Sunday, December 29, 2019

The True Value Of Corporate Governance Essay Example For Free At Magic Help - Free Essay Example

Sample details Pages: 5 Words: 1425 Downloads: 10 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? The topic of corporate governance is vital to every listed corporation because the related principles guide the business practice and provide higher values with higher profitability for the corporation, (Aksu and Kosedag 2005). It is about rules and regulations and also a matter of ethics, therefore failure to comply with corporate governance issue has an unfavorable impact on the capital market and their investors, (International Federation of Accountants 2008). The lack of effective corporate governance results in huge amount of financial losses of corporations, like the Hong Kong listed company: CITIC Pacific Limiteds incident in 2008. Don’t waste time! Our writers will create an original "The True Value Of Corporate Governance Essay Example For Free At Magic Help" essay for you Create order This signals corporations that good corporate governance practice is fundamental to corporations success. This study is to find out the relationship between corporate governance practice and financial performance of corporations. More importantly, the Code of Corporate Governance Practice has become effective from 1 January 2005 onwards and listed corporations in Hong Kong must comply with the mandatory provisions. Corporations are also encouraged to comply with the voluntarily guidelines for best practices. Judges Report of the HKMA Best Annual Report Award 1994 pointed out that prior research shows that corporations only comply with minimum disclosure requirements of corporate governance standards. This study is going to assess the level of compliance of corporations with both mandatory provisions and voluntarily practices. It is commonly agreed that corporations in industry other than retail, especially the banking, public utility service, and property development industry, have better performance in corporate governance since 1990s when the corporate governance standards have evolved significantly. For example, Sun Hung Kai Properties Limited obtained the Corporate Governance Asia Recognition Award in 2009 from the Corporate Governance Asia Magazine; CLP Power Hong Kong Limited won the top award from the Hong Kong Institutes of Professional Certified Accountants (HKICPA) for the seventh successive year; and HSBC Holdings plc won the Best Corporate Governance Disclosure Award 2009 from HKICPA too. But for the retail industry, there is less prior research for investigating the corporate governance disclosure of these companies. Therefore this study is going to investigate the practice in the retail industry. 1.2 Research Aims and Objectives 1.2.1 Research Aims The research aim is to examine how corporate governance practice is disclosed in the retail industry and how it contributes to the corporations by looking at its impact on firms performance in operating, financial and stock market aspects. 1.2.2 Research Objectives To critically examine the importance of corporate governance to corporations and identify the contributions of corporate governance framework. To evaluate the disclosure behavior of listed firms in retail industry of Hong Kong. To compare corporate governance practice of the listed firms in retail industry of Hong Kong. To investigate whether or not companies with good governance would have better performance in operating, financial and stock market aspects by conducting ratio analysis. 1.3 Research Outline The remainder of the research is set as follows. Chapter 2 reviews prior research and literature about theoretical framework, importance and contribution of corporate governance, development of governance disclosure, measurement of corporate governance, and hypotheses development. Chapter 3 describes the methodologies of the research. Chapter 4 shows the empirical findings: (1) corporations ranking for governance disclosure, and (2) relationship between corporate governance and performance. Chapter 5 concludes the research. Chapter 2: Literature Review 2.1 Definition There is no single definition for corporate governance as it varies from countries by countries and firms by firms (Craig et al. 2007) and depends on how one view this (Salehi 2008). Salehi summarized the studies of prior researchers and grouped corporate governance into four views: accountability, integrity, efficiency and transparency. For the purpose of measuring corporate governance, Standard Poors defined corporate governance as the reciprocal actions and influence of agents (managers and directors) and principal (shareholders) to manage the corporation in which the actions enable stakeholders to obtain certain returns from that corporation (Standard Poors Governance Service 2004). It is similarly defined by the Hong Kong Institutes of Certified Professional Accountants (HKICPA) and Organization for Economic Co-operation Development (OECD) as coordination processes between manager, board members, shareholders and stakeholders, and the organizational structures which drive the direction, operation and the monitoring the corporation for achieving the organizational objectives. (Abdullah and Valentine 2009) provided a boarder definition for corporate governance as processes of managerial decisions making and a set of rules of management for both economic and non-economic activities carried out by the corporation. 