The arguable area of Financial Research in the use of Capital Structures - Free Essay Example

Sample details Pages: 18 Words: 5437 Downloads: 6 Date added: 2017/06/26 Category Economics Essay Type Research paper Did you like this example? Capital structure is one the arguable area of financial research and the mystery of debt and equity equation in firms capital structure is not completely clarified. However, the tax shield benefit of debt financing obviously accepted and understood by both financial managers and researchers. There are three approaches of capital structure. Don’t waste time! Our writers will create an original "The arguable area of Financial Research in the use of Capital Structures" essay for you Create order At on extreme, net income (NI) approach (Durand, 1952) states that firm can lessen its cost of capital and thus increase its value by debt financing. In contrast, net operating income (NOI) approach, also proposed by Modigliani and Miller (1958) claims that firms value and capital structure are independent and debt and equity financing create the same value. Solomon (1963) introduced intermediate approached of capital structure, also known as traditional approaches, which explains that the firms value increase when financial leverage rises and it becomes constant on designated level of debt and finally the firms value decrease. In fact this approach holds the concept of optimal capital structure. In other word, the companies should have a target capital structure and follow it in order to increase firms value. Various theories of capital structure have been developed during past five decades that mainly tried to illustrate relation between capital structure and firms value, and al so find important factors of effect capital structure selection. At the same time, vast amount of empirical studies have tried to test and confirm capital structure theories, however, they have shown various results regarding effectiveness of these theories. The aim of this chapter is to introduce the primary theoretical themes that have evolved to explain capital structure vagueness. It is also intended to review the main empirical research that have been studied to test correlation between firms characteristics and capital structure to present some of the evidence that have been collected. The structure of this chapter is as follows. Main capital structure theories are explained in section 2.2, in section 2.3 firms characteristics and capital structure are discussed, and results of selected empirical studies are reviewed in section 2.4. 2.2 Capital structure theories Modigliani and Miller (1958) introduced modern theory of capital structure known as MM theory that basically considered as a foundation of modern corporate finance. Modigliani and Miller theorem consist of two distinct propositions under certain assumptions. The two propositions declared under assumption of perfect capital market and in the absence of bankruptcy cost, transaction cost, symmetry information and the world without tax. MM Proposition I: argue that the firm value and capital structure are independent, it means that whatever capital structure selected for the firm the value would be the same. In other word under this proposition, the value of levered firm (VL) is the same as unlevered one (VUL) and managers should not worry about the firm capital structure and they can freely choose whatever composition of debt and equity. VL=VUL MM Proposition II: claims that cost of equity increase with leverage because risk to equity rise as well, so weighted average cost of capital remain constant as lower cost of debt compensate with higher cost of equity. In other world, cost of equity remains constant with any degree of leverage, and it is a linear function of debt equity ratio. However, Modigliani and Miller (1963) evolved their propositions under presence of corporate tax rate (t) while keeping other assumptions. They argue that the value of firms increase with rise of financial leverage as they do not pay tax on their interest paid (D) to debt holders. Furthermore, weighted average cost of capital is not constant and result of linear function of debt to equity ratio. Because ,firm do not pay tax on interest paid to debt holders ,weighted average of cost of capital decreases as financial leverage rises. VL=VUL+ tD Friend and Lang (1988) states that there is a negative relation between profitability and Debt which is inconsistent with MM theory as the more profitable firm should use more debt in order to increase tax shield benefit of deb t. Modigliani and Miller propositions are difficult to test directly (Myers,2001).Furthermore, Fosberg and Paterson (2010) points out MM theory have been rarely tested by researchers in an exact form described by MM; however there has been some testing of application of theses propositions. Fosberg and Paterson (2010) tested MM equation in the exact form specified by MM and concluded that: ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦neither the MM tax nor the no-tax valuation equations are accurate predictors of firm value. Specifically, the value of the unlevered firm accounts for much less of firm value than predicted and the sign of the coefficient of the interest tax shield variable is negative, instead of positive as MM predict. However, MM theory is not applicable in real world with transaction and bankruptcy cost. 2.2.1 Pecking order theory The pecking order theory (Myers and Majluf, 1984) is a capital structure model based on asymmetry of information between insiders and outsiders that first introduced by Donaldson (1961). The main idea of this theory is that managers have private information about firms performance, projects and prospective which are not available for outsider investors, so the selection of firms capital structure shed light on outside investors about information of insiders. Consequently, investors will perceive investment decision without issuing securities as a positive signal, while they considered issuing share as negative sign that reduce share price which they willing to pay. The information asymmetry may bring about manager give up positive NPV projects in order to avoid share price falling, since they assume to act in interested of shareholders. To eliminate this underinvestment problem, managers try to finance new projects in a way that is not undervalued by market. According to this th eory (Meyer, 1984), there is no specific target capital structure for the firms. It states that in pecking order model firms adopt hierarchical order of financing, which means that managers prefer internal financing over external financing and debt over equity whenever external funding is unavoidable; also mangers prioritize short debt over long term debt. Internal funds compel no floatation cost and need no disclosure of financial information and firm prospects including firms potential gain and investment opportunities. The pecking order theory envisages that amount of debt goes up when investment exceeds internal funds and decrease when amount of investment is fewer than internal financing resources. So as long as firms cash inflow exceed firms capital expenditure, there is no need for external financing. Since introducing pecking order theory in 1984, some empirical studies have been conducted to test this theory, Shyam-Sunder and Myers (1999) studied small sample of firms fr om 1971 to 1989 and find supporting result for pecking order model. Frank and Goyal (2003) used a large sample of the firm and find less supportive result for pecking order theory .However, they point out that larger firms show better pecking order model performance than smaller firms which is in line with to pecking order theory. Since smaller firms have higher potential for information asymmetry than larger firms, which is main deriver of pecking order theory. De Jong et al (2010) studied US firm over 1971-2005 and find that small firms do not behave according to pecking order theory that support notion of asymmetry information in pecking order model. Vidal and UGED (2005) describe limitation for Myers and Majluf (1984) model of pecking order theory. Firstly, they claim that Myers and Majluf model refers to American market which firms offered their share mostly through firm commitment underwriting and not right issue .Hence, when the share price is undervalued, the wealth shift form current share holder to new share holders, while in right offering current share holder can benefit from priority of buying share which reduce probability of wealth transfer. Secondly, they argue that this theory mainly describes listed companies and relinquishes non listed companies. Basically small -medium enterprise (SME) have limited access to capital market (Holmes and Kent, 1991) and financing choice for them is restricted to retain earning and loan. Fama and French (2005) challenged pecking order theory as they find companies issue equity frequently and issue equity even when the internal funding is available or they can issue debt. 2.2.2 Trade off theory This theory holds (DeAngelo and Masulis ,1980) an optimal capital structure based on balance between advantage and disadvantage of debt financing. In other word the optimal capital structure is a debt equity ratio that benefits of debt compensate with financial distress arising from marginal debt. Advantage of debt financing: Debt financing reduce amount of tax revenue as a portion of interest paid to creditors (Modigliani and Miller, 1963), moreover it lessen agency cost between shareholders and mangers. This kind of agency problem refers to interest conflict between owners of firms and managers (Jensen and Meckling, 1976). This theory state that corporate manager, agents, will follow their own interest ,they looking for high salary, job security, prerequisites , better facility and may even assets and cash flows of the companies. Furthermore, managers tend to increase investment and develop the size of the company even if there is no benefit for the shareholders. This behavior of manager is known as empire building. However investors can control agent by methods of monitoring and controlling, but these methods are more costly and subject to decreasing return. Based on Free cash flow theory(Jensen ,1986) debt can reduce this kind of agency cost, in a way that company must pay interest to creditors which reduce available cash flow to the managers. So, instead of inefficient use of money by managers part of cash flow is given to creditors. Disadvantage of debt financing :The disadvantage of financial leverage comprise of bankruptcy cost and agency cost occurring between shareholders and debt holders (Jensen and Meckling, 1976) .This sort of agency cost arising from interest conflicts between shareholders ,or their agents, and debt holders. If investors perceive this kind of risk, they demand higher return for their investment which consequently increase cost of debt financing. There are three types of conflicts happen between bond holders and sharehol ders. The first conflict is asset substitution problem (Jensen and Meckling, 1976) .in which manger has incentive to take riskier projects when amount of debt increase. it is simply because if project succeed ,shareholders obtain benefits and ,if project fail debt holder get disadvantage since shareholders have limited liability. The second conflict is wealth transfer from debt holder to shareholders (Smith and Warner ,1979) in a way that board of directors , as representative of shareholders, increase amount of dividend as expense of debt holders. Third conflict between shareholders and debt holder is underinvestment problem (Myers,1977) that mainly occur under financial distress .Since under this situation gains from new projects is taken by bond holders ,shareholders have less incentive to undertake these projects even with positive present value. According to trade off theory profitable firms should use interest tax shield as they have more taxable income (Myers, 2001). In ot her word, trade off theory doesnt support negative relation between profitability and debt. Moreover this theory is consistent with some clear fact, for instance, the companies with moderately safe, tangible assets tend to use more debt than companies with variable and intangible assets. Figure 1 2.3 Determinant of capital structure There are different factors that can affect firms capital structure. These factors can be classified in two groups as external and internal factors (Antoniou