Sup. Natl In Macbeth Essays (745 words) - Characters In Macbeth

Sup. Nat'l In Macbeth ?Supernatural Forces in Macbeth? In Shakespeare's Macbeth, specific scenes focus the readers' attention to the suspense and involvement of the supernatural. The use of witches, apparitions and ghosts are an important element in making the play interesting. Examining certain scenes of the play, it can be determined that as supernatural occurrences develop, Macbeth reflects a darker self-image. Macbeth experiences his first strange encounter of the supernatural when he meets the three witches in act one, scene one. After learning of his prophecies to become king, Macbeth states, ?Glamis, and Thane of Cawdor: The greatest is behind (still to come).? (1.3.117-118). Shakespeare uses foreshadowing, a literary technique, to suggest to his readers the character Macbeth will suffer a personality change. Macbeth also implies his first notions of plotting an evil scheme by this comment. After the prophecies of the witches revealed the fate of Macbeth, the quest of the throne will be his next vi ctory. ?The witches reveal a fate for Macbeth and imply that a part of what will come to him must come, but they reveal no fate of evil-doing for him and never, even by suggestion, bind him to evil doing. ?, states literary critic Willard Furnham. Furnham declares the only power the witches obtain over Macbeth, is the power of insinuation. By offering to Macbeth the idea of power, the witches push Macbeth to the next level of greed and evil which was non-existent prior to the encounter. The murder and death of King Duncan initiates Macbeth's second encounter with the supernatural when he witnesses a floating dagger. As Macbeth awaits the signal to make his way up the stairs, he sees the floating dagger and proclaims, ? Come, let me clutch thee. I have thee not, fatal vision, sensible (able to be felt) to feeling as to sight, or art thou but a dagger of the mind, a false creation, proceeding from the heat-oppressed brain (2.2.33-38). This apparition confuses and frightens Macbeth. He can not comprehend how he can see something and not be able to touch it. ?Thou leads me the way I was going; and such an instrument I was to use. And on thy blade and hilt, drops of blood which was not so before. There's no such thing. It is bloody business which takes shape.? (2.2.43-49) Here, Macbeth begins to question whether his mind is playing tricks on him. The situation seems quite coincidental considering he is minutes from murdering a man with a similar weapon. He states the apparition is due to the bloody business about to occur. The dagger symbolizes the point of no return for Macbeth. If he chooses the path in which the dagger leads, there will be no turning back. Macbeth fears Banquo for his prophecy is to father kings, so Macbeth proceeds to plot the murder of his once friend, which spurs yet another brush with the supernatural. Macbeth attends a banquet at which he witnesses the ghost of his dead friend. (3.4.37-145) The fortunes of the three witches sparked Macbeth' s desire to murder Banquo and caused him to dig himself into a deeper hole. Macbeth's guilt and fear combined drive him to darker and more evil actions in an attempt to cover his past misdeeds. ?What man dare, I dare. Approach though like the rugged Russian bear, the armed rhinoceros, or th' Hyrcan tiger; Take any shape but that (Banquo) and my firm nerves shall never tremble.? (3.4.100-104) Macbeth is terribly frightened by the bloody ghost haunting him and is angered that the ghost revealed it self to him. His guilt causes him to proclaim he could take on a rhino, tiger or any other wild animal, but not Banquo's ghost. After his encounter with the ghost, Macbeth proceeds to visit the witches one last time to insure his security. After this last visit, Macbeth becomes overconfident and a tyrant, which cause his downfall. The use of supernatural in Macbeth, is a major factor in the suspenseful nature of his work. Without the witches, apparitions and the ghost, Macbeth could not have reached his downfall. The use of supernatural in Macbeth caused Macbeth to become a darker and more evil person with each

Simple Décrire Verb Conjugations in French

Simple Dà ©crire Verb Conjugations in French In French, to say to describe, you must use the verb  dà ©crire. Admittedly, conjugating this verb to mean described or will describe is not the easiest thing to do. However, a quick lesson and some dedicated practice will help you memorize this tricky verb. Conjugating the French Verb  Dà ©crire Dà ©crire  is an  irregular verb, so it does not follow one of the common verb conjugation patterns found in French. Yet, all  French verbs ending in  -crire  are conjugated this way. You might consider studying a few at the same time to make learning each just a little easier. Conjugations transform the verb into the present, future, or past tense so the sentence makes sense. This is done by identifying the verb stem - in this case,  Ã¢â‚¬â€¹dà ©cri- - then adding the appropriate infinitive ending for the subject pronoun. For instance, I describe is je dà ©cris and we will describe is nous dà ©crirons. Subject Present Future Imperfect je dà ©cris dà ©crirai dà ©crivais tu dà ©cris dà ©criras dà ©crivais il dà ©cris dà ©crira dà ©crivait nous dà ©crivons dà ©crirons dà ©crivions vous dà ©crivez dà ©crirez dà ©criviez ils dà ©crivent dà ©criront dà ©crivaient The Present Participle of  Dà ©crire When you add -ant  to the verb stem of  dà ©crire, you form the  present participle  dà ©crivant. It is a verb, of course, yet youll also find it used as an adjective, gerund, or noun at times. The Past Participle and Passà © Composà © The  past participle  of  dà ©crire  is  dà ©crit.  Its used in the construction of the  passà © composà ©Ã‚  for the past tense of described. To use it, you must also conjugate the  auxiliary verb  avoir. The passà © composà © comes together quickly once you know these rules. As an example, I described is jai dà ©crit and we described is nous avons dà ©crit. More Simple Dà ©crire  Conjugations Among the other simple verb conjugations of  dà ©crire  that you should know are the subjunctive and conditional. Each implies some degree of uncertainty or dependency in the act of deciding. In literature, youll come across either the passà © simple or imperfect subjunctive forms. While you may not use them yourself, recognizing them as a form of  dà ©crire  will help with comprehension. Subject Subjunctive Conditional Passà © Simple Imperfect Subjunctive je dà ©crive dà ©crirais dà ©crivis dà ©crivisse tu dà ©crives dà ©crirais dà ©crivis dà ©crivisses il dà ©crive dà ©crirait dà ©crivit dà ©crivà ®t nous dà ©crivions dà ©cririons dà ©crivà ®mes dà ©crivissions vous dà ©criviez dà ©cririez dà ©crivà ®tes dà ©crivissiez ils dà ©crivent dà ©criraient dà ©crivirent dà ©crivissent In short, assertive commands and requests, the imperative verb form is used. When using this, keep the sentence short and skip the subject pronoun: dà ©cris rather than tu dà ©cris. Imperative (tu) dà ©cris (nous) dà ©crivons (vous) dà ©crivez

Statistics Quiz Multiple choice Project Example | Topics and Well Written Essays - 500 words

Quiz Multiple choice - Statistics Project Example IV. If the process were repeated many times, each time selecting random samples of 500 people aged 20-24 and 450 people aged 25-29 and each time constructing a confidence interval for p1  - p2, 95% of the time the confidence interval limits will contain the true difference between the two population proportions. Assume that you plan to use a significance level of  Ã‚  = 0.05 to test the claim that p1  = p2, Use the given sample sizes and numbers of successes to find the pooled estimate  . Round your answer to the nearest thousandth. The table shows the number satisfied in their work in a sample of working adults with a college education and in a sample of working adults without a college education. Assume that you plan to use a significance level of  Ã‚  = 0.05 to test the claim that  Ã‚  Find the critical value(s) for this hypothesis test. Do the data provide sufficient evidence that a greater proportion of those with a college education are satisfied in their work? Use this approach to find the size of each sample if you want to estimate the difference between the proportions of men and women who plan to vote in the next presidential election. Assume that you want 99% confidence that your error is no more than 0.05. A researcher reports an F-ratio with df= 3, 36 from an independent-measures research study. Based on the df values, how many treatments were compared in the study and what was the total number of subjects participating in the study? A research obtains an F-ratio of F = 4.00 from an independent-measures research study comparing 2 treatment conditions. If the researcher had used an independent-measures t statistic to evaluate the data, what value would be obtained for the t statistic? An independent-measures research study compares three treatment conditions using a sample of n = 5 in each treatment. For this study, the three samples totals are, T1 = 5, T2 = 10, T3 = 15. What value would be obtained for SS between? An

