MODERN BUSINESS in Comparative Perspective (EXAM PREPARATION) Essay

MODERN BUSINESS in Comparative Perspective (EXAM PREPARATION) - Essay Example This was happened between the 17th and 18th century In the late 17th century, the United Kingdom (UK) began the industrial revolution. Before industrialization, the people used to live in the rural area practicing farming. However, the countries had distinctive advantage in the manufacturing industry, especially in textile industry. Moreover, The development of the steam engine played important roles in ensuring an improvement in the banking industry. However, the UK banking industrywas lack of intermediation. In the early 18th century, the United States (US) began the industrial revolution. After the civil war, the US industry was changed drastically. The railroads distributed goods and products everywhere; therefore, the production level was increased. Before industrialization, the organizational structure was under hierarchy structure. However, when the population in the cities increased after revolution, the country was decreased between rich and poor. Moreover, increasing in US industries improved in the banking industry. The US banking industry supported many industries along with introducing the stock markets. Both early-industrialized countries focused on invention and innovation. The UK and US were creatively used in the textile and automotive industry with adequate support of the financial institutions where started growth of economies. Moreover, the manufacturing industries were set in these countries that marked the growth in the market share. Late or newly, industrialization refers to those countries whose level of economic development is between the developing and the first world classifications (Wyatt, 2009).  This means that these countries have moved from the agriculture based economy to the industrialized urban economy. Some of the countries that are industrialized include Germany, China, and Japan. The development of the railway network fastened the transportation of goods from one place to another. In addition,

Details of the European Crisis Essay Example | Topics and Well Written Essays - 750 words

Details of the European Crisis - Essay Example The critical issues that shaped the crisis include; competitive weakness, weak and actual growth and large debt-to-GDP ratios. Other important issues are liquidation of banks and sovereigns, considerable liability stocks both in private, government and non-private sectors (Arestis & Sawyer, 2012). The crisis was complicated making it difficult for European nations to refinance or repay the debts of their governments without the intervention of a third party such as IMF or ECB. In addition, the banks within the Euro zone were undercapitalized and, as a result, were influenced by debt problems and liquidity. Due to the crisis, the rate of economic growth was slow in the entire region. Similarly, the economic growth was unequally distributed across the member states (Lynn, 2011). The governments of the nations that were ruthlessly affected coordinated with "the troika". The troika is a committee formed by three international organizations namely, the European Central Bank, the European Commission, and the International Monetary Fund. Virtually, in 1992 the EU signed the Maastricht Treaty. The agreement regulated their debt levels and the limit deficit spending. Nonetheless, at the onset of the year 2000, some of the member states defied the criteria of the treaty. These countries instead decided to analyze government revenues to minimize their deficit or debts. Therefore, evading the desired practice and not being able to follow the international standards (Arestis & Sawyer, 2012). This gave the sovereigns a chance to mask their deficit and debt levels by embracing a combination of approaches such as off-balance-sheet transactions, inconsistent accounting and the use of complex credit derivatives, as well as currency structures. The low-interest rates resulted to excessive government spending and borrowing primarily in member states like Greece during the decade lead. Since

The ideal global citizen Essay Example | Topics and Well Written Essays - 250 words

The ideal global citizen - Essay Example In this regard, one hereby aims to create a personal concept for the ideal global citizen through an exploration of various contentions on education, religious knowledge and moral systems. A more comprehensive picture of a global citizen was expounded through reflecting on the definition of a global citizen. Parallelism with terms such as globalization or multiculturalism; while ultimately deciding to settle on the term cosmopolitanism (Appiah 58) are equally confusing and tend to provide increasing ambiguity, instead of clarity. Intricate as it seems, one perceived that to establish conjectures of ultimately concluding that â€Å"cosmopolitanism is an adventure and an ideal† (Appiah 62), would be the only shared conviction with Appiah’s discussion. For one, the features or traits that make a global citizen ideal are those cited by Appiah of Christoph Martin Wieland’s 1778 essay in the journal Teutscher Merkur, quoted as: "Cosmopolitans . . . regard all the peoples of the earth as so many branches of a single family, and the universe as a state, of which they, with innumerable other rational beings, are citizens, promoting together under the gener al laws of nature the perfection of the whole, while each in his own fashion is busy about his own well-being† (Appiah 59). The ability to acknowledge that citizens are part of one universal family but recognizes individuality, privacy and confidentiality makes the concept ideal and global. Since one recognized that the concept of idealism is analogous to absolute perfectionism, an ideal global citizen, apart from acknowledging universality of being a citizen of the world, should likewise accept the natural law for diversity in values and principles; yet, adhering to moral codes of conduct. As Albright cited Pope John Paul II’s argument that â€Å"if people were to fulfill their responsibility to live according to moral principles, they must first have the right to do so†

Iconographic Representation Of Jesus Christ Essay Example for Free

Iconographic Representation Of Jesus Christ Essay Jesus Christ, by Christian tradition is known as the lamb of God or the sacrificial lamb, so he is symbolized by a very young lamb seated on a nest of thorns. Other than this Christ is also known as ‘the fisher of men’ which relates to the biblical story of how He was able to gather people into His flock so that they would submit to His teachings; so the ancient symbol for Christ is a simple illustration of the fish as shown in the collage. Other than this, this representation also has something to do with Christ’s words to Peter, when He said, â€Å"Come with me and I will make you fishers of men. This is also the reason why the Pope wears a ring known as ‘the fisherman’s ring† so symbolize his being the Vicar of Christ on earth. Another symbol which represent’s Christ is bread, because he also said during his lifetime, â€Å"I am the Bread of Life, whosoever partakes in my banquet shall have eternal life. †; Christ is also represented by fire, light or a flame because of his pronouncement that He â€Å"is the Way, the Truth, and the Light. †   Another symbol used in the collage is the chi-rho symbol which was an ancient way of writing the name Jesus Christ.

The Cause and Effect of the Tsunami in Thailand in 2004 Essay -- Natur

The Cause and Effect of the Tsunami in Thailand in 2004 The tsunami in Thailand that occurred on December 26, 2004, was by far the largest tsunami catastrophe in human history. It was triggered by a magnitude 9.1-9.3 earthquake along the Indian-Australian subduction zone off the northern coast of Sumatra. The tsunami waves traveled primarily in the east to west direction and caused major damage along the coasts of southern Thailand. Unpredictably, it was a violent earthquake beneath the sea that initiated the massive waves and struck more than a dozen countries in Southern Asia. It also destroyed thousands of miles of coastline and even submerged entire islands permanently. Throughout the region, the tsunami killed more than 150,000 people, and a million more were hurt, homeless, and without food or drinkable water, making it perhaps the most destructive tsunami in the modern history. In spite of peninsular Thailand's location facing the northern part of this subduction zone, the lack of any written historical records, together with the l ack of any major local seismic activity, the tsunami caused thousands of fatalities and huge economic losses in the popular tourist regions in Thailand. Immediately after the disaster, numerous organizations and individual citizens have helped out and contributed to this devastating tsunami. Indeed, the tsunami in Thailand was a worldwide event, with significant wave action felt around the world. In this context, I am focusing more on the key features of the tsunami’s natural causes, the psychological effects on citizens, the perspective of socio-economic impacts and the consequences of the tsunami calamity. What triggered this horrific natural disaster that took place off the western coast of... ... the catastrophic event into an opportunity for the future. Even though the tsunami of December 2004 ended in a huge death toll, ongoing trauma and homelessness of millions of Asians, still they can recuperate from this entire horrific event. If any good at all is to come from this adversity on a human scale, it will certainly be considered by the compassion and generosity that the world reveals to the survivors. I must admit that I find very difficult to let it sink in my brain the fact that it can happen to all of us anywhere and any time around the globe. It might not be a tsunami that these citizens have experienced, but there are other natural disasters we can stumble upon as well. Surely, it has been a great experience for me to write this paper and to discover the truth about the tsunami and the total effects of what these people have to deal with.