et al, 2002). The external factors arising from firms environment and basically could not be controlled by firms mangers such as countrys economic, institutional factors. Rajan and Zingales (1995) find that institutional factors including tax code, bankruptcy law, and development of capital market affect firm capital structures. Holmstrom and Tiroles (1997) argue that small firms have tougher constrain than larger firms for external financing, and so, macroeconomic and institutional factors have higher impact on their leverage . Demirg and Maksimovic (1995) investigate relationship between domestic capital market development and firm leverage and find significant negative relation between domestic market development and leverage. Schmukler and Vesperoni (2001) studied relation between counrys financial liberalizations and l everage .They find that financial librization do not change leverage ratio ,but it change debt structure and rises portion of short term debt. Deesomsak et all (2004) studied determinant of capital structure among Asian pacific countries and find that capital structure is affected by firm environment. They show that 1997 Asian economic crisis have had a significant effect on firms capital structure . .Voulgaris et all (2004) studied determinant of capital structure of Greek companies and find that strict monetary and fiscal regulation have more impact on small firms than large firms. De Jong et al (2008) studied determinant of firm capital structure across the world and demonstrate that specific determinant of capital structure vary across the counties and also shows countrys specific factors have indirect effect on firm specific determinant of capital structure. Internal factors are those attribute that can be controlled, may not completely, by firms managers such as firms chara cteristics. This study focus on important factor of capital structure in both developed (Rajan and Zingales, 1995) and developing (Booth et al,. 2001) countries including asset structure, profitability, growth opportunity , liquidity,and business risk. 2.3.1 Growth According to pecking order theory growth and leverage have positive relationship. The main idea behind this relationship is that growth firms need more fund than lower growth firms ,and hence, they probably require external financial recourses ,and preferably debt financing, for new projects ( De Jong,1999). Jung et al. (1996) argue that firm with growth opportunity should use equity financing in order to reduce agency cost between managers and shareholders. Whereas companies with less growth opportunity should use debt financing (Stulz,1990). Organizational life stage theory is another explanation for growth opportunity and debt financing. In fact organizational life stage theory design for strategic management field ,but there is a rational link between this theory and capital structure . The simple premise of organizational life stage theory is that firms, the same as living creature, have different life phases and pass through startup , growth, maturity and decline stage (Bl ack ,1998). It states that business risk reduce over firm life stage as firm become more stable and it allow financial risk rises (Bender and ward, 1993). In other word there is a negative relation between business risk and financial risk which is mainly concluded from trade off theory of capital structure. Hence ,based on organizational life stage theory, firms should finance with equity in earlier stage and use more debt as they develop. Chang et all (2009) studied determinant of capital structure and find that growth is the most important determinant of firms capital structure. Relationship between growth opportunity and debt has been studied by many researchers. Long and Malitz(1985) ,Titman and( Wessels 1988) Chung (1993) ,Rajan and Zingales (1995),Barclay and smith (1999) find that there is a negative relation between firm growth opportunity and leverage. While Hall et al. (2000) demonstrate that growth opportunity is positively related to short debt ratio and negatively re lated to long term debt ratio. 2.3.2 Asset structure Asset structure is another determinant of capital structure. There are mainly two groups of asset, tangible and intangible, and each group of assets has own effects on firm capital structures. As tangible asset can be used as collateral , companies with more tangible assets can use debt as financial resources with lower cost . Furthermore, tangible assets reduce moral hazard risks ,because tangible assets convey a positive signal to creditors in case of firms default and selling of firms assets. According to trade off theory, when tangible assets use as collateral, reduce bankruptcy cost which turn increase credibility and accessibility to debt market . Also based on pecking order theory tangibility reduce asymmetry information between insider and outsider. Pecking order theory predicts positive relation between tangibility and debt financing. However, Berger and Udel (1994) ague that firms who have close relationship with creditors need less collateral, because they convey more in formation to creditors and reduce asymmetry information risk. While majority of studies show positive relation between tangibility and leverage ( Rajan and Zingales, 1995; Frank and Goyal, 2003;Niu.2008;Liu et al 2009), some studies demonstrate negative relation between tangibility and leverage (Booth et al, 2001; Huang and Song ,2002). It is state that relationship between tangibility and leverage affected by type of debt. Hall et all (2004) studied determinant of capital structure among European companies and find that tangibility negatively related to short term debt while positively correlated to long term debt. Also, Sogorb-Mira (2005) find supportive result for negative relation between tangibility and short term debt ,and argue that negative relation between tangibility and short term debt may explain with maturity matching principle, where firms try to finance fixed assets with long term debt and working capital needs with short term debt. 2.3.3 Profitability Profitability can effects debt financing in two directions .Based on pecking order theory there is a negative relation between profitability and debt financing. Since, profitable companies generated enough cash which turn can be used as source of internal financing. Shyam-Sunder and Myers (1999) argue that avers relation between profitability and leverage is consistent with pecking order theory. On the other hand trade off theory predicted positive relation between profitability and leverage. As profitable company generates more available cash for management opportunities for using cash inefficiency and unnecessarily manners that increase agency cost between managers and shareholders. So, Debt financing is the best remedy for overcoming this problem (Jenson, 1986). Effect of profitability on leverage has been studied by many researchers . Morri and Cristanziani (2009) studied capital structure of UK Property companies and assert that profitability is the most important determina nt of capital structure for UK property companies , and it aversely related to leverage.Many studies (Titman and Wessels 1988; Rajan and Zingals,1995;Fama and French 2002;Hovakimian et al 2004) find negative relation between profitability and debt level . Whereas some researchers argue there is positive relation between profitability and leverage. MacKay and Phillips (2001) state that leverage positively correlated with profitability. Gaud et all (2007) studied debt equity choice among European firms and find that ROA, as proxy of profitability, positively correlated with debt issue versus Equity issue. They argue that for European profitable firms, debt financing use as a disciplinary device for controlling mangers performance. 2.3.4 Liquidity Liquidity is another determinant of capital structure which has been described in many capital structure literatures. Based on pecking order theory firm s liquidity has negative impact on leverage. The rationale behind this relationship is that liquidity reduce need for debt financing as more liquid firms have more cash to use and vice versa. Also trade of theory predict negative relation between liquidity and leverage, since shareholder of firm with more liquid assets can easier use them at the expense of bondholders which create interest conflict for both parties. Myers and Rajan (1998) state when out side creditors face agency cost arising from high liquidity, they limit amount of debt available to the firm. 2.3.5Business risk Business risk can be considered as an influential factor on the firm capital structure choice. Business risk will increase financial distress cost and so rise cost of external financing. According to both trade off and pecking order theory ,there is a negative relationship between business risk and debt ratio. 2.4 Review of selected article 2.4.1 Review of main articles in developed countries The capital structure theories mentioned in the perviuos sections relate to effects of firm characteristics on capital structure. The empirical studies regarding determinant of capital structure started in 1980s and one the major studies was performed by Titman and Wessels in 1988 that studied determinant of capital structure among US companies from 1974 to 1982. They introduced an analytical model regarding important factors of capital structure selection and studied impact of firms size, uniqueness, asset structure, growth, profitability, volatility and non-debt tax shield on the firms capital structure and find that firm past profitability and uniqueness negatively related to debt equity ratio ,while firm size positively related to long term debt and aversely correlated with short term debt. They also indicate that firms asset structure, future growth, volatility and non-debt tax shield have no impact on capital structure choice. Another study which widely cited in capital struc ture literatures comes from Rajan and zingals (1995) research. They studied determinant of capital structure among G7 countries ( United states ,Japan ,Germany, United Kingdom ,Canada, Italy and France) and analyze institutional differences and impact of firms size, growth opportunity, profitability and asset structure on capital structure choice across these countries . Rajan and zingals (1995) find that firms size and tangibility positively correlated with leverage, while firms profitability and growth opportunity negatively related to leverage across G7 countries, except Germany where firms size negatively and profitability positively related to leverage. Their findings are consistent with capital structure theories, however in the case of Firms size and leverage in Germany, they do not find any rational explanation for their result. Miguel and Pindado (2001) investigates impact of firm and institutional characteristics on capital structure of Spanish companies based on trade off theory of capital structure .The target adjustment model was employed to clarify firm characteristics and institutional factors that affect capital structure. Financial information of 133 non listed Spanish companies for the period of 1990 to 1997 is used in this study. They used two proxies for leverage based on book value and market value of assets, and they employed four independent variables including no-debt tax shield, financial distress cost, investment and free cash flow. The results show that financial distress cost and non-debt tax shield negatively correlated with leverage while investment and leverage positively related. Also there is a negative relationship between cash flow and leverage which shows firm prefer to use internal source over external source of fund. Bevan and Danbolt (2002) studied determinant of capital structure among UK firms from 1987 to1990.They extended Rajan and zingals analysis of UK Firms by investigating impact of firms size, growth opport unity, profitability and tangibility on level of gearing and find the same result as previous Rajan and zingals did. Their study find that short term debt negatively correlated with tangibility, while long term debt show positive correlation. Furthermore, they find firm size aversely correlated with short term bank borrowing, and positively relate to long term debt and short term paper debt. Hovakimian and Tehranian (2004) studied determinant of capital structure by investigating dual equity and debt issuers from 1992 to 2000. They tested theoretical theories of capital structure including trade off theory, pecking order theory and market timing theory by examining impact of market and operating performance factors on firm optimal capital structure. Their result imply that firm with high growth opportunity have a low target debt ratio which is consistent with pecking order theory. On the other hand, in line with market timing theory, their result demonstrate that high stock retur n amplify possibility of equity issuing ,but possibility of debt issuing is not influenced by stock return. They also find that unprofitable firms tend to issue equity in order to counterbalance excessive leverage arising from cumulative losses. Gaud, Jani, Hoesli and Bender (2005) analyze determinant of capital structure for Swiss companies listed on Swiss stock exchange based on pecking order and trade off theory. They used financial information of 104 Swiss companies from 1991 to 2000. The study used two proxies for leverage based on book value and market value of total debt divided by total assets, and employed five explanatory variables including tangibility, growth, size , financial distress cost and profitability. The result shows size and tangibility positively correlated with leverage, while profitability and growth adversely related to leverage. The relationships between variables shows that capital structure of Swiss firm can be explained by both trade off theory and p ecking order theory ,however it is more in line with trade off theory. Also they claim that macroeconomic factors have important impact on capital structure.