Were the liberal thinkers of the interwar period wrong to believe that Essay

Were the liberal thinkers of the interwar period wrong to believe that peace can be secured through international law and institutions - Essay Example With the atrocities of World War I (WWI) still fresh in the memory of most politicians, and with world anarchy a realistic proposition, the only viable interwar option available in the war vs. non-war dichotomy appeared to be the â€Å"Balance of Power† strategy championed by some of the days’ great thinkers (Sylvest, 24). Strained international relations made â€Å"balancing† power in an equitable, mutually agreeable manner a lofty, but urgent, goal. Realistically, an international institution with multiple stakeholders, representing all major world powers seemed to be the way forward – considering the immense toll (human and economic) the war had taken (Sylvest, 28, Ranney, 4). From the outset, however, there was significant philosophical disagreement about the ultimate roles and goals of such an institution, both between and within governments. The British Labour Party maintained an internationalist (not dissimilar to the concept of idealism in many way s) perspective, having fought the war along nationalist lines. Specifically, the party maintained that world progress, the ultimate target, could only be achieved by way of global democracy and world law. In this way, the party, and the internationalists as a group, argued that a) the conditions of international politics were malleable and that b) deliberate reform was necessary to enact democratic conditions (Sylvest, 20). As with many burgeoning ideologies, some of the internationalist philosophies were divisive: a liberal faction of the party held that the state could not impinge on the inalienable rights of individuals, and a socialist internationalist faction, in Marxist style, argued that â€Å"working men have no state (Goldmann, 56).†Although the internationalist perspective became popular and gained momentum, it did not fully represent either of the dominant views of the day: idealism and realism. The realists maintained, (some would argue as a reaction to interwar i dealism), that the conditions of international politics could not be changed, a nation’s main duty was to isolate and protect itself, nation states were primary actors in international politics, that the international system reached a dynamic but peaceful equilibrium via natural struggles for power (as opposed to a central governing body), and that nations must help themselves – as opposed to relying on assistance from others (Schmidt, 435). Conversely, the retroactively labeled †idealists† of the time, bolstered and transformed by Woodrow Wilson’s commitment to American Exceptionalism and belief in the power of democracy (embodied and communicated through his â€Å"Fourteen points† speech), promoted an ideological that aimed to transcend the left-right divide and establish peace through ongoing commitment to moral and ethical concerns – even at the potential cost of negatively impacting the nation state. To many, the idealists’ belief in democratic peace theory - the concept that similarly democratic nations do not fight each other, was especially appealing (Hoogenboom, 190). Though much space and attention has been devoted in textbooks to the dichotomization of the realist and idealist viewpoints of the day, and the idea of a peacekeeping international institution is often synonymous with Woodrow Wilson, in truth, the origins of these ideologies and potential resolution strategies span back much further. Two centuries prior to WWI and Wilson, Kant’s (1972) Perpetual Peace posits that the natural position of governments towards counterparts is war – which creates problems because conflicts between humans are unethical and â€Å"inconsistent with the rights of humanity.† Kant argued that war could essentially be institutionalized and regulated in order to

Frankenstein coursework Essay Example for Free

Frankenstein coursework Essay Frankenstein was written in 1816 by female novelist, Mary Shelley. She was only 18 at the time she had the idea for it. Her, her boyfriend Percy Shelley (whom she later married) and some of her friends were on holiday at the shore of lake Geneva in Switzerland, and at the time it was pouring down outside, so one of them decided that they should have a competition to see who could create the scariest horror story. Each person tried desperately to think of one, so much that they tried eating things that would give them nightmares. Mary had the idea of a creature being brought to life, which then lead to the birth of Frankenstein.  This book is often referred to as the modern Prometheus, named after a greek god who stole power from heaven to create life from lifeless materials. When this book was first published, it was done so under an anonymous name because in those days women were not supposed to do things like  Write horror stories and therefore would have been outcast.  Summary  This story is based upon an English man called Robert Walton who is writing to his sister back in England. He is seeking to find the North Pole. In doing this, he finds a man called Victor Frankenstein floating on a piece of ice. Walton drags the man aboard and revives him. When Frankenstein is recovered he starts to tell his story.  He begins to tell Walton about his father and how he came to life, and goes on to talk about his childhood. At this time everything seems fine as Frankenstein appears to have had a very happy time as a child with his family, but it is after this that things start to go wrong. Frankenstein tells of how he goes to university to study natural philosophy, otherwise known as chemistry. It is from this that he goes on to make the discovery he so dearly goes to regret the discovery of giving new life to dead material.  He goes on to say that with this discovery he begins to build a new being. He not only begins to build it, he becomes obsessed with creating new life and even though he becomes ill he continues with it until it is done. He explains how excited he is with what he is doing and how he cant wait to get it finished. However, when it does spring to life the last emotion Frankenstein feels is joy. He is horrified by his creation, and runs out of his room. He returns later to find, to his extreme delight, the monster to be gone. Frankenstein soon forgets about it and decides to return to Geneva to visit his family who he has not seen for 5 years. He returns to discover some grave news.  His younger brother, William, has been murdered and his adopted sister, Justine, has been accused of the crime. Frankenstein instantly knows who had really performed the act. He knew that it was the monster he created which had done this heinous deed. He knew, however, if he told the court that they would not believe him, so Justine was convicted and executed. This filled Frankenstein with great bitterness and hatred towards the monster. He decides to go for a walk in the Alps to take his mind off things. It is here where he confronts the monster for the second time.  When Frankenstein sees the monster his first instinct is to kill it, but the monster is a lot bigger than stronger than him. The monster then tells Frankenstein to listen to what he says and then judge him. This is where the monster tells his story.  He says that he came into the world with no understanding of anything around him, like a fully-grown baby. After his confrontation with Frankenstein, he walked out into a park, where he found berries to eat and a stream to drink from. He then moved out into the countryside where he had numerous encounters with humans hed rather forget about. Whenever humans saw him, they either ran away or attacked the monster. This upset him, because he did not wish to harm them. Eventually, he found a small hovel (small hut) on a farm. It was here he stayed for a long time. He learnt the names of the people who lived on the farm, and also their history, that they were sent out of France by the government because they were planning to free someone from prison. The monster slowly picked up their language of these people and also how to read from old books they threw out. He helped the family by cutting wood for them at night in the winter at night, and generally became quite attracted to the family. After a year and a bit, the monster decided he would confront the family. This went well at first because firstly he met the old man. This was an advantage to the monster because the old man was blind and couldnt judge him by his looks. However, when the rest of the family came home they were horrified by the monsters appearance and attacked him. The monster was very upset by this and ran out of the house.  He ran out into the forest, and returned the following morning to discover the family rushing to leave the place from the monster. He was so angered by this that he trashed the farm, destroying everything and burning it all. The monster then set his sights on returning to Geneva. He spent about half a year travelling but eventually got there.  When he got there he discovered Frankensteins younger brother, William. The monster grabbed the boy, and he started shouting so he tried to silence him by choking him and ended up killing him. The monster found a pendant round the boys neck, and out it round a girl who was sleeping nearby, and then ran. It is here the monster concludes his story.

