Identity of the Artist: Bob Dylan’s Chronicles Essay

Early on in his rambling memoir, Chronicles (2004), Bob Dylan expresses a surprising affiliation. I’d read that stuff. Voltaire, Rousseau, John Locke, Montesquieu, MartinLuther—visionaries, revolutionaries†¦it was like I knew those guys, like they’d been living in my backyard. (p. 30) This â€Å"backyard† of the songwriter, identified through much of his career with subversion and rebellion, is a striking revelation, though the â€Å"intellectual† content of his most famous early albums may, in retrospect, be viewed as a preparation for it. In various other ways Dylan is surprising. It seems likely that he took on the writing of the book out of a drive to clarify his life-motive, to â€Å"set the record straight† with regard to both his artistic heritage and his character as a man. The stereotype of the â€Å"misunderstood artist† applies in his case, in a manner to highlight not his inner reality as a mystagogue, or political luminary, but as a man, relatively, of convention—family-oriented, taking pleasure in consumption, in friendship, in home ownership, in success as a parent and provider. With marriage and fatherhood, in fact, Dylan seems decidedly to take the measure of his own would-be character. Political/cultural spokesmanship is not for him. In fact he repeatedly deplores the sort of activist political role others try to cast him in. In the â€Å"New Morning† chapter, he writes: The events of the day, all the cultural mumbo jumbo were imprisoning my soul—nauseating me—civil rights and political leaders being gunned down†¦ —the whole shebang. I was determined to put myself beyond the reach of it all. I was a family man now, didn’t want to be in that group portrait. (p. 109) Bob Dylan’s Chronicles 4 Fame and political miscasting evolve eventually into a martyrdom. Seeming proud of his acquaintances among the conventionally and competently famous (actor Tony Curtis, singer Frank Sinatra Jr. , country music star Johnny Cash), he wants no part of either his starry-eyed fans, or his politically revved-up and misguided disciples. His home is no refuge. Pursuers follow him to the country. Intolerably besieged, he moves from Woodstock in rural New York, to New York City, to the West Coast, to East Hampton on Long Island, where at last he seems find partial refuge. Visited there by Bono of the radical group U2, he shares not so much any politically â€Å"correct† views, or high-powered visions of change, as his recollections of small-town Minnesota: memories of ordinariness: the giant kitsch statue of a Viking in the town of Alexandria, the Mesabi Iron Range where he grew up (pp. 174-175). One of the more impressive aspects of Chronicles is Dylan’s candid self-assessments, especially in the â€Å"Oh Mercy† chapter. My performance days in heavy traffic had been grinding to a halt for a while, had almost come to full stop. I had single-handedly shot myself in the foot too many times. †¦You have to deliver the goods, not waste your time and everybody else’s. †¦There was a missing person inside of myself and I needed to find him. (p. 147) Here the artist appears as an honest workman. His fame established, he recognizes that his live performances have grown shoddy. He takes himself to task, rejects self-indulgence and excuses. â€Å"I felt done for, a burned-out wreck† (p. 147). Such comments are not the evasions of a complacent drone, or a degenerate renegade resting on ill-gotten laurels. This is the voice of chagrined manhood, of the tough personal stance. The singer goes on from here to chronicle his personal struggle toward a new performance style, eventuating in a whole change of approach. Dylan’s capacity to work through crises appears to stem from formative childhood situations later recapitulated in his musical influences. In the fifth chapter of Chronicles , â€Å"River of Ice,† Bob Dylan’s Chronicles 5 he reminisces about the period in his career just prior to his relocating in New York City. At this time he is living in Minneapolis, in the same state as his family, awash in Minnesotan resonances and recollections. That he is so powerfully drawn to the music of Woody Guthrie is clearly attributable to the blue-collar surroundings of his early home life, the homely truths purveyed as standard growing-up fare by his parents. His father, he tells us, was â€Å"pragmatic and always had a word of cryptic advice. † His mother concerns herself with his not being harmed by â€Å"a lot of monkey business out there in the world† (p. 226). Within two pages of these recollections, he makes explicit his antipathy for â€Å"the mondo teeno scene† and his preference for â€Å"the traditional stuff with a capital T† (p. 228). And the singer who embodies for him the conjunction of working class roots and â€Å"the traditional stuff† is, unquestionably, Guthrie. The whole uniqueness of Dylan’s musical art seems to take its early inspiration from this towering figure, whose work â€Å"tore everything in his path to pieces† and â€Å"had the infinite sweep of humanity† in it (p. 244). It is not too much to say that Guthrie is even a father figure to the young musician, who aspires to be his â€Å"greatest disciple† and feels, though he has never met the older man, that the two of them are â€Å"related† (p. 246). An exact connection between Dylan’s folk-music-and-blue-collar heritage on the one hand, and his rather middle-class approach to life in the wake of his economic success as a â€Å"star† on the other may not exist except in the singer’s own psyche. Notwithstanding, the aspiration to a â€Å"better life†Ã¢â‚¬â€understood as an increased ability to purchase and consume—is as much an American â€Å"tradition with a capital T† as folk music, or union membership. Dylan makes it clear that, once he has a family (and probably before), there is never any question of divided loyalties, or the assumption of a role seriously at odds with the political status quo. For him, the American scene of his youth â€Å"was wide open†¦not only was it not run by God, but it wasn’t run by the Bob Dylan’s Chronicles 6 devil either† (p. 293). And, on the evidence of his career and allegiances, this negative certainty has proven endorsement enough for him. Bob Dylan’s Chronicles 1 Running Head: BOB DYLAN’S CHRONICLES Identity of the Artist: Bob Dylan’s Chronicles Name School Professor Course Bob Dylan’s Chronicles 2 Abstract In his autobiographical memoir, Chronicles, Bob Dylan reveals a character that is conventional and politically unradical, despite popular misreadings and the attempts of his activist contemporaries to recruit him as spokesman for radical causes. His life and work show strong allegiances to traditional American family life and American folk music, especially that of Woody Guthrie.

