Describe and Evaluate the Evolutionary Theory of Food Preferences

Describe and evaluate the evolutionary theory of food preferences According to an evolutionary approach current human behaviour can be understood in terms of how it may have been adaptive in our ancestral past. Evolutionary theorists are concerned with behaviour which is adaptive and having survival value, these researchers look for ultimate explanations. Current behaviours may be maladaptive and dysfunctional but can be understood as having been adaptive and functional in some way.To undertake this type of analysis they draw on the theory of natural selection and suggest that all species including humans, evolve through a process of natural selection and that only those characteristics that confer advantage or at least do not confer disadvantage survive as the species evolve. This is an interactionist approach, as an individual’s genetic predisposition is assumed to interact with their environment. In terms of eating behaviour, an evolutionary psychologist is interested in th e following questions: â€Å"Are there innate preferences for certain foods? †, â€Å"How would these preferences have been adaptive in the past? and â€Å"How do these preferences function now? † Early research by Davis investigated the eating behaviour of infants and young children. Davis observed the kinds of choice children living in a paediatric unit made in relation to their diet. Based on her data, Davis concluded that young children have an innate, regulatory mechanism and are able to select a healthy diet. However she emphasized that they could only do this if healthy food was available and suggested that the children’s food preferences changed over time and ere modified by experience. Subsequent research has provided further support for some form of innate regulatory mechanisms.For example, there is consistent evidence that newborn babies demonstrate innate food preferences. Using facial expressions and sucking behaviour as an index of preference, bab ies have been shown to prefer sweet tasting substances and to reject bitter tastes. There is also some evidence for an innate preference for salt, based on animal research, although this has been controversial together, these studies suggest that some food preferences are innate. Beauchamp and Moran (1982) reported however that six month old babies who were accustomed to drinking sweetened water drank more sweetened water than those babies who were not.So although innate food preferences may exist, these may be modified very quickly by learning and familiarity. Our early human ancestors lived in hunter-gatherer communities in which the men were responsible for hunting and the women were responsible for gathering. Their diets consisted mainly of fruits, berries, vegetables and some meat. Our innate food preferences can be explained in different forms. An innate preference for sweet foods would have encouraged people to eat fruit with its natural fructose content. Sweet foods in natur e provide important calories which are needed for energy.Natural avoidance of bitter foods would have helped to protect people from eating food that was poisonous. This would also have been helped by neophobia. A preference for salt is less easy to explain, although we do know that salt is essential for the sodium balance in our bodies. Sheep manage their sodium levels by licking naturally occurring minerals that contain salt because grass has very low sodium content. Human beings on the other hand have very little need for additional salt, particularly if they eat meat.The innate preference for salt may therefore have originally functioned by encouraging people to eat meat. In our ancestral past the main challenge facing people would have been avoiding malnutrition by eating enough food to support a physically active lifestyle. Our innate food preferences may have helped us to survive. However for much of the modern world, food is no longer scarce and our lives are no longer as phy sically active. Nowadays a preference for sweet foods may no longer encourage a person to eat berries, but rather to eat highly calorific, energy-dense foods, such as chocolate bars.Furthermore a preference for salty foods may facilitate the consumption of high-fat foods flavoured with salt, such as chips and processed foods. An evolutionary explanation for obesity has been put forward based on biological preferences for foods which cause overeating and problems with weight in our modern world, which has been called an â€Å"obesongenic environment†. There are many factors in our environment, such as fast food outlets and cars, which encourage an unhealthy lifestyle and may contribute to higher levels of obesity.Like biological explanations, evolutionary explanations of eating might be regarded as an oversimplification by suggesting that adaptiveness is the single, guiding principle. Such explanations are also determinists as they propose that eating behaviour is determined b y past environments, thereby overlooking the notion of free will and the fact that human behaviour is affected by many other factors such as thought, emotions and social factors. Evolutionary drives are moderated and modified by social drives. Evolutionary approaches can explain innate food preferences that were important for our ancestor’s survival.An innate preference for sweet foods may lead us to consume energy-dense foods, such as chocolate bars, which are longer needed in the current obesogenic environment of the Western world, and can help to explain the recent upsurge in obesity. Innate preferences for food can be used to demonstrate the wisdom of the body, the existence of biological drives and also the importance of the environment. It is also difficult to measure eating behaviour accurately in a research context. The central concept of adaptiveness can be applied to many behaviours, including eating and is difficult to demonstrate empirically or disapprove.This mea ns that we have no means of establishing the validity of the explanation. A strength of evolutionary explanations is that they consider ultimate causes and so may lead to more valid ways of treating seemingly maladaptive behaviours by taking account of their adaptive significance and not merely focusing on the proximate problem. Evolutionary explanations appear to suggest that we are no longer adapting to changing environmental conditions. Some scientists believe that humans are continuing to evolve both physically and psychological and are doing so at a faster rate that any other close species.

Developing a Sports Export Company

01. Is Sports Exports Company a multinational corporation? Answer:  Multinational corporations (MNCs) are defined as firms that engage in some form of international business. As the Sports Export Company sells it products to foreign countries & face to global environment. So, the Sports Exports Company is a multinational corporation. 02. Why are the agency costs lower for Sports Exports Company than for most MNCs? Answer:  Ã‚  The costs of ensuring that managers maximize shareholder wealth (referred to as agency cost) are normally higher for MNCs than the agency cost of Sports Export Company.Agency costs are lower for Sports Export Company simply because the owner and manager are the same. The owner does not have managers who are based in other countries or even in the same country at very early stage. 03. Does Sports Exports Company  have  any comparative advantage over potential competitors in foreign countries that could produce and sell footballs there? Answer:  Obvious ly,  the Sports Exports Company has a comparative advantage over potential competitors to other foreign countries.By applying an idea of producing low cost football and at the same time selling those items on a wholesale basis was become very successful in the  U. S. Market. As the Sports Exports Company are producing the item for a long time, the company will certainly enjoy some benefits like the advantages of being a first mover and at the same time will be able to build a rapport  with customers. The Sports Exports Company will be the first firm to benefit from the popularity. The potential competitors initially will not get the advantages of becoming a first mover and enough market shares.Also, the Sports Exports Company has a comparative advantage over the  U. S. firms that produce the top-of-the-line footballs in the  U. S. market and it also sells the footballs at a low price. 04. How would Jim Logan decide in which foreign markets he would attempt to enter? Should he initially attempt to focus on one or many foreign markets? Answer:  Ã‚  Jim Logan had previous experience about sporting goods shop and knew how to produce football. In addition to avoid any rent and labor expenses, Jim decided to produce the footballs in his own garage and to perform the work himself.For these advantages, it facilitated him to make decision where he would attempt to enter. At first, he decided to create a firm that would produce low priced footballs and sell them on a wholesale basis to various sporting good stores in the united State and then gradually in foreign countries. To do so, Jim had to consider various factors such as the potential demand for footballs in each country and the potential degree of competition in that country. He initially may focus on one specific country when establishing his international business and gradually may expand his international business across several different countries.To focus more than one foreign country, wide distr ibution channel, capital machineries and even more manpower is needed. But as a single entrepreneur, it might not become possible for Jim to arrange all of the things at a time rather   it is better that he could find a distributor of sporting goods that would sell the footballs to retail stores in various countries. 05. The Sports Exports Company has no immediate plans to conduct direct foreign investment. However, it might consider other less costly methods to establish its business in foreign markets.What methods might the Sports Exports Company use to increase its presence in foreign markets by working with one or more foreign companies? Answer:  Ã‚  The Sports Exports Company may consider any one of the collaborative arrangement like licensing, franchising or joint venture arrangement with other firms or industry. To make direct foreign investment, huge financial support and new arrangement are needed. Considering of all the factors rather  the Sports Exports Company may consider the above collaborative arrangement to reduce cost and maximize profit.

Analytic Commentary- The analytic commentary will be a succinct Essay

Analytic Commentary- The analytic commentary will be a succinct evaluative piece of writing which identifies the main features o - Essay Example Such alarms have been associated with problems such as the wearing away of suitable play areas (Rivkin, 1998); the growth in ‘stranger dangers’ (Valentine & McKendrick, 1997); the shift towards more home-centered leisure activities founded on television and video games (Clements, 2004); and the growth in childhood obesity (Ebbeling et al., 2002). At the same time, concerns have been communicated about the perceived over-formalization of children’s early educational experiences. Unsurprisingly, then, early years teachers are now being asked to initiate a more experiential, play-based approach to learning which integrates a greater use of the outdoor environment (DfES, 2007). One way in which schools are supporting children’s play and learning in the outdoor environment is through participation in ‘Forest School’. Forest School has been defined by the Forest School England network as: An inspirational process that offers children, young people an d adults regular opportunities to achieve, and develop confidence and self-esteem through hands-on learning experiences in a woodland environment. (Murray, & O’Brien, 2005) The university that was visited for the Forest School is known for its open space that comprised of places where children could freely move and participate in various physical activities. It included areas where children with the help of their imagination could create stories that would help in the development of cognitive abilities, spaces that would protect from rain and sunlight, provide opportunities for challenges and contact with nature. Numerous researches have supported the advantages of learning in the natural environment and maintained that children need to play, to experience space, movement and sensory stimulation for healthy development (Knight, 2009; Maynard, 2007). The Forest School experience endorses sensory child-led outdoor play, supporting and stimulating curiosity and absorption. Wilso n (2008) indicates that the natural world along with its amazing rich sources of sensory stimulation, offers countless opportunities to experience beauty. It can therefore serve as a perfect source for aesthetic development of children. The present environment provided children with a range of opportunities for natural sensory experiences which is also illustrated in form of photographs in Appendix A. The components of nature were discovered through dynamic activities focusing on the wonders of nature felt through the senses (Forest School Norfolk, 2009). The sense of smell was experienced through flowers, soil and wood that were discovered in Forest School. The sense of seeing was fulfilled by the colors of nature, variety of insects and plant life. The colourful insects at the site greatly attracted the children as one of them even asked if he could touch the centipede to have a close look. Similarly, various textures such as smooth grass, barks and gravel path offered stimulus fo r their sense of touch. In addition, chirping of the birds, quacking of the ducks, snapping twigs and moving water provided stimulus for their auditory senses. On the other hand, the sense of taste was fulfilled by providing children with hot chocolate and biscuits for snacks. The environment provided inspiration for all senses including visual, auditory and

