Common Application Essay Option 5 Tipsâ€Personal Growth

Regular Application Essay Option 5 Tips-Personal Growth For the 2018-19 confirmations cycle, the fifth exposition alternative on the Common Applicationâ focusesâ on self-improvement: Talk about an accomplishment,â event, or acknowledgment that started a time of self-improvement and another comprehension of yourself or others. We as a whole have all had encounters that achieve development and development, so article choice five will be a feasible decision for all candidates. The large challengesâ with this paper brief will recognize the right achievement, occasion, or acknowledgment and afterward ensuring the conversation of your development has enough profundity and self-examination to show that you are a solid andâ thoughtful school candidate. The tips underneath can help direct you as you tackle paper choice five: What Defines a Period of Personal Growth? The core of this article brief is the possibility of self-improvement. Its a surprisingly expansive idea, and thus this paper brief gives you the opportunity to discuss nearly anything significant that has ever transpired. Your activity with this article brief is to recognize a second that is important and that furnishes the confirmations people with a window into your inclinations and character. As you work to characterize a fitting time of self-awareness, think about the most recent quite a long while of your life. You shouldnt return in excess of a couple of years since the confirmations people are attempting to find out about who you are currently and how you process and develop from the encounters throughout your life. A story from your youth wont achieve this objective just as a later occasion. As you reflect, attempt to distinguish minutes that made you reconsider your suppositions and perspective. Recognize an occasion that has made you a progressively experienced individual who is currently more ready for the duties and autonomy of school. These are the minutes that can prompt a powerful article. What Type of Accomplishment, Event, or Realization Is Best? As you conceptualize thoughts for this paper brief, think comprehensively as you attempt to concoct a decent decision for the achievement, occasion, or acknowledgment. The most ideal decisions, obviously, will be noteworthy minutes throughout your life. You need to acquaint the confirmations people with something you esteem profoundly. Likewise remember that these three words-achievement, occasion, acknowledgment are interconnected. The two achievements and acknowledge come from something that occurred in your life; as such, without an occasion, youre improbable to achieve something important or have an acknowledgment that prompts individual growth.â We can in any case separate the three terms as we investigate choices for the article, yet remember that your choices incorporate, yet are not constrained to: An accomplishment:You arrive at an objective that you have set for yourself, for example, acquiring a specific GPA or playing out a troublesome bit of music.You accomplish something autonomously just because, for example, setting up a supper for the family, flying the nation over, or house-sitting for a neighbor.You survive or figure out how to welcome an incapacity or handicap.Working alone or with a group, you win an honor or acknowledgment (a gold decoration in a music rivalry, a solid appearing in Odyssey of the Mind, an effective gathering pledges crusade, etc.)You effectively dispatch your own business (a yard cutting assistance, keeping an eye on, web organization, etc.)You effectively explore or remove yourself from a hazardous or testing circumstance (a damaging family, a risky friend gathering, etc.)You accomplish something testing like winter outdoors, white-water kayaking, or running a marathon.You complete an important help venture, for example, making an open nursery or helping fabricate a house with Habitat for Humanity. An event:You pass an achievement in your life, for example, the primary day of secondary school or your first time driving by yourself.You have an association with somebody (regardless of whether that be a companion, relative or outsider) that opens your mindfulness in a significant way.You perform at an occasion, for example, a show or rivalry where your difficult work and diligence at long last compensation off.You experience a horrible mishap, for example, a mishap or abrupt misfortune that causes you to rethink your conduct or beliefs.You experience a snapshot of disappointment (much like alternative #2) that makes you wrestle with and develop from the experience.You are moved by a world occasion that causes you to think about what you most worth and what your job on the planet may be.A acknowledgment (doubtlessly associated with an achievement or potentially event):You understand that you can achieve something you hadnt thought possible.You understand your limitations.You unders tand that disappointment is as important as success.You understand that your comprehension of individuals who are not quite the same as you had been constrained or faulty.You experience something that causes you to understand that you have to reclassify your priorities.You understand that depending on the assistance of others isnt a failure.You come to see how much a parent or guide needs to educate you. Self-improvement Can Stem From Failure Remember that the accomplishment,â event, or acknowledgment doesnt must be a triumphant second in your life. An achievement can be figuring out how to manage difficulties or disappointment, and the occasion could be a losing game or a humiliating solo in which you missed that high C. Some portion of developing is figuring out how to acknowledge our own deficiencies, and perceiving that disappointment is both unavoidable and a chance to learn. Generally Important of All: Discuss At the point when you talk about your occasion or achievement, ensure you drive yourself to think logically. Dont invest a lot of energy just depicting and summing up the occasion or achievement. A solid article needs to flaunt your capacity to investigate the noteworthiness of the occasion you have picked. You have to search internally and examine how and why the occasion made you develop and develop. At the point when the brief notices another understanding, it is disclosing to you this is an activity in self-reflection. On the off chance that the article doesnt uncover some strong self-investigation, at that point you havent completely prevailing with regards to reacting to the brief. A Final Note for Common Application Option #5 Attempt to step once again from your article and ask yourself precisely what data it passes on to your peruser. What will your peruser find out about you? Does the paper prevail with regards to uncovering something that you care about profoundly? Does it get at a focal part of your character? Keep in mind, the application is requesting a paper on the grounds that the school has all encompassing confirmations the school is assessing you all in all individual, not as a lot of grades and grades. They paper, at that point, needs to paint a picture of a candidate the school will need to welcome to join the grounds network. In your article, do you appear to be a shrewd, insightful individual who will add to the network in a significant and positive manner? Regardless of which paper brief you pick, focus on style, tone, and mechanics. The exposition is above all else about you, however it additionally needs to exhibit a solid composing capacity. These 5 hints for a triumphant article can likewise help control you. At long last, understand that numerous themes fit under different alternatives on the Common Application. For instance, alternative #3 gets some information about addressing or testing a conviction or thought. This can positively associate with the possibility of an acknowledgment in alternative #5. Additionally, alternative #2 on experiencing deterrents could likewise cover with a portion of the opportunities for choice #5. Dont stress a lot over which choice is ideal if your subject fits in numerous spots. Most significant is that you compose a viable and connecting with exposition. Make certain to look at this article for tips and tests for every one of the Common Application exposition choices.

