DATA AND MEASUREMENT OF VARIABLES WITHIN THE ECONOMY - Free Essay Example

Sample details Pages: 4 Words: 1311 Downloads: 10 Date added: 2017/06/26 Category Economics Essay Type Narrative essay Did you like this example? We form our variables using data derived from the financial statements contained in the Stock Exchange and companys websites. Our sample consists of all Oil and Gas Marketing companies listed with Stock Exchange. Following Table will make you understand about the Variables, Determinants, Measures and their references using the same measure. Don’t waste time! Our writers will create an original "DATA AND MEASUREMENT OF VARIABLES WITHIN THE ECONOMY" essay for you Create order Determinants Measures used Some refrence using the same measures LEV(Leverage) Total Liability Equity Total Assets WaliullahMuhammad Nishat (2008), NikolaosEriotisDimitriosVasiliou and Zoe Ventoura-Neokosmidi(2007,Rajan and Zingales(1995), Shah and Hijaz(2004), SZ(Size) Log of sale Titman and Wassels(1988), DebabrataDatta and BabitaAgarwal (2007), Raul Seppa(2008) PF(Profitability) EBT Total Assets DebabrataDatta and BabitaAgarwal(2007), Rajan and Zingales(1995) DBT_EQT(Debt to Equity Ratio) Total Liability Common Equity Ali Basharat (Lecturer) Air University Islamabad. CR(Current Ratio) Current Assets Current Liability Ali Basharat (Lecturer) Air University Islamabad. TAN(Tangibility) Fixed Assets Total Assets Attaullah Shah and Safiullah Khan( 2007),Titman and Wessels (1988),Rajan and Zingales(1995),Fama and French (2000) In order to comment on the capital structure of Oil and Gas firms in the perspective of the Pakistan economy, it is desirable to take into consideration all the sectors of the economy. Few of them are directly and indirectly keeping in mind this requirement we select five companies, as under this index all the major companies of important segments of the economy are listed. The source of our data is SEC Prowess data base. DEPENDENT AND INDEPENDENT VARIABLES We have taken six variables out of which leverage is taken as a dependent variable. We take the total Debt (Total Liability) to total asset ratio as proxy for Leverage (dependent variable). For potential determinants of leverage, we study five independent variables namely Tangibility, Size, Profitability, Debt to Equity ratio and Current ratio. Explanation of Variables: In their cross-sectional study of the determinants of capital structure, Rajan and Zingales(1995)examine the extent to which, ath the level of the individual firm, leverage may be explained by for key factors, namely, market-to-book ratio i.e. growth, size, profitability, and tangibility. Their regression analysis differ slightly across countries, they appear to uncover some fairly strong conclusion. But our study of capital structure follows the framework of RajanZingles(1995) Shah Hijazi(2005), NikolaosEriotis Zoe Ventoura(2007) and Jeam-Laurent Viviani(2008)that use tangibility of assets, Firm size, Profitabllity. But in our study we have also used two more variable that measure more reasonably leverage of firm i.e Debt to Equity ratio and Current Ratio. DEPENDENT VARIABLE Measure of Leverage (LG) In the literature the term Leverage can be interpreted in different ways. The specific choice of the term leverage depends on the objective of the research. We take leverage as the ratio of total liability to net total assets. Net total assets are the total assets excluding all the fictitious assets and revaluation reserves and debit balance of profit and loss account. One question that arises in this context is whether one should take the book value or the market value of debt. Thies and Klock (1992) and Fama and French (2000) support the consideration of book value of leverage. As the market value of debt is dependent on so many exogenous factors, which are outside the control of an organization, book value better reflects the true value of the firms leverage. So, we take book value of debt (total liability proxy) as well as of net total assets. Leverage refers to the percentage of assets financed by debt. Previous research studies have used different measures of leverage. Frank and Goyal (2003b) state that the difference between a debt ratio based on market value and one based on book values is that the former tends to regard the firms future situation whereas the later reflects the past situation. Fama and French (2002) point out some inconsistencies arising from the use of two different ratios. According to them, both theories (Pecking Order and Static Tradeoff) apply to the debt book value, and there are doubts if the predictions may be extended to the debt market value. Following the previous studies on non-financial Pakistans listed firms by Shah Hijazi (2005) we used the book value measure of leverage. One more consideration in defining the appropriate measure of leverage is to take total debt or only long term debt as a percentage of total assets. Though capital structure theories consider long term debt as a proxy for financial leverage, we use the measure of total debt because in Pakistan firms have mostly short term financing as the average firm size is small. This makes access to capital market difficult in terms of cost and technical difficulties (shah and Hijazi 2005). In Pakistan firms usually prefer short-term borrowing, the reason being that commercial banks are the major lenders and they do not encourage long term loans. Up to 1994 firms did not rely on market based debt; in mid-1994 the government amended the company law to permit companies to raise debt directly from the market in the form of TFC (Term Finance Certificates) Booth et.al. (995) had also mentioned this point that developing countries including Pakistan prefer short term financing than long term financing. INDEPENDENT VARIABLES Tangibility of Assets (TG) Titman and Wessels (1988), Rajan and Zingales (1995) and Fama and French (2000) support the importance of the tangibility (ratio of fixed to total assets) for leverage. The value of collateral of fixed assets for the gearing level of the firm is manifested by the tangibility of that firm. However, the direction in which it influences the level of leverage is not clear by any of these studies. Galai and Masulis (1976), Jensen and Meckling (1976) and Myers (1977) in their papers present the argument that stockholders of levered firms are prone to overinvest that gives rise to the classical conflict between shareholders and bondholders. But if the debt is secured against the fixed assets, the firm is restricted to use the borrowed funds for the same project for which it has borrowed. By this fact, creditors get an improved guarantee of repayment, and thus the chances of recovery are higher. Since this does not happen without collateralization of the fixed assets, the proportion of debt increases with the availability of more fixed assets in the balance sheet of the firm. Hence, the trade-off theory predicts a positive relationship between the tangibility and leverage in any firm. In contrast, the agency cost model predicts a negative relationship of tangibility with leverage in any firm [Grossman and Hart (1982)]. We calculate tangibility by finding out the ratio of the total fixed assets (gross fixed assets excluding intangible assets) and 30 days average market capitalization of the firm. Hypothesis 1: A firm with higher percentage of fixed assets will have higher debt ratio Size (SZ) Titman and Wessels (1988) argue in their paper about the negative relationship between sizes and probability of bankruptcy. Accordingly, trade-off theory predicts an inverse relation between size and bankruptcy and hence positive relationship between size and leverage. On the other hand if we take size as a proxy for information asymmetry then large firms tend to disclose more information about their plans as they are closely watched by the capital Market analysts. So the information asymmetry between the insiders and investors in the capital market is less for large firm. Accordingly, the pecking-order theory predicts a negative relationship between size and leverage. We take natural logarithm of sales as the proxy of size, following Titman and Wessels (1988). Profitability (PF) According to the trade-off theory, there is a positive relationship between profitability and leverage. As the profit of the firm increases, its capacity of bearing the interest cost rises. Secondly, the bankruptcy cost of the larger firm is also less than that of small firm. Third reason is that as the profit of firms increases they feel greater need to have tax shield. So the level of leverage in the capital structure also increases. On the contrary, pecking-order theory

Invasive Tree Species in North America

Individual and State Roles in Communism According to Marx...

