Money and Happiness Essay

It is regularly seen that individuals with a higher pay carry on with an increasingly loosened up life while the reality of the situation is their cash permits them to handily deal with the necessities in life, for example, food and attire that others will be unable to keep up. Along these lines, in contrast with those sorts of individuals, the ones with more cash by and large show up increasingly satisfied in light of the fact that they can buy different wants without the concern of not supporting a consistent way of life. Having more cash gives help to the individual instead of satisfaction due to their capacity to acquire new belongings. Giving is better than getting is a regularly utilized expression that shows the liberality among various individuals; in any case, when it utilized as a contention discussing joy, it is demonstrated to be too ambiguous to even think about fitting the cutting edge definition. An ongoing report by Elizabeth Dunn and Michael Norton clarifies that the â€Å"most fulfilling method of utilizing cash is to put resources into others†¦donating to a charity†¦buying lunch for a friend† (Can Money Buy Happiness?). Their contention shows that putting their cash towards others as opposed to themselves brings a significantly more noteworthy satisfaction, yet how does that contrast from covering charges? Assessments are accommodated numerous reasons, for example, giving to covers, paying for government laborers, and looking after streets, so for what reason are the residents disturbed about the prerequisite of contributing a part of their pay to the legislature when the interest in others brings joy? Therefore, the fulfillment of offering cash to others doesn't generally apply to all regardless of whether it is for noble cause. Since satisfaction depends on an individual’s point of view, a person’s attitude toward what satisfies them may change from somebody else’s. Bliss is something contrasted with every other person; a few people seem more joyful than others. It is an individual discernment, and it is impact by an assortment of elements, for example, society, family, relationship status, wellbeing, occupation, love, and even salary. Peruse more: Does Money Bring Happiness Essay

Dream Job Research Paper Example | Topics and Well Written Essays - 1500 words

Dream Job - Research Paper Example There are different open doors in various fields. We should simply concentrate on a particular post in an organization and attempt to arrive at the situation by commitment and a little shrewd work. My fantasy work is to turn into a creation administrator in a product industry. Being in a product industry I will have the chance to deal with various ventures that are useful in modernization of innovation. This task will talk about a set of working responsibilities of an administrator alongside remuneration, advantages and evaluation program in a product organization. The greater part of the product organizations on the planet recruit individuals with aptitudes in programming and programming testing. Being a creation director my duty will be to assume control over the difficulties required in culmination of a task effectively. A director in a product organization is liable for choosing an undertaking that can be finished by the group, clarifying the insights concerning the venture, overseeing labor and fulfillment of the task in time. These are the key determinations that a chief needs to deal with while an on-going task. There are two significant difficulties for a director in a product organization. First is to choose a proper undertaking that the allocated group can deal with. The undertaking chosen must be simple for the colleagues so that can finish it in time with no blunders. The second most significant test is to rouse the colleagues so they don't withdraw between the pivotal days. Absence of appropriate workforce can prompt postponement o f occupation which probably won't be acknowledged by an organization. Henceforth these are the two significant difficulties to deal with being a chief of a product organization. Another significant obligation of a director is to speak with the administration about any dangers his group may go over while taking care of a significant task. It is a manager’s obligation to adjust and overcome any issues among representatives and the board

Blog Archive Friday Factoid UCLA-Anderson Is Sustainable

Blog Archive Friday Factoid UCLA-Anderson Is Sustainable Applicants to UCLA-Anderson may be well aware of the schools strengths in media and real estate, but they might be surprised to learn that Anderson also offers a cutting-edge multidisciplinary program for students interested in environmental sustainability. The Leaders in Sustainability (LiS) Program is a certificate program that allows Anderson students to take courses at different graduate schools within the university network, thereby allowing them to address issues of environmental sustainability in an interdisciplinary manner. Students must apply to the programâ€"described on the LiS Web site as a graduate “minor”â€"which currently has more than 40 participants from graduate programs across the university. Students in the LiS program must take four specified classes, including the LiS core course “Environmental Science and Engineering” and three sustainability-related courses, one of which must be taught outside the students’ primary graduate school. In total, the greater university offers more than 50 sustainability-related courses that Anderson students may choose from, ranging from “Effective Methods of Social Change” to “Management in Public and Private Nonprofit Sectors” to even “Urban Environmental Problems: Water Issues.” In addition to completing the program’s required four courses, LiS students must work on a team project related to sustainability with students from at least two other graduate schools within the university. Moreover, mbaMission has learned that UCLA-Anderson recently hired a sustainability coordinator and has established positions for two sustainability chairs in each first-year section and one for second-year students. Business school may in fact be a window into the future For more information on  UCLA-Anderson  or  14 other leading MBA programs, check out the mbaMission Insider’s Guides. Share ThisTweet Friday Factoids University of California Los Angeles (Anderson)

