An Interpretation of “Dulce et Decorum Est” Essay -- Literary Analysi

What would it feel like to be in the middle of the bloodiest war in history? Surrounded by death on all sides it seems impossible that anybody would write poetry about this very subject. Thanks to the poem â€Å"Dulce et Decorum Est,† Wilfred Owen gives the reader a small window into the horrors that he witnessed firsthand in the carnage of battle. Faced with death at every turn, Owen takes the time to chronicle these terrible events that happened shortly before his own death. Owen uses rhythm, rhyme, and imagery to convey the message that people should be careful glorifying war because it is a very traumatic event that takes many innocent lives. When a reader tries to understand the rhythm of â€Å"Dulce et Decorum Est† it becomes a bit tricky to find any type of rhythm. When reading shortly into the poem, one notices that there does seem to be a heartbeat to the poem when it states in line 3: â€Å"Till on the haunting flares we turned our back†. Owen uses iambic pentameter to achieve this pattern as almost all of the lines which have a rising meter and 5 feet. Having this underlying heartbeat to the poem speaks to the humanity and allows the reader to personalize with what is being said. Owen then contrasts the use of iambic pentameter in several lines including line 23 when he says, â€Å"Bitter as the cud†, as if to make that really stand out to the reader. Owen then further chops up the rhythm to make it seem as if he were telling a story to the reader. This is evident when an individual starts to encounter the heavy use of punctuation in when it says, â€Å"But limped on, blood-shood. All went l ame, all blind† (6). It also makes the poem more vivid throughout and makes the reader really stop and think about what is happening in the line. Owen a... ... that â€Å"someone was yelling out† (11), and that there was â€Å"blood† (22) â€Å"gargling from the froth-corrupted lungs† ( 23). With rich imagery being used throughout the poem, it becomes clear that Owen intended to use imagery to help the reader feel as if they were present in the situation along side of him. This allows the reader to personalize this situation and gain a better understanding of the message that is being sent. Through the use of rhythm, rhyme, and imagery Owen forces the reader to ponder about the thought that war isn’t an event that should be taken lightly. Many kind and brave soldiers have lost their lives over the history of humanity and that loss of life, while honorable, is extremely tragic. Thanks to Owen’s poetry people are able to look back at this time in history and hopefully learn valuable lessons about the value of human life.

The Cause of bank failure

One member of the group is normally appointed to act as the managing or lead bank for the syndicate and it is the role of this bank to coordinate all negotiations, payments and administration between parties once the contract has been executed-it Is a multi bank transaction with each bank acting on a several basis, which means that each ann. acts on its own without responsibility for the other banks in the syndicate.If a bank fails to honor its obligations as a member of a syndicate, the other syndicate banks have no legal obligation to satisfy them on that bank's behalf. Syndicated loans are normally used to finance the purchase of capital assets or the acquisition of another business line or company. The syndicated credit market is one of the largest and most flexible sources of capital in the international market place. Loan syndication do happen In Zanzibar but are not very common. PROJECT LOANS – project loans has been used to describe all types of financing of projects, both with and without recourse. A financing of a particular economic unit in which a lender is satisfied to look initially to the cash flows and earnings of that economic unit as the source of funds from which a loan will be repaid and to the assets of the economic unit as collateral for the loan. Involve loans to finance major capital Investment projects for which the cash flow arising from the project will either be the sole or main repayment source.Such projects are usually financed by major banks because of the large amounts involved and the need for full technical evaluation for example building a major dam or prospecting for 011. The loan Is usually provided on a medium or long term basis. There are often other side benefits resulting from segregating a financing as a project financing which may have a bearing on the motives of the company seeking such a structure. These benefits include: – Credit sources may be available to the project that would not be available to th e sponsor.Guarantees may be available to the project that would not be available to the sponsor. – A project financing may enjoy better credit terms and interest costs in situations In which a sponsor's credit is weak. – Higher leverage of debt to equity may be achieved. Legal requirements applicable to certain investing institutions may be met by the project but not by the sponsor. C) LEASING -A lease is a contract wherein, over the term of the lease, the owner of the equipment permits another entity to use it in exchange for a promise by the latter to make a series of payments.The owner of the equipment is referred to as the lesser. The entity that is being granted permission to use the equipment is referred to as the lessee. A typical leasing transaction works as follows. The lessee first decides on the equipment needed. The lessee then decides on the manufacturer, the make, and the model. The lessee specifies any special features desired, the terms of warranties, g uaranties, delivery, installation, and services. The lessee also negotiates the price. After the equipment and terms have 1 OFF

Cash Flow And Profitability Of Dividend Payout - Free Essay Example

Sample details Pages: 15 Words: 4533 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? CHAPTER 1: INTRODUCTION Overview The issue of dividend has been studied comprehensively in last few decades. Still it remained as one of the most debatable issue in the field of Finance. The contradictory nature and massive importance 0f dividend in finance had made it one of the most discussable topics for researchers. Researchers in the past enclosed many aspects of dividend; few among them are views about dividend, dividend payment effects on firm value, dynamics and determinants of dividend policy, and dividend movement of different markets. Lintner (1956) study the allocation of income of corporations among dividends, retained earnings and taxes by taking data from the years 1918 to 1941 as a training period and data from the years 1942 to 1951 as the testing period. Researchconcluded that the basic origin of dividend changes werenet earning and preceding year dividends. In addition, firms attempt to continue a constant stream of dividend and influence to make a regularly partial adjustment to a target payout ratio relatively hysterically changing their payout when a change in income occurs. In the short run, dividends are consistent to avoid frequent changes. This dispute is rooted back to the significant effort of Miller and Modigliani (1961), in which it was challenged in a perfect market condition dividend policy did not affect the value of