Principles of Corporations Law

Questions: 1.What custom-based law obligation and legal obligation if any has Julian breached?2.What custom-based law or legal obligation, have Sol and Daniel breached?3. On the off chance that the executives have penetrated their obligations do any of them have a resistance and if not what are the ramifications for them? Answers: 1. It creates the impression that for this situation, there is sure obligations forced by the custom-based law and furthermore a few obligations recommended by the Corporations Act, 2001 (Cth) that have been penetrated by Julian while she was going about as the executive of the organization. The sea shore of obligations by Julian can be expected because of the explanation that Julian didn't unveil to the chiefs of Property Developments Ltd. that Gerald was her uncle. In addition she additionally helped her sibling, Raphael to get the agreement from her organization. For this reason, Julian mentions to Raphael what the other compositional firms are going to charge. With this data, Raphael is in a situation to offer the most reduced cost to Property Developments Ltd. which was acknowledged by the organization. Then again, the law gives that the executives of partnerships need to follow certain obligations (Ford and Austin, 1995). These obligations incorporate the legal obligations that are being given by the Corporations Act just as the customary law obligations of the chiefs of companies. In the current case, the important obligation recommended by the precedent-based law is the obligation of the chiefs as indicated by which they should act real. Subsequently taking into account this obligation, it is significant that when contrasted with their own advantages, the executives give an inclination to the interests of the organization (Austin and Ramsay, 2013). Simultaneously, Julian had likewise penetrated her legal obligation that has been referenced in area 181 of the demonstration. In this area, it has been given that the executives should act in compliance with common decency when they are practicing the forces and when they are satisfying the obligations towards the organization. This obligation likewise necessitates that it is the commitment of the chiefs that they should represent an appropriate reason. It will be considered by the law that the executives ha ve arrived at the obligation referenced in area 181 if the chiefs utilize their forces for an inappropriate reason. This obligation will be considered to have been penetrated by the chiefs regardless of whether they accept that they are acting sincerely. Taking into account this position, regardless of whether a misfortune has not been endured by the organization, still Julian can be considered to have penetrated their legal obligation. Another applicable legal obligation that seems to have been penetrated for this situation is the obligation endorsed by area 182. As indicated by this obligation, the chiefs didn't utilize their position inappropriately. The ill-advised utilization of the position may happen if the chief has utilized their situation for accomplishing an individual preferred position or a bit of leeway for some other individual or to make a disadvantage their company. This obligation was penetrated when Julian helped Raphael in making sure about the agreement from her organization. 2. Sol and Daniel are the other two chiefs of Property Developments Ltd. for this situation, it very well may be said that these two executives are likewise at risk for the sea shore of their legal obligations just as the obligations recommended by the precedent-based law. These two chiefs are answerable for abusing the custom-based law obligation which necessitates that the executives of partnerships should act with care and tirelessness while following up for the benefit of the organization. Another critical obligation that seems to have been penetrated in the current case is the obligation of the executives to forestall ruined exchanging (Ford, 1978). This obligation has been forced on the chiefs by area 588G, Corporations Act. In the current case, apparently this obligation has been penetrated by Sol and Daniel while during the executive gathering of the organization; they don't stress how the organization will be going to fund the buy and don't pose inquiries with respect to the budget summaries of the organization. This obligation isn't released if the executives have appointed this duty to another person. In this way in the current case, Sol and Daniel can't hole up behind the way that they had appointed this undertaking to the bookkeepers of the organization. 3. The issue that emerges in this inquiry is if any distinction is accessible to the chiefs of Property Developments against claims of penetrate of obligation. For this reason, it must be thought of if the barrier against the charges of penetrate of obligation is accessible to the current executives. Another issue that must be considered in this inquiry is if no guard is accessible to the chiefs and they are held at risk for the break of their obligations what are the punishments that can be forced on the executives. The guard against the penetrate of obligation by the chiefs has been given by the business judgment rule. This standard was given by the customary law and later on, it was likewise joined in the Corporations Act. This standard is referenced in area 180(2) of the Act. As per this arrangement, a resistance has been given to the chiefs with respect to the business judgment made by them (Farrar and Hannigan, 1998). For this reason it is necessitated that the business judgmen t ought to have been made by the chiefs in accordance with some basic honesty. It is likewise necessitated that the executives ought to have made the judgment for legitimate reason and they ought not have any close to home enthusiasm for the business judgment (Paterson and Ednie, 1976). It is likewise required under this standard that before making the business judgment, the chiefs ought to have appropriately familiar themselves with the topic. It is additionally fundamental that the chiefs ought to have the option to reasonably accept that the business judgment being made by them is to the greatest advantage of their enterprise. In the current case, these prerequisites are not satisfied on the grounds that Sol and Daniel have not appropriately educated themselves with respect to the choice that was made by them at the executive gathering. Essentially, they neglect to comprehend the fiscal summaries put before them regardless of whether they had a fundamental comprehension of accoun t. Subsequently the common just as the criminal punishments that have been given in the Corporations Act can be forced on these executives. These incorporate a fine up to $200,000 and comparatively, detainment for a term of as long as five years. References Austin R.P., and Ramsay, I.M., 2013, Fords Principles of Corporations Law (LexisNexis Butterworths, fifteenth ed.) 432 Farrar J.H. what's more, Hannigan, B 1998 Farrars Company Law (Butterworths, fourth ed,) 382 Passage H.A.J. also, Austin, R.P., 1995, Ford and Austins Principles of Corporations Law, Butterworths, seventh ed. 262 Passage, H.A.J., 1978 Principles of Company Law (Butterworths, second ed,) 345 Paterson W.E. what's more, Ednie, H.H., 1976 vol 2, second ed. Australian Company Law, Butterworths,

Case Study National Shipbuilding Procurement Strategy