Study on the determinants of corporate borrowing - Free Essay Example

Sample details Pages: 17 Words: 5208 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1: The determinants of corporate borrowing was an empirical research, hence a terrific amount of prior researches focused on exploring the determinants of corporate borrowing, since 1960s. Corporate borrowing decision effects remained as an area of growing interest for researchers in the last three decades, as the presence of the a phenomenon has been evidenced even in the most developed capital markets of the world (Guedes Opler, 1996). In addition, the sales growth was defined as a pinpoint determinant for firm financial decision towards firm sales growth opportunities and financial debt capacity, in the same studies. Don’t waste time! Our writers will create an original "Study on the determinants of corporate borrowing" essay for you Create order The debt and equity remained main areas of interest which were observed for decision making in corporate finance of the governance systems. As the earlier researches explored the factor of debt maturity but usually did not focus on sales growth as determinant of corporate debt (Myers Stewart, 1977). In addition, the same study focused on including and exploring the sales growth of firm as a determinant of corporate borrowing. Firms, in general, financed projects with long-term debt to avoid riskiness of project and hide the mismanagement activities under the cash flow of project, the cash flows were obtained from investment of the project before the debt maturity date (Guedes Opler, 1996). While same studies further addressed an important issue for firm, if the projects were financed with short-term debt. For instance, according to Barclay, Michael, Clifford and Smith (1995) that the term and conditions for maturity of debt of firms were reduced with growth opportunities, and raised with the size and credit quality of firm. Myers and Stewart (1977) also suggested firms to shorten debt when cost of contracting was high. Firms activities to finance long-term debt, with aspect to attaining firms growth opportunities such sales growth; had significant impact on short-term debt of the firm due to increased level of inventory and level of failed to sustain receivables turnover (Stohs, Mark Mauer, 1996). Further, the same studies defined that less risky and probably larger firm used long-term debt financing with meager growth opportunities, so the liquidity risk was highly involved for firm short-term borrowing decision. According to Diamond and Douglas (1991a) debt risk was defined as the borrower risk or the ability of borrower to repay interest, principle amount and timely fulfill claims terms. Froot, Kenneth, David and Stein (1993) addressed that loss of projects could be a caused by short-term debt if project has high refinanced interest rate and i mperfections of credit market. Firms also experienced the distress for indirect cost of financial such that loss of inventory or the incremental proportion of inventory held and decline in the receivable turnover for the purpose of firm sales growth. Rizzi and Joe (1994) addressed the sales growth and risk that only high quality firms were able and sustained in the credit market for long term borrowing, while the low quality firm screened out from long term debt market. While the available short term debt market had high risk for low quality firms, even that firms financed to cope up growth opportunities, usually firms growth opportunities were identified with sales growth of the firm. 1.2 Problem Statement The debt financing was considered as one of the crucial issues in the corporate financing, the sales growth of the firm was one of the major determinants of the corporate debt financing. The purpose for the study of sales growth and debt financing is that this is the crucial issue for firms that how efficiently to avail firms growth opportunities such that sales growth. The objective of this research study was to explore and know that how borrowing decision of the firm such that short term debt was affected by the sales growth of the firm. The fundamental purpose of study was to observe the impact of sales growth in detail by Guedes and Opler (1996) and Saumitra (2002) presented the detailed information regarding the determinants of corporate borrowing such as sales growth and the firm debt financing decision in Pakistan. The scope of this study was to analyze the impact of sales growth on corporate borrowing such that short term debt financing decision of the firm to avail grow th opportunities of the firm on the basis of debt financial decision factors. 