The Improvements of Health Through Technology Professor Ramos Blog

The Improvements of Health Through Technology https://docs.google.com/introduction/d/1dN_u2aHoZKcujZBEF-DZclH_qnuztW9f-X2oFuCwCyk/edit#slide=id.p

Supermax facilities Essay Example | Topics and Well Written Essays - 500 words

Supermax offices - Essay Example The truth can't be more awful for a detainee in isolation in a truly confined condition for a considerable length of time with no social contact. The supermax changes require a situation to which the detainees can relate both truly and socio-mentally. It needs to furnish them with diversions, social communications and exercises in a way that would not contain even the subtlest trace of power. We need to stop the unrefined arrangement of persistent watching and checking of every development of the detainees that strengthen in them the sentiment of being no better than confined creatures. More space should be made in these cutting edge cells (Pupovac, 2008) that have gotten unmanageable for the sheer number of detainees. I recommend compassionate practices like contacting the detainee with exposed hand by the watchmen and not by wearing gloves and expulsion of the glass boundary to permit the detainee to have a superior correspondence with loved ones. These measures are important to pass on to the detainees that they are in the supermax for recovery and not for savage discipline. Preparing of the remedial managers ought to incorporate the very importance of the jail framework with accentuation on creating procedures to make it increasingly others conscious. Regardless of the progress from the Big House to Contemporary Prisons and developing race relations strategy, racial segregation is as yet obvious in U.S. jails.

Theoretical Framework And Findings From Kenya Example For Free - Free Essay Example

The corporate governance discourse has attracted global interest. At the onset, the focus was naturally on the highly developed countries, having witnessed the collapse of giant corporations such as Enron, WorldCom Inc., Tyco, Aldephia, Global Crossing, but a few (Jones Pollitt 2003)  [i]  . More recently, due to its apparent significance to an organizations strategic strength and societys wellbeing, attention has been devoted to corporate systems in developing countries (Mueller 2006). Knell (2006) and Cadbury (1992) present corporate governance as systems, structured processes, defined policies and institutions that influence the way a corporation is directed, administered or controlled. It includes relationships among principal players such as shareholders, management and the board of directors while recognizing the goals for which the corporation is governed and relationships among other stakeholders including suppliers, customers, employees, banks and other lenders, regulators the environment and community at large. CORPORATE SYSTEM: CONCEPTS, ORGANZATION OBJECTIVES AND FINDINGS FROM KENYA (1500) Corporate governance has attracted a range of definitions. The Cadbury Report (1992) defines corporate governance as the system by which companies are directed and controlled. In their treatise, Metrick and Ishii (2002) describe corporate governance from the perspective of the investor as both the promise to repay a fair return on capital invested and the commitment to operate a firm efficiency given investment Metrick and Ishii argue that firm level governance may be more important in developing markets with weaker institutions as it helps to distinguish among firms. On the other hand, Rajan and Zinagales (1998) define a governance system as the complex set of constraints that shape the ex post bargaining over the quasi rent registered by the firm. In Mayer (1997) CG is seen as concerned with ways of bringing the interest of (investors and managers) into line and ensuring that firms are run for the benefit of investors. Again, CG is concerned with the relationship between the inte rnal governance mechanisms of corporations and societys conception of the scope of corporate accountability (Deakin and Hughes 1997). It has also been defined by Keasy et al (1997) to include the structure, processes, cultures and systems that engender the successful operation of organizations. From these definitions, it may be stated more generally that different systems of corporate governance will embody what are considered to be legitimate lines of accountability by defining the nature of the relationship between the company and key stakeholders. Thus, corporate governance describes gow companies ought to be run directed and controlled (Cadbury Committee 1992). It is about supervising and holding to account those who direct and control management. Shleifer and Vishny (1997) describe corporate governance as the way in which suppliers of finance to corporations assure themselves of getting a return to their investment The elements of corporate governance vary from one countr y to the other and from company to company. Klappar and Love (2002) found that corporate governance provisions at the firm level matter more in countries with strong legal environment. The emphasis placed on various aspects of corporate governance depends on how corporate governance is defined to bring out the key salient features. According to Hendriske et al (2004) corporate governance is the system that maintains the balance of rights, relationships, roles and responsibilities of shareholders, directors and management in the direction, conduct, performance and control of sustainable performance of companys business with honesty and integrity in the best long term interests of the company, shareholders and business community stakeholders. The capital markets authority (CMA) provides a comprehensive list of recommended governance practices (CMA 1998). The recommended governance practices have three objectives which include: Economic and financial well being of shareholders, d irectors and management and employees; Social well being of employees, community and society and environmental well being for every one (Manyuru 2005). The four board attributes namely: composition, characteristics structure and process form the basis for categorizing the corporate governance practices in this study. What is the purpose of the corporation? What are its objectives? Maximisation of shareholder wealth The theory of CG stems from the thesis The Modern Corporation and Private Property by Berle and Means (1932). The thesis highlights a fundamental agency problem in modern firms where there is a separation between management and ownership. It has long been recognized that modern firms are run by professional managers (agents), who are accountable to dispersed shareholders (principals). The scenario fits into the well discussed principal-agent paradigm. The question is how to ensure that managers follow the interests of shareholders in order to reduce cost associated with principal agent theory. To do that, the principals have to deal with two problems. First they face adverse selection problem: that is they must select the most capable managers. Second they are also confronted with a moral hazard problem: that is how to adequately motivate the managers to put forth the appropriate effort and make decisions aligned with shareholder interests. Separation between ownership and cont rol of corporations characterizes the existence of a firm. The design of mechanisms for effective corporate control make managers act in the best interest of shareholders has been a major concern in the area of corporate governance and finance (Allen and Gale 2001) and continuing research in agency theory attempts to design an appropriate framework for such control. In a corporation, the shareholders are the principals and the managers are the agents working on behalf of and for the interest of the principals. In agency theory, a well developed market for corporate controls is assumed to be non-existent, thus leading to market failures, non existence of markets, moral hazards asymmetric information incomplete contracts and adverse selection among others. Various governance mechanisms have been advocated which include monitoring by financial institutions, prudent market competition, executive competition, debt, developing an effective board of directors, markets for corporate control and concentrated holdings. Developing an effective board of directors remains an important and feasible option for an optimal corporate governance mechanism. Agents or managers may not always act in the best interest of shareholders when the control of a company is separate from its ownership. In June 1959, Simon Herbert (Baysinger and Hoskisson 1990) proclaimed that managers might be satisfiers rather than maximisers that is they tend to play it safe and seek an acceptable level of growth because they are more concerned with perpetuating their own existence than with maximising the value of the firm to its shareholders. But shareholders delegate decision making authority to the agent (CEO) with the expectation that the agent shall act in their best interest. In contrast, Demesetz (1983) and Fama and Jensen (1983) suggest that the primary monitoring of managers comes not from owners but from the managerial labour market. It is argued that management control of a large corpora tion is completely separate from its security ownership. Efficient capital markets provide signals about the value of a companys securities and this about the performance of its managers. If the managerial labour market is competitive both within and outside the firm, it will tend to discipline the manager. Therefore the signals given by changes in the total market value of the firms securities become very important. Kaplan and Reishus (1990) find evidence consistent with this argument: directors of poorly performing firms, who therefore may be perceived to have done a poor job overseeing management, are less likely to become directors at other firms. On the other hand, reputation concerns do not correct all agency problems and can in fact create new ones. A comprehensive theory of the firm under agency arrangements was developed by Jensen and Meckling (1976), who show that the principals (the shareholders) can assure themselves that the agent will make the optimal decisions only if appropriate incentives are given and only if the agent is monitored. Incentives include such things as stock options, bonuses and prerequisites which are directly related to how well the results of managements decisions serve the interest of shareholders. Monitoring consists of bonding the agent, systematic reviews of management prerequisites financial audits and placing specific limits on management decisions. These involve costs which are inevitable result of the separation of corporate ownership and control. Such costs are not necessarily bad for shareholders but the monitoring activity they cover needs to be efficient. Jensen and Meckling (1976) further define agency relationship and identify agency costs. Agency relationship according to them is a contract under which one or more persons (principal) engage other person (agent) to perform some service on their behalf, which involves delegating some decision-making authority to the agent. The scenario normally generates a conflict of interest. The conflict of interest between managers or controlling shareholder, and outside or minority shareholder refers to the tendency that the former may extract perks out of a firms resources and be less interested to pursue new profitable ventures. Agency costs in this case include monitoring expenditures by the principal such as auditing, budgeting, control and compensation systems, bonding expenditures by the agent and residual loss due to divergence of interests between the principal and the agent. Usually the share price paid by the shareholders (principal) reflects such agency costs. This is one way to view the linkage between corporate governance and corporate governance. Fama (1980) aptly comments that separation of ownership and control can be explained as a result of efficient form of economic organization Previous empirical studies have provided the nexus between corporate governance and firm performance (Yermack 