Essay about Travels of a T-Shirt Review - 1592 Words

Travels of a t-shirt in a global economy In her book, The Travels of a T-shirt in the Global Economy, Pietra Rivoli takes on the intricacies and complexities of trade and globalization through following the path of a T-Shirt she purchased from Walgreens for $5.99. It is a very informative book and her writing is such that the reader is left feeling both well informed on the issues discussed, as well as entertained. Rivoli breaks up the book into 4 sections. In Part I, â€Å"King Cotton,† we are brought to an area in West Texas, an area that boasts to be home to much of the world’s cotton. In fact, the main city, Lubbock, calls itself the â€Å"cottonest city† in the world (Rivoli 3). Cotton, it would seem, has a very sordid past. â€Å"The worlds†¦show more content†¦I think it also works to undo the notions that China was stealing away all our jobs in the apparel arena, because despite the complex protectionist measures taken, America still lost lots o f jobs in the textile industry. The author points out that this is because of technology, and that when it really comes down to it, China is losing their textile jobs at a rate faster than the U.S. did (142). She also goes over some of the unintended consequences of the measures such as increased material costs as a result of the increased import barrier (142). She also suggests in this section as an alternative to erecting trade barriers, to instead compensate workers of the losing industries, known as the compensation principle (151). Lastly, with the lift of the measures and quotas by 2005, there will be a new surge in Chinese goods to America, as illustrated in figure 9.1, page 167. China’s percent increase after release from the quotas will measure some 900%. Finally is Part IV of the book, â€Å"My T-shirt Finally Encounters a Free Market.† This section deals with what happens to the clothes after they are discarded, usually through donation to Goodwill or The Sa lvation Army. In fact, American donations to these kinds of organizations have increased so much that they have begun exporting the recycled clothing, â€Å"nearly 7 billion pounds† (Rivoli 176), to other countries. The recycled industry has actually created jobs in Africa as America’s old clothes areShow MoreRelatedEssay on Movie Review of Tshirt Travels1297 Words   |  6 PagesAmrit Kulasekaran Professor Kornelly Nov 26 2012 Anthropology 101 Salaula: Charity or Exploitation The documentary â€Å"T Shirt travels† follows a young Zambian named Luka through his daily life as a second hand clothes seller. We are taken on a journey through the struggles and issues from both a micro and macro level. We learn about issues facing the country as a whole such as rampant poverty, to an economy destroyed by slavery and further setback due to larger nations dictating economic policyRead MoreInformative Speech About Travelling805 Words   |  4 PagesDo you like to travel? 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After he left his schooling career to travel, he met a rock star named Raul Seixas. The two of them became a pair and â€Å"composed 120 songs that revolutionized Brazilian rock music† (Sant Jordi Asociados Agencia Literaria). The two ofRead MoreMarketing Plan For Itsmetd Photography1481 Words   |  6 Pagesassumed business name: Denton County $24.00 †¢ Monthly Expenses o Merchant Services: Bank of America $9.95/month x 12 months=$119.40 o Software: Adobe Creative Cloud $10.81x12 = $129.72 o Internet: ATT $72.00x12 = $864.00 o Phone service: ATT $45.00x12 = $540 †¢ Start up Inventory o Promotional t-shirts: Graphixworx $238.00 o Promotional Totes: Epromos $180.04 o Camera and equipment: Adorama $1399.00 †¢ Total Start-up costs $4388.21 B. Sales Forecast Projected sales are estimated at one engagementRead MoreDress Code : Standards And Procedures1484 Words   |  6 Pagesthat meets the following guidelines is acceptable. Acceptable for men: Dress slacks or casual pants. Shirts with collars, turtlenecks, sweaters. Acceptable for women: Dresses, skirts, slacks, pants, blouses, sweaters. Unacceptable for both men and women: Athletic shoes, work boots, beach shoes, flip flops, bare feet. Shorts, leggings, stretch pants, stirrups, sweatpants/sweatshirts, T shirts, shorts, and or similar items or athletic wear. Compliance - Supervisors and Managers are responsible

Cause and Effect of Cultural Shock Essay - 1133 Words

CAUSES AND EFFECTS OF CULTURAL SHOCK Kasie Sepeda Professor Scherf 11/19/2012 Outline I. What is Cultural Shock a. serious phenomenon and a long-winded process b. Real culture shock can happen in places you expect to be similar II. Effects of cultural shock a. Happen when you take a culture for granted. b. Can affect your job, family, etc. III. Causes of cultural shock a. Can cause mild uneasiness or temporary homesickness to acute unhappiness or even, in extreme cases, psychological panic. b. Could cause a serious reality check when put into cultural shock. IV. Cultural the same as race? a. Hundreds of cultures in the world, while we have only a handful of races. b. Race is a†¦show more content†¦That is, corporate-culture shock. â€Å"Culture Shock can occur in reverse, when you return from someplace quite foreign, to what should be home, but isnt. You have changed over the course of your stay in the other culture, and now your home culture seems out of place. It is much harder to adjust to, and can have greater impact on relationships and life ou tlook.†(Culture, 2012). The effects of culture shock may also range from mild uneasiness or temporary homesickness to acute unhappiness or even, in extreme cases, psychological panic. Irritability, hyper-sensitivity and loss of perspective are common symptoms. Often the victim doesn’t know what’s wrong with them. â€Å"The effect of culture shock is an impaired ability to adapt or function in the target culture. Culture shock is a barrier to socializing, learning, and generally functioning in the target culture.† (SlideShare, 2012) The effects of culture shock can be a feeling of disorientation, not knowing what is going on, behaviors and attitudes which were necessary for obtaining goals in the culture we learned are no longer useful, and so many adjustments to be made that one’s becomes overwhelmed, frustrated, and angry. We define our own culture in moral terms: Natural, rational, civilized, and polite. Most everyone who is different: country, race, gender, age, religion, and occupation. Culture shock is a typical reaction to difference. To get beyond the reactions of culture shock requires a self-Show MoreRelatedEmbracing The Shock Essay1692 Words   |  7 Pages Final Paper: Embracing the Shock   Ã‚  Ã‚   The effects of earthquake aftershocks are unpredictable and can last for many years; the effects of culture shock happen to be the remarkably similar. Culture shock takes place when someone enters into an unfamiliar culture due to a vacation, humanitarian project, study abroad opportunity, etc. Barna (1976) explains culture shock as being a type of disease that many do not understand they have, yet it handicaps people and prevents them from knowing that theyRead MoreCultural Shock Essay1234 Words   |  5 PagesCultural shock is the reaction to cultural differences after moving to a foreign country. 