My Grandmother’s Passing

Each one of us has experienced something In our lives that has left us devastated, for me It was my Grandmothers passing. She was the person who cared for me part- time as a young child and became my sole guardian when I was nine years old, after it was found I was being sexually abused by my uncle on my mothers' side of the family. She became a person who made me smile, and helped me through rough times as a teenager.She taught me how to read, right from wrong, and encouraged me to do great things despite my Dyslexia and Hearing Loss, so when I had learned he had less than a year to live I was heartbroken, angry, and determined to provide her with as much support as I possibly could. In November of 201 2 Grandma fell while getting ready for me to pick her up for doctor's appointment. It was the first sign something was wrong with her. I found her an hour after it happened. She was too weak to get up and was to disorient to recall who I was.She kept referring to me as Janice her lat e daughter who died when she was only six. It took until January for a diagnosis to be found. She had MEDS that had progressed to ML a type of leukemia, with her being In such a ad shape and weak the doctors said it would be inhumane for us to try Chemotherapy, and it was so far progressed it wouldn't extend her life by much, and what life she had should be cherished now Instead of sitting and feeling Ill by medication to only prolong her life by feeling Ill and miserable. I was terrified of losing my Grandma, what if could not make it on my own in the world?I felt I still needed her guidance and love; that I was unable live in a world that terrified me so much, it's hard to admit you're afraid of so much when you're twenty-six years old. The anger ate at me, and I often wondered how I could go about my day with out feeling anger for having her taken away from me, she was eighty-six years old, and surely she could live another 10 years. I was upset and found myself angry with my hal f-sister who had four beautiful children, who weren't even related by blood to my grandma, The woman who took such good care of me as a child was never shown just how much she meant to me.She knew nearly all my secrets and held on to them so tightly. Nevertheless, I felt angry, depressed, and was even more determined to make sure her that leading up to her death, I would dedicate all my time to making sure she new how much she meant to me. She spent her first few months after being diagnosed In a nursing home. She begged and pleaded with my dad to take her home; she missed her books and her 1 OFF wasn't eating, and unable to recognize, or think clearly some of the time. I think it was hard on my Dad to see his mom dying.It was hard on all of us, but to me she was my mother now too, and rescued me from an awful past. I made the decision to bring her home, back to her apartment where I was living alone surrounded by all re things. I pleaded with my dad for him to release her into my c are, and after several weeks of trying the day finally came. She was heading home; she was thrilled, and all the while I couldn't stop to think of what was to come. Taking care of someone who is terminal is a big choice and responsibility.I made the choice because she took care of me, and I felt she shouldn't spend her last months surrounded by strangers who neglected her. Often I would be at the nursing home, and find her sitting in soiled sheets, needing personal assistance with grooming, and thirsty with an empty cup sitting beside her bed. I came daily, several times a day, only to find the same things even when I talked to staff at the nursing home. She was never bothered with the neglect, even when she was lucid she would shrug her shoulders and simply state they were busy.When I asked if there way anything she liked it was simple things, someone to paint her nails bright red, her favorite color, maybe someone to sit and talk to her or simply watch golf, things that were famil iar to her. We ignored the elephant in the room, the thought her dying, I wouldn't allow myself to focus on it. I made sure that ever moment I spent with her I filled with memories, we talked about secrets, she hardly remembered me, but she still remembered all her secrets. I learned so much about her life as a wild child running off to marry a man in the US Military.How her family forbid it being they were immigrants right before WI. So much history was lost along with my grandmother's death. My grandma was of Germanic decent and spoke English, Japanese, American Sign Language, and German all fluently by the time of her death. Her death didn't come as a shock by any means; it did not sneak up on me. I knew that night she would be gone by morning, and so did she. It was Monday night September 17, 2012 that we were watching TV together in her room. She could no longer walk; she went from bibs to 91 lbs in 9 months.She looked over at me and said, â€Å"I'm going to die tonight. I can feel it, Janice. † I didn't try to comfort her, or tell her no she will be fine. I knew Just as well as she did that her body was too weak. She had chose to not have and life sustaining measures taken, I was not allowed to perform CPRM, she would not be on oxygen, and she would not have a gastric feeding be or nasal-gastric feeding tube. She did not have any food in probably two days, when you are dying your body shuts down slowly, and you require less, and don't feel hunger.I simply responded back with, â€Å"l know Grandma, do you want me to stay in your room tonight with you? † For which she simply stated it was time for me to go to bed. She died early the next morning in her sleep September 18, 2012 approximately 4:AMA. I had always teased her that if she was going to die she better do it with a smile on her face, and when I found her she seemed so peacefully asleep with a mark placed on her face. Her death affected me in so many ways.I won't ever forget what it wa s like to care for her and be her hospice nurse, friend, and family. I did it on my own. The worst fear. I learned I had strength and courage, that I could face things that ultimately scared me to my core. She had always wanted me to go to college and become a nurse, and reminded me that often when she recalled who I was. I know that I have the emotional strength to become a nurse, but I rather teach. We always had English in common; she would have me practice spelling, writing, punctuation, ND even grammar with her.She said if I could not hear the world completely, or ever learn to speak my mind through my slight autism, then I need to be able to write it, and write it well. My ability to convey myself in English both written, and orally where her main goal when raising me, and I hope that for some other person who has struggled so hard in the beginning of their life I can help them to convey their emotions and thoughts as well, because with out her teaching me to read, write, and understand love I wouldn't have become the selfless person I am today.

Market Structures and Pricing Strategies Essay Example | Topics and Well Written Essays - 2750 words

Market Structures and Pricing Strategies - Essay Example The basic understanding underlining the case study is that the four basic structures are perfect competition, monopoly, monopolistic competition and oligopoly. Perfect Competition and Monopoly are the extreme forms and most of the markets in existence lie between the two extremes. It has been observed by economists that perfect competition and monopoly are theoretical. During 1930s Edward Chamberlin of Harvard University and Joan Robinson of Cambridge University tried to make the study of market structures more realistic. The structure they analyzed is called monopolistic competition. â€Å"The concept of perfect competition was first introduced by Adam Smith in his book "Wealth of Nations". Later on, it was improved by Edgeworth. However, it received its complete formation in Frank Kight's book "Risk, Uncertainty and Profit".† Perfect competition is the market structure where you have large number of buyers and sellers. The sellers sell identical products. An example of Perfe ct Competition is the market of bathing soaps. Key characteristics of Perfect Competition are 1. Knowledge is freely available 2. No barriers to entry 3. Firms produce identical products 4. No single firm can influence the price. The firm is the price taker and the price is determined by the industry demand and supply. 5. There are large number of firms in the market 6. The motive of the firms is profit maximisation Monopolistic competition and Oligopoly lie between the two extreme market structures of Perfect Competition and Perfect Monopoly. ... Later on, it was improved by Edgeworth. However, it received its complete formation in Frank Kight's book "Risk, Uncertainty and Profit" (1921).† As stated on : http://economicsconcepts.com/perfect_competition.htm Perfect competition is the market structure where you have large number of buyers and sellers. The sellers sell identical products. An example of Perfect Competition is the market of bathing soaps. Features of Perfect Competition: Key characteristics of Perfect Competition are 1. Knowledge is freely available 2. No barriers to entry 3. Firms produce identical products 4. No single firm can influence the price. The firm is the price taker and the price is determined by the industry demand and supply. 5. There are large number of firms in the market 6. The motive of the firms is profit maximisation 2. Monopolistic Competition Monopolistic competition and Oligopoly lie between the two extreme market structures of Perfect Competition and Perfect Monopoly. What is Monopoli stic Competition? In this market structure, there are many buyers and sellers, like in a perfect competition. However, the products are more differentiated. An example could be Restaurants, where every restaurant may specialize in a different cuisine. As Karen Collins puts it in the book Exploring Business, â€Å"Products can be differentiated in a number of ways, including quality, style, and convenience, location, and brand name.† Features of Monopolistic Competition: The Key features of Monopolistic Competition as mentioned in the book â€Å"Economics: Principles and Policy† by William j. Baumol and Alan S. Blinder are: 1 Large number of buyers and sellers 2 Freedom of entry and exit 3 Perfect Competition 4 Heterogeneous