Study of Belt Drive Lab Report Example | Topics and Well Written Essays - 2000 words

Study of Belt Drive - Lab Report Example Though gears are more efficient, they can only work with fixed gear ratios. Various in case of belts they can work with continuously varying sizes of the pulleys, thus enabling usage at all levels. Belts are used in applications in the kitchen grinders to cars. While belts can transmit power, they are generally considered inefficient because of the slip between the pulley and the belt. This also results in ineffective transmission ratio and hence the speed. The slip of a belt depends on the coefficient of friction between the two, the shape of the belt and the torque transmitted. Belts used can be flat belts which are supposed to have a higher slip compared the vee belts. Originally, belts were made of leather and rubber but today a number of synthetic materials and steel based belts are available that reduce the wear and tear. The relationship between the tensions in the slipping pulley is studied and recorded by Grosjean1 and Fawcett and Burdes2 using the apparatus shown in the figure 1. The details are shown in the calculations below: 1. The motor voltage is set at 10V and the angle of contact between the pulley and the string is made 90 degrees. The pulley direction is maintained such that the weight tension is more than the spring tension at the spring balance end. The theoretical values and the experimental values do not tally. ... 3. Apparatus The experiment has the following apparatus in place as shown in figure 1. 1. There is a variable speed DC electric motor driving pulley of a fixed radius. 2. The pulley has on one end a series of weights which is variable from 0 N to 10 N. 3. On the other end, the string running over the pulley supports a spring balance which helps in measuring the tension on the other side. 4. The angle of contact between the pulley and the string can be set to four different values 5. The motor voltage and current is measured using digital meters and the rotational speed of the pulley is measured using a digital tachometer. 4. Procedure The following procedure is followed during the experiment: 1. The motor voltage is set at 10V and the angle of contact between the pulley and the string is made 90 degrees. The pulley direction is maintained such that the weight tension is more than the spring tension at the spring balance end. 2. Load T2 is varied by hanging a range of weights on the string. For each weight the string tension along the spring balance is measured and recorded. 3. The load is varied until the motor stalls and the red current control light starts flickering. 4. This operation is repeated for various string contact angles of 180, 270 and 360 degrees. 5. For one contact angle alone, in addition to measuring the tensions, the pulley speed, the voltages and the current at the motor end are also measured and recorded. 5. Results The results of the above experiment are recorded below: Belt Drive Results 90degrees T2 T1 Voltage (V) Current (A) Motor Speed (rpm) Motor Speed

Discuss the advantages and disadvantages of the methods to estimate Research Paper

Discuss the advantages and disadvantages of the methods to estimate uncollectible receivables - Research Paper Example However, the disadvantage of such method is that it does not consider customers and their past trend for paying off their debts. It may be possible that in previous years, 20% of the receivable would have been uncollectible because customers were not trustworthy. However, this assumption may not be correct for the current year customers. In such a case, the percentage should also be revised accordingly. Another demerit of this method is that it applies to all of the company’s sales, which may include cash transactions also. It must be noted that uncollectible amounts are only against receivables (Barry, Ralph and Steven). It requires time to calculate uncollectible receivables by this method as bifurcation between cash and credit sales is difficult especially when the volume of transaction is high (Barry, Ralph and Steven). In this method, the collectibles are first analyzed as per their period. Such receivables may be classified as 15 days past due, 30 days past due, etc. Estimates are then made for debts beyond one year or other such criteria (Belverd and Marian). This aging helps to ascertain the will and financial health of the customer for paying off the debt. Another advantage of such aging method is that it helps to prioritize the efforts of recovery for individual debts based on the due days. More aged items are given more priority for recovery (Belverd and Marian). Disadvantage of such method is that it estimates those receivables to be uncollectible which may be received after certain time. It may be possible that the customer was willing to pay the amount, but he was unable to do that due to any reason such as liquidity crisis. Subsequently, customer may pay that amount which was expensed out as bad debt (Belverd and Marian). In this method, different classes of aging are applied different percentages for estimating the bad debts. For example, by applying 10%, 20% and 50% to 6 months, 9 months and 12 months old

The idea of core identity through paintings and photography Research Proposal

The idea of core identity through paintings and photography - Research Proposal Example The essay "The idea of ‘core identity’ through paintings and photography" analyzes the concept of "core identity" in the context of art and photography. Sociological imagination is the way in which we stratify ourselves within our society and plays a large role in how we create our own identity. By linking our own personal experience with the collective understanding of what that represents, we classify not only ourselves but others within specific social groups. An example of how this process works is found in the writings of Edward Said. Said makes three observations. The first one centers on the idea that the term ‘Orient’ refers not to the truth of the geographical region, but rather to an idea that has been developed in the minds of Europeans. This idea tends to group all individuals of the Middle East and East as belonging to a single cultural and religious sector. Although not based on actual truth, this concept is naturally present in the European cu lture in the form of academic and other social institutions, the established vocabulary, the imagery utilized and the colonial styles. Secondly, ‘the Orient’ has been established as the Other, allowing the Europeans to define themselves as a colonizing country against the inferior culture they had themselves defined. Finally, building off of the ideas proposed by Michel Foucault, these distinctions made between Orient and Occident as well as the vocabulary, imagery and other sanctioned discussion regarding it, has confined the Orient.

Do you agree or disagree that city life is preferable over life in the Essay

Do you agree or disagree that city life is preferable over life in the country Defend your position, or choose ONE of the other following topics below - Essay Example If an individual gets pulled over by a cop, or is disciplined at work or school, the whole town knows before the person gets home. In the city, people do not know each other. This anonymity makes it easier to avoid gossip and rumors. Teachers, employees, and landlords do not know all of a person’s relatives in the city. This makes living up to a big sibling, parent, or other relative irrelevant. Anonymity can be peaceful after living in the country. Entertainment is another positive aspect of city life. In small communities or the country the only entertainment is television, drinking with friends, or other limited options. In the city, plays are scheduled at all hours. Movie theaters can be accessed twenty-four hours a day. Putt putt golf, skating rinks, and numerous other entertainment venues are available to city dwellers. In the city, entertainment is readily available at all hours. Instead of limited options, a whole world of possibilities is open to city dwellers. This is an advantage over country life. Convenience is another benefit to city dwellers. If a person does not want to cook a meal, they do not have to. Restaurants, delis, and other eateries are open. Some are open twenty-four hours a day. People that live in the country normally have to shop for groceries once or twice a month. In the city, people can shop daily. This allows the person to have fresher and healthier foods. If an individual gets hurt hospitals are easily accessed in the city. Country people might have to drive hours to reach the nearest hospital. Shops carrying clothes, hardware, and other necessities are also more convenient in the city. There are benefits to living in the country. Smaller crowds, cleaner air, and lower crime rates are some of these benefits. However, some individuals do not like the loneliness of the country. Air pollution is normally not noticed by those that live

Application Software Design Essay Example | Topics and Well Written Essays - 500 words

Application Software Design - Essay Example Word processors can be used as a standalone application as it is not compulsory to have it dependant on other applications software. But, they are basically general purpose software and most of the times used simultaneously for different types of application. It can be merged with other related products that perform different functions on the same data, like a spreadsheet, database manager etc. In its main purpose, it is considered as general purpose application software. Since this software is platform independent and has the compatibility to be integrated with other software, it is up to the technical team to identify the different types of software that can be integrated with the current product. The support teams have to get hands-on with this software in order to find any difficulties in using this software. Also, their specific requirements have to be questioned and the answers have to be justifiable in the selection of this product. Â  Questions have to be raised to the technicians in such a way that their doubts regarding the migration from old technology to new technology have to be clarified. In a Computer Science major, there is no specific kind of data that is given higher priority. Since the field is basically about the handling of data, any software developed is for the purpose of handling data for several other fields. And as far as data storage is concerned, it entirely depends on what kind of application it is being stored for. Hence most of the application data storage is application centric. Since the software chosen is a general purpose, the data related to this software can be stored in a general repository.

Molecular Identity Essay Example | Topics and Well Written Essays - 3000 words

Molecular Identity - Essay Example As mentioned earlier partially, the NCC and the NKCC2 cotransporters are renal-specific in action while the other five are more widely found and evident throughout the central nervous system (Delpire, E., 2000). The and solute carriers move through plasma membranes always accompanied by in equal proportions in a 1:1 stoichiometry (Gamba, G., 2005). Functionally, these membrane proteins are active in transepithelial ion absorption and secretion, cell volume regulation and setting intracellular anions below or above their electrochemical potential equilibriums (Gamba, G., 2005), among other possible functions. The last activity, specially appertaining to KCC2, is of special interest to this study. The last decade has seen much advance in their study and most of the knowledge that is available on them has become so within this short period. These family members are also extensively involved in the pharmacology and pathophysiology of cardiovascular and neuronal regions of mammalian anatomy. Loop diuretics and thiazide diuretics that are some of the most prescribed drugs in the world target some of the family members while genetic mutations that inactivate three specific members cause inherited diseases like Bartter's, Gitelman's and Anderman's (Gamba, G., 2005). It should be noted here that all the functional-structural characteristics of the above seven cotransporters have not been comprehensively discovered and described. This is amply evident from G. Gamba's extensive 2005 paper investigating comprehensively the hitherto unrevealed functional-structural characteristics of the seven. Thus, that deficiency lends purpose to the dissertation this paper is an introduction to again, specifically in relation to KCC2, the particular potassium-coupled chloride cotransporter this project is investigating.CAD Cells True cultured cell lines derived of purely neuronal origin are of immense value to biochemical and molecular study of neurons and their diverse functional implications together with other neurotransmission elements like the KCC cotransporters in this instance. This is so because primary neuronal cells thrive indifferently in cultures with low reproducibility and often are found mixed with other types of cells not of interest to the particular research at hand (Wang and Oxford, 2000). There are some specific neuronal differentiated phenotype exhibiting cell lines available to the researcher such as the PC12 cells, the P19 cells and the MN9D cells, among others, but these are not purely derived of the CNS and

