Impact Of Corporate Governance On Firm Performance Pakistan Finance Essay - Free Essay Example

Sample details Pages: 12 Words: 3591 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Our study investigates the impact of corporate governance on firm performance. For corporate governance measurement we use three variables Board size, dual leadership structure and Ratio of independent directors where as for Firm performance measurement Return on equity, Return on assets and Earnings per share are used and two control variables such as Firm size and Leverage are used. We collect data from the annual reports of the firms from year 2007-2009. Don’t waste time! Our writers will create an original "Impact Of Corporate Governance On Firm Performance Pakistan Finance Essay" essay for you Create order We use correlation and regression analysis for data analysis. We find that board size is not always related with firm performance. Our study also finds that there is a positive relationship between proportion of independent directors and firm performance. Finally we find no significant relationship between dual leadership structure and firm performance in Pakistan. Introduction In recent past researchers show their interests in the field of corporate governance due to some reasons. It is due to financial recession and eruption of US scandals to protect the stakeholders interests. Such as the interests of investors, shareholders, and management and for the well being and survival of the firm. Good corporate governance leads to protect the interests of the shareholders. Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies (Code by SECP, 2002, p.9). Corporate governance normally means that outside rules and regulations and inside structure that are planned to reduce the agency problem and is the system by which companies are directed and controlled (Cadbury Committee, 1992, p. 15). Effective corporate governance ensures that firms try to reduce the losses and costs and maximizes the benefits for the stakeholders. Good quality corporate governance is based on the codes of accountability, transparency, justice and liability in the management of the company (Ehikioya, 2009). Corporate governance problems arise due to the following reasons. Separation of ownership and control leads to agency problems. Separation of ownership and control may lead to conflicts of interests among managers and owners. Managers may run the business to serve their own interests. Shareholders must compensate them financially to save their own interests, and to reduce additional costs incurred to monitor their activities to reduce agency costs. One of the most important factors of corporate governance which received much attention and requires reforms is the board of directors structure. A board of directors is a panel with tasks of leading, controlling and directing the administration of the company, with prime purpose to perform their jobs as the benefit of the firms owners. For effective governance, many researchers recommend the active participation of independent directors. Literature tells us independent board of directors is best to serve the interests of the owners. Leadership factor is also very important in the corporate governance. There are two major types of leadership structure (lee Lam, 2007). Leadership by the top management is very important while by the CEO it is also an effective one. CEOs have varying degrees of influence over the board in different firms structure and corporate environment. There are different types of corporate structures across the world. First CEO is the leader having both positions called CEO duality (duality structure) i.e. CEO as well as chairperson of the board having power to influence the board. CEO duality has been the dominant board leadership structure of US corporations, in which 70 percent-80 percent of them combine the roles of chief executive officer (CEO) and chairperson (Rechner and Dalton; Rhoades et al as cited in lee Lam, 2007). While the non-duality means both positions are held by separate persons. In non-duality leadership structure chairperson is the leader and CEO has no power to influenc e the board. The current study investigates the association among corporate governance characteristics and firm performance in Pakistan; it differs substantially from the other developing countries. Pakistan is a politically worried and unbalanced area of the world, has distinctive environmental characteristics. Additionally, Pakistan is a strict Islamic country. As a result, its societal and trade activities are based on fundamentalist spiritual laws and regulations. Chaudhry and Hoque (2006) argue that most important governance of the Islamic firm is by its direction toward the pattern of behavioral likings basis on the systemically natural sense of union of information by persistent relational association. The corporate governance are beached on such a perception of combining interrelationships involving the Islamic business and its inner and outer environing factors, via the strong set of Shariah mechanism that allow the corresponding relations to be recognized and achieved. The evolution of the Pakistani corporate entities has, historically, closely followed the path taken by English corporate entities. In 1984, the Companies Ordinance 1984 of Pakistan was promulgated, following lengthy debate; Pakistani companies were established and governed in accordance with the provisions of the Companies Act, 1913. (Code by SECP, 2002). Pakistani firms have different structure to the developed countries. About 80% of all scheduled businesses on the Karachi Stock Exchange have relatives participation or ultimately allied to a big business relatives (zaidi aslam, 2006). This paper will follow following sequence (i) related corporate governance literature review (ii) methodology, sample data, models, and variables (iii) analysis (iv) empirical Results and discussion (v)conclusion of the study. Literature review Corporate governance is the