firm. In contrast, Lintner (1962) and Gordon (1963) based à ¢Ã¢â€š ¬Ã…“Bird-in-handà ¢Ã¢â€š ¬? theory and argued that in the world of ambiguity and imperfect information, hig h dividend payment is linked with high firm value. In addition, Black (1976) called dividend as great puzzle which need extensive researched. Furthermore, the Brealey and Myers (2005) listed dividend as one of the top ten significantvague topic in advance corporate finance. According to Anil and Sujjata(2008) emerging consensus was that no individual factor alone can describe dividend behavior. Don’t waste time! Our writers will create an original "Cash Flow And Profitability Of Dividend Payout" essay for you Create order The existing corporate theories supported that cash flow and profitability have significant impact on dividend. The aim of this study was to know the impact of cash flow and profitability on dividend payout of non financial firms in Pakistan market. This study considered free cash flow and profitability was most important for non financial firm in Pakistan market. Talat and Mirza(2010) conducted research related to ownership structure and cash flow as predictor of dividend payout policy. According to that personal ownership, cash flow delicacy, size, and leverage were negatively associated with dividend payout policy. In contrast, profitability and operating cash flow was found as determinants of cash dividend. In addition, Researcher concluded that executive ownership, personal ownership, operating cash flow, and size were important determinants of dividend while, leverage and cash flow delicacy did not contribute considerably in determining the level of corporate dividend payment. DeAngelo and DeAngelo (1990) found significant relation between cash flow and dividend changes. Problem Statement In the field of corporate finance, the dividend was considered as one of the most noteworthy issues. The main purpose to study the impact of cash flow and profitability on dividend payout of non financial firm in Pakistani market was to analyze the cash dividend behavior of developing countries firm. In addition, study was conducted to find out how strongly these two variables free cash flow and profitability have impact on the dividend payout because, profitability was most likely used as determinants of dividend payout in most of the previous researchesà ¢Ã¢â€š ¬Ã¢â€ž ¢ but free cash flow was not taken too much in previous research. Furthermore, how these two variables serve as an indicator for dividend payout. Hypothesis This research study has tested the following hypothesis to fulfill the objective of the research. H1: There is significant impact of free cash flow on dividend payout. H2: There is significant impact of return on assets on dividend payout. H3: There is significant impact of return on equity on dividend payout. H4: There is significant impact of earning per share on dividend payout. H5: There is significant impact of net profit margin on dividend payout. Outline of the Study The research structured follows. Chapter one was consist on the introduction of the thesis, it is essential to review the views and theoretical background of dividend, the statement o problem, scope and objective, hypothesis. Chapter two consisted of literature review given by various authors, theories on dividend and impact of cash flow and profitability on dividend payout. Chapter three explained methodology, it consisted of explanation of the selection of the variables, the sampling and research design, the data technique and hypothesis. Chapter four represents the analysis of results after processing the data. Chapter five composed of final result, conclusion and recommendation. Chapter six consisted of references. CHAPTER 2: LITERATURE REVIEW Since 1956, dividend has always considered one of the most interested and investigated topic in world of finance.Lintner (1956) analyzed the allocation of earning of corporation among dividends, retained earnings, and taxes by taken data into consideration for years 1918 to 1941. It was found the basic determinants of dividend change are net earning and preceding year dividends. In addition, firms tried to continue a stable flow of dividend and likely made a regularly limited adjustment to a target payout ratio instead radically changing payout when earning changed. Jensen and Meckling (1976) paid attention toward agency cost hypothesis and described that dividend restricted the funds under management control, as a result putting them under strict capital market examination. Ownerà ¢Ã¢â€š ¬Ã¢â€ž ¢ responsibility was reduced to deal with the quality of investment and to handle the expenditure on manager prerequisites. Marke, Langrehr, and Hexter(1998) conducted research on dividend policy determinants. Researchers had taken focus of firm, natural log of sales of firm, inside ownership for firm, no of common shareholder for firm, free cash flow for firm, sales growth of firm, and standard deviation of returns o f firm as determinants of dividend policy. Authors concluded that corporate focus has negative impact on dividend payout. While inside ownership had also negative impact, according to researcher the firms have greater inside ownership have small dividend payout. In addition, the firms with higher free cash flow have higher dividend payout and lower payout ratio of firms with higher standard deviation of returns. William and Nanda (1994) conducted research on free cash flow, shareholder value, and the unallocated profits after tax of 1936 and 1937. In this study researcher tried to explore the investor reaction toward the anticipated decrease in free cash flow presented to corporate managers. In addition, researchers suggested agency costs as partial determinants of dividend policy. To avoid the agency problem corporate have to pay higher dividend and imposed higher tax on undistributed profit so the problem of agency cost handled efficiently. The study conducted on determinants of dividend payout ratio in GhannabyAmidu and Abor (2006). In this study 20 listed firms of Ghana Stock Exchange were used as a sample which shows 76% of the total listed firm in Ghana Stock Exchange. Researchers have taken the Payout Ratio as controlled variable and explanatory variables includes risk, profitability, cash flow, corporate tax, institutional holding, sales growth, and market to book value. It was foundthat more profitable firms paid more dividends and profitability is positively related to dividend payout. In addition, cash flow and taxes are also positively related to dividend payout. Further, they also concluded there is a positive relationship between increase in liquidity and dividend payout. Results suggested negative relationship of dividend payout with growth, market to book value, risk, and institutional holding. The firms with the earning instability found hard to pay low and no dividends. Al-Malkawi (2007) worked on determinants of corporate dividend payout policy in Jordan. Researcher used a firm level panel data of all publicly traded firms on the Amman Stock Exchange for the year 1989-2000. Researcher used dividend payout as a depended variable and agency cost, Ownership, annual share turnover, market to book ratio, market capitalization of common equity, financial leverage ratio, profitability ratio, and taxes as independent