Stats30 Essay Example | Topics and Well Written Essays - 1500 words

Stats30 - Essay Example Answer True False   Question 4    If the data for a chi-square test for independence form a 2?2 matrix, then the value obtained for the chi-square statistic will be influenced by the sample size, but the value for the phi-coefficient will not. Answer True False   Question 5    In general, a large value for the chi-square statistic indicates that the null hypothesis is correct. Answer True False   Question 6    The phi-coefficient can be used to measure effect size for a chi-square test for independence provided there are exactly two categories for each of the two variables. Answer True False   Question 7    Which of the following is a characteristic of a nonparametric test? Answer a. A numerical score is required for each individual. b. The hypotheses concern population means and variances. c. The test requires assumptions about the population means or variances. d. none of the above   Question 8    The null hypothesis for the chi-square test for goodness of fit s pecifies ____. Answer a. proportions for the entire population b. proportions for the sample c. frequencies for the entire population d. frequencies for the sample   Question 9    Which of the following accurately describes the observed and expected frequencies in a chi-square test? Answer a. Both the observed and expected frequencies will always be whole numbers. b. The observed frequencies are always whole numbers but the expected frequencies may be decimals or fractions. c. The expected frequencies are always whole numbers but the observed frequencies may be decimals or fractions. d. Both the observed and expected frequencies may be decimals or fractions.   Question 10    A researcher obtains a value of ?8.50 for a chi-square statistic. What can you conclude because the value is negative? Answer a. The observed frequencies are consistently larger than the expected frequencies. b. The expected frequencies are consistently larger than the observed frequencies. c. There are large differences between the observed and expected frequencies. d. The researcher made a mistake. The value of chi-square cannot be negative.   Question 11    A chi-square test for independence is used to evaluate the relationship between two variables. If one variable is classified into four categories and the other variable is classified into two categories, then the chi-square statistic will have ____. Answer a. df = 3 b. df = 7 c. df = 8 d. cannot determine the value of df from the information provided   Question 12    The chi-square test for goodness of fit will produce a large value for chi-square when ____. Answer a. the sample proportions match the hypothesized population proportions b. the sample proportions are much different than the hypothesized population proportions c. the sample mean is close to the population mean d. there is a large difference between the sample mean and the population mean   Question 13    The sample data for a chi-square test are call ed ____. Answer a. expected frequencies b. observed frequencies c. expected proportions d. observed proportions   Question 14    A researcher would like to test the claim that 9 out of 10 doctors prefer Brand X. A sample of 60 doctors is obtained and each is asked to compare Brand X with another leading brand. The data show that 48 of the doctors picked Brand X. If these data are evaluated using a chi-square test f

Individuality in 20th Century Art Essay Example for Free

Individuality in 20th Century Art Essay 20th Century art has spawned great art forms. Its evident transformation had triggered the question of whether or not the development was caused by the pure genius of the artist or by the preceding art that he was born into. This essay will discuss how the artists of the 20th century have made art almost indefinable (Nicolas Pioch, The 20th century) by looking into the quotes of Immanuel Kant (1790) and Andre Malraux (1953), as well as looking at some actual works before and after 1950 which would illustrate that art has clearly become an expression of an artist’s emotions and thoughts as honed by the past. As individuality steps in, we will closely look at how an individual’s person is actually affected by his experiences and orientation on various aspects of his existence such as how he could have been raised, how he may have been exposed to previous artworks and the like. Immanuel Kant, in his quote from the Critique of Judgment (1790) had clearly defined genius as, â€Å"a talent for producing that for which no definite rule can be given†. I believe that this is like how scientists are referred to as geniuses, they have defied popular beliefs or what had actually become a norm for their time or era. They would produce materials that are not usual for the majority. Similar to this, I believe that such was also the case as he may have found that an artwork, which proved to be unique for its genre, is already a product of a genius. A good example of what was said to be a work of a genius was that of Vincent Van Gogh’s Starry Night and Donatello’s Crucifix (images shown in the Documentation). These were considered unique and were painted outside the what was considered as standard during their time or era, as these works had clearly defied the usual idea of what our usual picture of the heavens is (Starry Night) as well as the common picture of how Christ was crucified. Texture of these creations also scream of individuality as was the case with Van Gogh’s work. As was said by I. Kant, â€Å"originality must be its primary property† for an art to be considered as the work of a genius. It is clear he meant that it was something that was not usually done but did not deduce it to not being influenced at all by artworks that came before them. Instead the focus was on how they have made their creations different from the others without necessarily straying from the same idea or thought. Like in Van Gogh’s work, there had already been paintings depicting the heavens at night but its form and texture as well as the colors utilized were clearly out of the ordinary and had been very original despite the presence of previous artworks that had been made. On the other hand, Andre Malraux’s, â€Å"The Voices of Silence† (1953) compared artwork to a child that matures. Meaning that art basically evolves. It does not necessarily veer away from its contemporaries but is created from what he may have experienced. Like a child that may have learned to walk more carefully after acquiring a scratch from a fall, an artist was also said to rise from their own conflicts and the achievements of their predecessors. A person that may have lived within a war-torn era may create an artwork that depicts what he had witnessed, at the same time picking out best practices from works that were previously done by others and using them as inspiration to put his experience or what he had witnessed into a work of art. As such, A. Malraux was right about picking them out â€Å"from their struggle with the forms that others have imposed on life†. We note though, that experiences do not necessarily remain within the context of a person’s personal struggles but can derive thoughts from their successes as well or the comfort that they may have had. A classic example is Jose Manuel Merello Arvilla’s â€Å"bodegon electrico†, which depicts Spain’s colorful yet subdued culture evident in the shades and texture utilized. Similar to this is Vijendra Singh Devra’s painting of a three-part series called the Blue Night, where the texture was actually smooth and the contrast was stark that may be an evidence of the painter’s experiences or social status. It may not be easy to defy the norms. An artist is faced with the risk of being singled out either as great or poor. The genre of which the artwork is in defines the product that the artist creates. As mentioned in â€Å"Necrophilic Logics and the revolt of the imagination†, http://www. geocities. com/kk_abacus/carp. html: A split between the rational and irrational is constructed by every rational system; each rationality creates a corresponding irrationality, that which does not fit inside of it. Therefore, each rational system has inherent limits. To break out of a rationality, one must also be capable of conceiving of that which lies beyond the limits of that system. Rational systems can be useful tools but they can also become mental prisons. There is a slim demarcation between the subconscious and the imagination of a person as it says that both are something that goes beyond the inherent limits of man’s rationality. As such, it is clear that an artist’s genius is based on how he creates a unique description of what he has undergone or experienced as well as his absorption of what had been proven effective and successful for other artists as well.