` Chang and Lee (2009) extended study of Titman and Wessels (1988) by applying Multiple Indicators and Multiple Causes (MIMIC) model and find more rigorous result than Titman and Wessels. They find that firm growth opportunity is the most important determinant of firms debt and equity choice which followed by profitability, tangibility, volatility, non-debt tax shield and uniqueness. However, firm size excluded from their study due to unmet statistical criteria needed by MIMIC model .Their study demonstrates growth opportunity and profitability have both negative and positive impact on leverage depending on measurement of growth opportunity and profitability. Also they find mixed result regarding relationship between uniqueness and leverage based on applying different proxy for firm uniqueness. 2.4.2 Review of selected articles in developing countries Eriotis (2007) explores relationship between firm characteristics and capital structure of Greek companies listed on Athens Stock Exchange (ASE). Numbers of 129 Greek companies that all listed in the market in 1996 and none of them was expelled during the period 1997-2001 were chosen in this study. They point out that debt ratio positively related to firm size. While, liquidity and interest coverage ratio are negatively related to leverage, also negative relation between the growth of the firm and debt ratio is observed. According to the results of the dummy variable, they find strong evidence that there is a capital structure differentiation among the firms which heavily use debt capital (more than 50 per cent of their total assets) and those that use less debt capital. Karadeni , Kandir , Balcilar and Onal (2009) studied capital structure of lodging companies listed on Istanbul Stock Exchange (ISE) based on pecking order theory and trade off theory. Financial information of fi ve listed lodging companies out of eight companies for the period of 1994 to 2006 and dynamic fixed effects panel data model were used in this study . Study finding shows that profitability, tangibility and effective tax rate are conversely related to leverage, while free cash flow, non-debt tax shield, growth and net commercial position have insignificant parameter estimates at the 5 per cent level and do not appear to be related to the debt ratio of lodging companies. The findings partially support the pecking order theory, however the capital structure of Turkish lodging company fully explained by neither trade off theory nor pecking order theory. Ramlall (2009) investigates capital structure of non-listed and non-financial Mauritian companies based on modified pecking order theory. He employed financial information of 450 non listed companies for the period of 2005 to 2006, however and final sample due to presence of outlier reduced to 395 firms. On interesting is that he use d nine dependent variables as proxy of leverage including total liability, long and short term liability, long and short term loan, long and short term lease, long and short term lease and overdraft. Also he employed eight exploratory variables including size, tangibility, profitability, non-debt tax shield, liquidity, age, investment and growth. The study find that non-debt tax shield, profitability and growth do not significantly correlated with leverage. In line with pecking order theory, tangibility and leverage have positive correlation; also liquidity has negative impact on leverage. Also he find that investment and lease positively related, but investment and loans negatively correlated. Moreover, age has negative impact on loan and debt. He find that firm firstly use lease and then get a loan ,also in case of leases firm use short term lease prior to ling term leases. Liu , Ren, and Zhuang ( 2009) studied determinant of capital structure of Chinese IT companies. They inve stigate relationship between six independent variables including firm size, tangibility, liquidity, profitability, growth potential and growth opportunity with firm leverage as a dependent variable. The study find firm size and leverage positively but not significantly correlated, profitability and leverage negatively correlated since firms use retained profit as a quickest financial recourse compare to security issuing. They find that there is a positive relationship between tangibility and leverage and negative relationship between liquidity and leverage. They claim that firm with higher liquidity ratio can use internal source of fund rather than external ones. The study shows that both potential growth and growth opportunity have negative but not significant relation with leverage. The study concluded that determinant of capital structure for Chinese IT firms are the same as determinant of capital structure in western companies. 2.4.3 Review of selected cross countries articles Deesomask,Paudyal and Pescetto (2004) investigate impact of country and firm specific factor on capital structure by selecting companies from four Asia Pacific countries which has different legal, financial and corporate governance systems, also investigate the potential influence of the 1997 financial crisis on the capital structure decision process. The sample consist of 294 Thai, 669 Malaysian, 345 Singaporean, and 219 Australian non-financial firms listed in the related national stock exchanges for the period of 1993 to 2001.They find that ,first firm size has positive impact on debt ratio, while growth opportunity, liquidity and business risk have negative impact on debt ratio. Second, the capital structure determinant is different among countries ,for instance firm size has no significant impact on capital structure of Singapore companies and profitability is the most important determinant of capital structure for Malaysian companies. Third, the 1997 Asian financial crisis ch ange role of country and firm specific factors, for instance the relationship between debt ratio, growth opportunity and non-debt tax shield with debt ratio is different during period before and after crisis. They concluded that capital structure not only influenced by firm characteristics but also influenced by countrys legal and institutional structure. De jong,Kabir and Nguyen (2008) analyze importance of both specific country and firm determinant of capital structure by using sample of 42 countries. Financial information of 11845 companies from 42 countries which were chosen equally from developed and developing countries for the period of 1997 to 2001. They choose seven independent variable including ,profitability ,tax ,tangibility, growth, risk ,liquidity and profitability in order to clarify impact of firm specific factors .Furthermore they employ thirteen country specific factors including creditor right protection, legality, bond market development ,stock market develop ment, GDP growth rate, Market based financial system, efficiency of judicial system, Standardized enforcement, corruption, capital formation, shareholders right protection and rule of law. They find that tangibility, risk, profitability, size and growth as firm specific factors are significant predictors of capital structure in line with capital structure theories. Also they specify that GDP growth rate, Bond market development and creditor right protection have significant impact on leverage. 2.4.4 Review of main articles in Iran Bagherzadeh (2004) studied determinant of capital structure of Iranian listed companies based on main capital structure theories . financial information of 158 out of 252 companies listed on Tehran stock exchange from 1999 to 2003 employed in this study. Four independent variables including profitability, tangibility, growth opportunity and size against one dependent variable based on book and market value were used in this study. Findings show that leverage has a positive relationship with profitability , tangibility and size, while it has a negative relationship with growth opportunity. Results didnt support capital structure theoris. Salehi and Biglar (2009) impact of firm performance on capital structure of Iranian listed companies by applying different theory of capital structure .Financial information of 117 companies listed on Tehran stock Exchange for the period of 2002 to 2007 selected in this study .Five independent variable selected in this study including return on i nvestment (ROI),return on equity (ROE),resturn on stock (RET),earning before tax to sale ratio ( EBT/sale),operational profit to sale (OPR/sale). Three measures of leverage used in this study based on book value ,market value and adjusted market value.The results show negative relation between ROI and all three measure of leverage and ROE and RET have positive relation with book value ,while they have negative relation with market value and adjusted market value .Both EBT/sale and OPR/sale have negative relation with all three measure of leverage .The Reasons behind using of debts by Iranian companies may be constant interest rate in any level of debt and risk. Totally, with respect to observed link between capital structure and performance, the conclusion is that company that has high profitability and good performance have less debt. Shahjahanpour,Ghalambor and Aflatooni (2010) examines capital structure of Iranian listed companies based pecking order and trade off theory of ca pital structure. Financial information of 248 out of 449 compnies listed on Tehran Stock Exchange for the period of 2007 to 2008 and follwing regression model were used in this study. Y=ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0 + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1(Liq) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 (Etr) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 (Pr) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 (Ndts) + e Four independents variables used in this study including liquidity (LIq), Effective tax rate (Etr), Payout ratio (Pr) , Non debt tax shield ( NDTS) and firm Uniqueness which which has been excluded due to data limitation . Moreover two proxies as Short term debt ratio (STDR) and long term debt ratio (LTDR) employed in this paper. Findings show that 79 percent of variation in short term debt ratio and 49 percent of variation in long term debt ratio were explained by independent variables .Results demonstrate that liquidity ,payout ratio and effective tax rate have significant effect on both short term and long term debt, while non-debt tax shield has non significan ce effect. In line with pecking order theory reverse significance relation between liquidity with both short and long term ratio observed ,Also positive significance relation between payout ratio and long term debt observed . Furthermore positive relation between effective tax rates observed. All in all, 60% of the results are in line with the pecking order theory, and the 40% are consistent with the static trade off theory. So, Iranian capital structure decisions are better explained by pecking order theory over trade off theory.