course of action and composition through which a firms dealing and affairs are administered by enhancing business wealth and corporate accountability with the final aim of improving shareholders wealth (Mir and Nishat, 2004).A clear implementation of corporate governance assists a firm to magnetize investment, increase funds, and strengthen the base for firm performance (Ehikioya, 2009). Corporate governance major focus is on resolving agency problems. Agency problems are also called principal-agent problems. Shareholders (principal) are looking the ways to make sure the management (agent) grips on their funds in an approach to increase their wealth and firm performance. Corporate governance composition has an influence on firm performance (Ehikioya, 2009; Shaheen nishat, 2005). Research findings tell that the relationship among the different corporate governance factors and firm performance either can be positive, negative or none. Weir and Laing (2001) and Ponnu (2008) found that there is no obvious association among corporate governance and firm performance. Corporations are like republics. The final right rests with voters (shareholders). These voters elect representatives (directors) who assign most decisions to bureaucrats (managers). As in any republic, the actual power-sharing relationship depends upon the specific rules of governance. One extreme, which tilts toward a democracy, reserves little power for management and allows shareholders to quickly and easily replace directors. Corporate governance improvements are continuously happened in the world to improve the firm performance. There were different reforms regarding the different issues of corporate governance such as board composition, board size, CEO duality, ownership concentration, firm size and leverage. For decision making the corporate governance literature recognizes a range of diverse jobs of boards of directors (Zahra and Pearce, 1989; Gopinath et al., 1994; McNulty and Pettigrew, 1996; Hung, 1998; Maassen, 1999 as cited in Kakabadse, Kakabadse and Kouzmin, 2001). Board composition may be lead to recover the principal-agent problem. The involvement of outside independent directors can improve the firm performance itself against the outer pressure and use the firm resources to increase the wealth of the shareholders. It is very interesting that the research evidences are varied about the relationship among the outside independent directors and firm performance. Petra (2005) argues that the variation in results may be the variation of a company culture. There is positive link among outside independent directors and firm performance (Petra, 2005; Perry shivdasani, 2005). Laux (2005; Byrd, Cooperman Wolfe, 2007) argue that outside directors are more important to the owners of the firm. This positive relationship shows that directors are performing their duties honestly to protect the interests of shareholders. Some researches support the negative relationship among outside directors and firm performance (klein, 1998; agrawal knoeber 1996 as cited in Abdullah, 2004; yermack, 1996). Ponnu and KarthigeLam (2010) found that there is no positive clear impact of board independence on firm performance. However, it is clear from empirical evidence that independent directors perform significant role with firm performance, either positive or negative. So on the basis of above discussion we hypothesize that H1: Proportion of independent directors has significant impact on firm performance. Another feature of corporate governance that has got the attention of the researchers is the leadership structure. Discussion revolves around the duality, means that CEO is also holding the additional post of the board chairmanship. There are two theories regarding this issue (1) agency theory (2) stewardship theory (Lam lee, 2007). Agency theorists fight for the separation of the two posts to grant vital monitoring over managements performance. If not, a single person sharing both posts will dictate the board and it is generally the indication of a dominant CEO leadership. On the other hand, stewardship theorists argue that the separation of posts is not vital, because many firms are performing well with combined posts and have powerful boards fully competent of providing sufficient monitoring. Additionally, when the posts are combined, the CEO may be able to form the corporation to attain its affirmed objectives due to less hindrance. Literature does not suggest which leadership structure is best, either duality or unitary (single person holds single post). Research empirical evidences on CEO duality and firm performance are contradictory. Petra (2005) argued that conflicts of interests happened due to the dual leadership structure. CEO is in self evaluating position in dual leadership structure. If firm is adopted dual leadership structure, CEO may serve his own interests on the expense of shareholders and their interests may be compromised (noel, 2009). Petra and Dorata (2008) argued that CEO can make the decisions objectively short term for his own interests by compromising on the long term objectives in dual leadership structure. Alternatively firm performance is negatively affected if CEO duality exists in firm corporate leadership structure. Lam and Lee (2007) examine the relation between CEO duality and firm performance in Hong Kong. They found that neither agency theory nor stewardship alone significantly explain the duality performance relationship. Their empirical evidence tells that CEO duality has negative relationship with performance of the firm but insignificant for the whole data. They also found that CEO duality and accounting performance are negatively related for family controlled firms, while it is positively related for non family controlled firms. There is an inverse impact of CEO duality on firm performance (Ehikioya, 2009; Mir Nishat, 2004). Abdullah (2004) and Mashayekhi and bazaz (2008) found that both board independence and leadership structure do not affect the firm