Enochian Scripture :: essays research papers

Enochian Scripture Should Enochian Scripture and the Necronomicon be considered as a true religion, or just another offshoot of Satanism, cult? The Necronomicon is closest documented translation of the original Enochian scripture, the Necronomicon Manuscript. The Necronomicon was first translated in Damascus in 730 A.D. by Abdul Alhazred. The Necronomicon, is not, as popularly believed, a grimoire, or sorceror's spell-book; it was conceived as a history, and so "a book of things now dead and gone". An alternative derivation of the word Necronomicon gives as its meaning "the book of the customs of the dead", but again this is consistent with the book's original conception as a history, not as a work of necromancy. But the author shared with Madame Blavatsky, who has a magpie-like tendency to gather and stitch together fact, rumor, speculation, and complete balderdash, and the result is a vast and almost unreadable array of near-nonsense which bears more than a superficial resemblance to Blavatsky's "Secret Doctrine". In times past the book has been referred to as "Al Azif", or "The Book of the Arab". Azif is a word the Arabs use to refer to nocturnal insects, but it is also a reference to the howling of demons. It was written in seven volumes, and is over 900 pages long in the Latin edition. Abdul Alhazred Little is known about Abdul Alhazred. What we do know about him is largely from the small amount of biographical information in the Necronomicon itself. He traveled widely, from Alexandria to the Punjab, and was well educated. He had a flair for languages, and boasts on many occasions of his ability to read and translate manuscripts which many lesser scholars could not translate. Just as Nostradamus used ritual magic to see into the future, so Alhazred used similar techniques (and an incense composed of olibanum, storax, dictamnus, opium and hashish) to clarify the past, and it is this, combined with a lack of references, which resulted in the Necronomicon being dismissed as largely worthless by historians. He is often referred to as "the mad Arab", and while he was certainly eccentric by modern standards, there is no evidence to support a claim of madness. He is better compared with figures such as the Greek philosopher Proclus (410-485 A.D.), who was completely at home in astronomy, mathematics, philosophy, and metaphysics, but was well educated in the magical techniques of theurgy to evoke Hekate to visible appearance; he was also a founder of Egyptian and Chaldean mystery religions. It is no accident that Alhazred was very familiar with the works of Proclus. What is The Necronomicon? Alhazred appears to have had access to many sources now lost, and events

