Wednesday, October 30, 2019
Employee Motivation Essay Example | Topics and Well Written Essays - 1000 words
Employee Motivation - Essay Example According to the study during the author's first week at X Corporation, he was assigned to a group of ten individuals, and thier role was to do direct marketing for a product the company was test running. Six of them were on permanent employment terms while the other four were remunerated on commission basis. The campaign was to run for four weeks. The product they were to test run is an everyday commodity and was easy to market. That means the four commission guys were earning almost ten times more than us, since their commission was billed per product. During the first two weeks of marketing, average sales for the team were at par. We were all pushing product at a very high rate, and the commission guys were making a kill. However, as they entered the third week, sales for the four commission guys started to plummet. They would show up late for work, and other times express rudeness to clients who were not quick to understand, what the product was all about.This research stresses t hat in a week’s time, the company would push the product through television, and other mass media and their services would no longer be needed. One of them told me that he would be willing to trade his huge commission for a more secure role at the company. This scenario resonates with an article on employee motivation published in the November 26th 2013 Issue of Forbes magazine on employee motivation.
Monday, October 28, 2019
Reflective Paper Essay Example for Free
Reflective Paper Essay Ethnocentrism is the belief that one’s culture is more superior to others and that they hold all others in comparison to their own. It is a concept that was introduced in the beginning of this course and has played a role in discussions throughout the semester. At first it is difficult to understand what ethnocentrism is and why it plays such a prominent role, but with the reoccurring appearance of the term in class, the importance behind it becomes more evident. If an individual has the perspective of being ethnocentric, then they limit themselves because of the mindset they have on the world. In cultural anthropology it is of great importance that researchers do not take on an ethnocentric perspective, because they learn more if they can set their own views and biases aside and focus on a different culture. Ethnocentrism leads to a narrow-minded perspective that isolates one set of ideas, values and morals. A society with an ethnocentric view believes that their culture is the center of everything, and that anything different or new to them is not sufficient. If a community of people with ethnocentric views were to gain power, then they could go to such extreme as to impose their ideas onto others who may have a different perspective. It is seen in history with racial segregation and the genocide of a race such as in the case of the Nazi power in Germany and the holocaust. In today’s time, when culture is constantly changing with globalization, to have an ethnocentric perspective can cause great interference with international relations. Anthropologists benefit a great deal from observing and learning from other cultures. They use a variety of methods and strategies to avoid ethnocentric interpretations. These methods may include, but are not limited to, surveys, interviews with individuals and participant observation. In the novel Veiled Sentiments author and anthropologist Lila Abu-Lughod describes her experience in the Bedouin community by saying â€Å"in a society where kinship defines most relationships, it was important to have a role as a fictive kinsperson in order to participate†(15). For Abu-Lughod to observe the intimate and personal moments of the Bedouins, she had to leave behind the culture she was used to in the United States of America to convince the natives of the community to take her into their culture. It is not unusual for an anthropologist to submerse themselves into the society that they are observing. Most find that they benefit and learn more if they go into their fieldwork with an open mind and assume a role in the society instead of retaining the position of an outsider. By stepping out of their own culture and into another, they can begin to understand why some people act and live a particular way. Laura Bohannan experienced such an situation during her fieldwork in Africa, she stated beforehand â€Å"that human nature is pretty much the same the whole world over; at least the general plot and motivation of the greater tragedies would always be clear everywhere. Although, some details of custom might have to be explained and difficulties of translation might produce other slight changes†what she did not understand at the time was the in depth differences between cultures (41). The exposure and research that anthropologists gathered can be relayed to other individuals and situations in their own society. With the knowledge gained in the work of cultural anthropology, an individual can critique one’s own culture and devise solutions to social problems. A society is expected to learn and expand over the passing of time. It is crucial that we do not fall into an ethnocentric mind set. The world is a diverse place with many philosophies on how to live life. By taking on the role of observing instead of judging, we can embark on finding out what these beliefs are and why they are followed by people. We can better understand how the world works. If an individual has the perspective of being ethnocentric, then they limit themselves because of the mindset they have on the world. Works Cited Abu-lughod, Lila. Veiled Sentiments. Los Angeles: University of California Press, 1986. Print. Spradley, James P., and David W. McCurdy. Shakespeare in the Bush. Conformity and Conflict: Readings in Cultural Anthropology. Upper Saddle River, NJ: Pearson, 2012. 41-47. Print.
Saturday, October 26, 2019
The Korean War Essay -- essays research papers
The Korean War For hundreds of years Korea was dominated by the Chinese empire. After Japan was defeated by the allies in WW II., Korea became occupied by the Russians in the North and the Americans in the South. Both the U.S. and the Soviets realized that Korea was a strategic country. It was important to occupy because it lay between China, Japan, and the Soviet Union. North and South Korea were divided by the 38th parallel, it split the country into two regions. Russia and America became politically involved in Korea, each set up strong governments. The United States wanted Korea to be held under democratic rule, while the Soviets wanted communist rule. They took these conflicting views to the United Nations (UN), which had just been set up to prevent another world war and help with international elections. The UN decided that both sides of Korea should have their own elections. The elections were held on January 12, 1948. North Korea favoured communism, the people elected the Russians and Kim I l Sung, a former guerrilla leader. South Korea favoured democracy and formed the Republic of Korea under U.S. educated, Dr. Sygman Rhee. The Soviets left a communist dictatorship with a well-trained, well armed, North Korean-Soviet army. In fear of the North Koreans newly developed strength, the U.S. left South Korea with some small arms and military advisors. The Korean War dates from June 1950 to July 1953. The war started on June 25 1950, when a Northern Korean(-Soviet) arm...
Thursday, October 24, 2019
Emergence of Venture Capital in Western Europe vs the United States :: essays research papers fc
Emergence of Venture Capital in Western Europe vs the United States Table of contents 1 Introduction                                         1 2 The nature of venture capital                         2      2.1 Definition of venture capital                    2      2.2 (Ad)venturers of the past                         2      2.3 How venture capital works                    3      2.4 For innovation a vehicle is needed               4      2.5 Venture capital helps create vehicles for innovation     4      2.6 Realization of financial returns                    5 3 Screening and evaluation process                         6      3.1 Strategies and objectives of venture capitalists          6      3.2 Screening and decision making process               6      3.3 Decision to invest                              8      3.4 Deal structuring                              9 4 The development of venture capital in Western Europe          10      4.1 General                                   10      4.2 Environmental factors influencing innovation          11 5 Interview                                        17 6 Conclusion                                        20 Bibliography                                        21 1 Introduction The phenomenon that is now called venture capital developed after World War II in the United States. Many returning soldiers were unwilling to take back their old jobs and started out on their own. Moreover the war had produced many technological innovations and ideas that could be put to civilian use. Facilities and machines used in the war production had become unnecessary and were often available at bargain prices. The post war economy expanded fast and offered many business opportunities. It was in this environment that many new enterprises started and needed capital. The first European venture capitalists appeared in the 60’s following the U.S.A. example. In the 80’s the venture capital industry in Europe had reached a level comparable to this industry in the United States during the 50’s (Bygrave, and Timmons, 1992). The purpose of this paper is to explain why the venture capital industry in Western Europe has developed so many years later than in the United States. In chapter two the nature of venture capital will be discussed. The definition and the history of venture capital will be given and how venture capital works will be discussed. For a better understanding of venture capital, in chapter three, the screening and evaluation process to analyse investment possibilities and to take investment decisions will be discussed. In chapter four, the factors influencing the development of venture capital and the causes of the later development of the industry in Western Europe will be explained. Also a brief summary is given of venture capital today in Western Europe based on an interview with a venture capitalist. In chapter five an interview with a venture capitalist about the changes in venture capital in the Netherlands is given. Finally, in chapter six a summary of the paper will be given. 2 The nature of venture capital 2.1 Definition of venture capital Dictionaries describe ‘venture’ as an undertaking that is dangerous, daring, and of uncertain outcome. At a venture means at stake. Emergence of Venture Capital in Western Europe vs the United States :: essays research papers fc Emergence of Venture Capital in Western Europe vs the United States Table of contents 1 Introduction                                         1 2 The nature of venture capital                         2      2.1 Definition of venture capital                    2      2.2 (Ad)venturers of the past                         2      2.3 How venture capital works                    3      2.4 For innovation a vehicle is needed               4      2.5 Venture capital helps create vehicles for innovation     4      2.6 Realization of financial returns                    5 3 Screening and evaluation process                         6      3.1 Strategies and objectives of venture capitalists          6      3.2 Screening and decision making process               6      3.3 Decision to invest                              8      3.4 Deal structuring                              9 4 The development of venture capital in Western Europe          10      4.1 General                                   10      4.2 Environmental factors influencing innovation          11 5 Interview                                        17 6 Conclusion                                        20 Bibliography                                        21 1 Introduction The phenomenon that is now called venture capital developed after World War II in the United States. Many returning soldiers were unwilling to take back their old jobs and started out on their own. Moreover the war had produced many technological innovations and ideas that could be put to civilian use. Facilities and machines used in the war production had become unnecessary and were often available at bargain prices. The post war economy expanded fast and offered many business opportunities. It was in this environment that many new enterprises started and needed capital. The first European venture capitalists appeared in the 60’s following the U.S.A. example. In the 80’s the venture capital industry in Europe had reached a level comparable to this industry in the United States during the 50’s (Bygrave, and Timmons, 1992). The purpose of this paper is to explain why the venture capital industry in Western Europe has developed so many years later than in the United States. In chapter two the nature of venture capital will be discussed. The definition and the history of venture capital will be given and how venture capital works will be discussed. For a better understanding of venture capital, in chapter three, the screening and evaluation process to analyse investment possibilities and to take investment decisions will be discussed. In chapter four, the factors influencing the development of venture capital and the causes of the later development of the industry in Western Europe will be explained. Also a brief summary is given of venture capital today in Western Europe based on an interview with a venture capitalist. In chapter five an interview with a venture capitalist about the changes in venture capital in the Netherlands is given. Finally, in chapter six a summary of the paper will be given. 2 The nature of venture capital 2.1 Definition of venture capital Dictionaries describe ‘venture’ as an undertaking that is dangerous, daring, and of uncertain outcome. At a venture means at stake.