Question: Talk about theCase Studyfor National Shipbuilding Procurement Strategy. Answer: The National Shipbuilding Procurement Strategy (NSPS) The national obtainment methodology for shipbuilding is a legislature actualized key program of Canada to rebuild the armadas those involve the Royal Navy branch of the country. The shipbuilding methodology has been introduced in the year 2010 through the administration duty to secure potential hardware and appropriate employment profiles for the Coast gatekeeper and Royal Navy division of Canada (Sloan, 2015). The explanation for Canadian Governments choice to upgrade this methodology is the shipbuilding business of Canada has picked up no noteworthy generous development from 1990 to 2010. The Canadian government accepts that no productive requests for building vessels have been gotten in the middle of the long stretches of 1990 to 2010 (Lerhe, 2013). Subsequently, it has been seen that in correlation with other amazing nations of the world, Canada needs hardware get to. Nearby, the vast majority of the laborers of Canadian shipyards used to have absence of appropriate ability and g racefully lines discovered inadequately oversaw. Thus, the Canadian government felt the critical need to build up a drawn out arrangement to help and rejuvenate the vessel developing division and Coast gatekeeper of Canada, which will be reasonable simultaneously. Considering the need of both huge and little vessels and the need to execute a solid support and fix development, the methodology of shipbuilding obtainment is intended to have three diverse casing works. These In a general sense, NSPS is the piece of The National Shipbuilding system (NSS), which on a similar side is a long haul and supportable arrangement of Canadian government for reestablishing those vessels, which are utilized for both battle and non-battle purposes. It is imperative to take note of that, the legislature of Canada tied their bunch two driving Shipyards Shipyard of Halifax and Vancouver Shipyard of Seaspan (McCoy, 2015). Be that as it may, the choice to revive the government armada of Canada has been enthused by the vital choice to reconstruct the shipbuilding business take in the year 2006. In any case, the administration set five explicit objectives for NSPS concerning the necessity for shipbuilding area. The objectives incorporate a) remaking the division of Federal vessels, b) Maximize the estimation of the Taxpayers and the expansion the offer of this particular industry, c) Form a drawn out key security with Shipyard of Halifax and Vancouver Shipyard of Seaspan, d) Optimizing responsibilities for Value suggestion and e) at long last reinforce the shipbuilding segment of Canada (Sloan, 2015). Be that as it may, these objectives every now and again watched two mammoth limitations, which are lacking spending plan for such an immense venture and poor program the board. Tragically no genuine estimation have been taken to unequivocally go up against these dangers. Likewise, it has been anticipated that these two dangers have opened the entryway for new dangers those could make unsafe impression on angles, for example, development and innovation progression. The Value Proposition The part of offer related with the responsibility of NSS in regards to the shipyards of long vessels has been proposed to give more prominent advantages to the marine business of Canada. The offer have been built up dependent on three individual expectation which are to create HR or the work power, make productive venture for specialized headway lastly advancement of the business. Rather than the way that the shipbuilding technique has been at first offered to assemble ships and to recreate the naval force office, NSPS has been proposed to renew the financial development of the country by augmenting the incentive for the citizens and encourage modern improvement by innovation progression by actualizing DPS (Defense Procurement system) and Industrial and Regional Benefit (IRB) (Stone, 2015). Part development As a result of IRB, the enormous vessel program has contributed GDP worth of $4.4 billion and from the year 2012 5,500 occupation opening have been made. In any case, it is stunning that the safeguard procedure taken through NSPS still doesn't appear to be strong for the modern base. As indicated by the greater part of the territorial and mechanical associations contended and grumbled that the acquisition methodology has done nothing productive as they are avoided from outside agreements (Gilmour, 2014). Moreover, there is absence of help from the government for the residential endeavors to turn into the primary purchasers in correlation with other remote organizations. Provider Development The monetary advantages as far as the providers from the NSPS have been reflected through the accomplishment of the local and modern providers everywhere throughout the country. Under the program of IRB, 100% agreement esteem is given to the Canadian business because of which every year Canadian fare fabricating undertakings gain orders worth of $20 million. From the year 2012 to 2015, close around 492 providers have gotten contracts worth of $1.3 billion and an expected measure of $355 million has been given to the providers of medium to little estimated endeavors (Vucetic, 2016). Then again, over $21 million worth of agreements have been given to the providers of indigenous foundation. Research and Developments (R D) Canadas wellbeing and Security program set up by the Defense inquire about which is driven by the DPS has been sending the development of innovative work process. The Development Canada alongside Defense investigate has reported 20 new science extends and has participated in the $14.5 billion speculation program for wellbeing and security, taken by the DPS. It is to be noticed that the development in R D would not have been conceivable without the execution of NSPS as DPS is one of the significant piece of the boat acquisition methodology (Auger, 2016). The new RD ventures drove by DPS incorporate expanding observation capacities, improvement of PPE (Personal Protective Equipment) and advancement of web mapping and other productive alarming administrations for general society. Fares With the hand of NSPS Canadas send out industry has contributed close about 49% of the whole sell in the year 2012. Because of the Value suggestion of NSPS, Ontario would be the main system for send out potential in Canada (ic.gc.ca, 2014). Through the usage of International fare methodology, the offer has embedded the steady limit of the exporters. The methodologies to fortify the possibilities of the providers are Distinguishing the objective market Distinguish chances and relieve them Point out methodology for advertise section Break down the upper hands of the bidders. References Twist drill, M. (2016).The Evolution of Defense Procurement in Canada. Library of Parliament. https://www.lop.parl.gc.ca/Content/LOP/ResearchPublications/2016-09-e.pdf Gilmour, J. (2014). Canadian Defense SpendingA Case Study of Mismanagement.Journal of Military and Strategic Studies,15(2). https://jmss.journalhosting.ucalgary.ca/jmss/index.php/jmss/article/see/535/522 Lerhe, E. J. (2013).The National Shipbuilding Procurement Strategy: An Update. Canadian Defense Foreign Affairs Institute. https://cdfai.org.previewmysite.com/PDF/The%20National%20Shipbuilding%20Procurement%20Strategy%20-%20An%20Update.pdf McCoy, K. M. (2015).Design and examination of US Navy shipbuilding contract architecture(Doctoral thesis, Massachusetts Institute of Technology). https://dspace.mit.edu/handle/1721.1/100110 Area, I. (2014).ITB Policy: Value Proposition Guide - Industrial and Technological Benefits.Ic.gc.ca. Recovered 23 October 2016, from https://www.ic.gc.ca/eic/site/086.nsf/eng/00006.html#export Sloan, E. (2015). America's rebalance to the Asia-Pacific: The effect on Canada's vital reasoning and sea posture.International Journal: Canada's Journal of Global Policy Analysis, 0020702015572764. https://ijx.sagepub.com/content/mid/2015/03/03/0020702015572764.abstract Stone, J. C. (2015). Improving the Acquisition Process in Canada.SPP Research Paper,8(16). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2590370 Vucetic, S. (2016). Who surrounded the F-35? Governmentmedia relations in Canadian protection procurement.International Journal: Canada's Journal of Global Policy Analysis,71(2), 231-248. https://ijx.sagepub.com/content/71/2/231.short