1.3 Hypotheses The central query was raised in front of firms to borrow new financing as cope up the growth opportunities of the firm in the form of sales growth opportunities. New investment was required for the operational and the manufacturing activities of the firm whether to use debt financing or not, if the debt financing decision was to be used so the lender and borrower noticed that at what level of risk and the sales growth of the firm may affect the short term debt financing decision. In selection of the financing decision; firms past, current and expected activities was crucial for lender and borrower, such that sales growth, inventory held, and liquidity condition of the firm. Many Authors as Guedes and Opler (1996) and Saumitra (2002) discussed the sales growth as a main factor affecting to debt financing decision of the firm in research. The Hypothesized relationship of the variable is provided below: H1: There is positive impact of sales growth on corporate borrowing. H2: The re is a positive impact of inventory held on corporate borrowing. 1.4 Outline of the Study The research presented the introduction of the thesis in chapter one, which included the problem statement of the study, scope of research, hypotheses etc. Literature review of the study was presented in chapter two with review by different authors on impact of sales growth on corporate borrowing. The research methodology was described in chapter three with justification of the selection of variables, sample size, sampling technique and statistical technique used in analysis of the study, and also developed model were described. After processing of data, the analysis interpretation of the results was described in the chapter four with hypothesis assessment summary. The summarized findings, conclusion, discussions, implications and recommendations, and suggested future directions for the empirical research on impact of sales growth on corporate borrowing was defined in chapter five. References and appendixes for the study were given in chapter six and at the end of study respectivel y. Chapter-2 LITERATURE REVIEW A lot of research has already been conducted in the field of identifying the best determinants of Corporate Borrowing by various researchers. Most of the research work suggested that the corporate borrowing vary from company to company and similarly from decision factor to factor. Marsh (1982) addressed that the borrowing decisions were taken by firms both by raising debt or finance, here question raised for corporation, what level of financing is required and which financing decision would be better for firm health. The firms borrowing decisions biased over its target level of debt, if its debt was below the target level of debt, so, the decision of debt financing would taken, otherwise financing decision was taken by firms due to signal of existing level of borrowing was above its target level of debt. The significant flotation costs for existence of corporations means that companies required to plan issues with objective to minimize both costs of its target ratio deviation an d flotation costs. Over time fluctuating, it gave rise to infrequent issues of firm with its targeted debt ratio and firms clearly identified that what its level of target is. Miller and Rock (1977) debated over debt and explained two points; first, shift issue occurred in firm decision towards either equity or debt due to any change in level of tax, hence issue effect either temporary lasting until equilibrium level was restored, or shift issue remained permanent over target ratio of firms. The second point were elaborated that the probability of firm financial distresses and systematic risk level influenced the target debt levels of firm, it was defined that the highly operating risk of firm used the less level of debt financing. Myers, Brealey and Schaefer (1977) argued that companies avoid fixed interest rate of long term debt due to uncertainty of future rates of inflation and instead of long term debt rely over variable rate of short term debt. Barges (1968) explained th e ability of a firm towards sales growth rate and capacity of debt, the explanation were shown with two factors, first the expected growth rate of future earnings of firm and the probability of expected sales growth and earnings of firm. Generally, high rate of expected future earning signify a greater capacity of a firm to carry debt; hence low expected future earnings mean the opposite. The degree of uncertainty for any level of expected future earnings for debt capacity of firm was served by knowing a limiting factor. Barclay et al. (1995) showed that credit quality and size moderately effect on firms to augment its debts term to maturity, and firms debt falls with growth opportunities. In a related article, Stohs et al. (1996) defined that larger firms most likely used the long term debt to avail the growth opportunity of its sales. The earlier studies examined the corporate debt maturity on behalf of issues of incremental debt rather than to investigate the maturity of li abilities of firm on balance sheet. By studying the liabilities to assets on balance sheets could answer some uninvestigated questions about impact of sales growth on corporate borrowings. Myers et al. (1977) suggested that agency cost and problems of debt can be controlled by firm to shortening the worth of its debt with respect to the volume of its sales. While some firms gain incentives from liquidity risk to borrow long term debt, it may not be able to compensate investors to bear credit risk of long-term debt for the sake of sales growth; it may indicate the low quality projects (Diamond Douglas, 1991.) and (Stiglitz, Joeph Weiss, 1981). Hence the low-quality firms cant sustain their position or can be screened out from long-term debt market, only high credit quality firms can be stable and able to borrow long-term debts. In contrast, larger firms were defined for long run as having higher likely possibilities to survive than smaller firms (Queen, Maggie Richard, 1987). Brick, Ivan