Corporate Governance Impact On Capital Investment

Corporate Governance Impact On Capital Investment Introduction Overview Through various studies over the years, different scholars and financial analysts have been able to establish a relationship of cash flow on firms investment spending. It was significantly proven by (Modigliani Miller, 1958) that a firms financial status is irrelevant for real investment decisions in a world of perfect and complete capital markets, after controlling for the cost of capital. In case of managerial discretion, based on (Jensen, 1986) free cash flow theory, firms increase investment (including projects with negative present value) based on the availability of cash flows with incentive of increasing firms value beyond level of optimal investment. Moreover, an agency costs also appreciate the borrower net worth by charging a premium on the external financing. The discussion above explains that the firms investment decisions are dependent on the availability of internal funds, as cost advantage over external fund is evident. While choosing an appropriate capital structure, there are certain trade-offs which affects the decision. These trade-offs include tax advantage through acquiring debt against the bankruptcy cost which advocates the use of equity. Keeping this in view, various different models have been supported to explain this corporate capital structure behavior. Pecking Order Theory, initially mitigated by (Donaldson, 1961) describes the financing practice as prioritizing the means of financing, which is necessary for the management to counter against asymmetric information. Either they should generate the funds internally or acquire funds externally through debt rather than equity. Implications to the pecking order theory involves the positive impact of leveraging on the market price, which means, financing through debt sends a positive signal into the market about the firms future prospects. Furthermore, intermediaries also undermine the role of management as the financial intermediaries such as investment banks function as the insider to the firm. Consequently, keeping an eye on the firms operations and influencing the firms capital financing decision. However, Pecking order theory of (Myers, 1984) argues that the firms operating in imperfect or incomplete capital markets where the cost of external capital exceeds that of internal funds, the financial structure may be appropriate to the investment decisions of companies facing uncertain prospects. Gauging the level of corporate investment in any firm is based on the corporate governance; market position of a firms asset against its book value can be termed as Tobins q ratio. Identified by (Chung Pruitt, 1994), Tobins q as proportion of firms market value to replacement cost of its assets. Tobins q can be considered an effective tool for determining financial performance as the data can be collected readily from a balance sheet. When calculating Tobins q ratio, the replacement cost can be determined approximately by the book value of firms plant and equipment. Approximate q can be replaced with the actual Tobins q to make the calculations unproblematic and data can be readily available without any discrepancies. Problem Statement To study the impact of corporate governance on the capital investment decision through cash flow and Tobins q interaction in relation with Capital Investment HypothesEs H0: Firms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) HA: Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Outline of the study The report contains the contemplation of research data that will study the phenomenon of cash flows and investment discussed earlier in this paragraph. The study categorizes firms according to characteristics (such as dividend payout, size) which will help measure the level of constraints faced by firms. The study will help readers to understand the complexities of Pecking order theory and Free Cash Flows concept with regard to asymmetric information available and corporate governance which influences decision of the firms. To measure the effect that cash flow-financed (internally sourced) capital spending and Q has on firms investment, Ordinary Least Square Regression model will be used to estimate the function. To compute the influence on the Investment, instruments used are: (1) Cash Flow, (2) Approximate q, and (3) an interaction of both variables are created. Through studying the parameter estimates of interaction variable, positive influence on investment will support the Pecking Order hypothesis and negative influence will govern the Free Cash Flow hypothesis. The equation hypothesized in the next part is linear. Definitions Pecking Order Theory: (Myers, 1984): A firm is said to follow a pecking order if it prefers internal to external financing and debt to equity if external financing is used. Free Cash Flow Theory According to (Jensen, 1986), free cash flow theory, high cash flow and low debt create agency costs associated with conflicts between manager and share holder over the payout of this free cash, which is the cash left after the firm has invested in all available positive net present value projects. Capital Structure A careful and systematic analysis of how claims against a corporations assets can or should be determined, assessed, and accounted for. (Riahi-Belkaoui, 1999) Capital Investment Decision Capital Investment decisions are those decisions that involve current outlay in return for a stream of benefit in future years. (Drury, 2006) Tobins q Tobins q is a measure of investors expectations concerning a firms future profit potential. It is defined as the ratio of the market value of a firm to the replacement cost of its assets. (Strecker, 2009) Literature Review Vogt (Vogt, 1994) explained the capital spending behavior of companies with respect to change in dividend cash paid, cash flows, sales, and market value of assets. The regression equation models the variables to proportion of fixed assets, and distributes the firms data in segments of Dividend Payout Groups and Asset Groups. Primarily, Dividend Cash has a strong negative impact on capital spending; it explains that in order to finance additional fixed investment firm needs to sock cash by reducing their dividend. Cash flow, Sales, and Q Ratio having a positive coefficient demonstrates that with an increase in future cash flows, the firm will improve its capital spending. A relationship has been developed between the firms investment decision and the firms financial status by Cleary (Cleary, 1999), financial status has been studied with respect to the liquidity constraints. The data is classified into groups through a discriminant analysis on basis of dividend payout policy. Groups taken into study have made possible to identify firms which are more financially constrained more likely to be investment-cash flow sensitive, furthermore, availability of internal sources of funds have a greater impact on firms with high credit worthiness, and vice versa. It has been proposed that the various ownership structures make managerial decision based on the interaction between investment and the firms liquidity constraints. The study conducted by Dedoussis Papadaki (Dedoussis Papadaki, 2010) mentioned that the management can be held separate from its ownership, even on basis of the nationality of the company. On the other hand, it also explained that the relative shareholding of CEO and the controlling shareholders can also be the basis of separation. The sample used in the study was separated and grouped on basis of dividend payout, asset size of the firm, age of the firm, source of control, and kind of ownership. On the given sampling criterion; greater asset size firms, older firms, lower Q (high investment opportunity), and high dividend payout firms showed higher cash flow sensitivity towards investment. Findings support that the Low Q, small, and new firms under the generalized model are facing asymmetric information problems. Indeed these firms are expected a priori to face financing problems that affect the cost of their external financing. On the other hand, low Q, old and low dividend firms are more likely to face managerial discretion problems that result to over-investment. The impact of Tobins Q is mainly used to determine the investment opportunity of the firm. In this article, marginal Tobins Q has been taken to evaluate the firms investment and Research Development expenditures. The asymmetric information (AI) hypothesis proposed that firms provided with a profitable investment-project may be not able to source it through internal cash flows and for the reason that the cost of external funds is too high due to the capital markets ignorance of the firms investment opportunities. On the other hand, agency or managerial discretion (MD) hypothesis constructs the investment-cash flow relationship on the assumption that managers are well qualified in context with proficiency they obtain from managing a huge and fast paced firm and thus exceeding the wealth shareholders beyond their expectations. (Gugler, Mueller, Yurtoglu, 2004) Taking in viewpoint the impact of capital structure on the capital investment decision, firms investment demands is the more susceptible towards cost-of-capital or tax-based capital incentive. Whereas, capital structure seems irrelevant as against internal sources of funds can be effectively substituted with sources of funds generated externally. The size of the investment project can be a deterministic factor towards it. Fazzari, Hubbard, Peterson, Blinder, Poterba (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) explicates that cash flow/investment relationship is more sensitive when taken in reference with firms dividend behavior. Comparison based on firms having more or less liquidity constraints can be further improved when compared on a division based on the scale of the firms, i.e. young or small firms versus large ones. This way the researchers can address the problem of firms lacking the asymmetric information. Under the impression where capital investments decisions mainly pertains to the capital structure or choosing the appropriate source of investment, Schaller (Schaller, 1993) conducted three different empirical tests to determine that information asymmetries have a huge influence on the firms investment behavior. Differences among the informational base of investors and creditors was also considered a capital market imperfection. Ownership status and age of the firms has an impact on the cost of equity financing, mature firms pay comparatively less price for it than young firms. Same aspect goes for the firms with concentrated with comparison to dispersed ownership. Borrowing is considered a more rational source for investment-projects. Pledgeable assets generate greater borrowing capacity, which afterwards makes firms invest more in pledgeable assets. As suggested by Almeida Campello (Almeida Campello, 2007), such a phenomenon can be termed as a credit multiplier. In case of financially constrained firms, a multiplier relates to the sensitivity of firms investment-cash flow relationship that is reflected as the increase in the tangible assets of the firm. Therefore, it is proposed that with fewer tangible assets firms are more likely to be financially constrained. The sensitivity of investment-cash flow relationship is evidently influenced by the tangibility of a firm, as latter discussed. Managers while making capital investment decision considers externally-sourced funds costlier, therefore, overconfident managers over assessing the profitability of an investment-project invests more when having abundant internal funds to utilize. However, deciding not to source externally in case where they are short of internal funds to generate. There has been an evidence of significant relationship between the managerial discretion and investment-cash flow sensitivity. Equity concentrated firms are more likely to be influenced by overconfident managers, unless compensation tools can be used to reduce the effects of managerial overconfidence. (Malmendier Tate, 2005) Goyal Yamada (Goyal Yamada, 2004) have explained the impact of asset pricing in the stock market against investment-cash flow sensitivity. Overvalued stock prices triggers an increased in investment spending and are cut back when stock are being undervalued, consequently, inflated prices collateral assets attract higher level of external financing. Inflationary pressures primarily determined by the economic monetary policy impacts on the variation of cost on external financing, though it reflects highly on cost of external financing, marginally impacts less on the investment-cash flow sensitivity. It has been observable that less financially constrained firms have significantly higher investment-cash flow sensitivity. Characterizations of firms based on financial constraint can sometimes create confusion. Firms having unusually high cash holdings can either be characterized as unconstrained based on the opportunities it has to invest or constrained based on the assumption that it needs to have a precautionary savings to invest in future investment projects. Therefore, financial constraints cannot be used as an influential determinant for investment-cash flow sensitivity. (Kaplan Zingales, 1997) Hu Schiantrlli (Hu Schiantarelli, 1998) put into picture the effect of general economic factors and various firms characteristics on the value of the firms net worth. Mainly financial status is the most important determinant for the level of asymmetric information problem that managers face. A strong balance sheet position can reflect good sign of firms performance which enhances the market value of the firms asset to its stake holders, mainly investors and creditors. Q models assumption also assists in determining the sensitivity of the investment-cash flow relationship, where the indicators determine the investment opportunity and the sources of funds to choose from. Understanding the market influence in proxy of q can also give a clear picture to the movements in the firms investment over a period. Net worth of firms helps manager determine if the sourcing of funds externally is a viable option in contrast to the investment opportunity which underlies. (Hubbard, 