Extended commentary of ‘During Wind and Rain’ by Thomas Hardy Essay

On the Title: An ambiguous and interesting choice of title, in that it is – as I will show – both incongruous with the tense (or time-scale) used in the poem and draws the reader’s attention to descriptions of the weather. The word â€Å"during† makes the weather conditions affect the present. However, the poem is mostly written in the historic present and many of the stanzas depict images of bright, pleasant days – not the â€Å"wind and rain† alluded to in the title. There is clearly an intentional discrepancy being orchestrated here by Hardy. Quote SLS: â€Å"Beware â€Å"during†, the incongruous preposition.† Overall Structure: Four stanzas of seven lines, with a very strange (but regular) rhyme scheme. Hardy uses a very odd structure indeed. The rhyme scheme utilised in the poem consists of: ABCBCDA. There are multiple effects of this: * The sixth line in the stanza breaks the poetic flow of the stanza, as it is the only line not to rhyme with another – hence acting like a mid-stanzaic volta. It draws attention to itself. Therefore, it should come as no surprise that the sixth line of every stanza breaks away from the theme of familial happiness painted in the previous five lines, and turns the subject to the contrasting theme of death. Observe the refrains used! * The drawn out â€Å"A† rhyme encompasses the entirety of each stanza. Given that the last line (about death) is linked to the first (about life), is Hardy trying to show the unavoidable connection of life and death? * Seven lines to each stanza perhaps represent a week, just as the four stanzas represent the seasons? Very poor allusion. Themes: Death, Family life, Time, The Seasons. Difficult Language Notes: â€Å"Blithely† means â€Å"happily†. First Stanza Notes: â€Å"They sing their dearest songs – He, she, all of them – yea, Treble and tenor and bass, And one to play; With the candles mooning each face†¦ Ah, no, the years O! How the sick leaves reel down in throngs!† This poem is one full of repetition and refrain. The general layout of each stanza, in terms of theme, organisation and repetition of certain lines, remains constant. Each stanza, for example, opens with an image of a family – presumably the same one throughout – in a place, or carrying out an action, in a unified and â€Å"happy† way. This stanza evokes a scene of the Victorian family gathered, singing, around a piano (â€Å"one to play†), as piano playing and â€Å"sing-a-long† was, of course, very common in Hardy’s time. Note how he only uses personal pronouns; distancing effect? Hardy goes to perhaps extreme lengths to show the family’s unity. On a critical note, one could criticise his rather inefficient use of the first four lines of this poem, but that is not our aim. Some analysis: * â€Å"They sing their dearest songs†. Note the use of a superlative adjective in â€Å"dearest†. It is the first of many. We may query its meaning; perhaps it indicates a certain reverence to familial attitude, both in Hardy and in the family itself. They are enjoying it! * â€Å"He, she, all of them.† Illustrates a togetherness within the family – one which (as Hardy will later comment upon) Death inevitably overcomes. The following line regarding the different musical voice (â€Å"Treble and tenor and bass†) illustrates a similar thing, but is used to point out that Death affects all elements of family, regardless of age. How very depressing – we’re only at line 3! Even better, he does this in all stanzas. * â€Å"– yea† Note use of colloquial (conversational) affirmative. Not only is it used to force the rhyme scheme, but it contrasts with the later â€Å"Ah, no†, which is negative. Hardy does this in all stanzas. Without jumping ahead, however, it is simply a friendly comment of approval. * â€Å"With the candles mooning each face† Night time scene. Interesting, seeing as it contrasts with the other images presented, which are all in bright daylight. * â€Å"Ah, no; the years O!† Thus we encounter the â€Å"inter-stanzaic volta†. Not only does the rhyme scheme depart from regularity (We label the sixth line in all stanzas the ‘D’ rhyme, as it is the only line not to have a rhyming companion). It signifies a departure from the pleasant theme of the unadulterated joy of family life, and an arrival at the theme of its death – or the fact that it is all going â€Å"to pass† eventually. As before mentioned, the â€Å"Ah, no;† contrasts with the previous affirmative. The actual sense of this line is rather obscure. We assume that Hardy is implicitly commenting on the fact that â€Å"the years† take away/ damage the family life – as they pass, so does the family and its happiness. â€Å"O!† is an ejaculation, expressing sadness or mourning for the family. * â€Å"How the sick leaves reel down in throngs!† Hardy furthers his ideas about death. Here is a line referring to the autumnal decay of life – leaves falling – and the way in which it precedes Death. Note how the leaves, when considered in â€Å"throngs†, may represent people? In the same way, a â€Å"reel† is a type of dance; is this (a slightly sick) dance of death? Unlikely, but we must remember that Hardy has no qualms with tragic irony. Second Stanza Notes: â€Å"They clear the creeping moss – Elders and juniors – aye, Making the pathways neat and the garden gay; And they build a shady seat†¦ Ah, no; the years, the years; See the white storm-birds wing across!† Once again, Hardy begins his stanza with an image of the family, this time in the garden – presumably in spring, as suggested by the fact that they are clearing the remains of winter (â€Å"the creeping moss†), whilst he describes the garden as â€Å"gay†. One can immediately recognise the structural similarities shared with the first stanza, as well as the meaning behind the â€Å"pleasant† image. * Note that Hardy now observes that both â€Å"Elders and juniors† participate – again, he differentiates between the different members of the family, but now uses the factor of age, as opposed to musical voices. This serves only to strengthen the original analysis; that unity may be visible and, indeed, enjoyable, but it is only fleeting in the face of Death. Lovely†¦ * Observe how the family’s actions are arranged around both â€Å"making the place neat/pretty† and around comfort. â€Å"Making pathways neat† and â€Å"building a shady seat† have only temporary effects upon happiness – the â€Å"moss† will grow back, the pathways will become untidy in time, when Winter (representing Death and decay) comes. Thus we find that Hardy is setting up, within his â€Å"pleasant† image, the backdrop upon which he wishes to point out that all happiness, joy – and life itself – is fleeting. * Or is it an image of the â€Å"futility of human endeavour† – the weather will erode the order imposed upon it, and ultimately Death will prevail? * On an aside: evidence for the scene being set in spring: if the seat is shady, then surely the sun must be out in broad daylight – not a symptom commonly associated with the Wintry illness! Ah, no; the years, the years; See the white storm-birds wing across! And yet, on cue, Hardy revives his alternative theme – this time with a slightly different D rhyme/phrase. The colloquial negative remains, but Hardy uses the echo of â€Å"the years† to emphasize the passage of time. He uses the same phrase in the fourth stanza, yet repeats the primary ejaculation in the third stanza (they alternate). The final line of the stanza is rather interesting. â€Å"Storm-birds† sound like mythical beasts – perhaps the extremity of phrase reflects that of Death? – yet they are most likely geese, flying away before Winter comes. It is not as disturbing an image as that of the leaves â€Å"reeling†, but it again points to the same idea. The use of strong verbs in all final lines in all stanza adds to their strength: â€Å"reel† in Stanza One, â€Å"wing† in the second, etc. â€Å"To wing† itself is an unusual choice, perhaps adding to a sense of the supernatural. Think back to â€Å"Neutral Tones† and the â€Å"ominous bird a-wing†. The verb has the same effect here. Third Stanza Notes: â€Å"They are blithely breakfasting all – Men and maidens – yea, Under the summer tree, With a glimpse of the bay, While pet fowl come to the knee†¦ Ah, no; the years O! And the rotten rose is ript from the wall.† Here Hardy is at last explicit about the season and its effects; much as Autumn and Winter are representative of Death and decay, spring and summer bear idyllic delights. In this stanza, we find ourselves in the latter. One cannot â€Å"overdo† the emphasis which Hardy applies to the seasons. He pictures human life as tragically linear, whilst comparing it to the inevitably cyclical seasons. In the end, the seasons – especially Winter – bring about the decay of a finite life. And yet, to begin with, this stanza suggests that the family are blissfully unaware of that fact. * Once again, we find the family in unity and happy – seeing as they are â€Å"blithely breakfasting† – suggesting a disregard for the potential decay and sadness. They appear to live in the happy present. * It has been suggested that the family have now grown up, seeing as they are now described as â€Å"Men and maidens† as opposed to â€Å"Elders and juniors†. Side point – no way to substantiate claim. Of course, now Hardy differentiates between them using sex – all the more differences which Death can overcome. * Allusions to an Arcadian ideal – a perfect landscape, full of happiness – are impossible to avoid. â€Å"Under the summer tree / With a glimpse of the bay†; it sounds more like Tuscany than Britain! Of course, Hardy is not that explicit. The â€Å"bay† may just as well be a bay tree, as much as a bit of coastland. Still, the image remains idyllic. And yet, â€Å"I [Death] am here†. * â€Å"The pet fowl† may represent a further source of happiness – domesticated or agricultural livestock have always been kept for the happiness of one’s stomach or one’s heart. Either will do. More human endeavour to be laid waste to by Death? Here, as usual, the poem breaks away and returns to the original ejaculation about the years passing. Note how the â€Å"O!† lengthens the line – it slows the reader down. Otherwise analysed above. The final image evocative of Death, however, is of our greatest interest: â€Å"The rotten rose is ript from the wall.† Again, an ambiguous phrase creates the sense of sickening mystery which Death itself possesses. Not only does the obvious alliteration of the â€Å"r† sound mount both the tension and force placed upon the final verb, but it also mirrors the ugly nature of the act itself. â€Å"Ript† is merely an archaic spelling of â€Å"ripped† – the sense is the same and bears the same strength. Yet who, or what, rips up the rose? Obviously, the image is representative of Death claiming a life; the verb suggests an unpleasant or untimely death. Quote SLS: â€Å"A complete severance from life†. Perhaps we can extrapolate this further to make a comment on the cruelty of Death in Hardy’s eyes? It may well be the wind. This would fit with the title, although we must still ponder the incongruous preposition, â€Å"during†. Perhaps the entire image is metaphorical, and Death is simply tearing a previously beautiful flower (â€Å"rotten† is probably representative of â€Å"old†) away from life? Fourth Stanza Notes: â€Å"They change to a high new house, He, she, all of them – aye, Clocks and carpets and chairs On the lawn all day, And the brightest things that are theirs†¦ Ah, no; the years, the years; Down their carved names the rain-drop ploughs.† Clearly the family have grown wealthier, to move house – and, it seems, they have moved quite literally â€Å"up† in the world, as it is a â€Å"high† one. One may question whether this stanza overly reflects upon the materialistic joys of the world. Maybe that is Hardy’s intention. I doubt, however, that this is an explicit attack upon those who value material objects; rather a memento mori, in that, despite the temporary pleasure of wealth and possessions, Death will always claim victory. Deeper analysis: * Note how we have returned to â€Å"He, she, all of them†. Have we come round in a full generational cycle? * The weather remains good, as the family display their possessions on the lawn, presumably as they either prepare to move them to the new house from the old, or simply before they have been properly installed. Clearly Hardy is using summer to represent joy and prosperity. * The language bears little complexity – hence little analysis! Is this done to reflect the simple, but enjoyable, pleasures of materialistic desires and good weather? * â€Å"Brightest things which are theirs†. Note another superlative. Relevance/ importance, other than to add emphasis? (Have previously analysed the secondary ejaculation. Now repeated.) The final image of the poem is possibly the most interesting, dramatic and explicit. â€Å"Down their carved names the rain-drop ploughs.† Here Hardy at last makes an explicit reference to the subject of death, in that their â€Å"carved names† are grave stones, whilst also tying in the title (with the reference to the weather). Primarily, we are shocked by the contrast; clearly, Hardy is imagining the same individuals with whom we are now familiar (as â€Å"the family†) as being dead. They have been buried. This is a very sudden and rather upsetting realisation. Hardy very successfully makes his point about the frailty and temporal nature of life. Their successes and happiness are irrelevant. How depressing! Worse, Hardy suggests that the weather erodes them not only in life, but also destroys (â€Å"ploughs†) their memory in death; the rain drop appears to be eroding away the names from the stones. This insensitivity contrasts with the use of â€Å"names†, which are highly personal. Perhaps, however, Hardy intends â€Å"ploughs† to be positive. As in the agricultural sense, the rain drop prepares for new growth? Final note: Is the narrator writing the poem in the grave-yard? Are the images he recollects merely his memories of a family now dead – the images of Death are all happening around him â€Å"during wind and rain†? Clever point. Perhaps.