and Ravid (1985) examined that interest payments affect the borrowers and lenders with respect to firms volume of sales due to different time patterns. The interest text shield was argued that borrowers seek to maximize the present value by accelerating interest payments, while lenders priorities to diminish the present value of tax charges by slow downing interest payments. Leff (1979), Khanna and Palepu (2000) addressed that the dominant perspective and minimizing perspective of transaction costs on business groups plays a crucial role on firms affiliations with these groups to overcome the barriers in an inefficient market. The view of transaction cost minimizing is characterized by weak governance system of firms, in part due to weak legal institutions or under developed intermediaries. Increase in the external financing investment cost may occur due to association of agency cost problems with market imperfections. However, this study will not develop and test t he hypothetical views of business groups. Mitchell (1991) finds no support on the firm choice to match their asset maturities with maturity of debt issues. In a similar on debt issues, Guedes and Opler (1994) argue that high grade firms with large investment issue short-term debt. Diamonds (1991) predicted that active participants part in short-term credit markets was taken by the higher-rated firms to avail growth opportunities of the firm. Auerbach and Alan (1979) also argued that growth rate of sales and leverage are inversely proportion because the interest payment of tax deductibility was considered less valuable to the larger or fast growing firms. The firms annual sales growth rate in total assets was used as a growth rate of proxy. Asset maturity was defined as an important factor for corporate borrowing and plays stable role to predict the debt maturity of a firm. Myers et al. (1977) argued that long-term assets of firm can support to gain more long-term debt. In c ontrast, Titman, Sheridan and Wessels (1988) analyzed debt maturity on the basis of balance sheet and viewed the evidences that smaller firms rely on higher proportion of short-term debt with objective to minimize long-term debt flotation costs. Barclay et al. both addressed that smaller firms more likely with growth opportunities rely on a smaller proportion of debt that would exceeds 3 years. Myers and Stewart (1977) expressed the views on these evidences that debt maturity is used by firms to control interest conflicts between debt and equity holders. The preceding papers provided useful approaches for firms debt maturity choices; hence the measure had various limitations. First, the term-to-maturity in the corporate borrowing provided the information just about incremental financing choices. The debt maturity average of the firms existing liabilities test relate to the terms-to-maturity of debt issues to balance sheet variables such as asset maturity or return on assets (Stoh s et al. 1996). Myers et al. defined the borrowing decisions of firms by using two indicators for growth: sales growth and growth of firm total assets. The research study focused to examine the behavior of firm borrowing decisions and concluded that; to prevent the agency cost of long term debt, most of the firms proffer short term debt decisions instead of long term debt. While Froot et al. (1993), Lucas, Deborah and McDonald (1990), and Kale, Jayant and Thomas (1990) examined the firm growth with three indicators of growth: sales growth, growth of firms total assets and growth of employing size of firm, and concluded that firm growth is independent of firm size. To study firms complete size distribution, the several alternative forms of samples were used, so, the variables were leading each others, while the definite relationship for alternative form of samples were crucially assumed and it was derived that firm growth decreases with all three indicators for agency cost of long -term debt financing, hence the sales growth were certain. Loughran, Tim, Ritter J. (1995) accentuated the importance of firm growth, debt financing decision and changes in market structure. Mansfield addressed that debt financing is better when growth opportunities of firm were available and demanded, so the profitability of firm was certain and debt financing was benefited as the tax advantage of firm. DeAngelo and Masulis (1980) examined the financing decisions of firm and showed that firm value was being affected by the financing decisions of the firm, if the firm has to avail certain growth opportunities, so the debt financing decisions was defined as an effective tax advantage and resulted decline in non-debt tax shields. Firm financing decision except debt financing resulted without tax shield beneficiaries, debt interest and principle payments were excluded from earnings of firm before tax applied and included the net short term losses in taxable income and then the c orporate taxes was being applied over taxable income. Hence it was addressed that the profitability of firm and the proportion of profitability over assets was affected by the corporate tax. Gan (2007) addressed to normalize the loan payment balances of prior debts and lending decisions. It was explained that the payment of debt balances of loans slowly and present value of generated profits exceeded the present value of total payments which were gradually paid. It has also an impact over firm capital and the proportion of debt over capital, the ratio of firms capital was reduced with the excess of debt. Firms health with proportion of debt to capital explained that healthy capital was being shown from the borrowers willingness to repay gradually loan payment, and lenders willingness