1996; Claessens et al 2002; Gompers et al 2003; Black et al 2003; and Sanda et al 2003). Others Bebchuk Cohen (2004) and Bebchuk et al (2004) have shown that well governed firms have higher firm performance. The main characteristic of corporate governance identified in this studies include board size, board composition and whether the CEO is also the board composition. There is a view that larger boards are better for corporate governance because they have a range of expertise to help make better decisions and are harder for a powerful CEO to dominate. In recent times on the contrary emphasis has geared towards smaller boards. Jensen (1993) and Lipton and Lorsch (1992) contend that large boards are less effective and are easier for a CEO to control. The reason is that when a board get too big it becomes difficult to co-ordinate and process problems. Klapper and Love (2002) examine corporate governance and performance in a sample of firms in 14 countries most of which are developing economies. They find that better c orporate governance is associated with better performance in the form of Tobins q and ROA. Agency theory, agency problem, agency costs and the Anglo-saxon model (market based model) Maximisation of stakeholder interest John and Senbet (1998) provide a comprehensive review of the stakeholder theory of corporate governance. The main issue raised in the theory is the presence of many parties with competing interests in the operations of a firm. They also emphasized the role of non-market mechanisms such as the size of the board, committee structure as important to firm performance; Jensen (2001) critiques the stakeholder theory for assuming a single valued objective. They thus propose an extension of the theory called an enlightened stakeholder theory. However, problems relating to empirical testing of the extension have limited its relevance and applicability in a modern day corporate entity (Sanda et al 2003). In Kenya, CG is still at its infancy stage and therefore an examination of its relationship with the performance of a vital sector such as the microfinance sector is not only desirable but long overdue. Stakeholder theory How are its objectives met? Board attributes The corporate governance literature identifies four sets of board attributes; namely, composition, characteristics, structure and process (Zahra and Pearce 1989; Maassen 1999). Board composition refers to the size of the board and the mix of different directors demographics (insiders/outsiders, male/female, foreign/local) and the degree of affiliation directors have with the corporations (Zahra and Pearce 1989; Maassen 1999). Board characteristics encompass directors background, such as directors experience; tenure; functional background; independence; stock ownership and other variables that influence directors interest and their performance (Hambrick 1987; Zahra and Pearce 1989). Board structures covers board organization; the role of subsidiary boards in holding companies; board committees; the formal independence of one-tier and two-tier board; the leadership of boards and the flow of information between board structures (Maanssen 1999). Board process refers to decision making activities; styles of board; the frequency and the length of board meetings; the formality of board process and board culture on evaluation of directors performance (Vence 1983; Pettigrew 1992). Growing literature focused on some aspects of the four sets of board attributes from a variety of theoretical perspectives have produced a plethora of varying results regarding boards attributes and corporate performance (Zahra and Pearce 1989; Dalton et al 1998; Maassen 1999). A summary of the four sets of boards attributes most commonly studied as provided in Table 1 The concern of corporate governance has been with both the accountability of the directors and with the board effectiveness Cadbury (1997). To ensure the board effectiveness the Cadbury Committee (1992) recommends the inclusion of sufficient number of non-executive directors who would bring independence in the boards judgement. These non-executive directors should be in the majority. Mace (1986) and Herman (1981) argu e that outside directors were valued for their ability to advise to solidify business and personal relationships and to send a send a signal that the company is doing well rather than for their ability to monitor. Mace (1986) further argues that in selecting outside directors the title and the prestige of the candidates are the primary consideration. The agency theory, at the other end of the spectrum argues that the presence of boards of directors is to monitor management and to protect the interest of shareholders (Mallette and Fowler 1992; Fama and Jensen 1983). It is further argued that outside directors are stricter in discharging their responsibilities as they are not directly affiliated with the management (Weisbach 1988). Having outside directors who are argued to be impartial is vital as they can act as providers of relevant complementary knowledge to the management (Fama and Jensen 1983:315). Hence outside directors could bring into the board the wealth of expertise tha t is useful to the management in deciding the direction of the firm or to clarify its strategies. This could further enhance the boards role as being the ratification and the monitoring of management decisions as argued by Fama and Jensen (1983). As a result the performance of the management is expected to improve and more importantly increase the wealth of shareholders. Evidence of board independence effectiveness was also offered bu OSullivan (2000) who found that audit fees (a proxy for extensiveness of the audit works) were negatively associated with board independence. The author argued that board independence should lead to a better quality of financial reporting and thus the scope of the audit and therefore the audit fees would be reduced. The evidence found by Peasnell et al (2000) on the effects of outside directors on the financial reporting aspects further confirm that high monitoring tendency of outside directors. In