performance separately nor the combined effects of these two factors affect the firm performance. Dual leadership structure places CEO in powerful position of managing the operations of the firm and also overseeing the direction the firm will take into the future (Petra Dorta, 2008). So we can hypothesize that H2: Dual leadership structure has significant impact on firm performance. Another board characteristic is board size. Either large or small number of directors should be in the board. Either board size has significant relationship with firm performance or not. There are different findings of different researchers regarding board size and firm performance. The corporate governance structure such as ownership structure, board composition, board size, and CEO duality has a massive impact on a firms performance (Ehikioya, 2009). The number of directors in the board can be supposed to have a considerable effect on the firms performance because the board is having the huge responsibility for managing the firm and its operations. Some researchers suggest large board size for better corporate governance and firm performance while others suggest small board size. Raheja (2005) suggests that optimal board size and compositions are functions of directors and the firms characteristics. There may be some conflicts in larger board. The monitory expenses and poor communication in a larger board has been seen as a reason for opposing a larger board size (Lipton and Lorsch 1992). Anderson, Mansi and Reeb. (2004) suggests that firms with larger board size have the capability to drive the managers to chase for lower cost of debt and increase the performance. Ehikioya (2009) observes that ownership concentration and board size is positively related to the firms performance in three out of four cases. It means that concentrated ownership combined with finest board size tends to perform better then diffused ownership. Yermack (1996) like most of the other researchers found in his study negative relationship between board size and firm performance. Mashayekhi and Bazaz (2008) found that board size is negatively associated with firm performance. Bhagat and Black (2001) found that board size is not always in relation with the firms performance. Frick and Bermig (2009) after analyzing the effects of supervisory board size and composition on the valuation and firm performance and conclude that there is no constant impact of either board size or board composition on firm valuation and performance. Cheng, Evans and Nagarajan (2007) argue that huge information about firm and managerial performance and the changes in business atmosphere both add to the importance of rapid and effective actions by the board, while the capability of the board to make such decisions decreases with board size. They further argue that different costs like communication, co-ordination, and free riding costs increases as the boar d size increases. The benefits of these incentives are likely to be overcome by the increased costs as the board becomes sufficiently large. H3: Board size has no significant impact on firm performance. Methodology Sample and Variables This study concentrates on the corporate governance and firm performance of publically listed companies in Pakistan. Sample companies are chosen from the KSE 100 index listed during 2007 to 2009. Sample consists of 80 firms. Sample is chosen randomly from the different sectors of Pakistan economy. Non financial firms are included in the sample. Financial firms are excluded from the sample because of different capital structure and cash flows. We also excluded the firms having missing data. 15 companies are deleted from the original sample due to unavailability of the data and special capital structure. Our final sample consists of 65 firms of different sectors. Information related to these variables to measure the relationship among the corporate governance and firm performance is collected from the annual reports of the firms. The reports are collected from the kse-100 index and the respective firms website. Our study includes CEO duality, board independence, and board size as independent variables to measure corporate governance. Return on equity (ROE), return on assets (ROA) and earnings per share (EPS) are dependent variables in our study to measure firm performance. Leverage (debt/assets) and firm size (natural logarithm of total assets) are used as control variables in our study. Data Analysis We use descriptive statistics, Pearson correlation and multiple regression analysis to analyze the data. The models which are used are given below. EPSi= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±0+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 BSIZEi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 RIDi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 CEDi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 LEVi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²5 FSIZEi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi -(1) ROAi= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±0+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 BSIZEi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 RIDi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 CEDi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 LEVi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²5 FSIZEi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi -(2) ROEi= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±0+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 BSIZEi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 RIDi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 CEDi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 LEVi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²5 FSIZEi+ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi -(3) Where EPS in model (1) is calculated as net income divided by total number of ordinary shares of the firm; ROA is calculated as net income divided by the opening balance