Wednesday, October 23, 2019
Abdominal Aortic Aneurysm Health And Social Care Essay
This instance survey is about an 80 old ages old male with symptomless abdominal aortal aneurism who presented to his GP with other symptoms unrelated to abdominal aortal aneurism. The writer will analyze the diagnosing of his aneurism, the mode used, the intervention and direction. Diagnosis and intervention tracts shall be followed ; analysis and comparing to other tracts shall be done to see which is the most effectual and accurate in the diagnosing and intervention of abdominal aortal aneurism. Patient confidential information shall be maintained throughout this essay, therefore in line with the codification of professional behavior, Nursing and Midwifery Council ( 2008 ) . Case study 80 old ages old, Mr X, of height 5 pess 8 tall who weighted 50 kilograms presented to his GP on the 6th of February 2010 with 6 yearss history of irregularity. During physical scrutiny a throbing mass was noted in his venters. The patient had no symptoms related to aneurysm, such us back or abdominal hurting. The GP discovered during conversation with Mr X that his brother died from rupture AAA a twelvemonth ago. Mr X smokes 3 battalions of coffin nails daily. His past medical records showed that, he had chronic clogging pneumonic disease, high blood pressure, ischemic bosom disease which he had a beltway surgery 15 old ages ago. He besides had an MI 2 old ages ago holding had transdermal conary intercession ( PCI ) to circumflex and right coronary arterias. The GP suspected that Mr X had an AAA and referred him for ultrasound scan to govern out the size of AAA. The ultrasound scan was conducted two hebdomads after seeing the GP. The scan revealed an aortal aneurism below the degree of the nephritic arterias mensurating 5.99 cm A-P diameter. Mr X was referred to a vascular sawbones who recommended a CT scan to look into the extent and anatomical construction of the aneurism to see Mr X ‘s suitableness for endovascular repai Computer Tomography Angiogram aorta was performed a hebdomad after the ultrasound scans. CT angiogram with contrast showed a big infra-renal abdominal aortic aneurism which measures maximally 6 centimeter in diameter. It besides demonstrated good infra-renal cervix. Ultrasound of the venters showing an infrarenal aortal aneurism steps 5.99 centimeter. ( Local NHS Trust 2010 ) Axial CTA with contrast of the venters demoing infrarenal aortal aneurism mensurating 6 centimeter ( pointers ) with partial calcified integral wall ( Local NHS Trust 2009 ) The sawbones so referred Mr X for an elected vascular surgery because his aneurism was big and carried a high hazard of rupture and decease. One hebdomad before his surgery, Mr X had a chest X ray, blood trial and EKG which were all normal. On the twenty-four hours of admittance, his pulsation was 68BP/min and regular with a blood force per unit area of 140/80 mmHg. The below tabular array shows pre-assessment blood probes done. Blood Test Mr X ‘s consequence Normal Laboratory Test Values Entire white blood cell count 6.56 M/mcL 3.8 M/mcL to 5.6 M/mcL hemoglobin 14 g/dL 11 g/dL to 18 g/dL Platelet count 160 150-400 Red blood cell count 5 M/mcL 3.8 M/mcL to 5.6 M/mcL Bureau of intelligence and research 1.1 0.9-1.2 Blood urea N 6.86 mg/dL 6 mg/dL to 23 mg/dL Creatinine 98 mg/dL 0.6 mg/dL to 15 ng/dL ( Tinkham 2009 ) Preoperative appraisal was done to give Mr X ‘s sawbones a image of his overall wellness position. A complete blood count was performed to look into for the presence of infection, ensured an equal ruddy blood cell volume and regulation out serious haematological abnormalcy. Electrocardiography ( ECG ) was performed to measure cardiac arrhythmias and diagnose cardiac upsets such as myocardial infarction. Chest X ray was done to measure the presence of infection, bosom failure, emphysema and other status that may act upon surgical result. Creatinine and urea were performed to place job with nephritic clearance preoperatively.INR trial was done to guarantee coagulating ability before surgery. The International Normalized Ratio ( INR ) was done to guarantee blood coagulating ability before surgery On the 30/ 4/2010, Mr X underwent an endovascular aortal fix and was transferred to intensive attention unit while proctor his status for 3 yearss. He was discharged and had a wholly recovery after a month. Mr X had a follow up postoperative ultrasound and field movie x beam of venters. X beam and ultrasound was conducted at 1and 6 months to look into the place of the stent transplant and endoleaks. However, the scan and ten beam showed no grounds of any complication. Plain skiagraphy of venters at 1 month the unity and migration of Zenith stent transplant Raad ( 2010 ) Discussion AAA is a comparatively common and potentially dangerous status associated with old age. The bulk of abdominal aortal aneurisms do non do any symptoms and hence diagnostic is frequently missed. In many instances, the exact cause of aneurism is still ill-defined. However, harmonizing to Baker ( 2009 ) , the primary cause of aortal aneurism is atherosclerosis and other factors for case, male over 65 old ages, smoke, a positive household history, COPD and high blood pressure contribute to the hazard. An probe of Mr X ‘s AAA was done during a physical scrutiny of the venters which was conducted for other grounds. Approximately 75 % of abdominal aortal aneurisms are symptomless and are found by the way during abdominal physical scrutiny or radiographic probes ordered for other conditions, ( Anderson et al 2001 ) . Aneurysm tactual exploration on physical scrutiny has merely been shown to be sensitive in thin patients and those with abdominal aortal aneurism & A ; gt ; 5 centimeter with an overall sensitiveness and specificity of 68 % and 75 % , severally for sensing of AAA, ( Fink et al 2000 ) . The primary mode used to corroborate Mr X ‘s aneurysm size was made by ultrasound. Ultrasound is a standard image mode for an probe of suspected symptomless and surveillance of abdominal aortal aneurism. Ultrasound is safe, non-invasive, comparatively cheap, widely available and does non expose patient to radiation. It is the best option for observing and mensurating the size of aneurism. However, harmonizing to Sparks et Al ( 2002 ) ultrasound can non accurately specify the extent of the aneurism as it can be altered by intestine gasses, and hence is unequal for preoperative planning of endovascular fix. Computerized Tomography Angiogram ( CTA ) of the venters was the 2nd mode to be used to look into the extent of Mr X ‘s abdominal aortal aneurism and the aneurysmal cervix for preoperative planning. CTA is going the diagnostic imagination mode of pick in the preoperative appraisal of patients with an abdominal aortal aneurism. However it has some disadvantages for case, it uses high doses of radiation, cost effectual and requires endovenous contrast but it is faster and extremely accurate in finding the size and extent of the aneurism, and its relation to the nephritic arterias. ( Hafez 2009 ) . The other mode that could hold been used for preoperative planning for Mr X ‘s abdominal aortal aneurism is magnetic resonance angiogram ( MRA ) . Harmonizing to Aburahma ( 2007 ) , MRA is merely used for surgical planning fix when CTA contradicts with patients with contrast allergic and nephritic failure. However, both computerized imaging and magnetic resonance imagination are effectual for preoperative planning fix. CTA and MRA imaging provide high-resolution imagination of the aorta and find proximal and distal boundaries of the aneurism, says ( Upchurch 2009 ) . MRI scan is comparatively clip devouring, really expensive and may be distorted by gesture artifact, extended calcified plaque and metallic surgical stents Upchurch ( 2009 ) . Hence, MRA is non used for preoperative appraisal of endovascular fix. Mr X ‘s preoperative mode was good as he did non hold any contraindication such as contrast allergic reaction or nephritic failure for him to undergo a magnetic resonance angiogram scan. With magnetic Resonance Angiogram, endovenous dye is non required and it does non expose the patient to radiation as compared to Computer Tomography Angiogram, ( Truijers 2009 ) The primary end of intervention depends on the size of the aneurism, the possibility of rupture and the patient ‘s status. The purpose of surgical intervention is to forestall aneurism from rupture for patients with symptoms such as back hurting, or symptomless aneurism greater than 5.5 centimeter in diameter, ( Hakaim 2006 ) . When sing intervention of abdominal aortal aneurism there are two types of fix ; unfastened fix and endovascular aneurism fix. Endovascular aortal fix ( EVAR ) was recommended as the most appropriate intervention for Mr X taking into history short and long term hazards and the benefits of both processs in relation to his age and co-morbidity every bit good as anatomical suitableness. This Endovascular aortal fix is a safe process and can be efficaciously performed in a patient with the suited anatomy for illustration, a individual with infrarenal aortal diameter no larger than 26 millimeters and aortal cervix length at least 15-20mm without inordinate angulations, ( Hallett 2009 ) . However, in such patients with a suited anatomy and surgical expertness, increasing the usage of endovascular aortal fix is likely justified based on its better preoperative result informations ( Hallett 2009 ) . EVAR relies to a great extent on nomadic C-arm image intensive. This enables the sawbones to utilize x-ray images to visualize the interpolation of stent transplant through the femoral arteria up to the site of the aneurism while being imaged. However, this it exposes patient to radiation during the process and in subsequent follow up EVAR is a less invasive process with a potentially reduced morbidity, mortality of 1.6 % , intensive attention, entire infirmary stay and a rapid recovery clip comparison to open fix with morality of 4.6 % , ( Tinkham 2009 ) . In the prospective randomized controlled tests, EVAR has been shown to hold a signifi cantly better preoperative result, ( Tinkham 2009 ) . In contrast to EVAR, unfastened fix requires a surgical exposure of the aorta clamping. Open fix was non recommended for Mr X because of hapless province of wellness due to his medical co-morbidities which limit his day-to-day activities. Harmonizing to Anderson ( 2009 ) , unfastened fix is non suited for patients with co-morbidity including terrible chronic clogging pneumonic disease or myocardial misdemeanor which places at high hazard. EVAR carries a higher hazard of complications which would necessitate farther surgery to rectify. This requires postoperative long-run follow-up imagination as the long term lastingness of the stent transplant remains unsure, ( Liaw et al 2009 ) . Mr X underwent a postoperative follow up obviously abdominal x beam and ultrasound at 1 month to look into the stent transplant unity and migration. Plain skiagraphy is easy to obtain and widely available. It still plays a utile function in measuring the metallic unity of the stent transplant but the truth of endoleaks is limited. However, the field movie can be used in concurrence with ultrasound as a method of follow up, ( Mattes et al 2011 ; Ginter et al 2009 ) . Duplex ultrasound imaging is non-invasive compared to CT. Studies show that duplex ultrasound had a sensitiveness of 90 % while CT had of 58 % in sensings of endoleaks, ( Badri et al 2010 ) Contrast-enhanced CT is another imaging mode that could hold been used for Mr X ‘s postoperative endovascular aortal fix. This image mode is expensive, less accurate in sensing of little endoleaks and it exposes patients to radiation and is. However, the major concern sing the frequent usage of contrast-enhance CT including additions cost and cumulative radiation doses which leads to lifetime malignant neoplastic disease hazard to