Frameworks of study and variables in the economy - Free Essay Example

Sample details Pages: 9 Words: 2620 Downloads: 5 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? Hypothesis Development The importance of corporate governance for Asian countries was emerged in1997 when a financial crisis in Japan was expanded to the countries in Asia pacific region (Sueyoshi, Goto, and Yusuke, 2009). Since many researches were conducted to explore the relationship between corporate governance and company performance in Asia along with the USA. However, as mentioned before, one of the most important issues in corporate governance discussion is agency problem (Shakir, 2006) and it means when ownership and management team are separately from each other, agency problem will show its effects. Don’t waste time! Our writers will create an original "Frameworks of study and variables in the economy" essay for you Create order This situation was explored in Zhuang, Edwards, and Capulong study (2001). They tried to find the effect of monitor managers and to implement control; therefore managers act in the best interest of companies owners (shareholders). According to Dalton, Daily, Ellstrand and Johnson (1998) agency problem is the most identified theoretical perspective which is explored in corporate governance studies. However, according to Bebczuk (2005), corporate governance can affect companies performance because of agency problem which is a result of an inconsistency of interest between shareholders and management. Hence, Bebczuk (2005) study went through the Argentinas companies to explore the role of corporate governance and its effects on corporate performance. Some of other researchers who worked on this relationship were Chen (2005) in Taiwan, and Che Haat et al. (2008) in Malaysia. Therefore, based on the priors study, the first hypothesis for this study can be developed as bellow: There is a significant relationship between corporate governance and performance of the Malaysian listed companies. In term of capital structure there are few studies not only in Malaysia, but also elsewhere that their purpose is to explore the corporate governance and capital structure. As a recent effort, Saad (2010) explored the commitments level of Malaysian listed companies to code of corporate governance in Malaysia; then, the effects of these commitments on the capital structure was examined. Existing the relationship between corporate governance and the capital structure was proved in Saad (2010) study. Priors to Saad (2010) study, Bhagat and Bolton found relationship between corporate governance and capital structure between companies in the USA. Following the previous studies, in this study the second hypothesis is defined as bellow. There is a significant relationship between corporate governance and capital structure of Malaysian listed companies. Sample Selection To achieve the best results, the companies listed in Bursa Malaysia were selected to find their level of commitments to the corporate governance code in Malaysia, and the effects of these commitments on their performance and the capital structure decisions. Secondary data will be used in this research and Bursa Malaysia website and companies annual reports can be sources of data for this research. This research will choose listed companies randomly from main and second board of Bursa Malaysia and financial firms and banks will be excluded as they have different natures and policies. Data Collection Different authors have different opinions and offer different guidelines for the appropriate number of sample size in multiple regression. Stevens (1996, p.72) says that for a social science research, about fifteen samples for each independent variable should be used to achieve a reliable equation (Pallant, 2005, p. 142). Hence, based on Stevens opinion, as this research has 3 independent variables, 45 samples can be enough for this research. Elsewhere, Tabachnick and Fidell (2001, p. 117) recommend a formula for sample size calculation and state that number of samples should be more than 50 + 8 * IV (where IV is number of independent variables). Therefore, 50 + 8 * 3 = 74 samples are enough for this research. However, this research employs G*Power 3.0.10 to calculate the sample size and according to the results of this software, as this research has three predictors including one independent variable and two control variables and the study will use Multiple Regression from F-Tests g roup, to achieve the desired results with error probability = 0.05, Power (1- error probability) = 0.95, Effect size = 0.2, sample size will be 90 and with this sample size, the actual power will be 0.950306. The output is shown in the following table. Effect size 0.2 Noncentrality Parameter 18 error probability 0.05 Critical F 2.710647 Power (1- error probability) 0.95 Numerator df 3 Number of Predictors 3 Denominator df 86 Total Sample Size 90 Actual Power 0.950306 Table3.5: G*Power results In figure 3.1 Total Sample size is drawn as a function of Power of the test and as shown with 90 sample size, power of the test reaches to 0.95 which is the desired amount for this research. Figure 3.2 draws as a function of total sample size and as shown, = 0.05 achieves with 90 sample size. Furthermore, the following figure (Fig 3.3) draws both of and power as functions of total sample size and as shown they crosses each other with 90 sample size. Therefore, the sample size of this research will be 90 companies that will be chosen from Bursa Malaysia website randomly. Measurement of Variables Independent Variables Researchers apply a conduct test to investigate effect and cause connections; it means that they arrange an experiment in order that changes to one entry lead to something else to differ in an unsurprising method. These modifies in quantities called variable. Term of variable can refer to any trait, factor, or condition that can be in various amount or types. The independent variable is the one that is varied by researchers in order to have a fair test or a good experiment. As shown in the figure 3.1 the corporate governance is the independent variable in this study. Corporate Governance: Although this variable is used in all previous studies with corporate governance base, all these studies used different methods to measure corporate governance such as Gov-Score (Brown and Caylor, 2004), GMI (Bhgat and Bolton, 2008), etc as mentioned in the literature review chapter. This research adopts Bebczuk (2005) method to measure corporate governance practices in the firms. Hence, Transparency and Disclosure Index (TDI) is used as an index to measure the corporate governance. In line with Bebczuk (2005) study the structure of TDI are demonstrated based on table 