1998) Research conducted on the investment-cash flow sensitivity addresses many aspects of the firms financial strength. Further study by Calomiris Hubbard (Calomiris Hubbard, 1995) shows that when firms tax taken under investigation also reflected a significant influence on the volume of spending on investment-projects. They explored the impact of surtax margin, as a tax experiment, on the cost of internal and external funds. Surtax when levied on undistributed profits, obligate the firms to incur certain cost on the internal funds. This effects the managers decision to invest and is also reflected on the investment-cash flow sensitivity against the surtax margin. As a result to evade burden of higher cost on internal funds, firms with high surtax-margin exhibits elevated sensitivity in investment-cash flow relationship. Quan (Quan, 2002) discusses the Pecking Order theory with reference to the Modigliana-Miller proposition that works under the assumption of perfect market. Here it is stated that value of the firm is irrelevant and based on a few limitations the choice of financing can be determined via gauging the strength of the firm. These factors pertain to the imperfect market and influence the managers to make their capital investment decision. Once the assumptions are released the financing structure shows a clear picture. The association between Free Cash Flow theory and Agency theory has always been under the limelight when there is a question of retaining the undistributed profits. FCF Theory taken under consideration gives out an option to the management to hold on to excess cash sacrificing the shareholders opportunity cost. These excess funds can be generated to better internal operational efficiency or at managers discrepancy to source its investment-projects. (Wang, 2010) Research Methods The chapter explains the model used in the given research study. The study focuses on analyzing the influence of Cash Flows and Tobins q on Corporate Investment. The equation represented by a dependent variable as a ratio of capital spending to the beginning net fixed asset (I/K) predicted by independent variables: (1) ratio of cash flow to the beginning gross fixed asset (CF/K), and (2) beginning Tobins q (Q). Method of Data Collection Main source of collecting the required data is from secondary sources. It includes the Balance Sheet Analysis of Joint Stock Company listed in Karachi Stock Exchange provided by State Bank of Pakistan consisting of data of our relevant variables. The data was taken in annual terms to conduct this research. Sampling Technique The Convenience sampling or grab or opportunity sampling would be use in this research. Sample population selected because it is readily available and convenient. Sample Size The sample period taken under study covers 8-years period beginning at the start of 2000 and ending at the close of 2008. The data was taken from a sample of 70 (non-banking and non-financial) companies which are listed on Karachi Stock Exchange and included in KSE-100 index. Research Model Statistical technique Ordinary Least Square Regression technique is used to study the impact of variables included in the study. It helps studies the relationship between a dependent variable and several independent variable. It also assumes the relationship to be linear or straight line, where the values of predictors lies directly proportional to Criterion variable. SPSS Software is used to develop the regression model and evaluate the influence of predictors on dependent variable. Results Findings and interpretation of results Aggregate Sample: Table : Represents the model summary of regression estimates for the full sample of 69 firms The predictors, i.e. main effects of Cash Flow and Tobins q and an interaction variable of both combined, included in the model explains 78.5% of Investment (Table 1) shown mentioned as R Square. Least variation in Adjusted R Square suggests that the variable to observation ratio in the given model is sufficient. Casewise diagnostic was also conducted to eliminate the outliers in the data to improve the results. Table : Studies the F-statistics to test whether the model predicts the dependent variable significantly The F-statistics (Table 2) is significant and it determines the regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : The parameter estimation for full sample of 69 firms with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of all predators included in the test are significant at a 0.05 significant level (Table 3), which shows that they have a strong influence on the investment of the firm. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q. Dividend Payout groups: Table : Presents the sample statistics for 69 KSE listed (non-banking and non-financial) companies which are included in the KSE-100 index. The three rows distribute the statistics into High, Medium, and Low payout policies. Average dividend-to-income ratios of greater than 0.35, between 0.35 and 0.10, and less than 0.10 define High, Low, and Medium dividend-payout firms, respectively. While studying the dividend-payout groups (Table 4), the descriptive helps to identify characteristics to confirm whether the data being studied has the authenticity and the behavior pattern which commonly related to the groups assigned. The values of Investment, Cash Flow, and Tobins q associated with the groups are in complete correspondence with the hypothetical occurrence. Firms having a higher (lower) dividend payout have greater (lower) market value, and lower(higher) level of cash flows and investments. Table : Represents the model summary of regression estimates of 69 firms split by High, Medium, and Low dividend-payout policies. The model helps explains 81.9%, 66.7%, and 80% data in High, Medium, and Low dividend-payout firms (Table 5), shown in R Square. Least variation in Adjusted R Square suggests that the number of observations is sufficient with respect to variables in each group separately. Table : Studies the F-statistics to test the null hypothesis of ÃŽÂ ²1, H = ÃŽÂ ²1, M = ÃŽÂ ²1, L The F-statistics (Table 6) in each dividend payout group is significant and it determines that each regression model with the given predictors can significantly predict the outcomes at a 0.05 significance level. Table : Shows the parameter estimation for each payout groups with respect to dependent variable, t-statistics is used to test the null hypothesis ÃŽÂ ²1 = ÃŽÂ ²2 = ÃŽÂ ²3 = 0 The coefficient values of predators in High and Low dividend payout groups are all significant at a 0.05 significant level (Table 7), which shows that they have a strong influence on the investment of the firm. Except for Medium dividend payout group, which has insignificant coefficient values of Tobins q, showing no impact on the investment. The standard coefficient shows that Cash Flows have a much greater impact on Investment than market value on the firm, which is exemplified through Tobins q. Hypothesis Assessment Summary Hypothesis Independent Variables B t Sig. Comments Firms cash flow having a significant impact on its capital investment will be linked with high Q values. (FCF Theory) Cash Flow ÃÆ'— Q H0: ÃŽÂ ²3 ÃŽÂ ²3,H = .135 5.295 .000 Rejected ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Firms being liquidity constrained due to least payout will have significant investment-cash flow sensitivity, and will be linked with high Q values in the market. (PO Theory) Cash Flow ÃÆ'— Q HA: ÃŽÂ ²3 >0 ÃŽÂ ² 3,H = .135 5.295 .000 Accepted ÃŽÂ ² 3,M = .072 .991 .324 ÃŽÂ ² 3,L = .140 5.482 .000 Dependent Variable: Investment (I/K) Table : Summarizes the results and explains that the hypothesis accepted is directly in correspondence with the aggregate hypothesis. As illustrated (Table 8) capital spending of low payout firms is positively and strongly influenced by the interaction term, consistent with the PO hypothesis, the parameter estimate for the high payout firms are also positive but marginally significant. Conclusion, Discussions, Implications And Future Research Conclusion The results illustrated above demonstrates that the positive relationship between the degree of the Investment-Cash flow relationship and Q represented latter in the aggregate data (Table 3) is concentrated in low or no dividend paying firms. This finding is in further support with the PO hypothesis. Discussions The objective was to study and test the causes of universal relationship between Cash Flow and Investment Spending. Hence, two hypotheses were included in the research to study the source of this relationship: the free cash flow hypothesis (FCF) hypothesis, which works on the assumption that managers prefer investing its free cash flow excessively into investment projects that are not profitable, and the pecking order hypothesis (PO) purports that managers are prone to investment comparatively less than the opportunity provided due asymmetric information-induced liquidity constraint. As advocated in favor of Pecking Order Theory by (Fazzari, Hubbard, Peterson, Blinder, Poterba, 1988) and many others, for groups which consists of small firms with low-dividend payout to fund capital spending, exhibits heavy reliance on cash flow and cash changes. The relationship can be more significantly studied when the impact of larger q value is associated with this group. Evaluating the impact of corporate governance on investment-cash flow relation requires a critical judgment as to how do the firms cash flow and the existing market value influence the investment decision. Financially constraint firms may have a larger impact on liquidity associated matters and managers might take discretion in choosing the right sources to tap. Agency cost may be involved in making such a decision where managers may consider paying dividend as a higher opportunity cost as it reduces the firms free cash flow to exploit new profitable investment projects. Implications and Recommendations In the current market situation where external pressures existing can also be taken into proxy. When managers making a capital investment decision they need to take in view other non-financial aspects that also influences the decisions to a certain extent. Furthermore, financial intermediaries having a certain level of involvement and sharing information sensitive to the market can also be a major factor that might be giving a varying result against Investment. Investing in profitable-investment projects can bring in greater resources to the firm in future and it entails a huge decision burden upon the shoulders of the managers. Shareholders expecting to earn a greater return through investing in them can also be undermined when manager decided to have a low payout policy. Funds generated internally is a possibility where there is a healthy cash flow, but it is also preferable if this free cash is invested into marketable security for allocating the resources into a profitable venture for a time being to make it a positive impression. Future Research In future studies there may be more aspects of cash flow-investment relationship which can be studied for assessing the degree impact it has on this relationship, i.e. sales, debt performance, capital structure, firm size, etc. The research study may also be improved if the observation of firms are increased that will in turn reflect a more clear picture about the relationship in the current scenario. References Almeida, H., Campello, M. (2007). Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies , 20 (5), 1429-1460. Calomiris, C. W., Hubbard, R. G. (1995). Internal Finance and Investment: Evidence from the Undistributed Profits Tax of 1936-37. The Journal of Business , 68 (4), 443-482. Chung, K. H., Pruitt, S. W. (1994). A Simple Approximation of Tobins Q. Financial Management , 23 (3). Cleary, S. (1999). The Relationship between Firm Investment and Financial Status. The Journal of Finance , 54 (2), 673-692. Dedoussis, E., Papadaki, A. (2010). Investment spending and corporate governanc: Evidance from the ASE listed firms. Managerial Finance , 36 (3), 201-224. Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Division of Research, Graduate School of Business Administration, Harvard University . Drury, C. (2006). Cost and management accounting: an introduction (6 ed.). Cengage Learning EMEA. Fazzari, S. M., Hubbard, R. G., Peterson, B. C., Blinder, A. S., Poterba, J. M. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity , 1988 (1), 141-206. Goyal, V. K., Yamada, T. (2004). Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan. The Journal of Business , 77 (1), 175-199. Gugler, K., Mueller, D. C., Yurtoglu, B. B. (2004). Marginal q, Tobins q, Cash Flow, and Investment. Southern Economic Journal , 70 (3), 512-531. Hu, X., Schiantarelli, F. (1998). Investment and Capital Market Imperfections: A Switching Regression Approach Using U.S. Firm Panel Data. The Review of Economics and Statistics , 80 (3), 466-479. Hubbard, R. G. (1998). Capital-Market Imperfections and Investment. Journal of Economic Literature , 36 (1), 193-225. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review , 76, 323-9. Kaplan, S. N., Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? The Quarterly Journal of Economics , 112 (1), 169-215. Malmendier, U., Tate, G. (2005). CEO Overconfidence and Corporate Investment. The Journal of Finance , 60 (6), 2661-2700. Modigliani, F., Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review , 48 (3), 261-97. Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance . Quan, V. D. (2002). A rational justification of the pecking order hypothesis to the choice of sources of financing. Management Research News , 25 (12), 74-90. Riahi-Belkaoui, A. (1999). Capital structure: determination, evaluation, and accounting. Quorum. Schaller, H. (1993). Asymmetric Information, Liquidity Constraints, and Canadian Investment. The Canadian Journal of Economics , 26 (3), 552-574. Strecker, N. (2009). Innovation Strategy and Firm Performance: An Empirical Study of Publicly Listed Firms. Gabler Verlag. Vogt, S. C. (1994). The Cash Flow/Investment Relationship: Evidence from U.S. Manufacturing Firms. Financial Management , 23 (2), 3-20. Wang, G. Y. (2010). The Impacts of Free Cash Flows and Agency Costs on Firm Performance. Journal of Service Science and Management , 3 (4), 408-418.