How has supply chain impacted Food security Assignment

How has supply chain impacted Food security - Assignment Example Moreover, drastic climate changes have become common due to the rising global warming. To ensure food security, it is necessary that innovations be made in the food production, storage and distribution processes. Resources need to be utilized effectively and in constrained manner to determine the boundaries of future food production environment. Improving food security is also necessary for economic development of nations since hungry workers cannot be productive. Almost 75 percent of global population lives in rural areas and are dependant on agriculture. Enhanced food security can help them fight poverty and make them resilient so that they can participate in economic activities. Global food crisis leads to rising food price, and in recent years food price inflation has sparked political demonstrations in many countries leading to national and regional instabilities (Sustainable economic development, 2011, p.3). Shortage of food and difficulty in distribution process are common ele ments in many countries especially in the developing countries. This leads to chronic hunger among a large proportion of global population resulting in malnutrition, higher infant mortality rates and premature deaths due to failure of vital body organs. That growing commodity prices have become a matter of grave concern has been accepted by the United Nations through its warning that there is paucity of funds to curb global malnutrition in this â€Å"new face of hunger† (Borger, 2008). The head of UN’s World Food Programme (WFP), Josette Sheeran has expressed concern that an extra half billion dollars is needed to bring the situation under control. The major causes that have been recognized are huge disparities of income between developed and developing countries, usage of land for production of biofuel, drastic climate changes etc (Borger, 2008). The first part of this paper focuses on food security systems of five nations, and the second part discusses the impact of supply chain on food security programs. Section I Food Security According to the World Food Summit of 1996, food security is â€Å"when all people at all times have access to sufficient, safe, nutritious food to maintain a healthy and active life† (WHO, 2013). In other words, food security ensures that nutritious food is affordable and easily accessible to all sections of the world population to satisfy both their dietary requirements and food preferences. In reality, malnutrition and diarrhea have become common food related problems in most countries. Food security is essentially based on three pillars which are availability, accessibility and nutrition. This means food must be consistently available at reasonable prices to all people, there should be sufficient resources for all people so that they can access all food items, and there should be knowledge and awareness about proper nutrition and care (World Bank[1], 2009, p.14). Global experiences and events Persistent incre ase of food prices every year all over the world is a major contributory factor for global food crisis. UN’s WFP is assisted by voluntary contributions and it provides basic food items to 78 million people in 73 countries which is not even one-tenth of the total malnourished population of the world. In 2008, WFP’s budget was ?1.5 bn which was not even sufficient for maintaining existing food supplies because of rapid

Developed Countries ( listening and reading, with vocabulary ) Assignment

Developed Countries ( listening and reading, with vocabulary ) - Assignment Example What is more surprising is the fact that the economy of the world is controlled by the developed countries since they have the power over global financial institutions such as the World Bank and the international Monitory Fund (IMF). Less developed countries are not given the same opportunity to make decisions that can shape the global economy. I therefore, chose this topic to gain a clear understanding of the major roles played by the developed countries in running the world economy and the role played by the other less developed countries. 2 What was it about? The video is about the outlook for US economic growth which is a developed country and its economy is used as a yardstick to measure the performance of the economy of the world at large. On the other hand, the story seeks to highlight how the developed countries such as USA and other European countries have been monopolising the global financial institutions such as World Bank and the IMF for their own benefit with regards to economic development. The story is clearer about how the developed countries are abusing their power to control the world economy while there are other countries with strong economies like China but have little influence over the decisions made by the developed countries at the World’s biggest financial institutions. 3 Did you read or listen first? Why? Do you think the order you chose helped you or not? How many times did you need to read & listen before you felt confident about understanding the topic and vocabulary? How do you feel about this topic, e.g. positive or negative feelings? Do you agree/disagree with the ideas?† I watched and listened to the video at least two times to gain a clear understanding of why the developed countries such as USA have more power to determine the state of the economy in the world. I think this helped me since the video explained more about the IMF’s predictions of the US economy which is a developed country. After reading th e story, I came to grasp the meaning of some economic terms that have been used and I gained confidence about their meaning after reading and listening to the story and video for at least two times. I feel positive about this topic because the developed countries are mainly concerned with economic activities that will benefit themselves at the expense of developing countries which are given less power to influence the decisions made by institutions such as World Bank and IMF. 4 Did you learn anything new from this reading & listening? What? I learnt a lot of things from listening to the video. I leant that the price of oil is the major determinant of the economic status of developed countries like USA and the world at large. If oil prices increase, there is likely to be a general increase in the prices of many commodities and job losses can be witnessed. In the story, I also leant that if developed countries continue to control the IMF and World Bank, they will suppress other develo ping countries given that the economies of emerging economies like India and China are developing more that America at the moment by they have no controlling stake in these institutions. 5 Was this topic connected in any way to your future studies and if so, how do