Essay on Censorship of Film and Television - 646 Words

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Changing Views on Homosexuality Free Essays

If you live in a metropolitan city like Atlanta, as I do, you may notice that the gay culture is mixed in with the rest of the multi-cultural happenings of the city. Having a large gay community is just another unique feature to Atlanta, GA. Although other cities may not have as large a grouping, the gay community is growing across the states. We will write a custom essay sample on Changing Views on Homosexuality or any similar topic only for you Order Now Men and women are feeling more open to express their homosexual lifestyle and this is in part due to the changing views of sexual behavior and homosexuality. Homosexual behavior is defined as sexual behavior with a member of one’s own sex (Sarason Sarason, 2005). Prior to the 1970s, homosexuality was considered to be a diagnosable psychiatric disorder and was listed in the DSM (Diagnostic and Statistical Manual of Mental Disorders). Homosexuality was viewed almost as a disease that people needed to be cured of. Research revealed that homosexual men and women did not differ in psychological adjustment from heterosexual men and women (Sarason Sarason, 2005). There has been the debate of whether a person is born gay or if homosexuality is a learned behavior. In my opinion, I believe that a person is born gay and does not chose or learn this sexual behavior from others. I’ve witnessed a relative grow up and noticed behavior as child that suggested he may be gay. As an adult, he informed the family that he is in fact gay. This came as a shock to no one and when asked when he knew he was gay, he stated that he knew all along. It is thought that if people no longer viewed homosexuality as a behavior that people chose to partake in, that less emphasis would be placed on trying to â€Å"cure† homosexuality. Dr. Glenn Wilson and Dr. Qazi Rahman, authors of the book Born Gay, state that there is no single gay gene, but genes do contribute and consider the effect of sex hormones to which fetuses are exposed in the womb (Ahuja, 2005). Wilson and Rahman feel that sexual orientation is fixed at birth and that any evidence-based scientist would agree (Ahuja, 2005). With more people understanding that sexual orientation is innate rather than learned, viewpoints on homosexuality are shifting. Our society is slowly becoming more accepting and placing less of a stigma on homosexual behavior. In the past there were no rights for gays wanting to marry, but now gays in Massachusetts can legally marry. In Vermont and other parts of the world, gay men and women now have the right to enter into legal partnerships that give them some of the same protections and responsibilities of marriage (Sarason Sarason, 2005). Past opinion polls have resulted in some Americans saying that gays cannot be considered good role models for children (Sarason Sarason, 2005). Some people have thought that a child’s sexual orientation could be affected if the child had gay or lesbian parents. Research on child adjustment in homosexual households provided results that did not differ from children raised by heterosexual parents (Sarason Sarason, 2005). Dr. Ellen C. Perrin feels that children raised by gay or lesbian couples do just as well as children raised as by heterosexual couples. â€Å"In some ways children of same-sex parents actually may have advantages over other family structures†, says Perrin (Chang, 2005). Studies conducted on homosexual couples show that lesbian couples share household responsibilities equally and that children adjust better when there is an equal division of labor (Chang, 2005). Raising healthy, well-adjusted children and understanding that homosexuality is an innate behavior are just two examples of why attitudes towards homosexuality are changing. Although there is still room for improvement in terms of accepting gay culture, strides are being made compared to earlier attitudes. To me the most significant change is understanding that homosexuality is not a disorder, it represents a person’s sexual orientation. References http://www.webmd.com/mental-health/news/20051012/study-same-sex-parents-raise-well-adjusted-kids How to cite Changing Views on Homosexuality, Essay examples

Othello and King Lear A comparison Essay Example For Students

Othello and King Lear: A comparison Essay If Shakespeare was alive today it is certain that there would be a lotwritten about him. We would read reviews of his new plays in newspapers,articles about his poetry in the literary papers, and gossip about his love lifeand his taste in clothes splashed across the glossy magazines. His views abouteverything under the sun, from the government to kitchen furniture, wouldprobably appear regularly in the colour supplements. His face would be familiaron television talk shows, his voice well-known from radio broadcasts. Therewould be so much recorded evidence about his life and his opinions that it wouldnot be hard to write about him. Shakespeare, however, lived some four hundred years ago in the reign ofQueen Elizabeth I, when there was no tele-vision or radio, nor even anynewspapers as we know them today. Although he was respected as an importantperson in his own lifetime, nobody ever thought of writing about him until wellafter his death. And Shakespeare did apparently not believe in keeping a diaryeither. So it is largely by luck that the little evidence we have, such as theentry of his birth in the parish register, has survived at all. And yet, by looking carefully at contemporary pictures, by readingcontemporary accounts, it is possible to get a good idea of how the boy whosebirth is recorded in the Stratford register of 1654 grew up into the man whowrote such famous plays still known all over the world, as we type. English

The Easter Parade Review Essay Example

The Easter Parade Review Paper Essay on The Easter Parade Classic is a classic, thats it. And let it be, and the 20th century. The author of this I discovered thanks beckoning inscriptions on the book, saying the greatest American writer of the 20th century .I certainly did not believe it, but the book still bought.  «Easter Parade captures the very first page. However, on top of tragedy no tie did not foretell. The average American family, We will write a custom essay sample on The Easter Parade Review specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Easter Parade Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Easter Parade Review specifically for you FOR ONLY $16.38 $13.9/page Hire Writer everyday girls problem, it is standard for all women desire. But, until such time as the track two sisters are not separated in different directions. one in the direction of education, the other in the direction of hearth ». Which option as you seem to be able to provide in the future a good life? to you vybrali- not you make a mistake After reading, I am reminded that there is a Sufi parable, or what that old saying, :.  «who is not entered into lock- wants to get there, who in the castle- wants to go out .Takova human nature. So in the book -ploho and there and there. I have a question: At what stage of life, we need to take control of events in their own hands? Should we let control over events? After all, Yates, it turns out that taking his life under control is extremely difficult. It is very difficult to catch that moment, and when the fact is your life derailed The author has a unique gift to transfer the relationship between people and the unsaid, which we usually silent to translate the pages of books The language of the narrative is very simple, easy to read, but not primitive. I recommend definitely to Russian classics masterpiece Yeats far, he hardly even worthy of dusting with boots Dostoevsky, but the book is in the spirit of the time, easy to read, swallowed in one night, leaving the after taste and different thoughts in my head.

Record Label and Napster S Strategy Essay Example

Record Label and Napster S Strategy Essay Example Record Label and Napster S Strategy Essay Record Label and Napster S Strategy Essay Napster, developed in 1999 by Shawn Fanning, is a program that allows music to be traded over the internet. People were able to share high quality digital copies of music recordings over the internet using Napster. Napster did not store the recordings, however. It allowed its members who were logged onto the service to choose from an index of songs. Napster was one of the most popular sites on the internet. The site had some 15 million users in a year’s time. Many college students downloaded so many songs that many colleges had to block the site from their system. A year after its launch, Napster was sued by the Recording Industry Association of America (RIAA). The RIAA represents major recording companies. The RIAA claimed that copyright laws were violated by Napster for allowing users to swap music recordings for free. The RIAA sought to stop the downloading of copyrighted songs, as well as damages for lost revenue. Song swapping had cost the music industry more than $300 million in lost sales. A few months later, Napster was sued by a heavy metal band, Metallica, and rap star Dr. Dre. They were suing Napster for copyright infringement. In 2000, a judge granted the request of the RIAA and ordered Napster to stop making copyrighted recordings available for download. This would have shut Napster down. Napster was granted a last-minute reprieve until the lawsuits could be tried in court. Despite its many claims, Napster was found guilty of direct infringement of the RIAA’s musical recordings. The company was ordered to stop allowing its millions of users to download and share copyrighted material without properly compensating the owners of the material (Ferrell Hartline, 2008). Napster later offered $1 billion to the recording industry to settle the lawsuit. Napster also agreed that $150 million would be paid annually for the first five years to Sony, Warner, BMG, EMI, and Universal, and $50 million annually was allotted for independent labels. The recording industry refused the offer. The industry wanted Napster to shut down for good. Napster tried many times to compromise with the recording industry, but to no avail. Napster filed for Chapter 11 reorganization in 2002. The company also tried to reach a deal with Bertelsmann AG, their strategic partner. A few months later, a Delaware judge blocked the sale of the company to Bertelsmann. Napster then laid off nearly its entire staff and proceeded to convert its Chapter 11 into a Chapter 7 liquidation. Many music labels were dabbling in online music distribution. Napster had clearly beaten them to it and had done so efficiently, which was the main problem for the company. It was obvious to the record labels that online distribution was here to stay. Napster’s name and assets were purchased by a company called Roxio. Roxio was a company known for its CD-burning software. Roxio had intentions to relaunch Napster as a fee-based service. Napster was renamed Napster 2. in 2003. Apple was one competitor for Napster, holding 70 to 80 percent of the online music market. Rhapsody holds 10 to 15 percent of the market, and Napster holds 5 to 10 percent of the market. The remaining portion is divided among several different companies (Ferrell Hartline, 2008). Napster’s strategy focuses on being a subscription-based revenue model. Computer users could download as mu ch music as they wanted for a fee of $14. 95 per month. Napster created partnerships with BellSouth, Ericsson, and XM Satellite Radio as a means to connect with untapped markets. Napster partnered with Tower Records Japan and launched Napster Japan in 2006. The company also began a partnership with Japan’s largest mobile phone company. About 90 percent of music downloads in Japan occur through wireless phones (Ferrell Hartline, 2008). Napster has shown interest in being acquired by another firm. Napster hired UBS Investment Bank to help with the sale. A SWOT analysis structures the assessment of the fit between what a firm can and cannot do (strengths and weakness), and the environmental conditions working for and against the firm (opportunities and threats). The SWOT analysis for Napster would consist of the following (Ferrell Hartline, 2008): Strengths Large music library Convenient and easy to use Strong brand name and reputation Weaknesses Lack of compatibility Pricing Limited areas of differentiation Opportunities New technologies Decline in illegal file sharing Rapidly growing market Threats Powerful competition New technologies Potential for disintermediation Looking back at the weaknesses listed in the SWOT analysis, one point that should be worked out is the pricing of Napster services. Napster is set up on a subscription-based model. If the price per subscription was cheaper, more customers would subscribe to the site. Napster offers the same basic services as some of the other big names in the online music distribution industry. Another area to refine would be the lack of compatibility. Napster is not compatible with all MP3 players, especially the iPod. Those with an incompatible player will not want to purchase the service. New technology is emerging every day. Napster should work on creating avenues that will allow music to be downloaded to wireless devices, such as the smart phone, PDAs and other handheld devices. Napster should put forth efforts to keep existing customers happy while also trying to expand the customer market. Keeping existing customers happy should always be a company’s top priority. Having a solid core of customers to build on is very important to the stability and success of the company (Business KnowledgeSource. com, 2010). By keeping the existing companies happy, Napster could offer a free one month subscription for those members who have been loyal to company for a certain amount of time. Flyers or inserts could also be placed in the packaging of MP3 players. This advertisement would entice users to connect with Napster for all of their music downloads. With this deal, new users could download up to five songs for free before having to sign up for a subscription. Napster could offer discounts to new users for a certain period of time. For instance, a new user could get the first three months at a discounted rate before paying the regular price. There are many ways for Napster to expand their customer base. Finding out which plans work and which plans do not work is the key.