Individual and State Roles in Communism According to Marx and Engels Individuals will ultimately serve the state in which the state will control many facets of the individuals’ life, but in return, the civilians will receive the freedoms they deserve in a communistic society. Karl Marx and Frederick Engels adamantly opposed capitalism in many ways and felt the bourgeoisie, or capitalists are enslaving the proletarians, or working class. They claimed that industrialization was reducing the common workingman into mere wage labor and believed that the proletarians of every nation needed to unite and form a revolutionary party in order to overthrow their bourgeoisie captors in order to bring about the â€Å"common interests of the†¦show more content†¦Individuals will remain enslaved so long as the bourgeoisie is in control. In a capitalist society, money enslaves man, and therefore man loses all character. Marx feels that, â€Å"Man becomes increasingly poor as a man; he has increasing need of money in order to take possession of th e hostile being.†2 Because of the almighty dollar, individual character was lost and money was the only object that could fulfill personal greed. On the other hand, according to Marx and Engels’ theory of Communism, an individual will be able to remain a man because they will not be working for their own self-interests, rather each individual will be â€Å"converted into employees of the community, who would be [†¦] rewarded according to their own performance.†3 Because all people would be employees of the community, they would no longer be able to further their own wealth through private enterprise. The state would then pay these employees according to their performance value of their occupation. By serving the community, corruption and greed will no longer run the lives of so many and individuals will be able to establish their own identity. In many capitalist societies, individuals sometimes felt obliged to marry one another for political, proprietary, or monetary reasons. Marriage was more of a survival tactic than an individual’s choice in capitalism. In the Communist Manifesto, Marx and Engels claim that free love would reign-supreme, individuals would be able to exercise theirShow MoreRelatedThe Communist Manifesto, By Karl Marx And Friedrich Engels Essay1664 Words   |  7 PagesManifesto The Communist Manifesto was drafted under the commission of the Communist League, a body that consisted of a group of radical workers who were disgruntled by the abject poverty of the working class in industrialized Europe. Karl Marx and Friedrich Engels, the authors of the Communist Manifesto, lived at a time when the gap between the rich and the poor was becoming evidently wide, and the working class was struggling to survive. 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State and Revolution is a purportedly theoretical reflection of how the State is an inherent tool for

The Link Between Voluntary Turnover And An Organization

The Link Between Voluntary Turnover and an Organizations Survival Introduction Strategic human resource management (SHRM) is the study and analysis of human resource (HR) strategies adopted by companies in an attempt to measure the impacts on employee performance. The domain has evolved to encompass particular aspects of HR, such as recruitment and selection, construction of formal HR policies, and refining company practices. Ideally, these features assist to attract, progress, encourage, and retain employees who in return contribute to the effective performance and survival of the organization. In an attempt to achieve this, organizations are adopting strategies to reduce voluntary employee turnover, which is defined as an employee’s decisions to voluntary terminate an employment relationship. Generally regarded as the most significant issue that voluntary turnover poses is the cost to an organization, embedded in hiring and training a replacement worker, training and development programs, and administration setup which not only drains an organizations profit but also expends valuable time and effort. Exploring beyond monetary costs, the implications of high voluntary turnover rates extends to the loss of valuable human capital which effects the motivation and productivity of remaining employees, and shifts the workplace morale. Furthermore, a loss of an employee may prove critical to the organizations reputation from both an insider and outsider perspective. These issuesShow MoreRelatedRelationship Between Layoffs And Voluntary Turnover1417 Words   |  6 PagesRelationship between Layoffs and Voluntary Turnover As the world accelerates in advancements such as technology, the society is now capable of reaching greater heights in efficiency more than ever. 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Contrast and Comparison to Medication †Free Samples to Students

Question: Discuss about the Contrast and Comparison to Medication. Answer: Introduction According to Blank (2011), the medication error is one of the most common mistakes made during reporting errors in the emergency department. He further states that most of this errors occur during the administration phase of the patient to the hospital. The purpose of this study (Back to Basic) is meant to reduce the administration medical errors that often take place in the emergency department. This errors get handled by reinforcing the underlying administration medical procedures which will reduce the emergency errors in the department. The study took three months where 75% of out of the 127 nurses participated in the research, and the method that got used in the study was educational intervention. Moreover, the Do not interrupt" study aims at evaluating practical techniques that will decrease non-medical related interruptions of the nurses during administrating medication (Westbrook, 2017). The study took eight weeks where 227 nurses participated in the study, and they administer ed 4781 