variables. By using Tobit specification researcher concluded that positive relationship between size, age, and profitability with dividend payout and negative relationship between signaling device, ownership, and taxes in Jordan. Fairchild (2010) worked on Dividend policy, signaling and free cash flow: an integrated approach. Researcher has tried to examine the dividend policy by taking only two hypothesis signaling and free cash flow. In order to understand the composite environment of dividend policy, signaling game is developed in which most of the information possesses by managers than investors about the quality of the firms. The signaling hypothesis shows that asymmetric information between managers and investor, dividend work as signal regarding current performance and future prospect. The study found that high dividend has positive effect on the firm performance, in term of providing a positive signal for current performance and as will as future scenario. In addition, dividend payout reduces the free cash flow problem, which may attract the manager to invest in negative NPV project for personal interest. But if the project shows positive NPV so investment opportunities are available which lead toward the higher dividend in future. Gill, Nahum, and Rajendra (2010) worked on determinants of dividend payout ratio in United States. In this study researcher extend the Amidu and Joshua, and Anil and Kapoor finding for the American service and manufacturing firms. Researcher took same variables into account such as profitability, tax, market to book value, cash flow, and sale growth. The sample size was 266 out of 500 financial reports. According to the researcher dividend payout ratio of manufacturing firms is the function of profit margin, tax, and market to book value ratio. It was also found that result differ when the dividend payout ratio was defined as the ratio between after tax cash flow and cash dividend, not considering after tax earning of the companies. Reddy (2006), studied the dividend behavior of Indian companies, movement, and determinants and struggled to decide the behavior of the companies listed at Bombay Stock Exchange with theassist of trade off theory and signaling theory hypothesis. According to researcher analysis of dividend trend depicted that stock traded on New York Stock Exchange and Bombay Stock Exchange indicated that percentage of companies paying dividend has declined from 60.5% in 1990 to 32.1% in 2001 and there is only few companies paying dividend constantly. Beside that firms paying dividend are more profitable, large in size, and having enough growth. Indian context did not represent corporate tax and ax preference theory. Lastly the dividend change indicated signal to current and lagged earning performance rather than future earning performance. Baker, Farrelly and Edelman (1986) studied New York Stock Exchange 318 firms. According to the researchers main determinants of dividend payments were expected future earning and picture of past dividend. Gitman and Pruitt (1991) asked 1000 largest US firms financial managers and concluded present and precedent year earning were significant determinants effect dividend payment. According to Baker and Powell (2000) survey companies listed on New York Stock Exchange were industry explicit and predicted level of future income was the main factor of dividend payout Anil and Kapoor (2008) studies Indian information technology sector for determinants of dividend payout ratio. The phase for study 2000-2006 encompass both recessionary and booming phase of Indian information technology sector. Researcher concluded that beta and liquidity was discovered a notable determinant of dividend payout ratio. In addition, authors concluded that due to recession from 2003 onwards IT sector observed exponential growth, and it was anticipated linear growth in IT sector after 2006. Recently in Pakistani perspective, Ahmed and Attiya (2009) investigated sample of 320 non-financial firms listed on Karachi Stock Exchange from 2001 to2006.Researchers concluded Pakistani companies dependent more on current earning than past dividend. In addition, authors highlighted few predictors that may affect payout policies. Firstly, the finding demonstrated companies containing high profit with consistent earning can manage larger amount of free cash flow as a result to payout larger dividend. The firms having larger investment chance can easily affect and have a significant role in determinants of dividend payout policy in Pakistan. The companies paid more dividends to shareholders where inside ownership exist. Ownership structure has considered major factor in determining dividend policy in Pakistan. Beside that dividend payout was not affected pay growth of the firms and market liquidity has a significant impact on dividend payout. Furthermore, size was significant determin ants for dividend payout that means companies invest in assets relatively paying dividends to its stockholders. 2.1 Dividend irrelevance theory: Miller and Modigliani (1961) proposed that dividend policy is irrelevant to the shareholder and stockholder wealth was constant in the world of perfect market condition and any growth in the current payout is financed by literally priced stock sales. The basic assumption was that management paid 100 percent payout in every period. Other assumptions were as follow. First, market is perfect capital market that means there were no taxes on transaction cost, single buyer and seller not influenced price and everyone have free access to information. Second, investors are rational and value of securities was based on the discounted future cash flow to investor. Third, manager act as a agent of shareholders, and there was no uncertainty about the investment policy of the firm. 2.2 Bird-in-hand theory: Al-Malkawi (2007) emphasized that dividend valued differently from retained earnings (capital gains) in world of ambiguity and irregularity information. à ¢Ã¢â€š ¬Ã…“A bird in hand (dividend) is valued more than two in the bush (capital gain)à ¢Ã¢â€š ¬?. Investors always preferred dividends to retained earnings due to uncertainty of future cash flow. Although, this controversy has been extensively condemned and has not get strong empirical base, but, it was supported by Gordon and Shapiro (1956), Lintner (1962), and Walter (1963). The basic assumptions were as followed Firstly, investors have inadequate information regarding the profitability of a firm. Secondly, cash dividend was taxed at a higher rate when capital gain was realized on the sale of share. Thirdly, dividend serves as a signal of expected cash flow. 2.3 Agency cost and free cash flow theory: Ross (2008) define agency cost is the cost of the conflict of interest that exists among shareholders and management. It was happened when management act for own interest rather than shareholders interest who own the firm. This could be direct and indirect. It was in contrast to assumption of Millar and Modigliani (1961) that mangers act as an agent of shareholders. This is somewhat dubious, as the owners of the firm are different from the management. Managers are bound to carry out some activities, which could be costly to shareholders, such as undertaking unprofitable investments that would yield excessive returns to them, and unnecessarily high management compensation (Al-Malkawi, 2007). These costs are borne by shareholders; therefore, shareholders of firms with excess free cash flow would require high dividend payments instead. Agency cost may also arise between shareholders and bondholders: while shareholders require more dividends, bondholders require fewer dividends than shar eholders by putting in place a debt covenant to ensure availability of cash for their debt repayment. Easterbrook (1984) also identified two agency costs: the cost of monitoring managers and the cost of risk reluctance on the part of managers. Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s free cash flow/overinvestment hypothesis (1988) provides a surrogate description for the positive association between the direction of the dividend change and the stock price reaction. Jensen argues that managers tend to hold cash to invest in negative NPV projects for their own utility maximization. The agency costs that result from this overinvestment decrease the value of the firm. Like the signaling hypothesis, the FCF argument suggests there should be a positive relationship is the direction of the dividend policy change and the stock price reaction. However, the FCF argument differentiates itself with respect to the level of growth opportunities faced by the firm. If a firm initiated a cash dividend, FCF argumen ts postulate there are fewer funds available for costly overinvestment. Likewise, if company didnà ¢Ã¢â€š ¬Ã¢â€ž ¢t pay dividend, the strongest form of a decrease would reduce the value of the firm because there are more funds available to invest in less present value projects. The FCF hypothesis assumes larger stock price volatility for the firms who have few growth opportunities as compared to the firms with many growth opportunities. There is disagreement between different researchers on dividend policy. Allen and Rachim (1996) in Australia found no significant association between stock price volatility and divided policy. According to Gordon (1963) the stock price volatility is influenced by dividend payout. The firms who pay large dividend have minimum risks in terms of stock price value. Some of hypothetical mechanism also suggests the universal relationship of dividend yield and dividend payout ratio with stock price volatility. Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s and Meckling (1976) developed Agency cost argument which proposed that dividend payout lower the cost of funds and increase the cash flows for the company. The company after paying cash dividends to stock holders would have less cash in hands of the managers to invest at below the cost of capital. According to Asquith and Mullin (1983), Born, Moser, and Officer (1984) and Miller and Rock (1985) dividend declaration provide information to the share holders to forecast the financial position of the company and the present firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s earnings. This also depends on the source of information that either it is doubtful or not to respond on announcement of dividend. Hence, there remains disagreement till yet, the relation of dividend yield and stock price volatility and it is still unexplained and is considered as debatable in corporate CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Required data was collected from Karachi Stock Exchange as given by State Bank of Pakistan in publication of Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2005-2009). The period of study covered five years, 2005-09. The sample size of 100 non-financial firms was taken from all non financial firm listed at KSE. The required sample was chosen on the basis of cash dividend paid by firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ at-least for two years. The sample represents major industry. 3.2 Sample Size Sample of 100 non-financial firms was collected from KSE. Sample consisted of firms which paid cash dividend for at least two years. Firms that was selected for study represented all major industries functioning in Pakistan and listed at KSE from 2005-2009. The impact of the cash flow and profitability on dividend payout was examined on selected sample of 100 non-financial firms. 3.3 Research Model Developed There were various financial factors of the non-financial firms which affected the Dividend payout of the firms. This research study investigated the impact of free cash flow and profitability on the dividend payout. 3.3.1 Dividend payout Dividend payout and dividend amount are taken as the dependent variables. Since dividend payout is the generally used alternative for dividend policy, almost every financial researcher has used payout as a proxy for corporate dividend policy (See for example Gugler, 2003; Reddy and Rath, 2005; Papadopoulos, 2007; Al-Malkawi, 2007; Ahmed Attiya, 2009). In order to calculate dividend payout was calculated as cash dividend per share divided by earning per share. 3.3.2 Earning per share According to Hafeez and Attiya (2009) high profitability with constant earnings can manage to pay for larger free cash flows as a result to pay out larger dividends. The earnings per share after tax were used as independent variable. Earning per share after tax was used because dividend has been paid after interest, taxes and after depreciation and calculated as net earnings divided by number of shares. H1: There is significant impact of earning per share on dividend payout 3.3.3 Return on Equity This variable is used in different previous studies such as: Abor (2005), Miller (2007), Al-Ajmi et al. (2009), and Ebaid (2009) etc. Some authors measured profitability or performance by three measurements such Gross profit margin (GPM), Return on Equity (ROE), and Return on Assets (ROA) and same predictors Ebaid (2009). Likely results with this variable are same as revealed by Abor (2005) and Ebaid (2009) such as: Significance and positive relationship with dividend payout. Return on Equity is considered best measure of firm profitability. Return on Equity (ROE) is one measure of how efficiently a company uses its assets to produce earnings. ROE was calculated by dividing Net Income minus preferred dividend by Share holder equity H2: There is significant impact of Return on Equity on dividend payout. 3.3.4 Free Cash flow According to Jensenà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1986) free cash flow hypothesis, companies choose to use their cash resources to invest in profitable projects first; dividend is paid out of residual. From a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s point of view, cash generated from operations plays an important role in deciding the level of payout, among all three sources of cash flows i.e. operating; investing and financing, cash generated from operations is considered as most desirable source of funds for the company for distribution of dividends. Anil and Sujjata (2008) also found cash flow from operations as the most significant determinant of dividend policy in Indian IT industry. A  measure of financial performance calculated as Net income minus depreciation minus change in working capital minus change in capital expenditure. Free cash flow (FCF) represents the cash that a company is able to generate after  placing out the money required to maintain or expand its asset base.  