2.2 Theoretical framework There had been widely discussed the issue of separation of ownership and control of corporation in prior research (Boubakri et al. 2008). Two major theories were used to explain the issue where the agency theory on one hand presented a divergence of interests of agent and principal, and stewardship theory on the other hand demonstrated alignment of those interests (Davis et al 1997). (Mallin 2007) suggested several theories would influence the development of corporate governance, namely agency theory, stakeholder theory and stewardship theory. 2.2.1 Agency Theory (Jensen and Meckling 1976) famously describes the relationship between shareholders and managers as pure agency relationship where the shareholders (principal) who owned and acquired ownership of the corporation and maximized their returns with the assist of agents who serve the shareholders interests and control the corporation. (Davis et al. 1997) quoted the idea of (Walsh and Seward 1990) that organization would lose competitive advantages and would be unable to continue if managers act adversely with the shareholders aspiration. The author further explained that agency problem occurred when there is a lack of attention to maximizing shareholder returns, i.e. self-interested opportunism, where the principal is affected by the self-interest of their agents. Prior research have suggested two control mechanisms, the alternative executive compensation schemes and governance structures, can be used to solve the agency problem, to ensure shareholders wealth maximization and to g uide the agents behavior (Demsetz and Lehn 1985; Jensen and Meckling 1976; and Davis et al. 1997). It is proved that agency costs have affected the means and mechanisms of corporation governance (Hutchinson and Gul 2003) and agency costs incurred for providing incentives and compensations for managers and monitoring their conducts can prohibit individualism of managers (Roberts 2005). Researchers had suggested that there are limitations associated with agency theory (Doucouliagos 1994 and Davis et al. 1997) as this assumed divergence of interests resulted from individualism of managers which in reality may not be appropriate to be applied to all agents. Moreover, as stated by (Jensen and Meckling 1976), controls of agency only provide potential profits that pleasing shareholders instead of making certain the shareholders wealth are maximized. (Roberts 2005) provided other opposes to this assumption, for example, (Donaldson and Dais 1991) who applies Mc Gregors Theory Y to agen ts. 2.2.2 Stewardship Theory (Davis et al. 1997) quoted the definition of stewardship theory introduced by (Donalson and Davis 1989, 1991) as a means of defining relationships based upon other behavior premises which is opposed to the agency theory. (Mallin 2007) explain that stewardship theory draws on the assumptions underlying agency theory. With regard to the stewardship theory, organizational structure is supposed to facilitate effective action by the managers and directors and to help them to formulate and implement plans for better corporate performance. However the theory has never been empirically to directly explain agents compensation or been used as an underlying theory (Hengarrtner 2006). 2.2.3 Stakeholder Theory The stakeholder theory applies to a wider context that to give thought to a group of people such as employees, customers, government, creditors and general public, other than just the shareholders (Mallin 2007). The author also stated that corporations strive to maximize shareholders value together with the aim to care about the interests of stakeholders. (Jensen 2001) stated there are theorists oppose to stakeholder theory because it aims to address the interests of all stakeholders which may not be logically possible and theorists provided no explanations of how to trade-off against those interests. The tradition view of stakeholder theory is therefore modified by the author who enlightened value maximization to solve problems that arise from multiple objectives that accompany traditional stakeholder theory. 2.3 Models There are four major types of corporate governance practice models adopted by corporations worldwide (Bhasa 2004). 2.3.1 Market-centric governance model 2.3.2 Relationship-based governance model 2.3.3 Transition governance model 2.3.4 Emerging governance model 2.4 Importance and Contributions Corporate governance is important because it contributes to the well-governed corporation: increase in firms value and higher profitability (Brown and Caylor 2005) and lower cost of investment of shareholders (Ashbaugh et al. 2004). Corporate governance can enhance accountability for stakeholders and ensure the corporation meets the needs of the general public (Peter and Nelson 2006). The mechanism can also minimize agency cost and avoid reduction of firms market value resulted from managers opportunism (Øyvind et al. 2004). Prior researcher had designed methodology and carried out empirical analysis in 30 countries for investigating the contribution of corporate governance, and it is found that better governance report enhance productivity of factors and economic growth (Sadka 2004).