Risk Management in a Corperate Retail Store Research Paper

Risk Management in a Corperate Retail Store - Research Paper Example In the final portion of the paper, the researcher identifies important methods of dealing with the issues in JCPenney. This is done through an application of methods and systems of retail risk management and corporate governance. The paper recommends that the management of JCPenney need to re-examine the controls and the risk management system of the supermarket. This should lead to the formulation of alternative systems and strategies for the prevention and control of risks in the supermarket. Retail management is defined by Berman and Evans as â€Å"the art and science of bringing the ultimate consumer a product through a series of stages which are coordinated through a set of defined objectives and strategies† (2009 p1). Retail management therefore entails all the necessary steps that a shop or store goes through to ensure that consumers get products that they desire. However, retail management is a conscious process that involves certain activities and steps that provides optimal services for consumers (Berman and Evans, 2009 p1). This means that for retail management to succeed, there should be a clearly defined end which will be attained through a deliberate and conscious effort to attain that end. 5. Alignment: all stakeholder needs, ranging from shareholders quests for higher profits and the wider societys desire for healthy lives and environmental responsiveness should be aligned to the activities of a retail venture. This therefore means that retail management is intertwined with numerous activities and plans that enables the ends and objectives of the company to be actualized. Management of retail ventures is described as both an art and a science. This therefore means that it is about how to attain stated objectives through rules, regulations and other competencies. 1. Supply chain management and channel distribution: this involves the sourcing of goods from wholesalers or producers and getting them to the final

Company Profile of Sony Essay Example for Free

Company Profile of Sony Essay Company Profile Sony is synonymous with consumer electronics. Its especially big in TVs and game consoles like PlayStation3. Officially named Sony Kabushiki Kaisha, the company designs, develops, manufactures, and sells a host of electronic equipment, instruments, and devices for consumer, professional, and industrial markets. Professional products include semiconductors and components. A top global media conglomerate, Sony boasts additional assets in the areas of music (Sony Music Entertainment), film (Sony Pictures Entertainment and Sony Digital Production), DVDs (Sony Pictures Home Entertainment), and TV (Sony Pictures Television). Sony also has several financial services businesses and an advertising agency in Japan. History Sony found its beginning in the wake of World War II. In 1946, Masaru Ibuka started an electronics shop in a bomb-damaged department store building in Tokyo. The company had $530 in capital and a total of eight employees. The next year, he was joined by his colleague, Akio Morita, and they founded a company called Tokyo Tsushin Kogyo (Tokyo Telecommunications Engineering Corporation). The company built Japans first tape recorder, called the Type-G. In 1958 the company name was changed to Sony. In the early 1950s, Ibuka traveled in the United States and heard about Bell Labs invention of the transistor. He convinced Bell to license the transistor technology to his Japanese company, for use in communications. Ibukas company made the first commercially successful transistor radios.According to Schiffer, Sonys TR-63 radio cracked open the U.S. market and launched the new industry of consumer microelectronics. By the mid-1950s, American teens had begun buying portable transistor radios in huge numbers, helping to propel the fledgling industry from an estimated 100,000 units in 1955 to 5 million units by the end of 1968. Origin of name When Tokyo Tsushin Kogyo was looking for a Romanized name to use to market them, they strongly considered using their initials, TTK. The primary reason they did not is that the railway company Tokyo Kyuko was known as TKK. The company occasionally used the acronym Totsuko in Japan, but during his visit to the United States, Morita discovered that Americans had trouble pronouncing that name. Another early name that was tried out for a while was Tokyo Teletech until Akio Morita discovered that there was an American company already using Teletech as a brand name. The name Sony was chosen for the brand as a mix of two words. One was the Latin word Sonus, which is the root of sonic and sound, and the other was Sonny, a familiar term used in 1950s America to call a boy. The first Sony-branded product, the TR-55 transistor radio, appeared in 1955 but the company name did not change to Sony until January 1958. At the time of the change, it was extremely unusual for a Japanese company to use Roman letters to spell its name instead of writing it in kanji. The move was not without opposition: TTKs principal bank at the time, Mitsui, had strong feelings about the name. They pushed for a name such as Sony Electronic Industries, or Sony Teletech. Akio Morita was firm, however, as he did not want the company name tied to any particular industry. Eventually, both Ibuka and Mitsui Banks chairman gave their approval Vision To create exciting new digital entertainment experiences for consumers by bringing together cutting-edge products with latest generation content and services. Mission As a mission and goal, Sony is dedicated to providing innovative products and multimedia services that challenge the way consumers experience digital entertainment. As a digital entertainment service provider Sony wants create  new worlds via their products to give consumers new experiences that can stimulate their senses. For their computer entertainment sector their mission and goal is to find the most talented developers to produce caliber products that continually raise the standards. The firm wants to create family products that change the way they experience home entertainment such as television, gaming, and movies. To change the way families enjoy home entertainment Sonys PlayStation 3 integrates all aspects of home entertainment. The gaming console is a versatile machine where consumers can play video games, watch movies through the Blu-ray player and stream movies and shows through Netflix. The PlayStation 3 has changed the way individuals enjoy digital entertainment. Boosting Sony’s Electronics Business A key focus for Sony is to strengthen its all-important electronics business and maintain market leadership in high profile areas such as televisions, digital imaging, home video equipment and portable audio. To achieve this, Sony is pursuing three corporate initiatives: The Customer Viewpoint Initiative emphasizes the importance to staff of viewing Sony, its products and services from a customer perspective. The Technology Nr. 1 Initiative focuses on reinforcing Sony’s cutting-edge technologies in the areas targeted for maximum investment of resources, including televisions, home video equipment, digital imaging equipment and Walkman ®. The Genba Initiative aims at strengthening frontline operations (‘genba’ in Japanese) such as design locations, manufacturing facilities and sales offices. Formats and technologies Sony has historically been notable for creating its own in-house standards for new recording and storage technologies, instead of adopting those of  other manufacturers and standards bodies. Sony (either alone or with partners) has introduced several of the most popular recording formats, including the floppy disk, Compact Disc, and Blu-ray Disc. Sony delivers thrilling digital entertainment experiences by capitalising on the synergy between its electronics business, content creation capabilities and movie, music, mobile and computer games interests. As a world leader in high definition, Sony already offers an exciting range of broadcast and consumer HD products, as well as content assets that are driving the industry towards HD digitization. Sony is the only company that can deliver complete, end-to-end solutions for todays HD World. We provide the tools for our customers to create, edit, store, share and enjoy High Definition content. Sony Pictures and Sony Computer Entertainment create movies and games that maximise the full power and potential of HD while independent film makers and programme producers are encouraged to realize their unique creative vision in full Sony HD. Business units Sony offers a number of products in a variety of product lines around the world. Sony has developed a music playing robot called Rolly, dog-shaped robots called AIBO and a humanoid robot called QRIO. As of 1 April 2012, Sony is organized into the following business segments: Imaging Products Solutions (IPS), Game, Mobile Products Communications (MPC), Home Entertainment Sound (HES), Devices, Pictures, Music, Financial Services and All Other. The network and medical businesses are included in the All Other. Sony Corporation Sony Corporation is the electronics business unit and the parent company of the Sony Group. It primarily conducts strategic business planning of the group, research and development (RD), planning, designing and marketing for electronics products. Its subsidiaries such as Sony EMCS Corporation (6  plants in Japan), Sony Semiconductor Corporation (7 plants in Japan) and its subsidiaries outside Japan (Brazil, China, England, India, Malaysia, Singapore, South Korea, Thailand, Ireland and United States) are responsible for manufacturing as well as product engineering (Sony EMCS is also responsible for customer service operations). In 2012, Sony rolled most of its consumer content services (including video, music, and gaming) into the Sony Entertainment Network. Medical-related business Sony Mobile Communications AB (formerly Sony Ericsson Mobile Communications AB) is a multinational mobile phone manufacturing company headquartered in Tokyo, Japan and a wholly owned subsidiary of Sony Corporation. In 2001, Sony entered into a joint venture with Swedish telecommunications company Ericsson, forming Sony Ericsson. Initial sales were rocky, and the company posted losses in 2001 and 2002. However, SMC reached a profit in 2003. Sony Ericsson distinguished itself with multimedia-capable mobile phones, which included features such as cameras. These were unusual for the time. Despite their innovations, SMC faced intense competition from Apples iPhone, released in 2007. From 2008 to 2010, amid a global recession, SMC slashed its workforce by several thousand. Sony acquired Ericssons share of the venture in 2012 for over US$1 billion. In 2009, SMC was the fourth-largest mobile phone manufacturer in the world (after Nokia, Samsung and LG). By 2010, its market share had fallen to sixth place. Sony Mobile Communications now focuses exclusively on the smartphone market. Sony Computer Entertainment Sony Computer Entertainment is best known for producing the popular line of PlayStation consoles. The line grew out of a failed partnership with Nintendo. Originally, Nintendo requested for Sony to develop an add-on for its console that would play Compact Discs. In 1991 Sony announced the add-on, as well as a dedicated console known as the Play Station. However, a disagreement over software licensing for the console caused the  partnership to fall through. Sony then continued the project independently. Sony Pictures Entertainment Sony Pictures Entertainment, Inc. (SPE) is the television and film production/distribution unit of Sony. With 12.5% box office market share in 2011, the company was ranked 3rd among movie studios. Its group sales in 2010 were US$7.2 billion. The company has produced many notable movie franchises, including Spider-Man, The Karate Kid, and Men in Black. It has also produced popular television game shows Jeopardy! and Wheel of Fortune. Sony entered the television and film production market when it acquired Columbia Pictures Entertainment in 1989 for $3.4 billion. Columbia lives on in the Columbia TriStar Motion Picture Group, a subsidiary of SPE which in turn owns TriStar Pictures and Columbia Pictures. SPEs television division is known as Sony Pictures Television. For the first several years of its existence, Sony Pictures Entertainment performed poorly, leading many to suspect the company would sell off the division. Sony Pictures Entertainment encountered controversy in the early 200 0s. In July 2000, a marketing executive working for Sony Corporation created a fictitious film critic, David Manning, who gave consistently good reviews for releases from Sony subsidiary Columbia Pictures that generally received poor reviews amongst real critics. Sony later pulled the ads, suspended Mannings creator and his supervisor and paid fines to the state of Connecticut and to fans who saw the reviewed films in the US. In 2006 Sony started using ARccOS Protection on some of their film DVDs, but later issued a recall. Environmental record In November 2011, Sony was ranked 9th (jointly with Panasonic) in Greenpeaces Guide to Greener Electronics. This chart grades major electronics companies on their environmental work. The company scored 3.6/10, incurring a penalty point for comments it has made in opposition to energy efficiency standards in California. It also risks a further penalty point in future editions for being a member of trade associations that have commented against energy efficiency standards.Together with Philips, Sony receives the highest score for energy policy advocacy after calling on the  EU to adopt an unconditional 30% reduction target for greenhouse gas emissions by 2020. Meanwhile, it receives full marks for the efficiency of its products. In 2007, Sony ranked 14th on the Greenpeace guide. Sony fell from its earlier 11th place ranking due to Greenpeace’s claims that Sony had double standards in their waste policies.[ Since 1976, Sony has had an Environmental Conference. Sonys policies address their effects on global warming, the environment, and resources. They are taking steps to reduce the amount of greenhouse gases that they put out as well as regulating the products they get from their suppliers in a process that they call green procurement. Sony has said that they have signed on to have about 75 percent of their Sony Building running on geothermal power. The Sony Take Back Recycling Program allow consumers to recycle the electronics products that they buy from Sony by taking them to eCycle (Recycling) drop-off points around the U.S. The company has also developed a biobattery that runs on sugars and carbohydrates that works similarly to the way living creatures work. This is the most powerful small biobattery to date.