to lend. Debt financing and loan payments has also an impact over firm net profitability and the proportion of net earnings over firm total assets or return on assets, it must be paid even in bed tim e of firm, so well, required payments reduces the firm profitability and return on assets. The proportionate of earnings over total assets showed the efficiency of firm that how well the firm has utilized its assets to bear the cost of financing. Return on assets and prior debt to capital worth was used by means of lenders amount and implicitly measure the worthiness of firm capital. Dedoussis and Afroditi (2010) argued the problems with characteristics of a firm such as assets value or growth opportunities were communicated inability of firm to outside lenders, so that investment decisions were affected by net worth of firm if the discrepancy exists between firm internal and external financing. Hayashi (1982) explained that marginal profitability was covered by firms to expanding the business and sales of firm with bearing the moderate changes in firm expenditure. The described expansion were done by corporations with various financing decisions, it was suggested that the debt f inancing is better to avail if the market was shown under green signals of demand, if the markets demand were not shown so the firms prevent the debt financing because of interest payment which must be paid even in bad time of cash flows. Hadlock (1998) assumed that financiers were indecisive about the factual value of firms assets, so expectations were formed based on the investment amount that firm requests to carry out. If the firm requested for the maximum amount subsequently the investors were not capable to discriminate between firms with large resources or low resources. So the large assets of firm with low claims send a green signal to investor to putting money for debt investors. While it send the signal to equity provider to cutting the amount of investment if the money is required for new project establishment because it shorten its net earnings as well as the earning of shareholders. CHAPTER 3: RESEARCH METHOD 3.1 Method of Data Collection Data was obtained from the website of Karachi Stock Exchange KSE-100 Index and Joint Stock Companies Balance Sheet Analysis specified by State Bank of Pakistan in periodical listed on the KSE (2004-2009). The period of study covered with data of five years as sample of 2005-09. The opted sample size of all cement sector firms was taken from Karachi Stock Exchange-100 Index and the firms whose data were not available in the sample year of 2005-09 were excluded from the study. The objective behind the insertion of the firms in the sample was to explore debt financing behavior of cement firms significantly rely over sales growth opportunities or not. The major issue of data availability was faced in this research. The source of secondary data was adopted for the sampled data collection of this research study. In accordance with the research studies limitations three firms of cement sector were excluded from the study because two of the firms were newly listed and introduced in the Pakistani market and third was dropped from the KSE-100 Index during sample years of the study. The observed and expected aspects regarding the sales growth and debt financing was analyzed in this research. The external data sources were used to cope up the purpose of collection of data, such that general business publications, State Bank of Pakistan, companys annual reports, internet publications and books were used. The data required for study was completely dependent over the published and secondary data sources, as the sources defined above. 3.2 Sample Size The study selected all cement sector firms listed over KSE-100 Index as sample size for the research analysis. Total of 21 firms were listed over KSE-100 Index, hence, the firms whose data was not available during the sample year of 2005-2009, were excluded from the study, therefore three firms were excluded from the study because two of the excluded firms were newly listed and third was delisted over KSE-100 Index during the sample years. The impact of sales growth of firms on the corporate debt, which were listed on KSE-100 Index, was analyzed on the basis of the selected sample of 18 cement firms. 3.3 Research Model Developed From the various determinants of corporate debts which affected debt financing decision of the firms, this research study included only sales growth and inventory to analyze the impact of sales growth on corporate debt, the sales growth was measured by two variables one was directly change of current year sales with respect to last year sales, and second was level of inventory held by firm. The short term debts were used as a major dilemma for firms to face debt claims in swift time. The constructed mathematically model provided below; CD = a0 + ÃŽÂ ²1SG + ÃŽÂ ²2IH + ц Where: CD= corporate debt was measured as the change of short-term debt with respect to last year debt. SG= sales growth of firm with respect to last year sales of the firm. IH= inventory held by firm during the year. ц = the error term 3.4 Statistical Technique To examine the impact of sales growth on corporate borrowing, the multiple linear regression analysis (MLR) as a statistical technique was used for analyzed research study over selected sample firms; the SPSS software was used to test the secondary data. Multiple Linear Regression Analysis technique was used for prediction of sales growth with respect to last year sales and inventory hold by firm defined as the studied variables had an impact on corporate borrowing decision especially on short term financing. The identified technique was used