of the total assets in model (2); ROE in model (3) is calculated as net income divided by the total balance of total equity. BSIZE is the total number of directors on the board; RID is the ratio of independent directors on the board; CED is the CEO duality structure 1 for duality and 0 for otherwise; LEV is the leverage of the firm is the ratio of total debt to total assets; FSIZE is the firm size calculated as the natural log of total assets. Empirical Results and Discussion Descriptive Statistics Descriptive statistics in table 1 about the variables show that average number of directors in the board is 8.33, about 64% are the independent directors on the board and in 32% cases CEO is also the chairman of the board. Average leverage is 22% which shows that Pakistani firms less rely on debts; average firm size almost 16; ROE 31%; ROA 2% and EPS is Rs.11.45. All variables except Fsize have smaller meadians then their crossponding means. This shows that sample data is slightly skewed. Standard deviation of all variables is large except RID and LEV. Table 2 shows pearson corelation among the variables. RID is significantly corelated with EPS, ROE and ROA. This indicate that higher board independence has significantly positive corelation with firm performance. As the number of independent directors increase in the board the performance of the firm will be better. Our results are similar to other findings Petra (2005), Perry and shivdasani (2005) and Mashayekhi and Bazaz (2008) and inconsistent to Abdullah (2004) and Yermack (1996). This significant positive correlation shows the importance of the independent directors on the board. This indicates that there must be a sufficient proportion of outside independent directors on the board. Sufficient number of directors on the board will protect the interests of the shareholders. It also leads to better transparency in the firm ultimately firm performance will increase. CEO duality has negative and insignificant correlation with EPS, ROE and ROA. This implies that CEO duality has no significant association with firm performance. Our results are consistent with Lam and Lee (2007) and Mashayekhi and Bazaz (2008). This shows that dual leadership structure has neither positive nor negative relationship with firm performance in Pakistani companies. Board size has significantly negative correlation with ROA and insignificant correlation with EPS and ROE. Sometimes large board size negatively related with firm performance and sometime it is insignificantly related with fiem performance. This indicates that board size is not always related with firm performance (Bhagat Black, 2001). Leverage has no significant relationship with EPS, ROE and ROA. This implies that Leverage has no signifacant relationship with firm performance. Firm size has significantly negetive relationship with ROE and ROA. ROE , ROA and EPS have nosignificant relationship with each other except that ROE and ROA are positively corelated. Firm size has significantly positive relationship with ratio of independent directors (RID) and Dual leadership structure but significantly negetive association with board size. Regression Results Table 3-1, 3-2 and 3-3 show the results of regression analysis for each three dependent variables EPS, ROA and ROE separately. EPS, ROA and ROE explain 19%, 12.5% and 11.83% variations respectively. Board size is positive coefficient but insignificant values with firm performance measures (EPS t-stat= 0. 0.5511, ROA t-stat=- 2.21128 ROE t-stat= 0.234378) except ROA. It shows that board size is not always related with firm performance (Bhagat Black, 2001). This is inconsistent to H3: Board size has no significant impact on firm performance; Because ROA is showing significant impact on firm performance. Our findings are also consistent to Frick and Bermig (2009) who found no constant impact of board size on firm performance. Our findings are inconsistent with Yermack (1996) and Mashayekhi and Bazaz (2008) who found that board size is negatively associated with firm performance. Our findings are also inconsistent with Ehikioya (2009) who found that board size is positively associated w ith firm performance. Opposite to H2: Dual leadership structure has significant impact on firm performance. Our regression results do not show any significant relationship among the dual leadership structure and firm performance (EPS t-stat= -0.57958, ROA t-stat= 1.7605, ROE t-stat= 1.241707). it indicates that dual leadership structure neither positively nor negatively impact the firm performance. Our results are consistent with Abdullah (2004) and Mashayekhi and bazaz (2008) who found that leadership structure do not affect the firm performance. Table 3-1 Table 3-2 Table 3-3 There is an inverse impact of CEO duality on firm performance (Ehikioya, 2009; Mir Nishat, 2004; Mashayekhi bazaz, 2008). Our findings contradict them. H1: Proportion of independent directors has significant impact on firm performance. Our regression analysis shows positive coefficient of RID and statistically significant values of t-test for the performance measures (EPS t-stat= 3.18694, ROA t-stat= 2.8463, ROE t-stat= 2.9045). Our findings are similar to Petra (2005), Perry and shivdasani (2005) and Mashayekhi and bazaz (2008) who found positive relationship between proportion of independent directors and firm performance. This shows that outside directors are more important to the better performance of the firm. This positive relationship also shows that directors are performing their duties sincerely to defend the interests of shareholders. This result is also according to the prediction of agency theory that there is a positive relationship between outside independent directors and firm performance in Pakistan. Finally the firm size has negative and significant impact on firm performance in Pakistan. Only EPS value is insignificant. Our results oppose Mashayekhi and bazaz (2008) who found positive impact of firm size on firm performance. Leverage ratio