Categorical Imperative Essay Example | Topics and Well Written Essays - 500 words

Categorical Imperative - Essay Example One communicates that absolute basic is a movement, which is ethically ideal for a person in a particular circumstance if and just if the individual's explanation behind doing the activity is a reason that he or she would will to have each individual follow up on in and comparable circumstance. This definition uncovers the idea of universalizability – which is the background of categorical imperative. It can be characterized as activity being moral in the event that an individual would recognize thusly of choice and activity being appropriate as this conduct could turn into a universal law. Another definition says that categorical imperative is an activity, which is ethically ideal for a person in a sure circumstance: just if is performing the activity, the individual does not utilize others only to advance his or her own particular goals and interests, additionally both regards and builds up their ability to act freely for according to their choice. The starting definition gi ves cautious thought on universal law. The second proposes an individual being more philanthropic and kindhearted, and less egoistic. Both these angles are essential. I assume the worldview ought to be actualized broadly to raise individual and societal proper conduct. Considering Kant's categorical imperative paradigm, it is a need to check what may be if everybody acted like that. The deontological ethics' epitome is that a moral estimation of an action is self-sufficient of its outcomes; along these lines the choice is not directed by them really.

Medical Marijuana Essay Example | Topics and Well Written Essays - 1500 words

Medical Marijuana - Essay Example Contextually, the use of marijuana has confronted with various significant issues owing to the reason of the infringement of federal law in different countries2. Thesis Statement In this paper, the legal issues concerning whether or not the existing medicinal marijuana program in California violates the federal law of the nation and the power of the federal government towards limiting the passage of laws linked with medical marijuana would be addressed. Moreover, the issue relating to the lawful right of raiding medicinal marijuana providers by the officials of law enforcement belonging to any state will also be addressed in this paper. Analysis or Discussion California has been viewed to be one of the states, which is certified towards using marijuana especially for medicinal purposes. In relation to analyze the legal issue concerning whether or not the violation of California’s current program relating to medical marijuana violates federal law, it has been viewed that the Ca lifornia voters enthusiastically passed the ‘Compassionate Use Act’ in order to legalize the substance i.e. marijuana particularly for medical purposes in the year 1996. It has been apparently observed in this context that California has been a foremost leader in adopting marijuana legally3.Before the year 1996, California prohibited the sale as well as the possession of marijuana but the state once again started to endorse in making limited drug usage for medical reasons only with the commencement of the aforementioned Act. The state considered this approach for the motive of delivering useful drugs to the patients at the time of any urgency. The Act was mainly established in order to persuade both state along with federal governments for adopting as well as implementing deliberate steps towards ensuring secure and sensible drug allocation to the patients in necessity4. There are various reasons for introducing the ‘Compassionate Use Act of 1996’ in Califo rnia. In this similar concern, the different purposes of the Act encompass ensuring that every seriously ill individual of California possesses the right to acquire as well as use marijuana especially for medical reasons and fostering both federal as well as state government towards utilizing a plan for delivering effective allocation of marijuana to all patients in need5. With regard to analyze the legal issue concerning whether California’s current medical marijuana program violates federal law, it has been apparently observed that federal law forbids the production, allocation as well as possession of marijuana by a significant level. In this regard, no exclusion has been facilitated by the federal law for using marijuana for medical purposes. The federal law strongly possesses the viewpoint that the substance i.e. marijuana is extremely addictive and most importantly does not bear any medicinal value. This critical standpoint of the federal government against marijuana ma y cause the medical practitioners to not recommend marijuana to be used for medical reasons under the provision of federal law. The federal laws concerning the use of marijuana have been identified to be quite serious and to be depicting severe punishment to those individuals who broadly engage in the

Cliffside Orchards Case Study Example | Topics and Well Written Essays - 2500 words

Cliffside Orchards - Case Study Example Cliffside Orchards generated its first profit in the year 1989. Then, the Hermans were operating as wholesalers. By the end of the year 1990, however, the Orchard recorded fewer profits as a result of a decline in crop yields. The Hermans decided to venture into farmer markets such as Sandpoint, Codalaine and Spokane. Jeff Herman stated that this â€Å"was a big change, emotionally and spiritually.† The couple states that when they began, 32 years ago, they lacked the technological advantages and technical knowhow that is enjoyed by many farmers today. Jeff, however, acknowledges Phil Unterschuetz’s publication on Organic Integrated fertility Management publication as a crucial guide that helped them through the numerous challenges that they faced over the past 32 years such as the Alar scare of 1989. The couple has witnessed firsthand the effects of unsustainable agriculture and the use of extreme chemicals in crop growth. As such, they have endeavored to adopt healthy crop growth practices for the sake of their children and the environment. The Cliffside Orchards has been a success story for farmers all over fighting for the cause of purely organic agricultural practices. Part of the couple’s objectives is to provide an example of how maintained organic practices can yield healthy and nutritious tree ripened fruit that is sweet.