addition, evidence has also showed that outside dir ectors are more likely to join and inside directors leave the boards of poor performing firms (Hermalin and Weisbach 1988). Thus it may be argued that poorly performing firms are expected to benefit from the entry of more outside directors. In a study on the extent of fraudulent reporting Beasley (1996) further documented evidence supporting the significant roles of outside directors. Evidence of outside directors effectiveness was also documented in New Zealand by Bradbury and Mak (2000). The concern has been on the issue of non-executive directors who may not be truly independent (Bhagat and Black 1997; Vicknair et al 1993). Perry (1995) argues that the inclusion of independent non-executive directors may negatively influence the board cohesiveness since they are involved in the decision-making process of the firm and at the same time act as monitors of management. This Perry (1995) argues could lead to a conflict of interest. This argument could perhaps lead to the performance of the firm not being improved even though the board is dominated by outside directors. The lack of non-executive directors incentives to remove members of the top management following the firms poor performance as a result of their insignificant shares in the firm and their compensation and the views of the CEOs could determine their re-appointment as non-executive directors (Conyon and Peck 1998). Further it was earlier found that performance review by the board in most companies was minimal and it was purported to satisfy the minimal requirement of law (Boulton 1978) and except during the period of crisi, most boards were content with a superficial review of the performance (Clendenin 1972). In an empirical study, Fosberg (1989) found that there was no significant difference in various financial ratios (indicative of the firms performance) between firms whose boards were dominated by outside directors and firms whose boards were not dominated by inside directors. The argument , that having outside directors on the board could adversely affect the board performance could largely be due to the fact that outside directors do not have access to adequate knowledge about the firm. This is due to the nature of non executive directors appointments who are not full-time employees in the company and the limited time commitment that could result in boards that are composed in the majority of weak outside directors (Koontz 1967). Moreover, these directors either hold no shares or hold insignificant shares in the firm as argued by Conyon and Peck (1998). Thus their incentives to monitor management and thus contribute significantly in the pursuit of the shareholders interests may be low. In fact Baysingers and Hoskisson (1990) argue that non executive directos have negative influences on corporate entrepreneurship. Research evidence showing a negative association between the proportion of independent non-executive directors and firm performance was documented (Klein 1 998; Agrawal and Knoeber 1996; Yermack 1996). In a survey done in Singapore, Goodwin and Seow (2000) found that the majority of company directors felt that independent directors should make up 25% to 50% of the board. The study also found that none of the directors in the survey felt that independent directors should be less that 25% of the board. These findings therefore are not different from the recommendation contained in the Report on Corporate Governance (1999) and the Malaysian Code on Corporate Governance (2001) which recommends that at least one-third of the board members be independent directors. Similar recommendation was also found in the Hampel Report (1998). However according to Goodwin and Seow (2000), the respondents in their survey which included directors, auditors and institutional investors, all felt that there was a need for a clear definition of independent directors. An absence of this definition would make it difficult to determine compliance with the reco mmendation. On the importance of non-executive directors representation on the board, Goodwin and Seow (2000) found that non-executive directors were more convinced that strong corporate governance enhances the board effectiveness more than executive directors were. Though the findings are mixed, evidence generally supports the effects of outside directors on the firms performance. This is because outside directors are expected to be independent of management and were generally ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦appointed for their business acumen, wide commercial experience or contacts on the government industry (Reay 1994:74). CEO duality The board of directors argues Jensen (1993:862) is ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦at the apex of internal control systems, has the final responsibility for the functioning of the firm. However, when the board chairman is also the CEO, the board intensity to monitor and oversee management is reduced as a result of lack of independence and a conflict of interest (Lorsch and Maclver 1989; Fizel and Louie 1990; Dobryzynski 1991; Millstein 1992; Daynton 1984). The issue arises when companies practice CEO duality is who monitors management? This is best expressed as custodias ipso custodiet or who will watch the watchers. Unlike in a two-tier system, the unitary system has the board at the highest internal control system, as argued by Jensen (1993). It has been argued that the firms managers influence in setting board agenda and controlling information flows could impede the boards ability to perform its duties effectively (Solomon 1993; Aram and Cowan 1983). The firms managers ability to determine the board agenda and the flow of information is predicted to be much stronger when the board chairman is also CEO than when the firm adopts a non-dual structure. Daynton (1984) asserts that the board is the primary force pushing the company towards realizing the opportunities and meeting the obligations to the shareholders and other stakeholders. He argues that it is the CEO who enables the board to play the primary