Friday, December 20, 2019

Great Events and Contributors in the Field of Mathematics

History The pre-20th century saw great events which brought about various inventions and discoveries especially in the mathematics field. There were various people who made great contributions to the mathematics field which are applicable and still in use to date. This paper will therefore look at two among the many great events and the contributors of the events in the mathematics field. About 250BC there were various inventions and contributions by Archimedes who was considered as being among the greatest mathematicians in history. He is still honored for the various contributions he made in geometry, mechanics, physics and technology. He is listed among the three greatest mathematicians. His greatest contribution to the field of mathematics was particularly in the area of geometry. Aside from being a mathematician he was also an engineer who was accomplished in the field as well as an inventor he is was however thought to be obsessed with geometry. Among his great contributions were the discovery of how to find the volumes of spheres and he went ahead to discover the exact pi value which he calculated as well as devising the notion of mathematical exponents. pi which is a Greek letter is used in the description of ratios of circles circumference an diameter. He pinpointed pi value as being between 3-10/71 and 3-1/7.this he arrived by inscription of a 96 sided polygon inside a circle. The discoveries were published in measurement of the circle. He alsoShow MoreRelatedAnnual Islamic Symposium On The Arts And Sciences1042 Words   |  5 PagesH Block Mathematics News Article Annual Islamic Symposium on The Arts and Sciences Inside Dover-Sherborn Regional High School In Room 214 the Annual Islamic Symposium on The Arts and Sciences has just concluded. 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Thursday, December 12, 2019

