Sixth President John Quincy Adams - Fast Facts

John Quincy Adams was the ultimate diplomat for the United States. He was the son of Americas second president, John Adams. Like his father before him, he only served one term as president. After his failed second bid, he was elected to serve in the House of Representatives.   Following is a quick list of fast facts for John Quincy Adams.For more in depth information, you can also read the: John Quincy Adams Biography Birth: July 11, 1767 Death: February 23, 1848 Term of Office: March 4, 1825-March 3, 1829 Number of Terms Elected: 1 Term First Lady: Louisa Catherine Johnson  - She was the only foreign-born First Lady.   John Quincy Adams Quote: Individual liberty is individual power, and as the power of the community is a mass compounded of individual powers, the nation which enjoys the most freedom must necessarily be in proportion to its numbers the most powerful nation. Additional John Quincy Adams Quotes Major Events While in Office: Erie Canal Opens (1825) Tariff of Abominations (1828) Related John Quincy Adams Resources: These additional resources on John Quincy Adams can provide you with further information about the president and his times. John Quincy Adams BiographyTake a more in depth look at the Sixth president of the United States through this biography. Youll learn about his childhood, family, early career, and the major events of his administration. Top 10 Significant Presidential ElectionsJohn Quincy Adams was involved in one of the top ten significant elections in American History. In 1824, he beat Andrew Jackson for the presidency when it was put into the House of Representatives through what has been called the Corrupt Bargain. Chart of Presidents and Vice PresidentsThis informative chart gives quick reference information on the Presidents, Vice-Presidents, their terms of office, and their political parties. Other Presidential Fast Facts: James MonroeAndrew JacksonList of American Presidents

Entertainment and Arts Marketing Assignment Example

Essays on Entertainment and Arts Marketing Assignment The paper "Entertainment and Arts Marketing" is a worthy example of a marketing assignment. Global marketing is an imperative venture for any organization that seeks to appeal to a wider market in the twenty-first century. Art exhibition business has important features such as location, hospitality techniques, contents arrangement and product features that either affects the business positively or negatively. Art exhibitions business has been going through various issues that need to be taken note of by marketers therein. (Baker, 2000)IntroductionSince the onset of the nineteenth century, there has been a remarkable acceleration of globalization in developed and developing nations. This has been precipitated by significant changes such as improved information technology. Many organizations or businesses no longer look at the national market but seek to reach out to the wider population in other nations. (Blythe, 2001)In order to achieve this goal, global marketing is inevitable. This paper, therefore, expounds on an issue in entertainment and arts marketing. This includes an overall review of the situation. There is also the elaboration of key areas as pertains to entertainment and arts. Finally, the paper illustrates the resultant implications for marketers.Review of the current situationArt exhibitions are places where different artifacts are flaunted to be viewed by interested parties. These could include pieces of sculptures, drawings, antiquity, clothing, pictures or even music. This is sometimes displayed in art galleries, museums and art clubs among other places. (Cinchona and Ronkainen, 2005)An overall analysis of the art exhibition industry shows that it is facing some challenges. One aspect that is quite evident in this business is that its marketing strategies are not at par with global marketing expectations. There are various channels that businesses that are expected to reach out to the global market are supposed to use in order to appeal to a wid er market. (Dale, 2006)This has not been effectively utilized. The majority of art exhibitions in the United States are known to use advertisement channels that are not quite global in nature. For instance, many of the museums are rarely advertised on global television channels. This is a problem that needs to be thoroughly looked into if the business is to experience success in a tough global economy. Unlike other business sectors, this arts and entertainment sector is somehow slow in reaching out to customers from different nations to purchase and even view different antiques. (Baker, 2000)Museums and other art exhibitions do not invest a lot of financial resources in carrying out online marketing. This is a very viable and up to date channel that is reaching many people and one that improves any business’s customer base. Price is a very important component of any marketing. (Lancaster and Massingham, 1999)This can be used to attract customers. Art galleries are not using t his component to market their services and products.