Philosophy essay Essay

The nature of inquiry is not one that is uncommon to the human race. From the very origin of philosophy, the term for the â€Å"love of wisdom†, individuals have spent countless hours contemplating the most essential and critical matters before them. These individuals have made substantial attempts to explain reasoning behind the functioning of earthly matters, and by virtue of their study, they have come to be known as philosophers. While various philosophers have contributed to significant revelations and theories, the main pre-socratic philosophical movements were of ancient Greek origin and are attributed to the following philosophers: Thales, Anaximander, Xenophanes, Heraclitus, and Parmenides. Born in Miletus, Thales was discontent with the traditional stories of enchantment known as myths. Aristotle contributed the fact that he saw him as the very first philosopher, which a very common belief in the modern world. His major contributions were his beliefs that the cause and element of all things is water, and that all things are occupied with gods. The impressive matter is that Thales recognized that there is only one particular base for all things and that it was a naturally occurring substance that was very tangible and real. While there is not much information on Thales, it is speculated that he chose water because of its diversity and physical characteristics that allow for it to prevail in liquid, solid, and gaseous forms. As for his second contribution, the Greeks were firm believers of the immortality of the gods and their occupation in the lives of the humans and the natural world. Therefore, it would not be unusual for them to 2 reside in all things present on the earth. Thales very truly was the very first philosopher as he began the search for the answer to why things happen as they do. The Greek nature was not one to simply accept Thales propositions, but rather they focused on refuting it and providing other alternatives. Anaximander provided his own input on the matter with a theoretical proposition. He claims, that a system is in place, in which the Boundless is the infinite source of all, and it is the beginning- there was definitively nothing before it. The key feature of the Boundless is the immortality that it possesses, and further, it â€Å"encompasses all things† and â€Å"steers all things. † This concept of resolute envelopment is seen again in the New Testament, where it is reinforced that God is in all things. The Boundless is neither one thing, nor another, but rather, it maintains its own distinctive persona, and from it came all other things. Anaximander contributed many more developments, but they were all later proved incorrect. However, he does also state that existing things â€Å"make reparation to one another for their injustice according to the ordinance of time. † This suggests that a balance in nature must be properly observed. A hot summer must be counteracted with a cold winter, and so the seasons encroach on the â€Å"rights† as a result of the others and serve them injustice, but reparation is seen at the turn of the seasons. The developments made by Anaximander contradict what was then the Homeric tradition and essentially spurred a cultural crisis as the Greeks were unable to choose between the side of logic or that of myth and legend. A man known as Xenophanes came to the scene of philosophical inquiry when he clearly stated the religious implications of the new ideas of philosophy- a concept strictly avoided by most before him. He begins to critique the very nature of the gods, with the belief that it is shameful to portray them as no better than humans. While Xenophanes was not a disbeliever, he firmly believed in the presence of one god that reigned above all and was very different from 3 mortals in both body and mind. Xenophanes denies association with the gods through inspiration (i. e. muses) and any proposed revelation does not necessarily guarantee truth. He does, however, push us to format out believes by constantly seeking, even though he does not explain how. The belief is that over time, the continuous seeking will give to better opinions that may eventually be very near truth. He does not deny that there is the potential that some truth is known, but  simply that there is no such thing as certainty without definitive proof. He goes into the matter that there is a scale of truth, and unbeknownst to us, there is no way to tell on which side our supposed revelations lay. Xenophanes contributes a new direction for thought. The questioning that he provides, in fact, questions its very own self, which is the basis of epistemology, or the theory of knowledge. Lastly, he provides his belief that only the one god knows the absolute basis and value of the truth, and while we may seek it out, because we are inferior, we cannot know for sure. Known to the Romans as â€Å"Heraclitus the obscure† this philosopher often wrote in complex riddles. One of his famous thoughts is â€Å"All things come into being through opposition, and that all are in flux, like a river. † The major bit that he provides is that reality in itself is a flux. It is possible to step many times into the same river, but it will never exactly be the same as the waters will be different. He postulates that all things are then in flux and are ever-changing, even though they maintain a constant identity over the change. Further, the opposition is necessary to cause events to occur. A lyre will only play music if tension is pushed onto its strings. What makes a river is the force of the water that constantly runs through it, for without this force, there would be no river. It can be said that Heraclitus was an optimist as he believe that the changes in the world are not chaotic, but are structured by an order that is divine in nature, and therefore, it is good and beautiful. He stresses the presence of logos, and his belief 4 that those who are intelligent listen to it, while many who do not and are foolish. The many miss this because they fail to recognize the logos that is present in everyday life. Unlike his predecessors in philosophy, Parmenides was not Ionian, but instead from Elea. He wrote a complicated metaphysical poem in which he decrees that the content was revealed to him by divine powers. In his poem, an argument is provided, but rather than to accept it, it beckons one to judge it instead, which makes it philosophical in nature. His argument is divided between â€Å"the Way of Truth† and â€Å"the Way of Opinion. † Interestingly, he makes the point that you cannot think â€Å"nothing. † When you think, you think of what is, so you cannot think of something that is not, since nothing cannot be something. Parmenides urges people to follow reason, and reason alone. Therefore, he holds the title of the very first rationalist philosopher. Additionally, he believes that all that exists, exists all at once. By existing at once, it evades the concept of being what is not, because that which is not is inconceivable and cannot be thought about. Since the fathering of philosophy by Thales, the developments and inquisitions made by astounding men grew strongly throughout the Pre-Socratic era, and then progressively even more into the more current era. The most significant early men that helped philosophy take its very  roots were Thales, Anaximander, Xenophanes, Heraclitus, and Parmenides. Collectively, these men brought into question the very essential questions of philosophy that are even still argued and debated furiously over in the modern world. 5 Melchert, Norman. The Great Conversation: A Historical Introduction to Philosophy. New York: Oxford UP, 2011. Print. â€Å"Parmenides. † Web. 13 Mar. 2012. . â€Å"Presocratics. † SparkNotes. SparkNotes. Web. 13 Mar. 2012. .

Community and Social Structure1 essays

Community and Social Structure1 essays AssignmentIII The idea of people being social in nature can be clearly illustrated by the groups, or communities that one sees all around them. Groups of individuals share a common perspective of what reality consists of, this is known as culture(Charon, 1997). This reality is perceived through our interactions with others in the group and by what our position is within that group(Charon, 1997). The way in which we see the world is in a sense limited by both our position and our interactions. In order to actually fill your position in the group you need to have a working set of ideas and concepts to get the job done(Charon, 1997). This working set of ideas is actually formed by the interactions that you have with other people who have the same position as you. It works for everyone else, and therefore you can t just randomly choose another set of concepts and ideas andexpect them to work, so you choose the ideas, concepts, and means that your peers use(Charon, 1997). For instance, if you are a Chemist, you obtain knowledge and perspectives consistent of your environment, i.e. chemistry, you would not learn a great deal about molecular biology because those concepts and ideas are not useful to you. We don t have a complete picture of everything around usbecause we perceive only the things which fit into our social structure(Charon, 1997). Reality is not a Velcro Nerf dart toss of facts and ideas, but rather a magnetic selection of those facts and ideas which are conducive to our pre-constructed structure. To one man power and riches are the greatest thing to achieve, but to a bum The oiliest thing is to have a warm placeto sleep (Coleman,1982:207). It s unfortunate that these conceptscan be utilized by a dictator to gain control and power for his own ideas and concepts. Hitler was just such a man, he used a social construct known as patriotism, that is, sense of pride and connection with everyone within a society. Hitler rallied people ...

Sister Emmanuelle- Her Life Essays - Emmanuelle, Free Essays

Sister Emmanuelle- Her Life Essays - Emmanuelle, Free Essays Sister Emmanuelle- Her Life Sister Emmanuelle- Her Life of Accomplishments A: Summary of Sister Emmanuelles Life Sister Emmanuelle was Christened Madeleine Cinquin and was born in Brussels on the 16th of November 1908. She was one of three children to Berthe Lenssens and Jules Cinquin. Madelienes father tragically drowned when she was six during a beach side holiday. She grew up in Belgium, yet during the First World War, her mother moved them to Paris for a year, and then returned to Belgium one year later. She was taught English by a British Governess and excelled in her schoolwork. By the age of twelve, Madeleine wanted to be a nun. She was inspired by Father Damien, a Catholic Priest who helped Leprosy sufferers in Hawaii. After reading about acts of charity, Madeleine Cinquin decided to use all her efforts to helping those who were not as fortunate as she was. She joined the Order of Our Lady of Sion and changed her name to Sister Emmanuelle when she took her vows in 1923. Emmanuelle means God is with us. She taught in convent schools for well off children, but Sister Emmanuelle felt that she should use her teaching skills to educate those less fortunate children, so she discontinued teaching in Turkey and Tunisia and seeked in helping those in Egypt. A Popes representative heard of Sister Emmanuelle wishes and suggested she helped the thousands of refuse collectors known as the zabaleen in Egypt. The zabaleen, which means filth or rubbish, lived on the outskirts of Egypt at a rubbish dump called Ezbet El Nakhl. Ezbet El Nakhl was a dirty place inhabited by refuse collectors who collected the rubbish of Egypt for very little pay and lived in a poor, dirty and unhygienic place where the rubbish of Egypt was stored and sorted. The children were uneducated and had no way of entertaining themselves so they got into trouble. Sister Emmanuelle moved into Ezbet El Nakhl in 1971 and lived in a small one roomed hut with very few possessions. She was 60 years old at the time. She decided to give up her luxuries and live like the many zabaleen friends that she had made. She traveled into the city everyday at 5 oclock in the morning for mass at the city convent. Sister Emmanuelle lived with very little food and had to put up with the many problems that the zabaleen lived with, like white worms in food supplies and housing, fleas and disease. Sister Emmanuelle had not been at Ezbet El Nakhl long when she decided to open a school in her spare room. She accepted any child of any religion who was willing to learn. Sister Emmanuelle took her small class on many field trips to Egypt and for many, it was their first time into Egypt apart from collecting rubbish. She opened a school for men and many showed up to learn the Arabic alphabet. Sister Emmanuelle was desperate for a youth club and center to help the Zabaleen. She set about collecting 15 000 from the local charities and help funds around Europe. She finally achieved this two years later. A kitchen, club, pool, football field and lounge was set up for the youth of the Ezbet El Nakhl. She called it the 'Salam Center,' which is Arabic for peace. It was opened on the 29th of March in 1979 and the center also provides social, medical, cultural and educational help. When Sister Emmanuelle was satisfied with her work at Ezbet El Nakhl, she moved on to Mokkatam; a refuse collectors dump which was in worse condition than Ezbet El Nakhl. Sister Emmanuelle started the work of collecting money from charities to build a factory for composting material, which she finally achieved. Sister Emmanuelles work in the rubbish slums contributed greatly to the progress and living conditions in the refuse collectors lives. Even at 77 years of age, she was still collecting money for the refuse collectors. B. Sister Emmanuelles Christian Motivation In Sister Emanuelle's early life, she was heavily influenced by Christian faith and many Christians were her motivation. Through influential beings, Sister Emmanuelle became a person who was willing to help others and devote her skills for the needs of others. When Sister Emmanuelle was eleven,

6 reasons you need to quit your jobâ€now

6 reasons you need to quit your job- now If you hate your job, most people will tell you to stick it out for a number of very reasonable reasons. They’ll try to convince you that it’s not so bad, that you can make lemonade, that it takes lots of time to plan another move. Here, however, are 6 reasons why you should think about actually quitting  sooner rather than later. We know that some things are not worth sticking out even another week.1. It’s making you physically ill.Your body is literally done with the place. Your stomach is in knots, you have headaches, you feel anxious and depressed at work- or even at the thought of going into work. Listen to your body. This job is wearing you down. The stress is making you sick. Staying at a job like this can have really bad long-term effects on your overall health and happiness.2. The best you can hope for is mediocrity.If you aren’t being given sufficient opportunities to grow or challenges that allow you to stretch your abilities, chances are you won’t excel- personally or professionally. You’ll continue to be bored, your work will be mediocre, and your self-esteem will have nowhere to go but down. Is that the best you can expect (or want) for yourself?3. You’ve stayed way too long- and everyone knows it.Do you get the sense that your job has effectively passed its sell-by date and you’ve outgrown the position? When you think of doing the same tasks you’ve been doing for ages, does it leave a rotten taste in your mouth? If this sounds familiar, there’s a good chance your job has run its course. Why are you sticking around? You have the experience and skills, so come up with a plan  now for how you can use them to get a promotion or new position that deserves the new you.4.   You have dreams of entrepreneurship.You really want to go out on your own, have a great business idea, and are sick of working for other people and pushing papers around. Take a deep breath and put yourself i nto position to take a shot at your dream. If you fail, you can always go back, but if you never try you’ll never know what’s out there for you.5. Your boss is terrible.Bad bosses never get better or more bearable. If there’s no way for you to move to a different department or get promoted to a new manager, then you’re just signing yourself up for endless, daily misery by staying under your toxic boss.6. Your good reputation is fading fast.You’re miserable, so you’re calling in sick all the time. You’ve had a few public confrontations with your boss. Your work has begun to suffer. Leave now before your formerly stellar reputation starts to slide.Ask yourself: can you survive (i.e. pay rent and bills and feed yourself) if you were to quit today? If the answer is yes, go forth and quit. Make sure you have some vague idea of how to line a job up for yourself next month, but focus on getting out of a bad situation this month. You might fi nd that actually quitting forces you to make the changes you need to end up where you really want to be.