to analyze the empirical behavior of firms financings with studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). According to the characteristics of research study and variables used in this study, the multiple linear regressions; a multivariate analysis was appropriate to used than univariate investigation. In such a way t he referenced studies also suggested to use the multivariate analysis technique. The intensity of sales growth impact on corporate debt during year 2005-2009 was observed on the basis of studied independent variables i.e. sales growth and inventory hold by firm during the year. CHAPTER 4: RESULTS All firms of cement industry listed on KSE-100 Index were selected as sample for this research study, and Multiple Linear Regression Analysis was taken as a statistical technique for analysis of this research study. This research was tested and analyzed by using multivariate technique for the prediction of impact of the sales growth with respect to last years sale and inventory hold by firm on corporate borrowing decision especially on short term financing. The identified technique was used to examine the impact of the studied independent variables (sales growth and inventory hold) on dependent variable i.e., Corporate Borrowing (short-term financing discussed in the previous chapter). 4.1 Findings and Interpretation Primarily, the regression technique in SPSS was applied on collected data. The resulted output of data showed that the data has no multicolinearity issue, while the normality issue was found in the data, to resolve normality issue of the data; so all the transformation techniques were used. By applying all the transformations, the studied variables found to be insignificant, so it was described that the data was highly volatile in Pakistani market so the normality issue was ignored to predict the variables. As the multicolinearity issue was not in the data, so the study initiated to analyze the results. The analysis and interpretation of the results was defined in following section of the research. Table 4.1: Model Summary Model R R Square Adjusted R Square 1 .722 .521 .510 Table 4.1 demonstrated summary of the regression model. The Adjusted R square was best for prediction of model as per the number of variables used. The Adjusted R square of 51% in the above table showed that the both of the predictors of corporate borrowing combined together explained 51% variation in whole model, while the remaining was residual variance as latent and not included in the prediction of the model. In other words, Adjusted R square showed that 51% variation in outcome was explained by the population of the study. Table 4.2: ANOVA Model Sum of Squares Df Mean Square F Sig. 1 Regression 3.766E8 2 1.883E8 47.289 .000 Residual 3.464E8 87 3981969.306 Total 7.230E8 89 The table 4.2 represented the significance of estimated linear model of the study, the sig value of ANOVA supported the model fitness for this research study file regarding applicability of the regression technique, ANOVA table was consistent for examination of the models ability to predict any variation in observed dependent variable such that corporate borrowing. This was absolutely understandable from the sig value of .000 which showed that the linear regression model was perfectly momentous for the conducted research. Table 4.3: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 1082.629 295.525 3.663 .000 Inventry 7.543 1.179 .593 6.399 .000 .641 1.561 SG .307 .152 .188 2.026 .046 .641 1.561 The table 4.3 represented crucial results for regression model of this study. Sig column of above table demonstrated that all variables of the study were significant and all independent variables of the hypothesis of this research study had significantly influential intensity over dependent variable of the study. Sig column demonstrated that the un-standardized coefficients of variables is zero or not; when the sig value was higher or equal to .05, the un-standardize coefficients considered as zero; and when the sig value was lower than .05, then the un-standardize coefficients of the model was not considered as zero. The value of column B demonstrated that one unit varies in independent variable consequence change in dependent variable with the weights equal to the weights of column B. The VIF column showed the existence of multicollinearity issue in the studied independent variables. As all of the VIF values found less than 2, so this identified the least acceptable level of multicollinearity in the study. 4.2 Hypotheses Assessment Summary The studied hypothesis was sales growth of the firm has significant positive impact on corporate borrowing decisions to finance in short-term credit market. The firms sales growth characteristics had variation in current year sales of firm with respect to last year sales and the level of inventory hold by firm during financing years. In this study each of the sales growth variable and inventory variable as firms sales growth characteristic for corporate borrowing were tested and concluded in the outcome. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ² SIG. RESULT H1 There is a positive impact of sales growth on corporate borrowing. 0.307 .046 Accepted H2 There is a positive impact of inventory hold on corporate borrowing. 7.543 0.000 Accepted CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion The results of the study suggested that sales growth has positive impact on corporate borrowing which identified the significance of sales growth impact in Pakistani market. The second variable of the study was also identified the significance impact in Pakistani market and had intensity to impact over corporate borrowing. The results of this study were not matching with referenced studies conducted by Guedes Opler (1996), and these results had also shown consistency with the study conducted by Barclay et al. The studied results varying because the matched studies were conducted in various countries, so the firms environments and circumstances of the countries usually differed to make financing decisions accordingly. 