Fr ee  cash flow is important because it  allows a company to  pursue opportunities that enhance shareholder value. H3: There is a significant impact of free cash flow on dividend payout. The model developed was a linear model and its specifications are provided below: Div payout = a0 a1EPS + a2ROE + a3FCF + ц Dividend payout = Dividend per share divided by earning per share EPS = Net income divided by number of share outstanding ROE =Net income minus preferred dividend divided by common shareholder equity FCF =Net income minus Depreciation minus change in working capital minus change in Capital expenditure à Ã¢â‚¬Å¾ = error term 3.4 Statistical Technique Multiple Linear Regression Analysis (MLR) technique was used for this research study to examine the impact of the distinctive financial characteristics of the non-financial firms on their dividend payout of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. CHAPTER 4: RESULT The sample of 100 non-financial firms from Karachi Stock Exchange was taken into consideration. This research study used multiple regression analysis (MLR). Researcher examined the behavior of non-financial firms of KSE about dividend payout. The selected technique was used to study the impact of cash flow and profitability on dividend payout. 4.1 Finding and Interpretation of the results In the beginning, the regression technique was applied on collected data by using SPSS, and there was no single variable was significant. It was clear from the result that there was the high co-linearity among the independent variables of the dividend payout and this means there was strong interrelationship present among the predictors. Return on assets and net profit margin was omitted from the data, thus, the issue of co-linearity was resolved. Now, proceeding with the analysis of the results because issue of co-linearity was addressed. The interpretation and analysis is presented in the next sections of this research study. Table 4.1: Model Summary Mod R R Sq. Adj. R Sq. 1 .289 .084 .078 Tables 4.1 depict the summary about the regression model. The R square of 8.4% showed that all the predictors of dividend payout together explained 8.4% variation in the dependent variable and the remaining variation was unexplained or hidden predictor were not included in the model. TABLE 4.2:ANOVA Model Sum of Squares df Mean Square F Sig. 1 Regression 31503.936 3 10501.312 15.236 .000a Residual 345316.428 501 689.254 Total 376820.364 504 The table 4.2 checked the significance of the linear regression model in such a way that the reliability of the data file regarding the applicability of the regression technique can be understood from the above table; however, ANOVA table was reliable test of checking the linear regression modelà ¢Ã¢â€š ¬Ã¢â€ž ¢s ability to explain any variation in the dependent variable of liquidity. This was perfectly obvious from the sig value of .000 that meant that the linear regression model was highly significant for the data collected for the research study conducted. In addition, ANOVA explained that all means are not equal. In table4.3 the final model of regression included only three independent variable that were free cash flow, earning per share, and return on equity These variables were included in the model due to highly significantly describing the relation with dependent variable dividend payout. Returns on equity and free cash flow have positive impact on dividend, while earning per share has negative impact on dividend payout. 4.2 Hypothesis Assessment Summary The hypothesis of research was unique financial factors had significant impact on the non-financial firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ dividend payout decision. These financial characteristics were cash flow taken as free cash flow of firms and profitability taken as earning per share and return on Equity of firms. This research tasted individual financial characteristics and concluded the result as follow. TABLE 4.4: Hypothesis Assessment Summary S.No. Hypothesis ÃŽÂ ² SIG. RESULT H1 There is significant impact of free cash flow on dividend payout. .001 .005 Accepted H2 There is significant impact of Return on equity on dividend payout. .216 000 Accepted H3 There is significant impact of Earning per Share on dividend payout. -.123 .016 Accepted H4 There is significant impact of Return on Assets on dividend payout. .340 .170 Rejected H5 There is significant impact of Net profit margin on dividend payout. -.034 .530 Rejected CHAPTER 5: DISCUSSIONS, IMLICATION, FUTURE RESEARCH AND CONCLUSION 5.1Conclusion It was concluded with support of results of this research study return on equity, earning per share, and free cash flow were significant independent variables in Pakistani market. These result were matching with the study under taken by Hafeez and Attiya (2009) in Pakistani context, Researchers concluded firms with high profitability and with stable earning can afford larger free cash flow therefore pay out larger dividends to its shareholder. In addition, Talat and Hammad (2010) examined the ownership structure and cash flow as determinants of dividend policy. Researchers concluded that companies in which high proportion of share were occupied by managers and individual were more reluctant of pay high dividends. In contrast, companies in which managerial and individual ownership is low paid less dividends. It was also concluded that companies having high operating cash flow increase companies potential to pay high dividend and it was considered cash flow sensitivity reduce the compa nies payout but still it was not determined as potential determinants of corporate payout in Pakistan. 5.2 Discussions Profitability and free cash flow could lay significant impact on dividend payout in Pakistani context. Hafeez and Attiya(2009) was also considered profitability as significant determinant of dividend payout, But study conducted by Talat and Hammad (2010) concluded operating cash flow cannot consider significant determinant of dividend payout in Pakistani market.This research considered that free cash flow and profitability measured through earning per share and returns on equity have significant impact on dividend payout of the companies. 5.3 Implication and Recommendations This research was encompasses non-financial companies listed on Karachi Stock Exchange Pakistan. The required data collected from 100 non-financial firms listed at KES for the period of 2005 t0 2009. Only firms were included in samples which were paid cash dividend for atleast two years. It is recommended that such type of study should be carried out in other countries of Asia. Further, it also recommended that other determinants except one analyzed in this study should be researched in more extensive manner so the dividend payout policy and its dynamics became clearer. 5.4 Future Research This research addressed the problems of investor, management and other researcher conductor in examining and observing the behavior of firm regarding their payout decisions. Research students who want to work further on dividend payout could be benefited by this study. In addition, all non financial firms will get benefit from this study because this research study taken all major sectors into the consideration and study clarified the impact of free cash flow and profitability on dividend payout.