Role Transition from LPN to RN Essay Example | Topics and Well Written Essays - 1000 words

Role Transition from LPN to RN - Essay Example LPN and RN practice have several similarities and differences in terms of how they are undertaken. LPN practice has fewer skills compared to the RN practice. For example, what a registered nurse can be allowed to undertake in his practice is different from what a licensed practice nurse can be allowed to undertake in his practice. This is because of the limitation in the skills that a licensed practice nurse is required to develop before being allowed to practice. The functions of LPN practice and RN practice are identical. The functions performed by the licensed practice nurse are almost identical to function performed by a registered nurse in their day-to-day practice. Both the LPN and RN implement the nursing process in the delivery of nursing care and also administer treatment authorized by an authorized prescriber. This indicates that the functions of RN and LPN practices are identical. Licensed practice nurse is not allowed to give instructions but to follow instructions of the registered nurse and doctors. A good example is being required to administer nursing care services only when instructed by a registered nurse. This indicates that this nursing practice has no leadership responsibilities. LPN roles also lack peer relationship. Peer relationship is exhibited when individuals within the same level of practice are allowed to work together and share knowledge and experience in order to improve their effectiveness. Licensed practice nurses are not allowed to function without instructions from a registered nurse or a doctor.

Custom Chip, Inc Article Example | Topics and Well Written Essays - 250 words

Custom Chip, Inc - Article Example Workflow in this company begins with the marketing department. This department collects orders from the customers with detailed specifications of customer needs. After the collection of orders, the work is sent to the engineering department that designs the approach to be used to meet customer’s specifications. The engineering department then sends the work to the production department that undertakes the process of producing the items ordered by customers. In case of any issue in production, the production supervisor is supposed to call the product engineer for guidelines. The workflow process for this company has been lengthy. This has made it to cause delays in the delivery of orders. Moreover, it has been costly thus resulting to high costs of production and ineffective thus resulting to low level of production. Several modifications in the workflow require to be done in order to overcome its ineffectiveness. One of the modifications that could assist is integrating the departments of this organization in the production process. To integrate the departments, the company should make the production process to be a multidisciplinary teamwork. In this kind of approach, the production team would be involving marketing personnel, a production engineer, and a production supervisor. Another modification that can be adapted on the workflow to enhance its effectiveness is ensuring that each department plays only its specific tasks without interfering with other departments. The type of design used at Custom Chip is that of production workers reporting to their supervisor, the supervisor reporting to the production engineer, then production engineers reporting to production engineering manager. This design has proven to be ineffective. Hence, I recommend that is should be modified to promote accountability and effectiveness. A modification that I would recommend is the introduction of a production sight engineers who will act as production managers. The managers

Does the constitution of the united states prevent effective Essay

Does the constitution of the united states prevent effective government - Essay Example Carl Friedrich (1965) similarly defined constitution as a system of efficient, regularized restrictions upon government activities. From this point of view, the key attribute of a constitution is its statement of individual rights, particularly those held against the state. Definitely, a bill of rights at the present form parts of almost all written constitutions, the first Bill of Rights included the ten amendments quickly appended to the American Constitution in 1791, covering such liberties as freedom of religion, speech, the press, and the right of the people to bear arms (Lloyd 2006). The second and somewhat neglected role of constitutions is as power maps, defining the structure of government. Constitutions articulate the pathways of power, describing the procedures for making laws and reaching decisions. As Sartori (1994) wisely observes, the defining feature of a constitution is this provision of a frame of government. A constitution devoid of a declaration of rights is still a constitution, but a document lacking a power map is not a constitution. A constitution is therefore a form of political engineering, to be judged like any other construction by how well it survives the test of time. From this perspective, the United States version, still standing firm after more than 200 years, is a triumph. Procedures for amendment are an important component of the constitutional architecture. Most constitutions are rigid or in other words, entrenched, thus rendering them more acceptable to the various interests involved in their construction (Sartori 1994). A rigid constitution offers the general benefit, much prized by liberals, of predictability for those subject to it. An entrenched constitution also limits the damage should political opponents obtain power, for unless they can clear the amendment hurdle they too must abide by the values embedded in the settlement

Leadership Book Review Essay Example | Topics and Well Written Essays - 1500 words

Leadership Book Review - Essay Example Divided into three parts and eleven chapters, the book is not mere an expression of speculation or supposition; on the contrary, it is based on the in-depth analyses the authors found out after conducting a comprehensive research on the most dynamic leaders of the world. The researchers personally entered into conversation with these self-motivated and energetic personalities, and discussed various aspects of the nature and style of performing their duties and activities. The authors concentrate upon leadership success program and encourage the readers develop their own leadership development plan on the basis of the points highlighted by them. George & Sims (2003) describe their explored five points, on the basis of which, personal leadership development plan could be created in a successful manner. These five points include exploring of one’s authentic self, determining of one’s core values as well as leadership principles, comprehension of one’s impetus and motivation, preparation of an active and trustworthy team for the achievement of determined goals and incorporating of all strengths of one’s life on the concrete foundations of will power and unabated fortitude. In simple words, exploration of one’s self is the first and the most formidable step in the way to success on the one hand and climbing the steps of leadership plan on the other. Knowledge of self is extremely supportive in respect of deciding oneâ₠¬â„¢s way and in establishing and achieving the objectives of life as well. The genuine success stories of the tycoons including Donna Dubinsky, John Brennan, Carol Tome, Ann Moore and others infuse new spirit of knowing oneself in readers and they look ready for utilizing their gifted abilities in one way or the other. Consists of three chapters, the first part of the book declares leadership as a long journey towards success, where lack of passion and unawareness with one’s purpose serve as the hurdles on the way to success. If one

Financial Ratios Analysis and Comparison Paper Essay

Financial Ratios Analysis and Comparison Paper - Essay Example The financial ratios for Universal Health Services have been calculated for the last three years which helps to understand the performance trend of the health care organization. The current ratio and the quick ratio that has been calculated determine the liquidity of Universal Health Services. The return on assets and the return on equity determine the profitability of the organization. The debt equity ratio determines the level of debt incurred by the healthcare group as compared to the equity of the organization. The fixed asset turnover ratio determines the operating performance of the company. The level of liquidity of the group has decreased in a compounded fashion in the last three years and the level of inventory has also increased. The profitability of the healthcare group has increased in a compounded fashion in the last three years. Universal Health Services have been able to reduce the level of debt as compared to the level of equity (Yahoo finance, 2013). The operating performance of UHS has improved as the fixed assets of the organization have been able to generate more revenues. The financial ratios for Universal Health Services (UHS) have been compared with that of another health care organization namely Health Management Associates (HMA). The comparative ratio analysis for the two organizations has been provided for the last three years in order to compare the performance of the organization as compared to the national norms. UHS has maintained a steady level of liquidity over the last three years as compared to MHA. This is evident from the comparative figures of the current ratio. The quick ratio of the two organizations could be compared over the last three years to understand that UHS has been able to manage its inventory better than MHA. The quick ratio for MHA has declined over the years which mean that the inventory level has risen in the last three years. The

Leadership Book Review Essay Example | Topics and Well Written Essays - 1500 words

Leadership Book Review - Essay Example Divided into three parts and eleven chapters, the book is not mere an expression of speculation or supposition; on the contrary, it is based on the in-depth analyses the authors found out after conducting a comprehensive research on the most dynamic leaders of the world. The researchers personally entered into conversation with these self-motivated and energetic personalities, and discussed various aspects of the nature and style of performing their duties and activities. The authors concentrate upon leadership success program and encourage the readers develop their own leadership development plan on the basis of the points highlighted by them. George & Sims (2003) describe their explored five points, on the basis of which, personal leadership development plan could be created in a successful manner. These five points include exploring of one’s authentic self, determining of one’s core values as well as leadership principles, comprehension of one’s impetus and motivation, preparation of an active and trustworthy team for the achievement of determined goals and incorporating of all strengths of one’s life on the concrete foundations of will power and unabated fortitude. In simple words, exploration of one’s self is the first and the most formidable step in the way to success on the one hand and climbing the steps of leadership plan on the other. Knowledge of self is extremely supportive in respect of deciding oneâ₠¬â„¢s way and in establishing and achieving the objectives of life as well. The genuine success stories of the tycoons including Donna Dubinsky, John Brennan, Carol Tome, Ann Moore and others infuse new spirit of knowing oneself in readers and they look ready for utilizing their gifted abilities in one way or the other. Consists of three chapters, the first part of the book declares leadership as a long journey towards success, where lack of passion and unawareness with one’s purpose serve as the hurdles on the way to success. If one

Corporate Scandal Assignment Example | Topics and Well Written Essays - 2750 words

Corporate Scandal - Assignment Example The firm initially started its operations by trading penny stocks, i.e. stocks of small companies which have less market capitalization and trade below $5 in the USA market. Penny stocks are very volatile and thus very risky for the investors who investors who invest in order to reap windfall gains. Madoff’s firm did not trade on the floor of the NYSE and rather traded in the OTC market. That is Madoff’s firms helped retail brokers trade directly with each other without intervention of an exchange. Thus it helped the stock traders maintain anonymity. Initially Madoff used the quotes available through National quotation Bureau’s stock quotes. But in order to compete in a better way with the firms that traded on the floor of New York Stock Exchange the firm developed a computer application that they used to distribute information of its quotes. This technology was later used to form NASDAQ. The firm commanded a good position in the market and at one time it was the largest market maker of NASDAQ and was the 6th largest in Wall Street among the market makers. The firm also had an investment management division that was not well published. The investment management arm also did advisory functions. His firm had several of his family members on board including his brother, brother’s daughter and his two sons. Mardoff and his firm was regarded as one of the masters in the third market with their average volume of trades equaling about 9% of the volumes traded by NYSE. Besides running his legitimate business Madoff investment securities LLC in 1960 which dealt with OTC trading of securities without the involvement of stock exchanges, Madoff also run an investment management firm named Ascot Partners. Through its investment management firm Madoff sought investments from various class of investors including celebrities, common man, banks, and other fund houses and promised them of steady returns. Madoff said that he was able to generate steady