5.2 Discussions Firm sales opportunities played a vital role in defining the firms sales growth but these growth opportunities varied over volatility in environmental growth of the countries, hence, this dilemma was not with the study of Guedes Opler (1996), because in his study the level of inventory hold by the firm over the year was playing a significant role. Variations in the corporate borrowing were highly explained by the level of inventory held by firm over the year. While sales growth of the firm concluded same results with consistent to the research study of Barclay et al. 5.3 Implications and Recommendations This research study was limited to the cement sector firms listed on Karachi Stock Exchange of Pakistan only. The data was taken from annual reports of all cement sector firms. This research suggested it was not necessity that only firms sales growth has impact on corporate borrowing or the corporate borrowing decisions was affected only by sales growth and inventory factors such type of other borrowing factors should be carried out and analyses in other countries of the Asia as well, as to have inclusive idea about the impact of sales growth on corporate borrowing. Furthermore, the research study also suggested that other factors of corporate borrowing discussed in the chapter one should be researched as to have perfect idea for the debt financing decisions of the firm. For instance, this research study can also be replicated efficiently in other developing countries. 5.4 Future Research This research study may helped various management of the firm, investors and other research conductors in analyzing and observing the debt behavior and financing decisions of firms to achieve sales growth opportunities of the firm. The students whose intention is to research on either debt financing behavior of the firm or to study the growth behavior of the firm with respect to debt can be benefited by this study. Furthermore, the cement sector will become advantageous from this study because the study clarifies the impact of sales growth of firm on corporate short term borrowing. CHAPTER 6: REFERENCES Auerbach Alan (1979). Share valuation and corporate equity policy. Journal of Public Economics, 11, 291-305. Barclay, Michael J., Clifford W. Smith Jr. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. Barges A. (1968). InstituteGrowth Rates and Debt Capacity. Financial Analysts Journal, 24, 100-104. Brick, Ivan, and Ravid S. (1985). On the relevance of debt maturity structure. Journal of Finance, 40, 1423-1437. DeAngelo, H., and Masulis R. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29. Dedoussis E. Afroditi P. (2010). Corporate governance and investment: domestic and foreign firms in Greece. Managerial Finance, 36,174-200. Diamond Douglas W. (1991a). Debt maturity structure and liquidity risk. Quarterly Journal of Economics, 106, 709-737. Froot, Kenneth A., David S, and Stein C. (1993). Risk management: Coordinating corporate investment and financing policie s. Journal of Finance, 48, 1629-1658. Gan J. (2007). Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Financial Economics, 85, 709à ¢Ã¢â€š ¬Ã¢â‚¬Å"734. Guedes Opler (1996). The Determinants of the Maturity of Corporate Debt Issues. The Journal of Finance, 51, 1809-1833. Hadlock, C.J. (1998). Ownership, liquidity and investment. RAND Journal of Economics, 29, 487-508. Hayashi, F. (1982). Tobins marginal Q and average Q, Econometrica, 50, 213-24. Kale, Jayant, Thomas N. (1990). Risky debt maturity choice in a sequential game equilibrium. Journal of Financial Research, 13, 155-166. Khanna T. Palepu K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 40, 867à ¢Ã¢â€š ¬Ã¢â‚¬Å"891. Leff (1979). Entrepreneurship and economic development: the problem revisited. Journal of Economic Literature, 26, 46à ¢Ã¢â€š ¬Ã¢â‚¬Å"64. Loughran, Ti m, Ritter J. (1995). The new issues puzzle. Journal of Finance, 50, 23-51. Lucas, Deborah, Robert McDonald (1990). Equity issues and stock price dynamics. Journal of Finance, 45, 1020-1043. Marsh, P. R.(1982). The choice between equity and debt: An empirical study. Journal of Finance, 37, 121-144. Miller M. Rock K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40, 1031-1051. Mitchell K. (1991). The call, sinking fund and term-to-maturity features of corporate bonds: An empirical investigation. Journal of Financial and Quantitative Analysis, 26, 201-22. Myers, S.C., Brealey R. Schaefer S. (1977). Term structure with uncertain inflation. Journal of Finance, 32, 277-89. Myers, Stewart C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 9, 147-176. Queen, Maggie, and Richard R. (1987). Firm mortality: Using market indicators to predict survival. Financial Analysts Journal, 43, 9-26. Rizzi Joe (1994). Ga uging debt capacity. Corporate Cashflow, 102, 33-37. Saumitra, N. (2002). Determinants of corporate borrowing: Some evidence from Indian Corporate Structure. Journal of Economics and Finance, 26, 200-215. Stiglitz, Joeph Weiss (1981). Credit rationing in markets with imperfect information. American Econimic Review, 71, 393-411. Stohs, Mark H., Mauer C. (1996).The determinants of corporate debt maturity structure. The Journal of Business, 69, 279-312. Titman, Sheridan, Wessels (1988). The determinants of capital structure choice. Journal of Finance, 43, 1-21.