Marketing Plan Marketing Mix of Apple - iPhone 6

Question: Describe about the Report for Marketing Plan of Marketing Mix of Apple, iPhone 6. Answer: Introduction The marketing mix is an integral part of an effective commercialization of any brand. Notably, it includes a set of controllable tools that a firm can deploy to influence the demand for their product. The components of marketing mix commonly abbreviated as the 4Ps entail the product, place price, and promotion. This paper seeks to analyze the marketing plan of Apple I Phone 6 and ultimately recommend necessary adjustments to the mix (Danaher et al., 2001) Components of the Marketing Mix of Apple, iPhone 6 Product (Consumer wants) Apple I Phone 6 has distinguishing features that improve the customer experience. The product specification is customized to the clients needs. Some of the notable features are as discussed below; The IOS 8 Operating System. The IOS operating system is a characteristic that is widely preferred and loved by many of the consumers. MacBook has for a very long time been the most desired laptop, and iPhone gave a chance to their customers to access IOS which is the same operating system used by the MacBook laptops. Noteworthy, the release of i- Phone 6 came with additional features to the operating system. I phone 6 runs ios 8 which has advanced features such as continuity, QuickType, iCloud Drive and Family Sharing. Moreover, the phone exhibited substantial progress for photos, Spotlights among other features. Processing Speed. The improved speed of processing further contributed to the popularity of i-Phone 6 in the market. The high processing speed was made possible by ensuring a perfect compatibility between the hardware and the software. Furthermore, the compatibility ensured the smooth running of the operating system and improved user interface which significantly develops the customers attraction. Apple Store and Itunes. The Apple stores give i-phone users a chance to access a relatively vast number of applications. Itunes further gives the users an opportunity to add to their collection of music, movies and TV shows. Price (Cost to Satisfy) Apple uses the premium pricing technique that involves setting high prices for new products in the market. For instances, i-phone is the most expensive smartphone in the market as compared to other competitors such as Samsung. It is worth noting that the customers prefer i-phone despite their high prices. The prices represent the cost that the client is willing to incur to meet the needs and desires created by the features of iPhone 6. Place (Convenience to buy) This aspect of marketing mix primarily involves all the activities aimed at ensuring availability of the product across the world for the target customers. In the case of i-phone, Apple has guaranteed the availability of their products in many countries globally. Moreover, they offer outstanding service back up in all the countries of operation. Apple also distributes its products through CNF that entails circulation done by a carrying and forwarding agent. Additionally, retailers get the product directly from the company. The customers are also privileged to the product directly from the company through the Apple online store. Effective placement increases the convenience with which the consumers can get the new products. Promotion (Communication) Whenever i-phone is released, Apple deploys various platforms to create awareness of the new product efficiently. Apple applies both ATL and BTL platforms during promotions. For ATL, Apple heavily uses the newspapers, radio, and televisions to reach the targeted premium segment. Additionally, Apple uses the BTL platforms such as major advertisements at various retail outlets and other points of sales conversations and offers to convince other customers. Promotion is intended to communicate the features of the new product to the clients. Consumer Priorities In the industry of smartphones, consumers have exhibited a preference for larger screens, high processing speed, and an advanced operating system. Such features should be given focus to enhance customer attraction (Malasi, 2012). Target Market for Apple, i-phone 6 Apple Inc. primarily makes their product suit various end users requirements. As such, the company pays close attention to the customers needs to be able to develop products that impress their clients who are spread across the world. Apple operates in a global market; thus, the iPhone 6 targeted everyone globally across the demographic, societal and financial aspects that significantly influence the consumption rate (Malasi, 2012) Organizational Requirements Effective implementation requires resources. Any company should make a budget for the plan and ensure adherence to the developed budget. All the financial aspects of the scheme should be considered when planning to provide a comprehensive budget hence limiting the chances of adverse variations (Jain Haley, 2009). Therefore, it is noteworthy that money is vital in the effective implementation of a marketing plan. Importantly, the cost of the program should not exceed the revenues to be raised from the sales. Adjusting the Marketing Mix Apple Inc. is among the companies that have the best marketing plan for their products. However, there are notable loopholes that need adjustments. The various changes needed area as discussed below; Product The business world is dynamic in nature, and therefore technological advancements are inevitable (Proctor, 2005). As such, Apple needs to consider providing a variety of smartphones because there is a section of the population that continuously changes phones. Other competitors such as Samsung offer several types at different prices to cater for the various customers. Additionally, Apple should lift the unnecessary restriction in their products and include the missing features such as expandable internal memory. Further, the non-removable battery hinders the chances of additional revenue through the sale of accessories. Pricing Apple Inc. should consider reviewing their pricing strategy and look into ways of making their products affordable to the customers with little income (Yoo et al, 2000). The company should also introduce different amounts of discounts to the customers to improve the level of sales significantly. Place Apple experienced an increase in their level of sales since iPhone 6 was launched in 2014. However, it worth noting that significant sales were made in urban areas, an implication that Apple can still significantly boost their market dominance by putting emphasize on geographical expansion. To achieve the objective of geographic expansion, Apple should expand its supply chain to reach the rural areas. Moreover, the company should franchise their production to arrive at a wider market globally (Westwood, 2002). Monitoring the Marketing Mix The marketing plan needs control to ensure that everything works as intended. Exercising adequate control is the key to the success of any marketing mix. As such, the plan needs to be monitored to detect any deviation from the projections made. An important technique in the follow-up to a marketing plan is through the customer feedback which can be obtained through interviews and surveys. Furthermore, a company can use the target market sales to control the project. This technique involves continuously measuring the units sold at the target market to assist in detecting the effectiveness of the plan (McDonald, 2007). Testing and Re-Adjusting the Marketing Mix The monitoring process reveals potential areas of deviations that need urgent actions. As such, the identified factors need to be isolated for the purpose of testing. Subsequently, an analysis of the test result needs to be done. Remarkably, the managers should evaluate the consequences of altering any aspect of the plan and implement the option with the most favorable outcome (Luther, 2001). However, due care should be observed in ensuring that the re-adjustment conforms to the requirements of the budget for marketing plan as well as the organization. Conclusion A new product needs a practical and economical marketing plan to penetrate the target market (Rahmani et al., 2015). In the case of Apple, the strategy for the commercialization of iPhone involved a perfect mix of the 4Ps of the marketing as evident by the notable rise in the sale of iPhone 6 as illustrated by the graph in the appendix. References Danaher, P. J., Hardie, B. G., Putsis Jr, W. P. (2001). Marketing-mix variables and the diffusion of successive generations of a technological innovation.Journal of Marketing Research,38(4), 501-514. Jain, S. C., Haley, G. T. (2009).Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985.. Luther, W. M. (2001).The marketing plan: How to prepare and implement it. AMACOM Div American Mgmt Assn. Malasi, J. M. (2012). Influence of Product Attributes on Mobile Phone preference among university students: A Case of Undergraduate students.International Journal of Academic Research in Economics and Management Sciences,1(6), 10. McDonald, M. (2007).Malcolm McDonald on marketing planning: Understanding marketing plans and strategy. Kogan Page Publishers. Proctor, T. (2005).Essentials of marketing research. Pearson Education. Rahmani, K., Emamisaleh, K., Yadegari, R. (2015). Quality Function Deployment and New Product Development with a focus on Marketing Mix 4P model.Asian Journal of Research in Marketing,4(2), 98-108. Sultan, F., Rohm, A. (2005). The coming era of" brand in the hand" marketing.MIT Sloan Management Review,47(1), 83. Westwood, J. (2002).The marketing plan: a step-by-step guide. Kogan Page Publishers. Yoo, B., Donthu, N., Lee, S. (2000). An examination of selected marketing mix elements and brand equity.Journal of the academy of marketing science,28(2), 195-211.