Essay on Western Music free essay sample

We can divide each major element of Western Music into periods_ Some of the major periods of Western Music consist of Baroque, Classical, Romantic, and Modern Music. Each period contributed key elements that have influenced the formation of music. These key periods helped form the musical geniuses;Bach, Beethoven,Mozart,Verdi, and Copeland. The Baroque period lasted from 1600-1750. The two best known Baroque composers are Johann Sebastian Bach and George Frederick Handel. The music of the period is thick and complex polyphonic texture prevails In many composers works.The music gives a sense of drama and urgency Is Incorporated Into In vocal forms such as the cantata, mass, opera, oratorio and passion, and in instrumental forms such as the concerto, concerto gross, prelude, fugue, toccata sonata and suite. Vibrant rhythms and expressive dissonances heighten tension in many Baroque works. Much of the Baroque keyboard music written for the harpsichord and clavichord was written In suites comprising separate dance pieces, changing In tempo and meter but maintaining key unity throughout. The Dance Movements such as the allemande, accurate, serenade, segue and others such as the gavotte, muskets, Euro, minuet and paean. Each dance movement is usually written in two sections called Binary form, and Is generally performed with each section repeated. Other forms of keyboard music from the Baroque period are theme and variations, piccalilli, channel, invention, prelude, fugue, choral prelude, recreate, fantasy, toccata and concerto. The two best known Baroque composers are Johann Sebastian Bach and George Frederick Handel. The Classical Era (1750-1820 C. E. Although the Classical Era lasted for only 70 years, there was a substantial change In the music that was being produced. Lassie music placed a greater stress on clarity with regard to melodic expression and instrumental color. Although opera and vocal music (both sacred and secular) were still being written, orchestral literature was performed on a much broader basis. The orchestra gained more color and flexibility as clarinets, flutes, oboes, and bassoons became permanent members of the orchestra. The classical style was dominated by homophony homophony, which consisted of a single melodic line and an accompaniment.New forms of Nas the sonata sonata which was in instrumental music. This form continued to hang and evolve throughout the classical period, and it is important to note that the classical sonata was very different from the sonatas written by Baroque composers. The early sass reflected a musical style known as Rococo. This style served as a transition from the Baroque to the Classical Era. Rococo, which developed in France, is actually an art term that described a new art style which was both a light and embellished. Musically speaking, it is referred to as style gallant. In Germany, after 1750, the style gallant became infirmaries still.With this change in name came an deed element of expressiveness and sentimentality. As classical music evolved, distinctive characteristics developed. Changes in form were seen along with changes in phrase structure. Shorter phrases and well defined cadences became more prevalent. During this time period, a favorite accompaniment pattern was the Alberta bass (name for Dominic Albert), which featured a broken chord progression. The melodies of the Classical era were more compact and diatonic. Harmony was less structured. It used the tonic, dominant, and subdivision chords.In addition, during his period, diatonic harmony was more common then chromatic. Composers mainly used chords in triadic form and occasionally used seventh chords in their The four major composers of the Classical era were Haydn, Mozart, compositions. Cluck, and Beethoven. These composers wrote extensively for vocal and instrumental mediums. Ere Romantic Era 11850- 1920 C. E. ) The Romantic era was a period of great change and emancipation. While the Classical era had strict laws of balance and restraint, the Romantic era moved away from that by allowing artistic freedom, experimentation, and creativity.The music of this time period was very expressive, and melody became the dominant feature. Composers even used this expressive means to display nationalism nationalism. This became a driving force in the late Romantic period, as composers used elements of folk music to express their cultural identity. As in any time of change, new musical techniques came about to fit in with the current trends. Composers began to experiment with length of compositions, new harmonies, and tonal relationships. Additionally, there was the increased use of dissonance dissonance and extended SE of chromatics chromatics.Another important feature of Romantic music was the use of color. While new instruments were constantly being added to the orchestra, composers also tried to get new or different sounds out of the instruments already in use. One of the new forms was the symphonic poem symphonic poem, artistic background to it. Another was the art song art song, which was a vocal musical work with tremendous emphasis placed on the text or the symbolical meanings of words within the text. Likewise, opera became increasingly popular, as it intended to musically tell a story and to express the issues of the day.Some of the themes that composers wrote about were the escape from political oppression, the fates of national or religious groups, and the events which were taking place in far off settings or exotic climates. This allowed an element of fantasy to be used by composers. During the Romantic period, the virtuoso virtuoso began to be focused. Exceptionally gifted performers pianists, violinists, and singers became enormously popular. List, the great Hungarian pianist/composer, reportedly played tit such passion and intensity that women in the audience would faint. Most composers were also virtuoso performers; it was inevitable that the music they wrote would be extremely challenging to play. The Modern/20th Century Era (1900 present) With the coming of the 20th century another evolution in the musical world emerged. While some of the early 20th century music can be seen as extensions of the late Romantic style, much of 20th century music can be seen as a rebellion. Composers did not look to build on what was standard but again created music freely ND used sounds that went against the current grain.Twentieth century music can be described as being more refined, vague in form, delicate, and having a mysterious atmosphere. Twentieth century music is an era that is hard to define in terms of musical style. The only easy way to define 20th century music is that it does not fit into the Romantic eras requirements. And because of its own expression and orchestral technique it does not fit into any other category but its own. This time period spawned many new terms for musical styles because of the diversity of music that was being written.Some common examples are atonality, expressionism (seen in Schoenberg early music), neo-Romanticism neo- Romanticism, and neo-classicism Neo-classicism. As was true in the Romantic era, nationalism nationalism was still an important musical device used during the first half of the 20th century. Composers utilized folk songs to enriched their music. Examples can be seen in the music of Rappel Vaughan Williams (England), Bell Bartok (Hungary), Hitherto Villa Lobos (Brazil) and Aaron Copeland (USA). Jazz and popular musical styles influenced composers from both the United States and Europe. D recreated or composed using non-western musical techniques and abstract ideas. Technology also became an extremely important factor in the music making during this time period. Composers have been known to use recording tape as a compositional tool. Electronically created sounds are used in combination with other electronic sounds or played together with traditional music instruments. Most recently, the use of computer technology has affected the world of music making. Some ways in which computers currently alter the face of the music world are by manipulating the performance of instruments in real time.