Discussing Business and Communications

When someone mentions the word communication, one†s thoughts turn to a newspaper, the radio, television, or another more common means of mass-type communication. One does not usually make the connection between communication and other institutions such as business. Good business, however, goes hand in hand with good communication. Good managers and professionals realize that the ability to communicate is not a silly frill; it†s a necessity that helps all accomplish their work (Murphy 2). Therefore the question is often posed: Are these problems of poor communications that face managers and professionals becoming more and more critical? The evidence suggests the answer to be yes- these problems are serious and are growing more and more serious everyday. John O. Morris, a Management Communications Consultant consolidates this problem into a single statement called the Morris Maxim. It states that â€Å"Communications problems grow much faster in any organization than the organization itself grows† (Morris 3). This maxim emphasizes the need for better communication in organizations such as big business through the implication of what would happen if that organization did not fix it†s structure to better handle increasing communication needs. However, before dealing with a solution to the problem of communication in business, (frequently dubbed business speak) it is important to understand how big business operates. Big business was created in the mid-1800†³s to organize corporations such as the railroad, oil and steel industries. At that time, the only other organizations that had a similar size and structure were the Roman Catholic Church and the United States Army. These organizations are extremely authoritative in nature, and use a system of hierarchical communication. This translates into a business organization/communication style which is basically condescending in nature and is based primarily on status . Business speak is often straight, to the point, and beneficial to the individual speaking first, and to others second. This shows its hierarchical origins in that very often, the speaker is one who will use one or more power strategies, mostly the perception that someone can inflict negative consequences. Other issues in business communications include lack of responsibility in the upper ranks of the hierarchy, lack of training in good communications for the majority of employees, and lack of honest, direct conversation between business and it†s customers. These problems need to be fixed for a business to truly succeed, and can be fixed if managers and high-ranking officials take the initiative and implement a few simple and straightforward techniques into their business styles. Current problems facing business communications deal mainly with the apparent lack of functional inter-level communication. That is, communication employees as well as customers can understand. One of the main reasons behind this lack of understandable communication is that there are some many ways to avoid good communication and maintain the status quo for the short term. These mostly pertain to issues brought to a company from outside sources. These include letters of complaint, inquiries from government bodies such as the Federal Trade Commission, and published evaluations (i. e. editorials, product reviews). Instead of addressing these issues head-on and dealing with them, companies are more likely to dodge responsibility. There are 2 main ways to dodge accountability: denial and evasion of responsibility (Benoit, 90). In using denial, a corporation or employee refuses any wrong-doing, and usually transfers blame to another company or employee, often one that is lower on the â€Å"corporate ladder†. This is similar to evasion of responsibility, which often names scapegoats. In addition to that, evasion tactics often claim that any wrong-doing was an accident, or that the intentions behind their actions were good. These tactics allow for excuses to be made and for responsibility to be forgotten. Lastly, some companies will refuse to accept any wrongdoing, and simply fix the problem. This was the case when Tylenol was accused of allowing their merchandise to be tampered by not putting a safety seal on their product†s bottle. This prompted Tylenol†s executives to start sealing their bottles, but they never accepted responsibility for not sealing them in the first place (Benoit 92). This is just one example of a company distancing itself from blame. In order for there to be good communication, corporations must begin accepting responsibility for their actions, and begin making sound business decisions based on what the customer wants and needs. This would be most advantageously served with clear communication between a company and it†s customers. On the whole, communications between companies and customers are based on a â€Å"need to know† basis. There are exceptions to this rule, however. One company has done an increasingly good job in maintaining good communications lines with it†s customers. Intel, Inc. s a computer micro-processor firm that controls over 90% of the computer chip-set industry (Yahoo Tech Headlines). In their annual report, Intel†s top executives announced the creation of a â€Å"sort of R&D lab and strategic think tank to the industry† in which â€Å"we (will) work with PC makers, software developers and PC users to understand their future needs and wishes, and work intensely with industry leaders to develop products or specifications that meet those needs†. In doing so, Intel has opened a direct link to it†s customers, allowing for direct customer impact on some of Intel†s management and directional decisions. However, even the most open and direct company is not without it†s business speak. The following was taken from the same annual report, under the heading â€Å"Taking responsibility for our own growth†: We know we can't wait for growth to come to us. We are responsible for our own future and work to make it as successful as possible by removing roadblocks to PC platform growth, developing preference for the Intel Inside(R) brand among PC users and supporting emerging PC markets around the world. Together, these strategies build value for our stockholders, which is, after all, our most important goal. While this may look like a positive, non-aggressive statement, one finds a different meaning when looking at it from a business speak point of view. The most obvious example of business speak is the phrase â€Å"removing roadblocks to PC platform growth†. Basically stated, Intel wants to buyout or take-over any companies that might stand in the way of allowing Intel to control the industry. If Intel were to come right out and say this, there would be massive investigations from government and consumer groups that would plague Intel for years. Therefore, by tailoring what they tell their customers and stockholders, they are dodging a bullet and enforcing a hierarchical position over it†s customers and stockholders. However, customers are not the only one†s often left in the dark on business decisions. Sometimes, even high ranking officials are not consulted and are left to adapt to a change they had no say in. Such was the case with James Bennett, CEO of Picadilly Cafeterias, Inc. In 1986, then chief financial officer Bennett sat in a meeting and listened as Picadilly†s CEO announced plans to change the recipes of some of their most popular items. These changes were to be unannounced and were never tested or approved internally. There was no communication between the CEO and the company. James Bennett quit later that week and Picadilly†s sales plummeted from $11 a share to $6 (Forbes, 63). In 1992, Bennett was back in action, this time as CEO. He began a comprehensive overhaul that brought back the â€Å"good home cooking† that was the Picadilly tradition. â€Å"I†m just going back to ways that have always worked† (Forbes, 63). Those ways included clear communication between customer and company, as well as between employer and employee. That difference has translated into profit: shares in Picadilly are now worth $14 a piece (Forbes 64). He proved that a business can not be run on a spreadsheet alone. Knowledge in the area of communication, even if at the most elementary level is one of the key factors in a successful employment history. In a survey of 13,586 of its college graduates, General Electric Company found that the great majority of its employees cited written and verbal communication as the college training that had contributed most to their success in business (Zelko 7). It for this reason that many colleges have reported an increase in enrollment in communications classes. In addition to college courses, companies are now beginning to take the initiative and teach their current employees communications skills. This in-service of sorts can be accomplished very efficiently if a few guidelines are met. These include the establishment of an informal and permissive climate, the establishment of the value and importance of the training, and general across-the-board participation- that is, contributions to the group from all of it†s members (Zelko, 8). These guidelines ensure that the environment will be right to help educate the employee that is not versed in communication. This training can be a catalyst in the growth of a business, as well as helping to create a work-friendly environment that encourages productivity (Murphy 9). The American Management Association calls the ability to communicate a â€Å"vital skill of management†, and declare that â€Å"progressive companies now recognize (this ability)†. It is important to improve not only downward communication , but upward communication as well. Values of good downward communication include the ability to help a manager†s authority to be accepted, an evocation of cooperation that helps to solve problems, and a general expression of a more friendly atmosphere that builds morale everywhere (Murphy 281). Values of enhanced upward communication include the ability to forewarn top management of employees† reaction to policies, clarification of directives, and ability to offer valuable ideas to supervisors (Murphy 281). These values can help improve business exponentially, mostly due to the combined efforts of employees and their supervisors. When upward and downward communication has been established, the major problems dealing with communications in business will be eliminated. The hierarchy that is big business will become less prominent, and the business will function much better. A basic analogy that sums up hierarchical structure in business is this- when times are rough, a car that uses both the front and rear tires to move will make out better than a car that uses just the front wheels. Business should be considered a vehicle that has four-wheel drive, not a vehicle with front-wheel drive. In conclusion, communicating in business is one of the leading restraints that a corporation has to deal with in it†s advancement up the ladder of success. However, if a business chooses to hone it†s ability to communicate and increase the level of productivity due to the sharing of ideas all across the corporate ladder, employee and consumer alike will share the increase in quality of a business products, be it computer microprocessors, or cafeteria food. In short, good communication makes good business.