AVON Products Case Study

AVON Products Case Study Should Top Management at AVON explicitly shape and change the culture of its organisation? Should Kroft, Woodbury, Jung or Gold has hopes of Succeeding Perrin, what should they do to develop their competencies and managerial leadership further so that the AVON board would look at them, and conclude that they have been there, and they have done that? Identify the problems and issues at AVON, and suggest ideas how the company could gain the competitive advantage in the global trade. Date of Submission : 02/10/2010 Table of Contents Table of Contents 2 Answer to Question 1: 1 Answer to Question 2: 5 Answer to Question 3: 7 REFERENCES: 9 CITATIONS: 9 Answer to Question 1: Yes, the AVON top management should explicitly continue to shape and change the culture within the organization. Based on our study, we found some issues faced by AVON Company as the following: AVON Managers are lack of sensitivity and slow response to the external environment change. In example: AVON managers were slow to realize that the influx of women in to corporate America had important consequences for home-based cosmetic sales. Resulted profitability slumped in 1980s. Poor financial performance at AVON has signalled the company for a need to become more responsive to a changing consumer market. Some unnecessary internal activities such like company session tickets for the Knicks and Yankees in the pass has also factored unnecessary cost to company. Those activities were scrapped later. As stated in the case study. Multiculturalism is the main challenge to the company as vital element in meeting customer demand and gaining competitive advantage. Those issues had badly contributed to AVON corporate culture and created impact for company performance in the pass. Definition of Corporate culture: So what is the definition of Corporate Culture? The definitions for corporate culture are numerous and are being refined and added to every day. The general academic view is that it is the shared, beliefs, assumptions, values, rules and norms the members of a collective such as a corporation or department hold. While this is perfectly acceptable we prefer to take the view expressed by Marvin Bower of McKinsey who said corporate culture is the way we do things around here. There are more sophisticated and certainly convoluted definitions for corporate culture but it is succinct and provides a good starting point for those who are new to corporate culture. Source: Corporate Culture, nd. Dudley Consulting, Inc. [Online] Available at: [Accessed 30 September 2010] Its difficult to change AVONs culture, the way we do things around here does not practice a positive corporate culture this is due to wrong believes, value and rules applied to the company culture. They dont lead by good examples and good leadership. But AVON has done it and turns those wrong doing to a positive culture started 1990s, as following: AVON start creates leadership campaigns such as sending middle managers for leadership development training. The entire management team participated in awareness training by leading diversity consultants. Management launch multicultural planning research project to evaluated company policies and practices regarding promotion. Indentify potential barriers to the advancement of women and minorities. Set up a task force across corporate head quarters multiple profit centres with more than 100 employees. Company has developed goals. To continue built a positive corporate culture, AVON shall consider below suggestions which is not practice from above example that AVON have done : Stories. A group packages up its culture into stories which are frequently told and re-told, and which typify the values of the group eg the time we all stayed late on Xmas Eve to get the last orders finished and then has an impromptu party at the local. Heroes. Individuals who typify to an extreme the values of the group. Symbols. These may be staff mottoes, the corporate mission statement or anything that symbolises the core values. Rites. These are specific occasions, such as the annual office party, when the core values are publicly displayed. Formal award ceremonies are another example. These are especially important for enculturing new staff. Rituals. This means a standard pattern of behaviour at a specific occasion, such as the office party if things are always done in a particular pattern. Courses. Attending in-house courses is an important way of team-building and communicating the core values. Cultural Networks. This means the informal contacts between employees where they reinforce core values, especially by passing them from older to younger group members. Source: organisation building a positive corporate culture, nd. tutor2u. [Online] Available at: [Accessed 30 September 2010] With above ideas to shape the company culture, AVON is likely achieve the following advantages of Strong Corporate Culture A common interpretation of the Instruction, so work is done to a similar standard and in a similar manner. Increase employee loyalty, and avoid expenses of employee turnover. Increase productivity of the company. Increase the Management control. Answer to Question 2: Before we jump to the point for discussing who shall be taking over AVON dealership there are something more vital to discuss first. Definition of Leadership : Good leaders are made not born. If you have the desire and willpower, you can become an effective leader. Good leaders develop through a never ending process of self-study, education, training, and experience (Jago, 1982) A simple definition of leadership is that leadership is the art of motivating a group of people to act towards achieving a common goal. Source: Leadership, Susan Ward, About.com Guide. [Online] Available at: [Accessed 30 September 2010] Leaders carry out this process by applying their leadership knowledge and skills. This is called Process Leadership (Jago, 1982). However, we know that we have traits that can influence our actions. This is called Trait Leadership (Jago, 1982) Leadership is simply showed by good example, lead people to right things and do things right. A good leadership can groom another good leader. However, AVON does not groom any successful leader by any mentor. It caused AVON suffered many years. Until the company decided to source another leader who is experienced as chief executive in another global company. It had shown that company direction is to hire another guru to be the mentor and lead existing executive which hope to groom them in future. Definition of competencies: A competency is a skill, ability, or knowledge set that can be taught or developed. All competencies have indicators that allow them to be observed and measured. A leadership competency model is a group of competencies linked to leadership excellence in a specific organization. A leadership competency model supports the organizations vision and strategy by providing a framework by which the organization can select, develop, and evaluate leaders. Source: Joaquin Roca, 2009. What Is a Leadership Competency and How Do I Create a Competency Model? [Online] Place: USA/ Human resources and labour relations community. Available at: [Accessed 30 September 2010] A successful company should have a good leader with good leadership and competencies. In AVON, one of the main issues that that are facing is most of them are not processing comprehensive leadership and appropriate core competencies. A core competency is fundamental knowledge, ability, or expertise in a specific subject area or skill set. Source: Rafael Gutierrez, 2003. Core Competency. [Online] Available at: [Accessed 30 September 2010] Base on the AVON case study, should Susan Kropf to be the next leader of AVON, she not only needs to process a good operation and global marketing core competency skill which she already has. But also develop the following core competencies: Financial and Administrative skill which Edwina Woodbury has. To able to sustain company financial health growth. Crisis management and cost cutting skill from Christina Gold. Answer to Question 3: The main issue of AVON is due the lack of competitive advantage in global trade. Should AVON, like to gain a better business position, they should focus on building up the Completive Advantage in the globalisation era. Definition of Global Trade: Also refer to Globalisation. As economies become more connected to other economies, they have increased opportunity but also increased competition. Source: globalization, nd. Investorwords. [online] Available at: [Accessed 30 September 2010] Globalisation describes a process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation, and trade. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. Source: Bhagwati, Jagdish (2004). In Defense of Globalization. Oxford, New York: Oxford University Press. Definition of Competitive Advantage: The Competitive Advantage is the ability gained through attributes and resources to perform at a higher level than others in the same industry or market (Christensen and Fahey 1984, Kay 1994, Porter 1980 cited by Chacarbaghi and Lynch 1999, p. 45) In VAON, they do not gain a Cost Advantage simply because their internal cost is high, unnecessary expenses such like New York City Ballet and the New York Philharmonic session ticket. They also not leverage the advantage of internet technology and still relay on Door-to-Door selling approach. They also do not seem to have differentiation advantage within the company. AVON should consider taking below steps to gain Competitive Advantage in the Global Trade: Cost leadership Is there any way to make cost advantage among all the competitors in this borderless era? They can move the production line move to a country to provide lower cost of production. Or leverage Technology advantage such like internet to cut the advertisement cost or agent cost? Like Dell has been very successful on its direct model to outreach consumers using the internet order system. Differentiation How to make AVON product unique from other product? AVON can consider using product development strategy to improve product packaging to maintain the market awareness. Focus AVON should avoid participate in all product range. And focus on niche product that they are good with. And become the leader of that particular area/product.

Adolescent Role Assessments: José and Chhaya Essay -- Eating Disorder

â€Å"Adolescents experience dramatic changes in physical appearance, family relations, peer relations, sexuality, and media use† (Arnett, 2012). Through these experiences, adolescents have the opportunity to change their outlook and behavior. From family relations to questioning identity, to peer relationships and self-esteem, adolescents have various ways of coping with the changes they are presented with. The stories of Josà © and Chhaya reflect the changes adolescents go through to better understand who they are. Their stories mainly look at their peer and family relations, and the impact they had on Josà © and Chhaya. These stories accurately represent the discussions and readings we’ve had in class (J.Davis, Psych 234, February 28, 2014). Identity is defined as a person being aware of their uniqueness in terms of beliefs, attitudes, and aspirations. As most people have difficulty defining the word identity, most people struggle with their own identity. This can be particularly true for adolescents. Identity can be coupled with achievement or confusion; either the individual has a clear understanding of who they are, or they do not (J.Davis, Psych 234, February 28, 2014). Both Josà © and Chhaya reached a point in their life when they were confused with their own identity. Josà © struggled with identifying his ethnicity, and acknowledging he was different from his classmates and peers. Chhaya struggled with her identity in regards to her parents, peers and how they would treat her, and what was expected of her through their relationships. Josà © was faced with being unaware of his racial identity. He viewed his ethnic identity with public regard, and only thought about how others viewed his race, and felt that he was no diff... ...t she should have showed interest towards the young man, because he was attractive, and there would be few others of his caliber to go out with her again. This lead to Chhaya believing there was something wrong with her, and the way she handled the romantic situation she was placed in (Garrod, Smulyan, Powers & Kilkenny, 2012). Josà © and Chhaya both went through struggling to understand themselves, and how to handle the responsibilities their peers or parents had put on them to act a certain way, or provided Josà © and Chhaya with the need to make a point, and prove themselves. Works Cited Arnett, J.J. (2012). Human development: A cultural approach. Saddle River, NJ: Pearson Education. Garrod, A., Smulyan, L., Powers, S.I., & Kilkenny R. (2012). Adolescent portraits: Identity, relationships, and challenges. 7thedition. Boston MA: Allyn & Bacon.

Mercutio as Catalyst in Shakespeare’s play, Romeo and Juliet Essay

Mercutio as Catalyst in Shakespeare’s play, Romeo and Juliet In Shakespeare’s play, Romeo and Juliet, the quick-witted character Mercutio â€Å"is a notorious scene-stealer† (Utterback 105). Mercutio’s major function in the play is to be a catalyst for the plot. Mercutio’s purpose as a character is most significantly revealed in his relationship with Romeo, his baiting of Tybalt, and his death. More importantly, Mercutio functions as the catalyst for the pattern of disasters in the play that follows his own tragic death, making him, as described by critic Stephen Greenblatt â€Å"a spirit that seems to challenge the very possibility of romantic love or tragic destiny† (856). Mercutio’s role in the play is directly linked to his relationship with his â€Å"very friend,† Romeo (III.i.108). This bond and camaraderie of the men provides the basis for the revelation of Mercutio’s character as a foil to Romeo. â€Å"These basic roles for the two friends mean that, through the badinage, Mercutio is essentially active and Romeo reactive or passive† (Porter 103). For example, Mercutio tells Romeo â€Å"Nay, gentle Romeo, we must have you dance† (I.iv.13). He playfully pushes Romeo to â€Å"borrow cupid’s wings / And soar with them above a common bound† (I.iv.17-18) and advises his friend that â€Å"If love be rough with you, be rough with love. / Prick love for pricking, and you beat love down† (I.iv.27-28). These lines demonstrate Mercutio’s characteristic need for urgency and action. â€Å"Romeo by contrast characteristically replies that he is unable to comply with his friendâ₠¬â„¢s exhortations—he won’t dance, don’t ask him—and his most urgent words, ‘Peace, peace, Mercutio, peace’ (I.v.95), urge not action but its cessation† (Porter 103).... ... Pennsylvania State University Press, 1965. Phillips, Brian. â€Å"Character Analysis.† SparkNote on Romeo and Juliet. 24 April 2003. http://www.sparknotes.com/shakespeare/romeoandjuliet/canalysis.html. Porter, Joseph A. Shakespeare’s Mercutio: His History and Drama. Chapel Hill: University of North Carolina Press, 1988. Romeo and Juliet. Dir. Baz Luhrman. Perf. Leonardo DiCaprio, Claire Danes, Brian Dennehy, and John Leguizamo. 20th Century Fox, 1997. Romeo and Juliet. Dir. Franco Zeffirelli. Perf. Leonard Whiting, Olivia Hussey, John McEnery, and Milo O’Shea. Paramount, 1968. Shakespeare, William. The Most Excellent and Lamentable Tragedy of Romeo and Juliet. The Norton Shakespeare. Ed. Stephen Greenblatt. New York: Norton, 1997. 865-939. Utterback, Raymond V. â€Å"The Death of Mercutio.† Shakespeare Quarterly. 24.2 (1973): 105-116.