Animal Rights Analysis Essay Example For Students

Animal Rights Analysis Essay Throughout High School I learned to develop many different types of skills. Development Came a little easier or me when it came to writing. necessarily not only writing was developed but also imagination and feelings. You may ask, Why Feelings? Because writing is not only just that writing it is opinions, facts, emotions, and feelings that I put into words. Among these I learned also very important skills that are crucial in every writers paper which are Grammar, Vocabulary, and paragraph structure. I believe that if all these are combined and used effectively a perfect essay paper would be in hand. Poetry is another writing skill I learned to develop as I was attending High School. Poetry as everyone knows are feelings and emotions that a human puts into words. I learned to best express myself by writing out what I felt and creating poetry out of that. Writing is not only important to me, but also to my heart and soul. During my first steps in becoming a writer I explored imagination . My development as a writer came while attending High School. I was taught and guided with learning how to appropriately use grammar, vocabulary, and paragraph structure. As development came into more focus I also learned to write Poetry and place feelings and emotions onto a piece of paper. For example, when I am feeling sad and depressed I write down that I a feeling sad with words that sound beautiful and make a story out of it. As I began to develop more and more as a writer, grammar, became a necessity not only in essays but also in language. My use of grammar became a necessity not only in essays but also in language. My use of grammar in writing were simply not getting along . For example, I would always use Him and I went little did I know before High School that, that was a bad use in grammar. As a teenager growing up in Boyle Heights, I developed my own style of grammar none of which was appropriate in the making of an essay or in speech. My bad use of grammar was never more reflected than in my essays. It is the clear tendency of wanting to be like the majority instead of the minority. Among music and friends, are all popular influences in the way I speak and write. Never was it more Difficult for me than in English class. When the teacher graded that essay or corrected me when she/he heard me speak I felt most embarrassed and knew I had to do a direct change, not only for my grade but also for myself. For example, once we had oral essays to write in order in order to read them in front of the class. I began to lead my paper and I stumbled onto a word that I should have not used which was dude in my essay. The whole class laughed but the teacher did not and she gave me detention . I thought I had not done anything wrong but to her obviously I had. Grammar is crucial and very important to everyday life. The way I speak, the language I use, the way I write. These are all representations of who and what I am. Because character is demonstrated through language and the way I speak. The use of vocabulary words throughout my writing development was developed by reading. Reading has helped me increase and expand the use of vocabulary words. Before reading came to my attention my vocabulary skills were not out of place but out of focus. For example, before I would use such phrases as Its all just maladjusted. By using the vocabulary word maladjusted was not a bad pick out of the collection of words but rather, I was not explaining what or how it was being maladjusted. .u9940ff76d7cc84e49007a82394ffefa0 , .u9940ff76d7cc84e49007a82394ffefa0 .postImageUrl , .u9940ff76d7cc84e49007a82394ffefa0 .centered-text-area { min-height: 80px; position: relative; } .u9940ff76d7cc84e49007a82394ffefa0 , .u9940ff76d7cc84e49007a82394ffefa0:hover , .u9940ff76d7cc84e49007a82394ffefa0:visited , .u9940ff76d7cc84e49007a82394ffefa0:active { border:0!important; } .u9940ff76d7cc84e49007a82394ffefa0 .clearfix:after { content: ""; display: table; clear: both; } .u9940ff76d7cc84e49007a82394ffefa0 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u9940ff76d7cc84e49007a82394ffefa0:active , .u9940ff76d7cc84e49007a82394ffefa0:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u9940ff76d7cc84e49007a82394ffefa0 .centered-text-area { width: 100%; position: relative ; } .u9940ff76d7cc84e49007a82394ffefa0 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u9940ff76d7cc84e49007a82394ffefa0 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u9940ff76d7cc84e49007a82394ffefa0 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u9940ff76d7cc84e49007a82394ffefa0:hover .ctaButton { background-color: #34495E!important; } .u9940ff76d7cc84e49007a82394ffefa0 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u9940ff76d7cc84e49007a82394ffefa0 .u9940ff76d7cc84e49007a82394ffefa0-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u9940ff76d7cc84e49007a82394ffefa0:after { content: ""; display: block; clear: both; } READ: Development of Nora's and Torvalds relationship EssayIn other words, I was not explaining or defining its meaning and where it was coming from. I had problems pronunciation some complex vocabulary words and also spelling words out. I was one of them. Fro example, I always had a hard time and still do pronouncing and spelling out this word, vitreous. But I overpowered it by reading more it helped me a lot in pronunciation and spelling. Vocabulary words are important to try and perfect day in and day out. Depending on the use of vocabulary words on any paper it will immediately shed light on the paper and intrigue the reader. Paragraph structure is something I have had to struggle with teachers because of its imposing system of rules and structures, leaving expressions and free writing out of place. It is understandable to believe that paragraph structure forms clarity, unity, and organization. I believe that by following up on part graph structure makes the writer less excited about an essay assignment and also lose taste. For example, I am happily writing about a favorite subject, meanwhile forming an essay when all of a sudden I am bombarded with topic sentences , concrete details, and conclusions and they must all be in order. As my writing developed I find myself using less and less of my own character and personality or in other words, less of me and more of structurizing this is one of the reasons why most essays sound dry and have no personality. I learned to understand and use paragraph structure by simply following the rules and dealing with it also, by practicing. Not always I am going to want to follow the rules, but the truth us that If I want a good essay and want the A instead of the B what makes a good writes is when emotions and feelings become words. Poetry became my gateway in perfecting myself and developing myself more as a writer and along with it came the development of emotions and feelings. Poetry is a form of expression towards human feelings and it was first introduced to me in High School. As I grew older I found myself exploring more and more about myself through writing . It was as if my hands told me through writing exactly what and who I was. Writing does not only mean making essays, Brief summaries or even notes. Writing is also letters, poetry, and a melting pot of emotions. For example, A simple letter to a boyfriend or a lover can express to him/her verbally . The would have told him/her verbally. The truth is, writing is a way of life and truth is, writing is a way of life and is as efficient and necessary as speaking is as efficient and necessary as speaking because it is a form of expression. Another example is journal writing, journal writing is now encouraged by teachers because of its unique style of free writing. It helps the student come to terms with what their present situations are, in other words, it is simply therapeutic. We all need to express our feelings in one way or another and in what better way, shape, form than in writing. In addition, grammar, paragraph structure, and vocabulary are three contributors into my developing as a writer. But the lesson does not end by learning what the meanings of these three are but rather, it starts by making mistakes each and every time I hold a pen in my hand I begin to make out sentences. Another important contributor is poetry. It has helped me see writing in a completely different color. My developing as a writer does not end. I still need to develop more and learn more. I love writing, and writing has become my way of life.