Endangered language

At present, both individuals and governments are concerned about language diversity as an increasing number of reports have demonstrated a considerable decrease In the number of languages during the last few centuries (Romaine, 2007). Additionally, the future of many languages Is also dismal. As a consequence, whether or not to protect endangered languages Is a quite controversial Issue at present. This essay will discuss both advantages and disadvantages of preserving languages, which are quite essential for governments and other organizations.One argument put forward is that humanity should care about languages because it may promote the development of cultural diversity. Just like biology, a language is not only related to an individual nation's value or right, but also connects to the culture system all over the world (Crystal, 2000). From this perspective, the damage to any factor in the system will cause unpredictable results in this system as a whole (ibid). In addition, the d iversity may promote the development of culture.That means languages often lay an important role In our society through diversity, regardless of its population. Nevertheless, It Is advised that some linguists' claims for the protection of language may neglect Its essence and true function: that Is communication. In other words, If a language Is spoken only by a few people, It Is not a true language (Mali, 2000). Certainly, It Is beneficial to other languages and cultures. However, the benefit Is not because of the uniqueness of different languages, but due to removing barriers and making connections across them (ibid).Therefore, a language becomes extinct because it has lost the function of communication instead of other reasons. Additionally, protectionism seems to cause a negative impact on economy and society, especially in some multicultural society. Take Indonesia as an example, the government impose an ethics test in the local language on foreign lawyers (Krieger, 2013). As a result, not only do the local lawyers have a few opportunities to communicate with their foreign colleagues, but It also harmed the economy. In conclusion, the disadvantages of protectionism outweigh the advantages.Language and Linguistics Compass, 1(1-2), 115-132 endangered language By crusader 1230 decrease in the number of languages during the last few centuries (Romaine, 2007). Additionally, the future of many languages is also dismal. As a consequence, whether or not to protect endangered languages is a quite controversial issue at present. This play an important role in our society through diversity, regardless of its population. Nevertheless, it is advised that some linguists' claims for the protection of language ay neglect its essence and true function: that is communication.In other words, if a language is spoken only by a few people, it is not a true language (Mali, 2000). Certainly, it is beneficial to other languages and cultures. However, the benefit is not communicate with their foreign colleagues, but it also harmed the economy. In conclusion, the disadvantages of protectionism outweigh the advantages. Thus, it is Crystal, D. (2000), Why should we care? Language Death, Cambridge University Press snakelike. Com Retrieved March 21, 2014, from http://www. Snakelike. Com/essay/

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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Visual analysis of an advertisement - Essay Example This "Visual analysis of an advertisement" essay outlines the purpose of the image and its message of the Barnardo’s social campaign. The message of this image is straightforward and is embedded in the message at the top, right-hand corner which reads, â€Å"Abuse through prostitution steals children’s lives.† A young girl sits next to an older man in a situation that denotes child abuse and prostitution. The message of the image is to end child prostitution, trafficking and abuse by preventing and restoring the stolen childhood. The campaign with the visual was launched worldwide, intended for a global audience since child prostitution and trafficking is a global experience that happens everywhere (Aldrich, 2003). The image relates to the mindset of everyone, since even those who don’t have children were once children, and it is sad to imagine getting robbed of one’s innocence and childhood. By appealing to the emotions of the audience, the visual seeks to bring attitude change in the audience. Neutral colors are used to give the visual a lifeless effect to the look of the young girl (Aslam, 2006). The image shows a young girl with an aging face and a middle-aged man lying next to her. The aging and lifeless effect of the image means that the abuse of the young children through prostitution makes the children lifeless as a result of being abused by older men since her childhood. Furthermore, the child has a very distressing facial expression that shows the traumatic impact child prostitution has on the children.