Politics in the Pakistan Media

Politics in the Pakistan Media Introduction: When someone brings news to you- you should investigate its credibility first (Quran). Politics is the life blood of media coverage because that forms the reality of perception on which action is based. Political environment is depicted by media. Today, everyone of us has make us more enjoyable and leisure life by watching TV, and they enjoy by listening radio and read magazine and newspaper. People are influenced by shows on TV and articles in the newspaper. Media keeps the people updated and informed about what is happening around the world. Not only people have positive impacts on the TV, they have negative impact too. They are informed and are intouch with the upcoming news. People should get aware of the information they get that can be dangerous in their minds. The TVs permeate their lives, guiding us what are we supposed to wear, how we are supposed to look and act. Television not only give positive but negative effects as well on the viewers of talkshows, many studies have impact of television on society. Mostly young ones are more affected by this. 14 August 1947 when 1st time these words were spoken instead of this is all India radio by Zahoor Azher in English and Mustafa Ali Hamadani in Urdu building of radio Pakistan Karachi built in 1950. In Pakistan Television was 1st introduce in the excitation near Mezare Quaid on 16 September. In 1955, it was a small source of entertainment and short circuit television came into being (Pakistan corporation limited PTV). 1st official television station commenced transmission telecast from Lahore. In Karachi 1966; In 1974 Peshawar and Quetta , In 1991-1992 original telecast work in black and white PTV launched a full-scale satellite telecasting services. PTV news , PTV national , PTV bolan (BOLOUCHI) , PTV Global (dish network) . In 15 July 1990 , 1st private channel NTM ( network television marketing ) was launched. On 1st March 2002 General Pervez Musharaf issued the ordinance for launching the private channels. Nearly 100 channels can see on TV like GEO , ARY , HUM , DUNIYA , SAMA , WAQAT , EXPRESS , CITY42 , MASALA , ZAUQ , GEO sports , Qtv , AJJ , etc , which is based on news , sports , religion , informative , documentary , music , cooking , business , political etc . Abdul Razaq Yaqoob (ARY) has leading private channels chain in Pakistan ( Javaid,2012) . History of talk show is quite long, and it represents first formats of programing in tv history. While the greater part of the early shows was geared towards politics and Government, a number of celebrity-oriented shows began to start up during the 1960s. In 1070s, talk shows were replaced by game shows.a host figures and anchors always host the talk shows.talk shows usually consist of groups of people who are learned and who get a great experience to whatever issue is being discussed on the episode of the show. A call-in show is that in which anchors takes the live call. Pakistani media is very lively. Current Affair programs or Talk Shows is most important format of private television channels. There are multi-dimensional role of Talk Shows or Current Affair Programs in Pakistani society : to inform to educate to formulate public opinion Current Affair Program or Talk Shows have great impact on politics , social values , life styles of people , relationship of masses and foreign policy. There are many Pakistani Talk Shows that are fulfulling our masses needs. For example : GEO Talk Shows ( AJJ RAAT KAMRAN KHAN K SATH ) , ( CAPITAL TALK ) ARY Talk Shows ( KHARA SACH ) , ( ) In theses talk shows , ask soft questions about our country crises due to this viewers like these programs because in these Talk Shows everyone fights and the anchor are expert in engaging people in fight with each other. Talk Shows is a TV program in which single anchor or more than one anchor have a conversation on different current affairs, participants of the talk shows are usually educated. They have great information experience about the current issues happening around the world. In some of the talk shows a single guest tells about their life experience, their work , career etc. the most important aspect of talk show is to spread awareness to give information to others etc. Nowadays people not only think about politics but they even are very interested in each and everything about talks ahows and happenings in it. By the talk shows nowadays viewers judge who is better what is good which political party they should give their votes to, and who will be the next leader this all helps the viewers to know more about it. Rationale of the study: The present study on â€Å"role of anchor of news channels creating political awareness in youth†. The researcher selected this topic to measure the role of news anchors to create political awareness among youth. Nowadays in Pakistan political issues are increasing day by day and almost every news channel is showing talk shows. Through these talk shows everyone got to know the political situation and issues happening in our country. Youth is the major part of our country on which our country development lies. From these talk shows people specially our youth came to know about political issues of our country. This study will also useful for our government. Objectives To find out the impact of talk shows Anchors in creating political awareness among youth in Lahore. To measure the level of political worth based on political participation and political awareness among youth in Lahore. To find out the knowledge of respondent about politics. Hypothesis Hi- Political Talk Shows motivate youth to take part in politics. Ho- Political Talk Shows are just for awareness of political issues. Hi- Talk Shows increase political efficacy among youth of Pakistan Ho- Talk Shows are informational live program for update of news in detail. Hi- Political talk shows increase the knowledge of respondents. Questions Do you think the role of talk shows Anchors effect the mind of youth in Lahore ? Do you think the Anchors play effective role in reporting a leader’s position? Is Anchors are providing proper information about political issue to their youth? Don’t you think that these political talk shows just give benefits to their channels? Are talk shows guided by the guests rather than anchor? Literature review Kabir (1965) states in his study that television has ability and it changes the tradition in the society and also has power to change the social rules of the society, television enforce the society to adopt new trends and made them part of their lives. . The purpose of the study is to measure the impact of t.v programs in the behaviors and the standard of living towards media. Roper (1975) as quoted by Mark (1982) in his research concluded that people habitually got most of the news about what is going on in the world from TV . When Ropers organization asked a national cross-section about this in 1974 , 65% replied TV and only 47% said newspapers. Rmeez Ahmad from the University of Punjab found that Talk Shows are increasing the political awareness and socialization of the viewers. Although respondents have awareness to talk shows they dont participate in politics. It showed the passive attitude of the young towards politics. Talk Shows of Pakistan TV channels are now an enjoyable battle of two political parties instead of conclusion on different issues or problems and demand from the people. Bilal et al. in 2012 consummated a study on talk shows on Pakistani TV. Their objective was to explore the relationship between spoken words and ideology of the Talk Shows anchors. They picked up two Talk Shows from GEO TV and they found that anchors try to maintain Talk Shows intentionally by setting agendas. However, Yousuf in 2012 states that Talk Shows are creating political awareness im Pakistan. Researcher showed that Pakistani electronic media is more informative. Talk Shows are playing a major role in shaping awareness. The researcher has conducted surveys. The study found that, TV viewers watch Talk Shows regularly and that they consider Talk Shows to be an informative program. A grand majority 96% of viewers believed that, Talk Shows can provide political knowledge and generate awareness to the public. Politics means social relations involving authority or power and to the methods and tactics used to formulate and apply policy. According to Hegel, Political History is an idea of the state with a moral and spiritual force beyond the material interests of its subjects: it followed that the state was the main agent of historical change ( Hegel, 1991). Aristotle concludes that man is a political animal : we can only achieve the good life by living as citizen in a state. Afsheen (2002 cited in saghir, 2009), in her article: As far as news Talk Shows section is concerned , private TV channels are doing well. In the discussion on ARY and GEO , people belonging to different political parties and areas of Pakistan express their views. They try to cover all the important occurring in Pakistan either having international values or not. So it is really a good sign that is public can get hold of all the information without censor or distortion of facts in governments favor. Today people not only think over it but also talk about politics. They know each and everything today due to political talk shows and also can judge who is better and should be next Leader and can work better for their country. ( politics portal, 2012). Four different ways of measuring the impact of anchor of Talk Shows have been used in previous research : stoichiometric techniques , interviews with key information , observation , and self-designating techniques (Jacoby , 1974; Rogers Cartano 1962 , Weismann 1994). The prominent measurements have always been self-designating techniques, because they can easily be administered in survey. Rees in 2007 said that uniqueness of the opinion in not special to the set-up of the talk shows. he states, In TV programs , we find normal arguments produce in normal ways, but intensified by the pressures of the specific purpose and layout of the show , hosts elicit arguments to increase the entertainment value of the show; participants use arguments to detract their opponents image and to enhance their own image. Alina , Marukh and Rana (2006) conducted the research level of interest in TV programs channels and its impact on personal aspiration of youth. For the conducted research, the greater the level of interest in TV programs, the greater will be the impact on personal aspiration of the students. Further, to find out the relationship, if any , between the level of interest in TV programs and its impact on personal aspiration. The study conducted by Daheem , Misbah and Atif (2007) , research of impact of political communication through electronic media on party loyalty. For the conduction of the present research , the researchers chose Pakistan Peoples Party that the division or categorization amongst this party has been seen to a much lower extent as compared to other contemporary political parties. Researchers also observed that the element of loyalty exists muh more in PPP as compared with other parties of its own level. Theoretical Framework There are many theories which are related to media and influence individual directly, proportionally, immediately etc. These theories have different means to the media and their users. Many theories come into this framework that can relate the topic of researcher. But researcher discussed the one theory which is : Two-Step-Flow of communication. Introduction Of The Theory: The two-step flow of communication theory was first introduce by Paul Lazarsfeld, Bernard Berelson , and Hazel Gaudet in The Peoples Choice, a 1944 study focused on the process of decision-making. These researchers expected to find empirical support for the direct influence of media message on their viewers. This theory assert the information from the media moves in two distinct stages. First, individuals(opinion leaders) who pay close attention to the mass media and its message receive the information. Opinion leaders pass on their own interpretations in addition to the actual media content. The term personal influence was coined to refer to the process intervening between the medias direct message and the audiences ultimate reaction to that message. Opinion leaders are quite influential in getting people to change their attitudes and behaviors and are quite similar to those they influence. The two-step floe theory has improved the understanding of how the mass media influence decision making. The theory refined the ability to predict the influence of media messages on audience behavior, and it helped why certain media campaigns may have failed to alter audience attitudes and behavior. Application Of The Theory: The theory describes that Talk Shows are answerable for refining viewers about the idea of political and social truth. This situation is clearly exposed by research which seeks to establish what audience can and do understand about and from the mass media. Such researches have shown that audience can talk intelligently, perform the way they see something influenced by media. The mass media may not be successful in telling people what to think , but mass media successful in telling what to think about. Media and the political talk shows creating awareness among audience and youth about the current situation of their country. The TWO-STEP FLOW THEORY asserts the following points: the information is transferred not only by the medium but also through interpersonal communication. There are people between the medium and the interpersonal communication network which are called opinion leaders or Anchor persons. The influence of such opinion leaders or Anchor persons is significantly larger than that of the medium. Research Methodology: Current Affair Programs are main source of television. It is playing a main role in creating political awareness among youth in Lahore. Mass Media is the source of influencing people to participate in politics and this is the only source of creating awareness in citizens that how to improve and run our political system. People are mainly affected by the news and news Current Affair Programs that are on air on different news channel of Pakistan around the clock. Research Design/Method: The design used by the researcher is survey design. Research Tool: The researcher used questionnaire . The questionnaire was usually developed to measure the role of Anchor persons in creating political awareness among youth in Lahore . close ended question were used. Close ended question allow the respondent to answer free and unbiased responses. Population: The population includes viewers of current affairs talk shows . So in this research the population is selected of youth in Lahore both Male and Female of ages 18 to 25. Sample: Different institutions of Lahore ( Kinnaird college , Lahore college , Punjab university and LUMS ) Accidental / Convenience Sampling : This sampling is used to collect data . A sample of 200 people has been selected. Department of media studies and political science are selected of chosen universities . The following universities have been selected randomly to conduct a survey among youth in Lahore Kinnaird college for women Lahore college for women Punjab university LUMS Variables: Daily watching Talk Shows creating awareness among youth Positive viewpoint about the country Political involvement 4.7Control Variable: Age 18-26 Respondents: Students or Youth 4.8 Statistical Analysis: The statistical software used is Mini Tab