Principles of Providing Administrative Services Essay Example for Free

Principles of Providing Administrative Services Essay Understand how to make and receive calls When working in a business environment, anyone who deals with administration is most likely going to have to use office equipment, systems and procedures. These will range from telephones to photocopiers, computers to coffee making facilities for guests. Knowing how to operate these and understand what they are for is an essential skill in the business administration department. Presenting the right image therefore is important and understanding how to make and receive telephone calls appropriately is a part of this image as you will have to speak to colleagues, managers, customers and other people each day. Telephone systems have many different features other than the handset and dials/buttons which are used to handle calls professionally. Call holding features are those which are used to place a caller on hold whilst you complete another task. This could be to locate paperwork, look up the caller’s details and information before speaking to them or contact another colleague whom the caller wishes to speak to Call waiting features let you know when there is a caller on the line who wishes to speak to you when you are already using the telephone. These are usually lights which flash or tones which beep to let you know there is a caller waiting Re-directing calls are available on telephone systems where you may be required to forward a call to another colleague. Usually they are features on the telephone which state ‘redirect’ or ‘transfer’ Answer phone features record messages from callers when you or other colleagues are unavailable Teleconferencing features enable others (more than two people) to hold a ‘conference’ style conversation over the telephone. These are now often enhanced with video imaging equipment via a computer TEXT MESSAGE features enable you to send and receive text style messages (as on a mobile phone). ON HOLD 0 This allows you to put the caller on hold while you locate the person who the call is for or perhaps you need to ask a colleague for help/advice without the calling hearing what you are saying. CALL FORWARDING This function allows you redirect a call to another telephone. This can also be used if you will be away from your desk and wish to divert your extension to a colleague. CALL BACK When you are calling a number that is engaged this function will let you know when the line is free, this will save you time by attempting to call back manually. INTERRUPT When your phone is in use it will ‘bleep’ as a signal that another caller is trying to get through. LAST NUMBER REDIAL This function is normally one button that you press to redial the last used number. DO NOT DISTURB This allows you to stop calls coming through to your phone while you are unavailable, for example when a meeting is taking place. HUNT GROUP This is when an office has a group of telephones all linked to one telephone number; so that calls can be passed around the team until someone answers it. Your organisation will have procedures that need to be followed when using the telephone. Some larger organisations will have written guidelines that they expect to be followed, whereas smaller companies may ask you to observe a more experienced member of staff to learn how to receiving/making calls. It is important to remember that when using the telephone you are representing your workplace; your caller cannot see you so the way you communicate will give the caller an immediate impression, hopefully a good one. Rules to follow when answering calls: * Answer promptly and identify yourself to the caller following your organisations guidelines, â€Å"Good morning/good afternoon, name of company, your name if applies, how may I help you?† * Even if you are busy when you have answered the phone does not let the caller know this, as this will give a bad impression of you and the company. * Do not ignore your colleagues’ phone if it is ringing, answer it and offer to take a message. * Speak with a smile in your voice; this actually helps people to sound more helpful and pleasant. * It is good practice to have a pen and paper ready to take messages. * Do not answer the phone while you are drinking or eating, even if the call is internal. * Answer the caller’s questions with accurate and up to date information, if you cannot answer their questions find someone who can or offer to call them back. * Remember how important confidentiality is when providing information to callers, never give out customer or staff personal details, for example information such as home address, date or birth etc. * If the caller wants to speak to a specific person/department, take these details and transfer the call, remember to introduce the caller to the next person. * Rules to follow when making calls: * Prepare first, you need to know why you are calling in the first place so that you can explain to the person who will answer the phone. * If information is lengthy write yourself a bullet point list of the main notes. * Keep your notepad nearby in case you need to take notes. * Always tell the person who answers the phone who you are and why you are calling. * Make sure you can hear and understand the information you are being told, do not be embarrassed to ask someone to repeat themselves if it is not clear. * If the person answering your call has been helpful, thank them for their time. Taking Messages * When answering a call if the person the caller wishes to speak to is not available, offer to take a message. Rules to follow when taking messages: * Make sure you include all the key facts; this includes the caller’s name, company name, telephone number, any other relevant information the caller wishes you to pass on. * Check all the details with the caller before ending the call. * Write the message clearly to make sure the other person will understand what you are communicating. * Write the time, date of the call on your written message and your own name so the other person can speak to you if they have any questions. Understand how to handle mail Some large organisations have a post room that deals with all incoming and outgoing mail, some have responsible person/persons, and in small organisations everyone is responsible for the post. It is important to follow the correct procedures for receiving, checking and sorting incoming and outgoing mail or packages. If a mistake is made then someone may be waiting on the arrival of an important document and it may go to the wrong person, or even go missing completely. Within most office environments there will be a system and set of procedures for handling incoming and outgoing mail. Staff responsible for receiving and posting mail will have to ensure that: incoming mail has been checked that it has been addressed to the correct organisation and sorted by department or person incoming mail is correctly received and given to the correct recipient outgoing mail is sorted and is correctly labelled with the right postage charge out-going mail is appropriate and relevant to the business (not personal mail). Mail will be in the forms of parcels, letters, recorded deliveries, packages and other mail (including promotional materials/junk mail etc.). Within an organisation there will be different internal and external mail systems. Internal mail systems will involve: Inter-departmental collection points such as pigeon holes or boxes where staff can collect mail relevant to those working within their department. There may also be outgoing postal trays for mail which comes from a department which then needs to be sent from a central office or location site transfer systems – collection and redistribution systems when mail is received into one location but needs to be taken to another (for example, this system would be used when offices are spread out over an industrial park or office block) internal envelopes used for mail which is not being externally posted but sent to staff within an organisation. External mail systems will involve: External mail post boxes (centrally located or collected by administrative staff from departments before being posted externally) recorded delivery postage special delivery postage courier services. Understand how to use different types of office equipment When working within an office environment you will use various types of equipment in order to carry out your role. It is important you know how to use this equipment in order to remain safe and keep risk to a minimum. You may be provided with training at your workplace or you may be asked to refer to the manufacturer’s guide for the equipment you use. Either way it is your responsibility to use all equipment in the correct way and to report any faulty equipment to the relevant person immediately. Manufactures’ guidelines are there for a reason. If you follow the basic guidance then you will not do anything that may harm you or others and the equipment will last longer. The main equipment you will come across in an office is as follows: FAX MACHINES Need to be placed in an area where everyone has access to it and you are able to clearly see when a fax has arrived. Faults could include paper jams, being offline, engaged tone, out of paper, wiring faults, some of these may require expert help so should be reported. PHOTOCOPIERS Should be placed in an open area so there is sufficient air around them, sometimes in a separate room. Faults include paper jams, out of toner etc. Only trained staff should remove paper jams and replace toner. SHREDDERS Used to destroy confidential documents, paper can be recycled, must be over 18 years old to use. Faults include: overloading can cause paper jams, this should be resolved by trained person to avoid harm. GUILLOTINES Used to cut paper, must be over 18 years old to use. BINDING MACHINES Used to bind documents together, do not overload as these can cause the machine to break and ruin documents resulting in wasted resources. FILING CABINETS Used to store documents, drawers must be closed after use to avoid tripping hazards, also must not be overloaded. Never attempt to move a cabinet. COMPUTERS VDU must be at correct height for eye level, also adjust your chair to accommodate posture requirements. Any computer faults should be reported to a Computer Technician. PRINTERS/ SCANNERS It is good practice to proofread all documents before printing to keep waste to a minimum. To be kept where all users can access. Any faults should be reported to a trained Technician. AUDIO MACHINES Used to listen and play back tapes that need to be typed up into the relevant format e.g. letter, memo, report. Each user normally has their own set of earphones for hygiene reasons. Once you have completed a document you can erase the tape and use it again. When using equipment in the workplace it is important to keep it clean and well maintained, especially if you are sharing equipment or desks. You can do this by working in an organised tidy manner, storing equipment safely and cleaning it with the appropriate products. For example using screen wipes for your computer monitor (VDU). You can minimise the number of germs on your keyboard by not eating or drinking at your desk. If you are sharing workspace with others it is good practice to leave the area in a clean and organised manner for the next person in order to give a good impression of the type of person you are. In some organisations you may be required to have a clear desk policy, which means you must leave your desk clear and tidy at the end of the day or when you are away from your desk. Understand how to keep waste to a minimum in a business environment Waste has a huge impact on our carbon footprint and to the cost of running a business. There are many causes of waste in a business environment and many things you can do to prevent it: Paper Proof read before printing, ask yourself do you need to print, email instead of printing, double side when printing or photocopying and use any scrap paper to make note pads. Envelopes, plastic wallets folders – Re use them if you can. Electricity – Turn off computers, monitors and other electrical equipment, do not leave equipment charging over night or for longer periods than necessary and turn lights and heating off when not needed. Many businesses have recycling policies and have put into place measures to make it easy to recycle. You may have an external company that takes away the shredding, toner cartridges or even batteries. There are sometimes allocated bins for paper, cardboard, tins, plastic and glass. Know how to make arrangements for meetings As an administrator you may be called upon to organise and support business meetings. Meetings form a major part of communications within the modern business world. The clear advantage of calling a meeting is that they enable face-to face contact with a number of people at one time, whereas if the communication were done by written communication, it would be difficult to gain a full overview of decisions, involvement etc. It is an opportunity for gaining a wide cross section of opinion where two-way dialogue is encouraged via the asking/answering of questions. What is important for an effective meeting to take place is that the right people are invited and that they are sufficiently briefed in advance so that they can make a worthwhile contribution.   