A Study On Unethical Behavior In Sport Sport Essay

A Study On Unethical Behavior In Sport Sport Essay The most important thing in the Olympic Games is not winning but taking part; the essential thing in life is not conquering but fighting well. This phrase was said by the founder of the Olympics, Baron Pierre de Coubertin. Where has this Olympic message gone to? Nowadays, it seems like everyone is only interested in the medals. Where is the motto of the Olympics; Citius, altius, fortius swifter, higher, stronger, which can be interpreted as â€Å"striving to beat ones personal best† (Introduction: Its not the, 2010). When I was younger, and still competing, I remember people telling me that it is not important to win, but to take part. Nowadays, sport is all about money. If you have money, you can be better, stronger and more successful. But what about the ethical issue? Is todays sport with all the money, commercialization, drug abuse and bribing still ethical? Can we be sure that the winner is really the best, not just the one who paid off the referees, or the one who has taken performance enhancing drugs? In my opinion, sport in general has become more about the money than the true competition within the fair-play and has gone far beyond what was sometimes called a celebration of the fittest, therefore unethical behavior in sport industry has increased rapidly. Competition by itself â€Å"is not unethical†. It is normal that the success in the competition be rewarded. Competition is essential to sport as a good motivator; it pushes each individual to strive for his/her best. â€Å"Celebrating achievement† is also not unethical† either, â€Å"but it can drive some competitors to unethical behavior† (Introduction: Its not the, 2010). In current sport industry, there are many forms of unethical behavior starting from players and referees all the way to the media and fans. At first, we need to clarify what the fair play means, as a synonym to ethics in sport. In sport fair play â€Å"means using only tactics that are in accord with the spirit of the sport†. Unfortunately, many athletes do not follow this fair play rules to achieve the victory, but use other unfair methods, sometimes â€Å"dubious but legal, sometimes illegal. Players These days, professional players, athletes or sportsmen earn gigantic amounts of money. They do not only represent themselves as individual, but many times, they are the icons of certain brands. These brands create multi-million contracts with athletes in order to connect their brand with excellent performance of the athletes. Therefore, these athletes are put under enormous pressure, not only from their teams, but also from their sponsors. Besides this fact, many of the professional athletes represent the icons, or are role models to many young people all over the world, so the pressure is even bigger. This creates fertile conditions for unethical behavior, sometimes unintentionally, sometimes on purpose.   Being unfair, does not have to necessarily mean illegal, but it can still be referred to as cheating. Such forms of cheating may be distracting your opponents during the game or the race by saying different rude things to your opponents, also â€Å"misrepresenting ones skills is another technique, where you make your opponent over or underestimate you, which may benefit the athlete. These examples are not against the rules, but certainly could be referred to as unethical behavior. Another example of unethical behavior especially favorite among football players is called faking or simulation of the foul. This has been incorporated in to the rules of football because of the frequent misuse by players (Rules and Regulations, 2010). The most concerned unethical behavior among players is using performance enhancing drugs. This form of cheating is illegal, and doping controls cost international federations lots of money. Performance enhancing drugs â€Å"are any substance taken to perform better athletically†, or are also called anabolic steroids (Performance-Enhancing Drug, n.d.). The taking of such drugs not only enhances your performance, but it causes serious health problems. This issue is not only a problem of health of the abusers, but these athletes are role models for many young people, so if the case reveals, young people can copy their models in order to win. We are living in a very competitive world with everyone trying to push the borders. That is why many people start using drugs; they are unable to keep up with the others, who might also use doping. There is a long list of forbidden substances created by anti-doping agencies, but there is still a big controversy. Some of the medically prescrib ed drugs contain forbidden substances and even this is being misused (Guler, 2003). Taking drugs is unethical, but also very questionable, because the use of â€Å"enhancement substances†¦ dates back to Ancient Greek†, where athletes were taking some natural products to enhance their performance (Performance-Enhancing Drug, n.d.). There are debates, to create two categories of sport, one â€Å"clean† and another one where steroids will be allowed. Cycling is one of the sports where doping is used. Lance Armstrong has been accused several times for using such drugs, but it has never been confirmed. Many people think he must have taken something, because of his extraordinary performance at The Tour de France. Another case with the use of doping was revealed in 2003, it was â€Å"the biggest doping cover up†. In the 1988 Seoul Olympics, Ben Johnson, a Canadian sprinter, won a gold medal in a World record. But later, he was positively tested on a forbidden substance, so the medal was taken from him and given to Carl Lewis, the American athlete. But 15 years later, it was revealed that 19 American athletes who had not passed the drug tests â€Å"were allowed to compete at Olympic Games† from 1988 to 2000. Among them was Carl Lewis, who was given the gold medal, after Ben Johnson was disqualified (10 Drug scandals, 2003). As we can see in the table below, the number of athletes that failed the drug tests has an increasing potential. This is not a good sign for the sport, it gives bad impression. Many athletes that failed the tests publicly claim that the others are using it as well; they just have not got caught yet. I have had a personal experience with unethical behavior of players. When I was a cross country skier, I heard about some of my colleagues taking some kind of performance enhancing substances. I refused to be like them, because I believe in clean sport, and it was against my values and principles, but on the other hand, I was never the best. I think this is the issue of taking such drugs, which some people, even if they prepare, and train their hardest, never win, so they are frustrated and agree to take these drugs to equal to their competitors. Referees In this group, bribery is very common and unethical practice. Referees are also exposed to enormous pressure since there is a lot of money involved in the sport, therefore winning can sometimes be achieved by other way then just a matter of chance. If the team is about to fall out of the first league, or it is a very important match, referees might be bribed to make decisions in favor of only one party. Mostly this is the case in countries were referees have low salaries, therefore they are very vulnerable to accept a bribe. Referees should be honest, and their top value should not be money, otherwise they are very likely to be bribed (Guler, 2003).   Referee can also influence the game unintentionally, without being bribed. It is because referees are also only humans, and humans make mistakes. In some sports, referees have to make decisions in milliseconds, where technology is being used to help the referees out if they are not sure about the call. In hockey for example, there is also a video referee, in cases the main referees on the ice do not see what happened. Also in tennis, a new technological feature was introduced, a â€Å"Hawk-eye†, which is an â€Å"electronic line-calling system†. This feature is used when a tennis player challenges the line call. The questioned call is replayed on the screen, and the new call is then made (TENNIS: Hawk-Eye, 2007). Many people would like to see such feature in football, where a video- referee would be included, and there would also be cameras inside the net to show whether the ball passes the line or not in disputable cases. Betting is another situation, when referees are being paid off. There was one case in the NBA, where a referee was pleaded guilty in 2007 for receiving $ 5000 bribe in a betting case (NBA Referee Tim Donaghy, 2007). Media Television and the radio are also to be blamed for unethical behavior in sport. These two are the main form of commercializing the entire sport industry. The entire pressure we talked about before is derived from the media advertising and commercializing. It is questionable to what extent does the media tell the truth about the player or the team. The evaluations from the media can be biased as well. A private television can be a partner of a sport team, and they can intentionally create a better picture for their viewers about that concrete team. This is also very unethical. Sport journalist or commentators can favor one team or the other, and his evaluation of this team can be biased compared to the reality, and so the public may perceive it this way too. Media can very easily destroy the whole reputation of certain player or entire team (Guler, 2003). On one side, it is good to have media, because we can watch many different matches all over the world, but on the other side, the pressure of the media on the industry is enormous. While I was in the United States, I went to an American football match. I remember Notre Dame was playing against the Navy. It was a great experience for me, but what surprised me, that the game was interrupted by the referee, for the advertisement in the media. I thought it was kind of annoying, an also unfair for both teams of the game, because they were interrupted in the middle of the action. Fans This group is also connected to sport ethics, even though fans do not get any money from the actual sport, instead they have to pay to watch it. Some groups think that if they pay for the match, they have the â€Å"right to act against the rules†. For some fans it is hard to understand that not only their team must win, but also the opponent has the same chance to win. There are fans that †[believe] everything is fair for [their] team to win†, which is different from supporting the team. Such fans are called â€Å"hooligans† or â€Å"ultras† in Slovakia, and their actions are sometimes very unethical. Such fans are many times very aggressive either towards referees, players, innocent fans, or also to the property around (Guler, 2003). In Slovakia, it was this years ice- hockey play-offs between Slovan Bratislava and HC Kosice, where the Slovan fans pulled out a transparent with this heading: â€Å"Julo, is it true your girlfriend has cheated on you?† Julo is a Kosices goalkeeper, and I know personally his girlfriend. I think this was very unethical, very offending. Such a behavior should not be present at sporting events, because it is against fair play. This might be a failure of the organizers, and also of the law, because it is sometimes ridiculous, what the hooligans are capable of. As mentioned above, the sport environment is becoming more and more connected with unethical behavior. Sport as such, should be â€Å"creating unity, promoting values and community pride†. It can affect peoples lives and therefore, everyone involved in sport from coaches, parents, athletes, fans to referees should try to make it as fair and enjoyable as possible. Not only rules are important in sport, but also values and morals. It is essential for the coaches to teach their athletes what behavior is good and fair, because people have different values, and some of them cannot even distinguish between what is good and what is bad. According to Ms. Sandler, these four values are â€Å"the most important†¦in sport ethics†: fairness, integrity, respect and equity (Sandler, 2009). Integrity, according to Cambridge dictionary, means â€Å"having strong moral principles that you refuse to change†. Fairness means to treat people fairly and equally. Equity in a meaning that everyone should be treated equally, and finally respect; athletes should treat others with honor. In order to be ethical while enrolling in sport activity, these steps should be remembered: â€Å"Glory cannot be owned†. Everyone can get a hold of it, but not for ever. â€Å"Dont give up after the bad game†. Bad games should only make us more prepared. Success does not have to mean happiness in sport. If you do not find self- respect, you will not be happy. â€Å"Successful athletes do not have enemies†. We should respect our competitors, rather than looking for ways how to attack them (Sandler, 2009). As I suggested in the introduction, I think sport has become unethical. While in the past, in the ancient Greece, when there were Olympics, no wars were allowed, everyone was celebrating the beauty and the art of sport. People were cheering all together, and when the winner came up, they treated him with respect. Unlike today, when we have Olympic Games, we are worried about the terrorist attacks and anti-doping controls have to be run to ensure the fair-play.   I am against the doping or any other steroid use, therefore I support the clean sport without any performance enhancing drugs. I think there should be more serious penalties for abusing drugs. It should be part of our educational system to educate young children about the cons of using such substances. Also the morality in sport and ethics in general needs to be improved. Nowadays people, young kids especially are being very aggressive towards each other, which leads to similar consequences as mentioned. Fans fight against the fans of other clubs, people are afraid to go to a football match with their kids. I also think sport should not be sponsored so much by corporate businesses, and the salaries and transfer fees should be much lower. I think it is unbelievable, how much money some of the best players or athletes earn. If we imagine there are people on this planet that do not have their basic needs satisfied, it is against the logic. On the other hand, there are people supporting doping and the use of steroids in sport, claiming that they want to see the borders of human ability to be pushed, and so are supportive. There are even people who would choose to die earlier, from the side effects of the steroids, just to be the best, to feel the glory. Ethics in sport is very important. Our culture has created this competitive hatred against each other along with all the money involved in the present form of sport. Sport can have a huge influence on people therefore we should try to stop the unethical issues around it. We have to understand that it is not possible to win every time. What is important to learn is how to handle losing in a way it can help us in the future. Even if we lose, it is important to show respect to our competitors. We, the people on Earth have caused this turn-over of what was sometimes a celebration, to so called â€Å"sport† full of hatred, jealousy and shortcuts, therefore it is up to the mankind to decide which way are we going to follow. References 10 Drug Scandals. (2003, January 19). Retrieved May 27, 2010 from http://www.cbc.ca/ sports/indepth/drugs/stories/top10.html Guler, N. (2003, December 31). Ethics in sports. Retrieved May 27, 2010 from http://erc .forumone.com/resource/ethics-sports Introduction: Its not the winning. (2010). Retrieved   May 27, 2010 from http://www.bbc.co .uk/ethics/sport/overview/introduction.shtml NBA Referee Tim Donaghy Cops to a Plea Deal. (2007, August 16). Mirror on America. Retrieved May 27, 2010 from http://mirroronamerica.blogspot.com/2007/08/nba-referee-tim-donaghy-cops-to-plea.html Performance-Enhancing Drug Resources. (n.d.). Retrieved May 27, 2010 from http:// www.drugfreesport.com/drug-resources/performance-enhancing-drugs-steroids.asp Rules and Regulations. (2010). Retrieved May 27, 2010 from http://www.bbc.co.uk/ ethics/sport/fair/fairplay.shtml Sandler, L. (2009, January 26). Ethics in Sport. Retrieved May 26, 2010, from http:// ezinearticles.com/?Ethics- ­in- ­Sportid=1921824 TENNIS: Hawk-Eye to give fans eagle-eye view of tight calls. (2007, March 6). Retrieved May 27, 2010 from http://www.independent.ie/sport/tennis-hawkeye-to-give-fans-eagleeye-view-of-tight-calls-48321.html