3.1. The TDI is used, in order to determine the strength of firms corporate governance. TDI is relied on public information of firms on their annual reports, and reveals the standard of transparency and disclosure in a corporation. TDI includes 25 binary items which can discover a wide range of corporate governance issues. The binary will be equal one if a firm acts based on the code of corporate governance, in contrary, it will be zero. The TDI are divided into three sub-indices. They are Board, Disclosure, and Shareholders. Board is measured the structure, progresses, and compensation of the board and top management members. Disclosure is measured to what extend the firm annual reports release corporate facts to the external shareholders. Shareholders is measured the superiority and value of data and information in related to alternative shareholders. To understand the TDI and its aspects, the study provides operational definitions of TDI items. Table 3.1 presents these operational definitions. Table 3.1: TDI items explanation Manager and director fees Usually firms publish only total amount of their managers and directors fees and knowing of each directors fee is not possible. However, the best corporate governance practices is publishing each director and managers fee separately. Hence, the value of this item for a firm will be one if the firm publishes the exact amount of its managers and directors fee. The information related to this item usually can be found in remuneration part of the annual report. Form of manager and director fee payment Each company pays its managers and directors by many ways and the best corporate governance practice is disclosing all payment forms that the company considers. For instance, it includes basic salary, fees, bonus gratuity, fees subsidiaries, allowance, employers EPF, Benefits in kind, stock options, stock. As a matter of fact, some companies divide the payment forms only in few categories and shareholders and investors do not know the details. Hence, the value of this item will be one if the company publishes all form of payments to managers and directors, otherwise, it will be zero. This information usually can be found in the remuneration part of annual reports or in financial statements. Information on whether manager and director fees are performance-based Performance-based fees can be a method to decrease agency costs and the companies that want to follow the best corporate governance practices publish this information and mention whether their manager and directors fees are tied to their performance or not. This information can be found in directors remuneration part of annual report. Bio of main company officers/ Bio of directors These items disclose vary information about board. Age, race, education, years commitments with firm, information about directors in board. Financial Indicator for last five years Some of companies publish details of their last five years financial information and some companies only publish some of key financial indicators. Others do not give any information about their past financial statements in the current annual reports. Calendar of future events The lack of information about future events of companies will be disclosed through this item. If the company publishes the calendar of its future events this item will be one, otherwise zero. English-translated corporate website If the company has English-translated corporate website this item will be one and if it provides the information only in Malay or Chinese language it will be zero. Strategic plan and projections for the following years In todays competitive world, all companies must have details strategies and plans for future and usually they publish a brief of them in outlook and prospects parts of the annual reports. Some companies only gives a short review of the future economy and some publish detailed information about their companies strategies to encompass with the future challenges and use opportunities. Details on the appointment process of new directors Some of companies publish this information in a separate part which is titled Appointment procedure and some only mention a few lines in the nomination part of the annual report. Unfortunately, some of the firms dont publish anything related to this item. Therefore, this item for companies that follow the best corporate governance practice will be one, otherwise zero. Details on attendance of minority and controlling shareholders at shareholders meetings If the company keeps and publishes information related to minority and controlling shareholders in Annual general Meeting this item will be one; otherwise, it will be zero. Report of the external auditor Based on regulations all companies should put their auditors report in Annual Report. Therefore, it is expected that all firms get one for this item in Malaysia. Details of corporate ownership (principal shareholders) According to the listing requirement for Malaysian corporations, they should expose data and information associated to their shares and major shareholders. Malaysian companies respect to this law and it is expected that all companies that have been listed on Bursa Malaysia get one for this item. Type and amount of outstanding shares According to the listing requirement for Malaysian corporations, they should expose data and information associated to their shares and major shareholders. Malaysian companies follow these regulations. Hence, it is expected that all companies that are listed on Bursa Malaysia get one for this item. Dividend policy in the past five years If a company publishes its gross dividend, net dividend, or dividend per share for the past five years in its current annual report, this item will be one; otherwise zero. Projected dividend policy for the following years The information of this item can be found in Dividend part and some of companies reveal the following years dividend policy in the current annual report. As a matter of fact, informative more data about dividend policy can lead to raise investors confidence and convince them for more investment. Dependent Variables Researchers will focus on dependent variable in order to observe how this variable reaction to the change made to the independent variable. The value of dependent variable is the result of independent variable, and depends on independent variable too. Performance and capital structure are dependant variables in this study. It means this study will examine the effect of the independent variable, as mentioned above; on the performance and capital structure. Performance In order to measure the performance of firms, this study adapts measure used by Wei et al. (2000), Bebczuk (2005), and Bhagat and Bolton (2008). Performance is