The disadvantage of a meeting is that they can become too numerous, resulting in a great deal of frustration and boredom, owing to a lot of lengthy and often irrelevant discussion, and achieving little or nothing. Also it can be difficult to arrange dates and times convenient for all those who ought to attend, especially when sufficient notice is not given and the people attending have prior commitments. Most people do not like attending meetings – especially if they are not sure what the purpose of the meeting is, or if it goes on too long and achieves too little. Meetings must not be too frequent or held just for the sake of it. There must be a need for a meeting. There should be decisions about the different types of meetings needed. For example, some meetings could be to discuss policy and others to discuss organisation (practical work). Wherever possible the members must know what type of meeting they are going to and what the meeting is for – in other words, the PURPOSE of the meeting. Sometimes an organisation might call a special or extraordinary meeting. There are different types of meetings and planning and it should take account of this. Different types of meetings Most organisations will hold the following types of meetings: The general members meeting This is the most common meeting, which usually happens once a month or once every two weeks. The general members meeting should be the place where members are informed of developments, involved in decisions and given education and information that will help them to become more active in the organisation. General meetings are usually the places where decisions are made and where the executive reports on work they and other sub-committees have done. Special meetings These can be called to discuss specific issues, for example preparing for a national conference or work on planning activities for the year. Any members who are interested should be invited to attend special meetings. They should not be run like general members meetings (with minutes, reports etc) but should only focus on the issues they’ve been called to discuss. Executive meetings The executive should meet more regularly than the general members, and executive meetings should have a more business-like focus. The executive has to plan implementation for the organisation, monitor the work that has been done, deal with problems, and often (if you’re part of a larger organisation) relate to other levels of the organisation. They should discuss correspondence in detail and address problems as they come up. The executive should also keep an eye on the finances of the organisation and monitor income and expenditure. Every executive meeting should have an item on the agenda that plans for the next general members meeting. They should provide both leadership and administration to the organisation. Annual General Meeting Most organisations have an Annual General Meeting laid down in their constitution. The AGM is the place where the executive accounts to all members about the activities of the year as well as the finances of the organisation. The AGM is also the place where new leaders are elected and are given a mandate to run the organisation for another year. Most AGM’s need at least the following two detailed reports to the members: The secretary’s report that lists plans of the organisation, the actual activities that took place that year, the achievements of the year, and the problems experienced. The treasurer’s report: a detailed financial report that lists all income from subscriptions, grants, donations, fundraising; and all expenditure. This report should also clearly state what the balance is and where that balance is held. It is important to have a written financial report at your AGM but very often members find financial reports difficult to understand and you should try and make it simpler by putting the main headings on news-prints and explaining it to people in less financial language. Planning a meeting Planning should improve participation by ensuring that discussion is on a single topic and that the members are well prepared for the meeting. This is the responsibility of the Chairperson, Secretary and Executive, depending on the type of organisation. Planning does not mean controlling and directing the meeting in such a way that it restricts participation Planning should include the following: Notification- It is the executive’s responsibility to ensure that everyone has been notified of the date, time and venue of the meeting, as well as the main issues to be discussed. For many organisations it is a useful practice to always have their meetings on the same day at the same time in the same place – for example on the first Saturday of every month at the local church hall. If you do not money to always inform your members of meetings then over time this will help you to cut costs, and to make sure that everyone knows where they can find the meeting. Preparing the agenda The agenda is a list of the most important issues for the members to discuss, it is drawn from the Matters Arising from the previous meeting and from the discussions of the Executive or Secretariat. The agenda is the responsibility of the Chairperson and the Secretary. The chairperson should read the minutes of the previous meeting to familiarise him/herself with the issues. This will form the basis of a list of matter arising from these minutes. Matters arising include: Tasks a report back must be given Matters for which further information was required for discussion Matters that were deferred to this meeting There are standard items for any agenda. These items should be arranged in order of priority and time should be allocated for each discussion. Where possible, try to familiarise yourself with each area of discussion. An agenda should include a last item known as General or Any Other Business to allow individuals to raise short items not included on the agenda. Understand procedures for organising travel and accommodation arrangements. If you are involved in arranging events for your company then this may involve many different aspects of planning. Before doing any of the planning you will need to establish what your budget is, it would not be sensible to book guests into a five star hotel at  £100 per night when only  £40 has been budgeted for, or booking first class flights when you should have booked economy. Consideration needs to be taken whether the event is local, national or international, as this will have an effect on the type of transport used to get to the venue. Will you need to book flights, car hire, taxis, trains or perhaps a coach? If people are travelling by car then is there parking close by, does the accommodation have parking? There are different types of overnight accommodation available from bed and breakfasts to hotels. How many nights will people need to stay? Will an evening meal be required? You must check that there are no disabilities that need special preparation for. Someone may need access to a wheelchair, lift, ramp or hearing loop. An interpreter may be needed if English is a second language. You must know you own limits of authority, when to seek guidance and the budget you have to work within. Resources may be needed, for example: †¢ Stationery – Pens, paper   Ã¢â‚¬ ¢ Equipment – Flip charts, laptops (possible Internet access), overhead projectors, chairs †¢ Refreshments – Tea, coffee, water, main meals – taking into consideration any dietary needs that people may have If arranging this type of event it is usual practice for your company then you may already have regular suppliers, if not then you may need to shop around to find a suitable supplier within your given budget. There are many different sources of information available to help you to make your arrangements. You can look on the Internet, use regular suppliers, use internal information from colleagues, or paper based information from previous events, or you could use an agent but be aware that an agent will charge a fee for doing a job that you can do. When you have finalised all the details your end the next thing to do is to give this information to all persons attending the event. Information such as: Time and date of event, travel and accommodation details, map of area, places to park and prices, who to contact for further details or if they have any special needs, agenda and list of anything that needs to be brought Understand diary management procedures. Diaries are an essential planning aid that all organisations will use at some point; some use them more than others depending on the nature of the business. It is important to use a diary to help teams and individuals to plan tasks/activities, some of which will involve very strict deadlines. You can log information such as date, timings and locations of the people who are involved. Diaries can also help staff to know the whereabouts of their colleagues and when they are available to speak to. For example if you answer a call for a colleague but are not sure where they are, you could refer to the staff diary to locate this information (as long as this is accurate and up to date). There are various types of manual diaries that are available; these vary from a large, page-a day type to a smaller version with up to a week on view on each two pages. You need the size that will enable you to write clear information on the tasks you need to do and/or the appointments under each date. Manual diaries are often used for personal appointments and are individual to each person. Other people that may use these are secretaries or PAs. Nowadays electronic or computerised diaries are used much more in companies, especially those that book a large amount of appointments, e.g. hospitals, dentists, garages, electrical and gas companies etc. One of the most frequently used electronic diary programs in business is Microsoft Outlook, because it is compatible with other Microsoft Office software, such as Word. Outlook can be used to maintain your diary, organise and manage lists of tasks you have to do, and keep an address book of your contacts. You can use it as an e-mail software program and also use it to check the schedules of other people in your team; this is useful to book team meetings. Some companies also purchase PDAs for their staff, these offer many usable features including functions such as a â€Å"to do† list, address book, a calculator, a reminder option and a memo pad. They are compatible with the PC so that information can be downloaded easily. Understand the purpose of delivering effective customer service and how to do so. Customers expect good customer service. They expect the service provider to have: * A thorough knowledge of what the organisation has to offer in regards to services and products. * The ability to project a positive image to all customers and meet their needs within the organisations’ limitations. * Good communications skills regardless of form or mode. * Staff that can help customers with any questions or queries they may have promptly. * An excellent understanding of the organisation’s procedures that specify how customers can be dealt with. * The product/service that is being advertised readily available and to be sold at the stated price. It is important to be efficient as you may be first point of contact for the whole organisation and this can create a lasting impression. You do not want to seem unprofessional, as this will not give customers any confidence in their dealings with your organisation. It is essential that you gain your customers’ trust. It is also important to meet or exceed your customers’ expectations to lead to repeat and new business.   We all hear, but how many of us actually listen? Actively listening to your customers will enable you to identify exactly what it is they want and give you the opportunity to recognise if there are any additional products or services that may be of interest to them. There are many different types of customers and it is important to identify them so that you evaluate the type of requirement they may have and what you have to do to meet them.   You may have to deal with a regular customer who you are familiar with, don’t forget to treat everyone with the same respect, just because you know this person it does not mean you can stop portraying a professional image. You may also have to deal with service suppliers or maintenance persons who need directing to different parts of the building, or need you to stay with them whilst they are in parts of the building where they should not have access unless accompanied. You may have to deal with internal or external customers, just remember whoever they are to be polite, as you are portraying the professional image of your company. Understand the purpose of reception services and how to follow reception producer. Many administrators undertake receptionist duties. Some companies may have a specialist reception desk and some smaller firms are likely to expect a receptionist to undertake a variety of administration or telephone duties at the same time. There are many skills required to work on a reception: †¢ A thorough knowledge of your organisation, its structure and the names and job roles of people who work there †¢ The ability to project a positive image to all visitors and help them with their needs and problems †¢ An excellent understanding of your company’s procedures that specify how visitors must be dealt with All visitors should be greeted with a smile and a welcome, no matter whether they are expected or not, or important or not. Don’t assume that the best-dressed visitors are the most important many receptionists have made this mistake and, in some cases, annoyed very key people. Treat everyone with the same courtesy, and make them feel that you have time for them. It is important to be efficient as in some cases the receptionist is the first point of contact with the whole organisation and this can create a lasting impression. You do not want to seem unprofessional, as this will not give visitors any confidence in their dealings with your organisation. The receptionist has many roles to perform. As they are seen as the first point of contact then they are often required to give directions or escort visitors to different parts of the building, they are often asked for general information or to solve problems. Communication is a major role and the receptionist should know how to use their communication skills to get the most out of the way they communicate with visitors. An appropriate tone and level of voice are required. Some organisations have a signing in procedure for visitors, in which case it is the role of the receptionist to ensure that this is done and that any identification badges are given out. In large organisations when a visitor goes into the building they are issued with basic health and safety details, for example, what to do in the event of a fire. Security procedures must be complied with; therefore it is essential that the receptionist is familiar with what these are. If these procedures are not complied with then there will be a breach of the security regulations. If you see someone who you think should not be in particular part of the building then err on the side of caution and report them to your line manager. Security in an organisation may: †¢ Allow for unrestricted visitor access †¢ Restrict visitor access to certain areas †¢ Allow restricted access to certain areas only if accompanied, and then only after visitors have complied with certain screening procedures Dealing with hostile visitors can be difficult, stay calm, listen, look sympathetic, apologise if necessary, and if any of this does not work then make sure you know what to do. You may have a security guard you can call or an alarm you can press for assistance.