An introduction for the germination experiment Lab Report

An introduction for the germination experiment - Lab Report Example Seed germination process is comprised of several steps. First, the seed absorbs water from the surrounding environment through osmosis. Water absorbed activates enzymes, increases the rate of respiration and leads to duplication of plant cells. Secondly, the chemical energy stored as starch is converted to sugar and serves the embryo as food during the process of germination. The embryo is nourished and enlarged resulting in seed coat burst. Lastly, a root tip known as the radicle emerges from the seed and grows downwards to anchor the seed. The radicle enables the embryo to absorb water and minerals from the soil (Jirage 1). A study on the effects of treatment on seed germination will be carried out as a laboratory experiment. The experiment will involve a non-dominant maize seed and a treatment acid. The experiment will comprise three setups. The first set-up will involve low level of the acid and the second will contain high levels of the acid. The third set-up will be a control- experiment that will not involve any treatment. Pre-treating with an appropriate concentration of Gibberellic acid (hormone G A3) plays an import role in the induction of tolerance to salinity. Additionally, it helps the seed overcome the environmental stress, such as osmotic effects, nutritional imbalance and ionic toxicity. This can be achieved through strong root and shoot length that gives a response to salt stress (Jamil

UK laser printer market analysis Essay Example | Topics and Well Written Essays - 500 words

UK laser printer market analysis - Essay Example This paper analyses the UK’s laser printing industry trends in recent times. HP is the major player in the UK laser printing industry with a market share of 39% in 2011, followed by Canon 19%, Epson 12% and Samsung 5% (Doidge, 2011). Even though Samsung’s market share is the lowest, statistics show that the growth rate of Samsung in UK laser industry is more than that of other companies. HP, Canon and Epson have suffered major setbacks in recent times while Samsung was able to maintain steady progress. The printing industry trends in UK are fluctuating rapidly in recent times. Fleur Doidge (2011) pointed out that â€Å"UK printer sales slid 15 per cent in unit terms during the second quarter of 2011, compared with the same period a year ago – with lasers the only segment to post growth†. Inkjet sales in the UK have been decreased substantially in 2011. Inkjet printer industry has lost 17 per cent market share by volume in 2011 (Doidge 2011) even though this loss was lesser compared to the loss suffered by other printing industry. In other words, laser printing industry was the only printing industry that was able to grow in 2011. However, the trend has been changed in 2012. In 2012, the inkjet printing industry in the UK has grown by 12.1% whereas the laser printer sales have only slightly increased, but overall inkjet sales have gone up a full 15%. (The European Printer Market Is Growing, 2012). The arrival of touchscreen mobile devices helped the printing industry in the UK to grow substantially in 2012. It should be noted that touchscreen mobile devices are mostly used by teenagers who are interested in using cheap printing machineries. Since laser printers are expensive than inkjet printers, teenagers usually prefer inkjet printers rather than laser printers. That is why the inkjet printing industry has grown more than laser printing industry in 2012 in the UK. Sam

Admission essay Example | Topics and Well Written Essays - 500 words - 6

Admission - Essay Example One study revealed that nearly three-quarters of college freshmen consider being ‘very well-off financially’ to be a ‘very important’ or ‘essential’ goal† (Bolt, 2004: 124). However, personal experience has taught me that happiness has nothing to do with any of these things. My experience started one day when a friend of mine finally got tired of hearing me gripe about my many petty (and some important) irritations in life. He was my primary sounding board, so I felt abandoned when he told me he wouldn’t listen anymore until I had written down the 33 happiest moments of my life. I resisted, of course, but finally needed to vent so I sat down and started my list. It took me days of thinking, jotting down a note, thinking some more, scribbling and rearranging before I finally had a list I felt ready to show my friend. I didn’t really notice it at the time, but for the entire period I was working on my list, those problems I was always complaining about seemed to melt away. This readjustment of my thinking was exactly what my friend explained he’d been going for. He had taken a class in which this exercise had been given and he’d learned that when you spend time focusing on the good things that have happened to you in life, you feel less negative and the outside world looks more positive. You start seeing the possibilities in life instead of the obstacles. I understood because I’d just experienced this, but he was right that I probably wouldn’t have understood if he’d just told me. When I showed him my list, he helped me go through it and grouped my moments into several categories. These ended up including accomplishments, gifts, helping others, family, trips, nature and miscellaneous. As we talked about my list, I realized that even in those areas that might sound more like a focus on material elements, the focus was clearly more on the experience involved rather than the item itself.

