess, Kim, 1984) (Karpoff Walkling, 1988) (Lakonishok Vermaelen, 1986) (R. Michaely Vila, 1996) (Naranjo, Nimalendran, Ryngaert, 2000) 2.2.3 Market Microstructure Arguments The discreteness argument presented by Bali and Hite (1998) focuses on the multiple ticks of price changes as compared with the continuity of dividends. Because the price changes are discrete in most cases they cannot equal the dividend amount. The authors argue that the market systematically rounds the price drop down to the nearest tick and this causes the price to drop by less than the dividend amount. Dubofsky (1992) argues that an ex-dividend premium below one may be explained by mechanical rules imposed by the NYSE and AMEX for the ex-day adjustment of open limit orders to buy stock. (Dubofsky, 1992) The transition of ticks in US markets from 1/8 to 1/16 ticks and then to decimalization in 2001 provided an excellent opportunity to test the theory of Bali and Hite (1998). The reduction of ticks and the progressive elimination of discreteness should result in a price drop on the ex-day increasingly closer to one. Cloyd et al. (2006) refute the discrete pricing hypothesis and find new evidence consistent with long-term tax-induced clienteles. The price discreteness of Bali and Hite (1998) has been also refuted by Jakob and Ma (2004) and Graham et al. (2003). (Cloyd, Oliver Zhen, Connie, 2006) (Graham et al., 2003; Jakob Ma, 2004) 2.2.4 Comparison and conclusion Among these three theories that explained above, the microstructure theory is fully refuted. Because although after 2001 stock prices were decimalized, price drop ratio abnormality still exist in US market as Cloyd at al. (2006) proved. So, the price discreteness could not be a good explanatory reason. Short term trading theory also faced with several shortcomings. Transaction cost plays an important role to provide arbitrage opportunity. Therefore, this theory just can be apply for stocks which amount of dividend is high enough to compensate transaction cost and provide arbitrage opportunity on ex-date. In result, short term theory has its` own limitation and cannot generalize to all stocks and markets. Tax-clientele theory apparently is the first and more reliable theories while discussed first time by Miller and Modigliani (1961) on dividend area. Elton and Gruber (1970) extend this theory for the first time to explain price behavior on ex-date. Most of researchers confirm the result of Elton and Gruber (1970), while others only find very little evidence of this type of relationship. It is apparent that research methodology and sampling play an important rule to investigate tax-clientele theory. However, most of researchers find consistent results with Elton and Gruber (1970). Moreover, Withworth and Rao (2010) expand this research for a period of more than 80 years and find the same result. Moreover, they investigate the stability of this theory for two different period of time and approved the tax-clientele theory. In summary, we high light and confirm Borges (2008) point of views as follow: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ different theories have not been very successful at explaining this regularity. At best, the evidence is still mixed as to the existence of tax-clienteles and, in most cases, is inconsistent with the discreteness hypothesis. By this deliberation, we select tax-clientele theory as our research framework and try to overco me its` shortcoming by introducing strategic ownership as a moderating variable. The reason behind it will be discussed in empirical literature review while we evaluate the latest researches critically. 2.3 Empirical Literature Review In this part we start with Elton and Gruber (1970) who founded Tax-Clientele theory on ex-dividend date pricing explanation. Then we review and criticize other related researches which tried to proved or refute this theory to show their difference and shortages. Consequently, we express how this research could fill these gaps and deficits and help the explanatory power of tax-clientele theory. As explained in theoretical literature, Elton and Gruber (1970) establish a relationship between stock price behavior on the ex-day and the tax levied on the marginal stockholder. In a market with rational arbitrage, the price drop should reflect the relative after-tax value of dividends and capital gains for the marginal stockholder. This implies that the marginal investors income tax rate can be inferred simply by observing the price drop on the ex-day. The equilibrium condition is: Where is the stock price on the cum-dividend day, is the stock price on the ex-dividend day, is the sto ck price when bought, is the dividend, is dividend tax rate and is the capital gain tax rate. From Eq. we obtain: Elton and Gruber (1970) hypothesize that high tax bracket investors will on average generally prefer to hold low dividend yielding stocks, to avoid the consequences of taxes, while low tax bracket investors will on average generally prefer to hold high dividend yielding stocks since taxes have a smaller impact on the after-tax value of dividend income. This theory is commonly referred to as the clientele effect. Empirically, Elton and Gruber (1970) document that on average, the securities of dividend paying stocks decline less than the amount of differential taxation on dividends and capital gains. Elton and Gruber (1970) also find that the implied tax bracket decreases when the dividend payout increases, which they interpret to imply that: (1) high tax bracket investors own low dividend yielding stocks; (2) low tax bracket investors own high dividend yielding stoc ks; and (3) corporations (who are taxed more on capital gains than they are on dividends), will prefer high dividend yielding securities. This, they argue, provides evidence of a tax-induced clientele effect. Eades, Hess and Kim (1984) investigate ex-dividend day returns of several taxable and non-taxable distributions by investigating the pricing behavior for five days on each side of the ex-dividend day which they define as the ex-dividend period. Their results are quite surprising and cast considerable doubt on the clientele or tax hypothesis interpretation of ex ­-day pricing behavior. Their paper contributes to the ex-dividend day literature by looking at four different dividend distributions. First, ex-dividend day returns for taxable cash distributions are observed to be positive and significant, which is consistent with the hypothesis that dividends are taxed more heavily than capital gains. Second, ex-dividend day returns for preferred stocks are negative and sign ificant; since corporations dividend tax rates are less than their capital gains tax rates, and they tend to be the largest clientele of preferred stock, one would expect a negative ex-day return as reported. Third, non-taxable stock dividends and splits are priced on the ex ­-day as if they are fully taxable. This result is puzzling, particularly if returns are caused by tax effects. In this case one would expect to find no ex-day premium for non-taxable distributions. Finally, non-taxable cash dividends are priced as if they receive a tax rebate. This result casts further doubt on the tax interpretation of ex-day pricing behavior. To help explain the conflicting results, Eades, Hess and Kim (1984) investigate several explanations of the ex-day period anomaly. In particular, they examine the possibility of errors in data, day of the week effects, dividend announcement effects, the impact of infrequent trading, and non-normality of returns. None of the proposed explanations a re capable of explaining the curious ex-dividend day results; however their research eliminates possible reasons for the documented ex- ­dividend day anomaly. Poterba (1986) also finds interesting results associated with the ex- ­dividend day when he examines the Citizens Utilities Co. Citizens Utilities is unique since it has one class of common stock which pays stock dividends and another which pays taxable cash distributions. Poterba (1986) finds that the cash dividends ex-day price decline is less than the dividend amount, while the price of the stock paying stock dividends declines on the ex-day by nearly the full amount of the dividend. Clearly the disparity between the ex-day dividend valuation and the observed prices of the two shares is consistent with previous explanations of dividend distributions Poterba (1986) offers the following explanations for his results, the first of which he himself admits may be weak. First, he argues, investors may value cash d ividend income more than stock dividends particularly when transaction costs are high. Second, he argues that investors may value certain firm attributes which are correlated with cash dividend payments. This may explain why firms pay cash dividends even though investors value cash dividends less than comparable capital gains. (Poterba, 1986) Barclay (1987) investigates the ex-day behavior of stock prices before income taxes exist. Looking at data between the years 1900 to 1910, Barclay finds that stock prices fell on average by the full amount of the dividend. This evidence is consistent with the hypothesis that investors value dividends and capital gains equally in the pre-tax period, and that the differential taxation of dividends and capital gains has since caused investors to discount the value of taxable cash dividends in relation to capital gains. Michaely (1991) tests for the validity of the tax-clientele effect and explicitly compares his findings to those of Elton an d Gruber (1970) and Kalay (1982). As a competing hypothesis, Michaely (1991) argues that the existence of short term traders and corporate traders dominates the market and thus affects the ex-dividend day return. In other words, he expects to find a premium greater than one on the ex-dividend day, whereas Elton and Gruber and Kalay (1982) find a premium less than and equal to one, respectively. Michaely (1991) terms his hypothesis the corporate-trading hypothesis. Michaelys analysis (1991) is unique in the sense that he identifies and eliminates two sources of heteroskedacity found in the premium, where the premium is defined as the ratio of the price change between the last cum-day and the ex-day to the amount of the dividend. When the premium is adjusted to correct for heteroskedacity, Miachaely (1991) finds a negative abnormal return, particularly among high yield securities. Since corporations may prefer dividends over capital gains, this result provides evidence that corpora te and short term trading on the ex-dividend day affect price behavior. In fact, Michaely (1991) finds no evidence of an adverse tax effect since he finds a negative premium. 