The Ethical Dilemma Of Nurses Face Ethical Dilemmas

In clinical setting, nurses face ethical dilemmas everyday. There is no perfect answer to ethical dilemmas in clinical area. It is important to identify ethics related situation, work as a team to address these problems and provide support for patient and families. Dealing with dilemmas is not just a nursing issue. But the role and function of nurses could affect whole team member and their patients too. In the given scenario, two different views of parents for the sick child create dilemmas. Mother (biological parent) insists that no medical treatment for religious reasons but in the other hand father (biological parents) insist for medical treatment and consultation. This paper discusses the ethical dilemma of given scenario and the solution by using Uustal’s ethical decision making. Because of different view of parents, the dilemma is whether to give child treatment or not. Life is vital to every body in this world thus the priority is to save human life is crucial to every one. Someone’s religious belief should not be obstacle in life threatening situation, it can be taken care after improvement of child’s condition. To deal with ethical dilemmas, systemic approach and ethical tools should be used to solve the problem. Uustal’s nine steps of decision-making model are used in this case. The first step is to identify the problem. Child came to hospital because of high fever, violent vomiting and convulsion at school. In the hospital, the physician diagnosed for meningitisShow MoreRelatedEthical Dilemmas And Moral Courage1473 Words   |  6 PagesAbstract In today’s healthcare environment nurses are faced with increasingly intricate ethical dilemmas. We encounter these dilemmas in situations where our ability to do the right thing is continuously delayed by conflicting values and beliefs of other healthcare providers. There are many nurses who face these ethical issues head on and others who put it aside. Keeping our commitment to patients requires moral courage. Moral courage aids us in addressing ethical issues and making the correct decisionRead MoreEthical Dilemmas Of An Ethical Dilemma1026 Words   |  5 Pagescreate ethical dilemmas. Situations will arise and nurses have a duty to protect the patients and themselves. This paper will outline a significant event in my practice that caused an ethical dilemma. Clinical Situation Ethical dilemmas are defined situations in which, there is a choice to be made between two options, neither of which resolves the situation in an ethically acceptable fashion (Your Dictionary). I had not been practicing as a nurse for long when I had to face an ethical dilemmaRead MoreEthical Dilemmas Of An Ethical Dilemma1029 Words   |  5 Pagesoften create ethical dilemmas. Situations will arise, and nurses have a duty to protect the patients and themselves. This paper will outline a significant event in my practice that caused an ethical dilemma. Clinical Situation Ethical dilemmas are defined as: situations in which there is a choice to be made between two options, neither of which resolves the situation in an ethically acceptable fashion (Your Dictionary). I had not been practicing as a nurse for long when I had to face an ethicalRead MoreEthical Dilemma And Ethical Dilemmas1630 Words   |  7 PagesIntroduction The purpose of this paper is to present an ethical dilemma, as well as describe stakeholder involvement and any policies and laws involved in this dilemma. According to Butts and Rich (2016), an ethical dilemma is defined as a complex situation in which a person must chose between two actions. Ethical dilemmas are predominant on a day to day basis in the nursing profession. When nurses face ethical dilemmas, often none of choices or options feel completely right therefore they areRead MoreEthical Dilemmas1461 Words   |  6 PagesEthical dilemmas are common issues that every businessman has to face at their working environment. It is not such an easy task for businessman to have an ethical decision making, to choose what the â€Å"right† thing to do. In this following factual scenario, John also has to face some ethical dilemmas in his working environment and have difficulty to find appropriate solution. After a brief summary of the facts, I will discuss some ethical dilemma s which John is confronting and some approaches to ethicalRead MoreEthical Dilemmas : Ethical Dilemma824 Words   |  4 PagesDiscuss the ethical dilemmas PMHNPs sometimes find themselves in and name the opposing ethical principles Ethics can be described as the act of doing good or doing what is considered right based on the individual s understanding. Ethical dilemma’s are the conflicts that evolve from the understanding of different course of action or expectations. PMHNPs face ethical dilemmas just like other nurse practitioner specialties. There has to be mutual trusting relationship between the therapist and theRead MoreMy Professional Moral Compass730 Words   |  3 PagesRunning head: MY PROFESSIONAL MORAL COMPASS My Professional Moral Compass Pamela Chesnut Grand Canyon University Ethical Decision Making in Health Care NRS 437V July 26, 2012 My Professional Moral Compass A professional moral compass is something everyone has and lives by. It helps assist in making decisions and is based on morals or virtues. My personal moral compass is directed by various inspirations, passions, and values that I try to live by. Compassion, loyaltyRead MoreLegal an Ethical Issues in Nursing Essay872 Words   |  4 PagesTitle: Ethical and Legal issues in Nursing paper Student Name: Aleyamma John, RN Course Name/Number: NUR/391 Due Date: Mar 21, 2011 Instructor Name: Dolores Martinez Nurses are facing many legal or ethical dilemmas in their career. Nurses should combine knowledge of ethical and legal aspects of health care and professional values into nursing practice. It is very essential to know what kind of dilemmas nurses may face during their profession and how they have been dealt with in theRead MoreEthical Dilemmas Of A Nurse1376 Words   |  6 PagesIn this essay I will look at the range of ethical dilemmas that a Nurse may encounter whilst working in a health and social care setting and discuss how individual workers and agencies will deal with these dilemmas. I will also look in the decisions to resolve the dilemmas through the perspectives of different ethical approaches. AC1.1 An Ethical dilemma is a problem without a satisfactory resolution. Nurses can face ethical dilemmas everyday whilst at work in almost any work setting. Ethics involveRead MoreEthical Principles Are Applied When Considering Ethical Decisions Essay798 Words   |  4 PagesEthical principles are applied when considering ethical decisions. Autonomy and beneficence are two out of the seven ethical principles. Autonomy is basically the right, that a person can make decisions for herself; while beneficence is the act to benefit and avoid harm to others (Alfaro-LeFevre, 2013). In this case of ethical dilemma, a 17-year-old patient with Hodgkin’s lymphoma wanted to stop her chemotherapy treatment. Although, the patient is displaying autonomy, she was under age at the time

Industrial Revolution Impact On Society - 1092 Words