measured using different proxies as stated bellow: Return on Assets Bhagat and Bolton (2008), Wei et al. (2000), Aman and Nguyen (2008), Bebczuk (2005) Tobins Q Aman and Nguyen (2008) Return on Sales Bebczuk (2005) Wei et al. (2000) Return on Equity Bebczuk (2005) Table 3.2: performance In order to clarification each item, a briefly explanation is necessary as bellow: Return on assets: net income/ total assets Return on assets (ROA): Earnings before interest and taxes to total assets. Return on sales (ROS): Earnings before interest and taxes to sales. Return on equity (ROE): Earnings before interest and taxes to total equity. Tobins Q: The market value of a firms asset divided by the book value of its assets. Capital Structure Capital structure is measured by using the ratio of debt to assets. This measure is used by prior studies as Bebczuk (2005) and Bhagat and Bolton (2008). Debt to Asset Bebczuk (2005), Bhagat and Bolton (2008) Table 3.3: capital Structure Control variables To increase the reliability of the findings, the study considers firm size and firm growth as control variables. Although it is believed that size may create negative influence in a condition that size is related with the prostration of growth occasions, it defiantly have a positive effect on every occasion that size is associated with more diversification, superior economies of scale and scope, more management, and less rigorous financial restraints. Moreover, sales growth is a proxy for the product demand faced by the firm and its productivity. The firm size is measured as total assets ( logarithm of total assets ) as measured by Bebczuk (2005) and Chen (2004). Firm growth, on the other hand, is measured by a percentage of sales growth (Chen, 2004; Bebczuk,2005). Size Ln(assets) Logarithm of the companys total assets Growth Sales Growth Percentage sales growth Table 3.4: Control Variables Data Analysis Techniques This study employs Statistical Program for Social Science (SPSS) 18.0 for analyzing the data. After data collection and entering data into SPSS data sheet, two types of analyses are used to achieve the goals of the study. First, descriptive analysis is used for each variable. For instance, each item of TDI index which is the independent variable will be studied in details and by a descriptive analysis, the study wants to know how many percent of companies in Malaysian stock exchange market follow the best corporate governance practices. The result of this part will be a good guideline for firms that want to improve their corporate governance practices and also they can compare themselves with other companies and the mean of the market as well. Moreover, descriptive analysis is employed for dependent and control variables and the mean, standard deviation, frequency, and percentage of frequency of sectors, industries, size of firms, sales, and etc. of each company is achieved. In the second step of the analysis, the study tries to test the hypotheses of the research. For the first hypothesis which is finding the effect of corporate governance practices on the firms performance, three analyses are used which are correlation, ANOVA, and Multiple Regression. The aim of correlation analysis is to know there is any significant positive relationship between corporate governance practices and firms performance and then by ANOVA, the study wants to know whether this independent variable could use to predict the dependent variable or not. And finally, by regression analysis, an equation will be achieved and by R-square and coefficients, the results can be interpreted in details. The same analyses are used for the second hypothesis as well which is to study corporate governance practices can affect capital structure policies significantly or not. Therefore, again by correlation, ANOVA, and regression analysis this hypothesis will be tested.

The Negative Impact of Hip Hop Music on Teenagers - 897 Words

In North America, it is basically impossible for a teenager to live without listening to some sort of music. Music is everywhere they go. Whether they are at home, a store, school, or even the streets, they will eventually end up hearing music. I find that music itself is an obstacle that needs to be conquered for an individual to express their true potential. In present day North America, the youth listen to a variety of music but rap and hip hop outlast all the genres in popularity which should be found a great con to society. This is because rap and hip hop has a negative impact on teenage lives as it promotes immoral behavior. Currently, many schools are permitting students to listen to music inside of class by giving the excuse that students can focus more on doing independent work. This is completely false. It has been proven by scientists that humans cannot multi-task when it comes to paying attention (Cangelosi). For example, if a student is completing an assignment and liste ning to music at the same time, their brain will not be able to give their full attention to both. This makes students work less efficiently. Not only are the work ethics of students affected, their lives are in danger as well. A statistic shows that in 2010, 33% of teen deaths in the U.S were from car crashes (Cichowski). A study done by Erie Indemnity, a Pennsylvanian insurance carrier, states that 93% of teen drivers play loud music behind the wheel (Cichowski). It is noticed that a greatShow MoreRelatedThe Negative Portrayal of Women in Hip Hop and Rap Music Essay1239 Words   |  5 Pagesbeat-boxer in rap music today, has been quoted saying, â€Å"Hip-hop is supposed to uplift and create, to educate people on a larger level and to make a change.† Although this is the original intention of hip-hop music, public opinion currently holds the opposite view. 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Currently At A Population Architecture Essay Free Essays