A Brief Note On The United State 1 Of 3 Kids - 1164 Words

In the united state 1 of 3 kids is overweight, establishing a common topic in our community. Fatness is a global topic that exist in every part of the world. Some people are very strict when it comes to fatness. People think that a person who is overweight should be ashamed and take action over it. People from around the world judge others based on their appearance, by thinking there should be a control on their weight. Throughout the century things has been changing and in this case appearance is something people are being judge by. Many youngs as adult people are facing this circumstance, some of them even putting in risks their life, but a new update has been made that even children should be taken early decision and be ashamed of how they look, kids are having many difficulties in school by facing all types of bullying. overweight is a dangerous situation that they are letting them carries at their young age. Most of the kids stop in the path just because they do not feel comfo rtable going to school for example, just 65% of the students who graduated enrolled in college this October, as a result, students are not feeling comfortable in school since they are basically judged based on their appearance and not on their knowledge. Letters should not be sent to parents from school. â€Å".Especially when that information could prompt serious problems with body image and eating habits. Though a quick BMI test might not directly increase bullying, it certainly causes distress inShow MoreRelatedAnimal Abuse Cases Essay examples1127 Words   |  5 Pagesprotection laws of the United States of America and Canada seventh edition is the top resource for lawyers, law professors, law students, legislators and other legal professionals† (Animal 3). 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Character Amidst Tragedy Essay - 862 Words

In The Story of an Hour Kate Chopin meticulously chooses diction that encourages a defined view of the female characters. The role Mrs. Mallard plays, as well as Josephines, displays positive examples of feminine characterization in the story. Notably, it is important for the reader to recognize differences between the antagonists opinion of Mrs. Mallard and the way she sees herself. Although the author in many ways displays both females as weak, she does so in order to provoke thoughts within the onlooker. Throughout the entirety of the writing, Chopin alludes to the need women have for others. Both positions played by women in this story initially exhibit women as weak, but a closer look demonstrates to readers their strength†¦show more content†¦In the beginning she conveys the news of the tragedy, all the while breaking the news in broken sentences and veiled hints (12). This hesitation reiterates weaknesses women are thought to have. Throughout this story, women are shown in a negative way, from the opening where Josephine is stuttering moving along to Mrs. Mallard weeping with wild abandonment (13) in Josephines arms, to the later image of Josephine pounding upon Mrs. Mallards bedroom door in the hopes that she will allow herself to be dependent upon those closest to her. After learning of the tragedy, Mrs. Mallard retires to her room, leaving the other characters apprehensive of what may result from her being alone in such a time. Unbeknownst to her fellow characters the time she spends alone is directed in self-growth rather than mourning. While Josephine and Richards anxiously await any sort of response, onlookers see that Mrs. Mallard is coping with the situation positively. In fact, it is the two views of the situation readers are given that makes Josephines hysteria seem quite ridiculous. Onlookers contrast Mrs. Mallards calm demeanor to that of Josephine as she peeks through the keyhole pleading for a response. While Mrs. Mallards primary focus is to find independence, it becomes ironic that her fellow characters fear the consequence of her solitude the most. Mrs. Mallard reacts to the tragedy by directingShow MoreRelatedThe Tragedy Of Antigone By Sophocles1182 Words   |  5 Pagespart of many tragedies. As for the characters in Antigon e, their fates end up being unavoidable, whether it is due to the reason that they refused to accept it until it was very late, or they accepted the fate and permitted it to come to pass. The character’s lives possess set conclusions, and there exits some clues on what these conclusions shall be, and when they shall happen. The characters are frequently capable of knowing their fate and reacting to it. 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Business Computing- Hardware

Question: Describe about the Business Computing? Answer: Introduction Hardware is the term used to refer to the physical components of the computer units. Hardware includes the system unit (the box) and the peripherals devices external to the system unit. The System Unit The system unit contains several components including: 1. Microprocessor2. Read only memory (ROM)3. Random access memory (RAM) Microprocessor This converts data into information. ROM Read only memory contains information put there by the manufacturer. This information cannot be changed by the user. The information includes instructions to the computer on how to start up and how to interact with the keyboard. RAM Random access memory contains the programs and data that the computer is using when processing. This memory is completely emptied when the computer is switched off. Cache Cache is a very fast form of RAM which is holds a copy of the most frequently used data. Devices outside the system box Input devices These include keyboard and mouse Keyboard This allows the manual input of data and the control of the application software converting that data into information. Mouse This is a pointing device which allows the user to click on points on the monitor screen to command an application to do something with data or information. Output devices Output devices convert the information in the computer into a form that a human can read or hear. They include the monitor and the printer. Monitor The monitor used to take up a large part of the desk and was very heavy. LCD monitors are much lighter and thinner. Printer There are many types of printer. The most popular types of printer are the ink jet printer and the laser printer. Ink Jet printer The ink jet printer sprays a fine jet of ink at the paper. This is why printed material from this type of printer looks wet when it leaves the printer and may smudge if touched. Jets of several colours may be used to print text as well as coloured pictures. Printed material from this type of printer runs if wetted. Laser printer The ink jet printer uses the same technology as a photocopier. The laser charges parts of the paper and attract fine particles of toner to these charged areas. A heated roller fixes the toner in position. This is why photocopied paper feels warm. Printed material from this type of printer does not run if wetted.