Ap Euro Review Packet Free Essays

Ap Packet page 6 D. English Civil War 1. Political-One of the makes was Charles’s I fruitless endeavor capture five individuals from Parliament, known as the Grand Remonstrance, on January 4, 1642. We will compose a custom exposition test on Ap Euro Review Packet or then again any comparable theme just for you Request Now Another reason was who ought to have the force in the nation and expansion constrained up costs in all pieces of Europe. An impact would be that England turned into a Commonwealth and a Protectorate. Parliamentary matchless quality was another impact. 2. Strict One of the causes was that the Puritans, looked to get rid of clerics and update the Prayer book; Charles battled against them. The primary driver was over religion in which the puritans blamed Charles and Laud for inclining towards Roman Catholicism. Impacts are the protestant church built up and strict toleration. E. Superb Revolution 1. Social-The Glorious Revolution changed England socially on the grounds that Mary and William permit the individuals to have a state in legislative issues and strict toleration with the Toleration Act. 2. Political-It changed England by having William and Mary sign the Bill of Rights. This made England a Constitutional Monarchy. An established government recognizes the ruler as the official head of state yet the genuine force is in the hands of the parliament. F. 1. Stuarts The House of Stuart is an European imperial house. It was established by Robert II of Scotland, and the Stewarts previously became rulers of the Kingdom of Scotland during the late fourteenth century, and accordingly held the situation of the Kings of Great Britain and Ireland. Their patrilineal progenitors had held the title High Steward of Scotland since the twelfth century, subsequent to showing up by method for Norman England. The administration acquired further region by the seventeenth century which secured the whole British Isles, including the Kingdom of England and Kingdom of Ireland, likewise maintaining a case to the Kingdom of France. The hugeness of the Stuarts is that they were the main lords of the United Kingdom and that they carried debacle to England. 2. Whigs The Whigs were a gathering in the Parliament of England, Parliament of Great Britain, and Parliament of the United Kingdom, who challenged power with the opponent Tories from the 1680s to the 1850s. The Whigs’ cause lay in sacred monarchism and resistance to total standard. The two gatherings started as free groupings or propensities, yet turned out to be very formal by 1784, with the rising of Charles James Fox as the pioneer of a reconstituted â€Å"Whig† party went against the overseeing gathering of the new â€Å"Tories† under William Pitt the Younger. The two gatherings were established on rich lawmakers, more than on well known votes; there were decisions to the House of Commons, yet few men controlled the greater part of the voters. The hugeness of the Whigs is that the Whigs political program came to include not just the matchless quality of parliament over the ruler and backing with the expectation of complimentary exchange, yet Catholic liberation, the annulment of servitude and extension of the establishment. 3. Tories In the seventeenth century it had become a term applied to monarchists in the House of Commons. By the eighteenth century the Tories were legislators who supported illustrious power, the built up chapel and who tried to protect the conventional political structure and contradicted parliamentary change. After 1834 this political gathering in the House of Commons wanted to utilize the term Conservative. The essentialness of the Tories was that they rose to maintain the legitimist privileges of James, Duke of York to succeed his sibling Charles II to the British position of authority. G. 1. Politique is a term that was utilized during the sixteenth and seventeenth century Wars of Religion, to depict conservatives of both strict beliefs (Huguenots and Catholics) who held that solitary the reclamation of a solid government could spare France from absolute breakdown. It oftentimes incorporated a derisive meaning of good or strict lack of interest. The term increased extraordinary cash after 1568 with the presence of radical Catholic Leagues requiring the annihilation of Protestantism in France, and by 1588 the politique were seen by spoilers as a composed gathering, and treated as more terrible than apostates. 2. Henry IV was King of France from 1589 to 1610 and King of Navarre from 1572 to 1610. He was the primary ruler of the Bourbon part of the Capetian line in France. As a Huguenot, Henry was associated with the Wars of Religion before rising the position of authority in 1589. Prior to his crowning liturgy as King of France at Chartres, he changed his confidence from Calvinism to Catholicism and, in 1598, he sanctioned the Edict of Nantes, which ensured strict freedoms to the Protestants, along these lines successfully finishing the common war. One of the most mainstream French lords, both during and after his rule, Henry indicated extraordinary consideration for the government assistance of his subjects and showed an abnormal strict resilience for the time. By him giving strict freedoms to the Protestants he was helping setting up a cutting edge state in France. 3. Cardinal Richelieu was blessed as a diocesan in 1608, he later entered legislative issues, turning into a Secretary of State in 1616. Richelieu before long rose in both the Catholic Church and the French government, turning into a Cardinal in 1622, and King Louis XIII’s boss pastor in 1624. The Cardinal de Richelieu was frequently known by the title of the King’s â€Å"Chief Minister† or â€Å"First Minister†. Subsequently, he is viewed as the world’s first Prime Minister, in the cutting edge feeling of the term. He tried to merge regal force and pulverize local groups. By limiting the intensity of the respectability, he changed France into a solid, brought together state. His boss international strategy objective was to check the intensity of the Austro-Spanish Habsburg administration, and to guarantee French strength in the Thirty Years’ War that inundated Europe. In spite of the fact that he was a cardinal, he didn't stop for a second to cause partnerships with Protestant rulers in endeavoring to accomplish his objectives. By doing the entirety of this he was building up a cutting edge state. 