patients have shift toward color semidetached house ultrasound, ( Mattes et al 2011 ) . MRA is alternate mode could hold been used for postoperative rating of Mr X ‘s stent transplant fix. Mr X can non undergo MRA as his aneurism was treated with Zenith stent transplant which may be distorted by gesture artifact in the magnetic field. Harmonizing to Liaw et Al ( 2009 ) , MRA is every bit accurate as CTA for sensing of endoleaks but is really expensive and can non be usage to image ferromagnetic stent transplants such as Zenith. Hence, MRA is non utile for postoperative rating of patients with stent transplants Decision I think the tract taken to name Mr X ‘s abdominal aortal aneurism was right and besides the most current pattern taken in many infirmaries. Endovascular aortal fix is a less invasive process with a potentially decreased morbidity and mortality. Endovascular aortal fix has been widely performed and it is an effectual option to open fix, peculiarly for patients with medical comorbidities. However, the mandatary follow up after is a disadvantage of this technique. Despite the disadvantages, CT remains the most widely used mode in preoperative planning for abdominal aortal aneurism and postoperative surveillance after endovascular aortal fix. In contrast to computing machine imaging, ultrasound is the simplest, cheapest, mode used for suspected and surveillance of AAA. It is a standard mode used in concurrence with field movie in some infirmaries for follow up after endovascular aortal fix. Overall, imaging provides an spread outing aggregation of tools, leting progressively accurate probe of AAAs and patient choice for endovascular aortal fix. Surgeons and radiotherapists in this field should be cognizant of the technological betterments in each imagination mode, to do the right picks before, during and after endovascular aortal fix
Tuesday, October 22, 2019
The Summary Of Getting Past No Essays - Negotiation, Free Essays
The Summary Of Getting Past No Essays - Negotiation, Free Essays The summary of "Getting Past No" (0) Introduction Each of us has to face tough negotiation with an irritable spouse, an ornery boss, a rigid salesperson, or a tricky customer. Under stress, even kind, reasonable people turn into angry, intractable opponents. In order to reach a mutually satisfactory agreement in an efficient and amicable fashion, this book introduces us the strategy of breakthrough negotiation. The breakthrough strategy is counterintuitive: it requires us to do the opposite of what we might naturally do in difficult situations. In addition, the essence of the breakthrough strategy is indirect action. Rather than trying to break down opponent's resistance, we make it easier for him to break through it themselves. In short, breakthrough negotiation is the art of letting the other person have our ways. (1) STEP ONE: Don't React \ Go To The Balcony The first step we need to do in dealing with a difficult person is not to control his behavior but to control our own. Because when we react-act without thinking, we usually neglect our interests. "Going to the balcony" means distancing ourselves from our natural impulses and emotions. From the balcony we can calmly evaluate the conflict, think constructively for both sides, and look for a mutually satisfactory way to resolve the problem. One the balcony, the first thing we need to do is figure out our interests. We also need to identify our BATNA- our Best Alternative To a Negotiated Agreement. The agreement must satisfy our interests better than our BATNA could. Our BATNA should be our measuring stick for evaluating any potential agreement. Often we do not even realize we are reacting, because we are too enmeshed in the situation. Therefore, we need to recognize the tactic. Make a mental note when we detect a possible trick or subtle attack. By naming the game, we are able to neutralize it easily. Once we have named the game and stop our immediate reaction, the next step is to buy ourselves time to think-time to go to the balcony. Use the time to keep our eyes on the prize-an agreement that satisfies your interests, certainly better than our BATNA can. Instead of getting mad or getting even, concentrate on getting what we want. This is what going to the balcony is all about. (2) STEP TWO: Disarm Them \ Step To Their Side Before we can discuss the problem with the opponent, we need to disarm him. The secret of disarming is surprise. To disarm our opponent, we need to do the opposite of what he expects: step to his side, listen to him, acknowledge his point, and agree wherever we can. Listening requires patience and self- discipline. Instead of reacting immediately or plotting our next step, we have to remain focused on what our counterpart is saying. Listening gives us a chance to engage him in a cooperative task-that of understanding his problem. It makes him more willing to listen to us. After listening to our opponent, the next step is to acknowledge his point. Acknowledging the opponent's point does not mean that we agree with it. It means that we accept it as one valid point of view among others. The next step is to agree wherever we can. It is hard to attack someone who agrees with us. (3) STEP THREE: Don't Reject \ Reframe Instead of rejecting our opponent's position, we need to direct his attention to the problem of meeting each side's interests. Reframing works because every message is subject to interpretation. It means putting a problem-solving frame around our opponent's positional statements. A problem-solving question focuses attention on the interests of each side, the options for satisfying them, and the standards of fairness for resolving differences. Rather than trying to teach him ourselves, let the problem be his teacher. (4) STEP FOUR: Make It Easy To Say Yes \ Build Them A Golden Bridge At last we are ready to negotiate; however, our opponent may stall. Instead of pushing our opponent toward an agreement, we need to do the opposite. Our job is to build a golden bridge across the chasm. Building a golden bridge means making it easier for our opponent to overcome the four common obstacles to agreement: it means actively involving him in devising a solution
Monday, October 21, 2019
Medicaid APA Essay Example
Medicaid APA Essay Example Medicaid APA Paper Medicaid APA Paper According to the New York State Department, Medicaid is a program created by the government to assist the New York working class, particularly those who could not afford to pay for their health care and medical needs. Accordingly, this benefit poses a few requisites before a person could avail. Among them includes; the very high medical bills that no ordinary employee can afford; a supplemental security income or (SSI), as well as age, disability and income requirements that falls within certain bracket identified as fit to be considered beneficiary. The scope of Medicaid is so vast that it caters to almost all kinds of health care needs, from ordinary illness, to maternity and childcare benefits and even to those critical in nature, such as cancer and chemotherapy. It began as a program that pays off health care benefits for disabled, unemployed as well as the elderly. In 1996, The Michigan Department of Health was created along with a portion of the Department of Public; Mental and the Medical Services Administration; and is responsible for the collection of information of a wide range of health related information. The purpose of this collection is the baseline monitoring of the well being of its citizen and is mainly responsible for health policy and management of the population. It set goals to maintain and to execute to strive for healthier conditions; promote access to the broadest possible range of quality services and supports; prevent disease, promote wellness and improve the quality of life. The Medicaid health care coverage for people with limited incomes, mental health services for those with mental illness or disabilities, health promotion, disease prevention, drug enforcements, treatment and education are among its basic duties. In order for Michigan to accomplish these goals, funding for health services comes from the Federal Government in the form of operating grants. The rest comes from taxes paid by its citizens. Medicaid uses utilization review, which is the process of evaluating the appropriateness of services provided. The main objective is to review each case and determine the most appropriate level of service and the setting in which it should be delivered, the most cost-efficient methods for care delivery, and the need to plan subsequent care. It is divided into three categories which are prospective, concurrent, and retrospective. One example of prospective care is preventing unnecessary or inappropriate institutionalization. It notifies the concurrent review system that a case will be occurring and allows them to prepare for discharge planning. Concurrent utilization review occurs when decisions regarding appropriateness are made during the course of health care utilization. An example of this would involve monitoring the length of inpatient stays and discharge planning. Retrospective utilization is managing utilization after the services have been delivered. The review is based on an examination of medical records to access the appropriateness of care. This can be helpful for taking corrective action and for monitoring subsequent progress. Utilization control is about is practice profiling, a method that refers to the development of provider-specific practice patterns and the comparison of individual practice patterns to some norm. The profiles are basically used to identify which physicians, compared to other physicians in their category, are using surgery, tests, or hospitalization excessively. The profile reports are used to give feedback to providers so that they can modify their behavior of medical practice. They can also help detect fraud and abuse. Medicaid provides many programs that help families in need with assistance for medical, nutritional, food, day care or other expenses. It encompasses a wide array of the public and includes: adults, children and teens, senior citizens, pregnant women or persons with disabilities, some of which are broken down according to specific guidelines. The up-to-date health care coverage and the promotion of quality of care are made possible through the maintenance of agency regulatory control. One of which is CMS, that plays a key role in the overall direction of the healthcare services and serves approximately 90 million beneficiaries (US Department of Health. 