2.3.1 Tax law Changes Although a complete understanding of the determinants of ex-dividend stock price behavior still eludes us, the essence of the best-known and most enduring of all theories is that different tax rates cause investors to value dividends and capital gains unequally. The works cited previously employ a wide variety of methodologies that have furthered our understanding, but there are few better opportunities to test theories about taxes than the natural experiment created by changes in a countrys tax laws. Therefore, the remainder of this subsection reviews most of the important works that have considered one or more tax law changes, whether in the U.S. or abroad. We then discuss some of their strengths and weaknesses, along with how this study advances knowledge in the area. We begin with Barclay (1987), who documents ex-day price behavior before and after the introduction of the Federal Income Tax in 1913. Using data from the Commercial and Financial Chronicle, Barclay finds that i s not only close to one but also stable across groups when stocks are sorted into quintiles by dividend yield. In a matched sample from the post-income tax era, is less than one and generally increases with dividend yield. These findings are clearly consistent with EG. While its uniqueness makes Barclays study (1987) extremely interesting, it does have one notable drawback. Specifically, his post-tax matched sample is drawn from the period 1962-1985. Although the Center for Research in Security Prices (CRSP) database makes it much easier to obtain these later prices, one cannot help but wonder how ex-day prices behaved immediately following 1913. Grammatikos (1989) examined ex-day price behavior before and after the Tax Reform Act (TRA) of 1984. The 1984 Act lengthened the time a corporation must hold the stock at risk from 16 to 46 days. If the corporation does not meet the minimum holding requirement, the dividend becomes ineligible for the inter-corporate dividend exclusion an d is instead taxed at the normal rate, thus eliminating the motivation for dividend capture altogether. Consistent with the added risk imposed on dividend capturers, ex-day returns rose on average after the Act, but not so much for stocks that could be hedged with options. (Grammatikos, 1989) Of all U.S. tax law changes, none has been more thoroughly researched with respect to its effect on ex-day pricing than the 1986 Tax Reform Act (TRA). The 1986 Act lowered ordinary personal and corporate income tax rates but eliminated preferential tax treatment of long-term capital gains. According to the EG model, either of these two changes should cause to rise (and ex-day returns to fall), and indeed most empirical investigations [e.g. Robin (1991), Lamdin and Hiemstra (1993), Koski (1996)] support this prediction. Probably the most notable dissenter is Michaely (1991), who finds that is not significantly different from one in any of the years 1986-1989 around the TRA, leading him to con clude that short-term traders are much more active now than in the time period studied by EG. (Koski, 1996; Lamdin Hiemstra, 1993; Robin, 1991) However, Bhardwaj and Brooks (1999) point out that Michaelys estimates may have been distorted by outliers. They are able to replicate his results, but after filtering out a small number of observations with other simultaneous distributions, excessively large positive or negative price drop ratios, and/or missing bid/ask prices on the cum- or ex-day, they find that in 1986 (i.e. before the TRA took effect) was on average less than one, positively correlated with the dividend yield, and negatively related to transaction costs, consistent with the integrated tax framework. (Bhardwaj Brooks, 1999) Ki (1994) results are mixed, as ex-day excess returns fall post-1986 for his NASDAQ sample but not for NYSE/AMEX securities. Finally, it is also worth pointing out that the 1986 TRA decreased tax heterogeneity, as it caused long-term investors and would-be arbitrageurs to view dividends and capital gains similarly. Michaely and Vila (1995) and Wu and Hsu (1996) support the general consensus that ex-day returns dropped following the 1986 reform, but consistent with prior arguments, they also find a significant reduction in ex-day volume as decreased heterogeneity reduced the incentive to trade. (Ki, 1994) (Roni Michaely Vila, 1995) (Wu Hsu, 1996) 2.3.2 Non-US Stock Markets Of course, studies of tax reforms need not be confined to the U.S. Tax law changes in the United Kingdom (UK) have provided several excellent opportunities to test the basic tax clientele model, and the evidence has been mostly supportive. While Poterba and Summers (1984) do not find a notable change in ex-day returns following the introduction of a capital gains tax in 1965, they do find a substantial drop following a 1973 reduction in the effective tax rate on dividends. Lasfer (1995) finds that ex-day returns decline following the 1988 Income and Corporation Taxes Act, which reduced the differential taxation of dividends and capital gains (similar to the 1986 TRA in the U.S.). (Poterba Summers, 1984) (Lasfer, 1995) Bell and Jenkinson (2002) study ex-day returns 30 months before and after the 1997 Finance Act (FA97), which removed pension funds preference for dividends over capital gains. Price drop ratios fell and ex-day returns rose following FA97, especially for high-yield stocks, implying not only that taxes affect valuation but also that pension funds are the likely marginal investors for the securities used in the study. (Bell Jenkinson, 2002) While the UK evidence has been mostly compatible with EG, results from Canadian tax reforms have been less so. In spite of a 1971 tax law change that increased the value of dividends relative to capital gains, Lakonishok and Vermaelen (1983) find lower price drop ratios for securities on the Toronto Stock Exchange, which they attribute to another provision of the tax reform that reduces short-term trader profits. In a sample period (1970-1980) covering four different tax regimes, Booth and Johnston (1984) find that is consistently less than one. However, they are unable to draw conclusions in favor of the tax model because PDR does not increase with dividend yield as hypothesized. (Lakonishok Vermaelen, 1983) (Booth Johnston, 1984) 2.3.3 Other Securities and Non-Taxable Distributions While most ex-day pricing research has focused on taxable cash dividends on common stocks, one can also make inferences about existing theories by observing the price behavior of different securities and around other distribution types. Eades, Hess, and Kim (1984) document negative excess returns for preferred dividends, as might be expected for high-yield dividend capture targets. However, Stickel (1991) obtains conflicting results. In his sample of nonconvertible preferreds, he finds positive abnormal returns and volume on the ex-day, with returns declining for more liquid stocks. So far, this is consistent with a synthesized model where both long-term investors and short-term arbitrageurs influence prices around preferred dividends. Inconsistent with this framework, however, is Stickels finding that trading volume increases with liquidity for low-yield but not high-yield preferred. (Stickel, 1991) Preferred dividends are of course relevant to ex-day pricing theories, but it i s perhaps more interesting to compare observations around non-taxable distributions against those around the usual taxable dividends. Eades, Hess, and Kim (1984) and Grinblatt, Masulis, and Titman (1984) examine ex-day price behavior around stock dividends and splits, which are non-taxable. According to both the EG model and the short-term trading hypothesis, these studies should find ex-day price drops fully reflective of the dilution caused by additional shares. In fact, neither does. Eades et al.(1984) report that non-taxable stock dividends and splits are priced on ex-dividend days as if they are fully taxable. Oddly, Grinblatt et al.(1984) note higher positive ex-day returns for stock dividends than splits, possibly due to the added inconvenience investors face when dealing with odd lots. (Grinblatt, Masulis, Titman, 1984) Green and Rydqvist (1999) study a unique security, Swedish lottery bonds, to which special rules apply. Coupon payments on the bonds (distributed by lott ery) are not subject to income tax, but capital gains are taxed at the ordinary rate. Furthermore, the regulatory environment is not conducive to short-term arbitrage using these securities. Consistent with the EG tax model, Green and Rydqvist find that the bond price drops by about 130 percent of the distribution on the ex-coupon day, and that the bonds frequently trade at negative pre-tax yields. (Green Rydqvist, 1999) Elton, Gruber, and Blake (2005) examine two samples of closed-end funds. In one sample, distributions are not taxed (but capital gains are); in the other, distributions are taxed normally. As expected, market-adjusted price drop ratios are greater than one for the non-taxable distributions but less than one for the taxable sample. Price drop ratios for both samples also behave as predicted by the EG model following tax law changes in 1993 and 1997. Similarly, Milonas, Travlos, Xiao, and Tan (2002) examine taxable and non-taxable dividends in the Chinese stock ma rket and find price behavior mostly consistent with the tax theory. (Elton, Gruber, Blake, 2005) (Milonas, Travlos, Xiao, Tan, 2006)