has statistically insignificant effect on firm performance. This is consistent to Mashayekhi and bazaz (2008). Conclusion Our study investigates the impact of corporate governance on firm performance. For corporate governance measurement we use three variables Board size, dual leadership structure and Ratio of independent directors where as for Firm performance measurement Return on equity, Return on assets and Earnings per share are used and two control variables such as Firm size and Leverage are used. Our findings are similar to that of Bhagat and Black (2001) that board size is not always related with firm performance. Our findings are also consistent to Frick and Bermig (2009) who found no constant impact of board size on firm performance. This study also finds that there is a positive relationship between proportion of independent directors and firm performance. Our findings are consistent to Petra (2005), Perry and shivdasani (2005) and Mashayekhi and bazaz (2008). We find no significant relationship between dual leadership structure and firm performance in Pakistan. Our results are consistent with Abdullah (2004) and Mashayekhi and bazaz (2008). There are several limitations in the study such as time and data availability. Economic and political instability may affect the generalizability of the findings. Our results may differ from other studies due to the financial recession of near past. For future study one should use Growth ratios for firm performance and other Board characteristics for corporate governance measurement for more significant and long term results.

The Declaration Of Independence The Rights Of Life,...

As stated in the first sentence of the second paragraph in The Declaration of Independence: â€Å"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights that among these are Life, Liberty, and the Pursuit of Happiness.† Many groups of Americans such as African Americans, Native Americans, and women have been denied the rights of life, liberty, and the pursuit of happiness – which is why the phrase â€Å"all men are created equal† is a phrase that has been used loosely, as it was often contradicted throughout history. Liberty is the power to freely do and chose what one wants to do. As mentioned before women, Native Americans and African Americans have been denied the right of liberty; they were not allowed to do as they please, and most of the time their actions were forced (against their will). Of these three groups of Americans, the history of African Americans has dispro ved the phrase â€Å"all men are created equal.† Slavery began to become an epidemic in the Southern colonies, eighteenth century. In fact â€Å"slavery became the defining characteristic of the southern colonies during the eighteenth century, shaping the region’s economy, society, and politics.† Nearly all of the slaves during this time period were African Americans. The population of the African American slaves increased more rapidly than that of the white population. In 1770 alone, the population of African Americans boomed toShow MoreRelatedThe Ideals of the Declaration of Independence862 Words   |  4 Pages The Ideals of the Declaration of Independence The Declaration of Independence is the most important document in the history of the most influential nation in the modern world – The United States of America. 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Global Factors

Question: Describe The impact of global factors on business organizations ? Answer: The implication of global integration on business UK is integrated with OECD countries the biggest trade block of Europe. It is a steady member of IMF and G8 countries since their inception. UK is also associated with European union and WTO. The market size of UK is 2 trillion domestically where exports numbered 0.5 trillion. The country has a record of holding offices of almost all the foreign companys office in their domestic market differentiating the employment opportunity in different subjects (Oecd.org, 2015). Assessment of impact of international trade on domestic products and service For the UK business holders there are ample of opportunities to develop their business in Asian emerging markets. The growth of country has survived from recession of 2008 while government has no protectionism policy for the big MNEs in the country due to free trade policies. However, it has taken measures for controlling the business of SMEs from the foreign companies. The trade duties and tariff rates are same for the domestic and international business except there is some precautionary measures for to quality for agricultural and food products imported from other countries (Hesa.ac.uk, 2015). Impact of global economy on business The free trade policy of country has increased the competition for the domestic producers as seen in the low manufacturing workers in nation. It has also increased the rate outsourcing due to increase rate of wages. Globalization has provided the customers many choices for them as there are many products sold in UK of many prices. It also increases rate of innovative development in UK to compete with the foreign low cost products. The facilitation of globalization using ICT Using ICT has enabled industry to outsource many jobs from low wages country where relevant skills are cheaper than in UK. Further, it has increased the employment problem of country too. Internet marketing has increased communication at lower cost and also a different profession for the country as well as it is a meaning for easy communication with remote area (Europa.eu, 2015). Reference lists Europa.eu, (2015). EUROPA EU website | Choose your language | Choisir une langue | Whlen Sie eine Sprache. [online] Available at: https://europa.eu [Accessed 27 Apr. 2015]. Oecd.org, (2015). OECD.org - OECD. [online] Available at: https://www.oecd.org [Accessed 27 Apr. 2015]. Hesa.ac.uk, (2015). Home - HESA - Higher Education Statistics Agency. [online] Available at: https://www.hesa.ac.uk [Accessed 27 Apr. 2015].