string(125) " solids from sewerage intervention workss, ashes and refuse are all causes of land pollution and add to the turning concern\." Presently at a population of 6.8 billion people, and increasing by a million and a half people every hebdomad, things are get downing to look really crowded for the hereafter. It is estimated that by 2050 we will be at 9. We will write a custom essay sample on Currently At A Population Architecture Essay or any similar topic only for you Order Now 2 billion people. We must get down life in a different manner – its no longer a inquiry of keeping our criterion of life, but of lasting on a planet that is losing its basic ecological substructure. We use our formidable engineering to consistently foul our air, our H2O, our dirt, and our nutrient concatenation. We are besides sing the effects of planetary warming – heat moving ridges, drouths, deceasing coral reefs, runing glaciers, lifting sea degrees, unstable conditions forms, rapid spread of diseases, and accelerated species extinction. With our insatiate demand for nutrient, fuel, edifice stuffs, and useless debris, unreplaceable natural resources are consuming. In an attempt to last, people are merely pass overing out everything else, destructing the ecological substructure that gave us the comfy life conditions in the first topographic point. The exponential addition in birth rate depletes natural resources faster than they can be replaced, take downing the criterion of life and making economic force per unit areas both here in the UK and throughout the remainder of the universe. We are losing our life support, our place. The Solution To The Problem We urgently need a solution to the universe ‘s overpopulation job, our continued endurance requires a healthy and working planetary ecosystem, on in which worlds live in harmoniousness with all other signifiers of life. We must educate ourselves, acknowledging the job and work together towards a solution. The planetary overpopulation job needs to be resolved, or nature will decide it for us in a mode that we would non inquire for. It is clip to populate in an wholly new manner – we must encompass alteration. The City Peoples need to work together for a solution covering with metropoliss and the inflow of people wanting for a higher quality of life. Natural resources that are readily available must be managed better for our journey towards a greener hereafter, and metropoliss that accommodate everything. The addition and trust on engineering is making concentrated urban Centre ‘s that are happening it harder and harder to get by with the mass inflow of people. We must inquire ourselves whether metropolis ‘s can maintain turning and turning to suit the life we are used to populating in this modern universe. The metropolis now is a life being, a topographic point that contains everything and that is of all time turning. Significant progresss in public wellness and medical specialty, phenomenal agricultural outputs and the spread outing planetary economic system contribute to the population detonation as the lifespan norm continues to increase from this, many live in metropolis ‘s for better chances, increasing traveling multitudes from one topographic point to another. In 1900 merely 1 in 10 people lived in metropoliss By 1994 the figure had grown to 1 in 2 people, making megalopolis of 1000000s to 10s of 1000000s dwellers, all utilizing up waste and resources Now there are more than 400 metropoliss that have a population of more than a million people It is further predicted that 2/3rds will populate in metropoliss by 2050 Pull offing such big metropoliss, and better direction of the planet ‘s resources, could go the most hard job of this century. As the universe ‘s population grows it becomes more hard for the planet to back up all its dwellers. Resource As the resources diminish, what will be done? Changing Minds Old ages ago no 1 gave much thought to how much of the Earth ‘s resources had gone into doing the points in the first topographic point and whether those resources would finally run out. What happened to rubbish after it went into the family bin and was collected by the bin lorry was of no concern to consumers. Green life is non merely about seeking to devour fewer of the Earth ‘s cherished resources and populating sustainably. It is about sing the greenest option in everything you consume, whether you are purchasing nutrient, apparels, cleaning stuffs, or cosmetics. You are responsible for the energy and resources used in the devising of everything you buy. If you keep utilizing an point you already have, you are non responsible for the harm caused by the industry of a new 1. However, if you throw your old one off, you fill up landfill sites and are responsible for any toxic chemicals in it leaking into and polluting the land around the site every bit good as detrimental gases given off during the clip it takes for the point to decompose off. Waste Waste from metropoliss Cities now have everything we need within them, comfortss and services that are unfastened 24/7. Our coevals now is anticipant on ‘ holding things now ‘ , nutrient, vesture etc, but with our addition in holding everything we have started excessively gain that the hereafter may be really different. Waste is being produced in much higher measures, how will the metropolis header, how will it be used to a far more consequence beginning. With the addition in population these jobs must be addressed and dealt with. Who will cover with this waste? Where will it travel or be decomposed? Can we change over it into something more utile? Presently in the UK we produce a monolithic sum of family waste that is sent straight to landfill. New solutions such as separation waste techniques and disposal Centres allow people from place to make their spot. Home – waste – sum of waste produced? The UK produces 28 million metric tons of family waste each twelvemonth In merely one hr we create adequate to make full the Albert Hall to overruning The unreleased energy contained in the mean ashcan each twelvemonth could power a telecasting for 5,000 hours Agricultural and industrial waste, solids from sewerage intervention workss, ashes and refuse are all causes of land pollution and add to the turning concern. You read "Currently At A Population Architecture Essay" in category "Essay examples" The accretion of inorganic wastes in dirt airss a menace to the works and carnal life. Garbage is heedlessly dumped into the dirt. Non-biodegradable wastes such as plastic and rubber turn out deadly to the life in the dirt. Plastic and glass bottles, tins, gum elastic tyres and electronic points dumped in the dirt make up the chief cause of land pollution. How rubbish will increase by 2050 We are bring forthing increasing sums of waste each twelvemonth, which means we are utilizing natural resources at a faster rate than of all time and seting more strain on the environment ‘s capacity to cover with our waste merchandises. While a bulk of this trash is disposed at landfill sites. â€Å" We need to halt thought of rubbish as a job to be buried in landfill and get down thought of it as a resource to be used â€Å" â€Å" Populating within the bounds of the Earth ‘s natural systems will intend utilizing less and being more efficient â€Å" Pull offing Waste, the deductions of this urgency for waste direction are that we must take advantage of attacks that ca be quickly implemented e.g. bar, recycling, composting, stabilisation prior to landfill. We have to do large alterations, including the authorities concentrating policies and inducements on the best attacks, non