Actors Influencing Corporate Working Capital Management Essay Example

Actors Influencing Corporate Working Capital Management Essay The main purpose of this study is to explore factors that influence working capital management by non-financial companies listed on Abu Dhabi Securities Exchange. The cash conversion cycle is used to proxy working capital management where short cycle implies effective management. Six factors frequently employed in previous research were used to explain variations in cash conversion cycle. The factors included industry type, sales growth, operating cash flows, return on equity, leverage and size. The latest annual reports for all non-financial companies listed on Abu Dhabi Securities Exchange and operate in the UAE were used to achieve the purpose of the study. The result of the analysis revealed that the effectiveness of working capital management of the companies covered in the study are influenced by sales growth, size and the level of corporate leverage. INTRODUCTION Working capital is a financial measure used to assess corporate liquidity. Reasonable working capital should be available to any firm to ensure that it has sufficient funds to cover its short-term obligations and to pay for future operating expenses. This guarantees the continuity of the firm’s operations. In fact, it is possible to see a profitable firm forced out of business due to inability to meet its short- term obligations when they fall due. It is therefore vital for any firm to manage its working capital successfully to ensure continuity. We will write a custom essay sample on Actors Influencing Corporate Working Capital Management specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Actors Influencing Corporate Working Capital Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Actors Influencing Corporate Working Capital Management specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In the last few years, several studies have been undertaken to investigate factors affecting corporate working capital. Most of the studies examined the relationship between corporate working capital and profitability (see for example: Hayajneh and Yassine, 2011; Sabri, 2012; Gill et al. , 2010; Dong and Su, 2010; Boisjoly, 2009; Falope and Ajilore, 2009; Mathuva, 2009; SEN and ORUC, 2009; Uyar, 2009; Samilogu and Demirgunes, 2008; Teruel and Solano, 2007; Raheman and Nasr, 2007; Lazaridis and Tryfonidis, 2006; Padachi, 2006; Eljelly, 2004; Deloof, 2003; Shin and Soenen, 1998; Jose et al. 1996). Other studies, attempted to establish a relationship between the efficiency of working capital management and a number of corporate attributes. In this respect, Charlton et al. (2002) examined the relationship between the industry type and liquidity of the corporation and working capital management. Jeng-Ren et al. (2006) studied the relationship between working capital management and a numbe r of firm’s attributes such as size, industry type, leverage position and growth. Moss and Stine (1993) explored the relationship between firm’s working capital management and its size. It is evident that the focus of most of previous studies undertaken to examine factors that influence working capital was on profitability with few studies employing corporate attributes such as size, growth, leverage and industry type to explain level of efficiency of working capital management. In the current study, an attempt will be made to test all these ? Any views or opinions expressed in this manuscript are those of the authors and do not necessarily reflect the position of their employers, the editor or the publisher 1 Financial and Economic Advisor- Kuwait Fund. 2 Freelance Financial Analyst 3 Economic Advisor- Kuwait Fund 2 4 Freelance Financial Analyst 2011. Sales growth was calculated between the fiscal years 2010 and 2011 except Data covered the fiscal year 3 Economic Advisor- Kuwait Fund Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 1 Journal of Contemporary Issues in Business Research factors. So far, no attempt has been made to examine the relationship between working capital management and firm’s attributes of companies listed on Abu Dhabi Securities Exchange (ADX). ADX was established in 15th November 2000 to trade shares of companies operating in the United Arab Emirates (UAE). Hence, ADX is considered to be one of the youngest stock exchanges in the r egion. At the end of 2011, the number of listed companies on the KSE reached 69. On 6 September 2011, market capitalization of the companies listed on the market reached AED 212. 4 billion (USD $58. 20 billion). Examining the relationship between working capital management and profitability of companies listed on ADX is, therefore, important and expected to add a new dimension to the literature, since most of the companies operating in UAE do not face liquidity problems. In previous research, the focus of working capital management was on how to secure enough liquidity to meet forms of short-term obligations. In a small country, like the UAE with large oil revenues, the focus of working capital management will be on how to make use of the surplus of liquidity. The remainder of the paper is organized as follows. The following section will provide a brief explanation to working capital management. Section three reviews recent studies about the relationship between corporate working capital management and firm’s attributes. Study methodology is explained in section four. The findings are discussed in section five, with the conclusion offered in the last section. WORKING CAPITAL MANAGEMENT Working capital is the difference between current assets and current liabilities. Working capital management involves managing cash, receivables, inventories and payables. In cash management, the firm ensures that cash is available to meet its running expenses and reduces the cost of cash holding. Receivables management involves adopting proper credit policy to the firm’s customers. Proper credit policy is expected to attract customers and boost sales. Although such a policy would have a positive impact on profit and return on capital, it affects the firm’s cash flows. Hence, corporate management needs to strike a balance between boosting sales and securing necessary cash flows. Inventories management is achieved by maintaining a certain level of inventory that allows the flow of production and reduces the cost of raw materials. This is expected to minimize ordering costs, lower time lead in production and work in progress, keep finished goods at the lowest level possible and avoid over production and storage costs. All of this would result in an increase in cash flow. On the other hand, firms manage payables though identifying a proper source of financing. Inventories are ideally financed by credit secured from suppliers. In some cases, the firm might need to secure a bank loan to pay for inventories by using overdrafts or by factoring receivables through converting them into cash. Related Studies and Hypotheses Development Different variables have been employed in the literature to explain the efficiency of working capital management. However, most of the studies attempted to establish a relationship between working capital management measured by cash conversion cycle (CCC) and profitability by using various measures. Other studies employed firm’s attributes such as size, industry type, operating cash flow, sales growth, and debt ratio. Studies employed any of these variables will be reviewed. Profitability. As mentioned earlier, most of the studies used to