2005). It anticipates accomplishing the mission by continuing to transform and modernize the health care system. They set standards and guidelines for organizations to follow and adhere to in order to provide the best possible care. Another important regulatory system is called the Health Plan Employer Data and Information Set which is a set of performance data developed and maintained by the National Committee for Quality Assurance. It is most widely used to standardize performance measure in the managed care industry. HEDIS establishes accountability in managed care and assure that employers, regulators and consumers have the information the need. In a home health care situation the primary care giver is usually not the physician. The physician is communicated with by phone and with documentation from the caregivers. The primary caregivers are usually the nurses and other team members who are involved directly with the patients care. Although, the original order to begin home care must be initiated by the physician if skilled care is to be obtained. According to the 1995 Guide to Health Insurance for People with Medicare pays the full cost of medically necessary home health visits by a Medicare-approved home health agency. This coverage must meet specific criteria, but it can be a relief to family members to know that their loved ones can be taken care of at home without worrying about the expenses. Unfortunately, if the care to be given within the home is termed not medically necessary the expense is not covered. This can include items such as meal and medication delivery, a percentage of necessary durable medical equipment, personal care and homemaker services. Health care services that are not included can become quite numerous. It is often difficult for family members to understand why specific services are not covered especially when they appear to be necessary for the care of the patient. These costs can add up quite quickly and the impact of the cost can become quite distressing for family members and patients on a limited budget. In these cases a Social Worker is usually provided to help the patient and family explore other avenues which may enable them to cover their health care costs. Assisted living is an arrangement to residents of a facility that enables them to complete certain daily activities while remaining independent. The services provided enable the resident to achieve maximum function of their activities of daily living. These services help assist the aged, blind, disabled, and other functionally limited individuals with necessary daily activities which they require help with or are unable to perform on their own. Personal care does not include specific health oriented services which would require the services of a certified or licensed professional. The goal of an assisted living facility is to have the residents feel independent. Reference Page Department of Health (2007). Medicaid in New York City. Retrieved online on 16 March 2007 from: health. state. ny. us/health_care/medicaid/#definitionCare. US Department of Health: on Center for Medicare and Medical Services. USA. gov, page last updated on 07 July 2005, and retrieved on 16 March 2007 from: cms. hhs. gov/History/
Sunday, October 20, 2019
ABA - Applied Behavior Analysis
ABA - Applied Behavior Analysis ABA or Applied Behavior Analysis is a time tested and data-based strategy for teaching children with disabilities. It is most often used with children with autistic spectrum disorders but is an effective tool for children with behavioral disorders, multiple disabilities, and severe intellectual handicaps. It is the only treatment for Autistic Spectrum disorders approved by the FDA (Food and Drug Administration.) ABA is based on the work of B.F. Skinner, also known as the father of Behaviorism. Behaviorism is a scientific means of understanding behavior. Known as the three-term contingency, behavior is stimulus, response, and reinforcement. It is also understood as Antecedent, Behavior, and Consequence, or ABC. The ABCs of ABA The antecedent is what happens before the behavior, and may or may not have a causal relationship. The behavior is what the subject does: we try to operationalize the behavior, or find a way to objectively describe the behavior. We would not say Jimmy was disrespectful, we would say Jimmy shouted at the teacher and called her an inappropriate racially charged term. Finally, the consequence, or what happens after the behavior. It is usually here that we look for the reinforcement: in other words, what Jimmy gets out of calling the teacher that bad name. Is it attention from his peers? Is it being sent to the office so he misses the spelling test? Another scientist who significantly credited with developing ABA was Ivar Lovaas, a psychologist at the University of California Los Angeles. His seminal work in applying behaviorism to children significantly disabled with autism led to what we now call ABA. For many people, behaviorism seems overly mechanistic. Human beings are value and meaning assigning creatures, and we would like to believe that there is some powerful underlying mystic about behaviorhence Freudianism. Although it may seem simplistic, behaviorism may be the best way to strip away all our cultural prejudices and see behaviors as they are. This is especially helpful with children with autism, who have difficulty with communication, appropriate social interaction, and language. Moving to the three-term contingency helps us evaluate what we really see when we see a behavior. So Jimmy tantrums? What is the antecedent? Does it cause it? What does the behavior look like? And finally, what happens when Jimmy tantrums? ABA has proven to be an effective means to support appropriate social, functional and even academic behavior. A special form of ABA, known as VBA or Verbal Behavioral Analysis, applies the tenets of ABA to language; hence Verbal Behavior. The BACB, or Behavior Analyst Certification Board, is the international organization that certifies professionals who design and create the therapies that are used, especially what are called Discrete Trials. Discrete trials involve the stimulus, response, reinforcement three-term contingency mentioned above. The BACB also maintains a roster of local BCBAs who can provide services to children with autism. Also Known As: VBA, Lovaas
Saturday, October 19, 2019
Case brief Study Example | Topics and Well Written Essays - 250 words
Brief - Case Study Example The Labor Secretary has been given the constitutional powers to assess whether the employer has observed the necessary precautions to ensure employees safety in work place. Also the commission was tasked with constitutional powers to review such cases when they occur and deliver its ruling. Also the decision to determine which measure is safe for employees environment is left to the employer but not limited only to his knowledge but also to the familiarity of risks in the industry (Occupational Safety and Health Act of 1970, Â § 5(a) (1),). The company’s preventive measures simply involved the use of a single terminal manager to supervise the facility. The company used tanks to deliver petroleum products from one location to another. The scheduling of the delivery systems was scheduled months prior to delivery. It is a requirement for the terminal manager to be present on duty an hour before delivery to ensure the capacity of empty tanks available. However it’s not mandatory for him to be present during delivery. His presence is required on completion of delivery. Thus, probably anything can go wrong during the delivery time. The terminal manager is also tasked with stopping of any delivery if deemed necessary even with a just a phone call away. At the date of the accident there was an overflow during the delivery period. And when the terminal manager arrived tried to make his way to close the valves despite advice from firefighters not to do so. After he proceeded unluckily there was an explosion which led to his death and two other staffs from the nearby plant. Judge Phillips ruled that: from the evidence presented it was evident that the continental oil company was aware of the dangers that spill over can cause. Its inability to put in place automatic detection systems which can close the valves in the event of a spillage detected. There wasn’t enough manual labor to constantly monitor progress
Friday, October 18, 2019
Health and environment questions Essay Example | Topics and Well Written Essays - 750 words
Health and environment questions - Essay Example The lack of people to work and maintain the environmental and economical structure will cause significant problems, as there will not be enough people working. This means that industries such as coal mining and other industrial operations will have to be suspended or short cuts might have to be make to cut down on costs and manpower, which can result in environmental damage (Avert, 2011). Developed countries have the resources and the support in order to help countries such as Botswana with the AIDS epidemic. The first method of supporting can come from the economic funding as well as donating supplies. Many of Africa’s countries are already undeveloped and many of the people live in poverty. If they are able to afford proper medical supplies, they most likely cannot afford anything else. Funding can help alleviate financial pressure as well as make sure needed supplies reach the people. Services can also be given. Like in Botswana, many children are being orphaned and are not receiving proper care and education. Taking these children and putting them in foster homes as well as volunteering and helping educate the problem will help make sure these displaced children learn. Lastly, the biggest component is helping with the medical aspects of HIV/AIDS. Currently, the retroviruses are untreatable and the medical costs of trying to maintain those with the disease are increasingly expensive. Many countries in Africa are unable to afford the costs of trying to research a cure and other alternative medicines for the disease. Developed countries have the technology and the funds, which can help pay for this research, which would have longer positive value than just maintaining the status quo through medical supplies. 2. Honestly, the case of â€Å"better safe than sorry†is more situational dependent. Sometimes in radical situations, fast acting decisions must be made in order to solve the problem at hand, rather than looking that the long-term consequenc es. In terms of medication and thinking about Africa with the AIDS epidemic, this should not be the case. There are many different factors that are already affecting everything from the economy to society itself. Many experimental drugs can have unpredicted side effects. Without knowing all of the facts about the medicines, it would be hard to predict whether they are effective or not. In some cases, they can even cause more damage. According to the precautionary principle, â€Å"the ends would be worth the means†. Opponents of this principle state that especially when dealing with medication, there must be a high degree of likelihood that the medication will work must be at a high percentile. In addition, the biological causality and mechanisms undergoing must be explained and cannot be explained by a correlation. A high probability indicates scientific proof (Kopelman, Resnick, & Weed, 2004). In talking about AIDS, this irresponsibility with the precautionary principle effe cted people in the United States in the 1980s with the transmission of HIV. This occurred because the premise of blood disease and infections was downplayed by medical authorities resulting in many people being unnecessarily infected with the virus (Alban, 2005). 3. Global warming is a life-changing event, which is currently and will change the way in which our society works. It has resulted as a result of human interactions with the Earth and its resources. Increased carbon emissions have caused
What explains the widening and deepening of international peace Essay