The Vibrant and Unpredictable Era of the Gilded Age

The Gilded Age was one of the most vibrant and unpredictable eras in the history of America. It brought about a new wave of industrial and economic opportunities that allowed some to build massive businesses and fortunes, while other lower and middle class citizens struggled to survive. Some would go as far to say it created a war between the classes across American societies. Giants of industry, such as Andrew Carnegie and John D. Rockefeller, revolutionized how big business led to the rise of corporate America, but also how it leveled competition in the free-market. The Gilded Age offered America rapid economic growth and new technological products that created an economical boom. Yet, these advancements were created at the costs of exploiting industrial workers and farmers working long hours in dangerous conditions for low pay and the American people sought political and social reforms in an effort to rebalance the scale of power in the United States. During the Gilded Age, the American economy had shifted from a nation of small farmers and craftsmen to an economy transformed by railroads and telephone lines that stretched from coast to coast. Confronted by new models of economics and politics, unforeseen struggles caused farmers and laborers to fight for survival while emerging industrialists celebrated new wealth. This period of transition left much of the population without a voice. The wealthy seemed to be running the country without any advice from lower

Social Responsibility Free Essays

Presentation Transcript Core Concepts of ManagementSchermerhorn : Schermerhorn – Chapter 4 1 Core Concepts of ManagementSchermerhorn Prepared by Cheryl Wyrick California State Polytechnic University Pomona John Wiley Sons, Inc COPYRIGHT : Schermerhorn – Chapter 4 2 COPYRIGHT Copyright 2003  © John Wiley Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that named in Section 117 of the 1976 United States Copyright Act without the express written consent of the copyright owner is unlawful. We will write a custom essay sample on Social Responsibility or any similar topic only for you Order Now Request for further information should be addressed to the Permission Department, John Wiley Sons, Inc. The purchaser may make back-up copies for his/her owner use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, cause by the use of these programs or from the use of the information contained herein. Chapter 4Ethical Behavior and Social Responsibility : Schermerhorn – Chapter 4 3 Chapter 4Ethical Behavior and Social Responsibility Planning Ahead What is ethical behavior? How do ethical dilemmas complicate the workplace? How can high ethical standards be maintained? What is corporate social responsibility? What is Ethical Behavior? Schermerhorn – Chapter 4 4 Ethical behavior what is accepted as â€Å"good† and â€Å"right† in the context of the governing moral code Values broad beliefs about what is or is not appropriate behavior What is Ethical Behavior? What is Ethical Behavior? : Schermerhorn – Chapter 4 5 What is Ethical Behavior? Examples of Values Equality Fairness Honesty Responsi bility Harmony JCAHO Standards : JCAHO Standards RI 2. 10 The hospital respects the rights of patients: Elements of Performance 2. Each patient has the right to have his or her cultural, psychosocial, spiritual and personal values, beliefs and preferences respected 4. The hospital accommodates the right to pastoral and other spirituals services for patients. RI 2. 220 (LTC only) Residents receive care that respects their personal values, beliefs, cultural and spiritual preferences, and life-long patterns of living Slide 7: Schermerhorn – Chapter 4 7 If we are to comply with JCAHO standards, how important is it to understand the differing worldviews on which our patients base their values and spiritual beliefs as well as knowing our own? Five Questions about WV : Schermerhorn – Chapter 4 8 Five Questions about WV 1. What is ultimately the prime reality? (†¦ such as â€Å"God†, or Matter/Energy) 2. What is the basic nature of the universe? 3. What is the basic nature and condition of man? 4. What happens to man at death? 5. What is the reason or basis of ethics and morality? Conflicting world views? : Schermerhorn – Chapter 4 9 Conflicting world views? â€Å"I am aware that no one†¦. is neutral on such emotionally charged issues. None of us can tolerate the notion that our worldview may be based on a false premise and, thus, our whole life headed in the wrong direction. Dr. Armand M. Nicholi Jr. Slide 10: Schermerhorn – Chapter 4 10 â€Å"Most of us make one of two basic assumptions: we view the universe as a result of random events and life in this planet is a matter of chance; Or we assume an Intelligence beyond the universe who gives the universe order, and life meaning. † Dr. Armand M. Nicholi Jr. The basis for an approach to ethics : Schermerhorn â€⠀œ Chapter 4 11 The basis for an approach to ethics Worldview establishes the foundation that individuals rely on to form their approach to ethics. There are two fundamental worldviews from which ethics and values manifest in behavior and decision-making: A belief that humans are created beings accountable to a creator. A belief that humans evolved from the result of a chance event. Alternative Views of Ethical Behavior : Schermerhorn – Chapter 4 12 Alternative Views of Ethical Behavior Utilitarian – greatest good to the greatest number of people Individualism – primary commitment is to one’s long tem self-interests Moral-rights – respect the fundamental rights of people Justice – ethical decisions treat people fairly according to rules Cultural Issues in Ethical Behavior : Schermerhorn – Chapter 4 13 Cultural Issues in Ethical Behavior Cultural Relativism ethical behavior is always determined by cultural context Cultural Issues in Ethical Behavior : Schermerhorn – Chapter 4 14 Cultural Issues in Ethical Behavior Ethical Imperialism attempt to externally impose one’s ethical standards on others Ethics in the Workplace : Schermerhorn – Chapter 4 15 Ethics in the Workplace What is an Ethical Dilemma? Situation that requires choosing a course of action offers potential for personal and/or organizational benefit may be considered unethical Examples of Ethical Dilemmas : Schermerhorn – Chapter 4 16 Examples of Ethical Dilemmas Should I support my bosses incorrect views? Should I sign a false document? Should I accept a gift from a client? Should I give special treatment to a friend or boss’ friend? Ethics in the Workplace : Schermerhorn – Chapter 4 17 Ethics in the Workplace Rationalizations for Unethical Behavior Convincing oneself that: behavior is not really illegal behavior is really in everyone’s best interests nobody will ever find out the organization will â€Å"protect† you Preventing Rationalization for Unethical Behavior : Schermerhorn – Chapter 4 18 Preventing Rationalization for Unethical Behavior Question 1 â€Å"How will I feel about this if my family finds out? † Question 2 â€Å"How will I feel about this if it is printed in the local newspaper? † Ethics in the Workplace : Schermerhorn – Chapter 4 19 Ethics in the Workplace Factors Influencing Ethical Behavior Person Organization Environment Factors Affecting Ethical Behavior : Schermerhorn – Chapter 4 20 Factors Affecting Ethical Behavior Person family influences religious values personal standards and needs Factors Affecting Ethical Behavior : Schermerhorn – Chapter 4 21 Factors Affecting Ethical Behavior Organization policies, codes of conduct behavior of supervisors, peers organizational culture Factors Affecting Ethical Behavior : Schermerhorn – Chapter 4 22 Factors Affecting Ethical Behavior External Environment government regulations norms and values of society ethical climate of industry Maintaining High Ethical Standards : Schermerhorn – Chapter 4 23 Maintaining High Ethical Standards Ethics Training structured programs that help participants to understand ethical aspects of decision making Slide 24: Schermerhorn – Chapter 4 24 Where do pressures for unethical acts come from? BOSSES LOWER LEVELS Sometimes, perhaps too often Bosses may ask: â€Å"support an incorrect view† â€Å"sign a false document† â€Å"overlook a wrong doing† â€Å"do business with my friends† Who hold a lot of power Who depend on them for raises, promotions, etc. Maintaining High Ethical Standards : Schermerhorn – Chapter 4 25 Maintaining High Ethical Standards Whistleblower Protection Whistleblowers expose misdeeds of others to preserve ethical standards protect against wasteful, harmful, illegal acts Maintaining High Ethical Standards : Schermerhorn – Chapter 4 26 Maintaining High Ethical Standards Whistleblower Protection Barriers to whistleblowing strict chain of command strong work group identities ambiguous priorities State laws protecting whistleblowers vary Federal laws protect government workers Maintaining High Ethical Standards : Schermerhorn – Chapter 4 27 Maintaining High Ethical Standards Top management support model appropriate ethical behavior Formal codes of ethics official written guidelines on how to behave Corporate Social Responsibility : Schermerhorn – Chapter 4 28 Corporate Social Responsibility Obligation of the organization to act in ways that serve both its own interests and that of stakeholders Social Responsibility in Action : Schermerhorn – Chapter 4 29 Social Responsibility in Action Social Audits Evaluate corporate social performance by asking Is the organization’s Economic responsibility met? Legal responsibility met? Ethical responsibility met? Discretionary responsibility met? Social Responsibility and the Legal Environment : Schermerhorn – Chapter 4 30 Social Responsibility and the Legal Environment Governmental agencies that monitor compliance with government mandates Federal Aviation Administration (FAA) Environmental Protection Agency (EPA) Occupational Safety Health Administration (OSHA) Food Drug Administration (FDA) Complex Legal Environment : Schermerhorn – Chapter 4 31 Complex Legal Environment Areas of government intervention occupational safety and health fair labor practices consumer protection environmental protection How to cite Social Responsibility, Papers Social Responsibility Free Essays Sole proprietorship This business is an individual owned organization. This business is the most attractive because of its simplicity and control over the business. * Liability-. We will write a custom essay sample on Social Responsibility or any similar topic only for you Order Now This business has unlimited liability. The owner is responsible for everything. If the business begins to fail personal assets and business assets can be sought after to pay off debts. There is no distinction between the two assets. * Income taxes- Business owners in a sole proprietorship file a 1040 as well as a schedule C (â€Å"profit or loss from a business or profession†). The Proprietor’s personal income is supplemented by all profits of his business. This form of taxation is known as pass-through taxation, meaning there is no separate federal income tax reporting for the proprietorship. * Longevity/continuity: In the event the sole proprietor dies and planned steps were not properly carried out the business will cease. Sadly the family’s source of income is no longer available. Life insurance is an important need to the proprietor, it may be the family’s only source of income. Secondly a will is a must have with precise details on to whom and how the business should be carries out. It’s also important to pre-plan with his chosen representative, teaching them how the business is managed. Control: The sole Proprietor may choose to directly run his business or hire others to manage for him. Being in total control of the business the proprietor is solely responsible for the major functions of his business. Leaving him with the responsibility of guiding his business down the path of success. * Profit retention: Al l profits belong to the owner. There is sole gain, no partners or stockholders to share proceeds with. * Location: One of the best things about a sole proprietorship is there are no limitations on the business. If the owner wishes he can expand, down size, move locations, or sell his business at will. Convenience/Burden: A sole proprietorship has the convenience of absolute freedom of action. A downfall to the Proprietor is the responsibility of running a business that â€Å"pays the bills†. In the event he were to die become ill or injured the business could no longer run. General Partnership This form of business consists of two or more partners. The partners are the founders of the organization. * Liability: Being co- owners, the partners have equal rights to the possession of the partnership assets. They can’t sell, assign, or transfer their individual shares of the ownership. Each partner is unlimited liable for the firms obligations. Partners are responsible for the debts. Any debt not covered could be made up from personal assets. Partners are responsible for one another. * Income taxes: There is no federal income tax imposed on the partnership. Individuals must file an informational tax return. Each partner must include his share of the profits. Partners can take advantage of the partnerships losses to offset their personal income. * Longevity/Continuity: If a partner were to die, sell, or retire his or her part of the partnership would be dissolved. Exception would be the â€Å"buy sell† agreement. Meaning the surviving partner must buy the deceased partners’ interest from the heirs. Personal ownership dies but the deceased interest possess to the decedent’s personal representative. * Control: Each partner has equal authority. In partnerships with more than two members the majority will rule. Each partner becomes an agent of the other. A partner may not assign or sell partnership property, admit another to the firm without the consent of all associates, or sell their interest to another without consent of the partners. Profit: All profits and losses are distributed evenly throughout the partnership. * Location: The rules and regulations vary from state to state . General partnership should use Schedule R to apportion income between the states. * Convenience/Burden: The main advantage of this form of buisness is low volume of paperwork needed for registration and its cheapness. Limited Partnership This busine ss has two or more partners much like the general partners. There is a few key differences though. * Liability: There is a partner that carries full liability and the others are limited liability. Income Tax: Income taxes are paid after the partners have received their share. There is four characteristics that would make a limited partnership have to pay corporate taxation. They only need two of the four to qualify. * Longevity/Continuity: In the case of a death the partnership would most likely end. * Control: The general partner would control the daily business for the partnership and the limited partners just have control over the investments. * Profit Retention: All profits are distributed evenly through the partnership. * Location: Partners should pay taxes according to the amount made in each state. Convenience/Burden: The ability to have funds from the limited partners and not having control. On a negative side there would be a risk if a partner dies or leaves the partnership . C-Corporation This corporation is also known as the regular organization. They have an unlimited amount of stockholders, allowing both residents and non-residents in. * Liability: Owners are limited to the amount of his or her investment. All personal assets are safe. * Income taxation: The C- Corporation is taxed as a corporation. Net income is paid to shareholders for dividends. They also pay personal income tax, thus meaning they are double taxed. Longevity/Continuity: The life period is unlimited, as long as they have the money to back up the debts they will not be affected by the death of a stockholder. * Control: Shareholders do not directly manage the business they elect the board of members that will manage the business. * Profit Retention: Profit can be used in two ways. One it can be invested in the business or can be paid out in dividends to shareholders. * Location: Corporate taxes are equal in all states. * Convenience/Burden: The ability to raise money for funds is a n advantage. It also benefits from the ability to continue if a shareholder leaves the business. And obviously the double taxation is a big negative. S-Corporation This corporation has all the advantages of the previous businesses but also has its own disadvantages. * Liability: Shareholders liability is limited to the amount of investment. * Taxation: Company doesn’t get taxed itself, only shareholders pay taxes. * Longevity/Continuity: Company is unlimited same as an S-Corporation. The shareholders will not affect the organization. * Control: The company is ran by the board of directors. Stockholders have corporate meetings. * Profit Retention: Same as the C-Corporations, pass through tax. Location: Must be domestic in any state. * Convenience/Burden: Business that are starting up usually pick this type of business because of the losses endured. There is a lot of paper work and the meetings are very inconvenient. Liability Limited Company Each member owns his or hers amount of shares according to their contributions. * Liability: An LLC functions much like a corporation . It’s members are unlimited liable. * Taxation: An LLC has a pass through taxation and only the shareholders are taxed individually. * Continuity/Longevity: There is a 50% rule in a LLC . If a member owning more than 50% of the business leaves or dies the LLC will end. But if a member owning less than 50% of the business the business will continue. * Control: There is two types , member –managed and managed – managed . * Profit Retention: Profits are distributed among members according to their stake. * Location: Most states allow an LLC . Different paperwork is required in different states. * Convenience: A LLC may federally be classified as a sole-proprietorship, partnership, or corporation for tax purposes. Classification can be selected or a default may apply. How to cite Social Responsibility, Papers