4. Cardinal Mazarin was a French-Italian cardinal, negotiator, and lawmaker, who filled in as the main pastor of France from 1642 until his demise. Mazarin succeeded his coach, Cardinal Richelieu. He was a prominent gatherer of craftsmanship and gems, especially precious stones, and he passed on the â€Å"Mazarin diamonds† to Louis XIV in 1661, some of which stay in the assortment of the Louver exhibition hall in Paris. His own library was the root of the Bibliotheque Mazarine in Paris. He builds up the reason for a cutting edge state in France by following in Richelieu arrangements. . The Fronde was a common war in France, happening amidst the Franco-Spanish War, which had started in 1635. The Fronde was separated into two crusades, the Fronde of the parliaments and the Fronde of the nobles. The planning of the flare-up of the Fronde des parliaments, legitimately after the Peace of Westphalia (1648) that finished the Thirty Years War, was huge. The cores of furnished groups unde r privileged pioneers that threatened pieces of France had been solidified in an age of war in Germany where troops despite everything would in general work self-governingly. Louis XIV, intrigued as a youthful ruler with the experience of the Fronde, came to revamp French battling powers under a stricter chain of importance whose pioneers at last could be made or unmade by the King. Hence the Fronde at long last brought about the debilitation of the regional privileged and the rise of outright government. They help set up the reason for an advanced state in France by quality the crown since it made individuals understood that it was smarter to be controlled by a solid ruler at that point to be ruled by contending and petulant aristocrats. . Louis XIV was a Bourbon ruler who administered as King of France and Navarre. He managed France as a flat out ruler by pronouncing that â€Å"I am the state†. The experience of the Fronde instructed him to doubt the nobles. He trusted in the celestial right of ruler gave the avocation to outright government. He was savvy enough to make Versailles so as to monitor the nobles. He help set up the reason for an adva nced state by giving a technique on the best way to keep the nobles substance and consequently make them not rebel against the lord. 7. Jean-Baptiste Colbert was a French government official who filled in as the Minister of Finances of France from 1665 to 1683 under the standard of King Louis XIV. His steady difficult work and frugality made him a regarded serve. He accomplished a notoriety for his work of improving the territory of French assembling and bringing the economy once again from the verge of chapter 11. History specialists note that, in spite of Colbert’s endeavors, France really turned out to be progressively ruined in light of the King’s unreasonable spending on wars. Colbert attempted to make an ideal parity of exchange and increment France’s frontier property. Colbert’s plan was to manufacture a general institute. Colbert’s advertise changes incorporated the establishment of the Manufacture royale de glaces de miroirs in 1665 to override the importation of Venetian glass and to energize the specialized ability of Flemish material assembling in France. He additionally established imperial embroidered artwork works at Gobelins and bolstered those at Beauvais. Colbert attempted to build up the residential economy by raising taxes and by empowering significant open works ventures. Colbert likewise attempted to guarantee that the French East India Company approached outside business sectors, with the goal that they could generally get espresso, cotton, dyewoods, hide, pepper, and sugar. What's more, Colbert established the French trader marine. Colbert gave in excess of 150 orders to control the societies. One such law had the expectation of improving the nature of material. The order announced that if the specialists found a merchant’s material unacceptable on three separate events, they we

Capital Structure Choice And Effects Essay Example Pdf - Free Essay Example

Have you clearly indicated the discipline or sub-discipline in which your area of interest resides? One of the most important financial decisions a firm must contend with is the capital structure choice. Its effect on overall firm value was first tackled by Modigliani and Miller (1958 1963 cited in Arnold, 2005). Their findings which stated that due to the effects of the tax shield debt financing will add more value to the firm has formed the bases on many research on capital structure and has thus become a very important aspect of corporate fine. It is based on the fallout from these further studies that we propose the topic area below; Capital Structure Choice and Performance of Football Clubs: Evidence from the English Premier League 2. Proposed Working Title Yes No Have you clearly indicated the particular focus or areas of focus that you will address within your chosen topic area?   Are you sure this is not a strategic question? (check Fisher 2007, p. 34)   Empirical Investigation Into the Relationship Between Capital Structure Choice and Performance of Football Clubs in the English Premier League. 3. Proposed Research Aims Yes No Have you been explicit about what is it that you are trying to find out or resolve?   This research aims to empirically investigate the capital structure of football clubs and the effect of this debt policy on the financial performance of these clubs. Most literature available has focused on the determinants of capital structure, and has also tried to develop the ideal mix of debt and equity for firms. Whereas some considerable work has been done on the relationship between a firms capital structure and financial performance, these have focused on standard industries and businesses. Largely missing from the body of literature is the focus on businesses with the dynamics of professional football or professional sports industry. This clearly indicates a gap in the literature that this research aims to address. With the significant level of investment required to be successful in the industry, such research will be invaluable to future businessmen who would want to invest in the industry, academics and not least the supporters of these football clubs. Thus, the aim of this paper is to examine the effect of the financing decision (capital structure choice) on the overall financial performance of football clubs. It also aims to analyse the financial leverage of these clubs and investigate its relationship with time. 4. Research Context Yes No Have you provided a clear indication of why this is a business and management related topic of interest?   Have you been explicit about the organisation/ the organisational section/ region/nation, and feasibility of data collection?   