Industrial Revolution: Impact on Society Chernyka Love HIST112 Professor Adam Howard American Military University 15 March 2015 The Industrial Revolution is a term used to describe a period characterized by a transition from old to new processes of manufacturing. This period occurred during the 18th and 19th century. The transition was seen to include movement from primitive hand production to the same type of production using faster more efficient means by use of machines. The era also featured increased use of steam as a means of propulsion for machines, chemical manufacturing and iron production. In the Industrial Revolution, textile industries would dominate employment. The Industrial Revolution marked a great turning point in history. It impacted all aspects of life, from economic to social aspects and every different level in society, by creating more for people who were used to less. According to Hopkins (2000) urbanization is one of the most evident effects of the Industrial Revolution. The Industrial Revolution was responsible for changes in labor patterns, wealth, and material production. Although , most of the rural areas at the time remained as farming communities. The lives in those living in cities would change drastically. The increase in factory work would lead from the need for development of a system for strict factory discipline. Reform movements, were also running rampant due to increased unsafe working conditions and child labor in factories. InShow MoreRelatedThe Impact of the Industrial Revolution on Western Society1367 Words   |  6 PagesThe Industrial Revolution had a significant impact on Western society and the effects were numerous and mainly positive. The Industrial Revolution began in England in the 1790’s and spread throughout Europe and eventually to America. 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It can easily be seen that the Industrial Revolution is oneRead More Industrial Revolution and Its Impact on the Society Essay983 Words   |  4 PagesIndustrial Revolution and Its Impact on the Society Change whether it be positive or negative is unavoidable. Change is the whole reason the Earth is a reality in the first place. If we look at the creation of the world both from a biblical sense, god wanted to create something new, thus we have all of the living creatures on this planet. If we look at the same example from the big bang and evolutional theory we have come to the same conclusion. Should that have been the only transformationRead MoreImpact Of The Industrial Revolution On Our Society1864 Words   |  8 Pages The Industrial Revolution The Industrial Revolution left an everlasting impact on our society because it changed the way humans produce goods and materials, and this impact was felt around the world. Things would be quite difficult today if we were still relying on the technology from 1812. Throughout the last century, technical innovations have enabled people to live better and more productive lives. Humans have evolved with time, and as we have evolved, so must our technology. Innovation is partRead MoreImpact Of The Industrial Revolution On Capitalism And The Contemporary Society Essay1625 Words   |  7 PagesThe impact of the Industrial Revolution on Capitalism and the Contemporary Society, When looking into the past during the Industrial Revolution, there were many cause and effect events that occurred, the Industrial Revolution changed the lives of many, these changes in society were caused by the innovations of the time period, and the need for a more productive environment. There was a movement from an agricultural society to a manufacturing society; these changes affected the family’s abilityRead MoreThe Industrial Revolution And Its Impact On Society And The Business World1668 Words   |  7 PagesThe industrial revolution had a significant impact upon society and the business world. This impact is keenly felt throughout Bartleby as Herman Melville tries to illustrate the strong sense of tension and dread that manifests during the industrial revolution. The source of these sensations comes from the growing influence of technology. The industrial revolution hailed a plethora of new technology all centered on business, commerce, and productivity. However, with the increasing efficiency of technologyRead MoreThe Impact of the Industrial Revolution on British Society and Economy2053 Words   |  9 PagesThe impact of the Industrial Revolution on British society and economy There is no doubt that the Industrial Revolution plays a central role in the modern British history. The structure of British society has forever changed by the impact and consequences of Industrial Revolution. The Industrial Revolution is often stated as the increase of the number of factories, the exercise of steam power in a wide range of area and the mass-production produced by new technology in the course of 1750 to 1850Read MoreThe Impact Of Industrialization On Society During The Industrial Revolution1721 Words   |  7 Pages Examine in detail the History of the Industrial Revolution. Discuss why Britain led the way in the Industrial Revolution and also explain in detail the effects of industrialization on society. Had it not been for the industrial revolution, I would doubt very much that we would enjoy the technology we have in the year 2000. The reason we have this technology is that between the years 1750 and 1914 a great change in the world s history was made. People started to discover faster methods of producingRead MoreImpact Of The Industrial Revolution On The Society Of The American Citizens1677 Words   |  7 PagesThe industrial revolution in the 1800s enhanced the lives of the American citizens. No longer were cultivation and farming a chief concern; instead, manufacturing and machinery were the major improvements of that time. Still today, big corporations are looking for the next big thing that could aid citizens in their everyday lives. What is often ignored, however, are the environmental factors that are being affected by the decisions made by these industries. Harmful acid rain, smog, and buried nuclearRead MoreThe Impact Of Industrialization On Society During The Industrial Revolution1724 Words   |  7 PagesThe Industrial Revolution Examine in detail the History of the Industrial Revolution. Discuss why Britain led the way in the Industrial Revolution and also explain in detail the effects of industrialization on society. Had it not been for the industrial revolution, I would doubt very much that we would enjoy the technology we have in the year 2000. The reason we have this technology is that between the years 1750 and 1914 a great change in the world s history was made. People started to discover

Immigration Policies and Community Services †MyAssignmenthelp.com

Queston: Discuss about the Immigration Policies and Community Services. Answer: Introduction: The present question is based on the provisions regarding ANZSCO, which is an abbreviated form of Australian and New Zealand Standard Classification of Occupations[1]. In Australia, migration is a common problem and therefore the government of Australia has taken many steps to make the process of immigration proper and systematic. This visa is given on the basis of skills and classified regarding the occupations and job existed within the premises of Australia and New Zealand. ANZSCO standardised the base of the occupations and analyse the occupational data for the provinces of Australia. It derives its origin from the Bureau of Statistics of Australian and New Zealand and Department of Education, Employment and Workplace relations. Every profession under this system has been encoded and the code for the veterinarian profession is ANZSCO 234711. The assessing authority regarding the veterinarian is Australian Veterinary Boards Council (ABVC). The visa given in this area is governed by either sub-class 489 or sub-class 189. The term of Sub-class 489 visa is 4 years and it may lead towards the permanent skilled Regional visa that is mentioned under sub-class 887 visa. When the applicant has no sponsor in the provinces of Australia, he can apply for Skill independent visa under sub-class 189. This visa allows the applicant to work in the provinces of Australia on permanent basis. There are two skill lists present in the visa system that are Medium and long term Strategic skills list (MLTSSL) and the other one is Short term Skilled occupation list (STSOL). The visa for veterinarian is attracting the provision of Medium and long term Strategic skills list (MLTSSL) as it is required under the requirements of skilled visa. In Australia, the Migration Act is regularising all the provisions regarding the migration and visa system[2]. Under the Act, all the relevant provisions are been mentioned regarding the visa system. The kinds of visa are being described under section 30 of the Migration Act 1958. The provision regarding the special category visa has been