explain the level of efficiency of working capital management focused on profitability as an important factor. It is argued that efficient working capital management results in low CCC and this would lead to speedy availability of cash flows and, hence, better profitability. In this respect, Jose et al. 1996) Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 12 Journal of Contemporary Issues in Business Research looked at the relationship between profitability and working capital management by using return on assets (ROA) and return on equity (ROE) as proxies of profitability and CCC as a proxy of working capital management. The researchers conducted the analysis according to the industry type of the corporations. They reported a negative relationship between CCC and ROA across all industries. That is to say, high profitability results in low cash conversion cycle. However, a negative relationship was reported between CCC and ROE only in the services and retail/ whole sale industries. The researchers indicated that other factors such as corporate competitive position, capital intensity, production process, product durability and marketing channels might determine the relationship between CCC and ROE. Shin and Soenen (1998) tested the relationship between the firm’s efficiency of working capital measured by the net trade cycle and profitability measured by ROA and return on sales (ROS). They found a negative significant relationship between the efficiency of working capital management and profitability. Similarly, Yung-Jang (2002) collected data from Japan and Taiwan and employed CCC as an indicator on working capital management and ROA and ROE as measures of profitability (performance). He concluded that the relationship between CCC and each of ROA and ROE is commonly negative and sensitive to the type of the industry for Japanese and Taiwanese companies included in his study. In the same way, Deloof (2003) examined the relationship between working capital management measured by CCC and profitability measured by gross operating income. He reported negative and significant relationships between the number of days of each of the components of the CCC (receivables, inventories and payable) and profitability. However, a negative but not significant relationship between CCC and profitability was identified in the sample companies. He, therefore, concluded that profitability can be improved by reducing the number of days f collecting receivables and number of days of holding inventories. In a similar line of research, Eljelly (2004) looked at the relationship between working capital management and profitability in a sample of Saudi companies operating in three sectors of the economy (agriculture, manufacturing and services). He used the current ratio and CCC as measures of liquidity and used net operating income plus depreciation divided by net sales as a measur e of corporate profitability. He noticed variations in CCC among industries covered in the study. He also noticed that corporate size, represented by net sales and total assets, together with CCC affect the profitability of capital-intensive (agricultural and industrial companies) more than the profitability of labor-intensive (services companies). He concluded that shorter CCC is related to higher profitability. He also observed that the relationship between working capital management and profitability was stable over the period of study. Lazaridis and Tryfonidis (2006) looked into the relationship between working capital management and profitability in a sample of companies listed on Athens Stock Exchange. They related each of the CCC components with corporate profitability measured by gross operating profit [(sales cost of sales)/ (total assets financial assets)]. They noticed a negative significant relationship exists between corporate profitability and receivables, payables and CCC days. The relation was also negative with inventories days but insignificant. They explained the negative relation between the holding period for accounts payable and profitability on the grounds that less profitable firms may take advantage of credit period granted by suppliers and wait longer before paying their bills. They also reveal a positive relationship between corporate size measured by sales and profitability and corporate profitability decreases as the financial debt ratio increases. They concluded that managers are likely to improve their profit by efficiently handling their CCC through maintaining receivables, inventories and payables days at an optimal level. Teruel and Solano (2007) also tested the relationship between corporate working capital management measured by number of days receivables, inventories, payables and CCC Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 3 Journal of Contemporary Issues in Business Research and profit measured by ROA in a sample of small and medium sized Spanish companies. They observed a negative significant relationship between profitability and each of the working capital management variables. They concluded that managers can create value by speeding up collection of receivables and reduci ng the days of holding inventories. They also concluded that shortening the cash conversion cycle improves corporate profitability. Raheman and Naser (2007) conducted similar research on a sample of Pakistani companies. The working capital management variables used by Teruel and Solano (2007) were employed and they replaced ROA with net operating profit as a proxy of profitability. They reported a strong negative relationship between variables of the working capital management and corporate profitability and managers can create a positive value for the shareholders by reducing the cash conversion cycle to a minimum level. They also reported a positive relationship between corporate size and its profitability and a significant negative relationship between corporate debt and its profitability. Samilogu and Demirgunes (2008) investigated the effect of working capital management measured by CCC and its components and corporate profitability measured by ROA in a sample of companies listed on Istanbul Stock Exchange. They observed that while receivables period, inventories period, and leverage negatively affect corporate profitability, corporate growth measured by growth in sales positively affect profitability. SEN and ORUC (2009) attempted to determine the relationship between the efficiency of corporate working capital management and profitability in a sample of companies listed on Istanbul Stock Exchange. The researcher employed several variables to proxy working capital management: CCC, net liquid balance, current ratio, receivables period and inventory periods. He used return on assets as a measure of profitability. He reported negative significant relationship between all variables used to proxy working capital management and profitability. The result was consistent among all companies included in the study and across sectors. Uyar (2009) considered the relationship between corporate CCC and profitability measured by ROA and ROE in a sample of companies listed on Istanbul Stock Exchange. He found significant negative relation between the two variables. Dong and Su (2010) studied the relationship between working capital management measured through CCC and its components and profitability measured by gross operating profit in a sample of companies listed on Vietnam Stock Exchange. They presented negative significant relationship between the two variables. Gill et al. (2010) examined the