merely those that are somewhat better than what were making at the minute. Recycling Recycling – waste stuff Every twenty-four hours ‘waste ‘ stuff is thrown off when really it is a valuable resource. Paper, metal, glass, green waste, plastics and fabrics can all be recycled into new merchandises. Recycling reduces waste traveling to landfill and besides reduces the demand for natural stuffs, saves energy in the production procedure and reduces emanations to air and H2O in the production procedure. Increasing sums of waste are being recycled across the UK – packaging waste recycling increased from 28 % in 1998 to 55 % by the terminal of 2005 ; 51 % of building and destruction waste is recycled or re-used and 45 % of commercial and industrial waste is recycled. The authorities estimates that recycling of family waste in England has now increased to over 33 % in 2007, more than quadrupling over 10 old ages. The waste direction industry is working to supply new installations to handle and recycle waste to make these marks. The industry is working peculiarly closely with local governments to increase family waste recycling and composting rates. Recycling and recycling By recycling more of the waste, we can: Save landfill – cut downing the demand to happen new sites Save energy – cut downing global-warming gases and pollution Save natural stuffs – cut downing pollution and spoil tonss Save H2O – reduction deficits and taint Facts UK families produced 30.5 million metric tons of waste in 2008/09, of which 17 % was collected for recycling 1 recycled Sn can would salvage adequate energy to power a telecasting for 3 hours 1 recycled glass bottle would salvage adequate energy to power a computing machine for 25 proceedingss 1 recycled plastic bottle would salvage adequate energy to power a 60-watt visible radiation bulb for 3 hours Pull offing Waste How much waste? Uk packaging waste recycling increased from 28 % in1998 to 55 % by the terminal of 2008 Presently about 43 % of all UK waste and about 64 % of the UK ‘s municipal waste is sent to landfill. Landfills play an indispensable function in the safe disposal of certain wastes, but most wastes could alternatively be recycled, composted or used to bring forth energy. 2/3 of the salvors live in ill constructed places made from clay, plastic bags and boxes. Some sheets of corrugated Fe are donated and funded by the authorities, most have no furniture and bedclothes is besides collected from the site in the signifier of old apparels and covers 3RD WORLD Different people populating around the universe Across the Earth waste is seen in different visible radiation, while the more developed universe consumes and wastes far more, the 3rd universe maximises and utilizes all that they waste and use. And as people move towards a better manner of populating the remainder of the universe chiefly 3rd universe live in poorness and lack the basic human necessities to last. Case surveies Garbage Dreams Garbage Dreams follows three teenage boys born into the rubbish trade and turning up in the universe ‘s largest refuse small town, on the outskirts of Cairo. It is home to 60,000 Zaballeen, which means Arabic – â€Å" refuse people. † When their community is all of a sudden faced with the globalisation of its trade, each of the teenage male child is forced to do picks that will impact his hereafter and the endurance of his community. The Zaballeen have created the universe ‘s most effectual resource recovery system, recycling 80 % of everything they collect. They are really salvaging our Earth. From out of the rubbish, they lifted themselves out of poorness and have a solution to the universe ‘s most urgent crisis. Leaderships are besides trusting that their run for beginning separation – in which occupants sort organic from non-organic waste before it reaches trash aggregators – will derive authorities support and take root among Cairo ‘s 20-million citizens. With the transnational companies authorities contracts set to run out in 2015, the Zabaleen are concentrating on overhauling their trade so they can repossess a topographic point for themselves in the system. While the current economic mentality is black, there is turning international involvement in the Zabaleen ‘s hardworking and advanced recycling patterns. Leaderships besides note that the Egyptian authorities is eventually admiting the Zabaleen as a valuable and skilled resource. As for the Gates grant, which has yet to be confirmed, the money will apparently be used to back up the Source Separation run, train workers and overhaul recycling installations. Peoples that live on landfill – Zabelleens Where do they populate? 2/3 of the salvors live in ill constructed places made from clay, plastic bags and boxes. Some sheets of corrugated Fe a roof is provided by the authorities. Most have no furniture and bedclothes is besides collected from the site in the signifier of old apparels or covers. Those who live in the caves around the country screen themselves with plastic bearer bags when it rains. The caves become unsafe and sometimes walls prostration. Why they live on site A study was done in 2005 to inquire people why they live on the site. The findings were that: Many were unemployed and could n’t afford the basic human demands of nutrient, H2O, shelter and apparels Some had been born there and it was the lone place they knew Some were orphans and had no household to assist them and had no manner out of the landfill Widows ended up at that place when the money earner of the household died Different tribal groups became refugees in there ain states Some were thrown out of the slums they had lived in when Governments tried to unclutter the countries up What do they roll up and what is done with it? The salvors themselves use some of the stuffs collected, such as the nutrient dumped by hotels in Cairo and fabric, which is used for vesture and bedclothes. The remainder of the stuffs are sold to jobbers who in bend sell to recyclers. These include castanetss, plastics and bit metal. How earn life through recycling There are so many people populating on the garbage dump now that the salvors are holding to look for alternate beginnings of income. These include: Working on local farms – Subsistence agriculture ( turning harvests to eat themselves ) entirely the roads and trim land around the garbage dump Making wash for people Weaving baskets and mats utilizing scavenged polyethylene Selling H2O Major issues – deficiency off The salvors have hapless entree to H2O and sanitation There are no lavatories, no bathrooms and no clean H2O to imbibe They have to purchase H2O from sellers to imbibe Some of the salvors collect rainwater Health and bad life conditions A new survey by the New York State