Music and Culture in New Orleans free essay sample

Music and Culture Imagine It Is prime time prohibition era In the city of New Orleans. Music Is blasting, the alcohol is freely flowing, and there are crowds of dancing flappers and dapper gentlemen all over the French Quarter. For decades, New Orleans has been the epicenter for Jazz music in America. It is essential to the culture, economy, and history of the city. Over the last few years, however, some of New Orleans city officials seem to think the beat has left the city, and its personality Is suffering because of It.Others believe New Orleans Is tired and old, and should be used for no ore than a ghostly museum of what used to be: a vibrant explosion of all different kinds of culture. Two articles specifically have opposite views of the same topic of revival: while one encourages the rebirth of Jazz and the lifestyle that comes with it, the other seems to side with the ever-changing culture of America, rather than New Orleans rich background. In an article called, Tapping New Orleans Musical Mine, Martha Bayle believes in what New Orleans Jazz used to be: a lifestyle. While she knows It still exists In dirty street corners and hole-in-the-wall diners, she cannot deny just how tiny of a portion s still thriving. But to Bayle, sometimes culture isnt about enriching your own life; its about sharing it with others. The NONE (New Orleans Music and Entertainment Association) has agreed to steer the city into an outward approach in gathering fans. Europeans says Ramsey, who points out that New Orleans recordings sell briskly overseas If we can Import the music, NONE asks, why cant we Import the fans? (Bayle. Martha).Most natives seem skeptical about the plans for their city, but NONE insists that a foreign fan base will not only revive the old jazz culture, but also ill improve the suffering economy. Though Gnomes confidence cannot be shaken, citizens of the historic city have doubts of their own. But, frankly, I dont see what singles out New Orleans as opposed to any other music scene as far as the current pop culture goes. Some citizens think the city has separated Itself from the rest of the country with Its unique scene and spicy way of life (Bayle, Martha).The music scene will continue to strive to make outreach possible, through publicizing on local radio stations, and selling the idea to musical cities overseas like Liverpool. The effort o restore the old ways of New Orleans has begun, with a broader goal in fan base. Though the city seems to barely cling to what it was, organizations like NONE have expectations on what the future of the city should look like, that is what it once was: a flourishing place of cultural renaissance. Mr..Brothels, a public school music teacher and record company owner agrees with the pollen that something Is Indeed special about New Orleans musical culture: Thats one of the advantages of New Orleans. When people get turned off to the National culture, they can always come back to whats here. (Bayle, Martha). The question still remains as to when pop culture will get tired; when will people start searching for the old ways to fill their entertainment needs? In the comparative article called Will New Orleans Bury Jazz Alive? Author Tom the new thing so no one has to rely on the past. He puts great value on the historical aspect of Jazz, pointing out to the readers a time when thousands upon thousands of people attended the great Louis Armstrong funeral to honor him and the great city of New Orleans. He wrote of the respect that Jazz has obtained over time. (Bethel, Tom). He also speaks of the impact it makes on the tourism industry. they asked tourists to put down what they came to New Orleans for Jazz was third First was the French Quarter and second was food.Jazz, in fact, may be the most important attraction because these categories overlap. (Bethel, Tom). While there is no arguing that Jazz is important to the tourism and history, Bethel writes how this might lead to the genres ultimate downfall. Jazz Has now reached the stage of being regarded as a suitable recipient for grants, donations, federal funding, and corporate underwriting. (Bethel, Tom). According to the article, Jazz is not the defining aspect of New Orleans, like it used to be, and now it is a silly excuse for scholarships.What is the reason for such change? In the Jazz Age, New Orleans was a thriving town full of aspiring stars on the rise. Today, most artists dont think twice about performing at music festivals, and spectators think crafts are the main attraction. Today the music is used for concerts, Russell explained, Its used for festivals and its used on Bourbon Street. All the wrong things in other words All the wrong things because music is supposed to be for dancing and having a good time, ND not for Just sitting there (Bethel, Tom).The rest of the article explains that in todays world, music has a different definition than what it used to be. It is very possible that, according to Bethel, the Jazz Age has simply slipped through our fingers, being replaced by phones and gaming consoles. The revival of Jazz seems to be a choice: it is up to the audience, who doesnt seem to realize the importance or relevance of the genre. Bethel and Brothels do not differ in that they both rank the genre in the highest regard. The differences are noted when the problem of a shrinking fan base arise.In Tapping New Orleans Musical Mine, author Martha Bayle explores the theory of widening the search: taking the music scene to an international level. The NONE organization is optimistic about their future plans of revival. On the other hand, the article titled Will New Orleans Bury Jazz Alive? Bethel gives a more pessimistic view of the problem, and doesnt offer a solution besides making a museum to commemorate the great time. The purpose is to convince the reader that the Jazz Age was an enlightening period that should be admired, but not replicated, because the ritual passion that is required simply isnt there.