force. In a similar vein, dual leadership structure signals the absence of separation of the decision management and the decision controls (Fama and Jensen 1983:314; Rechner 1989) argued that the ideal corporate governance structure is one in which the board is composed of a majority of outside directors and a chairman who is an outside director. She stated that the weakest ccroporate governance is one where the board is dominated by insider directors and the CEO holds the chairmanship of the board. When one person dominates a firm, the role of independen t outside directors becomes hypothetical (Rechner 1989; Daynton1984). Rechner (1989:14) claimed, ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦this structure is likely to function as a rubber stamp board given the total control of the CEO. A structure of this type is likely to lead to the board being incapable of protecting the interest of the shareholders. The board, with the high influence of the management will not be able to discipline the management appropriately as the management who controls the board will over-rule such initiatives. Miller (1997) also argues that a non-executive chairman promotes a higher level of corporate openness. The issue of separation of the top two posts has been addressed in the Cadbury Committee (1992), which recommended that the roles of the board chairman and the CEO be separated. The Malaysian Code on Corporate Governance (2001) also recommends a similar board structure. The reason for the need for separation is that when both the monitoring roles (ie the b oard chairman) and implementation roles (ie the CEO) are vested in a single person, the monitoring roles of the board will be severely impaired. The impairment in the board independence could affect the board incentives to ensure that management pursues value-increasing activities. The Hampel Report (1998) points out that, in some circumstances, the top two roles can be combined but it recommends that the reasons for combining the roles should be publicly disclosed. Though literature seems to consistently argue that separate individuals for the post of CEO and chairman leads to a better corporate governance system, the real issue is whether this leads to the board to be a better monitor and thus is capable of increasing the value of the firm. Proponents of the CEO duality structure argue that combining these two roles provide a clear focus for objectives and operations (eg. Andersen and Anthony 1986; Stoeberl and Sherony 1985). Separation of CEO and chairman posts has both costs and benefits and it was shown that for larger firms the costs are greater than the benefits (Brickley et al 1997). Evidence by Shamsul Nahar Abdullah (2002) in the Malaysian setting and Bradbury and Mak (2000) in the New Zealand setting confirmed the cost and benefit contention. In their study Berg and Smith (1978) found that there was no significant difference in various financial indicators between firms, which experienced CEO duality and firms which did not. The substantial cost of the separation could come from ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦incomplete transfer of company information and confusion over who is in charge of running the company (Goodwin and Seow 200:43). This could hamper the performance of the firms financial indicators. It could also be argued that when one person is in charge of both tasks, the decisions are reached much faster. Moreover, when the board chairman and the CEO is the same person, he or she is well aware of the decisions needed to improve the perf ormance of the firm. In another study, Chaganti et al (1985) also documented evidence similar to that found in Berg and Smith (1978) involving firms that experienced bankruptcy (failure) and survival. Rechner and Dalton (1991) also showed that forms with CEO duality consistently outperformed firms with a CEO non-duality structure, which contradicts expectation. In another study, Baliga et al. (1996) investigated the announcement effect of changes in the leadership structure. Using accounting measures of operating performance and long-term measures of performance their findings however suggest that: The market was indifferent to changes in the leadership structure; There was no significant effects on the firms operating performance; and There was no significant influence on the firms long-term performance. In a survey in Singapore by Goodwin and Seow (2000), the respondents opinion regarding the need for a separation of the board chairman and the CEO was not very stron g, where the mean score was only 4.85 out of 7.00. Of the three groups in their study only auditors had a mean score of 5.08 while the directors; mean score was only 4.52 and the mean scores were not found to be statistically different. This evidence could be interpreted that the issue of separating the board chairman and CEO was not viewed as critical in the corporate governance structure. As argued the board independence is important in determining its effectiveness to discipline management. It may also be further argued that a board is more independent if the board is dominated by outside directors and the chairman is not the CEO of the firm. As argued by Daynton (1984:35), if one person is wearing two hats, it is always the governance hat that is doffed. In fact, the Malaysian Code on Corporate Governance argues that when the roles of CEO and chairman are combined, the risk of a board being ineffective in discharging its leadership and control duties is high and thus, there n eeds to be a sufficient number of independent directors on the board. Hence, it appears that the performance of the firm is improved if the board is independent and the CEO is not the chairman of the board. Community of human beings, a nexus of contracts, possession of its shareholders Describe the legal system common law Conclusion corporation purpose CORPORATE SYSTEM: IMPACT ON ECONOMIC DEVELOPMENT (1000) Several studies have been done to establish relationship between governance structure and firms performance. One argument is that a strong governance structure could lead