relationship between working capital management measured by CCC and profitability measured by gross operating profit in a sample of American companies listed on New York Exchange. They concluded that management can create profit by correctly handling CCC and maintaining receivables at an optimal level. Rimo and Panbunyuen (2010) looked into corporate characteristics that affect working capital management in a sample of companies listed on NASDAQ OMX Stockholm Exchange. They reported that corporate profitability is affected by CCC. On the other hand, Rimo and Panbunyuen (2010) reported positive relationship between CCC and profitability measured by ROA in a sample of companies listed on NASDAQ OMX Stockholm Exchange. The researchers concluded that the surveyed companies have â€Å"less effective working capital management†. Hayajneh and Yassine (2011) investigated the relationship between working capital efficiency and profitability in a sample of 53 manufacturing companies listed on Amman Exchange Market. They reported a negative and significant relationship between profitability and each of average receivable collection period, average conversion inventory period and average payment period, and cash conversion cycle. Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 14 Journal of Contemporary Issues in Business Research Al-Mwalla (2012) examined the impact of working capital management policies on the firms’ profitability and value in a sample of 57 industrial companies on Amman Stocks Market for the period of 2001 to 2009. The researcher concluded a conservative investment policy has a positive impact on the sampled companies profitability. It is therefore hypothesized that: ? Hypothesis 1: Working capital management is related to firm’s profitability. Size. Few studies were undertaken to examine the relationship between corporate working capital management and corporate size. It is argued that corporate size influences corporate working capital management since large size companies have more bargaining power over customers (receivables) and suppliers (payables) than small size companies. A large company can negotiate with its supplier credit terms including large quantity discounts and long time payment terms. In addition, large firms are usually well established and have higher inventory turnover than small firms. In this respect, Moss and Stine (1993) studied the relationship between corporate size, measured by net sales and total assets, and CCC in a sample of retail companies. They noticed that large size companies tend to have shorter CCC than small size companies. They also noticed that small size companies have longer receivables, inventories and payable periods than small size companies. This led them to conclude that large size firms have better working capital management than small firms. They advised small size companies to improve their working capital management by handling their receivables and inventories. In a similar line of research, Jose et al. (1996) looked at the relationship between corporate working capital management measured by CCC and its size measured by sales. They reported negative relationship between the two variables in five out seven sectors covered in their study. However, Jeng-Ren et al. (2006) explored the relationship between net liquid balance and corporate size. They observed positive relationship between the two variables. The outcome of their study implied that large size companies tend to produce more net liquid balance than small size companies. Uyar (2010) examined the relationship between working capital management measured by CCC and corporate size in a sample of companies listed on Istanbul Stock Exchange. He observed a negative significant relation between working capital management and corporate size. Rimo and Panbunyuen (2010) explored the relationship between CCC and corporate size measured by total assets. They a reported negative relationship between the two variables. They concluded that working capital management is more effective with the large size companies surveyed in their study. It is therefore hypothesized that: ? Hypothesis 2: Working capital management is related to firm’s size. Industry. Companies operating in different sectors tend to have different capital structures, different operations, different products, different markets, different customers and different credit policies. All of these factors impact corporate working capital management. Therefore, it is fair to say that working capital management is influenced by industry type. This relation has been empirically tested by Jose et al. 1996) who compared the CCC among seven sectors and noticed that construction companies tend to have the highest CCC, while manufacturing companies reported the lowest CCC. Hyun-Han and Soenen (1998) examined the relationship between working capital management and industry type in a sample of companies operating in eight sectors. They found the agricultural companies to have short receivable periods and the oil and gas extraction, and communication companies to have a short inventory periods Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 15 Journal of Contemporary Issues in Business Research due to low levels of inventory that they maintain over the time. Lancaster and Stevens (1999) looked into the relationship between earnings and cash flows under different industries. They concluded that industry impacts the relationship between cash flows. Charlton et al. (2002) noticed high investment sensitivity to cash flows in three out of seven industries covered in the study (construction, natural resources and retail/ whole sales industries). Yung-Jang (2002) explored variations in the CCC of Japanese and Taiwanese companies among different industries. He observed that while Japanese companies operating in food industry have on average the shortest CCC, services companies showed the longest CCC. On the Taiwanese side, transportation companies achieved in average the shortest CCC, while construction companies have the longest CCC. In the same token, Teruel and Solano (2007) classified small and medium sized companies into eight industries and examined their CCC. They showed that the services companies have the shortest CCC, while the manufacturing and agricultural companies have the longest CCC. Rimo and Panbunyuen (2010) revealed significant positive relationship between CCC and industry type in four out of the eight industries covered in their survey. It is therefore hypothesized that: ? Hypothesis 3: Working capital management is related to the industry type of the firm. Operating cash flows. A limited number of studies investigated the relationship between cash flows and working capital management. Operating cash flows give indication about corporate ability to generate working capital through management policies in handling receivables, inventories and payables. Since short CCC is expected to result in positive operating cash flows, this gives indication about working capital management. In this regards, Moss and Stein (1993) reported negative relationship between CCC and cash flows measured by cash flows/ total assets. This indicates that companies with short CCC tend to have more cash flows than companies with long CCC. Jeng-Ren et al. (2006) studied the relationship between working capital management measured by net liquid balance and operating cash flow and found significant relationship between them. This implies that companies reporting high operating cash flows have high net liquid balance. This can be viewed as