What explains the widening and deepening of international peace operations after the Cold War - Essay Example Promise of Peace The ideal state of freedom, security and happiness among peoples and nations in the world perfectly outlines the concept of world peace, which has been extremely elusive to humankind since the dawn of a competitive civilization. Non-violence, understanding and cooperation among countries as well as their leaders signify the essence of this universal aspiration, which for many is a seeming Utopian dream. But, in theory and practice, peace is never impossible.1 While it is believed that it is already embedded in human nature to be violent and adversarial, it is also factually acceptable that war is only man-made and could be prevented through a firm resolve and humane freewill. Immanuel Kant in his classical treatise entitled Perpetual Peace, upheld that the epitome of humanity only occurs when there is a total cessation of hostilities and not just a temporary suspension of conflicts.2 It should be noted, however, that Kant did not imply that there should be a total ab sence of disputes and conflicts before peace is attained. Theoretically, the stress was only placed on the term ‘hostilities’ and that it also implied the polite way of handling issues and settling differences. There has been a wide-ranging scope of theories and conjectures about the idea of peace. Various interpretations were already offered and at times disputed. According to Kacowicz, there is a threefold typology of peace.3 First is precarious peace, which is the temporary absence or armed conflict between nations (some Arab states and Israel). Second is conditional peace, where one or both sides see the necessity of deterrent activities to avoid war (United States and Soviet Union during the Cold War). Third and lastly is the stable peace, which neither side employs force or make a threat of force in any of its disputes (United States and United Kingdom during the 1956 Suez Canal Crisis). As an ongoing and dynamic process, stable peace involves the process of achie ving a continuum of absence of war resulting from a balance of power, deterrence to conflict resolution and consolidation of societal security. For most part, stable peace is the one denoted by historicists and written about by romanticists. Beginning and End of the Cold War Dubbed as a war on ideology, the Cold War (1947-1941) was a period of tension, conflict and competition between the capitalist West and the socialist East. Spearheaded by world superpowers, the United States and the Union of Soviet Socialist Republic ventured into a prolonged political and military struggle that also involved other countries, called satellites (Eastern block) and allies (Western block). The rivalry for influence in the Third World and dominance in the military force was said to be the major germ that caused the war.4 A considerable mix of calm and high tension appeared in the international stage during this period. The Berlin Siege of 1948, the Korean Civil War in 1950-1953, the Berlin Crisis of 1961, the Vietnam War in 1959-1975, the Missile Attacks in Cuba (1962) and the Soviet-Afghanistan War in 1979-1989 all accounted for the terrible lethal strikes that occurred within this span of time. An imminent nuclear war precipitated by the Able Archer 83 Exercises of NATO was also documented. Nevertheless, the fear of a guaranteed mutual destruction engendered by their own sophisticated nuclear weapons served as a reason for a
Thursday, October 17, 2019
Local and Surrounding Ecologies and Environment Essay
Local and Surrounding Ecologies and Environment - Essay Example There is a marked difference between the â€Å"built†environment and the â€Å"natural†environment, because the perception of the natural environment is prominent by its varied workings that consist of total environmental and biological groups with specific functions, which includes all plant life, flora, undergrowth, foliage and shrubbery, bacteria microbes, germs and soil, rocks, atmosphere and all non-artificial events in the physical sense that are not produced by humans, although they effect humans. Also included in the environment are general natural resources and natural phenomena that cannot be mapped and have no geographical limits such as air, water and climate and manmade resources or originating from manmade activities such as energy, radiation, electrical charges and magnetism. ... tropical rain forest or desert. The world's lakes and oceans may also be considered biomes, although they are less susceptible to climatic influences than terrestrial biomes. Other factors could be related to, living, or occurring in the waters of the ocean or the open sea as opposed to near the shore such as bird populations, and other deep sea or shallow marine, evergreen forests, deciduous forests, steppes, and grasslands. Also equally important is the factor that fills the various places in the local ecosystem. The ecosystem consists of all the physical and free living systems that describe the physical and chemical aspects of organism environments. Human activities that affect local ecosystems: Human activities that have greatly damaged the ecosystem is the junk discarded from homes and factories which causes the most pollution, has resulted in the loss of habitat and produced acid rain which has in effect resulted in the deprivation of the ecosystem. Urban development of farmla nds for mass agriculture has replaced grasslands with crops that are consumed mostly by humans. Space for crops has been made by chopping down and burning forets, and lumber supplying trees have been cut without letup to feed the growing demand for lumber and other wood products. The flow of rivers, streams and waterways are diverted for use on agricultural lands and for other human requirements in cities and towns. Humans have depleted the amounts of fish in the oceans, seas and rivers by mechanical fishing without giving the fish the time to rebreed and produce thereby severely depleting existing reserves. Every type of human conveniences such as cars, generators etc. use fossil fuel that has caused global warming, acid
Visual Teaching Strategies On Children With Autism Research Paper
Visual Teaching Strategies On Children With Autism - Research Paper Example This essay approves that the reading and writing program has been on the leading edge in providing better services to these children that had suffered from autism through providing better mans that enabled them to quickly learn the traits of better verbal and written communication. Children who had previously attended the ABA programs were visually strong as they could easily assemble word puzzles together that were at a very complex level than their own age. They had mastered only the physical details and readings that if something was changed just a bit they would quickly forget about it. They had highly developed in their visual remembrance but the only set back they experienced was the inability to detect and notice any changes that were made, for example in the road signs. By noticing these difficulties in those children that were affected by autism, Nina Lovaas adopted the system where she could use the writing and reading to try and put more emphasis to the learning provided t o the child hence it would stick more in their minds. This report makes a conclusion that the Nina Lovaas reading and writing program is different when compared with the other programs for a variety of reasons. It is hoped that the reading and writing program will make learning more applicable than PECS in the sense that in PECS one is always to carry the big book with all the symbols, while in the reading and writing program, all that is needed is a portable computer for effective and efficient communication. Therefore, the Nina Lovaas reading and Writing Program is a way of enhancing and amplifying all academic qualifications of children.
Wednesday, October 16, 2019
Local and Surrounding Ecologies and Environment Essay
Local and Surrounding Ecologies and Environment - Essay Example There is a marked difference between the â€Å"built†environment and the â€Å"natural†environment, because the perception of the natural environment is prominent by its varied workings that consist of total environmental and biological groups with specific functions, which includes all plant life, flora, undergrowth, foliage and shrubbery, bacteria microbes, germs and soil, rocks, atmosphere and all non-artificial events in the physical sense that are not produced by humans, although they effect humans. Also included in the environment are general natural resources and natural phenomena that cannot be mapped and have no geographical limits such as air, water and climate and manmade resources or originating from manmade activities such as energy, radiation, electrical charges and magnetism. ... tropical rain forest or desert. The world's lakes and oceans may also be considered biomes, although they are less susceptible to climatic influences than terrestrial biomes. Other factors could be related to, living, or occurring in the waters of the ocean or the open sea as opposed to near the shore such as bird populations, and other deep sea or shallow marine, evergreen forests, deciduous forests, steppes, and grasslands. Also equally important is the factor that fills the various places in the local ecosystem. The ecosystem consists of all the physical and free living systems that describe the physical and chemical aspects of organism environments. Human activities that affect local ecosystems: Human activities that have greatly damaged the ecosystem is the junk discarded from homes and factories which causes the most pollution, has resulted in the loss of habitat and produced acid rain which has in effect resulted in the deprivation of the ecosystem. Urban development of farmla nds for mass agriculture has replaced grasslands with crops that are consumed mostly by humans. Space for crops has been made by chopping down and burning forets, and lumber supplying trees have been cut without letup to feed the growing demand for lumber and other wood products. The flow of rivers, streams and waterways are diverted for use on agricultural lands and for other human requirements in cities and towns. Humans have depleted the amounts of fish in the oceans, seas and rivers by mechanical fishing without giving the fish the time to rebreed and produce thereby severely depleting existing reserves. Every type of human conveniences such as cars, generators etc. use fossil fuel that has caused global warming, acid
Tuesday, October 15, 2019
Five Controversial Argumentative Views That Constitute a Proper Aim of Essay
Five Controversial Argumentative Views That Constitute a Proper Aim of Law - Essay Example Over himself, over his own body and mind, the individual is sovereign.†Mills was a British philosopher, economist and civil servant and a very influential contributor to the ideas of his time in social theory, political theory, and political economy. His concept of liberty gave complete control and freedom to the individual and opposed unlimited state control. Mills’ theory excuses persons who are â€Å"incapable of self-government†from this principle, such as young children or those living in â€Å"backward states of society.†Mills also felt that despotism (tyranny) is an acceptable form of government for societies that are â€Å"backward,†as long as the absolute ruler has the best interests of the people at heart. However, the theory has complications as â€Å"harms†may include actions that are omitted as well as acts of commission. Failing to rescue a drowning child or failing to pay taxes, both are harmful omissions that may be regula ted by law. Mills did not think that offense constituted â€Å"harm†; however, an action could be curtailed if it violated the morals of a society. He also contended that free speech is a necessary condition for intellectual and social progress. He was famous for being one of the first supporters of rights for women. In his book â€Å"The Subjection of Women†he points out three major facets hindering women, society and gender construction, education, and marriage. His formation of the â€Å"greatest-happiness principle†is his most famous theory. It stipulated that a person must always act so as to produce the greatest happiness among feeling beings within reason. He also felt that intellectual and moral pleasures were more important than physical forms of pleasure. He believed in free markets and accepted intervention in the economy for tax on alcohol and supported legislation on animal welfare. John Austin was a noted British jurist and author of law and juri sprudence. He developed a theory called â€Å"legal positivism.†This basic theory of law states that there is no association between the validity of a law and ethics and morality. Therefore, by â€Å"legal positivism†the law is considered separate from moral and ethical values. It considers the law to be studied by lawmakers who are humans. It does not give any real basis for arguing against the validity of any law based on the content, no matter how horrible to the morality of any person. The argument is based solely on the nature of the law being a human institution. Gerald Dworkin is a professor of moral, political and legal philosophy. He is noted for his development and writings on â€Å"moral paternalism†, which refers to an attitude or policy based on the hierarchy of a families’ CEO or authority. His research includes ideas of the nature and justification of self-government or the right of self-government. His most recent book defends physician- assisted suicide. In it he argues that doctors who approve of stopping life support at the patient’s request, giving pain-relief medication that kills the patient, or who approves terminal sedation are inconsistent in condemning physician-assisted suicide. â€Å"Legal moralism†is a theory of jurisprudence which projects that laws may be used to prohibit or require a certain