Chinese Philosophy Essay Example | Topics and Well Written Essays - 3250 words

Chinese Philosophy - Essay Example It became well established throughout the vast nation during the 300's A.D. It is surprising, then, to learn that at one time, most of the Chinese people viewed the religion with skepticism, considering it to be little more than a strange foreign cult. Many of the early Chinese converts to the Buddhist religion risked ostracism and persecution simply for practicing their beliefs. Buddhism reached China from India around 100 A.D. For many years, almost all Chinese subscribed to either of two native religions. One was Confucianism, which was based on the ideas of Confucius, the revered philosopher. The tenets of this belief system included obedience to authority, the promotion of education, societal order, and a deep respect for one's ancestors and for the past. Confucius was born about 550 B.C. and the religion based on his teachings emerged shortly after his death in the 470's B.C. The other traditional Chinese religion was Taoism. The basic teachings of this belief system included a reverence for nature and routine celebration of the faith's many protective gods. Taoism began during the 300's B.C. and is based on a book entitled the Tao Te Ching (The Classic of the Way and the Virtue). Taoism was also heavily influenced by elements of Chinese folk religion. When Buddhists first began to appear in China, most Chinese deeply mistrusted them. Their mistrust was easy to understand. According to Sources of Chinese Tradition, written by Theodore Debary, Buddhism was a radically different religion from both Confucianism and Taoism. Buddhism itself was founded about 500 B.C. in India by the teacher named Buddha. Buddha was born about 563 B.C. in southern Nepal. His actual name was Siddhartha Gautama. He was a member of a powerful royal family. Despite Gautama's wealth and high social standing, he was a deeply unhappy young man. At age 29, the future Buddha sank into a debilitating depression. He was convinced that life was full of misfortune and heartache. His feelings of melancholy caused him to leave his own family to seek spiritual enlightenment as an itinerant monk. After six years of nonstop traveling, Gautama finally experienced enlightenment. He was convinced that he had discovered why life was so full of woe. In addition, he was convinced that he had discovered how human beings could escape their feelings of misery. He soon had many followers. These followers called him Buddha, which means the Enlightened One. According to Theodore Debary in his work, Sources of Chinese Tradition, much of the Chinese people's initial misgivings about Buddhism stemmed from simple xenophobia (p. 277). China possessed one of the world's earliest great civilizations; Chinese writing history goes back thousands of years ago. The Chinese people were greatly accomplished, and not surprisingly, this great culture tended to view other peoples as being inferior. The Chinese seemed to view India with contempt, and many Chinese felt that a religion that came from India would have a negative, corrupting influence on the population (p. 277). Much mistrust was also triggered by simple and seemingly shallow cultural differences between the Indians and the Chinese. For example, many Chinese were originally dismayed upon learning that Buddhist clerics took vows of celibacy

The role of the IMF in helping poor and debt-troubled countries Case Study

The role of the IMF in helping poor and debt-troubled countries - Case Study Example Certain occurrences such as post-war rehabilitation or various crises could lead to a situation where a country would have minimal resources to support the running of its government. In order to replenish their reserves, the IMF lends money with certain conditions according to standards it has predetermined for compliance. In order for the countries to pay their international obligations as well as finance their local subsistence, the IMF would lend them the money. The loan is granted provided that they meet conditions set including interest and imposition of fiscal policies that must be enforced by the borrowing state. These prerequisites result to high-conditionality lending that must be adhered to before they can fully enjoy the loan. The IMF is essentially a bank, and, just as the common knowledge about banking institutions suggest, it is also for profit. First off, a member country may avail of financial assistance if there is a balance in its international payment that it cannot satisfy. It then requests an arrangement through a lending instrument where the IMF (2014) â€Å"stipulate specific economic policies and measures a country has agreed to implement to resolve its balance of payments problem† through a Letter of Intent (n.p.). This is then approved after presentation to the Executive Board and thereafter the funds are transferred in staggered basis according to their enactment of the programs. There have been many criticisms of the fund and how it’s policies of across the board conditions have led to the regression of many borrowing nations. Bird (2005) argues that the commonplace resentment proliferated during the 1990s to end the IMF would not have sat well decades earlier when countries severed communist ties left without funds (p.17). It is a commonplace scenario where countries in debt continue to be in debt unable to

Compare between two companies Essay Example | Topics and Well Written Essays - 1500 words

Compare between two companies - Essay Example This is also evident in HRM where the two words are mostly used in the same context. However, the two words have different precisions in that training stands as both a segment of as well as a pre-condition for training. Training entails the changing of behaviors of non-managers and this may be through such efforts as vocational education among others (Noe, 2002). Conversely, development would be involves building managers whether individually or as a group for future needs. Development does not focus upon immediate needs but rather future demands. Building employees at an individual level entails such actions as mentoring them as well as conducting a self-analysis of each employee personally. Contrary, developing workers as groups would includes letting them engage in outdoor trainings meant to increase their competence. Therefore, whereas training focuses on imparting employees with skills to tackle their current tasks, development focuses upon future engagements. Training arises ou t of various needs that a company may point out. For example, training may be to ascertain that employees match with the procedures stipulated for the said company, or it may for aligning the employees with the ethics of a particular company (Pride et al, 2010). Training process includes such measures as identifying organizations as well as the HRM’s strategies to make sure that the two do not conflict. The other step includes identifying the need or areas that call for training. What follows is the training and an evaluation to check the efficiency of the process. Various methods may be suited for either training or development. For example On –the-job-, this happens when an inexperienced person learns under the supervision of a worker already acquainted with skills. Classroom – whereby, trainees get into classroom situations to learn skills. Role-playing- This happens when a trainee works in another person’s job or placement to understand it best (Pride et al, 2010). Simulations- This occurs when employees have to take training away from their job areas to get away from the baffles associated with work and engage seriously in training. Training entails various accrued benefits and one of them would be ensuring that employees match with the organization’s goals. It also brings about improved skills to enable people tackle their jobs effectively and there is lowered labor turn over (Aguinis & Kraiger 2009). In addition, trained employees display heightened morale while going about their jobs. Disadvantages associated with training include the fact that it may render a financial burden upon an organization in that it at times calls for lots of capital. Background of the two companies Coca cola Coca Cola Company traces its roots in 1886 at the heart of USA. The company stands in recent times as a leading manufacturer in soft drinks globally. It also boasts of being the biggest distributor and spearheads marketing of soft drinks as well. It sells an estimated 6,000,000 drinks a day. The company serves over 200 states globally and has a vision of making the best profits and creating the best job platform, where employees derive motivation from what they do (Cola, C. 2011). The company’s mission is that it aspires to refresh the globe with their wide range of drinks as well as make a difference in their manufacture and supply of

Can Cyber-Love Attain Genuinely and Divinity Essay

Can Cyber-Love Attain Genuinely and Divinity - Essay Example Of course, it’s a question of debate that how many times these critics become stupid and blind in their lives. Love changed in course of time along with the human civilization. It changed but it existed with new forms but didn’t disappear. In ancient time the lover and beloved would indulge in love affairs in a very romantic way. Writing letters and expressing the intense passion for each other was the common process. These letters would be sent by some faithful friends or sometimes through the pigeons also. Sending love letters by the pigeons sounds funny but it would happen in ancient time. In one romantic Sanskrit drama written by the great poet and Indian Scholar Kalidas expresses a very uncommon romanticism in his drama called â€Å"Meghdoot.† ‘Meghdoot’ means the cloud as a messenger Here in this drama Kalidas has depicted a very beautiful picture of a lover who is yearning to meet his beloved. She is thousands kilometer away from him. He sends his deep and intense feelings for her and he conveys the message to the beloved through a cloud i.e. Megh. Here the Megh or the cloud is the messenger of the sad lover. Skillful lovers use different skills and tactics for fulfilling their love. Bauman Zygmunt in his chapter, â€Å"Falling in and out of love† describes that love (falling in love, soliciting love) is a skill to be learned and the mastery of skill grows with the number of experiments and assiduity of exercise.† (p.g.5 ‘falling in love and out’) The Internet is the most popular medium of expressing love and getting the lover through just a machine. For fulfilling almost all of the needs modern generation relies on the machine. Love is also not an exception to that.  Ã‚  