In this course you have been exposed to many current trends in Term Paper

In this course you have been exposed to many current trends in Business Intelligence. Two important emerging trends are the u - Term Paper Example Moreover, there are technologies such as reality mining which are also emerging in the business world. Reality mining is mainly used to analyze the collected machine-sensed environmental data with regard to social behavior of human beings (Doody & Shields, n.d., pp. 1-31). The paper intends to present an elaborative explanation of a few of the current technological trends being used in the business. Furthermore, the paper would also depict the various impacts of RFID technology and reality mining on the present day organizations. The paper would also discuss the merits as well as the demerits of the aforesaid technologies in business. Discussion Technologies have a very crucial role to play in the present altering business environment. There has been a continuous emergence of new technologies in the business world. A few of them such as RFID technology and reality mining would be explained in details below: Radio-Frequency Identification (RFID) Radio-Frequency Identification (RFID) i s one of the most important tools or technologies for business entities. This technology is quite effective and is capable of replacing the present modern day technology such as bar code. The technology offers strategic benefits to the business as it can track the record in case of supply chain activities more competently and effectively. This technology also provides real-time-in-transit visibility (ITV) and can also observe the general enterprise assets in the business (Sweeney II, 2010). A few of the present day examples of RFID is recognized in supply chain to create pallet tracking application which is used in companies such as Wal-Mart and its suppliers. The access control system such as keyless entry is also a RFID technology. Apart from this, applications like point-of-sale, automatic tool collection system, and animal tracking devices among others also use this technology (Hunt, Puglia & Puglia, 2007). Impacts of RFID on an Organization (Pros and Cons) The impact of RFID fo r the organization is based on how it is being handled by the organization. The ability of the technology to ensure services such as real-time and serialized data could prove to be quite essential to the organization. The best way to know the impact of the RFID on the organization is by assessing the area of the business where this technology is employed. The overall impact of RFID to the business can be assessed with the assistance of three distinct work flows. They are business processes, physical infrastructure as well as system and information. Proper execution of these three aspects alone would depict the major impacts of the technology in the organization (Sweeney II, 2010). On the other hand, the technology also has certain demerits that are quite vital to be analyzed. It has been observed that the technology of RFID reader at times faces difficulties to read the information if the tags are installed in liquids as well as in metal products. The problem occurs because liquid a nd metal surfaces replicate the radio waves, which makes the tags unreadable. Again, certain interventions can be observed in the proper use this technology if devices for example forklifts as well as walkies-talkies are in the surrounding area of the distribution centers (Shah & Murtaza, n.d. pp. 1-9). Effective Use of RFID Technology in Business By Harnessing the Benefits and Avoiding the Pitfalls The use of RFID technology in

Admission essay Example | Topics and Well Written Essays - 500 words - 6

Admission - Essay Example One study revealed that nearly three-quarters of college freshmen consider being ‘very well-off financially’ to be a ‘very important’ or ‘essential’ goal† (Bolt, 2004: 124). However, personal experience has taught me that happiness has nothing to do with any of these things. My experience started one day when a friend of mine finally got tired of hearing me gripe about my many petty (and some important) irritations in life. He was my primary sounding board, so I felt abandoned when he told me he wouldn’t listen anymore until I had written down the 33 happiest moments of my life. I resisted, of course, but finally needed to vent so I sat down and started my list. It took me days of thinking, jotting down a note, thinking some more, scribbling and rearranging before I finally had a list I felt ready to show my friend. I didn’t really notice it at the time, but for the entire period I was working on my list, those problems I was always complaining about seemed to melt away. This readjustment of my thinking was exactly what my friend explained he’d been going for. He had taken a class in which this exercise had been given and he’d learned that when you spend time focusing on the good things that have happened to you in life, you feel less negative and the outside world looks more positive. You start seeing the possibilities in life instead of the obstacles. I understood because I’d just experienced this, but he was right that I probably wouldn’t have understood if he’d just told me. When I showed him my list, he helped me go through it and grouped my moments into several categories. These ended up including accomplishments, gifts, helping others, family, trips, nature and miscellaneous. As we talked about my list, I realized that even in those areas that might sound more like a focus on material elements, the focus was clearly more on the experience involved rather than the item itself.

Problem Identifier Essay Example | Topics and Well Written Essays - 750 words

Problem Identifier - Essay Example The quality of care availed to clients seeking medical attention and care in this institution is of utmost importance. The hospital staff ensures ethical considerations in evaluating, examining, and in making health care related resolutions geared towards the improvement of services. As it is common knowledge, being admitted in a hospital is no joke and is therefore hard and complicated to both the patient and family members. In consideration of these factors, observing and respecting the needs and requirements of the patients is important (Rosner, 2007). This paper describes ethical issues as a challenge to the Mount Sinai administration. Rosner (2007) further asserts that before any treatment commences, it is important for a health care practitioners administering care to ensure that all personal and medical information associated and as well provided by the patient is treated with utmost confidentiality. Certain well established health institutions such as Mount Sinai further acts as training institutions for students aspiring to become doctors as well as other practitioners. These institutions are also target by international bodies involved in conducting health related research. In such case, it is very difficult to main confidentiality of patients’ information. This is one of the challenges that I faced by the administration in Mount Sinai Hospital. ... There is certain information regarding a patient that can bring negative consequences. For instance, individuals suffering from HIV/AIDS are sometimes stigmatized. Making public the HIV status of an individual can therefore lead to stigmatization. Maintaining confidentiality of patients’ records is regarded beneficial as it avails or presents clients with safe and comfortable surrounding that encourages them to seek for medical attention. It is very difficult for people to seek medical attention in a particular health institution if they are aware of the fact that their personal medical information will fall into the hands of the public. An individual is also likely to open up completely to a physician if s/he is sure that his/her medical information will be treated with utmost confidentiality (Title, 2000). It is also important to posit that confidentiality boosts the confidence of individuals seeking treatment and it is also a means of articulating value, admiration, and hig h opinions towards patients. Extent and impact Researchers have always inquired for patient’s information for methodical investigations every other day in this health institution. Students are always involved in the treatment and decision making processes of patients’ care because it is the only way they can learn and gain medical experience. There are few cases where these learners and researchers have been involved in diverging private information regarding the patients either intentionally or unintentionally. Breach of confidentiality has its disadvantages or impacts. Physicians and other medical practitioners found guilty of breaching confidentiality in a court of law are punished and their medical license can be