Department of Health studies that adult females populating near solid waste landfills where gas is get awaying hold a quadruple increased opportunity of vesica malignant neoplastic disease or leukaemia. The new survey examined the happening of seven sorts of malignant neoplastic disease among work forces and adult females populating near 38 landfills where of course happening landfill gas is thought to be get awaying into the environing air. The wellness of these people is hapless. Malaria is common due to the pools of dead H2O, which allows mosquitoes to engender. Diarrhoea. Pneumonia and skin infections are common. Scavengers can non afford to see a physician. They have developed other ways of get bying with their unwellnesss, such as utilizing herbal redresss, purchasing inexpensive drugs across the counter or borrowing money from friends. Vision FOR THE FUTURE My thought is to better efficiency through a mobile shelter By making a device that maximise the end product of landfills and the usage they have to utilize we can explicate a solution for the hereafter. My design – NewDealDesign A various safety for rubbish victims Adjusting to this alteration by utilizing Everyone holding the chance for a better life This is what people still need Life after – better life Energy solutions algae Biodiesel from algae is here! Oil has been one of the most efficient and effectual fuel beginnings for decennaries. But due to the unrenewable nature of oil and the pollution ensuing from C emanations, scientists have raced to happen a new fuel beginning. Hydrogen, biodiesel, solar, electricity and even H2O have been considered as possible fuel beginnings. Now, one of the newest renewable energy beginning aspirant is algae biofuel. Algae gather energy from the Sun through the procedure of photosynthesis. A by-product of this procedure is oil, which can be utilized to make biofuel. The algae itself can be transformed into ethyl alcohol through the procedure of agitation. During photosynthesis, algae and other photosynthetic beings gaining control C dioxide and sunshine and change over it into O and biomass. Up to 99 % of the C dioxide in solution can be converted, in large-scale open-pond systems. The production of biofuels from algae does non cut down atmospheric C dioxide ( CO2 ) , because any CO2 taken out of the ambiance by the algae is returned when the biofuels are burned. They do nevertheless extinguish the debut of new CO2 by displacing fossil hydrocarbon fuels. Algae is an improbably big and diverse species. Algae can be found in most organic structures of H2O including lakes, watercourses, ice, snow, and the ocean. This works reproduces quickly and would be really hard to over-farm. Algae can bring forth 15-300 times more oil per acre than conventional harvests, such as rapeseed, thenars or soya beans. As Algae has a harvesting rhythm of 1-10 yearss, it permits several crops in a really short clip frame, a differing scheme to annually harvests. Algae can besides be grown on land that is non suited for other established harvests, for case, waterless land, land with overly saline dirt, and drought-stricken land. This minimizes the issue of taking away pieces of land from the cultivation of nutrient harvests. Algae can turn 20 to 30 times faster than nutrient harvests Algae fuel production does non impact fresh H2O resources, can be prduced utilizing ocean and effluent, and are biodegradable and comparatively harmless to the environment if spilled. Inputs-CO2 + Water + Nutrients + Algae Strain + Sunlight â€Å" This Algae biofuel substitutes 100 % traditional fuel, without necessitating to be assorted and can be used in assorted biofuel applications. † â€Å" Algae Oil Farming for Biodiesel Algae Biofuel uses the surpluss of C dioxide produced by industrial activities, in a manner that does non pollute, but contributes to cleaning the atmosphere. â€Å" Dystopia The frequently futuristic vision of a society in which conditions of life are suffering and characterized by poorness, subjugation, war, force, disease, pollution, ensuing in widespread sadness, agony, and other sorts of hurting. Decision The universe will necessitate to reapportion its energy and resources off from simply prosecuting economic growing to turn toing issues of poorness, equality, gender equality, and entree to wellness attention and instruction alternatively authorising all who wish to take part in finding their hereafter with the right to make so. Today the universe is focused on the person. In 2050, communities, relationships between people, and personal duties to the society will be the cardinal rule in the building of our metropoliss. Provision of necessary metropolis services like nutrient, H2O, waste handling, and energy will be more localised, incorporating these services into the cloth of the metropolis. Bringing these services closer will besides reconnect people with the Earth, giving people better insight into their resource usage and impacts. Waste volumes will be farther reduced through extremely efficient waste sorting, recycling, and composting. My vision of the hereafter is that the World will fall in and devour itself if solutions of re-using and recycling are non implemented. This will bring forth options that can help in quality of life every bit good as supplying the necessities that people need to last. ADD SOMETHING TO LINK QUALITY OF LIFE / SURVIVAL WITH NOMADIC So as we move into the hereafter I predict that we will go more mobile and need to travel about in a more rational manner. By making a shelter that is impermanent, lightweight and self sustainable. A shelter that has been designed for people on the move, a device that can be made readily available in different locations around the universe. It can be rapidly dismounted and constructed to house the resident as fast and efficient signifier of shelter. A self-sufficing shelter that sustains itself, utilizing energy produced by algae. Fuelled on algae bio Diesel, it can bring forth its ain electricity to power the necessities for life. My design – NewDealDesign a various safety for rubbish victims The ‘urban collapsible shelter ‘ is an geographic expedition of mass-produced, easy-to-assemble and quick-to-mobilize recycling hubs. A household of 2 objects, ‘Collector and Case ‘ and ‘HUB ‘ , represent new solutions for shelter, comfort, energy and administration. Equally good as provide varying degrees of protection for different climes and milieus, it provides a more hygienic and safe life environment for the dwellers. HUB is a construct for a portable lodging unit that would assist people in run intoing their immediate shelter demands created by deficiency of lodging and hapless life conditions. This shelter can be really rapidly