The football industry has changed significantly over the last decade. Clubs have made significant structural changes, have implemented development strategies and made significant investments to maximise their earnings. Delloites money league 2009 reports combined revenue of the top twenty European clubs to be over ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬3.9 billion. Seven of the clubs from the top twenty were from the English Premier League with combined revenue of about 35% of the total. These figures point to the resistance of football clubs to the recession. Despite this success, there have been concerns about the levels of debt in the Premier league, a total of  £3.1 billion pounds as at June 2009 (Conn, 2009). Conn (2009) further stated that the total debt was despite a four year  £2.7 billion pound TV sponsorship deal to the league. There have also been concerns over the ownership structure, which have been cited as reasons for the enormous debt of the clubs (Press Association , 2010). Delloite in its annual review of football finance in 2009 classified the debt in two as bank loans and interest free loan from owners. The report also indicated that the top ten by net debt in the premiership were either amongst the highest revenue generating and strongest performing, those clubs that benefit from interest free loans from owners, and or newly acquired clubs (Norrish, 2009). ESPN (2010) also report that latest annual reports indicate that only seven out of the twenty clubs made a profit. Premier league clubs are either incorporated as private or public listed companies with dual objectives of promoting football as a sporting activity and running a business. This dual mission distinguishes football clubs from standard businesses. Hamil et al (2004) identify a complex relationship between this dual mission which therefore have implications for corporate governance and performance. In general, the more clubs spend on players, the more they are likely to win, and there is also a direct relationship between winning and revenue (Hamil et al, 2004; Delloite Money league, 2010). Another argument by Hamil et al (2004) is the fact that despite increase in TV revenue and other streams of revenue, football clubs rely on fundamentally on its supporters for revenues. This research aims to contribute to existing literature on the relationship between capital structure or financial leverage or debt policy and performance. Focus will thus be placed on the football industry in the United Kingdom specifically English Premier League clubs. Data collection will be feasible as performance measures from financial statements will be employed. These are available in annual reports, and also on financial databases, for example FAME. 5. Outline Literature Review Yes No Have you provided an overview of work in the field?   Have you ensured you include authors arguments themes?   Have you critiqued in depth, the work of at least two authors in relation to: their choice of research methods, their findings and their conclusions?   Have you ensured that this section links directly to your Research Questions?   Capital Structure and the value of a firm has been one important area of discussion in recent years. Financial leverage is one of the essential financial decisions confronting firms (Glen and Pinto, 1994). The interest in the capital structure of firms increased greatly as a result of the debate started by Modigliani and Millers (1958) seminal work on the effect of capital structure on the value of the firm. They assumed that firms operate perfect markets and perfect competition with no taxes, no transaction costs, investors and managers have symmetric information, investors and corporations borrow at the same interest rate and efficient markets. Under these assumptions, they showed that a firms capital structure does not affect the overall value of the firm (Brigham and Houston, 2009). These assumptions, however, do not hold in the real world or in practice due to the importance of factors such as taxes, agency costs, imperfect markets and competition, risks, cost of financial distress and information asymmetry in explaining the capital structure of firms (Aggarwal and Baliga, 1987). By recognising corporate income taxes, Modigliani and Miller (1963) revised their former stance. They argued that under perfect markets and conditions of certainty firms maximize their value by increasing debt financing due to the tax-shield benefits (interest on debt is tax-deducible) associated with debt. Thus, implying that under such conditions, at the limit the optimal capital structure for a firm is 100% debt. Critics such as Grabowksi and Mueller (1972) disputed the theory on the grounds of the assumption of rational economic behaviour and perfect market conditions, and that owner goals are targeted only at maximizing profits. (Chaganti et al., 1995 cited in Abor, 2007) also criticised the theory for having limited applicability to small firms. Subsequent works carried out by various researchers have suggested alternatives to the Modigliani and Miller theory o f capital structure. For example, the inclusion of the agency theory (Jensen and Meckling, 1976), the pecking order theory (Myers, 1984), and the bankruptcy cost theory (Titman, 1984). The pecking order theory is of the view that markets may undervalue a firms new issues of shares due to the asymmetric information between managers and investors about a firms investment opportunities. This implies that existing shareholders of a firm may be negatively affected by issuing new shares through value transfer from the old to the new shareholders. The pecking order theory therefore implies that profitable firms with a high level of retained earnings are expected to lower their financial leverage relative to less profitable firms leading to a negative relationship between the level of debt and firms performance. The agency theory is of the proposition that higher leverage can be used as a method to mitigate the conflicts between shareholders and managers in the type of investment, amo unt of risk and conditions under which a firm is liquidated.(Jensen and Meckling, 1976). Several arguments have arisen including that of the possible reduction in agency costs by greater financial leverage. Berger and Bonaccorsi di Patti (2005), on the other hand argue that increased leverage has two sides, that is, increased leverage may reduce the agency costs of outside equity, but may in turn increase the agency costs of outside debt due to conflict between lenders and shareholders, and that further increases in a relatively high financial leverage may generate significant agency costs of external debt from a reduced effort to control risk or risk shifting that result in higher expected costs of financial distress, bankruptcy, or liquidation. These leads to debt holders demanding higher returns as compensation for their expected losses or higher risk therefore resulting in higher interest expenses for firms. Thus Bos and Fethersons (1993) argument that capital structure impacts on both the profitability and riskiness of a firm, and that that higher the gearing of a firm, the higher the possibility of failure when there is a reduction in cash flows required to meet debt obligations. These theories show that firms financing decisions may be influenced by many factors and therefore cannot be explained by one theory. It is also therefore worth noting that all these arguments lead to the conclusion that a firms capital structure has an impact on both its operations and performance and therefore on its value as a whole. Existing literature offers diverse views on the effect of the financing decision on firm value. Empirical studies have also been conducted to provide evidence supporting both positive and negative relationships between the level of debt and a firms performance. Examples of empirical studies supporting the positive relationship between the level of debt and a firms performance include (Hadlock and James, 2002; Berger and Bonaccorsi di Patti, 2006). According to Taub (1975 cited in Abor, 2007), there is a positive relationship between financial leverage of a firm and profitability. Petersen and Rajan (1994) also found a positive relationship between debt ratio and profitability but in this case for industries. Hutchinson (1995 cited in Abor, 2007) argued that gearing ratio has a positive effect on the firms return on equity provided that the ratio of earnings before interest and taxes to total assets exceeds the firms average cost of