Program as an English Teachi Essay Example for Free
Program as an English Teachi Essay The most meaningful goal in my life at this time is to be granted the honor of participating in the Fulbright program as an English Teaching Assistant in Poland. Through all of my academic and professional activities up to this date, I have proven to be an exemplary member of my community, devoting focused care, time and energy to fostering understanding and authentic expression among people. My deep appreciation of what it means to be an effective communicator, through words and body language, is a main part of the reason why I believe that I would be a highly successful and noteworthy Teaching Assistant. I have a strong background of training in the field of language, theater and communication, and my expressive and artistic nature would be an asset in my being able to offer the experience to other people of learning something new. I have proven to be able to work well as a leader and director as well as a listener and team player, and I have great confidence in my ability to impart knowledge as well as learn from others. The reasons for my choice of Poland as a target location center on my own personal ancestry, meaningful experiences in the Polish American community, and my heartfelt desire to work as a cultural ambassador to Poland. As a curious boy of 11, I became interested in genealogy and traced our family back to Poland in the 1700s. I learned that I have distant relatives who live in Poland, including a cousin in Lublin who owns a school where English is taught. I have visited Poland twice before, once with my grandmother when I was 17 years old and once with a friend when I was 25. The church I attended growing up, St. Hedwig Catholic Church in Gary, Indiana, had a Polish Mass that I attended regularly. I was the organist at church and played during Mass. Although I did not understand everything that was being said, I truly enjoyed engaging in the Polish songs, even more than the English ones. I was only 14 years old when I became the organist there, and the memories of Midnight Mass, sunrise Easter services and the traditions carried over from Poland left distinct impressions on me. It would be personally enriching for me to spend time in Poland, learning as much as possible about the Polish culture and sharing insight about my own Polish American culture. In my spare time, I would like to observe or assist at a local theater company in Poland. I have several years of professional experience in theater, and it would be interesting to examine the difference between American styles of directing and Polish styles of directing. There are many past achievements and personal characteristics which qualify me for the opportunity of being honored as a Fulbright scholar. My current major in English and work towards my Bachelor degree at Purdue University is the most prominent demonstration of my high level academic understanding of the English language. This experience is supported by my leadership as President of the Alpha Mu Pi chapter of Sigma Tau Delta, English Honor Society, and awards as Consistent Semester Honors and Chancellors List Recipient. In addition to my university experience, I have been engaged as a professional director and actor in the Indiana theater community. I have performed in over 60 productions, served as the Vocal Director of nine productions, choreographed three productions and served as the Director of seven award winning productions. My membership experience includes the Ball State University Singers, Americas #1 Collegiate Entertainment Organization, and Indianas Official Goodwill Ambassadors. I have also engaged in leadership positions, serving as the Membership Chair, Marketing Chair and President of Portage Community Theatre and Development Chair for the Northwest Indiana Excellence in Theatre Foundation. Various awards received include Winner of Best Director, Best Actor, Best Vocal Director Awards, and Musical and Play Viewer for the Northwest Indiana Excellence in Theatre Foundation. Upon returning to the United States, it is my intention to enter a Master degree program and continue on to the doctorate level.
Monday, October 14, 2019
Dividend Policy of Pakistans Oil Sector
Dividend Policy of Pakistans Oil Sector INTRODUCTION Corporate dividend policy is one of the most debated topics in corporate finance. Many researchers have devised theories and provided empirical evidence regarding the determinants of a firms dividend policy. The dividend policy issue, however, remains still unresolved as due to the fact that there are so many variables depending upon the type of company, its financial conditions, its industry etc that no single formula could be applicable. Clear guidelines for an optimal payout policy have not yet emerged despite the voluminous literature. We still do not have an acceptable explanation for the observed dividend behavior of companies. During the last fifty years several theoretical and empirical studies have been done leading to mainly three outcomes: The increase in dividend payout affects the market value of the firm. The decrease dividend payout adversely affects the market value of the firm. The dividend policy of the firm does not affect the firm value at all. However, we can say that empirical evidence on the determinants of dividend policy is unfortunately very complex. Basis on which corporations pay out dividends to the share holders is still an unresolved puzzle. First prominent study that appeared in the literature of finance regarding dividend policy was that of Miller and Modigliani (1961) where they state that there are no deception in a perfect and a rational economic environment. This was the starting point for other researchers to explore dividend payout policy phenomena. Almost all researches that followed referred back to Miller and Modigliani (1961). Various researches were carried out by many researchers to explore the determinants of dividend payout policy, some of them focused on profitability, some on size of the firms, some on growth rate of the firm while others on agency costs. For example researches carried out by Nissim et el (2001), Brook et el (1998), Bernheim et el (1995), Kao et el (1994), and Healy et el (1988) found out a positive association between increase in dividend payout and future profitability. Kalay et el (1986) and Asquith et el (1983) found out that stock returns is positively associated with dividend changes. Sasson et el (1976) conclude that the payout ratio is positive association with average rates of return. On the other hand, studies of Benartzi et el (1997) and DeAngelo et el (1996) find no support for the relationship between future profitability and dividend changes. On Other side most debated factor affecting dividend policy arguably is agency costs. Jensen (1986). Agency cost argument suggests that cost is reducing by dividend payments and cash flow Rozeff (1982). Researches carried out by Jensen et el (1992), and Lang et el (1989) supported this agency cost hypothesis, while others such as Lie (2000), Yoon et el (1995) and Denis et el (1994) found no support for this hypothesis. Size of the firm is another factor which seems to have an impact of dividend payout policy. Firms larger in size are considered to have more ability to payout dividends to its share holders. Lloyd et el (1985), and Vogt (1994) pointed that firm size plays a role in clarifying the dividend-payout ratio of firms. They argued that because larger firms are mature and have easy access to capital markets thus they are not really much dependant on internally generated funding which enables them to payout higher dividends. The purpose of this research is to investigate the dynamics and determinants of dividend policy of oil gas sector firms in Pakistan. The independent variables selected from the literature include: market capitalization, profitability and annual rate of growth of total assets. Analysis of these variables should reveal there exist an impact of these variables on dividend payout policy of the firms and very nature of the relationship. The remaining part of this thesis is organized as follows. In section 2 brief reviews of theories about the dividend will be presented. In section 3 this thesis discusses the data and possible variables that can act as proxy for different influences for analysis .In section 4 this thesis will establish the model. Section 5 will provide details of methodology used. In section 6 thesis will establish analysis and interpretations and section 7 will present results and draw a conclusion. CHAPTER II LITERATURE REVIEW There are various theories which provide insight on how a firm pays the dividends. 2.1 Miller and Modigliani theory According to Miller and Modigliani (of Merton Miller, Franco) (1961) dividend do not affect firms value in perfect market. Shareholders are not concerned to receiving their cash flows as dividend or in shape of capital gain, as far as firms doesnt change the investment policies. In this type of situation firms dividend payout ratio affect their residual free cash flows, when the free cash flow is positive firms decide to pay dividend and if negative firms decide to issue shares. They also conclude that change in dividend may be conveying the information to the market about firms future earnings. Example: Its a common believe that dividend policy is created by shareholder himself for example if a person has 10,000 PKR and wants income of 3,000 PKR a year from that portfolio, simply 3000 PKR money value can be sold by a person this amount as dividend income does not accept by him. This theory says, à ¢Ã¢â€š ¬Ã…“Who is anxious about dividends?à ¢Ã¢â€š ¬? MM explains that under certain assumptions including rational investors and a perfect capital market, the market value of a firm is independent of its dividend policy. Smirlock Marshall, (1983) stated that relationship between the Dividend and Investment Decisions indicates that no causality between the dividend and investment decisions of the firm. The fact that the firm-specific data conclusively supported the separation principle is particularly convincing. This is the first application of causality tests to a large sample of firms. 2.2 The bird in the hand theory Investors always prefer cash in hand rather then a future promise of capital gain due to minimizing risk Gordon (1963). Gordon believes that he is anxious about investing in dividends and dividend stocks. Gordon say that when he is paid hard cash by the company, he knows that the company is not just telling him that it is making money but the fact it that it is really making money . This is the idea that cash payment is valued by the investors in their hands over the hope of future profits. 