Ohio University Admission Essay Help

Ohio University Admission Essay Help Essay Promts Admission Essay requirements The essay is optional.  An essay is required if one of these criteria applies to you: †¢ You are applying to the E.W. Scripps School of Journalism. Your essay should detail why you want to study journalism at Ohio University. †¢ Honors Tutorial College applicants should follow instructions detailed in the following section. †¢ You have been out of school for more than 3 months at any time. You must list all activities undertaken during this period on the application or in the optional essay. The list must account for all activities completed or planned up through your intended enrollment date Admission essay/personal statement prompts If an applicant chooses to submit an optional essay, potential topics could include describing any academic challenges the applicant has faced, the applicant’s academic and career objectives, or the applicant’s involvement in community affairs. Recommended length is 250-500 words. Office of Admissions Contacts Ohio University Chillicothe Campus Admissions Registration Office Bennett Hall 139 T: 740.774.7241 T: 740.774.7730 Student Services T: 740.774.7240 T: 877.462.6824 Jaime Lowe Bennett Hall 139 C T: 740.774.7241 Career Consultant Martha Tanedo, MA, GCDF Coordinator of Student Support Bennett Hall 275 T: 740.774.7733 Alumni statistics Where they live Columbus, Ohio Area 24,306 Cleveland/Akron, Ohio Area 14,677 Parkersburg, West Virginia Area 9,980 Cincinnati Area 8,211 Greater New York City Area 4,331 Where they work Cleveland Clinic 610 Nationwide Insurance 581 JPMorgan Chase Co. 549 The Ohio State University 411 Cardinal Health 349 What they do Education 13,096 Sales 12,827 Operations 10,653 Healthcare Services 8,865 Media and Communication 8,432 Entrepreneurship 7,715 Information Technology 6,315 Marketing 5,744 What they studied Business Administration and Management, General 7,618 Marketing 6,439 Journalism 5,944 Communication, General 5,660 Psychology 4,754 Finance, General 4,034 Political Science and Government 3,757 English Language and Literature/Letters 3,379 What they’re skilled at Microsoft Office 26,067 Customer Service 26,048 Leadership 25,210 Public Speaking 23,274 Management 22,182 Social Media 19,000 Microsoft Excel 18,184 Sales 16,868 Matthew Rubel President and CEO Varsity Brands President Specialty Division at Revlon President Tommy Hilfiger at Murjani Senior Advisor at TPG Capital bsj, Journalism 1975 – 1979 Ramanath Ramakrishnan EVP Chief Technology Officer at Eaton Corporation Multiple roles with increasing responsibilities at GE Global Research Sr. Production Engineer at Wyman Gordon SVP Technology, Industrial Sector at Eaton Corporation M.S., Mechanical Engineering 1987 – 1989 Mike Wilkinson, PhD CIO and EVP, Technology, Innovation and Performance at PPD Global Head of Internal Medicine at Quintiles VP, Project Management Group One at Quintiles Associate Director, Project Management at Quintiles BS 1976 – 1979 Claudia Patton Chief Talent Officer at Edelman Founder at The Headline Group EVP/GM at Edelman B.S., Education 1971 – 1973 Reccomendations to apply My Home Away from Home There arent many places in the Midwest as beautiful as Athens, OH in the fall. Theres really something special about this campus and much of it begins with the quality of the people Ohio University tends to attract. OU offered me the quintessential college experience during my time in Athens as an undergrad. Im currently enrolled in the online MBA program and my education has been a pillar to my career success thus far. There are quite a few really great Universities and Im lucky to have found one right here in my home state of Ohio. Jeff Wallick Business Development Manager at KM Tire Business Development Manager at KM Tire 2015 – 2017, Master of Business Administration (M.B.A.)