debt. He also argued that the extent to which a firms ratio of earnings before interest and taxes to total assets is likely to remain above the breakeven point and the flexibility with which it can adjust its financial leverage, if this ratio falls below average cost of debt, should be an indicator to the level of debt that the firm can commit to at a particular time. Champion (1999) also argued that the use of debt was one way to improve a firms performance. In another study, Rode n and Lewellen (1995) identified a positive relation between profitability and financial leverage as a percentage of the total buyout-financing package of leveraged buyouts. According to Hadlock and James (2002) the anticipation of higher returns by firms is the reason behind their preference for debt financing. There is also the suggestion of debt holders demanding performance-improving initiatives from managers. Evidence of this can be found in the high rate of management turnover in Japan due to poor performance in firms with principal banking relationships compared to firms that do not have this relationship (Kang and Shivdasani, 1995). Other studies also suggest that increasing leverage, by debt financing should, have positive implications for firm value and performance (Kyereboah-Coleman, 2007). In summary, these theories suggest that only managers who forecast a better future performance will opt for debt since increasing debt would also increase bankruptcy and liquidation co sts, as well as agency costs in general. In a survey of Chief Finance Officers, Graham and Harvey (2001) reported managers concern with maintaining financial flexibility and their firms credit rating when considering debt issues. With firm performance being one of the major inputs into credit rating decisions, this provides indirect evidence that managers opt for debt bearing in mind expected future performance. Jensens (1986) agency model suggests that agency problems could be worsened due to the additional cash outside debt brings into the firm. Alternatively, this will not happen if firms use the cash generated by the debt to tackle the gap between investment and financing needs. The subsequent excess free cash flow will be used to pay the periodic interest payments on the debt. Thus, the reducion in agency costs, and therefore improving firm value. Miller and Rock (1985), and Smith (1986) argue to the contrary. They indicate that debt eventually result in decreases in future ope rating performance, and therefore have a negative impact on the firms value. On the contrary other studies providing empirical evidence have shown a negative effect of debt on a firm profitability; (Titman and Wessels, 1988; Booth et al., 2001; Fama and French, 1998). Fama and French (1998), argue that excessive debt in a firms capital structure may create agency problems among shareholders and creditors which could result in a negative relationship between leverage and profitability. Hammes in another study in (2003, cited in Abor, 2005) found a negative relation between capital structure and performance when he compared Polish and Hungarian firms with industrialized countries firms. Mesquita and Lara (2003 cited in Abor 2005) examined the relationship between rates of return and debt and found a negative relationship for long-term financing and a positive relationship for short-term financing and equity. In a similar study by Abor (2007) on the effect of capital structure on the corporate profitability of SMEs in Ghana, he found a negative relation between long-term debt ratio and profitability with a positive relation between the short-term debt ratio and profitability. The above studies imply that a negative relationship could exist between debt level and firms performance (i.e. profitability). Majumdar and Chhibber (1999 cited Emaid, 2009) in their study of Indian firms in relation to capital structure and performance found that leverage has a negative effect on performance. Chiang et al. (2002) also found a negative relationship between high gearing and performance using firms in property and construction sector in Hong Kong. Amongst the various research methods employed for this study include the use of financial ratios to measure performance (Kyereboah-Coleman, 2007; Abor, 2007). This method appears to be the popular method, which may be due to the accessibility and the fact these variables can be applied to all firms. One limitation though is the dependence of information provided by companies which may be compromised. Tobins q (Abor, 2007) and stock market retain and their volatility (Saunders et al, 1990 cited in Kyereboah-Coleman, 2007) have also been used but these methods can only be applied to listed companies thus when analysing unlisted firms, they may not be appropriate. Two sets of data analysis methods that have been used are cross-sectional data analysis (Ebaid, 2009), and panel data analysis (Abor, 2007; Kyereboah-Coleman, 2007). Cross-sectional data analysis is used to measure different subjects without taking into account the time frame. It is however useful when there is limited time to conduct the research (Saunders et al, 2007). Panel data analysis, however is multi-dimensional, in that it considers both the comparison of subjects while taking into account the time frame as well. According to Baltalgi (1995, cited in Abor, 2007), panel data is better than cross-section alone due to the fact that the se veral data points increases the degrees of freedom whiles co linearity reduce therefore improving the efficiency of economic estimates. He further states that panel data also controls individual heterogeneity resulting from hidden factors, which leads to biased results when neglected in cross-section analysis. From the literature, it is evident that numerous studies have been carried out to examine the relationship between capital structure and firm performance. However, these studies have focused entirely on industrialised firms, standard companies with none focusing of a business with the dynamics of the football industry. Most of these researches were also carried out a few years ago and not many from the recession. It also clear that evidence from literature is inconclusive on the effect of capital structure on firm performance. This research, while seeking to contribute to existing literature on the topic area tries to bridge the gap by investigating at an industry (football industry) with completely different dynamics and incorporates the context of an economic downturn. 6. Research Questions (s) Yes No Have you briefly outlined your research question(s) and articulated clearly what exactly you intend to find out.   Do these questions link directly to the work outlined in the Literature Review Section above?   Have you explained what key operationalisable concepts you are interested in using?   Have you expressed your question(s) which can be answered in the time available (feasibility), rather than as vague expressions of what you might do?   Do your questions pick up the key themes explored above in the outline literature and do they link directly to the research strategy that you describe below?   What is the effect of financial leverage (capital structure) on performance of football Clubs in the English Premier League? Previous studies available from literature indicate that there is a relationship between financial leverage (Abor 2005 2007; Kyereboah-Coleman, 2007; Emaid, 2009). However, researchers have established diverse opinions, both negative and positive relationship between capital structure and performance. The concept of performance here is solely financial and is measured by the profitability ratios; gross profit margin, return on assets and return on equity. 