The Study on the Teaching Quality and Teachers Role Under New English Curriculum Standards Essay Example for Free

The Study on the Teaching Quality and Teachers Role Under New English Curriculum Standards Essay Abstractï ¼Å¡With the increasing globalization and internationalization, English is playing a more and more important role in the world, especially in China. Also, English education is being more and more emphasized by educators and the whole society. How to improve the quality of English education has already been the focus of many countries in which English is regarded as a second or foreign language. One effective way to improve the quality of English education is to improve the qualities of English teachers, that is, the progress of teacher development. Key words: senior high school, quality, role. 1 Introduction 1. Research background With the increasing globalization and internationalization of countries in the world, English is more and more widely used and its role in the society is increasingly important. In addition, in many countries where English is regarded as a second or foreign language, English has already become a necessary demand for many jobs. Those who can read English books, write English articles and communicate with others in English may be easier to be employed. Such tendency requires people, especially the young, to improve their English language ability. Therefore, English education, which is a crucial way to help people learn English better, is becoming much more important. Over the past several decades, expertise and educators are finding methods to improve the quality of English education. The training of teachers’ professional skills is one of those effective methods which can better English education. Since China’s reform and opening, the scale of its English education has continually grown, attended by significant achievements in teaching and learning. However, English education in its current form is failing to meet the needs of contemporary social and economic development. The current round of reforms to the English curriculum aim to end the following practices: †¢ Over-emphasizing the transmission and explanation of knowledge about grammar and vocabulary †¢ Neglecting to develop students’ ability to use language for real In their place, the reforms aim to establish a curriculum that: †¢ Develops students’ comprehensive language competence †¢ Motivates students, is relevant to their life experiences and cognitive level †¢ Promotes task-based teaching methods †¢ Involves students in experiential, practical, participatory and cooperative learning †¢ Develops students’ positive attitudes, thinking skills, practical abilities, cultural awareness and autonomy through the language learning process 2. Research purposes Since teacher development is more and more crucial in the field of education, this study is of great use. For one thing, with the basis of previous studies and researches, this research, which analyzes the teacher’s quality and role needed under New English Curriculum Standard For Senior Middle School, can provide more useful information and resources for the progress of theoretical study. For another, it also has practical meanings because such research may provide useful modules to develop teachers in China, including training for pre-service teachers and in-service teachers, such as teacher preparation programs and training courses. These may be useful for the practical progress of the training of teachers in China or even in other countries 2. Professional quality of teacher under New English Curriculum Standard For Senior Middle School A qualified English teacher in senior middle school not only have to possess the basic quality of regular senior middle school, which is individuality, teaching capability, dedication, education theory and teaching research ability, but also have to have special attainment of English teacher of senior middle school. Taken together, it generally includes several points below: 2.1 A deep love for English teaching of senior high school. English teaching of senior middle school is absolutely necessary of the whole education. Our English teacher of senior high school must closely connected personal work with enhancement of quality of the whole nation, cultivation of Four possessions socialism citizen and task of cultivation of new century cross-cultural pillars of the national construction. We need to look far ahead and aim high, and profoundly realize the far-reaching meaning of English teaching in senior middle school, so as to generate deep affection to the three feet platform and be happy to dedicate our youth to educational business. 2.2 Teacher should enjoy high prestige and command universal respect†. An English teacher of senior middle school must intentionally care for not only teaching of class ,but also students’ physical and mental development . Teachers should teach and nurture students at the same time. No matter at work or in life, they should speak and act cautiously, set themselves as example to students, and preserve in doing it. 2.3 Have high level language quality. Our English teacher in senior middle school should possess solid professional basic skill, proficiently apply their language technique and knowledge, and master a certain quantity of vocabulary and background knowledge of British and American culture in the meantime. Therefore, teachers should continuously improve their language quality. Only if they can speak standard mandarin and fluent English, can they attract students to do corresponding training of listening, speaking, reading and writing like a magnet. 2.4 Have teaching skills of â€Å"Practice makes perfect†. English teaching in senior middle school requires teachers to teach their students in accordance with their aptitude based on class specialties. For example, The senior 2(9) class I am teaching is arts class with active girls and the senior 2(4) class is science class with most of them boys and poorer foundation. I often study the specialties of the arts class and science class, and I will design with different style and totally different teaching process and mode even for same teaching content to adapt to teaching of different class. According to the psychological and physiological characteristics of senior middle school students, â€Å"curriculum standard† request English teacher in senior middle school make teaching more artistic. Teachers need to devote a lot of time in acting, singing, drawing, making, ect., and master rules and methods of English teaching of senior middle school to achieve double effects o f teaching. 