indication on working capital management. Rimo and Panbunyuen (2010) examined the relationship between CCC and operating cash flow in a sample of Swedish companies. They observed inverse relationship between the two variables indicating efficient working capital management of the surveyed companies. It is therefore hypothesized that: ? Hypothesis 4: Working capital management is related to firm’s cash flows. Sales growth. Sales growth is the percentage change in sales from one year to another. Companies experiencing high sales growth rate need to have efficient working capital management to finance such growth. In this context, Kim et al. (1998) showed positive significant relationship between corporate growth rate and liquidity in a sample of American industrial companies. They concluded that companies with potential future growth tend to produce and maintain a certain level of liquidity. Likewise, Opler et al. (1999) demonstrated that companies experiencing growth opportunities and have risky cash flows tend to maintain high cash holdings (cash/ non-cash asset). On the other hand, Jeng-Ren et al. 2006) studies the relationship between corporate age, as a proxy of corporate growth, and net liquid balance and pointed to a positive significant relationship between them. They explained their results on the grounds that well established companies with moderate growth opportunities tend to Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rig hts Reserve Page No. 16 Journal of Contemporary Issues in Business Research generate more working capital than newly established companies. Rimo and Panbunyuen (2010) tested the relationship between CCC and sales growth in a sample of Swedish companies. They noticed a negative relationship between the two variables. They concluded that the surveyed companies are efficient in managing their working capital. It is therefore hypothesized that: ? Hypothesis 5: Working capital management is related to the firm’s sales growth. Leverage/ Gearing. The leverage/gearing ratio reflects the percentage of corporate assets financed by liabilities. Low leverage ratio may indicate that the company generates high cash flows to finance future expansion (expansion can be also financed by additional shares issues). Contrary to this, a company reporting high leverage ratio may indicate that this companies generates low cash flows to finance its expansion. Hence, it relies on outside borrowings. In this frame, Jeng-Ren et al. (2006) reported a negative significant relationship between debt ratio and working capital management measured by net liquid balance. The result implies that when a company has low net working capital, it looks for external sources of funds to finance its activities. This would result in high leverage ratio. Rimo and Panbunyuen (2010) looked into the relationship between CCC and debt ratio. The result of their analysis pointed to a positive relationship between CCC and debt ratio. The result indicates that increase in CCC period results in increase in the debt ratio. It is therefore hypothesized that: ? Hypothesis 6: Working capital management is negatively related to firm’s level of leverage. Data collection and study approach. To provide testing for the hypotheses developed above, the annual reports of companies listed on Abu Dhabi Securities Exchange were used. The website of ADX contains detailed information about all listed companies. On 31 December 2011, 69 companies were listed on ADX. By excluding two non-national companies, Qatar Telecom and Sudan Telecommunication Co. Ltd. , number of companies will be reduced to 67. These companies are divided into the following sectors: Insurance- 17, Banks- 14, manufacturing13, services- 7, consumer staples- 5, Investment and financial services- 6, real estate- 4, energy- 2, and telecommunications- 1. Since it was difficult to identify working capital components of companies operating in the banking, insurance and investment and financial services sectors, these sectors were excluded from the current study. Details of sectors and companies covered in the current study are summarized in table 1. The annual reports for the fiscal years 2010- 2011 of all these companies were used in the current study4. List of the companies’ names, symbol, industry type, incorporation and listing dates are given in Table 2. The data were entered into an SPSS file in order to identify the relationship between working capital management represented by the cash conversion cycle and firms profitability, size, industry, cash flows, sales growth and leverage. The relationship between working capital management and firm’s attributes are presented in the following regression model. CCCx = ? 0 + ? 1PROF + ? 2SIZE + ? 3INDS + ? 4OCFL + ? 5SGRW + ? 6LEVE + ? 4 Data covered the fiscal year 2011. Sales growth was calculated between the fiscal years 2010 and 2011 except for Eshraq properties Co. where income statement data were not available for 2011. Hence, 2010 data were used. Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 17 Journal of Contemporary Issues in Business Research Where: CCCx = Cash Conversion Cycle = Inventory days + Accounts Receivables days – Accounts Payable days ? 0 = Intercept PROF = profit measured by return on equity (Net profit/ Equity) SIZE = Size measure by total assets INDS = Industry type: 1 Services, 2 Manufacturing, 3 Consumer Stables, 4 Real Estates, 5 Energy, 6 Communication. OCFL = Operating cash flows and operating cash flows to total assets ratio SGRW = Sales growth = Sales(x) – Sales(x-1)/ Sales(x-1) LEVE = Leverage = [Total Liabilities- Accounts Payable]/ Total Assets ? Standard Error ? 1- ? 6 = Parameters of the model [Tables 1 and 2 about here] FINDINGS Descriptive Statistics As discussed in the regression model, six explanatory variables heavily documented in the literature were used to explain working capital management in all non-financial companies listed on Abu Dhabi Securities Exchange. Table 3 provides descriptive statistics about the independent a nd explanatory variables employed in the current study. [Table 3 about here] It can be observed from table 3 that the cash conversion cycle of the companies covered in the study varies among companies. This is reflected by the mean, standard deviation and the minimum and maximum amounts. Similarly, sales growth varied from being negative in few cases to become more than double in other cases. The standard deviation of the sales growth variable points to great variation across the companies. The same thing can be clearly seen in the return on equity variable. This indicates that companies’ performance varied between positive and negative. As for the companies’ size measured by total assets, the table showed the size varied from as small as AED 257 million to exceed AED 11 billion. The highly reported standard deviation of the total assets implies that there is big difference in the size of the companies covered in the current study. In this study two operating cash flows variables were used. While, in the first one, the total operating cash flows was used, in the second the total operating cash flows was compared to total assets. Once again, both variables pointed to large difference in the amount of operating cash flows and the ratio of cash flows to total assets of the companies covered in the study. Several companies reported negative operating cash flow, whereas others reported high positive figures. The highly reported standard deviation reflects variations in the reported amount among the companies. An important point to