Digital Technology: TV’s Next Step :: Television Media Essays

Digital Technology: TV’s Next Step Digital technology is a recent innovation to sweep through America. It has already become the standard for music purchases, and with the use of DVDs, it is now the preferred way to watch a movie in the home. Cell phones were once primarily analog, but now most service areas are digital. These changes came from the market place wanting better sound, picture, and more reliable signals. This is in stark contrast to television, because its change from analog to digital has been brought on by the FCC enacting regulations. The market place should be excited and the change, but not just for better picture quality. Though the FCC may be forcing the change in television, the market place should embrace the changes and even be excited about them. Picture quality is not the only difference between digital and analog television. The FCC has several reasons to switch to digital. A digital signal offers better sound than an analog signal. With analog, you are only able to get two channels of sound. Digital offers you the same 5.1 channels of digital surround sound you hear in movie theatres. The combination of better sound and picture is enough to make many want to upgrade, but there are more reasons. Digital television also allows for more bandwidth with the use of MPEG-2 technology. This is a way of compressing the information and using less bandwidth. It can reduce the number of bits by about 55 to 1, allowing more space on the spectrum. The practical use of this is multicasting. Although how this will be used is still to be determined. It is likely networks will run multiple programs in standard format during the day and use HDTV during primetime. Naturally, both analog and digital signals lose strength over long distances. With analog signals, this causes a horrible picture filled with static. This differs drastically with a digital signal. The signal still weakens over distance, but it makes no difference in quality of picture or sound. As long as the television receives the signal, no matter how weak it is, the picture and sound will be clear. Obviously, this could be a potential problem for cable and satellite providers. Many consumers will no longer have to pay monthly fees to have an acceptable picture.

Personal Nursing Philosophy Essay

We often hear that nursing is an art and a science, and I firmly believe that. The way a nurse blends those aspects of care defines the nurse. As nurses, our roles in our patients’ lives vary depending on their needs. We are teachers as well as technical experts, and our ultimate goal is to ensure our patients and families are ready to take over when the patient no longer requires our care. Why I Chose Nursing I have known that I wanted to work with children since I was a young child myself. Before the age of ten, I thought I might be a teacher. As I enjoyed math and science, several of my aunts, nurses themselves, encouraged me to consider nursing. As a sibling of a disabled child, I was probably exposed to more medical knowledge than average, and I took my first CPR class when I was eight years old. I liked the nurses and therapists that worked with my sister, but I also had respect for the teachers that worked so tirelessly with her. I can pinpoint the moment I decided that nursing was for me, though it was a long time before I could act on that decision. My sister had contracted hepatitis A at school. That lowered her seizure threshold enough that she ended up in the intensive care unit. As it was winter, I was not allowed to visit her. At ten, I didn’t understand the concept of RSV restrictions. I only knew that she’d been hospitalized many times and I’d always been allowed at her bedside. Somehow I interpreted that to mean she must be dying, and no one wanted to tell me. I was in the waiting room outside the ICU while my mother was in with my sister, crying my heart out. A nurse walking by stopped to ask me what was wrong, and I spilled out my fears to her. She escorted my into the unit, telling me that she was going to find a supervisor to see if she could get permission for me to visit my sister. In the meantime, there was a room where I could wait for her†¦. which turned out to be my sister’s room. After failing to get permission for me to visit, the nurse returned to escort me back to the waiting room. Before we left, she took the time to explain the monitors and what they meant, and went over my sister’s plan of care and discharge criteria with me. Hugely reassured, I was content to wait in the waiting room. More than thirty years later, that nurse’s compassion still sticks with me. The Core of Nursing If compassion is at the heart of nursing, knowledge and skill must be its head and hands. Since the earliest days of nursing, the patient’s environment has been a consideration in their care. Florence Nightingale’s theory that hydration, nutrition, rest, and a clean environment were necessary to healing (Black, 2007) is a basic principle of nursing today. The world has changed since then, and nursing has changed with it. With every technological advance or new treatment modality, nurses have been called upon to be more than caretakers. It requires skilled hands to provide the treatments our patients need. Throughout a patient’s stay, teaching is a primary responsibility of the nurse. Patients cannot make informed decisions on their care without adequate information. Whether teaching the relatively simple task of taking medications, or the more complex management of a chronic condition, it is a nurse’s duty to make sure the patient and family are trained and prepared to assume care once the patient goes home. The teaching required necessarily varies from patient to patient, and often from day to day in the same patient as he or she moves on the continuum between health and illness. Finally, patients need to be able to count on nurses to be authorities in their field. Nurses must be accountable for remaining competent in their practice, and for continuing their education throughout their career (Killeen & Saewert, 2007). Beliefs and Values Patients have needs unrelated to their illness or injury. Having spent my entire career in pediatrics, often my focus is on developmental needs and what activities can be provided that support normal development. Some needs, however, seem to be universal. The need for play, learning, and social contact are not restricted to children. Meeting the emotional and psychosocial needs of the patient without compromising the physical needs demanded by the illness or injury is occasionally a delicate balancing act, and is where the art of nursing meets the science of nursing. By collaborating with our patients and families and respecting their values, a plan can be reached that both supports their needs and involves them in their own care. From a pediatric perspective, the family is an integral part of the healthcare team. Parents are the primary ally and resource in providing individualized care for their child. Even in adult patients, who they are is impacted by the relationships that they have. Serious or chronic illnesses and injuries affect the entire family. The family, then, becomes the patient, particularly when it is necessary to make lifestyle changes. I have been fortunate enough to work in a teaching hospital for over a decade, on a unit that has a strong sense of teamwork. I have watched residents grow from unsure medical students to capable attending physicians, and have been gratified to precept and mentor new nurses into colleagues that can be relied on. Through we have a varied mix of skill levels, values, and talents, as a team we manage to form a cohesive whole. I count on my nurses to provide outstanding care to their patients, to hold themselves and each other accountable for maintaining high standards, and to support each other as needed. I also count on them for holding me accountable when the minutia of providing care for patients or my nurses gets in the way of my seeing the big picture. In my own life, it has taken me a long while to take charge of my health. I am currently working hard to quit smoking, and have recently lost fifty of the extra sixty or so pounds I’ve been carrying. Like a lot of nurses, I put off preventative care, and wait too long before seeing a physician when I need to. This disconnect between my professional values and my personal behavior baffles me. I cannot expect my patients and families to view me as an authority on health if I am unhealthy. This year has been one of trying to bring my own lifestyle into line with my beliefs. Vision for the Future In two years, I will have completed my BSN. At that point, I want to take a clinical instructor position while I pursue my MSN. I seem to have come full circle in what I want to be when I grow up, and combining my love of nursing with my love of teaching seems to be the best of both worlds. In five years, I hope to have completed my MSN. By that time I will have been a clinical instructor for long enough to know if I want to translate that to the classroom or perhaps become a nurse educator in an acute setting. I know I love teaching new nurses in my current setting, however I’m unsure of whether I would enjoy teaching in an academic setting. In ten years, my goals are much more nebulous and largely depend on whether I have chosen to move to an academic setting or remain in acute care. In either setting, there are always things to learn and opportunities to explore. Someday, I would like to open a medical foster care facility, though I have doubts about that happening in that time frame. Summary The pursuit of my professional goals is a long-term plan. I enjoy learning, have the support of my family, and the path to my goals are clearly defined. I am detail oriented, and hope that will help me to reach my goals. As I continue on this path, each success will pave the way to the next. Time management is an obstacle in my path, as I am currently working two jobs and trying to take care of my family while pursuing my degree. I am still learning how to manage all the demands on my time without stretching myself too thin. In addition, I sometimes get bogged down in the details and lose sight of the big picture, and then tend to procrastinate until I find my way again. Fortunately deadlines are effective in making me take a step back and rethink my approach.