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While residents or natives may take forRead MoreIntroduction. In Contemporary Society, The Boost Number1269 Words   |  6 Pagesforeign languages fluently yet. If international students want a perfect comprehension of the target language, understanding of the new culture can be one of the most compelling factors. Cultural exchange will allow them to understand the signification of language. Background Firstly, if we want to know that cultural exchange plays an important role of in the tongue learning, we would have a clear view of the situation of language learners. According to Zhou, Hayes and Taylor claim that â€Å"There areRead MoreIntelligence Between Intelligence And Culture1730 Words   |  7 Pagesaddress this anomaly, ‘culture free test` was used to take away the things that affected performance due to cultural differences. They also used ‘culture fair test` to measure common skills and knowledge across the cultures. The results of these intelligence tests did not adequately address the issue because cultural influences can never be taken out. The results were heavily impacted by the cultural backgrounds of the designers of the test and by those taking the test because people use different techniquesRead MoreHow to Cope with Culture Shock1298 Words   |  6 PagesHow to Cope with Culture Shock | | | | | | * Front Page * What is h2g2? * Who s Online * Write an Entry * Browse * Announcements * Feedback * h2g2 Help * RSS Feeds | | | | | | | | Contact Us Like this page? Send it to a friend!    | | | | | | | | | | | | | | | | | | In today s global economy, where major firms have branches in most areas of the world, many more people than ever before contemplate  living in anotherRead MoreImmigration Identity: Acculturation and Complex Mental Status1708 Words   |  7 PagesInitially, the immigrant will be faced with an intense culture shock while settling into a new country. During this time, cognitive functioning becomes increasingly jumbled amidst the new context, resulting in immense identity confusion. This process of acculturation involves two specific issues regarding identity for each individual. These two issues include the delicate balance between remaining ethnically distinct by retaining their cultural identity and the desire to maintain positive relations withRead MoreEffects Of Tourism1039 Words   |  5 Pageswill be greatest’’. (Burns and Holden, 1995). The socio-cultural impacts of tourism are the effects on regional society of having direct and indirect relations with the tou rist and its management. There is a variation that occur in the structure of society, expression style, custom and ethics, heritage; as a visitor takes back some of the new habits, a way of life when they return to their own country and leaves back some of their cultural background social transactions to the people of the destinationRead MoreCultural Differences And The Impact On The Communication Process1322 Words   |  6 Pages Cultural Differences and The Impact On The Communication Process Alberts, Martin and Nakayama (2011) describe communication as â€Å" a transactional process in which people generate meaning through the exchange of verbal and nonverbal messages in in specific contexts, influenced by individual and societal forces and embedded in culture.†(p.7) They then go on to state that intercultural communication â€Å"occurs in interactions between people who are culturally different.†(p.122) Cultural differences thusRead More Changing Values and Culture Shock Essay1732 Words   |  7 PagesChanging Values and Culture Shock â€Å"Kids today have no moral values or sense of culture!† – a very common grievance of parents today whose parents -in their time- lamented about their lack of ethics and whose parents in turn complained of their unfavorable attitudes, whose parents again worried about the decline in tradition. This cycle of change in culture dates back even to times when what we now call ‘our culture’ and ‘our ethics’ were not even formed. It is evident that man has constantly felt

Influence of Boron on the Hot Ductility of TWIP steels Free Essays

1.0 Introduction The demand for crude steel has increased worldwide according to World Steel Association the steel production in 2010 was 1414 million tones. This shows an increase 15% when compared to the total in 2009 where production was 1229 tonnes. We will write a custom essay sample on Influence of Boron on the Hot Ductility of TWIP steels or any similar topic only for you Order Now What is interesting is that China accounted for 44% of this total, if China was excluded the annual total increased by 20% when we compare this to 2009. The steel production in December for 66 countries increased by 7.8% to 116 million tonnes [1]. To meet these production demands, casting is engaged as the chosen fabrication process as it is more economically viable for high production rates than forming operations. In particular, the technique of continuous casting is favored as a primary hot-rolling operation that produces slabs or thin sheets of steel. These are a convenient entity that can then undergo secondary metal-forming operations. The conventional way to improve the strength and impact behavior of steel is to add small amounts of micro-alloying elements such as Al or in our case B to benefit grain.Micro-alloying additions enable tensile strengths of over 500 MPa to be achieved [2] as the micro-alloys formed fine precipitates that would attach the austenite grain boundaries from moving as well as to provide strengthening via precipitation hardening. It is important to note that these beneficial mechanical properties engineered into steels are only applicable to the finished product, where the steel is employed at room temperature as automobiles. This point is applicable before the finished steel is even utilized, as at the high temperatures of the continuous casting operation, the steel has undesirable properties. Over the past forty years, the difficulty in casting some steels has led to great efforts in understanding the science behind the cracking processes. The continuous casting process can to some degree be simulated using a simple laboratory hot tensile test. Investigating the hot ductility of the steel under these laboratory conditions does give great insight into the viability of producing continuous cast steel free from transverse cracking. It has been quantified that after straining a steel sample to failure, a ductility displayed as a reduction of area (R of A) value of greater than 40 % will allow for successful casting in industry [3]. These findings are further enforced with visual probing techniques such as microscopy, scanning electron microscopy (SEM) and transmission electron microscopy (TEM). These allow insights into the influence of grain size, precipitation hardening, cooling rates, strain rate and composition on crack propagation which are all important in explaini ng failure modes and preventing failure. New steel types need to be tested under laboratory conditions before steel companies have the confidence for mass production in industry. 