engraved under section 32 of the Act. These visas are temporary in nature. The application by the non-citizen for visa has been provided under section 45 of the Migration Act 1958. The Visa Bureau in Australia has been prescribed certain requirements for achieving the skilled visa and the application can be made only after fulfilment of those requirements that are as follows: One must be under the age of fifty years during the time of application; One should have competency regarding the English language. The occupation that has been chosen under the skilled visa must be engraved under the Medium and long term Strategic skills list (MLTSSL). The skill of the applicant must be assessed by the assessing authority of Australia. In the present case, the assessing authority for the profession of Veterinarian is Australian Veterinary Boards Council (ABVC). The applicant is required to be fit and his condition of health should have to be reasonable at the time of making the application. The assessment body will also assess the character of the applicant during the process of skilled visa. The test of International English Language Testing System or IELTS is one of the most popular tests on the English language and it is required to get approval for studying in Australia. It conducts by way of speaking assessment. The test is three fold in nature such as speaking, reading and listening. The speaking test is conversation type and the same will be marked on the basis of fluency and coherence. In case of the reading test, the band score of the examinee should be based on the total number of marks. For an example, if someone gets 23 out of 40, his band score will be 6. The rating score regarding the listening is quite similar to the reading test. The marks are being calculated by adding all the scores of three tests and divide the number by four. The number should be round up to 0.5 and in this process one can get his band score. In this case, Angela has scored 6.5 and that means she is a competent user and has efficient knowledge on languages. The scoring list of the test has prescribed certain marking provisions regarding the same and it has been stated under the marks 6 and 7 that the scorer of this group has certain misunderstanding but has certain good command regarding the language. It has been stated that the standard band score for the test is 6.5. Each of the three topics hold 40 marks each and when a person scored 26 to 29 out of it, will be scored 6.5 marks. In the present case, it has been observed that Angela already obtained a visa under sub-class 485 that are given to continue study in the provinces of Australia. However, she now wanted to obtain a permanent resident visa in the provinces of Australia. It is required to mention that she had scored 6.5 in the test of International English Language Testing System or IELTS. The profession regarding the veterinarian occupation has been pointed out under the ANZSCO as 2347-11. After analyzing all the facts of Angela, it can be stated that sub-class 189 will be appropriate for her. The reasons are that under the skilled list for veterinarian course, two sub-classes are mentioned i.e. 489 and 189 and the time limit of the later one is permanent in nature. In this class, family sponsorship is not necessary and it has been learned from this case that Angela is not willing to get State sponsorship and she agrees to get sponsorship from her aunt only if it is required. It is an independent skil led visa and the applicant of this vi9sa should be under the age of 45 years. Therefore, it can be stated that this visa can be suitable for her. Reference: MacFarlane, Ewan, et al. "Use of antiseptic hand rubs in the health and community services industry: an Australian population?based survey." Contact dermatitis 73.3 (2015): 157-162. Wright, Chris F. "Why do states adopt liberal immigration policies? The policymaking dynamics of skilled visa reform in Australia." Journal of Ethnic and Migration Studies 41.2 (2015): 306-328.

Plato On Justice And Injustice Essays (1128 words) -

Plato On Justice And Injustice Plato on Justice and Injustice In The Republic, Plato attempts to demonstrate through the character and discourse of Socrates that justice is better than justice is the good which men must strive for, regardless of whether they could be unjust and still be rewarded. His method is to use dialectic, the asking and answering of questions which led the hearer from one point to another, supposedly with irrefutable logic by obtaining agreement to each point before going on to the next, and so building an argument. Early on, his two young listeners pose the question of whether justice is stronger than injustice, what each does to a man, and what makes the first good and the second bad. In answering this question, Socrates deals directly with the philosophy of the individual's goodness and virtue, but also ties it to his concept of the perfect state, which is a republic of three classes of people with a rigid social structure and little in the way of amusement. Although Socrates returns time and again to the concept of justice in his discourse on the perfect city-state, much of it seems off the original subject. One of his main points, however, is that goodness is doing what is best for the common, greater good rather than for individual happiness. There is a real sense in which his philosophy turns on the concepts of virtue, and his belief that ultimately virtue is its own reward. His first major point is that justice is an excellence of character. He then seeks agreement that no excellence is achieved through destructive means. The function of justice is to improve human nature, which is inherently constructive. Therefore, at a minimum, justice is a form of goodness that cannot be involved in injuring someone's character. Justice, in short, is a virtue, a human excellence. His next point is that acting in accordance with excellence brings happiness. Then he ties excellence to one's function. His examples are those of the senses -- each sensory organ is excellent if it performs its function, as the eye sees, the ear hears. Therefore, the just person is a happy person is a person who performs his function. Since these are tied together, injustice can never exceed these virtues and so justice is stronger and is the good. However, Socrates does not stop there. He goes on to examine the question of the nature of justice and the just life. He identifies the four of the Athenian virtues: wisdom, courage, moderation, and justice. For the bulk of the book, he looks at each virtue separately in terms of the perfect city state, but our focus is on justice. But he makes the point that justice, of the virtues, resides in man's relations to other men, not just in man as an individual. Thus, it is an excellence in social organization and in the organization of the human soul. So justice is a virtue which must be connected to the function of efficient and healthful cooperation. Justice is in one sense the greatest virtue for it is key to making the other virtues work together for the common good. If all the parts are to work together as a whole, each must have on function to excel at. Like the organs of the body, all contribute to the whole, but the eyes only see, the ears only hear. They do not share functions. Using this analogy, justice would be something like the moral mind which guides the body in its activities. Justice, then is the head, at the top of the hierarchy in social terms. When the other three virtues work together in orderly fashion within the state, justice is produced. But for justice to be produced, it must come from everyone doing his assigned function under the excellent guidance of the ruling class. Despite his emphasis of justice as a function of the perfect state, Socrates also deals with justice as a personal virtue.He finds that there is a parallel between the organization of the state and the organization of the individual. Just as there are three virtues other than justice, Socrates finds three parts in the individual soul -- sensation,