transported and reassembled with merely few necessary tools and offer dwellers with single life infinite. This shelter is made from from reclaimable and reclaimable materials.The chief HUB must be erected by 6-10 people, this can be designed and manufactured on demand at variable locations. Each of the objects are compressed into space-saving packaging. Easy to fabricate and transport within a few hours. Once they arrive, they can be set up easy by the dwellers to supply instant support structurally, socially, and emotional. Many alternate lodging solutions deal with little graduated table but ca n’t get by with big graduated table displaced populations. The shelter: Easily movable, collapsable and able to be shipped level Built of reclaimable stuffs and have the ability to be reused Easy to raise and piece with few or no tools Amenable to infrastructure? can be used as a basic construction, but have the capablenesss to upgrade and implement modern comfortss Stackable provide comfortss ( electricity for light, compact range and icebox ) . Adjusting to this alteration by utilizing 10-Everyone holding the chance for a better life 11-Conclusion This is what people still need Future vision In 2050, our societies will exceed the narrow focal point on stuff goods and wealth coevals that we see today. They will alternatively, strive to run into the deeper demands of human existences, turn toing felicity and religious and emotional fulfilment. Indexs of success, now frequently measured in strictly fiscal footings, will alternatively look at thoughts of felicity and satisfaction. The universe will reapportion its energy and resources off from simply prosecuting economic growing to turn toing issues of poorness, equity, gender equality, and entree to wellness attention and instruction alternatively authorising all who wish to take part in finding their hereafter with the right to make so. Today the universe is focused on the person. In 2050, communities, relationships between people, and personal duties to the society will be the cardinal rule in the building of our metropoliss. Provision of necessary metropolis services like nutrient, H2O, waste handling, and energy will be more localised, incorporating these services into the cloth of the metropolis. Bringing these services closer will besides reconnect people with the Earth, giving people better insight into their resource usage and impacts. Waste volumes will be farther reduced through extremely efficient waste sorting, recycling, and composting. How to cite Currently At A Population Architecture Essay, Essay examples

Corporate Law ASX Listed Firms

Question: Discuss about theCorporate Lawfor ASX Listed Firms. Answer: Introduction The main objective of this assignment is to bring out the main objective of the directors of a company and their limitation and duties regarding the issue of shares and dividends to its shareholders. This paper also throws light on the consequences in case of a second strike takes place by the shareholders if they are not content with the remuneration reports. This essay will talk about the legal issues in relation to the issue of shares and dividends, and application will be provides for the issue concerned and lastly, with the help of law we can help in bringing out a conclusion for this case study. Issue Do the authorities of Waldmart have the right to issue bonus shares and can the shareholders in the coming up annual general meeting oppose them not to issue the share? Rule In Australia, the companies acts major legislations are from The Corporation Act 2001[1], section 254T [2] and 254A[3] are the provisions that are related to the issues of the shares and debenture[4] and the bonus shares by the directors. The Corporation Amendments[5] Bill 2011 gave scope to the consequences and circumstances which led to second strike in a company. The duties of the directors of the company are laid down under the sections 180-182 of the Corporation Act. These sections lay down that the directors should deal with the affairs of the company with utmost care and diligence[6], also these sections point out the duty of the directors is to make sure there is decorum that has to be maintained and always support the company in case there is a conflict between an individual and the company. Application Section 254A[7] can be applied in the first issue of the given case and other laws that are related to bonus shares are also applied. Under section 254A of the Corporation Act, the directors in a company have the rights or power to issue bonus shares as per their discretion. The primary role of the director is to make sure that while making these discretions, he should be sure that his opinions or decisions are in the favour of the company and its shareholders and do not bring up these kind of issue when the company is insolvent or may become insolvent because of their issues. The ability and the capability of the company should be kept in mind while making the payment of the liability after such shares being issued. In this case of Waldmart Ltd. Has issued bonus share to attract the shareholders to approve the remuneration reports and so that no strikes are caused for the second time in the company. There was no best interest of the company kept in mind while imparting this issue by the directors of the company. Thus, there is breach of duty by the directors of the company under the Corporation Act. Therefore, the shareholders of the Waldmart Ltd. Have the right and the power to challenge the decisions of the directors[8] in the Annual General Meeting as well as in the court, we can see this in the case, AISC V Fortescue Metals Group Ltd. Issue Do the shareholders have the right to stop the directors from increasing and paying the decided dividend? Rule In the Corporations Act, under the section 254A[9] the directors are allowed to issue bonus shares to the shareholders, if no remuneration is is given on the basis of bonus shares section 124 of the Corporations Act will prevail. There are no changes brought in the capital structure of the company since the issued shares are for free. If the directors fail to do their duty and cause a breach in carrying out the functions of the company and carry out the position given to them by the shareholders to safeguard the company over their own interest[10], this can be seen in the case, The Bell Group Ltd V Westpac Banking Corporation (No 9) [2008] WASC 239. The directors of the company can only allow the bonus shares to be issued, if there is no disadvantage caused to the company in giving back the pay to the shareholders and the creditors of the company. Under section 254T of the Corporation Act, the rules regarding the issue of dividends in case of a company not limited by