2.0 Literature Review 3.0 Aim Method of Contribution The major problem with TWIP steels is the difficult in casting it; this is because during the continuous casting operation, the cast has to be straightened as it is being cast in a curved mould. The straightening process puts the surface and the edges of the slabs into tension and this causes cracks and this can be propagated easily into fragile steel grades this is what TWIP falls into. The aim of the project is to do a hot ductility test in which a tensile specimen is melted and then cooled to the straightening temperature which ranges from 1000-700Â °C as used in the commercial casting operation. Following this the specimen is strained to failure by using the strain rate used in the unbending operation as this is a good indicator of a steels likely hood to crack. There have been indications that that by adding a small amount of boron in our case (0.001%) that this will improve the hot ductility of the new TWIP steels and this would make them easier to cast [3] As mentioned the experiment involves the ductility test in which a tensile specimen is melted and then cooled to the straightening temperature which ranges from 1000-700Â °C from this we will get a hot ductility curve. Following this I will perform microscopically and scanning electron microscope examination of the fractured surfaces to find out the mechanism of this improvement. I have 12 specimens which have been provided by POSCO. The machine used for the tensile test is the Hounsfield Tensometer which is situated at City University. 3.1 Gannt Chart Project 4.0 References [1] – ISSB: World Steel Review (Iron Steel Bureau, February 2011) [2] – Abu Shousha, R., I: Hot Ductility of Steels (PhD thesis, City University) [3] – Discussions with Prof B.Mintz How to cite Influence of Boron on the Hot Ductility of TWIP steels, Essay examples

Dividend Policy and Capital Structure Decision Free-Samples

Questions: 1.Does Paying a Dividend Make Shareholders Any Better. 2.Comment on the relation between the leverage ratio and Profitability over the past 10 years. 3.Comment on the firms business risk, financial risk and default risk. In your opinion, should the firm increase its leverage? Answers: Introduction This is a report that explains trends in dividend policy for Telstra under different conditions or circumstances. The purpose of the report is to give answers to questions such as; does paying a dividend make a shareholder any better or worse?, what kind of dividend policy has the Forts cue adopted for the past 10 years?, how does the incident indicate a likely dividend clientele effect? And how the firms share price responded to the announcements over the past 18 months. This report answers all those questions needed to be addressed by Telstra. The capital structure for Fortes cue has also been discussed where the report analyses the relationship between leverage ratio and profitability over the past 10 years. It later looks at the various business risks that a firm can face while undertaking its core activities. (Manos, 2011) 1.Dividend Policy for Telstra What are these dividends? Dividends can be defined as a proportion of cash (always profit earned) given to shareholders of a particular company. Shareholders will always be motivated and encouraged when a company offers better dividends to them. Failure of firms to issue dividends may lead to losing of investors gradually posing a challenge of instability. It becomes difficulty for companies to grow if they fail to share part of their profits to shareholders. The dividend policy of Australia tries to protect the interests of members by ensuring that the tax system does not mistreat those who pay dividends. Paying dividend makes shareholders better off in the context of the Australian tax system. This is because of the elimination of amount of tax to be paid by an individual from his or her earnings either monthly or yearly. Dividends acts a tools to low income tax rates. Individuals who pay dividends are not subjected to greater tax rates on their total earnings. This explains clearl y why the Australian tax system favors payment of dividends by shareholders. The Australian government has implemented dividend imputation system which gives offers on tax payable to members. Such activities are aimed at eliminating heavy imposition of tax by business entities to its shareholders. Citizens of Australia should be encouraged to pay dividends due to its positive impacts attached to it. There will be a good balance in the manner of which taxation is carried out by companies to members. Shareholders enjoy low rates of taxation on their income which makes them better. The people who support relevance of dividends clearly state that, regular dividends reduce uncertainty of the shareholders by a given percentage (Manos, 2013). What are these dividends? Dividends can be defined as a proportion of cash (always profit earned) given to shareholders of a particular company. Shareholders will always be motivated and encouraged when a company offers better dividends to them. Failure of firms to issue dividends may lead to losing of investors gradually posing a challenge of instability. It becomes difficulty for companies to grow if they fail to share part of their profits to shareholders. The dividend policy of Australia tries to protect the interests of members by ensuring that the tax system does not mistreat those who pay dividends. Paying dividend makes shareholders better off in the context of the Australian tax system. This is because of the elimination of amount of tax to be paid by an individual from his or her earnings either monthly or yearly. Dividends acts a tools to low income tax rates. Individuals who pay dividends are not subjected to greater tax rates on their total earnings. This explains clearl y why the Australian tax system favors payment of dividends by shareholders. The Australian government has implemented dividend imputation system which gives offers on tax payable to members. Such activities are aimed at eliminating heavy imposition of tax by business entities to its shareholders. Citizens of Australia should be encouraged to pay dividends due to its positive impacts attached to it. There will be a good balance in the manner of which taxation is carried out by companies to members. Shareholders enjoy low rates of taxation on their income which makes them better. The people who support relevance of dividends clearly state that, regular dividends reduce uncertainty of the shareholders by a given percentage (Akhtar, 2007). The clientele effect refers to a theory which tries to explain how a company`s stock price will move according to the demands and objectives of investors in reaction to changes in various factors. These factors are tax, dividend or another policy variation. In the Telstra firm, that incident indicates there is a likely dividend clientele effect. The policy of a company will tend to have a greater influence on interested parties who wish to invest in the company. Some may differ with the profit rates and be reluctant to invest while some may accept the company policy and invest