War of 2010. Ukrainian Front Review Essay Example

War of 2010. Ukrainian Front Review Paper Essay on War of 2010. Ukrainian Front Michael Belozyorov [emailprotected] Review of the novel by Fyodor Berezin War 2010. Ukrainian Front (above all Ukraine cloudless sky) The word is not a sparrow flew, not catch. It is time for the orange power responsible for his words, such as: Yulia Tymoshenko said on Independence: We must surround the entire Donbass key wire and destroy . That is, in other words to create a concentration camp. Although the Prime Minister is now strongly denies his words, people have not forgotten anything and lives on the conscience and thinks conscience. And he thinks so, as it is written in the book of Fyodor Berezin War of 2010. Ukrainian Front. At least, this applies to eastern Ukraine and Crimea We will write a custom essay sample on War of 2010. Ukrainian Front Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on War of 2010. Ukrainian Front Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on War of 2010. Ukrainian Front Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Roman Fedor Berezin -. Is an instruction how to act should the army if the country attacked NATO and if the native government will sit in Kyiv. And do not say that this can not happen. In this world nothing is impossible. Is not possible option when the crisis undermine the EU to such an extent that they begin confusion and vacillation? Available. Moreover, there may be a situation where the world will be ruled by regional forces. And before that was one step. And Turkey with its ambitions of the Ottoman Empire might well have attempted to create Great Turan. Who does not believe it can check for relevant articles on the Internet. So the novel by Fyodor Berezin War of 2010. Ukrainian front describes quite hypothetical events. I just do not understand why the Turks steal milled guys. Clearly, when taken out for consumption by young women, but why Turks young men? I do not understand this. They decided to make it one of the Janissaries? Once we here behind the Western world in this matter. Cleaner and integrity, or what? Naive? And it turns out that the guys they also need to be consumed. BUT?! Surprised? So do I. Rot West. Rots. Whiff. This grotesque in its pure form, to shake up the brains of Westerners and to raise the question: Is not it time for us to split up? After all suffer. We yearn for a different life. So we run away and live in peace. You are in the West, we the East. But our land. Ahn, no! It is easier to kill in a concentration camp than a run a civilized way. And all because of the hatred for Russia, and therefore, to the Russian, who chose the Russian language and culture, and collected all th at is possible at every opportunity and even the memory and history. Caesura introduced on the Russian-language books. By the way, in the novel is not a word about the fact that Russia invaded Ukraine. Why is the leitmotif of reviews in national newspapers slogan Russian go? Because it is the aspirations of the people. Although we would have come quickly. It would have saved us from the monsters. Further annotations authors of the articles have not read the novel. There is nothing in the novel anti-Ukrainian. We have anti-Ukrainian government, which pits humans. Let the genie called nationalism, played the card. A novel by Fyodor Berezin just a reaction to the orange power. Why the eastern regions have to pretend that they are loyal to the authorities, they have long been disloyal. According to statistics, 20% of Ukrainian population hate the government. This is the fifth part of the population. War always begins abruptly One would like to quote from this book. In the Donetsk airport has a landing. Army out of the game and so forth., And so forth. To mention the orange power, and other signs of the times, from which a normal person warps, for example, pan Major. But where to get away from this? We are already too many pans all Ukrainian political beau monde -. Pany solid boar scruff The meaning of the book already can be understood from these first quotations. On Turkey invaded Ukraine. Without a declaration of war and other formalities, because, it turns out, it is not fashionable. Moreover, it is unclear whether the army took over the headquarters in Luhansk, or something else. But the fact is that in the Donetsk these same Turks landed exactly, but still armed with Soviet weapons. Which is very symptomatic, for there is nothing better than a weapon of times of the USSR! So, the tank commanded by Major Andrei Valentinovich Shmalko, commander of a tank battalion (I suspect that its Valentines), gunner Ladyzhensky and driver Gromov (not OLDI right?) trashes the most troops in Lugansk. It is mentioned and brick, with no name and patronymic, ie we can not say that this is Vadim Kiripchev. In general, Andrey V. Shmalko at your own risk at the command tank troops defeated the Turks. Well, the Turks and they have the Turks. Under the guise of workers who build the stadium in the Lenin Komsomol Park, flooded Donetsk spies, and not just a super-duper spies, and spies-sutunerami, which, of course, interested in only one woman, and not even the women, and the profits they bring in brothels civilized Europe. If at first Shmalko still doubted the legitimacy of his actions and his dreamland court and prison, as soon as he became convinced that the landing is actually Turkish, he picked up and carried away from home part of all to a single tank. This is a very honest and courageous act. All of this is contrary to the command orders and despite the silence of Kiev. There is a feeling that the Orange government is ready to hand over to any aggressor, if only to economy has not got Russian. However, not taken into account factors such as the Slavic identity. Again, as in the times of Minin and Pozharsky, the spontaneous movement of the lower classes, in this case, missile defense, who remains something only two or three rockets from the addition of iron, which has not yet sold Yushchenko his friend Bear Saakashvili. The Rocketeer, of course, overwhelmed by doubts and fears. But is not the same doubts overwhelmed Novgorod in the XVII century? Of course overwhelmed. So our heroes Bully Rodionov and took and brought down some amerikosovsky barazher type AWACS. These events relate to the Crimea. But it turns out that the Patriots are not only in the Crimea. They live, it turns out, and Dobasse, and near Kiev in Vasilkovo. And now deployed armored brigade ready again at your own risk cover rebellious missile under the command of Michael Bubyakin. Military wonder why the inaction of the authorities, why the Turks are hosted on the road together with the police. Its very simple because it is so profitable. Destroy someone else handles the eastern region and settle the loyal population. Only here where people take? According to official statistics in 2008 from the Ukraine left for permanent residence to 3.5 million people. At this rate, in five years, the population will be reduced by half, and in te n still half. And who is left? Orange power in Kiev in a clean draft? And it will be like in the Arctic Canada 2.5 people per square kilometer. Here on this and other dangers and says the book. She does not sleep, excites, and gets angry writhe like a toothache. Well, gentlemen, lords such times. And you the war with Russia! Should be read, not to quote the summary. It is thought that the novel will be a sequel. Enjoy dramatic collisions of the new novel by Fyodor Berezin. Will wait. And let them try to stop us! The glory of the incorruptible author of the novel War of 2010. Ukrainian Front !!! Michael Belozyorov.

Lead Facts - Element 82 or Pb

Lead Facts - Element 82 or Pb Lead is a heavy metallic element, commonly encountered in radiation shielding and soft alloys. Heres a collection of interesting facts about lead, including about its properties, uses, and sources. Interesting Lead Facts Lead is a relatively abundant element because it the endpoint of the decay schemes of many radioactive elements with higher atomic numbers.Because its fairly easy to extract (for a metal), lead has been used since prehistoric time. Lead was readily available to common people in the Roman Empire, finding use in dishes, plumbing, coins, and statues. People used it for everyday items for thousands of years, until if was finally found to be poisonous toward the end of the 19th century.Tetraethyl lead was added to gasoline to reduce engine knock in the 1920s. Even when it was invented, it was known to be poisonous. Several factory workers died from lead exposure. However, leaded gas wasnt phased out until the 1970s or banned for use in road vehicles until 1996. The metal is still used in car batteries, for making leaded glass, and for radiation shielding. Worldwide production and use of the metal continues to increase.Lead is a post-transition metal. Its not as reactive as many other meta ls, except in powdered state. It displays weak metallic character, often forming covalent bonds with other elements. The element readily bonds to itself, forming rings, chains, and polyhedrons. Unlike most metals, lead is soft, dull, and not very good at conducting electricity. Powdered lead burns with a blue-white flame. The powdered metal is pyrophoric.Pencil lead is actually the graphite form of carbon, but lead metal is soft enough to leave a mark. Lead was used as an early writing instrument.Lead compounds taste sweet. Lead acetate has been called sugar of lead and was used as a sweetener in the past.In the past, it was difficult for people to tell tin and lead apart. They were thought to be two forms of the same substance. Lead was called plumbum nigrum (black lead) while tin was called plumbum candidum (bright lead). Lead Atomic Data Element Name: Lead Symbol: Pb Atomic Number: 82 Atomic Weight: 207.2 Element Group: Basic Metal Discovery: Known to the ancients, with a history dating back at least 7000 years. Mentioned in the book of Exodus. Name Origin: Anglo-Saxon: lead; symbol from Latin: plumbum. Density (g/cc): 11.35 Melting Point (Â °K): 600.65 Boiling Point (Â °K): 2013 Properties: Lead is an extremely soft, highly malleable and ductile, poor electrical conductor, resistant to corrosion, blue-white shiny metal that tarnishes to dull gray in air. Lead is the only metal in which there is zero Thomson effect. Lead is a cumulative poison. Atomic Radius (pm): 175 Atomic Volume (cc/mol): 18.3 Covalent Radius (pm): 147 Ionic Radius: 84 (4e) 120 (2e) Specific Heat (20Â °C J/g mol): 0.159 Fusion Heat (kJ/mol): 4.77 Evaporation Heat (kJ/mol): 177.8 Debye Temperature (Â °K): 88.00 Pauling Negativity Number: 1.8 First Ionizing Energy (kJ/mol): 715.2 Oxidation States: 4, 2 Electronic Configuration: [Xe] 4f145d106s26p2 Lattice Structure: Face-Centered Cubic (FCC) Lattice Constant (Ã…): 4.950 Isotopes: Natural lead is a mixture of four stable isotopes: 204Pb (1.48%), 206Pb (23.6%), 207Pb (22.6%), and 208Pb (52.3%). Twenty-seven other isotopes are known, all radioactive. Uses: Lead is used as a sound absorber, x radiation shield, and to absorb vibrations. It is used in fishing weights, to coat the wicks of some candles, as a coolant (molten lead), as ballast, and for electrodes. Lead compounds are used in paints, insecticides, and storage batteries. The oxide is used to make leaded crystal and flint glass. Alloys are used as solder, pewter, type metal, bullets, shot, antifriction lubricants, and plumbing. Sources: Lead exists in its native form, though it is rare. Lead may be obtained from galena (PbS) by a roasting process. Other common lead minerals include anglesite, cerussite, and minim. Other Facts: Alchemists believed lead to be the oldest metal. It was associated with the planet Saturn. References: Los Alamos National Laboratory (2001), Crescent Chemical Company (2001), Langes Handbook of Chemistry (1952)

Assignment 7 Research Paper Example | Topics and Well Written Essays - 750 words

Assignment 7 - Research Paper Example Additionally, the continued monitoring of care will aid the medical practitioner in understanding where to start and in checking whether the improvements are sustained. Along the course of the fall prevention program, the medical practitioner will need to evaluate the fall rates taking place at the hospital as well as the effectiveness of the fall prevention strategy. The quality improvement model should entail the regular monitoring of the medical outcomes of the hospital; the indicator is the number of falls per 1000 patient bed days. The second area to be monitored is the care processes implemented; the indicators to be captured include the factors fueling fall risks and the actions taken to reduce a patient’s risk of falling. The third area to be checked is the infrastructure needed to support the best practices being sought, and the indicators to be captured include the participation of the preventive team in an interdisciplinary fashion (Oldrich, Kalman & Nigolian, 2012). In developing the measures of tracking the variables of fall rates and the effectiveness of fall prevention strategies under implementation, the medical practitioner and the hospital, in general, will need to address two important questions. These questions include 1) which way can enable the parties to measure the rates of falls and fall-related injuries and 2) which way will enable the parties to measure the effectiveness of the fall-prevention strategies implemented? Throughout the process of implementing the fall prevention program, the hospital and the staffs overseeing the fall prevention program will need to check the following outcome areas: Whether incident reports were revised, in a manner that allowed the medical personnel to cover more specific areas in care delivery, particularly the areas that are considered to be factors increasing or

Resort management Assignment Example | Topics and Well Written Essays - 250 words

Resort management - Assignment Example It highlights the key factors that lead to the success of businesses in different mountain resort locations in Austria. Furthermore, it supports these factors by providing case studies of three different resort locations in Austria. One of the major flaws in the presentation is that it does not address challenges that are faced by small and medium resorts. It only focuses on the factors that are presently prevailing in the Austrian but fails to address factors that could affect the future of this industry (Hinteregger). The audience or users of this conference document could easily follow the report, but the analysis report does not provide details of different services and events that take place in this market or steps taken by the Austrian government to promote tourism. Furthermore, The report Moreover, an interesting element of comparing Austrian resort industry could have been compared with other locations in Europe that compete with the Austrian resort industry and