to high performance (Sanda et al 2005). It will help promote a firms performance and protect stakeholders interests. Nam et al (2002) found that corporate governance should lead to better performance since managers are better supervised and agency costs are decreased. Poor corporate governance on the other hand is a fertile ground for corruption and poor financial performance. Brown et al (2003) found that firms with weaker corporate governance perform poorly compared to those with stronger corporate governance in terms of stock returns, profitability, riskiness and dividend payments. Building investor confidence through insuring protection of shareholder rights (property rights protection) It is believed that good governance generates investor goodwill and confidence. Again, poorly governed firms are expected to be less profitable. Claessens et al (2003) also posits that better corporate governance framework benefits forms through greater access to financing, lower cost of capital, better performance and more favourable treatment of all stakeholders. They argue that weak corporate governance does not only lead to poor firm performance and risky financing patterns, but are also conducive for macroeconomic crises like the 1997 East Asia crisis. Other researchers contend that good corporate governance is important for increasing investor confidence and market liquidity (Donaldson 2003). Capital market regulation insures transparency and accountability Mitigates corporation failures Prevention fraud and ensuring the effective allocation and usage of resources An important theme of corporate governance is accountability and fiduciary role advocating for the implementation of guidelines and mechanisms to ensure good behaviour and protect shareholders (Otero 1998). Another key focus is the economic efficiency view through which the corporate governance system should aim to optimise the economic results with a strong emphasis to shareholder welfare. There are yet other sides to the corporate governance subject such as the stakeholders view, which calls for more attention and accountability to players other than the shareholders for example employees and environment (Singh 2005). Recently there has been considerable interest in the corporate governance practices of modern corporations since the collapse of large US firms such as Enron Corporation and Worldcom (Knell 2006). Conclusion relationship between the CG and the development CONCLUSION (400) Conclusion overall conclusion about the CG Agency Problems and the Theory of the Firm The journal of political economy [0022-3808] Fama yr:1980 vol:88 iss:2 pg:288 -307 Musikali, Lois M., The Law Affecting Corporate Governance in Kenya: A Need for Review. International Company and Commercial Law Review, Vol. 19, No. 7, pp. 213-227, 2008. Available from Social Science Research Network website. Accessed on April 6, 2009. (Musikali 2008) New Partnership for Africas Development (NEPAD), African Peer Review Mechanism: Country Review Report of the Republic of Kenya, May 2006. Available from NEPAD website. Accessed on April 9, 2009. (NEPAD 2006) Nganga, S., et al., Corporate Governance in Africa A Survey of Publicly Listed Companies, December 2003. Available from London Business School website. Accessed on March 27, 2009. (Nganga et al. 2003)

Definition and Examples of Point of View

Point of view is the perspective from which a speaker or writer recounts a narrative or presents information. Also known as a viewpoint. Depending on the topic, purpose, and audience, writers of nonfiction may rely on the first-person point of view (I, we), the second-person (you, your, youre), or the third-person (he, she, it, they). Author  Lee Gutkind points out that point of view is innately tied to voice, and a strong, well-executed point of view will also lead to a strong voice (Keep It Real, 2008). Examples and Observations Point of view is the place from which a writer listens in and watches. Choosing one place over another determines what can and cant be seen, what minds can and cant be entered. . . . The main choice, of course, is between the third and first person, between a disembodied voice and I (in nonfiction synonymous with the author). For some, the choice is made before sitting down to write. Some writers feel obliged to use the third person, by tradition the voice of objectivity, the disinterested mode of address appropriate for the newspaper or for history. Other writers, by contrast, seem to adopt the first person as a reflex, even if they are not writing autobiographically. But choosing a point of view really is a choice fundamental to the construction of nonfiction narratives, thus carrying relevant consequences. No moral superiority inheres in the first or third person, in their many varieties, but the wrong choice can deaden a story or distort it enough to turn it into a lie, sometimes a lie composed of facts.(Tracy Kidder and Richard Todd, Good Prose: The Art of Nonfiction. Random House, 2013) Subjective and Objective Viewpoints Pronouns reflect the various viewpoints. You can choose first-person (I, me, us, our), second person (you), or third person (he, she, they, their). First-person is considered intense, subjective, and emotionally hot. It is the natural choice for a memoir, autobiography, and most personal-experience essays. The reader is the center of attention for second-person. It is the favored point of view for instructional material, advice, and sometimes admonishment! It is intimate without being intense--unless the voice of the author is authoritarian or controlling instead of instructive. . . . Third person can be subjective or objective. For instance, when used for an as told to personal-experience essay, third-person is subjective and warm. When used for news and information, third-person is objective and cool. (Elizabeth Lyon, A Writers Guide to Nonfiction. Perigee, 2003) The First-Person Narrator Its hard to write a memoir or a personal essay without falling back on the I. In fact, all nonfiction is really told in the technical first-person point of view: there is always a narrator