fully. Generally, we can conclude that policy of a company determines a lot on the number of clienteles. It is hence true to say that, there is a likely dividend clientele effect since in Telstra firm the shareholder, the Telco- giant seem to defer taxes on dividends not paid out. At times clienteles prefer to invest in short term basis than long term. This is a usually used by those investors who are still loo king for cash in order to be stable. Rich clienteles have a preference of long term to short run due to their stable nature when it comes to capital. The investors who prefer putting their cash into running activities always do away with long term investments but re-invest back when financially stable. Once the dividend policy has been implemented by a company, further changes are not done on it. (Al-Najjar, 2008) sponded by falling to a five-year low as investors react to the announcement that the Telco-giant will reduce its dividends this financial year, of which it is relevant of dividend payout policy because it may be the guidelines that the firm uses. As discussed earlier, dividend policy is simply a structure or procedure thats assists business firms in issuing out of profits got after investment to the prospective members. (Palepu, 2007) 2.Capital Structure for Fortescue The share price has contributed to the capital structure decisions vastly. Share price leads to an increase in the level of rates implemented on peoples earnings. Such occurrences lead to debts which may even be difficult to pay back by individuals. It even discourages business people from investing in certain activities due to high share price. This is in consistent with empirical evidence in the field whereby Fortes cue Metal Group, an Australian iron ore miner based in the Pilbara region of W.A tended to attract an investor. (Yensu, 2014) To begin with, lets understand what a leverage ratio is, leverage ratio refers to any one of several financial measurements that look at how much capital comes .furthermore, he or she identifies the measurements in different aspects. This ratio assists a firm to be able to know whether it will meet its expenses or not. It is therefore important for any company to use leverage ratio in order to get a better prediction of its future unforeseen returns on investments..In this case, the higher the leverage ratio the higher the profit earned. This is evident when Fortes cue Metal Group is able through the leverage ratio to mine and 97% of exported iron ore is sold to the Chinese market. The capital structure is adversely affected by high leverage ratio. Some of this effect can even lead to closer of companies due to inability to meet its operations like repayment of loans borrowed. In this case, the Fortes cue Metal Group balances the costs and benefits and that is why is able to mine an export ore and at the same time earn profit too. (Tang, 2012) 3.Comment on the firms business risk, financial risk and default risk It is important to first understand the meaning of a risk. In business, a risk can be said to be a situation that leads to firms making losses instead of gaining profits. When a business man gets a smaller output than input then that can be said to be a risk. All entrepreneurs face risk challenges and the only way of handling them is being risk takers. (Dhillon, 2013) Business risk Business risks come in when a company encounter losses. Consequently, it can also arise in situations when the firm does not hit the target profit intended to be achieved. It is influenced by many factors. Among the key ones are competition between entities, regulations imposed by the government, input costs, and the overall economic climate among many other factors. There are various types of business risks that can be faced by firms. Government regulations arising from institutions of law fall under business risks. The Forts cue Metal Group firm is facing completion from BHP Billion Limited among other firms and therefore Forts cue Metal Group may experience in terms market availability especially when the competitor has enough capital or even offer continuous supply as compared to Forts cue Metal Group. The Forts cue Metal Group may also suffer a risk through the government regulations. A good example is when it imposes high tax on the firm. It makes the firms profit be compromise d or when it regulates the amount of ore to be exported, its profit may also be reduced and be lower than the expected one. (Fan, 2013) Financial risk This is a risk that mostly affects shareholders of a given company. It comes out clearly in situations where the company is operating on loss basis. This will therefore imply that it will not be in a position meet the expectations of its investors. When business people get money from companies and fail to return back, this will be treated as an example of a financial risk. In this case, Forts cue Metal group firm might be at a financial risk. This can be realized when it exports the ore to the Chinese market on credit and they delay to pay. Doing business internationally also increases the financial risk since the exchange rates of revenue fluctuate. This is a big financial risk to be taken into account and addressed critically by the relevant business firms. (Bhat, 2008) Default risk This is a risk faced by lending institutions mostly companies. When its members or shareholders are given money with expectations of them returning back and later fail to meet the expectations, it will be referred to as a default risk. Most of the banking entities always impose penalties on those who default. This is the only way of recovering from losses. In this case, the Forts cue Metal Group may be at a default risk. This is clearly brought about when they export the ore to the Chinese market and the creditor becomes unwilling to pay. Similarly, the firm may also face default risk if it has got high leverage. This may cause the firm not to be in a good position to pay the debt within the agreed period of time and hence leading to default risk. Default risk can also occur when the firm did not successfully implement a business plan. Failure to do so will always delay in paying the debts and hence default risk is experienced by the firm in the long run. Inadequate cash flow to serv ice debt also results into a default risk. When the surplus of a given company is higher, then this is a clear indication of a good cash flow. Companies would always strive to come up with an increasing cash flow in order to meet the debts available. Therefore a declining cash flow in a firm may result to its uncertainty in paying of the debts and hence face the default risk. Declining liquidity may also results into a default risk. In this case, the Forts cue Metal Group firm may not have enough cash flow to cover the expenses. (Megginson, 2008) Opinion if the firm should increase leverage What is increased leverage? This is an activity where a business firm gets cash from other lending entities in order to increase their stock. The main aim is to get better returns at the end of their activities increased leverage has both the advantages and the disadvantages. Some of the advantages of increased leverage