medications. The general purpose of this paper is to have an understanding of the two studies and how they relate to each other during medication administration. The purpose of the study was to reduce the number of administration medical errors that often happen in the emergency department. According to Blank (2011), the following review was a 3-month educational intervention which used a single group that was not randomized and comparisons made on the pre-post outcome of the results. The educational interventions made where to address the current medication errors experienced in the emergency department. The methods used in the response are IV administration and preventing errors and the relevant recommended practices that reduce medication administration errors. According to Huckles-Baumgart (2014), research on medication errors are usually focused on isolated phases within the medication administration process. On the study, 75 percent of the nurses out of a total number of 127 participated in the study and three measures were used during the pre and post-intervention of the survey (Blank, 2011). These methods were tests done to acquire kn owledge on the medical administration procedures and the use of the study to understand the behavior of the participants when the recommended medication got administered. Another method used was the use of chart reviews and voluntary error reports that gave understanding about the medical administration errors that often occur. According to Blank (2011), the findings of the study show that 91 percent of the nurses achieved a perfect score during the post-test while 69 percent received a perfect score during the pre-test. From the post-survey, the nurses in their significant proportions responded that they followed the recommended practice most of the time which increased during 8 out of 10 questions in the survey. However, the results found from the study did not reach the required statistical significance. On the other hand, during the chart review, the nurses scored 299 during the pre-test while 295 scored during the post-test which still revealed little change in the total medica tion errors. The survey method accounted for 25 percent of the findings of the research while 24 percent was on the charts review. In the voluntary report, the medication errors dropped by a significant number that is from 1.28 to 0.99 failures out of 1000 patients (Blank, 2011). Through the study, there were concerns about the effectiveness of the methods used, and this provided the clinicians with better policy-making ideas that would improve safety during medication administration (Acheampong, 2014). Critique of the Back to Basic Approach to Medication The use of educational intervention is certified as sufficient during the study because it provides improved knowledge on the recommended medication administering practices though it does not translate to be an essential change in medication administration practice. Furthermore, the method was fit for the study because it provided some variation within the three months. The sample size was 75% of the 127 nurses who participated in the survey was also sufficient for the study. Therefore, the survey and chart review as the internal validity of the study because they provide emphasis made by the research while the external validity can be referred to as the educational intervention used in the research study as the general method (Blank, 2011). However, the method used was not sufficient because it did not give the required change as expected when the research began. The purpose of the study was to reduce the number of interruptions that nurses of often face while administering medication. According to Westbrook (2017), a random survey of an eight parallel cluster is done in a major teaching hospital to understand the best method that can be used to reduce interruption of nurses when they are administering medication. During the study, randomization got done on four wards, and the interventions made were comprised of putting on a vest during medication administration and patient and nurse education. Furthermore, there were strategic measures put to divert any interruptions and creation of reminders. As the study commenced, the intervention got blinded to the control wards then direct structured observations were made on the administering medication processes. The primary findings of the study were not related to the medication interruptions when administering proper dose medication. The secondary results of the survey indicated the rate of multit asking and total interruptions conducted by the study of the nurses' experience (Westbrook, 2017). From the study, there was 4781 medications administered by 227 nurses over a span of 8 weeks (364.7 hours). Moreover, there were 57 interruptions out of 100 administrations that the nurses experienced during the period where 87.9 percent of the disruptions were not related to any of the medication tasks under observation (Westbrook, 2017). Moreover, there was a reduction in the number of non- related medication interruptions which were 50 out of the 100 administrations made. There was also reduction in the medication route and ward type in the control cluster that reduced by 15 of the unrelated medication interruptions out of 100 administrations. According to Westbrook (2017), this reduction was significant in that it had far reduced number compared to the control wards. The post-survey study was completed by 88 nurses while nurses in the intervention ward reported that the vests consu med a lot of time and cumbersome. The intervention was supported by 48 percent of the nurses for it to become hospital policy. The method that was used for the study was not sufficient because it did not provide the required change within the span of 8 weeks it was conducted. Furthermore, the sample size used was adequate for the study because 4781 medications were able to be administered by the 227 