2.3 The agency theory Traditionally, corporate dividend policy has been examined under the assumptions that the firm is one homogenous unit and that the managements objective is to maximize its value as a whole. The agency cost approach differs from the traditional approach mainly in this way that it explicitly recognizes the firm as a collection of groups of individuals with conflicting interests and self-seeking motives. According to the agency theory, these behavioral implications cause individuals to maximize their own utility instead of maximizing the firms wealth. The agency theory of Jensen and Meckling (1976) is based on the conflict between managers and shareholder and the percentage of equity controlled by sponsor ownership should influence the dividend policy. The theory focuses on the relationship between an agent of the principal (companys managers) and a principal (shareholder) . Jensen and Meckling (1976) in corporations, agency problem arise from external debt and external equity. Jensen and Meckling (1976) analyzed that how firm value is affected by the distribution of ownership between inside shareholders and outside shareholders who can consume perquisites, and who cannot. Within this framework, increased managerial ownership of equity alleviates agency difficulties by reducing incentives to consume perquisites and expropriate shareholder wealth. Jensen and Meckling (1976) argue that equity agency costs would be lower in firms with larger proportions of inside ownership. Managers are better understanding their interest with stockholders when they increase the shareholders ownership of the firm. Dividends are believed to play an important role in reducing conflicts between managers and stockholders. Any dividend policy should be designed to minimize the sum of capital, agency and taxation costs. According to Bathala (1990), in the agency costs and dividends, two lines of thought can be found explaining cross-sectional variations in payout ratios. First view Holds that a firms optimal payout ratio is the results of a trade-off between a reduction in the agency costs of external equity and an increase in the transaction costs related with external financing resulting from dividend payments as the payout ratio increases. Second view Argues that inside ownership and external debt are substitute mechanisms in mitigating agency costs in a firm. Basic study for the first line of thought is based on Rozeffs (1982) propositions. He suggests that dividend payout ratios may be explained by reduced agency costs when the firm increases its dividend payout and by increased more expensive external capital. Easterbrook (1984) gives further explanation regarding agency cost problem and says that there are two forms of agency costs; one is the cost monitoring and other is cost of risk aversion on the part of directors or managers. The agency theory is related with resolving two issues that can be held in an agency relationship. PROBLEMS: The desire of the principal and agent conflict and it is expensive or complicated for the principal that it cannot check that the agent has behaved appropriately. Risk sharing is a problem that occurs when the agent and principle have different behavior towards hazard. The issue here is that the principal and the agent may prefer separate actions because of the separate risk preferences. According to (Naceur, Goaied, Belanes, 2006) profitable firms with more stable earnings can pay larger dividend. Whenever they are growing very quick, dividend policy doesnt get any impact from financial leverage and ownership concentration. Also the liquidity of stock market and size negatively impacts the dividend payment. Oskar kowalewski and Ivan Stetsyukand Olesksandr Talavera (2007) study that how corporate governance determines dividend polices in Poland. They have established for the first time, quantitative measures on the quality of corporate governance for 110 non- financial listed companies. Their result suggested that large and more profitable companies have higher dividend payout ratio .Furthermore, risky and more indebted firms prefer to pay lower dividend s. The results finally, based on the period of 1998-2004, Reveals that dividend policy is quite important in the valuation process of companies, but the issues still remain scantily investigated in transition countries. A study on the determinant s of dividend policy and its association to corporate governance in a transition economy both offers an interesting subject and complements the existing corporate governance literature. The agency theory points that dividend may mitigate agency costs by distributing free cash flows that otherwise would be spent on unprofitable projects by the management. It is argued that dividends expose firms to more frequent analysis by the capital markets as dividend payout increase the likelihood that a firm has to issues new common stock. On the other hand, scrutiny by the market helps alleviate opportunistic management behavior, and thus, agency costs. Agency cost, in turn, is related to the strength of shareholders rights and they are associated with corporate governance. Furthermore, agency suggested that shareholders may prefer dividends, particularly when they fear expropriation by insider. They test the determinants of dividend policy in a multiple regression framework to control for firm specific characteristics other than governance. All the variables enter the regressions with expected signs. Size and return on assets are positively associated with variable cash divid end. Leverage is negatively associated with variable cash dividend. Their results provide evidence that in Poland listed companies where corporate governance practices are high and as a result shareholders rights are for strong payout higher dividend. Jianguo Chen and Nont Dhiensiri(2009) suggest that relationship between dividend pay-out ratio (POR) with the pro Cash flow variability (CFV), ownership dispersion, insider ownership, free cash flow, collateral stable assets, Past growth (GROW1), future growth (GROW2), stable dividend policy and imputation credit (IMP). They analyze the determinants of the corporate dividend policy using firms listed on New Zealand Stock Exchange .They examined that firms traditionally have high dividend pay-outs compared with companies in the US. They find that their is a negative relationship between dividend payout ratio and CFV, Insider, Beta ,growth and positive relationship between ownership dispersion ,free cash flow, collateral stable assets stable dividend policy and imputation credit. Their conclusion provides strong support to the agency cost theory and partially supports transaction cost and residual dividend theory. They do not have any evidence to support the dividend stability theory a nd the signaling theory. 2.4 Signaling theory The explanation about the signaling theory given by Bhattacharya (1979) and John, Kose and Williams (1985) dividends allay information symmetric between managers and shareholders by delivering inside information of firm future prospects. 2.5 Effect of tax preferences theory Miller and Scholars (1978) find that the effect of tax preferences on clientele and conclude different tax rates on dividends and capital gains lead to different clientele. Tax Preference theory Investor gave an important consideration to the taxes. This should by keep in mind that the dividends are taxed at a higher rate than the capital gains. As such, capital gains are preferred by the investors as compared to the dividends. This is known as when the investments are actually sold only then the capital gains are paid. When capital gains are realized inverses can control, but dividend payments are un controllable by them and the related company controls the dividend payment. In an estate situation, capital gains are not realized. For example: If a stock is purchased by an investor 50 years ago and is held by him until his or her death, when it is passed on to an heir after he is expired. Now that heir does not have to pay taxes on stocks appreciation. 2.6 Life Cycle Theory Life Cycle Theory and Fama and French (2001) states that the firms should follow a life cycle and reflect managements assessment of the importance of market imperfection and factors including taxes to equity holders, agency cost asymmetric information, floating cost and transaction costs. 2.7 Catering theory According to Baker and Wurgler (2004) in Catering theory suggest that the managers in order to give incentives to the investor according to their needs and wants and in this way cater the investors by paying smooth dividends when the investors by not pay when investors prefer non payers but put stock price premium on payers. 2.8 Lintners Model John Lintner (1956) initiates with his theory relies on two important things that he studied about dividend policy: 1) According to the amount of positive net-present-value (NPV) projects the companies tend to set long-run target dividends-to-earnings ratios. 2) Earnings increases are not always bearable. As a result, until managers can see that new earnings levels are bearable, dividend policy is not changed As regards the empirical literature the roots of the literature on determinants of dividend Policy is related to Lintner (1956) seminal work after this work the model is extended by The Samy ben naceur, Mohamed goaied and Amel belanesthe (2006) during the period (1996à ¢Ã¢â€š ¬Ã¢â‚¬Å"2002) on the Tunisian Stock Exchange listed study the dividend policy of 48 firms. Lintners model is applied using static and dynamic panel data regressions. They examined that Tunisian firms rely more on current earnings that past dividends to fix their dividend payments in the way that dividends tend to be more sensitive to current earnings rather than prior dividends. Any inconsistency in the level of dividends is directly reflected in the earnings of the corporation. Samy ben naceur, Mohamed Goaied and Amel belanesthe (2006) focused on the relationship between dividend and ownership, liquidity, return on assets (ROA), profitability, investment, leverage ratio, size. The results indicate that highly profitable firms with more stable earnings can afford larger free cash flows and thus pay out larger dividends. Moreover, fast-growing firms distribute larger dividends so as to demand to investors. On the other hand, ownership concentration does not have any impact on dividend payment. In fact, being closely held Tunisian firms witness less agency conflicts and shareholders do not resort to dividends in order to reduce managerial discretion and protect their interests. The liquidity of the stock market has a negative influence, which confirms that the implementation of the electronic transaction system in the TSE has facilitated the realization of capital gains, which has reduced the need for dividend payments. At last, the negative coefficient on siz e found in the full sample has disappeared when regulated firms are excluded, which reduces the strength of this factor. Researchers have proposed many different theories about the factors that affect a firms dividend policy. Kanwal Anil and Sujata Kapoor (2008) analyzed that The Determinants of Dividend Payout Ratio-A Study of Indian Information Technology Sector. The period under study is 2000-2006 as it is known that the period of 5 to 6 years covers both recession and booming of IT industry. They stated that profitability has always been considered as a primary indicator of dividend payout ratio. There are numerous other factors other than profitability also that affect dividend decisions of an organization namely cash flows, corporate tax, sales growth and market to book value ratio. They suggest that dividend payout ratio is positively related to profits, cash flows and it has inverse relationship with corporate taxes, sales growth and market to book value ratio. Statistical techniques of correlation and regression have been used to explore the relationship between key Variables. Thus, the main theme of this study is to recognize the various condition that effect the decision of dividend payout poli cy of IT firms in India. In short factors influencing the corporate dividend policy, according to them, may substantially vary from country to country because of inconsistency or variations in legal, tax and accounting policy between countries. In view of these facts, the present study aims at identifying the variables influencing corporate dividend policy in Pakistan. CHAPTER III DEPENDENT AND INDEPENDENT VARIABLES Objective of this study is to determine factors that have an impact on dividend of Oil Gas Exploration and Oil Gas Marketing sector of KSE. Dividend yield is dependent variable and the three independent variable are size, profitability and growth. These variables are discussed here. 3.1 Dividend yield (DY) Arthur A Thompson in his book Crafting and Executing Strategy says that the measure of the return that shareholder receives in the form of dividend is called dividend yield (DY). A typical dividend yield is 2 -3%, the dividend yield for fast growth companies in often below 1%(may be even 0) and the dividend yield for slow-growth companies can run 4-5%. Dividend yield can measure by annual dividend per share divided by current market price per share. Samy ben naceur et el(2006)The DY (dividend yield ) as our measure of the dependent variable equals to dividend per share to price per share, payout ratio cannot be used as a measure of dependent variable because sample contains firms with negative earnings. Khamis Al-Yahyaee et el (2006) and Hafeez et el (2009) also used dividend yield (DY) as the dependent variable. CHAPTER IV EXPLANATORY VARIABLES This thesis selected 3 variables used by different researchers Samy ben naceur et el (2006) and Hafeez et el (2009). 