notice in table 3 is that the companies covered in the current study are not heavily leveraged as represented by the mean and the median. To have a close look at the effect of the industry type on the variables covered in the current study, descriptive statistics were calculated and reported in table 4. Table 4 about here] Table 4 showed that the manufacturing companies report the longest cash conversion cycle, whereas the lowest cash conversion cycle is achieved by the telecommunication and Copyright  © 2012 Journal of Contemporary Issues in Business Research (JCIBR) All Rights Reserve Page No. 18 Journal of Contemporary Issues in Business Research the real estate companies. This result is utterly justified since the manufacturing companies go through a l ong process of ordering materials and converting it into finished goods. The table also showed that all companies operating in he services, real estate, energy and communication sectors achieved positive sales growth. This result is also justified on the grounds that these companies are limited in number and the UAE economy is a fast growing one. The fast growing demand for services, real estate, energy and telecommunication makes sales growth inevitable. This has also affected the profitability of the companies operating in these sectors. It is evident from the table that none of the companies operating in these sectors reported negative return on equity as documented by the minimum and maximum value of return on equity for each industry. Similarly, the table revealed that the largest companies measured by their total assets belong to sectors such as communication, energy, real estate and services. The table further showed that, on average, only companies operating in the energy sector were heavily leveraged. The leverage ratio of most of the companies belong to other sectors was around 25%. This reflects the religious nature of the UAE society that avoids dealing with interest. Interest is prohibited by the Islamic Sharia’h principles. Another important point noticeable in table 4 is all companies operating in the communication, energy, and real estate industries reported positive operating cash flows. Correlation To identify the level of association between the explanatory variables used to estimate the regression model, Pearson coefficient of correlations was executed and reported in table 5. High level o

Abraham Lincoln 10pg paper essays

Abraham Lincoln 10pg paper essays How has Abraham Lincoln impacted American history? Abraham Lincoln was an important part of American history. He ended slavery and helped America through the civil war. Abraham Lincoln was one of the truly great men of all time. Even as a boy, Lincoln showed ability as a speaker. He often amused himself and others by imitating some preacher or politician who had spoken in the area. People liked to gather at the general store in the crossroads village of Gentryville. Lincoln's gift for telling stories made him a favorite with the people there. In spite of his youth, he was well known in his neighborhood. In 1834, Lincoln again ran for the legislature. He had become better known by this time, and won election as a Whig. He served four successive two-year terms in the lower house of the Illinois General Assembly. During his first term, he met a young Democratic legislator, Stephen A. Douglas. Lincoln quickly came to the front in the legislature. He was witty and ready in debate. His skill in party management enabled him to become the Whig floor leader at the beginning of his second term. He took leading parts in the establishment of the Bank of Illinois and in the adoption of a plan for a system of railroads and canals. This plan broke down after the Panic of 1837. Lincoln also led a successful campaign for moving the state capital from Vandalia to Springfield. While in the legislature, Lincoln made his first public statement on slavery. In 1837, the legislature passed by an overwhelming majority resolutions condemning abolition societies. These societies urged freedom for slaves. Lincoln and another legislator, Dan Stone, filed a protest. They admitted that Congress had no power to interfere with slavery in the states where it existed. They believed "the promulgation of abolition doctrines tend rather to increase than abate its evils."*1 Their protest arose from the legislature's failure to call slavery an evi...

EVOLUTION OF THE PROBLEM Case Study Example | Topics and Well Written Essays - 750 words

EVOLUTION OF THE PROBLEM - Case Study Example However, studies show that the percentage of Americans covered under such Insurance has declined significantly in three years, and it hit a new low with only 44.5 per cent of people covered by under this scheme (USNews, 2011). Thus, due to a steady decline in employment (Bloomberg, 2011), along with various other factors the number of people covered under health insurance has declined simultaneously, rendering access to healthcare limited to a certain section of population. Furthermore, health care costs have risen considerably over the years. Such rise in healthcare costs can be attributed to several factors such as technological developments, rise in cost of prescription drugs, rise in chronic illnesses, ageing of the population, rise in administrative costs, rise in charges by healthcare providers, inflation etc. The healthcare costs in the U.S. have currently exceeded 17% of the total GDP and continue to rise (HBR, 2011). One of the major causes of such a rise is the rise in tech nological developments, which has significantly increased the odds of treating long-term chronic illnesses. Furthermore, the cost of setting up new and advanced technological tools for treatment is relatively higher than the conventional methods of ailing (FDA, 2003). Also, there has been a drastic rise in the costs of prescription drugs, thus pushing the healthcare costs further. According to reports chronic illnesses such as obesity and diabetes is causing a serious upward shift in the cost of branded and prescription drugs in the U.S. Furthermore, other factors such as the rise in ageing population, increase in drug use and increase in reliance on new branded and specialty drugs are also responsible for driving the costs of healthcare services, thus making it inaccessible to a large percentage of population (AMA, 2011). Another significant problem faced with regard to access to healthcare is the differential access to healthcare services, especially as it pertains to a certain se ction of the population. This includes, the minority communities such as people belonging to culturally and ethnically diverse backgrounds, as well as expats. The key causes of such racial disparity in healthcare delivery include: difference in economic backgrounds, difference in health status, and access to healthcare insurance etc. According to Wang (2006) there are significant differences in health status of minority communities and the white population. Studies have shown that Blacks have a shorter life expectancy and higher infant mortality rates as compared to Whites. Furthermore factors such as racial stereotyping, prejudice, and clinical uncertainty on the part of care givers also account to health disparities among the minority communities. Strategies to overcome the problems: In order to curtail the rising number of uninsured and underinsured individuals, healthcare organizations can develop adaptive strategies; seek increased federal funding; or development of a nation-wi de health insurance program, which may lend credible support to the