include; firstly, it makes business people to be able to produce large goods and services. This is enabled through enough cash got from companies through loans. It becomes more effective when carrying various activities as it leads to higher returns. There is also additional cash in hand by companies when they are in a position to get loans. Funding of key activities becomes easier before looking at the future outcomes. A firm will be able to concentrate on investments due to the available cash at hand. Therefore in my opinion, the firm should not increase its leverage. This is because of the disadvantages attached to the increased leverage. The disadvantages likely t o be experienced include; first and foremost, increased leverage is more costly whereby the firm will be required to pay higher interest rates. In this case, the forts cue Metal Group firm if they increase the leverage, then they have to pay more interest which is a big cost and in turn more risky to the firm. In the case of Forts cue Metal Group firm, increased leverage leads to its financial risk mainly because of the increased interest that comes with it. Secondly, significant increase in leverage leads to decline in outputs. Firms will not be in a position to make good returns since they invest more but get fewer outcomes. (Taranto, 2011) Recommendation After doing an effective research under the various answers that needed to be discussed, it is recommended that Telstra should be in a position to give a dividend to its shareholders. Issuing of dividends prevents a member from being taxed twice. Forts cue metal group firm should be able to consider risks involved in its business activities before increasing leverage. This is because the action results in both advantages and disadvantages in the long run. Conclusion Generally, paying a dividend to shareholders has a positive impact as it makes members better as discussed in the dividend policy of Telstra. Financial, business and default risks are some of the challenges that can face any business firm. Some of these business risks are costly and can really affect the prosperity of a business. Firms need to critical look at the discussed examples and avoid them using all means available for the success of their business. References Akhtar, S. (2007). A study of capital structure and dividend policy determinants in multinational and domestic corporations: A cross-country comparison. Al-Najjar, B.E (2008). Modelling capital structure, dividend policy, and corporate governance: Evidence from Jordanian data. Bristol: University of the West of England. Bhat, S. (2008). Financial Management: Principles and Practice. New Delhi: Excel Books. Dhillon, U. S. (2013). Corporate ownership, dividend policy and capital structure under asymmetric information. Fan, H.S (2013). Debt valuation, strategic debt service and optimal dividend policy. New York, N.Y.: Columbia Business School, Columbia University. Lin, F. (2008). Capital structure and dividend policy in Singapore: A study of the tax effects and relationship between capital structure and dividend policy of SES listed companies. Manos, R.S (2011). Capital structure and dividend policy: Evidence from emerging markets. Birmingham: University of Birmingham. Manos, R.Y (2013). Capital structure and dividend policy: evidence from emerging markets. Megginson, W. L. (2008). Introduction to Corporate finance. London: Cengage Learning EMEA. Palepu, K. G. (2007). Business analysis and valuation: IFRS edition, text only. London: Thomson Learning. Puntaier, E. (2010). Capital structure and profitability: SP 500 enterprises in the light of the 2008 financial crisis. Hamburg: Diplomica-Verl. Tang, M. (2012). Corporate long term dividend policy and dynamic capital structure policy under the danger of corporate takeovers. Taranto, M. A. (2011). Essays on capital structure and dividend policy. Titman, S.D. (2014). Financial management: Principles and applications. Wijst, D. (2013). Finance: A quantitative introduction. Yensu, J.R (2014). Capital structure, corporate cash holding and dividend policy in African countries.

Impact of Recession on Working Capital Requirements of a Company free essay sample

Impact of Recession on Working Capital Requirements of a Company Working Capital Management is a managerial accounting strategy focusing on maintaining  efficient  levels of both components of working capital, current assets and current liabilities, in respect to each other. Working capital management ensures a company has sufficient cash flow in order to meet its short-term debt obligations and operating expenses. Implementing an effective working capital management system is an excellent way for many companies to improve their earnings. The two main aspects of working capital management are ratio analysis and management of individual components of working capital. Ratio analysis will lead management to identify areas of focus such as inventory management, cash management, accounts receivable and payable management. Working capital theory prescribes using the optimal amount of net working capital to maximize shareholder wealth. Evidence from multiple countries indicates a negative relationship between the cash conversion cycle or net working capital and firm profitability. We will write a custom essay sample on Impact of Recession on Working Capital Requirements of a Company or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page However, severe economic conditions may force firms to change their inventory, accounts receivable, and/or accounts payable policies, causing the firms to use more/less net working capital. Also, it appears firms in general held more net working capital in order to face new economic challenges. Most businesses like to plan ahead mainly focusing on setting targets and monitoring performance for sales growth, cost control and profit improvement; however the Management of Working Capital is often missed from the plan. In these times of credit crisis, trying to monitor and improve sales and profit performance may be difficult and suddenly Working Capital becomes vital. Yes, it is still important to control costs, but if the business is experiencing falling demand for its products and services, or pressure to lower prices, then â€Å"Cash is King† and the importance of control over working capital (stock levels, customer debts, amounts owed to suppliers and bank facilities) comes into sharp focus. Impact of recession on working capital components: Inventory levels: Reducing stock requires careful analysis to identify slow-moving / surplus items and attempt to turn those into cash. At the same time re-order levels need to be reviewed to see whether certain lines can be reduced or discontinued. Care is needed here to ensure that the business can still react to customer demands without falling short of stock. Accounts Receivable/Debtors: Tightening up on credit control and customer payment terms also needs careful consideration and is unlikely to be resolved overnight. It is important to handle this steadily, systematically and sensitively to avoid losing customers. However there is a point when slow payers may become uneconomical if profit