Letter Assignment Example | Topics and Well Written Essays - 250 words - 1

Letter - Assignment Example Since the corporation has not received similar cases before entailing poor quality delivered products or services that led to your predicament and disappointment. Therefore, do not have negative perception towards the corporation’s products or services because we have always ensured delivery of high quality grass seeds, which is evident from the prior delivered orders. Southeastern BioTech Corporation’s management according to its policies regarding the clients’ compensation, it has resolved to refund $26,000, which was full amount meant for the delivered order. Besides, due to the expenses incurred by the Club and resulted to unexpected inconveniences, the corporation’s management has also decided to replace the poor growing grass patches. This is by planting the required course’s grass coupled with ensuring it has grown to maturity and to the prior expectations of the Club’s management. Hence, ensuring the former good relationship where the corporation hopes it will not change due to this unintentional

Scenario Of Family Business Management Information Technology Essay

Scenario Of Family Business Management Information Technology Essay A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business overall well-being. In some countries, many of the largest publicly listed firms are family-owned. A firm is said to be family-owned if a person is the controlling shareholder; that is, a person (rather than a state, corporation, management trust, or mutual fund) can garner enough shares to assure at least 20% of the voting rights and the highest percentage of voting rights in comparison to other shareholders. Family businesses may have owners who are not family members. Family businesses may also be managed by individuals who are not members of the family. However, family members are often involved in the operations of their family business in some capacity and, in smaller companies, usually one or more family members are the senior officers and managers. Many businesses that are now public companies were family businesses. Family participation as managers and/or owners of a business can strengthen the company because family members are often loyal and dedicated to the family enterprise. However, family participation as managers and/or owners of a business can present unique problems because the dynamics of the family system and the dynamics of the business systems are often not in balance. PROBLEMS IN FAMILY BUSINESSMANAGEMENT The interests of a family member may not be aligned with the interest of the business. For example, if a family member wants to be president but is not as competent as a non-family member, the personal interest of the family member and the well being of the business may be in conflict. The interests of the entire family may not be balanced with the interests of their business. For example, if a family needs its business to distribute funds for living expenses and retirement but the business requires those to stay competitive, the interests of the entire family and the business are not aligned. Finally, the interest of one family member may not be aligned with another family member. For example, a family member who is an owner may want to sell the business to maximize their return, but a family member who is an owner and also a manager may want to keep the company because it represents their career and they want their children to have the opportunity to work in the business. . For example, if a family needs its business to distribute funds for living expenses and retirement but the business requires those to stay competitive, the interests of the entire family and the business are not aligned. Finally, the interest of one family member may not be aligned with another family member. For example, a family member who is an owner may want to sell the business to maximize their return, but a family member who is an owner and also a manager may want to keep the company because it represents their career and they want their children to have the opportunity to work in the business. SCENARIOS OF FAMILY BUSINESS MANAGEMENT But balancing competing interests often become difficult in three situations. The first situation is when the founder wants to change they are involved in the business. Usually the founder begins this transition by involving others to manage the business. Involving someone else to manage the company requires the founder to be more conscious and formal in balancing personal interests with the interests of the business because they can no longer do this alignment automatically-someone else is involved. The second situation is when more than one person owns the business and no single person has the power and support of the other owners to determine collective interests. For example, if a founder intends to transfer ownership in the family business to their four children, two of whom work in the business, how do they balance these unequal differences? The four siblings need a system to do this themselves when the founder is no longer involved. The third situation is when there are multiple owners and some or all of the owners are not in management. Given the situation above, there is a higher chance that the interests of the two sons not employed in the family business may be different than the interests of the two sons who are employed in the business. Their potential for differences does not mean that the interests cannot be aligned, it just means that there is a greater need for the four owners to have a system in place that differences can be identified and balanced. SUCCESS OF FAMILY BUSINESS MANAGEMENT Successfully balancing the differing interests of family members and/or the interests of one or more family members on the one hand and the interests of the business on the other hand require the people involved to have the competencies, character and commitment to do this work. Often family members can benefit from involving more than one professional advisor, each having the particular skill set needed by the family. Some of the skill sets that might be needed include communication, conflict resolution, family systems, finance, legal, accounting, insurance, investing, leadership development, management development, and strategic planning. INNOVATIVE TRENDS IN FAMILY BUSINESS MANAGEMENT . There are three major trends among the most innovative family business management that together will have a strong impact on wealth holders and the providers to these families: Develop new sources of knowledge. Family business continuously gather practical information from a wide variety of sources. As a result, much of the information these families receive comes from providers of products and services, who have a commercial motive. To further complicate matters, products and advice are often bundled together, with free services subsidized by the revenues generated from other components of the package. Unsurprisingly, the most complex and/or illiquid offerings tend to have the highest embedded costs. Family business management increasingly supplement these sources of information through peering communicating with each other to compare experiences and solutions.At its best, this is a global exercise in which family business actively seek to learn from their peers around the world. Leading families recognize that local networks must be supplemented to ensure that they access more than a location-specific consensus shared by those who, for example, live in the same place, share the same social network, or rely upon the same sources of information. Unbundle, measure, and innovate. The most sophisticated family business recognize that products, platforms, and advice, are fundamentally distinct. They are creating customized solutions from select providers in each category, rather than accepting a bundled offering from a single source. This unbundling allows for more accurate measurement of the value provided by each component. This in turn allows family business management to see new areas of opportunity and to swap out only the individual components that are not working according to specific performance criteria. While trust remains paramount, the foundation of trust is shifting to be based on competence and track record rather than simply a personal relationship. The most enduring relationships are being built upon informed trust, which requires a clear understanding of the way a providers business works. Family business are increasingly focused on measuring inputs and outputs. This means that they are paying closer attention to the transaction costs of interm ediation and actively seeking to calibrate economic incentives to better align costs with value. This requires a nuanced understanding of the inner workings of products and services so that meaningful benchmarks and cross-comparisons can be established. The most sophisticated families consider both absolute and relative value, using peer-based benchmarks as an input to their evaluations. Pursue opportunities globally. The inputs that family business use to create their solutions increasingly come from all over the world, not just their home countries. This trend is a direct result of the two trends described above. Family business have both the means and the incentives to invest in understanding foreign markets and practices. The empirical case for doing so is strong, particularly when local knowledge can be applied to less efficient markets. In addition to globalizing their portfolios, family business increasingly seek opportunities from direct investments. Family business are pursuing returns through country-specific direct investments, such as real estate or private equity, which require a greater level of due diligence and commitment (and offer greater potential rewards). These investments are often made in partnership with other sophisticated private investors who have relevant expertise in co-direct investment or club investing arrangements. The pervasive changes underway in the family busin ess market reinforce each other. Increased knowledge leads to better analysis of a wider set of opportunities, and this allows investors to unbundle and measure, so that they can be more creative in devising comprehensive, global solutions. The more innovation that occurs in the market as a result of this creativity, the greater the additional knowledge creation and sharing.While the effects of this shift are now being felt. STRUCTURING OF FAMILY BUSINESS MANAGEMENT When the family business is basically owned and operated by one person, that person usually does the necessary balancing automatically. For example, the founder may decide the business needs to build a new plant and take less money out of the business for a period so the business can accumulate cash needed to expand. In making this decision, the founder is balancing his personal interests (taking cash out) with the needs of the business (expansion). ORGANIZATIONAL STRUCTURE Organizational structure defines the roles and activities required of people in order to meet the objectives of the business. The structure should also help people accomplish their own career and personal goals. Concern with motivation and communication should influence the organizational structure. In defining an organizational structure, the manager has four objectives in mind: (1)- division of tasks, (2)- coordination of efforts and tasks among people and enterprises, (3)- control over the way in which tasks are performed and (4)- flow of information. To accomplish these four objectives, the manager must decide the positions to be filled and the duties, responsibilities and authority attached to each position. PRINCIPLES AND CONCEPTS OF ORGANIZING Regardless of the specific characteristics of a horticultural business, some principles of organizing will be helpful. These principles have two uses. First, they are helpful in the actual design of the organizational structure. Second, they can serve as a check list for evaluating and improving the current organizational structure. EXCEPTION PRINCIPLE Someone must be available to handle the exceptions to the usual, i.e., someone must be in charge. When an employee or worker has a problem he or she can not handle, the organizational structure should provide for someone higher in the organization to provide assistance. DECENTRALIZATION Decisions should be pushed down to the lowest level possible in the organization. The more routine a decision, the lower the level in the organization where it should be handled. To illustrate, workers waiting each morning to be told what to do and where to do it can be a great waste of manager and worker time. Workers having a routine not requiring daily instruction, and workers being trained to handle with confidence decisions within their job descriptions illustrate decentralization. The objective is to overcome the waste of time stemming from too much centralization of decision making. Working managers rather than managed workers should be the goal. PARITY PRINCIPLE Decentralization requires delegation. With delegation comes responsibility. Authority should be delegated along with responsibility. To illustrate, assume the 18 year old son of the owner of a landscape firm has been given the responsibility of taking a crew of 3 people, each over 25 years old, to a landscaping site to plant 5 trees and 30 bushes. Further assume that the son has no authority to decide how hard it has to be raining before the crew stops working, no authority to correct a person who is digging the holes for the trees and bushes too deep and no authority to reward the crew member who is doing by far the best job. It is easy for the 3 workers to ignore the son if they have been accustomed to taking orders only from the owner and the owner has given the workers no indication of what authority the son does and does not have. SPAN OF CONTROL The span of control is the number of people a manager supervises. The organizational decision to be made is the number of subordinates a manager can effectively lead. The typical guideline is a span of control of no more than 5-6 people. However, a larger span of control is possible depending on the complexity, variety and proximity of jobs. The ability, experience and style of the manager also affects the desirable span of control. Finally, worker characteristics should affect the span of control. Well trained, motivated, experienced and satisfied workers require relatively little supervision. Owner/operators of family businesses often have span of control problems because of a me attitude. As a family business grows and people are added, the manager still may want everyone reporting to her rather than delegate responsibility and authority to a middle manager. UNITY PRINCIPLE Ideally, no one in an organization reports to more than one supervisor. Having more than one supervisor causes an employee relatively few problems if the supervisors have good coordination and frequent communication. However, supervisors typically lack the time for the necessary coordination and communication. Too often, employees get conflicting instructions and assignments. Employees should not have to decide which of their supervisors to make unhappy because of the impossibility of following all the instructions given them. OWNERSHIP STRUCTURE There is no one family or ownership structure; it have family businesses that are owned by one sole owner. When it comes to the second generation, most of them turn into a sibling partnership with very few but strong owners who hold large shares in the company. In the next generation, it come to a cousin federation and maybe one day we are a family dynasty like Haniel or Wendel. Each stage has its own problems. It must understand the stage you are at, asking the right questions and giving the right answers relevant to that stage. The transition from one stage to another creates a crisis because, in the next generation, you have different questions and you have to give different answers. If you understand that there is a crisis and find the right answers, this crisis may create a chance. Owner strategy starts, like every strategy, with some simple key questions: what is our vision, what is the mission statement we have as owner family. More specific questions for owner families include the following: who can become a member of the owner group. From whom can member groups inherit their shares  and to whom can they sell shares? How do we want to deal with in-laws and the next generation Emotions must be dealt with effectively when managing a family business and managing a family that owns a business. Successful families are families who are better at addressing emotional problems and then solving them. Values and aims must be clarified if any group wants to be successful. This helps prevent conflict when making decisions. Knowing the company goals and the family aims is important otherwise, a family cannot determine whether it is successful or not. In successful family businesses, strategies will change, but the values remain very stable over generations. BUSINESS STRUCTURE This is the business model follow. It often starts with the entrepreneurial stage and then it turns to a traditional and classical family business. There are several different business models and each family should address some essential questions when choosing the correct one. Do we want to be a more focused or more diversified owner family? How do we want to influence the business? Do we want to run it or just control it? Do we want only to act as owners and let outside people control it? How should we manage the owner family so that we maintain family unity and commitment? New Ideas We must formulate a family code that is sensitive to new membership values, aims and a changing business model. Family Education All the owners should know what it means to own a family business, and what  professional ownership means. Emotion-Added Value It is important to come together and have family days so that you have the chance to enjoy being a member of the group. Family Office You may want to start a family office and do family philanthropy together. FUNDS AND INVESTMENT STRUCTURE With a dedicated funds, investment and tax team, including lawyers with corporate, tax and trust experience, we are able to provide the targeted investment structuring advice on which family offices depend. leading investment managers and fund managers, to ensure that private investments are designed and structured to mitigate taxation and provide the greatest opportunity for returns. LEGAL RISK STRUCTURE Risks from many directions, including legal liability, risk of investment loss or devaluation, compliance failure, tax and property law change, security (this includes risks to property and person) family dissension, divorce and indiscretion. The mitigation and balancing of risk in all its forms is of paramount importance for many family business management. Wealthy families and family members are faced with many legal and investment challenges, and increasing regulatory scrutiny. These issues become more acute in the case of multi-generational families with members based in various countries who have international asset holdings Another key risk for clients is breach of confidentiality, especially in a world where the Internet means information anywhere is information everywhere.. It is possible to reduce such risks by the use of appropriate structuring and third party contracts but these measures should be taken when the office is established. If a breach occurs our Reputation Management team can help. . These include the offices of substantial international families with assets and family members in numerous countries, as well as more traditional families with large landed estates or entrepreneurial interests. Theses point should be consider: Conducting an audit of various substantial wealth-holding structures, to ensure they were watertight from a fiduciary and tax perspective. Undertaking a major review of the trust and asset structures of a large international family with international assets. One of the main purposes was to identify potential areas of risk for the family and take measures to safeguard against such risks going forward. CONCLUSION To conclude , we can say that this was the aforesaid explained report on innovative family business. Main facts that are dicussed in study are 1 meaning of family business management 2 current scenario 3 Type of structure for family business management 4 problems 5 innovative trends in family business management After studying all the above given study it is been very clearly understood that family business structure is one of the very common structure of business structure that is been used worldwide. As every business structure has its scenario, advantages , disadvantages, problems, and its new and emerging trends, it is similarly applied here. We can say that family business management is a trend that has been followed for years. Innovative method could be used for more flexibility in family business. RECOMMENDATIONS 1 overcome the internal dispute 2 proper engagement of all members 3 follow the structure that is bet suited to ones business 4 proper management 5 go as by the time. 6 properly implementing the strategy BIBLIOGRAPHY AND REFRENCES http//www.family-business-experts.com http//www.familybusinessmagzine.com http//www.businessweek.com/magazine.com Astrachan, J. and Shanker, M. (2003). Family Businesses Contribution to the U.S. Economy: A Closer Look. Family Business Review, Vol. 16, No. 3, pp. 211-219. Colli, A. (2003). The History of Family Business, 1850 2000. Economic History Society. Chua, J., Chrisman, J., and Sharma, P. (1999). Defining the Family Business by Behavior. Entrepreneurship Theory and Practice Vol. 23, No. 4, pp. 19-39. Davis, J., Pitts, E., and Cormier, K. (1997). Challenges Facing the Family Companies .