Impact of Capital Structure on Profitability

Impact of Capital Structure on Profitability Introduction A capital structure concerns the composition of the liability of a company or, more specifically, which is the relative participation of the several financing sources in the composition of the total obligations (Brealey and Myers, 1992; Gitman, 1997 and Weston Brigham, 2000). Capital structure decision is very vital for any organization; every organization wants a mix or arrangements that eventually achieves or increases its profitability and overall value. Different alternatives available to companies to finance its self sometimes through issuing shares securities, or some time from debt, organizations achieve different combinations huge or small amount of debt. An organization takes the combinations, which increase their efficiency and profitability and its market value. These types of decisions are very difficult in an uncertain economy. Such as; In Pakistani scenario existence of the macro environment factors such as lofty interest rates in double figures and volatility in economy and in political situations are big factors for the combination of capital structure. Consequently, the financing decisions experienced a significant rise of costs, in addition the diminution of the economic activity, which also raise the uncertainty. However, many theories and practical approaches contributed on capital structure, which ultimately give abundant literature: Target Capital Struture For the establishment of a target capital structure, the firm should analyze certain factors such as; mix of debt, preferred stock and common equity. The specific capital structure may be changed accordingly to conditions. The change in capital structure occurs due to the debt ratio. If the debt ratio is below the target level, the debt should be issued to raise the capital. If the conditions are in reverse, visa versa; the debt ratio is above the target the expansion capital should be raised by issuing equity. The firm, in its structure policy, involves a balance between risk and return in order to achieve the best combination to maximize the firms value. There are four primary factors, which influence capital structure decisions, they are: Business risk The firms tax position Financial flexibility Managerial conservatism or aggressiveness The above four factors largely determine the target capital structure. If no debt is used in the firms operations, it is at greater business risk while its favourable debt ratio is lower. If the firm uses the debt, the interest is deducted and the effective cost of the debt is lowered that is the major reason for using debt in the firms capital structure policy. If the firms income is sheltered from certain taxes such as; depreciation tax shields, interest on currently outstanding debt, tax loss carry-forwards. In such conditions, the firms tax rate will be low and in that condition additional debt will not be as advantageous as with a higher effective tax rate. If the conditions are adverse the firm should raise the capital on reasonable terms as steady supply of the capital is necessary for long run success it is in the knowledge of treasurer that at the time of tight economy or operating difficulties the suppliers of capital provide the funds with strong financial statements. It has, therefore observed that need for funds and the results of the fund shorted influence the capital structure. Hence, if the future need for capital is greater the consequences of capital shorted become worse. Therefore the financial statements should be stronger. The managerial conservatism or aggressiveness also influences the capital structure, managers of different firms possess different nature and observations or approaches some are aggressive than others and some are inclined to use the debt to get more profits. Though this factor is in effective to the favorable is value maximizing capital structure, yet it has great influence on the managerial target capital structure. On the whole the target capital structure is much influenced by the above four factors, due to which operational conditions can cause the actual capital structure to vary from the target capital structure. Optimal Capital Struture Most favorable capital is a capital which maximizes the worth of the companys stock it is also with a minimum weighted-average cost of capital generally known WACC. It does not necessary increases or maximizes earnings per share (EPS). Maximum earning per share (EPS) is not always achieved by attainment of the greater stock prices. With higher debt ratio may result in maximum earning per share (EPS), but may also increases firms risk level. Some debt employed by in optimal capital structure, but does not hundred percent (100%) debt employed. Some firms try to achieve different combinations of optimal capital structure; but they could not achieve this optimal capital structure or optimal point. There are many ways of the estimation of required rate of return on equity capital (RROE); through accumulating companys long-term cost of debt. Theories Of Capital Structure It has been observed that the capital structure of different industries vary form each other it is due to different reasons. If we observe two different companies from two different companies such as; pharmaceutical companies and airline companies the capital structure of the both companies quite different from each other. The reasons of the different capital structure of the different firms and industries are given in the theories, which are subjected to empirical tests. Modern capital structure theories are based on the published articles of professors Fransco Modigliani and Marton Miller (1958), generally known as (MM). According to MM the firms value is not affected by its capital structure and they further contributed were that the capital structure is irrelevant to a firms operations hence; MM has presented some unrealistic assumptions such: There are no brokerage costs There are no taxes There are no bankruptcy costs Investors can borrow at the same rate as corporations All the investors have the same information as management about the firms future investment opportunities EBIT in not affected by the use of debt Though some of the above assumptions are quite unrealistic yet; they are important as they indicate the conditions under which capital structure is irrelevant. MM have not only given unrealistic assumptions but they have also provided different clues, which show the required relevant capital structure and also affect a firms value. Thus MM assumptions gave the way to modern capital structure research and helped to develop more realistic theories of capital structure. The Trade-Off Theory The trade-off theory is very important theory; because it deals with the finance and equity. Which ultimately, elucidate how firms finance their venture for a time by equity and debt, theory also discuss the pros and cons of both ways. Companies best possible leverage change is inclined by firms adjustment toward an optimal leverage is inclined by three features such as: taxes, costs of financial distress and agency costs. Taxes And Bankruptcy Costs Tax rate and leverage are positively related; markup is a tax deductible, it reduces tax liability and enhances the after tax cash flows being a tax subtracts expense. Companies get on elevate point of debt if the tax charge is higher because Firms wants in their endeavor to enlarge cash flows and market value. Taxes Chance of defaulting enhances when the level of debt away from best possible point. When firm failure to pay loan than power of the firm will be transferred from shareholders to bondholders who will strive to recover their venture throughout the practice of bankruptcy. With financial distress company may incur two natures of bankruptcy costs. Direct and indirect costs direct cost comprise of administrative costs of bankruptcy practice. These costs will be lower proportion of the total cost when the firm size is large and vice versa with small size firm and may important variable in choosing the level of the debt. When investment policies of the company change which results in occurring of indirect costs. Firm can reduce the chance of bankruptcy with cutting down expenses on training, advertisement, research, and development etc. It also increases the customers reservations about companys offerings, which result in lower sales, market share, customer loyalty, and market share price et c. This entails that the prospective benefits from utilizing leverage are outlined by the latent costs of bankruptcy. Miller And Modigliani Theory Modigliani and Miller (1958) give you an idea about that the value of the firm does not change when any change occur in the capital structure. Firms build total cash flows for all investors are unchanged despite the consequences of capital structure. Altering the capital structure does not amend the total cash flows. Consequently the overall assets value provides ownership of these cash flows should not change. MM argue if worth of the firm depends on capital structure; which may be result in arbitrage opportunity in the perfect capital market. In addition, capital structure decision may be counteract when investors and firm can have access to at same rate. Despite the fact that MM theory is stands on numerous impractical assumptions, yet it presents the essentials theoretical background for further research. Agency Theory Jensen and Meckling (1976) discuss about the potential disagreement or relationship between companys executives and shareholders, according to theory managers do not have 100% interests in firm. Executives are the representatives of the shareholders and strive to assets away from bondholders to shareholders through captivating more loans and empowering in risky assets. Information Costs And Signaling Effects Capital structure can also be elucidate when disparity in information have available to stockholders and stranger regarding the investment opportunities and income allocation of the firm. This information parity may consequence in two separate results for capital structure, it is known as signaling with percentage of debt. Ross (1977) contributed that manager always familiar about the financial position of the company and its return allocation. When executives take debt decisions, it produce affirmative signal to stakeholders; about the financial position of the organizations and its ability to retire its debts and truthful allocation of return of the company. Managers always try to increase stakeholders or investors confidence, consequently with increasing equity value as result in also using significance amount in the capital structure. Pecking Order Theory Myers and Majluf (1984) state that shareholders always think executives employ confidential information when they offer risky securities and also overpriced. This observation guides under pricing of fresh equity offerings, this also may result in significance loss of present shareholders. For these reason organizations keep away from offering new projects through equity financing and use its internal funds if further financing is required they issue debt last option is equity financing. Factors Affect Capital Structure Decisions Capital structure decisions are very important for companies to make so there are certain factors which firms take in view when making capital structure decisions and they are: Sales stability: A firm takes this factor under consideration at the time of capital structure decisions. If compare two firms, one having stable sales and other having unstable sales, the firm whose sales is relatively stable can safely take on more debt and incur fixed charge in comparison to the company with unstable sales. For instance, the utilities companies use more financial leverage than industrial firms because they have stable sales Operating structure: This is another factor which is involved in making capital structure decisions. A firm having less operating leverage can imply financial leverage in better way as it will have less business risk. Assets structure: This factor may affect the capital structure decisions; there are two types of assets-general purpose assets and special purpose assets. The real state companies usually use general purpose assets as it makes good collateral. While the companies which are involves in technological research use special purpose assets, as they are not highly leveraged. Profitability: The factor of profitability also plays an important role in capital structure decisions; because the firms which get high rates of return on investment do not use high debt, but they use relatively little debt, as high rates of return on investment make them able to do financing with internally generated funds. Growth rate: This factor plays an important role in capital structure decision making. It has been observed that faster growing firms mostly rely on external capital as the flotation costs exceeds those incurred when selling debt this is the reason that rapidly growing firms rely more heavily on debt. It is also possible that the firms relying on external capital may often face greater uncertainty due to which those firms reduce their willingness to use debt. Control: there is great affect of control situation on capital structure decisions, because in such a situation when management has 50% voting control between the debt and equity. If the management is not in a position to buy or purchase any more stock, the other option for it is to use debt for new financing. But in the situation when the firms financial position is so week that the use of debt may be the cause of serious risk of default. In this situation the control considerations could lead to use either debt or equity. Taxes: As far as interest is concerned it is, no doubt a deductible expense which is much valuable to firms with high tax rates. It is therefore the firms use much debt because if firms tax rate is higher the advantage is also greater. Management attitudes: different management attitudes may bring different changes in capital structure decisions. Some managements are conservatives and others are aggressive these both managerial styles exercise accordingly to their own judgments and analytical approaches about the proper capital structure. If the management attitude is conservative it uses less debt, where is the management having aggressive approach uses more debt to get higher profits Lender and rating agency attitudes: A part from managers analysis of the factors lenders and rating agencies also plays an important role in financial structure decisions. The corporations give much importance to the lenders and rating agencies and make discussions with them about the capital structure and mostly act accordingly to their advice. Market conditions: Capital structure also depends on market conditions, a firms optimal capital structure or favorable capital structure depends on long-term and short-term changes. Low rated companies which are in need of capital either go for the stock market or to the short-term debt market without taking consideration of target capital structure. Financial flexibility: financial flexibility has also a bearing on capital structure decision. Affirm or company makes the decision according to its financial flexibility, if a company is financially good it can raise capital with either stock or bond. But; when its financial position is week the suppliers of capital make funds available, if that company gives them a secure position in shape of debt. Seeking all above thoughts in mind it can be said that the companies should maintain the financial flexibility or adequate reserve borrowing capacity because it depends on the factors which are necessary in making capital