margins are being eroded by the cost of the money outstanding, the time and effort to collect it or both. Accounts Payable/Creditors: Finally the possible impact of slightly relaxing the time taken to settle suppliers’ invoices needs to be considered. Deferring payment for too long may cause undesirable reactions from suppliers – they may perceive you to be a poor credit risk and reduce your permitted order levels, or consider stopping supply. The economic and credit crisis of 2008 has forced many companies into cash flow problems due to non availability of working capital and credit facilities which in turn have led to retrenchment of staff, shrinkage of operations, curtailment of plans for capital expansion into different markets and downsizing. For most of these companies such a curtailment of operations and credit crunch threatens their very existence. To overcome this problem company’s look up to finance professionals who can manage the working capital requirements through planning, obtaining additional facilities and restructuring their operations. Working capital management is one of the cornerstones of business continuity and acts as a hedge against tightening credit and access to additional capital. Companies which manage their working capital optimally during times of recessions come out stronger post the recession period. Measures adopted by companies to improve working capital position: Improve existing working capital processes (eg. standardise, reengineer, automate) Negotiate better terms with buyers and suppliers Improve information systems internally (eg. acquire new technology or pplications) Provide better sales and collections support for foreign operations Provide financing support for operating entities (eg. â€Å"internal bank†) Integrate more transparently with external information systems (e. g. , suppliers, banks) Outsource working capital processes or move to shared services centres Provide financing support for suppliers (i. e. , supply chain financing) Sell or discount receivables using a bank Best Practices to Improve Working Capital Management: Many organizations are currently re-examining their working capital metrics, looking to uncover untapped sources of cash. CFOs, controllers, and treasurers are investigating new procedures and systems to enable a leaner back-office. But they still want access to fast, actionable information about current and future cash flows and working capital requirements. Included in best practices are those that centre on streamlining the accounts payable and accounts receivable function. 1. Centralize and standardize financial transaction processing to drive maximum efficiency and to draw meaningful insights out of underlying data. 2. Use data from an enterprise resource management (ERP) system to inform daily credit and collection activities. . Conduct real-time analysis of cash flow drivers to ensure reliable forecasts and optimize spare cash. 4. Design custom measures of working capital management that are relevant to their business models. 5. Identify and resolve data discrepancies on the front end of the process. Mistakes made in Working Capital Management: Smart companies know that working capital management is a strategic tool that can fund research and development, acquisitions, share buybacks, and higher dividends. Common mistakes companies make when establishing working capital improvement programs: Believing that only the CFO can fix problems in working capital management. Engaging in efforts, such as delaying payment to suppliers or stepping up collection activities, to artificially boost quarterly or year-end metrics. Beating the cash is king drum internally and for Wall Street, but not linking executive compensation to cash flow and comprehensive working capital metrics. Waiting for a business recovery before trying to improve working capital processes. Reducing inventories without improving the overall supply chain process. Conclusion: During the recessionary period, some businesses experienced difficulties in managing their cash flow and working capital and this was sometimes exacerbated because of the difficulties in obtaining support from banks to deal with cash shortfalls. As a consequence, many businesses have made efforts to improve their arrangements for the management of cash and working capital which had somewhat deteriorated over a period of years. Moreover the continuing problems being experienced with the banks coupled with the potential future liquidity problems means that effective cash and working capital management is seen as a managerial priority.

Free Essays on The Stranger

In â€Å"The Stranger† Albert Camus portrays the world as without purpose. Meaursalt, who as a reflection of Camus is indifferent to his own life and death. Meaursalt eventually senses guilt for his crime, but not because he feels remorse for taking a life, but because he realized he would lose the little things he considered most important. The weather had made Meursault kill the Arab. The brightness of the sun caused him to pull the trigger and fire the shot that would change not only the outcome of the story, but also Meursault’s life. Because of the outburst of sunlight, Meursault was momentarily overwhelmed and his reaction was to tense up and, in doing so, he pulled the trigger of his gun. If it had been raining or overcast, Meursault would not have killed the Arab. Meursault doesn't want to kill the Arab, he even considers turning back and leaving the Arab alone. â€Å"It occurred to me that all I had to do was turn around and that would be the end of it. But th e whole beach, throbbing in the sun, was pressing on my back† (Camus 58). Meursault kills the Arab because of the sunlight’s effect on him causing physical pain which jolts him into committing a violent act. The sun was a symbol for feeling and emotion, which Meursault could not deal with. The sun was present all throughout the book. The sun was a distraction for Meursault which he could not handle. To Meursault, the sun is an influence on all his senses, as he cannot hear what someone else says to him. Meursault constantly thinks about the sun when one would expect him to be mourning the death of his mother.Meursault has shown no emotion towards his mother's death and he directs his bottled up anxiety at the sun. The sun forces Meursault to fire and kill the Arab with a revolver. What makes it worse, he fires four more times to make sure the sun is gone for good. The shooting of the Arab was a complete opening to gradual self awareness for Meursault. â€Å"My whole b... Free Essays on The Stranger Free Essays on The Stranger The Stranger The novel, â€Å"The Stranger†, written by Albert Camus is about one man’s life. The main character and the author, Meursalt, gives every detail and thought throughout the novel. He portrays himself as a person who doesn’t seem to care about much, yet he is a hero. Meursalt shows his heroic traits when he stands up for his friend, stands up for what he believes in, and always tells the truth. When Meursalt’s neighbor and friend, Raymond, gets into a fight with an Arab, Meursalt helps him with advice and physical fighting, without even thinking twice about it. To help anything serious from happening to his friend, Meursalt says, â€Å"Right. But if he doesn’t draw his knife, then you can’t shoot.