Functionalism in Education

? Having attended public schools throughout my childhood and adolescence, I never was familiar with the term functionalism and its many elements. After observing and analyzing my field placement classroom I have come to understand the concept of functionalism to some extent. In general, functionalists â€Å"see schools as serving to socialize students to adapt to the economic, political, and social institutions of that society† (Feinberg, p. 6, 2004). They also theorize that in order for societies to survive, they must carry out vital functions such as, attaining fundamental knowledge and acquiring essential skills and proficiency, acknowledging certain norms and values within their community, and recognizing authority figures. It is also believed that social solidarity and role differentiation are the primary aspirations for a society and is achieved by means of the educational system. I can recall instances from my schooling experience, where functionalist aspects were taught and are presently being utilized in the classroom I observed. Some of the various features of functionalism that I identified within the classroom are hidden curriculum, role differentiation and specificity, which I will be addressing, more in depth throughout this paper. The classroom I analyzed from Smith Junior High consists of six special education students between the ages of 13 to 17. A majority of the students are racially diverse and come from a low income household. These students are classified as moderately mentally disabled and each have an IEP, which include their present level of academic achievement and functional performance. The setting of the classroom is comprised of a structured yet uncomplicated curriculum, where their teacher Angi Root, incorporates practical and efficient learning strategies. The entire curriculum is based upon the concept of functioning in every day situations so I was able to identify numerous functional activities. My first observation of the class was on January, 29th at 12pm in the afternoon. The students were just arriving back in the room from lunch and were quite boisterous because I was in the room. As soon as their teacher, Mrs. Root asked them to settle down, they instantly became silent. This is an example of an unspoken expectation of the teacher and is one of many hidden curriculums that I witnessed in the classroom. Another instance was during instruction; Mrs. Root had asked a question pertaining to shapes and who ever knew the answer, demonstrated this particular hidden curriculum by raising their hand. The functionalist concept, hidden curriculum, is best defined as â€Å"organizational features and routines of school life that provide the structure needed to develop the psychological dispositions appropriate for work and citizenship in industrial society† (Feinberg, p. 1, 2004). It is intended to assist in achieving norms, learning one’s position in society, and how to think of oneself. Hidden curriculum has also been explained as making the transition from family to the real world less difficult. This concept applies to the examples I gave because when the teacher asked the students to settle down, they instantly knew that they needed to follow directions. The idea that teachers are authority figures and deserve to be respected is instilled in children at a very young age and is expected to be upheld. As for students raising their hands when wanting to speak or answer a question, this has also been implanted in children’s minds and is a norm in today’s society. I conducted my second observation the following week on Monday, February 2nd, in the morning at 9am. The students had just barely arrived to school and it was the first day back after the weekend. Mrs. Root began the day by allowing the kids to choose their designated job o the week. The six jobs the students can select from are line leader, door holder, paper passer, sharpening pencils, turning the lights on/off, and errand runner. The kids get so excited about choosing their job or â€Å"role† for the week. This motivates them and makes them want to become more efficient and responsible. Functionalists dispute over the fact that all members within a society are compelled to perform different tasks. The concept of role differentiation is found in almost all communities and guarantees that even the most unpleasant jobs are completed. The process of selecting and fulfilling a classroom responsibility helps student’s form a personal identity of themselves. Role differentiation facilitates individuals to gain a sense of belonging in their society and helps build their character. It also assists them in learning responsibility which they can apply to every day life. My final observation took place on Tuesday, February 3rd, at 2:30pm. I was able to observe the teacher, Mrs. Root, enact the norm of specificity. One of the students, a girl named Shelby, is required to wear leg braces because she has a difficult time walking. When walking to Adapted P. E, we had to travel up stairs, which proved to challenging for Shelby. So she wouldn’t trip and fall, Mrs. Root helped Shelby maneuver up the steps until she was safely at he top. Another student named Marcus asked why we didn’t help him up the steps. Mrs. Root answered, saying that Shelby has a harder time getting up the stairs then he does. While Marcus can easily run up and down the steps twenty times, Shelby can barely make it up once with assistance. Specificity â€Å"refers to the treatment of a person in terms of some standardized basis of comparison† (Feinberg, p. 19, 2004). Universalism, which is equal treatment of individuals, is quite the opposite of the term specificity, permitting exceptions to be made for special circumstances. In lieu of the observations I made, Mrs. Root used her judgment on how to handle the situation of fairness. Instead of requiring the same treatment for all her students, certain exceptions are made for individuals with specific needs and disabilities. Overall, I was surprised to discover exactly how many differential functionalist aspects were actually utilized in the classroom I observed. Analyzing the roles and behaviors of the students and teacher, I now feel I have a greater grasp on the functionalist concepts. As for my view on functionalism, I am a bit concerned with the increasing diversity of school populations and the effect this is having on teaching functionalism in schools. At Smith Junior High, where I conducted my observations, â€Å"curriculum mapping†, which is quite the opposite of functionalist ideals, was being used by most of the teachers. There are many challenges that must be dealt with, in regards to this, because of the â€Å"No Child Left Behind Act†. I am not in opposition to the cohesion of different ethnic groups but am worried about the direction public schools are taking. I sense that the main functionalist approaches taught in public schools may become phased out, which in turn, will be extremely detrimental for the society as a whole.