The Definition of Private Essay example -- Definition Essays

The Definition of Private Anyone who has ever received one of those pesky telemarketer phone calls during dinner most likely understands the idea of a private phone number. No one likes to have their phone line invaded by paid phone operators who just want your money. Working long and hard on a group presentation regarding technology threatening/improving privacy, one can realize that the word private has several different connotations and meanings. Yet, when generally facing the word, it usually means the opposite of public. Looking at An American Dictionary of the English Language, private is noted as something unconnected with others, and even sequestered from company or observation. Therefore, this could be something that was taken away, or just something that stands unaccompanied. The word private is often linked to the word alone. A private beach house, for example, is located in an area on the beach where no one else resides. While these definitions further distinguish things which are private from those which are public, Dictionary.com explains private as something...

The portrait of a real man in modern society

The portrait ofa real man in modern society Life has always made great demands on man and these demands change unrecognizably as years go by. For instance, all that was required of a primitive man was the ability to hunt well, whereas modern people have to combine different complicated roles. We live in a dynamically developing world where everything Is planned down to the minute. All the systems of todays society function together and men are just â€Å"cogs in the machine†. And yet these â€Å"cogs† must be flexible, intelligent and active. But on the other hand, our lifestyle offers some benefits as well.For example, meeting numerous challenges gives you the sense of achievement and raises your self-esteem. But If our world today Is so diverse, Is there a unified Image of the real man? This question troubles many people and a great number of them try to find an answer to it. To my mind, one of the most valuable qualities today is intelligence, which allows one to ful fil one's duties, get and analyse information and come up with effective solutions. But Intelligence alone Isn't enough to make a successful person. creativity and Imagination are quite Important qualltles ppreciated by todays employers.In such a highly-developed world as ours man should be capable of inventing new methods of doing routine things. That's why discovering your talents Is becoming more vital nowadays than ever before. Having an activity that you are good at can brighten up your life and, what's more, protect you from all the temptations which can attract idlers so much. Furthermore, they say, â€Å"A sound mind in sound body'. That's why all the qualities listed above are Inseparable from physical fitness. Many people nowadays attend gyms or work out by hemselves In order to stay fit and healthy.Another pastime which Is gaining popularity is extreme sports. Daring people go in for mountaineering, surfing, bungee jumping or other risky activities to see how far their l imits may go. However, this tendency isnt as admirable as It may seem, for many people put their lives at risk lust to fill the emptiness In their souls or minds with adrenaline. Speaking frankly, I'd rather they took up something useful for the society instead. Everybody knows that our world today is full of problems – global and local, major and minor, and people ith an active life position cant but think about the poor, the homeless and the disabled.The majority of us have understood the importance of charity, volunteer work and fighting against such social evils as alcoholism and drug addiction. To sum up, a real man should possess all the qualities which I have mentioned. In my opinion, one of the examples ofa real man of the 21 st century is Chulpan Khamatova, a gifted actress whose talent Is unique and lustrous. She Is also known for her unprecedented social activity which draws public attention to the problems of children with cancer.In the year 2006 Chulpan became a co-founder of a charity fund â€Å"Gift of life† which helps children suffering from oncological diseases. She manages to find time for charity work although the actress's profession Is extremely hard and , besides, she has three children of her own to take care of. Of course, not everyone can live up to todays expectations and it has always been a hard task to meet the demands of the society. No one is perfect, but we can try to develop all tnese good qualltles In ourselves, as ellow once put It, â€Å"All are arcnltects 0T Fate working in these walls of Time†¦ â€Å"

A Report on Blackwattle Bay Career Education Program

The most important goal of secondary education is to prepare students for their future, whether it is for higher education or for the world of work. It is a reality that not all high school graduates can proceed to tertiary education, some would have to forgo college and enter the world of work.Secondary education should be able to provide the right amount of training and education that would help the graduate become successful in his/her chosen life path (Hamilton & Hamilton, 1994).Secondary education does not also limit itself to providing academic and skills training but also in developing the personality of the student and by teaching life skills which they will use in their daily lives. In doing so, students are no only equipped academically with skills and knowledge but also become responsible young adults. Education’s ultimate goal is to teach and transform the minds of the young in the hope that they will become productive citizens of the country.With the many issues a nd controversies that the educational sectors are facing, it is no wonder that more and more schools are trying to address the issues of providing quality education that would result to student success in and out of school (Myrick, 2002).For some, innovation and the use of technology had helped in motivating students and in enhancing instruction, others focus more on providing excellent support for the needs of students that would aid in decision making in terms of their future and life goals.This support programs include career guidance, counseling, social action, volunteerism and spiritual guidance. Other schools emphasize academic preparation and excellence by providing programs such as remedial classes, enrichment classes, advanced courses in science and math, tutorials and the like (Cobia &Henderson, 2007). As most educators agree, a school which provides holistic education and personal development are the best kind of schools whether it is public or private, and rural or urban .In recent years, the general public had been averse to sending their children to public schools owing to the negative reputation that it has been given for not providing quality education, for not having excellent teachers and for the lack of funding given to such schools. More and more parents had sent their children to private schools for secondary education, in an attempt to reverse the negative perception towards public schools especially in the inner cities; the Sydney Secondary College was created in 2002 in order to revitalize public education.The Sydney Secondary College system is composed of three campuses located at Balmain, Leichhardt, and Blackwattle Bay. Students attend either Balmain or Leichhardt for their grade 7 to 10 education then move to Blackwattle Bay for their 11th and 12th years.Although Blackwattle Bay accepts applicants from different schools, students from Balmain and Leichhardt are given priority. The college system is unique in the sense that the learni ng environment of the Blackwattle Bay campus is very similar to a true college or university wherein students take courses that are geared towards enhancing the students’ chances of being accepted in tertiary education.Moreover, the college concept also posits that juniors and seniors would benefit more from a more mature and challenging learning environment than a regular high school.

Why Torture Is a Good Thing

Why Torture is a Good Thing. Recently the Speaker of the House of Representatives, Nancy Pelosi has come under fire for comments she made about torture, once again bringing the topic of torture back into the national spotlight. There are so many different sides to the debate on whether our government should or should not allow torture in the integration of suspected Al Qaeda members currently locked up in the United States military prison located in Guantanamo Bay, Cuba.There are those people who say that nothing good ever comes out of integration that uses anything that could be torture, but the truth is that is some of where our best intelligence in the War on Terror has come from the use of harsh integrating techniques. There are many different forms of intergation method that are uses by our government that have been called torture by those wishing to prevent them from happening. Our government loosly defines torture as any method of intergation that does not leave any physical d amage to the person that it is being used upon, there is nothing there about harsh intergation technique.There are many different forms of intergation tactects that are uses that have been called torture, but these methods do not physical harm nor to they leave any long term physical injures. The United States government does not use many of the traditional torture techniques that many foreign governments and Al Qaeda use; such as beatings, electric shock, and starvation. Waterboarding is one of the biggest intergation that has come under attack. Water boarding is preformed by tieing a person down with his feet raised above his head, then covering his mouth and nose.Finaly water is poured over there persons face, all this causes the mind to believe that the person is drowning. Even though no physical harm comes to the person; this technique is one of the most criticized forms of harsh integration techniques used. Water boarding is preformed on our own solders to prepare them for wha t they might have to live through if they are captured on the battle fields. Another form of integration techniques that is currently used is sleep deprivation. Sleep deprivation is not allowing the body to sleep enough, through the use of loud music or forcing the victim to stand.By not allowing the body to sleep it allows the mind to become weak and less defensive when being questioned, leaving the prisoners less likely to lie when questioned. Another technique that is used is the use of stress positions, which is placing a person in a position that becomes uncomfortable after a long period of time, such as standing, or kneeling for periods of up to four hours, no long term effects are caused by this. The pain that is felt is very real and at times very intense but it is gone as soon as they are allowed out of the stress positions. No long term damage has ever been cause by the use of stress positions.The critics of these harsh integration techniques call it torture, but they say nothing about what our men and women have been put through by foreign governments and foreign fighters through our history, and it still happening today. Many foreign countries use physical beatings to gather information, they have gone as far as breaking bones, and many times have beaten the victim to death. Al Qaeda and the Taliban have used these tactics along with beheadings of prisoners to try to scare our fighters, as well innocent civilians that Al Qaeda has kidnapped, since the beginning of the War on Terror. Where is the out cry from the world over that?All we are doing is trying to prevent another attack on our country. Some of the best intelligence we have gotten since the start of the War on Terror has come from the use of harsh integration techniques. The American government has stopped several terrorism attacks since the attack on September eleventh. 2001. Some of these would have been worse than that tragic September day, and how were these attacks prevented, by the u se of harsh integration techniques. The captured Al Qaeda and Taliban fighters are well trained and very loyal to the cause. Our government has tried normal integration techniques to no avail.These captured men would not talk until the use of these integration techniques was introduced. Once introduced many of these captured fighters broke and gave away plans that otherwise would have not come out. There is no other way to keep our country safe, other methods have been tried and have failed. Our government uses many techniques that may boarder on torture to gather information and to prevent another terrorist attack. In a perfect world there would be no use for many of these harsh integration techniques that are currently being employed by our government against Al Qaeda and the Taliban fighters.But unfortunately we do not live in a perfect world. Until Al Qaeda gives ups its desire to see America destroyed we need to what we can and we must continue to use these harsh integration te chniques. Our government does not view the use of sleep deprivation, water boarding, and stress positions; they are far more humane than what Americans soldiers have gone through by foreign governments when captured. The only way to keep America safe is to continue to use these intergation techniques until the threat possed by Al Qaeda is gone