† Meursalt even takes Raymond’s gun from him and says that he would shoot the Arab if the Arab pulled his knife on him. Without even thinking about it, Meursalt says that he would basically take the fall for shooting the Arab. Another way to show that Meursalt is a hero, is when he stands up for what he believes in. At the end of the novel when the chaplain comes to Meursalt’s cell to talk to him about God, he says, â€Å"Why haven’t you come to see me? I said that I didn’t believe in God. He wanted to know if I was sure and I said that I didn’t see any reason to ask myself that question: it seemed unimportant.† After that the chaplain continues to question Meursalt, insisting that he must believe in God. But Meursalt stands very strongly on what he believes in. Just like in the movie, Braveheart, the main character played by Mel Gibson is forced with a question on what he believes in. He is to lie and say he has a king, which they would kill him quick, or stand up for what he believes in by saying no, and they would torture him until he dies. He chose to stand up for what he believes in, just like Meursalt. Finally, Meursalt shows how he is a hero, by telling the truth all the time. Throughout... Free Essays on The Stranger In â€Å"The Stranger† Albert Camus portrays the world as without purpose. Meaursalt, who as a reflection of Camus is indifferent to his own life and death. Meaursalt eventually senses guilt for his crime, but not because he feels remorse for taking a life, but because he realized he would lose the little things he considered most important. The weather had made Meursault kill the Arab. The brightness of the sun caused him to pull the trigger and fire the shot that would change not only the outcome of the story, but also Meursault’s life. Because of the outburst of sunlight, Meursault was momentarily overwhelmed and his reaction was to tense up and, in doing so, he pulled the trigger of his gun. If it had been raining or overcast, Meursault would not have killed the Arab. Meursault doesn't want to kill the Arab, he even considers turning back and leaving the Arab alone. â€Å"It occurred to me that all I had to do was turn around and that would be the end of it. But th e whole beach, throbbing in the sun, was pressing on my back† (Camus 58). Meursault kills the Arab because of the sunlight’s effect on him causing physical pain which jolts him into committing a violent act. The sun was a symbol for feeling and emotion, which Meursault could not deal with. The sun was present all throughout the book. The sun was a distraction for Meursault which he could not handle. To Meursault, the sun is an influence on all his senses, as he cannot hear what someone else says to him. Meursault constantly thinks about the sun when one would expect him to be mourning the death of his mother.Meursault has shown no emotion towards his mother's death and he directs his bottled up anxiety at the sun. The sun forces Meursault to fire and kill the Arab with a revolver. What makes it worse, he fires four more times to make sure the sun is gone for good. The shooting of the Arab was a complete opening to gradual self awareness for Meursault. â€Å"My whole b... Free Essays on The Stranger The Stranger For Camus, freedom arises in awareness of one’s life, the every-moment life, an intense glorious life that needs no redeeming, no regrets, no tears. Death is unjustifiable, absurd; it is but a reintegration into the cosmos for a "free" man. Until a person reaches this awareness, life, like death, is absurd, and indeed, generically, life remains absurd, though each individual’s life can be valuable and meaningful to him. In a sense, The Stranger is a parable of Camus’ philosophy, with emphasis on that which is required for freedom. Meursault, hero of The Stranger, is not a person one would be apt to meet in reality in this respect; Meursault does not achieve the awakening of consciousness, so essential to freedom and to living Camus’ philosophy until the very end of the book, yet he has lived his entire life in according with the morality of Camus’ philosophy. His equivalent in the Christian philosophy would be an irreligious person whose homeland has never encountered Christianity who, upon having it explained by a missionary, realizes he has never sinned. What is the morality, the qualities necessary for freedom, which Meursault manifested? First, the ruling trait of his character is his passion for the absolute truth. While in Meursault this takes the form of a truth of being and feeling, it is still the truth necessary to the conquest of the self or of the world. This passion is so profound that it obtains even when denying it might save his life. Second, and not unrelated to the first, is Meursault’s acceptance of nature as what it is and nothing more, his rejection of the supernatural, including any god. Actually, "rejection" of God is not accurate until later when he is challenged to accept the concept; Meursault simply has never considered God and religion worthwhile pursuing. The natural makes sense; the supernatural doesnà ¢â‚¬â„¢t. It follows that death to Meursault also is what it is naturally; the end... Free Essays on The Stranger In The Stranger, by Albert Camus the character Meursault, who is the book's narrator and main character is very detached, and unemotional. He does not think much about events or their consequences, and he doesn’t express feeling in relationships or at emotional times. He displays a un-intrest if you will throughout the book by his reactions to the people and events described in the book. After his mother's death he didn’t cry or show any emotion on the subject at all. He shows limited feelings for his girlfriend, Marie Cardona, and shows no remorse at all for killing an Arab. He is called â€Å"the stranger† because of his reactions to life and to people. Despite this behavior of his, there is a young woman who seems to want to have a relationship with Meursault and a neighbor who wants a friendship. Meursault rarely shows any feeling when in situations, which would, for most people, create strong emotions. Throughout the vigil, and at her funeral, he never crie s. He’d rather enjo! y a cup of coffee with milk during the vigil, and have a smoke with a caretaker at the nursing home where his mother died. The following day, after his mother's funeral, he goes to the beach and meets Marie Cardona. They swim, go to a movie, and then spend the night together. Later in their relationship, Marie asks Meursault if he wants to marry her. Once again he shows a blatant amount of emotion by responding that it doesn't matter to him, and if she wants to get married, he wouldn’t abject. Then she takes an even bigger shot in the dark and asks him if he loves her. And he responds that he probably doesn't, and says that marriage really isn't such a serious thing and that it doesn't really need love. This reaction is well to say the least, typical of Meursault. He is casual and indifferent about life events. Nothing is very significant to him. Later