7. Research Strategy/Methods Yes No Have you provided a clear description of how you plan to carry out your research?   Have you explained why you have chosen particular research methods?   Have you clearly identified your population and sample(s)?   Have you identified what data you anticipate collecting?   Have you indicated what forms of analysis you propose to undertake?   Have you identified the major sources of risk (e.g. over reliance on a single individual/company, access requirements, time requirements)?   This research will take a realist stance such since we will look to identify the relationship between variables, in this case capital structure and financial performance measures. The realist approach is the most appropriate for this research as we are looking for possible patterns from the relationship between the variables which will allow us to make inferences and establish principles to come up with possible solutions to any problem that may arise (Fisher, 2007). Measurement and statistical methods will be used to establish the relationship between the variables. This approach coupled with the variables to be considered means that the use of quantitative analysis will be the best option. Thus, in relation to this research, a realist approach will allow for clear relationships to be established by the use of quantitative analysis. This will allow for law-like generalisations, which will be useful to investors and businesses (Fisher, 2007) However, as Fisher (2007) notices, there are some drawbacks with using purely statistical methods. While statistics can show the relationship between variables, it cannot prove cause and effect, as it does not identify how a variable influences the other. While this drawback may be important, the realist approach is the best available stance to conduct this kind of research as can be seen from its use in existing literature (Abor, 2005, 2007; Kyereboah-Coleman, 2007) Research Approach. There are two main approaches; deduction and induction. Induction deals with understanding the meanings to events whereas deduction is concerned with the explanation causal relationships between variables (Saunders et al, 2006). This study focuses on establishing the relationship between capital structure and financial performance of football clubs in the English Premier League therefore the deductive approach will be adopted to test the relationship between capital structure and firm performance. Another reason is the appropriateness of the deductive approach to the realist or positivist perspective and it is also to be less time and cost consuming (Saunders et al, 2006). The deduction approach has its drawbacks not least the criticism of it having a rigid methodology and does not allow for alternative explanations however, this enables studies to be conducted to replicate previous studies and allows quantifiable observations to be drawn which enable generalisations (Saunders et a l, 2006). From previous research, it has been established that there is indeed a relationship between capital structure and firm performance (Emaid, 2009; Abor, 2005 2007; Kyereboah Coleman, 2007). These factors justify the adaption of a deductive approach Research Strategy. As already stated, this research will employ quantitative analysis. We will employ the use of secondary data to conduct our primary analysis. This research will be based on case study approach as it may be impossible to assess financial information on certain clubs as they are relegated. The secondary data to be used will be documentary in nature as it will be information taken from annual reports and as well information stored in databases. The use of secondary data is justified in that they are principally used in descriptive and explanatory research and this research will have both features (Saunders et al, 2007). Secondary data can also be used to investigate patterns in data as well (Fisher, 2009). The use of secondary data will also enable us to select a larger research population as the data is readily available. This also allows greater control of the sample population. The focus of this research is on English Premier league clubs, meaning there would not be a constraint with sampling the entire population. However, we have decided to use purposive sampling to include only the football clubs that have never been relegated during the period under study. This decision was taken to eliminate some level of bias from the research. Relegation from the premier league and promotion usually come at a price, which is reduced and increase revenue respectively. Clubs that are relegated or promoted may be carrying a capital structure that will reflect the division they were in previously, therefore that might impact on the results. The limitation of this approach is that which according to Fisher (2007) is lack of randomness ensuring any calculation of margin of error unreliable, is however mitigated as the entire population that have been ever present in the premier league will be sampled. Data Collection and Analysis The research is to investigate the effect of capital structure on financial performance. As discussed in the literature review, we will use financial ratios as our performance measure. The period will be the 2004/2005 2008/2009. A five year period has been chosen to prevent bias while the period 2004/2005 -2008/2009 that is the most recent 5-year period. The independent variable is capital structure. This is the mix of debt and equity, therefore the data we will be looking for it the gearing ratio (ratio of debt to total capital employed) of the football clubs. The debt ratios which will be obtained from the financial statements include; short-tem ratio, long-term debt ratio and total debt ratio, and trade credit. The measures of performance (independent variables) include; gross profit margin (ratio of gross profit to sales [revenue]), return on assets (ratio of net profit to total assets), return on equity (ratio of net profit to shareholders equity). We will pick gross profit, net profit, sales, total assets, and shareholders equity figures from the financial statement. We will also use the control variables; firm size (log of total assets) and growth (log of sales growth) of the clubs. These variables have been chosen because of its wide usage by previous researchers on the same subject area (Ebaid, 2009; Abor, 2007;2005). Panel data analysis as employed by Abor, (2005 2007), since the two studies are similar. We will use the chi-squared test to test the variables. This is because it is most appropriate method to test for relationship between variables (Fisher, 2007). Limitations Like every research, this one is not devoid of limitations. One such limitation is that since the different football clubs under study are of diverse ownership structures, they may employ different accounting policies which will question slightly the reliability of the comparisons. Also, another limitation is the fact that all financial information needed would not be obtained from consolidated annual reports. However, this will not hamper the credibility of the research as the FAME database is a credible source to obtain financial information. The nature of football business means the possibility of the omission of certain parameter (for example transfer fees) from annual reports. These concerns may however balance each other as both the receipt and payment cancel each other therefore will have minimal effect on the research. Another risk is the sole dependence on secondary data. Even though this is a risk, we are confident of obtaining this data, and also previous studies have ut ilised similar data and it has not compromised their research. We are therefore confident that the credibility of this research will not be compromised as a result of this. 8. Ethical and legal concerns Yes No Have you provided a clear description of any potential ethical concerns within your project, including during the collection of data or presentation of findings?   