4.1 Firm Size Hafeez et el (2009) The firm size has been calculated as the total assets of the firm because a posiyive coefficient is expected from this variable as there is a very low chance of bankruptcy in large more diversified firms and it can sustain higher level of debt. Scott and martin (1975) found that the size of the firm is very important factor which can affect the firms dividend policy and debt policy. A negative impact has been found by market capitalization and size of the firms on dividend payout policy which clearly shows that the firms prefer to invest in their assets rather than pay dividends to its shareholders. The financial characteristic of size has been explained by Market capitalization and the size of the firm. According to the null hypothesis for this financial characteristic there is no relation between the market capitalization and size with dividend payout ratio but the results show that there is a inverse and significant relationship between dividend payout and MV.Hence null hypothesis is rejected. The evidence supported by the finding of Belans et al (2007), Jeong (2008) deviate from Avazian et al (2006). Samy ben naceur et el (2006) the size of the firm by total market value (LNSIZE) and it is expected to be positively correlated with dividend paid. The literature suggests that size may be inversely related to the probability of bankruptcy (Ferri and Jones 1979; Titman and Wessels 1988; Rajan and Zingales 1995). In particular, larger firms should have an easier access to external capital markets and can borrow on better terms, Moreover, larger firms tend to be more diversified and their cash flows are more regular and less volatile. Thus, larger firms should be more willing to pay out higher dividends. Even the conflicts between creditors and shareholders are more severe for smaller firms than the larger ones. Khamis Al-Yahyaee et el (2006) they measure size of the firm from Log of sales. Firms dividend policy is influenced by variables such as size. There is an advantageous position for larger firms to raise external funds in the capital markets and are less dependent of internal funds. Therefore there is a negative relationship between dependence on internal financing and the size of the firm. Moreover, there is a chance of lower bankruptcy probabilities in larger firms and thus they are able to pay more dividends. Thus as per this research the hypothesis is H1= Firm size is positively associated with dividend payouts. 4.2 Firm profitability Empirical research found that there is a positive relationship between dividend yield and profitability. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Some of them are as follow. Khamis Al-Yahyaee et el (2006) measured profitability by earnings before interest and taxes to total assets as our surrogate for profitability. Hence a positive relationship between profitability and dividend is expected. Since the annual profits pay the dividends therefore its logical that more dividends are paid by profitable firms. Samy ben naceuret et el (2006) measure the profitability by the return on assets (ROA) net income/total assets and it is positively correlated with dividend payments. Firms with high profitability can afford larger free cash flows and hence new investment opportunities. Therefore, paying higher dividends does not disturb them. In the same vein and according to the pecking order theory, firms prefer using internal sources of financing first, then debt and finally external equity obtained by stock issues. The more profitable the firms are, the more internal financing they will have, and thus are able to afford larger dividends. Hafeez et el (2009) measured Profitability Net Earnings and Earning Per Share after tax. The net earnings show the positive relationship with the dividend yield. The net earnings after interest, depreciation and after tax have been used as the explanatory variable to examine the role of earnings to pay dividends. Thus as per this research the hypothesis is H2= There is a positive relationship between a firms profitability and dividend payouts. 4.3 Firm Growth Samy ben naceur et el (2006) measure investment and growth by MBV (market value of equity/ book value of equity) and annual rate of growth of total assets. Firms anticipate higher growth, when they establish lower dividend payout ratio because growth entails higher investment expenditures. When firms retain higher proportion of earning to finance future investment need due to high cost of external financing, their dividend pay out in anticipation of future growth stands reduced. Hence, a negative relationship between dividend payout and expected growth is expected. Khamis Al-Yahyaee et el (2006) measure the growth opportunities through market-to-book ratio. A negative relationship is expected between growth opportunities and dividend. Large additions of capital are required by the firms experiencing substantial success and rapid growth. Consequently, lower dividend payout policies are expected by growth firms. Similarly, the pecking order theory predicts that more earnings are retained by the firms having a high proportion of market value followed by growth opportunities hence they are able to minimize the need to raise new equity capital. Free cash flow theory also predicts that their will be a lower free cash flow and lower dividend is paid by the firms with high growth opportunities. On the other hand Hafeez et el (2009) argued with the above researcher. According to the signaling theory the higher the firm grows, the higher they pay dividends to shareholders. The shareholders get signals from the growth of the firms having high growth opportunity. The sales growth has been used as proxy of Growth in the empirical analysis of the study and has been used as percent age change in sales annually as proxy of the growth. Whereas Kanwal Anil et el (2008), measured growth and investment by sales growth and MTBV. Hafeez Ahmed et el (2009) measures investment as SLACK = accumulated retained earnings/ total asset. Thus as per this research the hypothesis is H3= Firm growth is negatively associated with dividend payouts. Table 1 Summary of Proxy Variables and Research Hypotheses H1: Size MCAP = market capitalization Positive H2: Profitability ROA= net income/total assets Positive H3: Growth GROWTH = sales growth Negative CHAPTER V METHODOLOGY DATA COLLECTION METHOD The data is collected from Securities Exchange Commission of Pakistan, State Bank of Pakistan and the Karachi Stock Exchange. The variables of the study are calculated from the Audited Annual Accounts of 6 firms for the period of 2001 to 2008 resulting in about 240 observations for each variable and as such it is a long period enough to smooth out variable fluctuations. (Rozeff, 1982) SAMPLE Sample Size consists of six companies from oil and gas exploration and marketing sectors in Pakistan, listed on Karachi Stock Exchange (KSE) Total of six companies listed on Karachi Stock Exchange (KSE). Data collected from year 2001 to year 2008. STATISTICAL TEST Linear Regression test was performed to analyze data. Dividend yield is a dependent variable and growth, size and profitability are taken as independent variable. REGRESSION MODEL This study uses multiple regression analysis. This thesis estimate that Y= X0 + X1 + X2 + X3 + e Y = Dividend yield. X0 = Intercept of the equation. X1 = Firm size. X2 = Firm profitability. X3 = Firm sale growth. e = Error Term. CHAPTER VI DATA ANALYSIS AND INTERPRETATION Table 2 MODEL R SQUARE F Sig. 1 .223 3.917 .015(a) Table 2 above shows F Ratio for the regression model is significant which indicates that regression model is a best fit. Total variation in the dependent variable explained by the regression model as indicated by R square is .223 i.e. 22.3% change in dividend yield is explained by these three independent variables. Table3 UNSTANDARDIZED COEFFICIENT STANDARDISECOEFFICIENT t Sig. B Std. Error Beta (Constant) 0.066 0.011  5.826 0 Size -1.10E-06 0 -0.503 -2.879 0.006* Profitability 0.16 0.094 0.269 1.709 0.095** Sale growth 2.17E-07 0 0.484 3.038 0.004* *Significant at 1% **Significant at 10% Table 3 reports the ordinary least square results of the regression analysis. Results indicate that size of the firm is significant as shown in table 3 and shows that size is negatively correlated with dividend at 1% .As researcher taken in its own hypothesis that the size will present positive relation but its coefficient is negative which rejects researcher hypothesis. Since the size is also statistically significant but the hypothesis for this thesis shows that the growth is negatively related to dividend hence this hypothesis rejected. Some researcher result find out size as positive. Fama and French (2000 and 2001) concluded that more dividends are payable by large and more profitable firms. Lloyd and Jahera (1995 cited on holder 1998) concluded that those larger firms have easier access to capital markets which are more mature hence allowing for higher dividend pay-out ratios and reducing their dependence on internally generated funding. Aneel Kanwer (2002) measured size with total sale and researcher find out that size is positive related to dividend yields. Smaller company gives lower dividend as compared to larger company. Oskar kowalewki et el (2007) made a research in Poland and they measured size with total assets .they find out that size is positively related to dividends because more dividends are paid by companies which are larger in asset and size.. Some researcher result find out size as negative .The result of the research by Hafeez Ahmed et el (2009) on KSE (non financial firms) is similar to this thesis result. they measure size with natural logarithm of total assets This results indicates that the size of the firms have the negative impact on dividend payout policy which shows that the firms prefer to invest in their assets rather than pay dividends to their shareholders .. Samy Bin Naem et el (2006) made their research on the firms of the Tunisian Stock Market and They measured the size with logarithm of stock market capitalization. They concluded that there is a negative relationship between size and dividend, but the negative relationship disappeared when regulated firms are removed. Since the result of the researcher Fama and French (2000 and 2001) , Lloyd and
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