Hypercorrecting A Well-known Phrase

Hypercorrecting A Well-known Phrase Hypercorrecting A Well-known Phrase Hypercorrecting A Well-known Phrase By Maeve Maddox The phrase all men are created equal has to be one of the best known in the world. Indeed, it’s used so often that it has become a clichà ©. The phrase is, of course, from Jefferson’s Declaration of Independence (1776). It also occurs in Lincoln’s Gettysburg Address (1863). It’s a lovely phrase and I can understand why we like to use it. Lately, however, I’ve been noticing statements like these: Not all charity products are created equally. Not all online content is created equally. . . . not all apps are created equally. Are all IT professionals created equally? Are All Forms Of Niacin Created Equally? I think the â€Å"equally† must find its way into these sentences because the writer unconsciously wants to follow a verb with an adverb. If what the writers of these sentences mean to say is that these things are â€Å"not of equal worth,† then I think they should be writing equal and not equally. Especially if they are intentionally echoing the words of the Declaration of Independence: We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness. Using the adverb equally places the emphasis on the act of making; using the adjective equal places the emphasis on the quality of the thing that has been created. POSTSCRIPT: In researching this post I discovered the existence of Mum Bett, an American Founding Mother of whom I’d never heard. She should be in the school books along with Sojourner Truth. You can read about her here. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Expressions category, check our popular posts, or choose a related post below:30 Religious Terms You Should KnowSelect vs. SelectedDouble Possessive

Presidential Pets of the Past

Presidential Pets of the Past Animal lovers savour that moment when a pet runs up to greet them at the end of the stressful day. Few jobs are probably more stressful than the U.S. presidents position. Thats why it is no surprising that presidents and their families have always been fond of animals. Dogs seem to be first in line, but creatures from mice to alligators have also been presidential pets in the White House. List of Presidential Pets George W. Bush President George W. Bush carries Barney to the South Portico of the White House Monday, Sept. 3, 2001, after disembarking Marine One. Photo by Tina Hager, Courtesy of the George W. Bush Presidential Library â€Å"Barney was by my side during our eight years in the White House. He never discussed politics and was always a faithful friend.† President Bush remembered his little friend with these words when he died of lymphoma in 2013 at the age of 12. Barney, a Scottish terrier, was a gift to George W. Bush after the 2000 presidential election. He was always polite and liked to greet prime ministers, queens and heads of state in the White House. Barney was even a media star, he had his own website where his fans could watch videos from the dogs perspective about visiting celebrities and White House staff. â€Å"Barney and I enjoyed the outdoors,† Bush said. â€Å"His favourite activity was chasing golf balls.† However, Barney could also lose his temper. Once he bit the Reuters news reporter and the Bostons Celtics public relations director. Among other presidential pets were a Scottish terrier Miss Beazley, an English springler spaniel Spot, a cat India, and a longhorn cow Ofelia. Bill Clinton Socks, a black-and-white stray cat, became a presidential pet in 1991 when he jumped into the arms of Chelsea Clinton. Once the Clinton family took the cat, he took place in the Americas heart. He was a subject of a popular TV comedy, Murphy Brown, a cartoon book and a song, he appeared with the President on a series of stamps in the Central African Republic. Socks was so popular, that a Clinton family even asked the photographers to leave this poor cat. In 1997 a Labrador retriever Buddy joined the presidential family but Socks wasnt a fan of a new dog. Hillary Clinton said that Socks â€Å"despised Buddy from first sight, instantly and forever.† When Socks died in 2009, Bill Clinton admitted: â€Å"Socks brought much happiness to Chelsea and us over the years, and enjoyment to kids and cat lovers everywhere. We’re grateful for those memories† George H.W. Bush Millie is among the most notable pets in the White House. The English springer spaniel â€Å"wrote† Millies Book: As Dictated to Barbara Bush that describes a day in her life at the White House. In 1992 it was at the top of the New York Times bestseller list. Millie was depicted in several TV shows, including Whos the Boss and Murphy Brown. She even appeared in the episode of The Simpsons. The 15-acre Millie Bush Bark Park on the west side of Houston is named after her. Millie took active part in re-election. â€Å"My dog Millie knows more about foreign affairs than these two bozos,† Bush claimed, mentioning his opponents Al Gore and Bill Clinton. Millie was even a mother of two other presidential pets: Ranger and Spot. She died at the age 12 of pneumonia. Ronald Reagan    Lucky, a large black dog, was said to â€Å"to be a size of a pony. † And not for reason. His breed Bouvier des Flandres originated in Belgium for the purposes of pulling carts and herding kettle. Bouviers are known as fearless dogs useful as both family friends and guard dogs. They require a lot of room to exercise and wander about, and the Reagans soon found that out. Lucky was named in the honour of Mrs. Reagans mother, Edith Luckett (â€Å"Lucky†) Davis. A small â€Å"ball of fluff,† a nine-year-old puppy, turned into a large dog just in several months. Lucky enjoyed running in the halls of the White House. However, despite the efforts at training, she didnt really adjust to live there. Thats why the president and his family decided to send her to their ranch in California in 1985. She died at the age of 10 in January 5, 1995. Ronald Reagan had a few other dogs: Rex, Cavalier King Charles spaniel; Victory, golden retriever; Peggy, Irish setter; Taca, Siberian husky; and Fuzzy, Belgian sheepdog. Jimmy Carter When Jimmy Carter and his family moved into the White House, they didnt take no pets along. Grits arrived at the White House on June 8, 1977. The dog was named in honour of the Carters family Southern roots. A handsome border collie mix was a present to Carters daughter Amy from her school teacher, Verona Meeder. Visitors admitted that Amy â€Å"sure loves that dog.† She enjoyed petting Grits on the steps of the White House. However, the Carters decided to return the dog to the Amys teacher. Some sources report that one of the reasons was that a dog had behaviour problems. Moreover, Grits didnt get along with the Carters cat, Misty Malarky Ying Yang. But it also may be because Amys teacher lost her own dog, and the girl wanted to ease the sadness. Gerald Ford The Fords have always been fond of dogs. Long before they moved to White House, they had golden retrievers. Their daughter, Susan, asked their family friend – a photographer David Kennerly to help them get a new dog. Kennerly contacted a breeder about a puppy. Susan surprised her father with a cute dog she called Liberty. Liberty became famous when Gerald Ford and his wife decided to breed her with a golden retriever. The press became crazy when Liberty gave birth to nine cute puppies. Mrs. Ford didnt let them to be photographed before they were 2 months old. The photos were made by Kennerly and was in high demand as well as puppies themselves. Liberty died at the age 11 in 1986. The Fords also had a Siamese cat Shan and a dog Lucky.    Richard Nixon Checkers is probably the most famous candidate in the list of presidential pets. Nixons cocker spaniel never lived in the White House, but he became a celebrity when Sinator Nixon mentioned him in his speech in 1952. It became to be known as the Checkers speech when the politician for the first time used TV to appeal to the voters. Nixon loved Checkers a lot. He always had dogs biscuits in his desk and enjoyed watching him to play. The cocker spaniel lived with Nixon until he died in 1964 at the age of 13, four years before Nixon was elected a president. Three other dogs lived with Nixon in the White House: poodle Vicky, terrier Pasha and Irish setter King Timahoe.    Lyndon B. Johnson Lyndon B. Johnson loved dogs and they loved him a lot. The presidents beagles, Him and Her, became celebrities when the Life magazine published a photo portraying how Johnson was peaking up the dogs ears. Hundreds of calls and letters came from the dog lovers. They wrote â€Å"If someone picked you up by the ears, you’d yelp, too.† However, dogs seemed to like that a lot. They were treated very well and enjoyed swimming in the White House pool and riding along in the presidents car. Sadly, both Him and Her died at a young age. Him was hit by a car when he was chasing the squirrels in 1966, and Her died after swallowing a stone in 1964. After Him and Her died, Lyndon B. Johnson had two other dogs – collie Blanco and a mixed-breed dog Yuki. John F. Kennedy Charlie was a Welsh terrier the Kennedy family brought with them when they moved into the White House. Kennedy loved animals despite his allergy to animal hair and wanted his children to have experience of taking care of them. Jackie Kennedy gave Charlie to her husband as a gift during Kennedys campaign for president and he became a part of their family. However, John F. Kennedy didnt like one Charlies habit: He loved nothing more than to fetch a stick. He always brought the stick and drop it on the lap. The First Couple enjoyed walking outside the gates of the White House and playing with Charlie. They resembled two students taking a dog for a walk. They looked so happy,† told their son Bryant. Among other Kennedys pets were ponnies, hamsters, a cat, a rabbit, a horse, a canary, and seven dogs of different breeds. Dwight D. Eisenhower Heidi is probably the only dog banned from the White House. A beautiful female Weimaraner was born on the 9th of May, 1955. She had an accident on the expensive rug in the diplomatic reception room. Its cost was about $20,000 at that time. Because of the Heidis weak bladder, the Eisenhowers decided to send her to their farm in Pennsylvania. Heidi was protective of her owners. She was wary of photographers and always tried to prevent the First Lady from having her picture taken. Heidi just jumped between the Mamie Eisenhower and the camera. Weimaraners are great family dogs, known for their hunting abilities and loyalty. Heidi liked to sleep in the basket on the third floor and run in the White House. During the day, she napped in the presidents private office where Eisenhower gave her head scratches. After she left Washington she had four puppies and enjoyed life on the farm.