Using MySQL Connection Code in Multiple PHP Files

Using MySQL Connection Code in Multiple PHP Files Many website owners use PHP to enhance the capabilities of their webpages. When they combine PHP with the open-source relational database MySQL, the list of capabilities grows immensely. They can establish login credentials, conduct user surveys, set and access cookies and sessions,  rotate banner ads on their site, host user forums, and open online stores, among many other features that are not possible without a database. MySQL and PHP are compatible products and are frequently  used together by website owners. The MySQL code can be included directly in the PHP script. Both are located on your web server, and most web servers support them. The server-side location provides reliable  security for the data your website uses. Connecting Multiple Webpages to One MySQL Database If you have a small website, you probably dont mind typing your MySQL database connection code into the PHP script for a few pages. However, if your website is large and many of the  pages require access to your MySQL database, you can save time with a shortcut. Put the MySQL connection code in a separate file and then call the saved file where you need it. For example, use the SQL code below in a PHP script to log in to your MySQL database. Save this code in a file called datalogin.php. ?php // Connects to my Database mysql_connect(your.hostaddress.com, username, password) or die(mysql_error()); mysql_select_db(Database_Name) or die(mysql_error()); ? Now, whenever you  need to connect one of your webpages to the database, you include this line in PHP in the file for that page: //MySQL Database Connect include datalogin.php; When your pages connect to the database, they can read from it or write information to it. Now that you can call MySQL, use it to set up an address book or a hit counter for your website.

How does Haddon use colour to the tell story in Curious Incident of the dog in the night-time Essay Example

How does Haddon use colour to the tell story in Curious Incident of the dog in the night How does Haddon use colour to the tell story in Curious Incident of the dog in the night-time Essay How does Haddon use colour to the tell story in Curious Incident of the dog in the night-time Essay The curious incident of the dog in the nighttime, tells the story through the perspective of Christopher, a character with Aspergers syndrome. Part of Christophers condition is that he does not understand linguistic techniques such as a metaphors; he does not understand the emotional connotations behind descriptions that you would find in texts such as poetry. Thus through his narrative you would expect the story to be simple descriptions with no symbolism. However the use of colour, does create a mood, which the reader can interpret even if Christopher does not when he reports what he has seen. For example at the beginning of the story, Christopher opens with describing when he found the dead dog. He describes the dog as being pale yellow like chicken. Whilst Christopher is merely making a comparison between the colour of the dog and the chicken, Haddon cleverly creates a mood. The reader would be able to associate yellow with disease. Thus through use of colour Haddon creates imagery, which the reader can interpret, but which also Christopher can report as it is factual unlike a metaphor. The descriptions of colour not only create a mood throughout the story but also allow us to form some sort of judgement or have insight in to the other characters. For example whilst Christopher merely observes Mrs Shears wearing pink nail varnish as readers without AS we can interpret that Mrs Shears is feminine and perhaps vain. Similarly, Siobhan is described as wearing green glasses, which creates the impression of her being lively, and slightly non-conformist. The contrast of characters helps demonstrate the diversity of the different characters without Christopher making a judgement of them himself. Another element of Christophers condition is that he likes everything to be ordered, and colours are one way in which he likes ordering things. For example he dislikes the colour yellow and likes the colour red. Colour continually recurs in the descriptions of the food he eats. Thus helps maintain the impression of order, and the continuity of Christophers character. Continually through each chapter, no matter the events preceding, Christopher routinely describes the food he eats for his three meals a day. This helps not present Christophers like for order but represents how he remains detached and cool; no matter the circumstances he does not become emotionally involved. For example after discovering your dad has lied about your mother, Christopher clearly goes through emotional trauma demonstrated by his vomiting he still remembers exactly what food he packs in his lunch box. Others without As in such circumstances would not be thinking logically in the same way as Christopher as w e would be too distracted. Here colour demonstrates that this order is part of Christophers very being and his daily life. It also, like the chapters throughout the stories, links the events happening in Christophers life to Christophers condition. Interestingly, whilst the mention of colours is resembled throughout, Christophers attitude