2.5 Have teaching strategy and culture consciousness quality. â€Å"Curriculum standard† request teachers should consciously use their teaching strategy to help students form suitable individual learning strategy, thus to achieve satisfying learning effect for both teacher and students. English teacher of senior middle school should be student oriented, develop student individuality, help students optimize their learning method and improve self learning ability. Teacher should also emphasize EQ education and cultivate their coordination consciousness and teamwork spirit, and have students learn communication, interaction, listening, appreciation and respect while building confidence. Only autonomous, cooperative and investigative learning can make them build up solid foundation for future society. English is language teaching with rich culture connotations. In English teaching of senior middle school, culture can be Historical geography, local customs and practices, traditional customs, life style, literature and art, dinner Etiquette etc. of English-speaking countries. For example, Unit 1 Anne’s Diary of class in Book 1 involves tears of blood of Jews; Unit 2 English Around the World tells us different standard English of different countries; Unit 3 Travel Journal let us know river of the six states-Mekong River, and Lancang River is the most important international river of Southeast Asia. English teacher of senior middle school should continuously improve their teaching strategy and cross cultural consciousness to be adaptable to English teaching request of â€Å"curriculum standard†. 2.6 Ability to apply multi-media and several kinds of teaching methods. Teachers should master several teaching tools and methods, which is one of the basic quality requests to English teachers of senior middle school by new curriculum standard. Tape recorder, film slide, pictures, self made teaching tools, courseware, multi-media, etc., are all effective teaching tools and methods to attract senior school students to learn English. With the development of science technique that makes great changes of information society, multi-media teaching has entered into urgent era for nationwide popularization. English teacher of senior middle school should be familiarly and freely make use of this modern technique to motivate students’ learning interest of English, cultivate their positive learning attitude and have them positively participate in English activities, thus to improve English teaching efficiency. 3. Role request of New English Curriculum Standard For Senior Middle School to English teacher of senior high school â€Å"Curriculum standard† request English teachers of senior middle school should be quickly adaptable to diversified role change. In total, teacher should play below roles in school education. 3.1 The roles of imparting knowledge and educating people. â€Å"Preacher†, â€Å"teach knowledge and solve confusion†, social request and expectations determine that English teachers of senior middle school should firstly play the role of imparting knowledge and educating people in school education. In modern English class of senior middle school, teacher should change the education from â€Å"one person alone has the say† to â€Å"allow everyone to have they say†, from parental teaching to partner discussion education. Teacher is initiator of human knowledge and educator of teaching by personal example. In students’ eyes, English teacher is living dictionary of English knowledge and also the source of cross cultural consciousness education. Therefore, the knowledge we impart must be accurate and updated, and also contemporary. 3.2 The role of administrator. Besides class teacher, English teacher of senior middle school is also the leader and manager of students group. To ensure the English class to proceed successfully and receive expected effect, teacher should not only â€Å"teach† but also â€Å"manage†, which means on the one side, English teacher should painstakingly organize class teaching, on the other side, emphasize the management of class discipline. There is no doubt that there is cacogenesis in every class. For the growing senior middle school students, teacher should give more positive education, communicate with them calmly, equally walk into their inner world and use more friendly talk, thus to make them sincerely convinced. 3.3 The role of psychological orientation. English teacher of senior middle school should also be a server of psycho hygiene. On the one side, they should guide students to live healthily and positively. For students â€Å"attach too much importance to science and make light of English†, teacher should teach and help him in earnest, and make him not lose this course in the same starting line. For students with â€Å"internet addiction†, teacher should help them hardly cut out the bad habits of net play, help them catch up on drop classes, help them get rid of over self abasement, anxiousness, impulsiveness to regain normal mentality and prevent the happening of different psychological problems. On the other side, when students fail in test and suffer from psychological frustrations, teacher should try to create an understanding and permissive harmonious atmosphere to comfort and cure students’ broken heart in teachers’ expected eyes. 3.4 The role of innovative researcher. English teacher of senior middle school should master modern technology, which is one the guarantee for class teaching quality. Network techniques are the core of modern technology. It provides wide space for class teaching with powerful initiative request, interactive manner, open space and extensive information source. Therefore, the master of computer applicability techniques is one of the standards to evaluate new era teachers. Multi-media provides great platform for English teachers to proceed with listing, speaking, writing and reading trainings. Therefore, we must perfect ourselves in multi-media teaching like self making courseware and film slide by continuously learning, rethinking and constant innovation. We should possess the ideology of â€Å"lifelong learning†, write teaching postscript and paper in time, and become innovative investigative teacher. 4. Conclusion The best way to learn is to learn from the best.† Teaching problem is mainly teacher problem. Quality of teacher had direct influence in the study of students. We can say that excellent English teacher of senior middle school can teach excellent students. Diversification of teacher roles determines the important meaning and weighty responsibility of teacher occupation, and also the high quality request of English teachers of senior middle school. Therefore, under the guidance of â€Å"curriculum standard†, our English teachers of senior middle school should possess high quality and be suitable for transition of diverse roles, so as to become the pioneer of new curricular reform of senior middle school in 21 century and remain invincible.