doing the telling, and the narrator is not some fictional persona but the author. This single point of view is one of the important—and frustrating—hallmarks that distinguishes nonfiction from fiction. Yet there are ways to mimic other points of view--and thereby to tell a more natural sort of story. Listen to the opening lines of Daniel Bergners God of the Rodeo: When he had finished work--building fence or penning cattle or castrating bull calves with a knife supplied by his boss on the prison farm--Johnny Brooks lingered in the saddle shed. The small cinder-block building is near the heart of Angola, Louisianas maximum-security state penitentiary. Alone there, Brooks placed his saddle on the wooden rack in the middle of the room, leapt onto it, and imagined himself riding in the inmate rodeo coming up in October. No sign yet of the author—a strictly third-person presentation. . . . The author wont enter the story directly for many more lines; hell duck in once to let us know hes there and then disappear for long stretches . . .. But in fact, of course, the author has been with us in every line, in the second way that an author participates in a nonfiction story: tone. (Philip Gerard, Talking Yourself Out of the Story: Narrative Stance and the Upright Pronoun. Writing Creative Nonfiction, ed. by Carolyn Forchà © and Philip Gerard. Writers Digest Books, 2001) Point of View and Persona [T]hese issues of point of view really point to one of the most fundamental skills in creative nonfiction, to writing not as the author but from a constructed persona, even if that persona is taking on the I to tell the story. That persona is formed by time, mood, and distance from the events that are being narrated. And if we decide to foreground the artifice of this construction by using more stylized points of view, such as second- or third-person, we create even more of a relationship between the narrator and the narrated, a high awareness that we are engaged in the reconstruction of experience and not pretending to be mere transcribers of that experience. (Lee Gutkind and Hattie Fletcher Buck, Keep It Real: Everything You Need to Know About Researching and Writing Creative Nonfiction. W.W. Norton, 2008) Obi-Wan Kenobi on Point of View Obi-Wan:  So, what I told you was true . . . from a certain point of view. Luke: A certain point of view? Obi-Wan: Luke, youre going to find that many of the truths we cling to depend greatly on our own point of view. (Star Wars: Episode VI--Return of the Jedi, 1983)

The True Hero Exploring Heroic Code - 1308 Words

The True Hero: Exploring Heroic Code in Germanic Society In the great epic Beowulf, the reader is able to delve into the Anglo-Saxon world and grow familiar with the heroic code. As a story passed from mouth to mouth as generations came and went, Beowulf still stands as one of the greatest heroic epics. The story teaches the reader a great deal about the time when it was written. In a world so heavily influenced by the perfect hero, the Anglo-Saxon people were able to look onto Beowulf as a source of great instruction and something that men women and children would be able to idolize. The heroic code was instilled by the Anglo-Saxon people as a code of conduct one followed to ensure one was operating as a commendable member of society. The idea of the perfect hero was the ultimate goal for any king or man of the time. The characteristics of selflessness and bravery were admired beyond anything else, and a true hero would embody them. In every sense of the word Beowulf embodied the essence of the heroic code and stood as a role model of ide al kingship for people to follow even in today’s world. This essay will outline how Beowulf exemplifies heroic code through his selfless and bravery, strength, and the unconditional love Beowulf’s men had for him through his own inspiration and dedication to his work. Even from the beginning of the epic, the reader is given proof of Beowulf’s outstanding selfless nature and creed. From the moment he steps foot on Danish soil he exuded aShow MoreRelatedThe Leatherstocking Tales Character Analysis868 Words   |  4 PagesExploring Hawkeye The novel series, â€Å"The Leatherstocking Tales,† by James Fenimore Cooper, takes place in the 1750s on a colonial frontier, near the great lakes. Natty Bumppo, better known as Hawkeye, has to do his best with all that he has to work with. Throughout the story, the reader is exposed to what kind of a character Hawkeye is. 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A Speech On Discourse Community Essay Example For Students

A Speech On Discourse Community Essay Hashani De Silva Professor Shepherd ENGL2089 Intermediate Composition 11/02/2014 Discourse Community Teaching has always been an occupation that amazed me. I believe it to be one of the most important jobs that anyone could ever embrace. A person choosing their career to be a teacher is essentially choosing to take on the role that is similar to DNA. Teachers are the group of people that pass on knowledge (which is what DNA does in our bodies), through education to the rest of us. Imagine the pressure on them. Imagine for one second that you were given this task. To teach another person a certain subject in such a way so that, the person that you are teaching can incorporate this knowledge to their daily life. Could you confidently teach another person something, anything, knowing that, that person will believe you for the rest of their life (unless you are proven wrong of course, because we live in forever changing times)? Imagine the responsibility that teachers take on themselves, knowing that they are responsible in enlightening the future generation. For this assignment I chose to observe my Architectural Skills Professor, Eric Inglert. He is an Associate Professor at the University of Cincinnati, a registered Architect in the state of Ohio and a member of the American Institute of Architects (AIA). He earned a Bachelor of Science in Architecture from Ball State University in 1988 and a Masters of Business administration from University of Cincinnati in 1996. After†¦