nurses who participated in the study. Moreover, the method which is the use intervention got associated with a significant reduction in the unrelated medication interruptions, and this reduction has a significant effect on the medication error rates. The internal validity of the study are the use of strategic measures put to prevent and interruptions, putting on of a vest during medication administration and nurse and patient education. The external validity of the research study was the randomization of four wards as the general method used in the research study. Comparison of the Two Approaches to Medication The Back to Basic' and Do not interrupt' approaches to medication have a significance in contributing to factors that affect the effective administration of medication to patients. For instance, during operations, some interruptions can occur, and the medical personnel got focused on administering medication which reduces the medication errors that may arise. According to Anderson (2010), drug information is also very crucial during the administration of medication on the patient. It can be related to the drug packaging and labeling which is essential in preventing any medication errors. For instance, some patients received an overdose of heparin drugs due to misleading labeling and packaging and this medication error resulted in the death of three infants. Another factor that may lead to clinical issues is the environment in which the medication gets administered. For example, a research conducted in Malta shows that 37 percent of the nurses agreed that physical tiredness was a key factor that led to medication errors when nurses got tired and ignored some of the procedures required before giving medication (Karavasiliadou, 2014). Moreover, observations made indicate that the rate at which medication errors reported as voluntary is low (Aronson, 2009). It means that the Do not Interrupt' approach had to occur first so as for the Back to Basic' approach happens because the error may occur during administering dosage to the patient. From this article, we can understand that Back to Basic' and Do not interrupt' approaches to medication have a connection in that the dosage administered must be inaccurate for the medication error to occur. The Do not Interrupt approach can be stated as the most significant method because its the one that often occurs in hospitals compared to the Back to Basic method. Furthermore, the Do not Interrupt approach is the one that often happens before the Back to Basic approach takes place. Therefore, it essential when nurses get updates about the medication errors that may have occurred in their facility so that they can understand the best ways of administering medication dosages thus preventing any mistakes from happening in the future. It is essential when nurses understand the errors that occur and the necessity of reporting them in case they occur (Svitlica, 2017). References Acheampong, F., Anto, B. P., Koffuor, G. A. (2014). Medication safety strategies in hospitalsa systematic review.International Journal of Risk Safety in Medicine,26(3), 117-131. Anderson, P., Townsend, T., CCRN-CMC, C. B. (2010). Medication errors.American Nurse Today, 23-27. Aronson,J.K. (2009) Medication errors: what they are, how they happen, and how to avoid them. QJM: An International Journal of Medicine, Volume 102, Issue 8, 1 August 2009, Pages 513-521,https;//doi.org/10.1093/qjmed/hcpo52 Blank, F. S., Tobin, J., Macomber, S., Jaouen, M., Dinoia, M., Visintainer, P. (2011). A back to basics approach to reduce ED medication errors.Journal of emergency nursing,37(2), 141-147. Huckels?Baumgart, S., Manser, T. (2014). Identifying medication error chains from critical incident reports: a new analytic approach.The Journal of Clinical Pharmacology,54(10), 1188-1197. Karavasiliadou, S., Athanasakis, E. (2014). An inside look into the factors contributing to medication errors in the clinical nursing practice.Health science journal,8(1). Svitlica, B. B., Simin, D., Milutinovi?, D. (2017). Potential causes of medication errors: perceptions of Serbian nurses.International nursing review,64(3), 421-427. Westbrook, J. I., Li, L., Hooper, T. D., Raban, M. Z., Middleton, S., Lehnbom, E. C. (2017). Effectiveness of a Do not interruptbundled intervention to reduce interruptions during medication administration: a cluster randomised controlled feasibility study.BMJ Qual Saf,26(9), 734-742.

Native Americans Persuasive Essay Example For Students

Native Americans Persuasive Essay Native AmericansChristopher Columbus discovered America. But how could he have discovered some place where people were already living? At any rate, Americans celebrate Columbus arrival as a holiday, but they forget the indigenous people. These are people that helped our ancestors live here when the first settlers were having troubles adapting to an environment in which they did not know how to exploit the resources. But the repayment for such selfless aid is sub-par by anyones standards. Nowadays its hard to picture how the Native Americans used to live because meeting one is a rarity. The Native Americans once occupied the entire region of the United States. They were composed of many different groups, with as many as a few hundred languages and dialects. The Natives from the Southwest used to live in large built terraced communities and their main way of finding food was from agriculture; they planted squash, pumpkins, beans and corn crops. Trades between neighboring tribes were common, and this act brought in additional goods and also some raw materials such as gems, cooper, seashells and soapstone. To this day, movies and television continue the stereotype of Natives wearing feathered headdresses and killing innocent white settlers. As they encountered the Europeans, their material world completely changed. The Native Americans were amazed by the physical looks of the white settlers, their way of dressing, and