Equity and trusts assignment Essay Example | Topics and Well Written Essays - 2500 words

Equity and trusts assignment - Essay Example His decision as to who are my old friends is to be final†; c. â€Å"I give  £20,000 to my executors to hold on trust for a period of 21 years and to be distributed in their discretion among such of the first 300 people to have crossed the Victoria Bridge on 24th October 2008 (the date of my deceased husband’s birthday) as they consider most deserving.† In order to advise Edward and Sandra of their duties in relation to the above it is necessary to examine the contents of the will to determine which elements can be regarded as valid bequests. For an express private trust to be created certain formalities must be adhered to. An express trust requires the person making the bequest to have the necessary capacity as well as adhering to the formalities. This involves consideration of the three certainties since a bequest can only be valid if the three certainties are satisfied. To be regarded as fully constituted a trust must contain all the above elements. When considering capacity the court will refer to the Family Law Reform Act 1969 s1(1) which stipulates that the person making the will must be over 18 and must be of a sound mind. In this situation there is nothing to suggest that the testatrix was not of a sound mind which would mean that the capacity requirement would be fulfilled. In addressing the formalities the court will consider whether the trust has been created inter vivos or by the will. In this case the trust comes into affect upon execution of the will and therefore the will would be regarded as creating the trust. In determining whether statutory provisions apply the court will examine the way the trust was created as well as whether the property subject to the trust relates to land or other property and whether the interest is a legal or an equitable interest. In this case it is not necessary to discuss equitable interests since an equitable interest is created where the testator does