on in the book, after he kills an Arab, not once does he show any remorse or guilt for what he did.... Free Essays on The Stranger An Exploration of â€Å"The Stranger† by Albert Camus The Stranger is a book of many facets and meanings most of which are not immediately apparent. In fact without in depth analysis the entire point of the book is easily missed. The manner of story telling in The Stranger is unique and at first hard to come to grips with. It is not the story which is especially complex but the manner in which it is told. It is done by a narrator. In his telling of his tale he neglects to mention several important aspects of his internal state, (which after a great deal of speculation seems to be what the book is really about). One soon learns that it is exactly that which is most important for complete understanding of the book, which is so carefully omitted. But, these features are not completely forgotten about, they are implied and inferred creating the need for careful analysis. For example, Camus himself, on the back cover of the book says the book is an exploration of â€Å"the nakedne ss of man faced with the absurd†; at first glance this book seems to have an almost unhealthy lack of the absurd and Camus’ statement seems meaningless. That is until the book as a whole is explored and one realizes that the lack of such is exactly what is absurd. This simple leap of thought, if the conclusion is correct is precisely the key to understanding The Stranger. It forces one to read between and even through the lines in a search for understanding, one comes to see that that which remains unwritten is the most important thing to read in this particular novel. The story begins with the death of the central character, Mersault’s, mother. That is in fact the first line of the book, the statement of this fact. It is the deadpan and uncaring manner of this statement that alerts the reader to the fact that this will be a different kind of book. The narrator never says that he is not overly distraught over his mother’s death, but it is implied through t he lan... Free Essays on The Stranger The Stranger It was a dark and stormy night. I was just about to go to bed and suddenly there was a knock on the door. Startled, I was reluctant to open the door but I gained enough courage and slowly opened it. It was my mom. In awe, I invited her in, wondering why she was out at such an hour. We sat for an hour and talked about a couple of unusual topics such as death and what happens after a person dies. When I asked her why she was talking about these subjects, she replied that my father visited her about an hour and a half before she arrived. She said that he had told her that there is no such thing as Heaven or Hell, but instead the souls of the people who die are doomed to roam the earth looking for a way out of this fate. I tried to explain to her that that is impossible, for my dad passed away almost three years ago, but my mother, being stubborn as usual, refused to believe me. I fixed up a snack for her at about 1:30 because she looked a little pale, but she refused to eat any of it. We talked for an hour or so more and finally she told me that she better get going. On her way out she told me to how proud she was of me and that she loved me with all her heart. About ten minutes later, after I just was about to fall asleep, the phone rang ((((Ring, Ring)))) ((((Ring, Ring)))). Angered, I answered and a strange voice said â€Å" Hello, Mr. Parker? I am sorry to bother you at this time of night but I couldn’t find any information on who to contact in case of an emergency. I am very sorry to inform you but your mother had a heart attack and died at about 10:56 last night.† The End... Free Essays on The Stranger An Exploration of â€Å"The Stranger† by Albert Camus The Stranger is a book of many facets and meanings most of which are not immediately apparent. In fact without in depth analysis the entire point of the book is easily missed. The manner of story telling in The Stranger is unique and at first hard to come to grips with. It is not the story which is especially complex but the manner in which it is told. It is done by a narrator. In his telling of his tale he neglects to mention several important aspects of his internal state, (which after a great deal of speculation seems to be what the book is really about). One soon learns that it is exactly that which is most important for complete understanding of the book, which is so carefully omitted. But, these features are not completely forgotten about, they are implied and inferred creating the need for careful analysis. For example, Camus himself, on the back cover of the book says the book is an exploration of â€Å"the nakedness of man faced with the absurd†; at first glance this book seems to have an almost unhealthy lack of the absurd and Camus’ statement seems meaningless. That is until the book as a whole is explored and one realizes that the lack of such is exactly what is absurd. This simple leap of thought, if the conclusion is correct is precisely the key to understanding The Stranger. It forces one to read between and even through the lines in a search for understanding, one comes to see that that which remains unwritten is the most important thing to read in this particular novel. The story begins with the death of the central character, Mersault’s, mother. That is in fact the first line of the book, the statement of this fact. It is the deadpan and uncaring manner of this statement that alerts the reader to the fact that this will be a different kind of book. The narrator never says that he is not overly distraught over his mother’s death, but it is implied through the l...

Starbucks in China Case Study Example | Topics and Well Written Essays - 500 words

Starbucks in China - Case Study Example As the marketing rule goes, it has been known that the best of the market share can be achieved only if the organizations and firms go global. This can also be achieved by having risk taking minds behind the strategies. Starbucks has been planning to open around 1200 stores on an international scale this year alone (Fellner, 2008, p. 12). The main strategy that has been seen to be followed and been implemented by Starbucks includes the global level joint ventures and partnerships that Starbucks has with the other coffee chains all around the world. These are the ventures that allow the other companies to own and run coffee chains. The local partner of the country knows the best locations and can make aware of the local tax issues and customer demands, thus giving Starbucks a bit added customer appeal (Earnshaw, Graham et al., 2005, p. 33). Starbucks has been seen to gain much popularity in China as compared to KFC and McDonalds. China has been embracing the idea of global trade and global business since many years and it has been seen that the foreign firms and organizations feel at home while they work in a foreign country, especially China. One of the main strategies that has been implied by Starbucks is that it is aware that the Chinese people do not like coffee. Therefore, Starbucks plans to provide the Chinese with more kinds and varieties of tea.