structure decisions. Firms internal conditions: this is also one of the factors which affect the capital structure decisions. If a firm succeeds in completing any project than the probability of higher returns increase in the near future. Due to such internal conditions a company would not issue stock because the new earnings are neither anticipated nor reflected in the stock prices. So in such condition the company or firm would give preference to finance with debt and till the higher earnings are materialized and or reflected in the stock prices. Statement Of The Problem Capital structure decision is very crucial and important for any organization in any sector or economy. It is always very much difficult for organizations to identify or gets the right combination of debt and equity (Capital Structure), which ultimately satisfies them or brings favorable and profitable results for the organizations. So; eventually this report mainly focusing on right combination of â€Å"Debt and Equity (Capital Structure) in the characteristic of Short-term Debt (SDA), Long-term Debt (LDA) and Total Debt (LA)† for any organization in Pakistan. In Pakistan modest research has done on such problem. It is important to work on such problem and come up with information, which gives some comfort level to investors and organizations to take correct financing decisions. Objective It is very important in Pakistani scenario to evaluate or investigate the impact or the influence of capital structure over the firm profitability. In this way the objective of this study is to investigate or evaluate the relationship among the rates of return of the listed non-financial firms on Karachi Stock Exchange (KSE-100) index related to composition of the capital structure. More exclusively, this is based on the assertion that whether short-term debt divided by total capital (SDA), long-term debt divided by total capital (LDA), and Total debt divided by total capital (TD) has positive or negative relationship with profitability. Research Scope/Limitations The scope of study to analyze impact of capital structure on profitability, also promotes as an aim for future research. Few limitations fixed up in this study: This research would just cramp to secondary data. The admittance would restrict to public information, all organizations would not share information that would confidential in nature. This study would not get into the details concerning factors that lead to capital structure or the reasons due to which capital structure comes in different combinations. Thesis Structure The report is systematized as follows. Phase one (1) introduction of the thesis, which includes the statement of problem, scope and limitations objectives hypothesis etc, this phase, also contains the some of the theoretical perspective regarding the capital structure. In phase 2 we describe Methodology that is constitutes the data and we justify the choice of the variables used in our analysis sample, technique and also estimate model used in analysis. In phase 3 we presents and analysis the results which taken after the data processing. The phase 4 contains the results and conclusions and recommendations. Literature Review Pakistan has not yet got much development in the bond market; therefore, many firms of Pakistan give preference to equity or internal financing in comparison to debt, but one day when this negative relationship between profitability and leverage of the firm will be removed, the Pakistani firms will realize the importance of debt financing, because it is the debt financing which increases the value of the firm and the wealth of the share holders (Ilyas. 2000). Study conducted (Rafiq, et al., 2008); it has been observed that the chemical sector of Pakistan gives preference to equity over debt and large firms borrow more debt because they have no fear of bankruptcy whereas small firms are afraid of more debt because of the fear of bankruptcy. In chemical sector huge cash flows are needed, therefore, the chemical industry of Pakistan uses more debt than equity to finance the new projects because the internal sources are not enough for a new firm, therefore, it depends on the debt because the fixed direct costs of bankruptcy constitutes a smaller portion of the total value the firm. The other reason for which most of Pakistani firms prefer to equity or internal financing over debt is that the bankruptcy process is slow an ineffective in Pakistan due to which firms face no or low bankruptcy costs. Study conducted (Hijazi and Tariq, 2006); study reveals that as for as the firm size is concerned, the Static Tradeoff Theory suggests that if the firm size is bigger, more debt will be used, but in Pakistan, the case is in reverse, here, the firm size is negatively correlated with leverage and the bigger firm size use less debt which supports the Pecking Order Approach and rejects the Static Tradeoff approach. After the deep observation of Asset structure, it has been concluded that asset structure of Pakistani firms does not depend on their capital structure. As the large firms of Pakistan have no fear of bankruptcy and have less chances to fall into financial distress or in other words, they are strong enough to bear shocks, so they employ more debt in comparison to smaller firms which have fear of bankruptcy because large firms face lower bankruptcy costs, therefore, there is, in large firms, strong relationship between profitability and leverage. The profitability, in large Paki stani firms, supports the Pecking Order Theory which is measured by net profit before taxes divided by total assets. Research conducted by Abor (2005) supports or investigates the relationship between the capital structure and profitability of listed firms on GSE. Data taken for this between 1998/02, twenty-five listed firms qualified for this study. Regression analysis methodology used in the assessment of functions involving the return on equity (ROE) with measure of capital structure. Capital structure is the combination of debt and equity used in the firms operations. Capital structure is related to the marketing, because different firms issue different securities in many different combinations, which maximize the market value. The impact of capital structure on profitability had been accounted in a considerable number of studies weather experimental or theoretical perspectives. Capital structure decision is very important for any organization to get higher return and profits and meet with the competition, different combinations of capital structure available to organizations; they select one w hich eventually satisfies or maximizes the firms market value. Huge return and profitable firms always use more short-term debt, short term is important part of total debt, and usually firms use 85% of short-term loan against long-term debt. Long-term debt and return on equity have negative relationship; total debt and return on equity are positively related. Coleman (2007) conducted study to find out the impact of debt policy on the performance of microfinance firms. Findings of the study demonstrate positive relationship between debt and firms performance. Long-term debt has positive relationship with outreach but not significant where as; short-term debt exercise force on management to extend a MFIs outreach. Long-term debt helps management through the time, so that the pressure of refund decreased which ultimately; give management flexibility to improve their profitability or returns by manipulating their operations. In microfinance organizations the leverage is positively related with outreach stage; when the leverage increase which also result in the increase of outreach level; credit advance leads to higher premium. This premium further converted into companys profitability and income flow which can also be employed to examine the debt. Higher outreach lowers the cost of operation by enabling firms to enjoy the economies of scale. Size is insignificant variable and outreach is negatively affected by it. Long-term debt and short-term debt are insignificant basically describe that maturity may not essentially be of spirit with default charge employee as performance variable though; total debt ratio determine significant relationship between leverage and default rates. Microfinance organizations which want to improve firms profitability and want to retire its debt obligations management can achieve these results by reducing the annual default rates especially for largely leverage microfinance organizations. Default rate has negative relationship with the size of microfinance organizations; for the reason that firms make sure refund of loans advanced and also become aware for future transactions this all happens when firms expands their sizes. There is negative relationship between debt and default rate, greater mean variation result in lower default rate. Though management of the firms try to reduce default rate s with the higher mean deviation found in risk level. So ultimate findings of the study reveals that microfinance institutions in Ghana finance their operations through the long-term debt as compare to short-term financing and they tend to be highly leveraged. Microfinance organizations benefit from scale of economies, additional customers when they are significantly leveraged; and also understand and increase ability to deal with risk and other alternatives easily and importantly. Study conducted by (Chen et al., 2009) in insurance industry Taiwan, to know the relationship among capital structure, operational risk, and profitability. Factor analysis and path analysis methodologies used to examine correlation among the capital structure, operational risk, and profitability sample of listed insurance companies in America was also taken. Result of research was firms values is not related with capital structure, a close relationship shown among operational risk, profitability, capital structure. Capital structure is negatively related with profitability if equity ratio increases or reserve-to-liability ratio decreases which result in higher profits. Capital structure has negative relationship with operational risk, same relationship between the operational risk and firms profitability. Research conducted by Carpentier (2006) Quebec Canada. Objective of study was to investigate the changes in capital structure do not affect the firm value. The bivariate tests and multivariate regression analysis methodologies are used for this study. Sample size of 243 French firms has taken for this study during the time period 1987-96. If all other things equal, then capital structure dont define any changes in the value of business organizations. Investors take debt in the considerations in order to determine the stock prices. Cross-sectional relationship found between the value of firm and debt exists, many factors affect firm value in long run the debt-value relationship. The static trade-off theory posits that the firm value increase (decrease) as the financial structure moves closer to (away from) the target. French companies tend to use a higher proportion of total debt and a higher proportion of institutional debt (non spontaneous funds) than US companies. Study was conducted by (Groth Anderson, 1997). Study explains capital structure and investigates its influence on the cost of capital and the value of company. This study sketches practical concerning the choices and management of capital structure. A theoretical and practical understanding of these relationships will support the professional manager in his or her efforts to gather added value for shareholders and stakeholders. Firms value and its stock prices does not affected by capital structure, optimal way to finance the firm exists. Capital structure theory is of value even if the arrays of assumptions in the theory do not hold. If an economic variable changes for example: interest rates, recessions, and the price of bearing risk affect the management decision of capital structure. Capital structure offer prospect of enhancing value for shareholders, it also time reduction in cost of capital to the economy and the standard of living. Research conducted by Rocca (2007) Italy, main purpose of this research to scrutinize the relationship between capital structure and firm value. Capital structure represents a corporate governance device that can protect corporate governance competence and protect its ability to create value. Methodology or approach used for this study is theoretical approach that can contribute in clearing up the relationship between capital structure and corporate governance. Descriptive, model also used which provides a research proposition and some suggestions, which would be used for future empirical research and precise design given for empirical analysis. Finding of this study is that, relation between capital structure and a firms value needs to take directly into account the role of moderation and/or mediation of the corporate governance. It is also necessary that presence of complimentary between capital structure and corporate governance variables such as: managerial ownership; ownership c oncentration; role of board of directors, etc. Study conducted (Ebaid, 2009) study mainly focus on relationship between the different debt-equity combinations with companys performance. Multiple regression technique used to find out the impact of debt policy on companys performance. Enormous studies conducted on debt policy alternative on firms performance; among them majority of researches conducted in developed countries; just few studies performed in emerging countries or economies one of them is Egypt. The research mainly focus on the relationship between alternative debt policy with firms firms performance data taken from listed Egyptian companies; performance is measured through accounting-based perspective such as: Return on Assets, Gross Profit Margin, and Return on Equity generally known as (ROA, GPM, and ROE), capital structure is measured with short-term debt and long-term dent and total debt abbreviation as (STD, LTD and TTD). Findings of the study reveal that both (STD and TTD) are negatively related by ROA. Alternat ively capital structure including total debt (TTD) in not significantly related with Return on Equity and Gross profit margin (ROE and ROA). Results of the study suggest that the performance of the Egyptian listed companies in not controlled (weak-to-no influence) by capital structure alternatives. Though; particularly in emerging markets debt policy remains debatable and mystery. Further research might observe determinants of Egyptian firms capital structure such as growth, business risk size and also evaluated with developed economies. The impact of capital structure on Egyptian firms value as well necessitates analyzing empirically. Findings of the study reveal that ROA and firm performance negatively related. It can also be investigated the impact of the maturity structure on its performance and capital structure decisions. Firms performance can jointly be by both ownership structure and capital structure in further studies in listed Egyptian firms. Study conducted (Eriotis et al, 2007) to investigate the firm characteristics that affect debt-equity combination. Data has been taken from 129 Greek listed firms at Athens Stock Exchange five (5) years time have taken under observation from 1997-2001, it is the 63% of listed companies in 1996. Through diverse theories companys characteristics are investigated as determinants of capital structure. The firms which employed debt ratio of 50% or more are also categorized in this research with a dummy variable. Results of the research reveal that firms debt ratio is negatively related with its growth rate and also its interest coverage ratio and quick r