UNICEF and the Safeguard of Children Rights Essay Example for Free

UNICEF and the Safeguard of Children Rights Essay UNICEF’s mission is to advocate for the protection of children’s rights, to help meet their basic needs and to expand their opportunities to reach their full potential. UNICEF is guided in doing this by the provisions and principles of the Convention on the Rights of the Child (UNICEF, 2008). Built on varied legal systems and cultural traditions, the Convention is a universally agreed set of non-negotiable standards and obligations (UNICEF, 2006). The Convention on the Rights of the Child is the first legally binding international instrument to incorporate the full range of human rights civil, cultural, economic, political and social rights (Freeman, 1996). In 1989, world leaders decided that children needed a special convention just for them because people under eighteen years old often need special care and protection that adults do not (Alston, 1992). The leaders also wanted to make sure that the world recognized that children have human rights too. The Convention sets out these rights in 54 articles and two Optional Protocols. It spells out the basic human rights that children everywhere have: the right to survival; to develop to the fullest; to protection from harmful influences, abuse and exploitation; and to participate fully in family, cultural and social life (UNICEF, 2006). The four core principles of the Convention are non-discrimination; devotion to the best interests of the child; the right to life, survival and development; and respect for the views of the child (Jasper, 1994). Every right spelled out in the Convention is inherent to the human dignity and harmonious development of every child. The Convention protects childrens rights by setting standards in health care; education; and legal, civil and social services (Jasper, 1994). By agreeing to undertake the obligations of the Convention, national governments committed themselves to protecting and ensuring childrens rights and they have agreed to hold themselves accountable for this commitment before the international community. States parties to the Convention are obliged to develop and undertake all actions and policies in the light of the best interests of the child (Stein, 1998). Most of the governments have incorporated this issue in their development plan courtesy of UNICEF. UNICEFs work for the overall protection of childhood is guided by the principles and standards established by the Convention on the Rights of the Child (Walker, 1999). In advocating to protect childrens rights, to help meet their basic needs and to expand their opportunities to reach their full potential, UNICEF helps to change the legal and policy framework of States parties and to improve understanding of the Convention itself at all levels of society (Walker, 1999). Among other activities, UNICEF works in nearly 160 countries to support ratification and implementation of the Convention and the Optional Protocols on the involvement of children in armed conflict and on the sale of children, child prostitution and child pornography (UNICEF, 2008). UNICEF draws attention to the duties of governments, families, communities and individuals to respect those rights and supports them in doing so. During armed conflict, children are targeted for the worst possible violence and abuse, including abduction, rape and recruitment as child soldiers, and may be forced or coerced to take part in atrocities (Peters, 1997). Because children are among the most affected by conflict they become victims and witnesses of these offences (Brandes, 1999). The lack of accountability for conflict-related crimes against children can leave child victims vulnerable to further violation and abuse. Accountability in post-conflict situations can fulfill a number of important functions (Peters, 1997). It contributes to the process of healing and helps children understand that they are not to blame for what has happened. By investigating and documenting violations committed, accountability processes raise public awareness of the impacts of conflict on children (Dobrish, 1999). Accountability can also help to break the cycle of violence, restore confidence in democracy and the rule of law, and strengthen the legitimacy and authority of the new government (Fox, 1997). In recent years, truth, justice and reconciliation processes have begun to focus specifically on crimes committed against children and have involved children proactively, including through testimony that bears witness to their experiences(Dobrish, 1999). The recent involvement of children and adolescents in providing testimony to international and national courts and truth commissions has demonstrated their unique role as participants and as members of their communities (UNICEF, 2008). But if children are to engage in transitional justice processes their rights must be respected. The review and analysis of emerging good practices on the involvement of children and adolescents in truth, justice and reconciliation processes has brought to light a number of dilemmas. For example, it is recognized that children and adolescents who have been recruited to take part in hostilities are primarily victims of armed conflict. At the same time, many argue that some form of accountability for crimes committed by children is in their best interests and could contribute to processes of reconciliation and reintegration (Teitelbaum, 1999). Mechanisms of accountability for serious violations committed during armed conflict include a wide range of options, such as judicial prosecutions, truth commissions, restorative justice processes and traditional practices (Kurmay, 1996). When children engage in truth, justice and reconciliation processes, new possibilities and new challenges are encountered. In a number of instances, child-friendly procedures have been introduced to safeguard the rights of children who become involved and to support their protection throughout the process (Teitelbaum, 1999). This can help build children’s confidence and restore their sense of justice in the social and political order, while also establishing a mechanism of accountability for crimes committed against them. However, many questions remain as to how best to protect the rights of children involved as victims and witnesses in these contexts. Ideally children’s participation should strengthen and enhance their protection, and protection measures should enable participation (Kurmay, 1996). In the long term, if children are excluded from transitional processes, they may become frustrated and vulnerable to a continuing cycle of violence, impacting future generations. Failure to address their concerns also wastes the capacity and potential of children and adolescents to serve as catalysts for reconciliation and peace-building within their own communities (Dwyer, 1999). The importance of furthering efforts to support children’s involvement in transitional justice processes was identified during an expert discussion on Transitional Justice and Children convened by the UNICEF Innocenti Research Centre (IRC) in November 2005. It was proposed that research on children and truth commissions be undertaken, identifying good practices and lessons learned, and recommending strategies to improve and facilitate children’s participation in future truth commissions(UNICEF, 2006). Documentation on the role of children in truth commissions was initiated by UNICEF IRC and the International Center for Transitional Justice (ICTJ) (UNICEF, 2006). In the course of research underway on children and truth commissions, a number of issues have emerged requiring further research and analysis in order to better understand the potential and the limits of children’s participation in transitional justice processes (ACF, 2007). As a result it was decided to initiate an Expert Paper Series on Children and Transitional Justice, addressing a broad range of issues, including judicial accountability, truth-seeking, local, traditional and restorative justice processes, and institutional reform. The Series has helped to build a network for sharing information and expertise, generating discussion and debate among key stakeholders (UNICEF, 2006). These include child protection advocates, government agents, legal experts and academics. The objective of the expert paper series is to improve accountability for crimes against children and to protect the rights of children involved in transitional justice processes (ACF, 2007). Specific papers will document and analyze emerging good practices and lessons learned; evaluate the potential role of children; and anticipate and promote strategies for involving children in future transitional processes(ACF, 2007). It is anticipated that studies undertaken in this series will help to guide the involvement of children in truth, justice and reconciliation processes in post-conflict transition. UNICEF works closely with other human rights bodies such as Human Security Network (HSN). This is an organization which has a long-standing commitment to human rights and to the protection of the most vulnerable both in peace and in times of conflict (Marta, 2007). The Human Security Network plays a decisive role in advancing the implementation of the Convention and of its two Optional Protocols, and