also by their language. The first Native-White encounter was very peaceful and trade was their principal interaction. Tension and disputes were sometimes resolved by force but more often by negotiation or treaties. On the other hand, the Natives were described as strong and very innocent creatures waiting for the first opportunity to be Christianized. The Natives were called the Noble Savages by the settlers because they were cooperative people, but after having a few conflicts with them, they seemed to behave like animals. We should comprehend that the encounter with the settlers really amazed the Natives, for they were only used to interactions with people from their own race and all of this was just as much a new discovery for the Natives as it was for the white immigrants. The relation between the Engl ish and the Virginian Natives was somewhat strong in a few ways. They were having marriages among them. For example, when Pocahontas married John Smith, many said it has a political implication to unite more settlers with the Natives to have a better relation between both groups. As for the Natives, their attitude was always friendly and full of curiosity when they saw the strange and light-skinned creatures from beyond the ocean. The colonists only survived with the help of the Natives when they first settled in Jamestown and Plymouth. In these areas, the Natives showed the colonists how to cultivate crops and gather seafood. The Natives changed their attitude from welcome to hostility when the strangers increased and encroached more. The new settlers hunted on the Native peoples land and planted in their grounds. For several years the Natives gave the Virginia colonists little trouble because the came to the area of settlement infrequently. However, an agreement resulted in an imaginary line that prohibited the whites from setting to the West of this new Fall Line. This attempt to keep the races segregated failed as the white population in Virginia rapidly grew. The Native lands were taken up and in the 1670s the Natives became enraged and killed several hundred whites. But the Whites retaliated so by 1669, most of the Virginia Natives had been decimated or driven from their lands. The colonists seemed to have forgotten the help the Natives provided as well as food supplies that sustained some of the first settlements through their Starving Times. Regardless, the Native Americans were doomed in their str uggles against the white settlers. In the end, the superiority of the U.S. government, the large number of settlers, and the destruction of the natural environment upon which the Natives depended for their survival overwhelmed the Native Americans. Have You Ever Seen Anything In Your Life That Just Seemed To Good To B EssayThe Lemhi Shoshone, have asked former president Bill Clinton to carve out a small piece of Federal land in a section of the Salmon River county on the Idaho-Montana border so it can become a place where the Shoshone tribe can tell its story to the hordes of Lewis and Clark history buffs, honor their dead, and try to stitch some of their past history to the present. If Sacagawea wouldnt have been there to help them, the whites would have died. I think that the United States should pay better respect to the generosity and friendship of not only Sacagawea, but also to her people. The government should give the Shoshone tribe a good portion of land to thank them for all they did to help Lewis and Clark in their journey. Two years ago I visited a Museum of the American Native in Milwaukee. This Museum presents a new perspective of the Native American people and cultures through innovate exhibitions that emphasized the great importance of Native voices in the interpretation of Native history and their cultural achievements. Through the Museum, we can learn what Native Americans have to teach us about such things as the delicate balance between our people and nature, about their profound respect for family, their ethic of sharing, and about their deep and spiritual magnificent art. This Museum changed forever my perspective on the way the Native Americans lived in this hemisphere. This museum works to correct many misconceptions, to end prejudice, to stop the injustice, and to demonstrate how the Native culture has enriched the world. One of the exhibits that I really liked was called Creations Journey: Master Works of The American Identity and Belief. This reflects the diversity, aesthetic quality, an d cultural significance of the vast collections of the National Museum of the American Native. The expressions of their everyday life and their spiritually were depicted in some fine works of art. The exhibition illustrates the creative responses of the indigenous people of the Western Hemisphere to the complex and changes around them. The section, Refining the Art of Being a Native describes how rites of passage and mastery of skills helped young adults to become contributors to their society. Art that Transcends Time explores the transformation of stone and clay, bone, wood, feathers and wool into images of great spiritual power.4Once thought to be vanishing, the Native Americans are to the contrary still a part of our world. The Native voices grow strong and this Museum serves as a stage to present the diversity and vitality of those voices. By visiting the Museum of the American Native, my knowledge has increased enormously about this topic. I found out things about the Natives that I didnt know. The Native Americans can finally say thanks for the things the U.S. Government in its efforts to keep the Native American culture among our history for all these years. Works CitedEgan, Timothy. Seeking Land for Tribe of Girl Who Helped Lewis and Clark, New York Times, October 26, 1999. Poteete, Troy Wayne. Trail of Tears Advisory Council. Cherokee Nation. May 31, 1992. Richards, Dorothy Fay. Pocahontas, Child Princess. NJ: Prentice, 1978. Milwaukee Public MuseumNative Americans