It 210 Week 4 Check Point 1

1 Declare CountAge As Integer 2 Declare SumAge As Float 3 Declare Age As Float 4 Declare ParticipantAverage As Float 5 Set CountAge – 0 6 Set SumAge – 0 7 Write â€Å"Enter one age. Enter 0 when done. † 8 Input Age 9 While Age > 0 10 Set CountAge = CountAge + 1 11 Set SumAge = SumAge + Age 12 Write â€Å"Enter an participant age. Enter 0 when done. † 13 Input Age 14 End While 15 Set ParticipantAverage = SumAge / CountAge 16 Write â€Å"Your age average is â€Å" + AgeAverage * Lines 1–6 declare and initialize the variables. Line 7 asks for the first age and also explains that when you are finished entering the age for a particular set, you can end by entering 0. * The first Age is input on line 8. * Lines 9–14 are the loop. It sums the age entered and it keeps count of how many ages were entered. * In Line 10 keeps track of how many ages are entered. For each pass through the loop, CountAge is incremented by 1. If you enter three ages befor e you end the program by entering 0, the loop will execute three times and CountAge will be equal to 3.If you enter 5 ages, the loop will execute 5 times and CountAge will be equal to 5. * Line 11 keeps a sum of all the participant ages. To compute your participant average age, you must divide the sum of all your participants ages by the number of participants, so lines 10 and 11 keep track of the information we need to compute the average at the end. * Lines 12 and 13 ask the user for the next participants age and gets the next input. Here, if you’re done, you can enter a 0. * Line 14 ends the loop when the user enters a zero. * Line 15 computes the average and line 16 displays that average.

Study of the capital structure and corporate performance on the listed company in China The WritePass Journal