Impact On Teaching And Learning Practice Education Essay

This paper presents a reappraisal of the literature on schoolroom formative appraisal, or appraisal for larning. Several surveies have shown grounds that the frequent execution of formative appraisal schemes can give significant acquisition additions. Student perceptual experiences are considered along with an analysis of the formative schemes used by instructors in systemic attacks to learning. There besides follows a treatment on the nature of appraisal for acquisition and its deductions for the development of learning pattern.2. IntroductionAppraisal for acquisition is frequently referred to as formative appraisal, and can be defined in assorted ways. To help elucidation, the definition of formative appraisal used in this paper is meant to include: ‘all those activities undertaken by instructors – and by their pupils in measuring themselves – that provide information to be used as feedback to modify instruction and acquisition activities. Such assessment becomes formative appraisal when the grounds is really used to accommodate the instruction to run into pupil demands ‘ ( Black & A ; Wiliam, 1998b: 140 ) From this definition formative appraisal can be conceptualized as consisting of five cardinal schemes: 1. Clarifying and sharing learning purposes and standards for success ; 2. Engineering effectual schoolroom treatments and other larning undertakings that elicit grounds of pupil apprehension ; 3. Supplying feedback that moves scholars frontward ; 4. Triping pupils as instructional resources for one another ; 5. Triping pupils as the proprietors of their ain acquisition. ( Black & A ; Wiliam, 2009 ) The research into appraisal for acquisition has led to the development of a theory of formative appraisal which attempts to specify all formative interactions as those ‘in which an synergistic state of affairs influences knowledge ‘ ( Ibid: 11 ) . The get downing point of the work on formative appraisal that is described in this paper was the reappraisal by Black and Wiliam ( 1998a ) . This reappraisal covered a really broad scope of published research and provided grounds that formative appraisal raises criterions and that the assessment patterns of the period were weak. However, there seemed to be really few resources to assist instructors set the research findings into pattern. Partially in response to this perceived deficiency of aid, Black and Wiliam published the brochure Inside the Black Box ( 1998b ) , which served four chief purposes: aˆ? To give a brief reappraisal of the research grounds. aˆ? To do a instance for more attending to be paid to assisting pattern inside the schoolroom. aˆ? To pull out deductions for practical action. aˆ? To discourse policy and pattern ( Wiliam, 2011 ) . The reappraisal by Black and Wiliam ( 1998a ) involved analyzing reappraisals of research published up to 1988 and so look intoing through the issues of over 160 research diaries and books for the old ages 1988 to 1997 and their reappraisal drew on stuff from 250 beginnings. One of the precedences identified in measuring the research studies was to place and summarize surveies that produced quantitative grounds that inventions in formative appraisal can take to betterment in the acquisition of pupils. Since the publication of Black and Wiliam ‘s reappraisal at that place has been a greater focal point on issues environing appraisal for larning and their possible benefits to instructors and pupils in raising schoolroom attainment. In 2008 the DCSF published The Assessment for Learning Strategy which presented the characteristics and possible benefits of formative appraisal as shown in the image below ( DCSF, 2008:5 ) . It seems that there is now a consensus in many educational circles that assessment for acquisition is one of the most important, ways of raising attainment within schools. The purpose of this paper is to reexamine and critically analyze some of the most important grounds that has been gathered sing formative appraisal, and whether it warrants the focal point that is now being placed upon its usage by instructors and pupils in our schoolrooms today.3. Ethical motivesThe intent of this literature reappraisal is to analyze and measure the efficaciousness appraisal for larning schemes on bettering pupil attainment, and as such is designed to hold a positive impact on instruction and acquisition pattern, guaranting that learning and assessment clip is used every bit efficaciously as possible. As such, there are improbable to be any negative or harmful effects as a consequence of this paper. In its Ethical Guidelines for Educational Research BERA province that educational research aims to ‘extend cognition and apprehension in all countries of educational activity and from all positions ‘ ( 2011: 4 ) , and this paper will try to run into these hig h purposes. In conformity with the BERA guidelines attention will be taken, when reexamining surveies, to guarantee that the consequences are non used in any manner other than was intended by research workers, and that was made explicit to participants so as non to encroach upon the footings of voluntary informed consent, right to retreat and privateness afforded to them in the original surveies. The paper will see the context and methodological analysis of each research survey, and will merely include those which are deemed to run into the high ethical criterions laid out by BERA ( 2011 ) in their Ethical Guidelines for Educational Research.4. MethodologyChiefly quantitative research was considered and collated, across a assortment of instruction platforms, and in a assortment of parts of the universe, and so the research has been analysed harmonizing to the undermentioned standards, in order to help choice and reading: Focus – What was the intended focal point of the research? Context and coverage – Where was the survey undertaken? At what degree of instruction? How large was the sample size? When was the research completed? Where was the research undertaken? Perspective – Is at that place impersonal representation of the information or is at that place any prejudice toward a specific result? Methodology – How was the research conducted? Audience – What was the intended audience of the research? Findingss – Are the findings important and can they robustly support the decisions drawn? Impact – What is the impact of the survey and is it relevant to the reappraisal? Restrictions – What limitations or lacks exist in the research? Areas for future development – Does the research lead to farther countries that can or necessitate to be researched in future? Adapted from Randolph ( 2009 ) . Due to the sheer figure of surveies into the effects of appraisal for larning The trouble in executing this reappraisal was in choosing the most appropriate plants and research surveies that have been conducted and written to this point, and besides in collating the findings suitably. Student patterned advance and attainment can besides be measured in assorted ways, but an effort at synthesis has been made in order to supply the reader with utile and robust informations to back up the decisions of the paper. The undermentioned subdivision reviews the literature that was selected utilizing the above methodological analysis. The surveies chosen were all based on quantitative comparings of larning additions, and for being strict in utilizing pre- and post- trials and comparing of experimental with control groups. It is non implied, nevertheless, that utile information and penetrations about the subject can non be obtained by work in other paradigms.5. Literature ReappraisalIn this subdivision summarised histories will be presented of research which was selected and reviewed harmonizing to the standards outlined in Sections 3 and 4, and which illustrate some of the chief countries and issues involved in research which aims to procure grounds about the effects of formative appraisal. The first undertaking considered was a undertaking in which 25 mathematics instructors from Portugal were given developing in assorted methods of self appraisal during a 20 hebdomad educational class, which they went on to implement into their instruction pattern with 354 pupils aged between 8 to 14 old ages old ( Fontana & A ; Fernandes, 1994 ) . The students of an extra 20 instructors, who were taking a different class in instruction, acted as the control group. Both of the groups were given pre- and post- trials to find their degree of mathematics achievement, and both spent the same sum of clip in category on the survey of mathematics. Both groups showed important additions over the period, but the experimental group ‘s average addition was approximately twice that of the control group ‘s addition. The chief focal point of work was on regular self-assessment by the students, which involved learning them to develop a degree of apprehension of both the acquisition aims and the appraisal standards, giving them chance to take larning undertakings in which they had an involvement and utilizing undertakings which gave them the ability to measure their ain acquisition results. This research showed robust grounds of attainment additions when utilizing formative appraisal schemes. The writers of the survey reflected that extra work was required to look for long-run results and to research the comparative effectivity amongst the assorted techniques employed in together and in isolation of each other. In this survey the two outstanding elements found were the focal point on self-assessment and the execution of this appraisal. It was non conclusive that one or other of these characteristics, or the combination of the two, was responsible for the additions that were found. The 2nd illustration had its beginning in the thought of command acquisition, but departed from the mainstream political orientation in that the writers of the survey began with a belief that it was the frequent testing that would be identified as the chief ground for the addition in the acquisition accomplishments reported for this attack. The undertaking was an experiment ( Martinez & A ; Martinez, 1992 ) , in which 120 American college pupils in an introductory algebra class were placed in one of four groups, two experimental and two control groups. The experimental group were tested three times every bit frequently as the control group throughout the class and the consequences of a post-test showed a important public presentation addition for those tested more often over the less often tested control group. It could be questioned as to whether frequent proving truly constitutes formative appraisal and this inquiry would necessitate to measure the quality of the teacher-student interactions sing trial consequences and on whether trial consequences really could be considered as representing formative appraisal in the sense of it taking to step ining action taken to shut any spreads in public presentation ( Ramaprasad, 1983 ) . The 3rd survey reviewed here was involved formative appraisal schemes used in the instruction of kindergarten kids who were aged 5 ( Bergan et al. , 1991 ) . The writers of the survey held a thesis that focused attending to the early acquisition of basic accomplishments is indispensable for kids. The undertaking involved 838 kids drawn from largely disadvantaged place backgrounds in the USA. The instructors of the experimental group designed and carried out a measuring and planning system which required an initial appraisal input to be able to inform and act upon instruction pattern at the single degree, and further diagnostic appraisals to invariably supervise advancement and accommodate the instruction and larning throughout the 8 hebdomad period of its class. The instructors used chiefly the observations of accomplishments to measure advancement and attainment. At the decision of the survey, result trials were so compared with the initial appraisals of the same accomplishments. An alysis of the information showed that the experimental group achieved significantly. It is of import to observe, nevertheless, that of the control group, on mean 1 kid in 5 was referred as holding peculiar larning demands and the corresponding figures for the experimental group were 1 in 17 and so this may bespeak an country of failing in the reconciliation between control and experimental groups within this survey. Another illustration of research in this country involved work to develop an inquiry-based in-between school science-based course of study and was conducted by Frederiksen & A ; White ( 1997 ) . The learning class focused chiefly on a practical enquiry based attack to larning within a designated country of scientific discipline, and the work included 12 categories of 30 pupils across two different schools. The categories were taught to a strictly constructed course of study program in which scientific issues were explored through practical experiments and computing machine simulation, utilizing an enquiry rhythm theoretical account that was made explicit to the pupils. The work was carried out in collaborative equal groups, with each category being split into two halves. Half of each category acted as a control group utilizing parts of the lessons for the general treatment of issues environing the subject, whilst the other half acted as the experimental group and spent the same clip on structured collaborative treatment, designed to advance brooding appraisal, utilizing techniques such as self appraisal and peer appraisal of category presentations. All of the students involved in the survey were given the same basic accomplishments trial at the beginning and the same station trial to mensurate attainment and advancement. On the result tonss, the experimental group showed a important overall addition ; nevertheless, when the consequences were compared to the initial pre-tests it was found that pupils who ab initio scored lower, saw the biggest additions from the formative appraisal schemes implemented in the survey, with the highest ability pupils betterment was less pronounced. Amongst all the pupils in the experimental group, those who showed the best apprehension of and ability to implement the ego appraisal processes achieved the highest tonss.