guarantee is capable of issuing dividends unless the liability of the company is less than the assets then only in such circumstances the directors of the company will be allowed to issue the dividends. Application The issues which deals with the dividends that are brought out by Waldmart Ltd are laid down under section 254T of the Corporation Act, it provides the principle and other issues that are related to the dividend in Australia. The directors of the company can issue the dividends only if he is sure of the fact that the issuing of the dividends will not cause any financial harm to the company and will be in the best interest of the company. in Waldmart Ltd, the directors also had to make sure that the assets of the company are more than the liability of the company so that the company has no issues in clearing off the debt of the company. it is the duty of the directors to be fair and reasonable to their shareholders before the dividends have to be declared. But in this case the directors have attracted the shareholders only for the purpose to approve the reports of remuneration so that no strike would take place. However, in this case the issue has come out because the decision which w as made was not in the best interest of the company and the company would face financial instability. The shareholders have the right to oppose against the directors as they are fully aware of the fact that the decision of the directors will lead to financial loss for the company and them. Thus, they decided to oppose the decision in the Annual General Meeting of the company as the directors were not making the decision in relation to the best interest of the company and the shareholders, they was breach of the duty of the directors of the company. In the case, QBE Insurance Group Ltd V AISC[11] it was clearly stated that the directors could not issue dividends to determine the company. Issue What will be the consequence if the shareholders vote against the remuneration report and a second strike takes place? Rule The directors have to keep in mind the status of the company after making back the payment to its creditors[12]. If such pay backs will make the company bankrupt, then the directors of the company shall not declare the dividends. Insolvency is restricted and penalty is imposed on the directors under section 588G of the Corporation Act, if they declare the dividends of the company making the company solvent. This was seen in the case, Hilton International Ltd V Hilton (1988) NZHC 605[13]. Only those shareholders[14] that have at least minimum of 5% of the voting rights of the company that are in relation to the Annual general meeting, can make the directors of the company hold a meeting or even they can conduct a meeting in regard to the management of the company. The directors have to be very responsible regarding the affairs of the company in relation to the two strike rules. If a company[15] gets exposed to a 2nd strike by the shareholders all the directors of the company will be liable to re election. When the shareholders and the directors do not agree with reports being published by the directors in relation to the remuneration, and it fails to get a minimum of 25% votes in that case then the 2nd strike takes place by the shareholders. The reason for 1st strike by the shareholders is because the directors fail to give out the desired result in the remuneration report and fail to get 25% votes. Now, if all the directors are opposed to re-election is not sure. Thi s can be seen within 90 days a pill meeting take place where the re-election is held. This process is called the spill resolution, which excludes the re election of the managing director[16] of the company, because he has the pressure to manage the affairs of the company. Application The shareholders of the company were not in favour of the remuneration reports hence they did not approve it. The shareholders were sure of the fact that the decision made by the directors were definitely not in the best interest of the company and its shareholders as it would bring financial loss to them. Therefore, after the first strike the shareholders would initiate a second one against the directors decisions. If the 2nd strike would take place this would result in the re-election of all the directors of Waldmart Ltd. by the shareholders. The shareholders will then by the process of Spill resolution re appoint all the directors for the company except the managing director of the company. it will be the duty of the shareholders to start the spill meeting where the election will take place within 90 days of the resolution being passed. This entire process of re election would not be applied to the managing director of the company as the main affairs of the company are managed by the managing director. Conclusion In end of this case study, it can be noted that the powers to issue the bonus shares are given to the directors; it is the right of the director to perform their duty with care, diligence and in the best interest of the company and its shareholders. Under section 254A of the Corporation Act, the same has been specified. The powers and the duties of the directors of a company are laid down under the sections 180-183 of the Corporation Act. And the issue of dividends are restricted under the section 254T of the Corporation Act. Thus, when there is a 2nd strike in the Waldmart Ltd. Company that will lead to re-election of the directors that are chosen for the process of re-appointment. The re-appointed will be done by the shareholders of Waldmart Ltd. through Spill meeting, leaving out the Managing director, he will be excluded from this re appointment as he has a crucial role to manage the affairs of the company. Hence, while considering the re-election the managing director of the com pany will not be involved in this process. Reference List Austin R.P. Ramsay, I., Ford's Principles of Corporations Law, Butterworths, Australia, 16th edition, 2014. Baxt, R., and Fletcher, K.L., Fridman, S., Corporations and Associations Cases and Materials on, Butterworths, Australia, 10th edition, 2008. Bugeja, Martin, et al. "Life after a Shareholder Pay'Strike': Consequences for ASX-Listed Firms." (2016). Cassidy J., Corporations Law Text and Essential Cases. Federation Press, 4th edition Sydney 2013 Ciro T, Symes C, Corporations Law in Principle LBC Thomson Reuters, Sydney, 9th edition 2013 Fisher S, Anderson C, Dickfos, Corporations Law - Butterworths Tutorial Series, 4th Edition Butterworths, Sydney 2014 Fitzpatrick, Symes, Veljanovski, Parker, Business and Corporations Law; LexisNexis 3rd edition 2017 Hanrahan, P., Ramsay I., Stapledon G., Commercial Applications of Company Law. 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