Study of the capital structure and corporate performance on the listed company in China 1. Introduction   (brief introduction) Study of the capital structure and corporate performance on the listed company in China 1. Introduction   (brief introduction)1.1 Motivation of research1.2   Objective of the research1.3   Structure of the paper  2. Literature review 2.1   Modigliani and Miller theoryModigliani Miller proposition one Modigliani Miller proposition twoModigliani Miller proposition three2.2   Trade-off theory2.3   Peaking order theory2.4   Signaling and information asymmetry theory2.5   Agency cost theory2.6   The cost of financial distress3. Methodology3.1   Data 3.2   Sample selection 3.3   Research Approach3.4   Research models and the description of the variables3.4.1 Determinants of the capital structure   (brief)Firm SizeGrowth OpportunityTangibilityLiquidityProfitability3.4.2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The   Capital   StructureTotal Debt RatioLong Term Debt Ratio3.5 Corporate Performance ROAROI  4. Hypotheses   Ã‚  (brief hypotheses) 4.1   Hypotheses for the determines of the capital structure4.1.1 Firm Size:4.1.2 Growth Opportunity 4.1.3 Asset’s tangibility4.1.3 Liquidity 4.1.4 Profitability 4.2   Hypotheses for the relationship between the determines of the capital structure and the firm performance5. Reference Related 1. Introduction   (brief introduction) The trade-off theory suggests an optimal mix of debt and equity for a firm to make the cost of capital structure minimum. There are a lot of empirical studies to figure out the determinants of capital structure, these determinants which imply that certain factors influence the capital structure that lead to the minimum cost of capital. So the managers should spent their time and effort to these determinants which can affect the capital structure. However, there are no research studies to show whether the expected minimum cost of capital can achieve the maximum financial performance and make the welfare of shareholders maximum. Therefore, there is no empirical research to study the direct relationship between the determinants of capital structure and the financial performance and shareholders wealth. This research is very important for company’s management, if there is no direct relationship between them, the manager can save much time and effort from it. 1.1 Motivation of research The determinants which can minimum the cost of capital structure attract the financial managers’ lots of time and work to study and achieve. However, there are no researches to study the direct relationship between the determinants of capital structure and the financial performance and shareholders wealth. So the motivation of this paper attempts to study whether determinants of capital structure have a direct effect to shareholders value and the performance of the corporate. 1.2   Objective of the research The objectives of the research are base on study whether determinants of capital structure have a direct effect to shareholders value and the performance of the corporate. For example, One obligations is figure out which determinant is most important to capital structure in the relationship between determinants of capital structure and debt level. The other objective is to test whether the debt level has an effect to a firms financial performance. 1.3   Structure of the paper The first part is introduction, the second part is literature review, and the third part is hypothesis, the fourth part is methodology which includes the data collection, sample set, regression mode and other things. The fifth part is analysis the data. The sixth part is the conclusion.   2. Literature review 2.1   Modigliani and Miller theory Modigliani and Miller’s theory provides the background for the subsequent theories. Modigliani Miller (1958) states the initial theory of capital structure. In the paper ‘cost of capital, corporate finance and the theory of investment’, Modigliani Miller (1958) assume three positions. Modigliani Miller proposition one Modigliani Miller (1958) state that: â€Å"The market value of any firm is independent of its capital structure and is given by capitalizing its expected return at the rate appropriate to its class.† The formula is: Vj=Dj + Ej=Xj / Pk  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  ( Figure 2.1Modigliani Miller 1958) Where Vj means the value of the firm j; Dj means the debt value of firm j; Ej means the equity value of firm j; Xj means the net return of the firm j before the increase and tax; Pk means the capitalization rate. This proposition means that the company cannot change the market value of the firms’ securities through the way of changing the capital structure. It means that in the different capital structure, the market value of the company is always the same. In other words, to the shareholders of the company, there is not better capital structure and the worse capital structure. Modigliani Miller proposition two Modigliani Miller (1958) state that: â€Å"The expected yield of a share of stock is equal to the appropriate capitalization rate for a pure equity stream in the same risk class, plus a premium related to financial risk equal to the debt-equity ratio times the spread between the capitalization rate and the cost of debt.† The formula is: Ij=P+ (P-r) Dj / Ej  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   (Figure 2.2Modigliani Miller 1958) Where Ij means the market value of the firm j; P means the expected return at the rate P; r means the interest rate on the debt financing; Dj means the debt value of firm j; Ej means the equity value of firm j. This proposition is developing form the proposition one, it can explain like the asset of the firm can produce a profit stream. And then this stream will affect the value of the firm. The value of the firm can be discounting of the profit stream at a discount rate which is base on risk degree (Megginson 1997). From the two above proposition, they implies that the increasing of the debt of a firm would not cause the value of the firm increased. Because the benefit of the cheaper debt will be offset by the more cost of equity (Ghosh, 2008). There two propositions should under a perfect world which is no tax, perfect capital market; credible disclosure of all information; no asymmetric information and no transaction and agency costs. Modigliani Miller proposition three It is not mistake about the above two propositions, but there is a huge challenge faced by the theory in the fact. It is said that the capital structure would not affect the firm’s value based on the Modigliani and Miller theory. The firms will choose the debt-equity ratio randomly in the different industries, different departments and different area. However, in fact, the airlines, the utility companies and the real estate will choose the high debt-equity ratio, and the drugs companies and the advertising companies are depending on their own money. In this situation, Modigliani and Miller realized the importance of the corporate tax, so in the study work in 1963, they add the corporate taxes in the Modigliani and Miller theory (Ghosh, 2008). Modigliani Miller (1963) assume that the value of a levered firm which is equal to sum of the un-levered firm’s value and a premium derived by discounting to perpetuity the stream of tax savings which is applicable so long as the fine has sufficient taxable capacity. After add the corporate tax, based that the debt interest has the tax deductibility, so it cause the firm’s value raise with the increasing of the debt-equity ratio. As a result, if the firm wants to have the maximum firm’s value, it should choose the 100% debt financing. However, at 1997, Miller did more work about the study of the capital structure. Miller (1977) put the personal taxes in their theory. MM theory is essential to the history of the capital structure. The appearance of the MM theory means the beginning of modern capital structure theory. Although the MM theory has many strict conditions which is not reasonable in the real world, but MM theory give a starting and structure to the study of the capital structure. 2.2   Trade-off theory Trade-off theory is developed base on the Modigliani Miller theory, because the Modigliani Miller theory only thinks about the debt interest which is the interest tax shields, but it ignores the extra cost and risk which cause by the debt, for example the cost of agency and the financial distress. On the other hand, the trade-off theory considers the both sides. The trade-off theory is also named the optimal capital structure theory which means the trade off between the interest of the debt and the risk and cost of the debt (Brigham Houston, 2004). Trade-off theory thinks that MM only can be accepted in the perfect market conditions, but at the same time, they think that the market is not perfect, the two phenomena to show the market’s unperfected are tax shields and the cost of bankruptcy (Brealey Myers, 2000). Under the trade-off theory, firms should consider the agency cost and the bankruptcy cost, when the debt ratio raise, then the tax effect raise, as a result, the cost of the agency and bankruptcy increase at the same time. If the firm’s agency cost and the bankruptcy cost are more than the tax effect, then the firms’ value decreases (Brealey Myers, 2000). So in the trade-off theory, they assumed that when the marginal cost of debt in a company (such as the agency cost and the cost of bankruptcy) is the same as the marginal benefit of the debt (such as the debt interest of tax shields), the firm’s value become the maximum (Gonzalez Gonzalez, 2008). Trade-off theory explains the different of the capital structure in different industries. For example, the high technology growth companies’ assets mostly are intangible asset with high risk, so they are usually have less debt; on the other hand, some airlines’ asset are mostly tangible asset with low risk, so they usually can have high debt ratio. 2.3   Peaking order theory Peaking order theory is firstly raised by Myers and Mujluf in 1984, peaking order theory is important for the theory of the capital structure, the peaking order is based on the signaling and information asymmetry theory. Peaking order theory studies the problem of finance order of the companies. It explains why the companies with the high profitability have the low financial leverage: the most reason is that these companies have enough ability to internal finance, they don’t need the external finance, so they have low debt ratio. On the other hand, the companies with the low profitability do not have the ample resources to use in the investment and the payment, they need external finance, so they have high debt ratio (Myers, 1984). The peaking order hypothesis is based on three assumptions about the financial behavior of the managers in companies (Myers and Mujluf, 1984). The first one is that because of the signaling and information asymmetry, so the managers will be informed more information about the opportunities of the investment or the firms than outsiders or new investors. The second one is that the companies like the internal finance more than external finance, because this way does not create any negative effect to the fluctuation of the share price. If the company must choose the external finance, the firm will firstly start with the debt to issue the safety security; secondly will choose the hybrid security, for example, the convertible bonds; lastly, the company will choose the equity, this order is based on the least effect to the share price. The third one is that the companies have much profit, and then it can choose to internal finance to satisfy the need of the money, so they have the low debt ratio. On the other hand, the companies with the low profitability need external finance to satisfy the need of the money, so they have high debt ratio. The firm’s capital structure, the strategy of finance and the dividend policy are the way about insiders to send the signaling. When the company has a new high profitability investment program, if the new program carries out, the firm’s value must increase. Because of the signaling and information asymmetry, if the company chooses to issue the new equity to finance, then the company always is regard as having the problem with the money by the market. So at this time, the best way to finance is choosing the internal finance, this way not only can avoid the share price decreased by the external finance, but also can make sure about the profit of the shareholders. When the company does not have enough ability to internal finance to satisfy the fund need of the program investment, the best external finance choice is the debt finance. Because if the company choose the debt finance, when the program has profit, the creditors only get the fixed interest and most of the profit is belong to the shareholders. Moreover, if the company takes the company asset as the mortgage in the debt finance, it causes very few effects to the company’s value. So the company’s finance order should be like this: the first one is internal finance, then the second one is debt finance, then the third one is issuing security, it means that the company always tries their best to use the internal accumulation money to investment, then use the debt finance still the debt finance may cause financial crisis of the company, the company would issue the safety security than the risky ones; the last choice is issuing the equity. 