Sophists Essay -- Philosophy, Socrates, Plato, Gorgias, Aristotles

Sophists have been perpetuated in the history of philosophy primarily due to their most fierce critic Plato and his Gorgias, where Socrates brings profound accusations against the practice of sophists and declares notoriously rhetoric to be a part of flattery (ÃŽ ºÃŽ ¿ÃŽ »ÃŽ ±ÃŽ ºÃŽ µÃŽ ¯ÃŽ ±, 463c). This paper focuses on the responses to sophists’ practices by Plato and Aristotle, analysing on the one hand criticism made on their practice, on the other, however, trying to evaluate in which respect the responses of the two philosophers differ. Thus, taking the polemic of sophists as a starting point, the paper moves forward into discussing the fundamental differences in the treatment of rhetoric as perceived by Plato and Aristotle. For this reason (and in order to present a fuller account of Plato’s theory of rhetoric) not only Plato’s Gorgias, but also his Phaedrus is incorporated to the following analysis. Plato on sophists and rhetoric In Gorgias Plato claims that rhetoric is not a Ï„Î ­Ãâ€¡ÃŽ ½ÃŽ · (462b) and his accusations against sophists or rhetoricians seem to be reducible to three closely related arguments: first, that rhetoric doesn’t have its own subject (that would make it a Ï„Î ­Ãâ€¡ÃŽ ½ÃŽ ·); second (and most importantly) that it lacks the theoretical basis that is necessary for a Ï„Î ­Ãâ€¡ÃŽ ½ÃŽ ·, and thirdly that rhetoric is used for morally base intentions and pursuits, which corrupt the souls of the citizenship (503a). And, as will be apparent below, a discussion of these problems is offered both in Plato’s theory of true rhetoric in Phaedrus as well as in Aristotle’s treatment of rhetoric in his Rhetoric. Thus, the above presented accusations are latently put forward also in Phaedrus, where Plato presents his positive concept of rhetoric, yet which obviously sta... ...or Plato actually) rhetoric ‘happens’ (McCabe 1994: 152), the sophistic practice has an impact on its audience and thus it must be possible to find out the underlying system of this practice (1.1.1) that would enable one to call it an art. Further, it seems that Aristotle’s response is in some sense more fundamentally a response to Plato, at least in terms of taking the problems Plato articulates in his Gorgias as well as in his Phaedrus into serious consideration, and building up his own theory that would not suffer of the problems demonstrated in Plato’s works. Thus, Aristotle is very profoundly in a dialogue with Plato, accepting some of his criticism against the sophists (rhetoric should be basically a rational practice, with morally-neutral pursuits), while rejecting others (the appeal to emotions plays an important part in Aristotle’s theory, for example).

Comparative essay describing the ethics of Aristotle, Immanuel Kant, and Emmanuel Levinas Essay