in reaffirming, in each and every decision the general principles of non discrimination, best interests of the child, survival and development and participation of the child (UNICEF, 2008). The year 2007 was a landmark year for the protection of children’s rights. Indeed, 2007 marked the 18th anniversary of the adoption of the Convention on the Rights of the Child (Marta, 2007). As the Convention entered a new stage of adulthood there was an opportunity to celebrate the many important achievements and to critically reflect on the best ways of addressing the challenges ahead. The year was also marked by the General Assembly mid decade review of the follow-up to the Special Session on Children. This process was an important opportunity to reaffirm our shared commitment to children, to advance the Millennium Agenda and further consolidate a world fit for children (Marta, 2007). By 2007, there is a full prohibition of all forms of violence against children in 19 countries (UNICEF, 2008). Legislation was adopted in The Netherlands where law enactment is being supported by a communication plan designed to inform parents and the general public about the legal ban in the lead up to its entry into force. New Zealand has banned the use of reasonable force for parents in the disciplining of their children (ACF, 2008). In a number of other nations draft legislation has been prepared and in others public commitments have been undertaken to ban all forms of violence (ACF, 2008). Once the changes become effective within each of these States, one fifth of the UN Member States would have extended legal protection to prevent violence against children (UNICEF, 2008). UNICEF have recently developed and launched a Handbook on what parliamentarians can do to protect children from violence (UNICEF, 2008). With the participation of parliamentarians and international organizations from more than 100 countries, the launch was an opportunity to anticipate actions parliaments can take to ensure children’s freedom from violence, including through their legislative power, and to encourage and oversee government action and to promote the allocation of resources for relevant programmes and interventions(UNICEF, 2008). The Handbook will be translated in national languages and used as an important tool to support follow-up to the UN Study on Violence (Marta, 2007). The Human Security Network have partnered to promote its wide dissemination and use. Naturally, legislation is only meaningful when it is effectively applied. To make law enforcement a reality it is important to engage children in the process of implementation (Masson, 1999). It is for this reason that UNICEF has joined efforts with a number of partners to produce the child friendly version of the UN Guidelines on justice in matters involving child victims and witnesses of crime. The child friendly version was launched at the recent Crime Prevention Commission, in Vienna (UNICEF, 2008). The previous months show the instrumental role played by Professor Pinheiro as a global advocate and a catalyst for social change. But the task is just beginning and only by moving the implementation forward can we build a world free from violence for every child, wherever he or she may live (Marta, 2007). France hosted a major conference in 2006 where a wide range partners endorsed the Paris Principles to stop the recruitment and use of children in adult wars. The document represents the state of the art knowledge in the prevention, protection and reintegration of children recruited by armed forces and groups. And it has a unique potential to ensure the realization of children’s rights more broadly (UNICEF, 2008). These milestones are mutually complementary and provide a strategic vision for the future. More importantly, they give us a golden occasion to make a real difference in the lives of children (UNICEF, 2008). At the heart of this process are two closely related dimensions; child participation and the prevention of violence and conflict. Together, they both support the protection of children’s rights. A recent study of the Innocenti Research Centre a partner of UNICEF on â€Å"Birth Registration and Armed Conflict† revealed a few truths. Birth Registration is a permanent and official record of a child’s existence (Marta, 2007). It is a fundamental human right and has strong implications for the enjoyment of other human rights it thus stand as a vivid illustration of the indivisibility of children’s rights and a call to always keep a child centered approach. In times of war, birth registration gains a special relevance for child protection, for the prevention of child recruitment, abduction and exploitation, as well as for access to humanitarian assistance (ABA, 2007). Over 25 truth commissions have been convened in various countries over the last decades and several have addressed the experiences of children (ABA, 2007). But the Truth Reconciliation Commission (TRC) for Sierra Leone was the first truth commission to specifically focus on children as victims and witnesses, and to profile children’s role as actors in the reconciliation process. It is also the first case where a children’s version of the Commission’s report was prepared (ACF, 2008 ). The children’s version of the Sierra Leone Truth and Reconciliation Commission Report is one example of how children can contribute to community efforts towards reconciliation and transition, while helping to break the cycle of violence and re-establish confidence in the rule of law. UNICEF has had its fair share of challenges in protecting the rights of children. Civil wars especially in Africa have always targeted the children as recruits and this has always been a hurdle for the organization to overcome. Advocacy for children rights in a civic war infested area has not always been easy for them since the lives of the employees are also threatened. Lack of political will in various countries to support the UNICEF’s initiatives has been another monster in children rights protection. Some government agents like the police may be uncooperative in issues of child trafficking, pornography and other related cases hence the risk of failing to catch non-convicted abusers. Other barriers that have been along UNICEF’s path to success are undeveloped, unimplemented and conflicting policies on children rights and responsibilities in many countries. Lack of adequate funds to support their initiatives especially in less developed countries. Traditional practices and taboos among communities are also a major impediment since some encourage abusive practices against children such as communities’ warriors, early marriages, and local slave trade among others. Children are members of their communities and by taking part in community action they increase awareness and confidence and build their capacity for citizenship (Teitelbaum, 1999). Through their involvement in community reconciliation efforts, children can become advocates and catalysts within their families and communities, energizing reconciliation and nation building efforts (Jackson, 1999). It is by addressing the root causes of conflict and providing realistic opportunities for young people that we can begin to break the inter-generational violence that has resulted in protracted conflicts in many countries today. Finally, as we move forward and support actions to prevent all forms of violence in peace and in war through UNICEF, we must not forget that at the centre of all our efforts are individual children whose lives hang in the balance of our actions. We cannot wait another minute. When Graca Machel prepared her report in 1995, she was asked by a child, â€Å"How long will it take before things get better? A month, a year? † Today that child is an adult and another generation of children is asking the same question (UNICEF, 2008). How long will it take? The life of a child leaves no second chance. That is the urgency that must drive us in our efforts to make a real difference, a lasting difference. References: Alston, Philip, et al. , Children, rights, and the law. Oxford England: Clarendon Press; New York: Oxford University Press, 1992. Alston, Philip. The best interests of the child: reconciling culture and human rights. Oxford: Clarendon Press; New York: Oxford University Press, 1994. Angel, William D. The international law of youth rights : source documents and commentary. Dordrecht ; Boston : M. Nijhoff, 1995. Carey, Jacqueline M. Section of Family Law Home Page. American Bar Association Family Law Section. URL: http://www. abanet. org/family/ Cohen, Cynthia Price. Childrens rights in America : U. N. Convention on the rights of the child compared with United States law. [Chicago, Ill. ] : American Bar Association Center on Children and the Law, [in cooperation with] Defense for Children International-USA, c1990. Freeman, Michael. Childrens rights : a comparative perspective. Aldershot, Hants, England ; Brookfield, Vt. : Dartmouth Pub. Co. , c1996. Jasper, Margaret C. Juvenile justice and childrens law. Dobbs Ferry, NY : Oceana Publications, 1994. Masson, J. M. (Judith M. ) Out of hearing : representing children in care proceedings. Chichester ; New York : Wiley, c1999. Mezey, Susan Gluck. Children in court : public policymaking and federal court decisions. Albany : State University of New York Press, c1996.