2.4   Signaling and information asymmetry theory As the above peaking order said: if the company issues a new equity to the market, it would let the investors misunderstand the company’s present situation or take the bad signals about the company, the investors or the new shareholder will doubt the company’s development in the future, they will worried about the company’s growth (Ghosh, 2008). All this caused by the signaling and information asymmetry. Ross Leland Pyle (1977) state the theory of the signaling and information asymmetry, their theory based on the asymmetry of the information about the real firm’s value and the real investment opportunity between the insiders and outsiders. The signaling and information asymmetry theory thinks that the asymmetry of the signaling and information warp the firm’s market value, it caused the strategy of the investment inefficiency. Different capital structure sends the signaling about the quantity of the company to the market, and they try their best to avoid sending the negative signaling. In the theory, the firm uses the appropriate way to send the signaling of the firm’s value to the market to affect the decision of the investors. The outsider investors regard the firms with the high debt ration as the high quality ones, because the high quality firms can accept the high stress of the interest cause by the high debt finance. On the other hand, the low quality firms cannot accept the huge interest caused by the high debt finance. So to the investors, they can observe the firms’ debt ratio to distinguish the quality of the firms. Ross (1977) found that if in the investment level is fixed, then the debt ratio can be a signaling to send the personal information to the insiders. So in the Ross model, it build on the base of the problem of the signaling and information asymmetry between the insider managers who well know about the information and the outsider investors who poor know about the information. In the Ross model, the profit of the firm follows the random distribution of the first-order, and then the managers know well about the real distribution of the firms’ profit, however, the investors do not know about this. So this situation caused that if the market overate of the firm’s value, then the managers will get profit from this situation; on the other hand, if the firm declares the bankruptcy, the managers will get punishment. As the above said that, the high quality companies can raise the debt ratio to tell themselves with the poor quality companies. So the main conclusion of the Ross t heory is that the firm’s value or the profitability has the positive relationship with the debt ratio, moreover, if the other conditions are the same, the increasing of the punishment to the manager (for example, the loss of the goodwill or more cost to find a job) will caused the decrease of the debt ratio. Leland Pyle (1977) study the way to send the signaling about the rate of the equity of the insiders. The business executives have the inside information about the program they want to invest, but due to the asymmetry of signaling and information, the market value show the average quality of the program, mass poor quality programs appear because of the existing of the moral hazard. In order to let the high quality program can do financing, the signaling must be sending to the market. So if the business executives who have the inside information about the program can invest the program, then it can be show to outsiders and the market the signaling about the real quality of the program. 2.5   Agency cost theory The agency cost theory first stated by Jensen Meckling in 1976. They said that in the company, the agency relationship would be as follow: â€Å"A contract under which one or more person (the principal) engages another person (the agent) to perform some service on their behalf which involves delegating some decision making authority to the agent.† Jensen Meckling (1976) The agent’s unperfected behavior caused the creation of the agency problem. There are two forms of the agency cost, they are two kinds of conflict, one conflict is between the shareholders and the managers, and the other conflict is between the shareholders and the creditors. The first conflict comes from that the managers are not the wholly owner of the company, if the managers wholly own all company, then the control and the ownership would be together instead of the separation, then the managers can have the all profit or pay the all cost. However, due to the managers cannot own the whole company, so the managers cannot fully own the whole profit which created by their hard working, furthermore, they must accept the all cost. On the other hand, if the managers increase the consumption when they are still in their position, they can have the all benefit and only accept some cost. This situation caused the managers do not devote all their enthusiasm and energy in the work, however, they spend much time on consuming, this led the firm’s value decrease. Moreover, managers will think their profitable more important than the shareholders’ profitable, so if the ownership of the managers in the firm is decrease, they may not spend whole energy to find the high profitable program to invest. This action will make the firm’s performance decrease. In the second conflict, to a investment program which is supported by the debt finance, if the investment of the program is successful, then the shareholders will get the most profit, but if the investment of the program is not successful, then the creditors will be charge the most loss, this situation make shareholders prefer to invest the programs with high risky. When the creditors realize these motivations of the shareholders, they will ask for higher rate of return of the securities (Diamond Hirsheifer Thakor, 1989). To this kind conflict, Diamond (1989) and Hirsheifer Thakor (1989) think that the company and the managers will choose the safety program separately form their own reputation, this will remit the conflict between the shareholders and the creditors. Because of the existing of the above two forms of the agency cost, there is possible to make the agency cost become minimum, and caused the firm’s value become maximum. So the objective of the agency cost theory is finding the best agency relationship to reconcile the profit relationship f the all parties become maximum, led to increase the firm’s value. When the margin profit of debt financing is equal to the margin cost of debt financing, the capital structure is optimal. 2.6   The cost of financial distress The cost of financial distress is important in the real society, especially play a key role in judging the optimal mix form between the equity and debt. The financial distress means that the company do not have the enough ability to satisfy the requirement of the obligations in financial, it may cause the company bankruptcy. When any firm under the situation of the financial distress, the direct or indirect cost would be exposed at a certain degree. In this situation, the cost which have relationship with the lawyers, accountants, courts, experts and the bankruptcy cost should be included in the direct cost. On the other hand, the indirect cost contain the losses which caused by company’s bankruptcy except the cash cost during the process of the bankruptcy. In particular, the indirect cost can be show in other ways, the first one is that the employees loss, especially, the important core employees go to another company. The seconded one is that because of the bankruptcy, the s tore products cannot sale, so the sale volumes must be affecting (Megginson, 1977). In the financial distress theory, the increasing of the probability of financial distress regard as the increasing of debt, although the increasing of the profit of the debt tax shields also regard as the increasing of debt. In this situation, the company should keep balance between the bankruptcy risk and tax shield profit. The best capital structure will make the all capital cost become minimum, and then make the company’s performance and company’s value become maximum (Baxter, 1967). 3. Methodology 3.1   Data In this paper, most of the data are secondary data which collected from the secondary sources. The all listed companies which used in the paper were found in the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange. The all data are collected from the China Securities Regulatory Commission (CRSC), Shanghai Stock Exchange (SHSE), Shenzhen Stock Exchange (SZSE), Guotaian CSMAR Database. Major Index, Securities Issuing, Listed companies and Annual Reports (balance sheet, profit and loss and the statement of the cash flow) can be found in these systems. In China Securities Regulatory Commission (CRSC), all Chinese listed companies can be found. The data information can be downloaded from its website. This information is all official published for everyone. The data have high quality. But the information have a limitation which is not included the latest information sometimes. Shanghai Stock Exchange (SHSE) is also used in this study. It is another source to collect the data. It offers the companies’ information which is listed on the Shanghai Stock Exchange. The financial information can be found and downloaded from its website. Shenzhen Stock Exchange (SZSE) is almost the same as the Shanghai Stock Exchange (SHSE), except the listed companies is different. The financial information also can be found and downloaded from its website. The data from the two stock exchange are both without the quality problem. Guotaian CSMAR Database is a system which set up by Guotaian Company. This database offers the information about the Chinese security, futures, foreign exchange, macroscopic view and industries (only in China). It is produced base on CRSP and COMPUSTAT. Now there are more than 500 universities and financial institutions use the data from the Guotaian CSMAR Database in the study of the Chinese security and economic. The information can be found and downloaded from its website. The all data from these systems are without the quality problems, there is an third-party institution would be audited the all data. These data are correct and public. 3.2   Sample selection The samples for this paper consist of 100 non-financial listed Chinese compnies in the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange from 2008 to 2010. The selection criteria as follow: The companies must not belong to the financial services sectors, for example the banks, the companies of insurance and the investment trusts), because the financial sector have a special capital structure and operational characteristics. There are big different between the financial sector and non-financial sector (Rajan Zingakes, 1995). The companies must belong to the A share companies in the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange. The companies must not belong to the Special Treatment (ST) listed companies and Particular Transfer (PT) listed companies. They have abnormal data which would affect the whole data analysis. The companies must fulfill to offer a continuous and complete financial statement from 2008 to 2010. This is the key criteria. The continuous and complete financial statement at the same period can make sure these companies under the same financial environment. This criterion can make the compare under a fair condition. The companies must not belong to the industry which has huge different in innate resource, for example, the agriculture, forestry and fishing industries. Moreover, the companies must not belong to the industry which has huge different affected by the policies factors, for instants, the public utilities. Under these criteria, 100 listed companies are chose form the Shanghai (SHSE) and Shenzhen (SZSE) Stock Exchange. 3.3   Research Approach This paper is used the secondary data to analyze. In this study, the commonly software like E-views and SPSS would be used. E-views and SPSS are good for the panel data analysis, corss-sectional and time series. In this paper, this software would be used to test the relationship under the panel data analysis. 3.4   Research models and the description of the variables There are two independent regression model showed in this paper. The first one is the model for studying the variables whether affect the capital structure. The variables are Firm Size, Growth Opportunity, Tangibility, liquidity, Profitability. The second one is the model for studying the variable whether affect the corporate performance. The variables are Firm Size, Growth Opportunity, Tangibility, liquidity, capital structure. Because there are two regression models, there are two groups hypotheses showed in the study. 