Philosophers live and encourage others to live according to the rules of practical wisdom. Aristotle, Immanuel Kant, and Emmanuel Levinas were three philosophers who sorted out various ethical approaches. They investigated complex human actions and theorized what is the ethical thing to do. For instance, Aristotle contemplated the aim of human life, Kant observed duty and obligation from respect for the law, and Levinas examined one’s responsibility to the Other. These unique points of view offer different answers regarding the search for the good. In addition to their differences, these philosophers are bound together by similar ideas. For example, each of the philosophers believed in optimism– they thought that all humans are naturally ethical. In addition, each of the philosophers believed in using reason to be ethical. They emphasized the concept of living well and acting well by using virtuous habits and good character to reach the â€Å"good†. Furthermore, they all believed in self actualization– in other words, ethically being the best one can be. They all thought an ethical person must be rational and responsible for their actions. They proposed that each person has a duty towards others and society. Aristotle lived during the B. C. era and established the concept of teleological ethics. This means that ethics has a purpose or a reason. He stressed the concept of doctrine of the mean– maintaining balance in one’s actions. Additionally, he theorized the idea of developing virtuous habits to build good character as well as that happiness is the main goal of all human beings. He explained how reaching one’s potential by living well and acting well will ultimately lead to happiness. Moreover, he stated one should base one’s actions on reason and he introduced the concept that reason controls desire. Immanuel Kant was a philosopher who lived the majority his life in the 1700’s. He believed that an individual should use God, freedom, and immortality to be able to pursue and attain the supreme good. He also believed in deontological ethics, meaning it is one’s obligation and duty to do what is right. Kant said that an individual must use intellect, free will, and reason to carry out this duty. He is similar to Aristotle because likewise, he believed that it is ideal for all people to act in an ethical manner by using reason. However, unlike Aristotle, Kant believed one must act ethically as an individual autonomy for the good of society. He said that one must use reason and free will to carry out one’s duty and moral obligation to do good. He stressed the concept of not expecting to gain anything in return while performing ethical tasks– even though one might not like it– one should act ethically out of the goodness in one’s heart. On the other hand, Aristotle believed one should act ethically as part of a community– based on politics. He also expected a benefit in return, contrary to Kant. Aristotle said that it is ideal to achieve a reasonable means in ethics, and he expected to gain something– like happiness for instance– in return. Also, contrary to Aristotle’s theory, Kant’s theory proposes that it is not very possible to achieve the supreme good in one’s lifetime. He suggested that humans must achieve this good in a life after death. This proves that their theories regarding how to achieve the supreme good differ considerably. Emmanuel Levinas was a Jewish philosopher of the 20th century. He observed that the West focused on the Unity of Beings, not the Hebrew infinity. The Hebrew Infinity focuses on uniqueness and singularity of things which gives them identity. Levinas based his ethics on this concept. Levinas believed one encounters the good or God in all individuals or in creation. He said one needs to recognize these traces, accept them, and respond to them. He talked about the thrill of astonishment, which is a face to face experience that touches one deeply. Additionally, he suggested that the face of the stranger (the Other) demands that you recognize it and provide it hospitality. Thus, the face becomes ethical. He had this whole idea of promoting freedom rather than limiting it. He believed that the face is a â€Å"trace of God† that refuses to use power. Instead, the face calls one to be responsible by humbly beckoning those that passes by. Kant also had similar theories as Levinas because both of them emphasized that God is necessary for a person to act ethically. In other words, they included God in their search for the good. Kant believed one cannot do this without God, whereas Levinas believed humans are motivated by God to do good. With the concept of the Other, Levinas suggested that humans have a responsibility to respond with caring and compassion. Similarly, Kant also believed in caring and compassion because he believed in the Universal Law– if it is an act that is good for everyone, then it is good for an individual. It is evident that Aristotle, Immanuel Kant, and Emmanuel Levinas were three philosophers who sorted out various ethical approaches that aided them in their search for the good. Despite the fact that they have several similar theories, each philosopher has many unique theories that will continue to help future generations learn to live ethically and to ultimately achieve the greater good.

Green Mountain Coffee Roasters and Keurig Coffee Course Essay

Company Information Company Name – Green Mountain Coffee Roasters and Keurig Coffee Website – http://www.greenmountaincoffee.com Founded in- 1981 Background/History/Company Timeline 1981- Green Mountain Coffee Roasters was established with a small coffee shop. 1993- Green Mountain Coffee Roasters, started publicly traded on NASDAQ national stock market. 2006- Green Mountain Coffee Roasters, Inc., Acquire KEURIG Coffee Company and started manufacturing single cup coffee. 2010- Green Mountain Coffee Roasters, Inc. Acquired Diedrich coffee and also bought Van Houtte coffee services company. 2011- Green Mountain Coffee Roasters, Inc. sold Fresh Filter US coffee services potion of Van Houtte business to Aramark. Green Mountain Coffee Roasters, Inc. manages its operations through SCBU (Specialty coffee business), KBU (KEURIG business unit), CBU (Canadian business unit) operation units. SCBU makes and sell coffee, hot coco, tea and several other beverages. KBU focus on single cup brewing system which includes coffee, tea hot chocolates. CBU take cares of Canadian market. They sell coffee and tea with other beverages. Mission and Values of GMCR. â€Å"PURPOSE: We create the ultimate beverage experience in every life we touch from source to cup – transforming the way the world understands business. Our MISSION: A Keurig ® brewer on every counter and a beverage for every occasion. Our VALUES: We partner for mutual success. Our boundary  less approach to collaboration creates benefits for all.† (www.keuriggreenmountain.com) SWOT ANALYSIS Strength 1 Strong product portfolio and leader in the market. 2 Loyal customers. 3 All products contribute strong revenue growth. Gives a strong competitive advantage. 4 Corporate image built on strong sustainability initiatives. 5 Good financial strength. Weakness 1 Dependency on china for single cup brewer is a big draw back. 2 Dependency on some retailers companies which are the big potion of revenue. 3 Cost of the products is very high reference to single use at home. 4 Patents of all the sub companies are not so easy to maintain. Opportunities 1 Have several opportunities in the field of different drinks. 2 Have further opportunities to expand to different part of world. 3. Strategic agreements to bolster revenues. Threats 1 Completion in the segments of Coffee is very high. 2 More acquisition there is more challenges to maintain brand value. 3 Demand of high quality coffee is very high. Shortage of coffee beans will be a task. Analysis VIA Porter’s Five Forces Model Porter’s five force model is a good analysis tool for examine the competitive environment. Competitive environment is describes in terms of 5 forces. The threat of new entrants- Customers has new choices day to day. To fulfill the requirement Green Mountain Coffee Roasters needs to be very competitive. They need to find out new products. There are several low cost products in the market which is attracting local public. This can be a threat and Green Mountain Coffee Roasters needs to find out a way to reduce the cost and maintain the quality. Single-cup brewing will have more competition. Some of the companies have good financial resources and good marketing than Keurig. Some of the competitors are Flavia Beverage Systems they are the manufacturer of Mars, Senso brewing system etc. The bargaining power of buyers- Loyal customer is very important for a successful business. Green Mountain Coffee Roasters provides the customers the best they want and the way they want. So buyers are ready to pay the cost. There is less bargaining because of loyal customers. O customers. They may look at some alternate products. But still number of choices is fewer Buyers find very difficult to switch the company as they will not find what they need. So they try to stick with one. This is a competitive advantage to them. Competitors cannot provide what fresh direct can provide. Low dependency on distributors is an added advantage with Fresh Direct. This will reduce the bargaining power of buyers. Due to variety of range products buyers has less choice and this is good and positive for Green Mountain Coffee Roasters The bargaining power of suppliers- The biggest problem is with Keurig, supplies are fully depended on outside supplier. They have only one supplier from China. They can rule GMCR and can affect deliveries and quality. This can over all affect the company performance and business. The threat of substitute product and services- Company has an advantage in their field. There is very less strong competition. They are the leader in the coffee segments. There are several companies who have lowered process cost and cost of the product. They may give strong competition to them. The intensity of rivalry among competitors in an industry- Other manufacturer started giving good offers with comparison to Keurig was offering. Market started to become overpower. This created confusion between customers. They don’t know what product is best.  They were victim of competition. Strategy Used GMCR has strategically taken a good move to expand its business in broader way. The first strategy they used was acquisition of other coffee brand. They acquired Tully’s coffee brand and later they also acquired Timothy’s Coffee. GMCR focused on individual customer in home and offices. They have launched different products which can be used in offices and home. By doing this they have expanded there market share very broadly. â€Å"There were approximately 2.6 million coffee brewers in offices nationwide serviced by a network of approximately 1,700 distributors. Of those offices, GMCR estimated that 12 percent had single-cup brewers, and about half of those were Keurig brewers.8 While Keurig brewers were estimated to be in 30 percent of offices in New England, national penetration in the office channel was only about 6 percent.† (Dess C301) GMCR has covered hotel industry in broader way. They have several hotels in North America which use GMCR products. This was one of the best strategies which worked for expansion of their product range. Issues and Challenges Facing this Company Following issues and Challenges are being faced by GMCR. a) Manufacturer and trade risk- GMCR products are manufacturer in China. They are under risk of delivery and cost. Fully depended on those companies. Any production delay will direct affect the profitability of GMCR. b) Foreign exchange rates may affect the end product cost. c) Government policies and relationship with both country may affect the business. d) Product recall and product liability is a potential danger. Any quality compromise by manufacturer will directly impact GMCR. e) Loosing competitive advantage of GMCR because the products are manufactured in China and possibility of losing technology secrets. f) Risk of Integrated Acquisitions- Lot of risk is there to manage acquisitions, because of company culture and business. g) Risk of fluctuating commodity cost- Fluctuation in commodity will affect the price of Coffee. This can impact  the price of products. h) Risk of coffee availability- there are some very high quality coffee beans (Arabica coffee beans), unavailability of this beans may affect the business of GMCR. Course of action recommended a) Should be very careful while doing acquisitions. Need to look the country culture, company culture and past background. b) Need to develop an alternative of China for manufacturing the products. It can be India. Dependency with china should not be there. c) Need to add different products and expand their list of product based on customers’ requirements. d) Keep closer look on competitors and there technology. e) Keep on improving the products by doing research and development. f) Cover every segment of people with something new for them. Opinion â€Å"As a leader in specialty coffee, coffee makers, teas and other beverages, Keurig Green Mountain (Keurig) is recognized for its award-winning beverages, innovative Keurig ® brewing technology, and socially responsible business practices. The Company has inspired consumer passion for its products by revolutionizing beverage preparation at home and in the workplace.† My opinion GMCR is one of the strongest companies. They have strong financial and strong management. They have a strong strategy which can kill all there competitors. They know how to manage Acquisitions. They have very strong backup with strong companies. They have very loyal customers and keep on adding day by day. They are in offices, house, hotels, restaurants and everybody’s heart. They need to work on their strengths and work in new products to surprise there loyal customers. (March 2014) References 1) Keurig Green Mountain, Inc. Launches 2013 Sustainability Report with New 2020 Targets. March 2014. http://investor.keuriggreenmountain.com/releasedetail.cfm?ReleaseID=832189 2) Dess. Strategic Management text and cases, 6th Edition. McGraw-Hill Learning Solutions, 2012. VitalBook file. 3) http://www.keuriggreenmountain.com/en/OurCompany/OurValues.aspx