The Role Of A Job Description Business Essay

The Role Of A Job Description Business Essay Job descriptions are the duties and requirements that are necessary for the recruitment of an employee. It is a list of general chores, duties and role of the employee for a specific and general job. Without job description a person cannot perform his role accordingly. In simple words job description is the basic or main responsibilities that an employee is supposed to perform for any organisation or company. Any job description must contain these things a) A job summary b) A list of job function c) Requirements d) Other information a) A job summary A job summary means detail information regarding the general tasks and duties of the job. b) A list of job functions It means the list of those functions and duties that an employee needs to perform his duty. c) Requirements For different jobs there are different requirements. The job description must contain the specific requirements for the job. d) Other requirements If there are any other requirements for a specific job a job description explains those relevant requirements. There are two types of job descriptions one is known as general job description and the other one is known as specific job description. The difference between both is described as under. General Job description is a list of general duties and functions that are required for a position. In general job description we will straightway get the knowledge that we need to contact for applying a job and we also do not need to read extra details about the company or the job. If an ad of a job is short and brief and does not explain any specific duty that a person needs to perform then it comes under general job description. For example if there is an ad that says that a company needs a manager, but does not explains any details regarding the requirement of the job. It comes under general jobs description. In specific job description the employee needs some specific qualifications or skills to perform his/her job. Sometimes it also explains some extra information regarding benefits, allowances and nature of the job. For example if there is an ad that says company needs a manager who must have computer skills, needs some experience in public dealing and also explains the information regarding pay, tax, working hours, then its comes under specific job description. The purpose of job description is to have the clear summary of liabilities and tasks. Job description plays a very important role in organizational resource management .It develops an organisation in managing and improving the abilities of the people in the following ways:- a) It provides the origin of assessing job performance. b) It explains that what an employer is expecting from his employee in the performance of his duties. c) By job description the grading and pay systems can be organised honestly and rationally. If there is any dispute or issue of employer/employee job description provides necessary reference tools for that purpose. e) Job description describes the necessary reference implements for discipline matters. f) It describes the clear role of the candidate for the job. g) It describes the structure, rules and regulations for a company or an organization to guarantee obligatory deeds, liabilities and tasks. It provides foundation to measure performance of a job. It provides necessary ideas for development and training. Job description enables an organization to organise its function in a constant mode and by this way an organisation can increase its effectiveness and success. Q No: Design a job description reflecting strategies of recruitment team? A job description explains duties, abilities, efforts and responsibilities, as well as working atmosphere, experience. RGIS is a company that provides inventory services to its customers. The job that we have selected for discussion is AUDITORS of the company. RGIS Inventory takers are members of a team that work together to physically count inventory for companys clients and enter information into RGIS equipment. Inventory to be counted varies from place to place and client to client. The items that needs to be counted are located at different places and various heights. In every store usually Inventory takes 5-6 hours to be done but sometimes it may takes longer than that depends upon the size of the place and numbers of items to be counted. All the auditors are given proper training before starting their jobs, in which they learn how to use the equipment, way of counting, how to work as a team, to give good performance even under pressure, follow company rules, count fast and accurate. To become an auditor of the company minimum age limit is 18 years. He needs to be able to add, subtract, multiply and divide in all units of measure with whole numbers, common fractions and decimals either with the calculator or 10-key audit. If he has some experience working as team in a customer services that would be preferable. He must have proper CRB check. In RGIS every single employee is given an equal opportunity of getting promotion according to their performance during their job. An auditor needs to be capable of using hand held computers and other inventory tools. He has to establish average per hour count goals along with accuracy and fast speed. He has to follow all the company polices and procedures. He needs to be capable of working in different shifts and different hours, sometime shorter and some time longer. He should be capable of working in different environments such as warehouse, stores etc. He should narrate information clearly and accurately both in writing form and verbally. He must have the ability to fulfil the other duties as ask by the management. While counting, the auditor has to stand for longer hours and needs to be very efficient. Some time he has to work for extended period of time so he also needs to be flexible. He needs to keep balance while counting stock from ladder as during work he has to use ladder and step up to 8 high. As auditor has to go different places for away and nearby so he should be able to travel by car and plane i ncluding overnight stays. This job is suitable for the person who wants to earn some extra money and want to work with flexible hours. The best thing working in RGIS is that you can work hours of your own choice. In RGIS there are different categories of auditors. In the beginning they are recruited as an auditor but if they work hard and devotedly they can reach the highest post of the company. After auditor they become specialist and then an expert. There are two types of counters one is single scanner and the other one is multiple counter. The person who can do both types of count fast and accurate is known as expert. After becoming an expert there are doors open for the auditors to take further training and to apply for the higher post in the company that is supervisor, area manager etc. MARKETING Marketing means the procedure to create, communicate, deliver and exchange the offers that are important and valuable for the customers, clients and partners. Marketing is a process through which a company develop its business. Marketing is used to grip, detect and satisfy the customer. To achieve an organizational goal it is very necessary to understand the requirements and demands of the market and to satisfy those demands and requirements. The word marketing suggests that to achieve a target an organization should fulfil the demands of the customers in advance and to satisfy them. OPERATIONS Operation means the regular actions which are necessary for the running of a business or an organization. Operation converts supply or data inputs into desired result to generate and value the customers. In concept, it is a modest plan Make clients delay longer, and fewer of them will come back. But real exercise is difficult. The fresh advertising advantage becomes reasons in changing operating developments that rise customer service. The increase in waiting times shakes different market sections inversely, but generally causes a decrease in customer gratification, and therefore, repurchases. Consequently, the marketing creativity has costs, as well as beneficial. Manipulating those prices, though, is far from a simple matter. Lately, industrial influences have been given much less courtesy than promotion issues as a main part in positive company policy. Though, as early as 1969, Harvard University Professor Wickham Skinner claimed that manufacturing was a lost connection in business tactic. He recommended that directors incline to evade participation in manufacturing strategy creation, and manufacturing managers are unaware of business plan and a function that could be a valued advantage and tool of business policy develops an obligation instead. Hayes and Wheelwright recommend that there has been a rising gratitude that manufacturing can be a tough modest weapon if armed and achieved correctly, and that a key to doing that is the growth of an intelligible manufacturing strategy. In addition, they claim that modest strategy can only be fruitful when industrial strategy works in concert with the other efficient policies. A current study by Hanna and Stahl establish that the topmost business companies highlight quality/ consistency and to a smaller grade customer service factors in their company plans. However, these studies were made among big companies. They suppose that trade aspects would be given substantial position in business plan in many corporations since typically the proprietors of small business companies have their background in mechanical extents. Development in product value and decrease in product price were the two policy features which were mostly designated as the main donors to enhanced firm performance. This result is reinforced by other trainings about the position of strategic factors in trading. In the marketing zone, there was a broader variation between companies with respect to the most important factors, and no specific policies seemed to be strongly favoured. Numerous studies of the dynamic edge between marketing and operations are found in. Though, most of the previous work has considered the subtleties of the marketing-operations interface using only one product with deterministic requirements. For instance, the above-cited work by Porteus and Whang has measured a single-period model with numerous end-products. The quoted Porteus and Whang model emphases on developing suitable inducements to make the exertions of selfish marketing and operations managers result in a worldwide optimum. Neither that model nor the other above-cited models, however, emphasis on connections between different makes and the effect of rivalry. Marketing estimates of product ingesting and forecasts of the success of imminent marketing policies to trade a product is very vital to operative administration which base product manufacture agendas on marketing estimates and calculations. Though, marketing is an enormously active area and, therefore, a good market model for a specific product group must reflect a wide variety of variables to confirm the best model possible. Heretofore none of the studies or research accepted have adequately carried composed or proposed a combined system which permits for inter-firm collaboration/policymaking between marketing and operative administration using a comprehensive market model which is geared to produce products and permits for numerous contestants, marketing plans, expected customer ingesting, communication with like product brands, and overall market fitness. The comparative status of these actions and marketing policy aspects for secure presentation was also verified. The consequences of a numerous reversion study, using real trade development as the reliant on variable, specified that the most creative policy features were developments in service to the customer, enhancements in fresh material excellence and upgrading in preparation. However, these policies seemed to benefit only those firms where a) whole business demand was rising and b) there was significant hi-tech alteration happening in the business. Astonishingly, stress on the marketing strategy issues did not seem to be a main causal issue in sales evolution. Upgrading in service to the customer, though, it is also a procedure feature which may have a significant marketing module as well. Q No 4: Importance of qualification, sustainability for an organization in job description? Ans: A job description helps an employee to understand that what performance he needs to show and what are the expectations from him. The job description helps the employee to realise the clear scope of their job and their position in the organisation. For any job qualification is a very important factor. Qualification gives the information about the skills of a candidate. It explains that what necessary education or specific skills are required for a particular job and either a person is eligible for a certain position or not. In modern business period training plays a substantial role. To beat the competitors it is essential not only to equip your staff but also to provide necessary training along with the required needs of time. There are certain reasons to give training to the staff. The fast revolution of technology has influenced the workplace and has made it essential for people to appraise their knowledge and skills. People have to work in different fields and categories whic h generally demand far more from their extent of specialty. To fulfil the future manpower needs of organisation training is very necessary. Change in management style, for personal development and for the advancement of career training and development is very essential. By training and development an organisation can achieve its target more effectively and more quickly. For sustainability, employers would have to share an idea to develop a sustainability strategy for the expansion of organizations budget, employment model, to expand a capital model and to secure funding. Workforce planning is the procedure to consider a companys current and future employment requirements. If the workforce planning is effective it helps a company to identify and plan how to tackle their current and future workforce challenges and significances. The easiest way for the development of workforce is to find the exact number of people, having precise abilities in the accurate position at the perfect time. The organization should keep into consideration the number of employees but also keep in mind the necessary abilities that are essential for the business. The organization has to increase its manufacturing abilities. There are some examples to show that the abilities and knowledge are essential for job description. If a person is highly educated and has some extra qualif ication with some specialization degree he would be a preferable candidate for a job. An employee must contain sufficient knowledge to manage transform in an administration and to develop and apply efficient plans. He should be self-appealing and has the competency to work on his own proposals. Good communication power is very necessary as he should be capable of communicating with the executives in different aspects. All these examples show that qualification and sustainability are very important for an organization in job description. Job description helps the person to apply for the exact position in the organization and also helps the organization to choose the appropriate person for the required position. Conclusion

Study on the Determinants of Corporate Borrowing

Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29. Study on the Determinants of Corporate Borrowing Study on the Determinants of Corporate Borrowing CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and imperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail growth opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: There is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectively. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation and flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained the ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of liabilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test the hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In contrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stohs et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long-term debt financing , hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the corporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed time of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt financing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽ ²1SG + ÃŽ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way the referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multic ollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). 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