3.4.1 Determinants of the capital structure   (brief) In this paper, five variables are chose to analyze the relationship with the capital structure. They are Firm Size, Growth Opportunity, Tangibility, liquidity, Profitability. Firm Size According to Zeitun (2007) state that the measures of the firm size which is the natural logarithm of total asset of the companies. The equation is as follow: Size = ln TAit The TA means that the total asset of the company. TAit means the total asset of the company i at year t. Growth Opportunity The measures of the firm are measured by the growth of sales or revenue. Revit means the total revenue of the company i at year t. The equation is as follow: Growth it   =   (Revit) – (Revit-1) Revit-1 Tangibility Rajan (1995) states that the tangibility measured by the ratio of total fixed asset to total asset. FAit means the total fixed asset of the company i at year t and TAit means the total asset at the same company i at year t. The equation is as follow: TANGit =  Ã‚   FAit  Ã‚   TAit Liquidity The measure of the firm’s liquidity by the Total Current Assets divided by Total Current Liabilities. TCAit is the total current asset for firm i at year t and TCLitis the total current liability of the same firm i at year t. The equation is as follow: CurRtio =     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  TCAit  Ã‚  Ã‚   TCLit Profitability The measure of the firm’s profitability by the Net Income divided by Total Revenue. NIit is the net income for firm i at year t and Revit is the total revenue of the same firm i at year t. The equation is as follow: NETROit =   Ã‚  NIit  Ã‚   Revit 3.4.2  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The   Capital   Structure In this paper, two variables are chose stand for the capital structure in the analysis of the relationship with the determinants and corporate performance. They are Total Debt Ratio, Long Term Debt Ratio. Total Debt Ratio This is measure as total debt divided by total. TDit is the total debt for company i at year t and TAit is the total asset for the same firm i at year t. The equation is as follow: TDTAit =  Ã‚   TDit   Ã‚   TAit Long Term Debt Ratio This is measure as Long term debt divided by total. LTDit is the total debt of company i at year t and TAit is the total asset for the same company i at year t. The equation is as follow: LDTAit =  Ã‚   LTDit   Ã‚   TAit 3.5 Corporate Performance In this paper, three variables are chose stand for the corporate performance in the analysis of the relationship with the determinants and corporate performance. They are ROA, ROE and ROI. ROA The measure of the firm’s ROA (return on asset) by the Net Income divided by Total asset. NIit is the net income for firm i at year t and TAit is the total asset for the same company i at year t. The equation is as follow:   Ã‚  Ã‚  Ã‚  Ã‚  NIit    TAit ROI The measure of the firm’s ROI (return on investment) by profit before interest and taxation divided by total assets minus current liabilities. PBITit is profit before interest and taxation for firm i at year t and TAit is the total asset for the same company i at year t. CLit is the current liabilities for the same company i at year t. The equation is as follow: ROI =   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  PBITit     Ã‚  Ã‚  Ã‚  -    CLit TAit ROE The measure of the firm’s ROE (return on equity) by net income available for shareholders divided by shareholders equity. NISit   is net income available for shareholders for firm i at year t and SEit is the shareholders equity for the same company i at year t. The equation is as follow: ROE =     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  NISit  Ã‚   SEit   4. Hypotheses   Ã‚  (brief hypotheses)    4.1   Hypotheses for the determines of the capital structure 4.1.1 Firm Size: In the agency theory and trading-off theory, it is said that the firm size has a relationship with the level of debt. Firm size is a very important key factor should be considered in the choice of the firm’s capital structure. In the trading-off theory, the cost of the bankruptcy is constant, so the rate of the bankruptcy cost in the firm’s value will decrease with the increasing of the firm’s size, this led the financial leverage rise. Moreover, in the agency theory (Jensen, 1986), it said that the bigger the company is, the more transparency the company has. It will cause that the more information will be given to the creditor, and then the cost which caused by the signaling and information asymmetry will be decrease. There are the reasons why bigger company has higher ratio than the small company. It is also found that the bigger firms prefer the long-term debt than the short-term debt, and the smaller firms prefer the short-term debt than the long-term debt. Because that the ownership of the bigger company is more widespread, the benefit to choose the long-term debt for the bigger company is having better control over the managers and having the power to bargain with the creditors (Marsh, 1982). On the other hand, bigger companies are usually more diversified than the small companies, these companies always take the vertical integration management strategy, they have more risk resistance capacity, they have less possible to go bankruptcy, and so the larger companies are easier to take the debt finance compare to the small companies. So these above arguments indicate that firm’s size have a positive relationship with the debt level. But in the peaking-order theory, they think that if the firm’s size is bigger, then it is easier to have fund procurement inside the company, having the inside finance, so it led that the bigger company prefer to choose the equity finance than the debt finance. According to the above theory, there are different discussions given by the capital structure theories about the relationship between the firm size and the debt. So this paper assumes there is a positive relationship between firm size and debt following this hypothesis: HI-1:   There is a positive relation between firm size and debt. 4.1.2 Growth Opportunity Beside the firm size, it is said that there is another factor can affect the capital structure. It is the growth opportunity. The companies with high growth opportunity have more flexibility in operating, moreover, the companies with high growth opportunity usually are belong to the new industry, and these companies’ assets have high plasticity. There are some arguments to show that growth opportunity has a negative effect to the debt level. For example, the one is the trading-off theory, the companies with high growth opportunity would have less debt ratio, because the growth opportunity is regard as a intangible asset to these companies, it is difficult to be a collateralized assets, it leads that the companies with more tangible asset would like to borrow more than the companies with high growth opportunity. The other argument is show in the agency theory (Myer, 1977), it is said that if the companies have the high growth opportunity, then it caused the companies have the lower debt levels, because that if the companies have the high debt level, then the debt holders have opportunity to restrict the companies’ investment plan to not investment some valuable programs and expropriate the money from the shareholders. However, there are some arguments to show that growth opportunity has a positive effect to the debt level. The first one is show in the signaling theory, because if the past investment history can be regard as a good signaling to the companies, then this good signaling can take the good respond in the performance, then it can let the companies with the high growth opportunity have ability to continue to use the more debt due to the dead weight cost caused by the debt. But the companies with less growth opportunity may not be able to use more debt, then because of the high cost caused by the debt, these companies may decrease the debt level. Although the agency theory shows the negative relationship between the growth opportunity and the debt level, it also shows a potential positive relationship between these two. The agency theory assumes that if the company has the high growth opportunity, then it may need more debt. Due to that the growth opportunity can help the managers to contr ol the number of the necessary resources to increase their power in the company. So at this time, the function of the debt in here is to restrict the opportunistic action of the managers. According to the above theory, there are different discussions given by the capital structure theories about the relationship between the growth opportunity and the debt. So this paper assumes there is a positive relationship between growth opportunity and debt following this hypothesis: HI-2:   There is a positive relation between growth opportunity and debt. 4.1.3 Asset’s tangibility HI-3:   There is a positive relation between assets’ tangibility and debt. 4.1.3 Liquidity Liquidity means that the ability to a company to reach the obligation of short term. It is equal to the ratio of the current assets divide current liability. Capital structure may be affected by the liquidity. There may be a positive relationship between the liquidity and the debt, because that if the companies have the high liquidity, then they may need the high debt to help them to satisfy their short-term obligation. However, a negative relationship between the liquidity and the debt shows in the peaking-order theory, according to the Prowse (1990), if the companies have the high liquidity, then they have possible to change their finance way which is choosing the their asset to regard as their internal financing source, they may give up the past finance way which is that financing by issue the debt. This reason may indicate that the companies with high liquidity may have less debt. Furthermore, this negative relationship also show in the agency theory, the liquidity of the asset o f the companies can be regarded as the extent of the asset which can be controlled by the shareholders when expense should be cost by the debt holders. According to the above theory, there are different discussions given by the capital structure theories about the relationship between the liquidity and the debt. So this paper assumes there is a negative relationship between liquidity and debt following this hypothesis: HI-4:   There is a negative relation between liquidity and debt. 4.1.4 Profitability According to the Modigliani Miller (1958), profitability can he be a signaling to show the shareholder or creditors the company’s future profit. And then their much research can show that there is a relationship between the profitability and debt. A positive relationship between the profitability and the debt showed in the agency theory. In the agency theory, it said that because that if the external equity is increase, then the ownership may be change, so in order to not let this situation happen, the companies with the high profitability will control the external equity. On the other side, the shareholders who own the control right would like to increase the debt level to make sure the managers in the company to pay their attention on the profit instead of expanding their company or be the NO.1 in the industry. HI-5:   There is a negative relation between profitability and debt. 4.2   Hypotheses for the relationship between the determines of the capital structure and the firm performance H2-1:   There is a positive relation between firm size and firm performance. H2-2:   There is a positive relation between growth opportunity and firm performance. H2-3:   There is a positive relation between assets’ tangibility and firm performance. H2-4:   There is a positive relation between liquidity and firm performance. H2-5:   There is a positive relation between capital structure and firm performance. 5. Reference Baxter, N. D.1967, Leverage, risk and the cost of capital, Journal of Finance,   vol. 22, no. 3, p. 395 Brealey, R. A. Myers, S. C. 2000, â€Å"Principles of Corporate Finance, 6th edition edn, Boston, McGraw-Hill. Brigham, E. F. Houston, J. F. 2004, â€Å"Fundamentals of Financial Management†, 10edn, South Western, a division of Thomson Learning. Diamondï ¼Å'Dï ¼Å½Reputation Acquisition in Debt Marketsï ¼Å'ï ¼Å½Journal of Political Economy 1989(97) Harrisï ¼Å'Milton Artur Ravivï ¼Å'Corporate Control Contests and Capital Structureï ¼Å'Journal of Financial Economicsï ¼Å'1 988(20)ï ¼Å¡55- 86 Hirshleifer, David and Anjan Vï ¼Å½Managerial Reputationï ¼Å'Project Choice and Debtï ¼Å½Working Paperï ¼Å'Anderson Graduate School of Management at UCLAï ¼Å'1989ï ¼Å¡ Jensenï ¼Å'Mï ¼Å½Cï ¼Å½and Mecklingï ¼Å'Wï ¼Å½Hï ¼Å½Ã¯ ¼Å'Theory of the Firmï ¼Å¡Managerial Behaviorï ¼Å'Agency Costs and Ownership Structureï ¼Å'Journal of Financial Economicsï ¼Å'1 976(3)ï ¼Å¡305- 360ï ¼Å½ Leland, H., Pyle, D. (1977). Information Asymmetries, Financial Structure and Financial Intermediation.   Journal of Finance, Vol.   32, pp 371-387. Modigliani, F. Miller, M. H. 1958,   Tcost   of capital, corporate   finance   and   the   theory   of investment,   American Economic   Review,   vol. 48, no. 3, p. 261. Modigliani, F. Miller, M. H. 1963,   Corporate   Income   Taxes   and   the Cost   of Capital:   A Correction,   American Economic   Review,   vol. 53,   no. 3, p. 433. Miller, M. H. 1977, â€Å"Debt and taxes’’, Journal of Finance, vol. 32, no. 2, p.261. Megginson, W. 1997, â€Å"Corporate finance theory Reading, Mass.; Harlow: Addison- Wesley. Myers, S. C. 1984, â€Å"Finance Theory and Financial Strategy, Interfaces, vol.   14, no. 1, pp. 126-137. Myers, S. C. MAJLUF, N. S. 1984,   Corporate   financing and   investment   decisions   when firms have   information   that   investors   do   not have,   Journal of Financial Economics,   vol. 13,   no. 2, pp. 187-221. Ghosh, A. (2008).   Capital Structure and Firm Performance. London: Transaction Publishers. 1 ­126. Gonzalez., M. V., and Gonzalez, F. (2006). Firm Size and Capital Structure: Evidence using dynamic Panel Data. Journal of Economics and Literature. G32 (1), 1 ­26. Prowse,   S. D., 1990,   Institutional investment   patterns   and   corporate   financial behavior   in the United States   and   Japan,   Journal of Financial Economics,   vol. 27, no. 1,   pp. 43-66. Stulzï ¼Å'Reneï ¼Å½Why Financial Structure Mattesï ¼Å'Journal of Economic Perspectives 1 988ï ¼Å¡1 2 I ·1 26ï ¼Å½ Rajan, R. G. and Zingales, L. (Dec. 1995). What Do We Know about Capital Structure? Some Evidence from International Data. Journal of Finance. 1 (1), 1421 ­1459. Ross, S. A.   (1973). The Economic Theory of Agency:   The Principal’s Problem. American Economic Review, Vol. 63, pp 134-139. Ross, S. A.   (1977). the Determination of Financial Structure:   The Incentive Signaling Approach.   Bell Journal of Economics, Vol. 8, pp. 23-40. Zeitun, R. and Tian, G. G. (2007). Capital Structure and Firm Performance: Evidence from Jordan. Australia Accounting Business and Finance Journal. 1 (4), Article 3.

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