to them changes. Whilst, at the beginning there is a continual report of the good Christopher eats, towards the end Christopher is forced to wear for example yellow shorts. This technique cleverly symbolises how before Christophers world was ordered but has now been turned upside down; He is wearing yellow shorts where before having to wear yellow shorts would have been a huge issue. This symbolism is similar to when Christophers father bangs the table and Christophers food, clearly defined colours mixes. The emphasise that colours play a huge part in also symbolising other developments in the story. As already stated colour clearly plays an important part in Christophers life; throughout the story many of the progressing decisions Christopher makes are based on his good days and bad days. Good days are whenever Christopher sees more than three cars than red, bad days are when he sees yellow cars. He states Because it was a good day I decided I would try and who killed Wellington . The decision to investigate who killed Wellington seems dependant on the colour of a car which seems ludicrous. Yet it creates interest because it allows Christopher to break out his boring mundane life and constantly reminds the reader of Christophers condition. Overall colours allow Christopher to express his emotions. Part of his AS condition is that does understand the complexity of human emotions nor does he like them; He likes everything to be rooted to factual evidence thus explaining his like for colours which are empirical information. However, demonstrated throughout the play he does not lack the ability to feel emotions. For example when he believes his mother to be in hospital, he colours red cars on a card to make it a super super happy day for her. Whilst he does explain or possibly understand feeling of compassion or care for his mother, the fact that he paints her something which associated with happiness demonstrates he does possess these feelings. Thus is makes the reader feel sympathy and empathy with and also engages our interest in to his character and condition. Furthermore, the reiterating themes of colours not only convey structure of our life but generally allows us to know how Christopher. The colours create imagery like they would in a normal novel. For example, we know that when Christopher describes himself going home and eating broccoli it creates the atmosphere of relaxation, it is something which Christopher enjoys even thought Christopher himself does not state I feel relaxed I feel happy. So overall colours play an important part in the story. They constantly remind us of how Christopher perceives the world and allow us to experience in a structured manner the way he does. However they also allow an atmosphere to be created whilst it is not intentional through Christophers. They also portray the structure of Christophers life when he is reasonably content to when like his system for colours, his life is no longer organised or the transgression from christophers life of normality until after finding the dog (typical in all novels). They also allow us insight in to Christophers own emotions that he himself cannot intentionally communicate due to his condition and colours we associated with Christophers happiness create an atmosphere.

Analysing specific financial issues in Oxford Instruments PLC Essay

Analysing specific financial issues in Oxford Instruments PLC - Essay Example The company has a vision to actually turn smart science into viable and affordable commercial products which can be easily available to the target market. It is involved in the development of sophisticated The company started as a small company manufacturing magnets used in the scientific research however, over the period of time, company grew and become one of the most important players in the market. Its history also suggests that it was the first spin-off from the Oxford University and was the first venture which was successfully launched from Oxford University. This paper will explore the financial performance of the Oxford Instruments Plc with special reference to how stock markets are related with the public limited companies and their performance, relationship between the investor values and financial performance of the firm, the gearing level and issue of debt to the investors besides summarizing the overall things with special reference to the limitations of the ratio analysis. There are different methods under which an organization can actually raise money and utilize those funds for the expansion and development of business. One of the key methods of having funds is to basically borrow from the banks, financial institutions or through issuing debt to the investors. Debt or the money borrowed by the companies however, have to be paid repaid along with the interest rates to the debt holders i.e. the persons who actually buy the debt and expect to be repaid with their original principal amount and the interest. Secondly, however, firms can also raise money by selling their equity on the stock markets. A firm, when issuing stocks for the first time to raise money, enters into what is called primary issue of stock listing. Primary issue is basically when the firm sells its stocks for the first time at the price they decide to set whereas secondary selling of the stock market takes place