Have you described how you will preserve confidentiality and anonymity of organisations and individual respondents?   Have you ensured you have discussed means for respondents to know about the research and their role within it, and that their participation is voluntary according to the principle of informed consent?   Have you considered whether any  good or harm may be caused by the research to individuals or organisations?   Have you discussed if there any ethical guidelines in the field (e.g. from professional bodies) that you will be following? Have you discussed how you will ensure that any data held on respondents is to be processed according to the Data Protection Act 1998, and stored according to safe practices (e.g. in a secured (electronic) container)?   If you are undertaking any primary research or primary analysis of secondary data, you must give further details below about how you will address any ethical issues within your research: Specific Ethical or Legal Concerns With Your Research Project The data that will be used may not be publicly available information in some cases. It is therefore imperative to abide by the terms and conditions of data usage from the databases. Preservation of Confidentiality and Anonymity The analysis shall be confidential and will be limited to the research in question only. No names of shall be mentioned in the research and all analysis shall be kept as general as possible. The data shall be held according to the Data Protection Act of 1998 Informed Consent Potential Good or Harm Caused by the Research Depending on the findings of the research, the outcome may reduce investor confidence; it may also create problems between fans and clubs depending on the outcome. For listed firms, the outcome of the research may increase or decrease value. There is also the likelihood findings may be commercially damaging. Ethical Guidelines in the Field What guidelines in the field are there that will guide your research ethics and how will these be applied? Processing and Storage of Data Data collected it shall be dealt with vigilantly and processed according to the Data Protection Act 1998 (OPSI, 1998). Upon completion and passing of this research, the information gathered from data shall be destroyed. Furthermore data shall be stored according to the safest of practices in a secured electronic container. 9. Schedule Yes No Have you identified the key stages and dates for activities that must be completed before others can start?   Have you identified what problems with access can you anticipate? Have you identified what activities are necessary in their own right and which are conditional on others being completed?   Submission of the proposal on the 9th of April 2010 is the first stage as without that you cannot progress to the dissertation therefore unable to graduate. The next stage is to wait for the results of the proposal and if it is passed, necessary changes will be made to the proposal to meet the desired standard. The next stage will be to start the link up with your assigned supervisor and plan to start the dissertation. The literature review from the proposal will then be developed and relevant data will be collected from then on with the blessing of the assigned supervisor. Since we do not envisage any difficulty with accessibility of data, data collection should not be a problem. Once data has been collected, the variables will be calculated and the analysis started. The research will be organised and planned by keeping a diary to aid this process. Since the time available is not much, it is imperative to stick to the plan schedule. This will ensure an accurate and successful c ompletion of the research. 10. General Guidelines Yes No   Have you avoided using lists or bullet points?   Have you just described an author or authors work instead of explaining or critically evaluating it?   Have you clearly linked the paragraphs within each section, and the sections themselves?   Have you proof read your work and ensured there are no spelling, grammatical, or copy errors?   Have you ensured that you have included a complete set of references in Harvard format?  Â

A Brief Note On Kenya s School System - 949 Words

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A lot of parents started realizing that the quality of fered in the public schools was very poor and even some parents decided to change their children from public to private primary schools. Now the private primary schools have more children than they ever did before because of the parents moving their children from the free primary education. This is where people can find single minded quality of education for their children. Private schools are mostly church owned in Kenya and they are mainly owned by Christians. Therefore your child will learn what Christians feelShow MoreRelatedThe Merits Of Teacher Performance Pay3187 Words   |  13 PagesTHE MERITS OF TEACHER PERFORMANCE PAY IN KENYA Introduction This paper discusses the merits of performance pay for teachers in Kenya. I argued here that remuneration reforms for civil service teachers will achieve production efficiency. This paper has three main sections. 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Oil Spill Case Study - 1519 Words

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Market Segmentation in Australia Samples †MyAssignmenthelp.com

Question Discuss about the Market Segmentation in Australia. Answer: Market segmentation in Australia According to TrackMaven |Marketing Analytics Software (2018), market segmentation is amarketing strategy that entails dividing a market into smaller portions according to specific characteristics. This tactic helps marketers, in particular, to come up with customized campaigns for each group to gain a competitive advantage in the marketplace. Marketing segments are created following the criteria below: Here, members of a particular segment are similar to each other and anyone can distinctively identify them from other groups. This could be group travelers or solo travelers. Strengths of a destination. Different destinations suit different tourist. This means that every type of destination will attract a particular type of tourists. For instance, destinations with children friendly facilities are likely to form a segment for family tourist destinations. A segment may not necessarily target a big population for it to be viable. Some segments aim at a smaller niche provided the market for particular destinations is large and lucrative. This is the ability to communicate effectively with the destination managers and target segments. For instance, newlyweds are likely to read weddings and marriage bulletins and magazines. Tourism bodies and agencies should then advertise for suitable destinations in such platforms. For every segment, there should be a channel to easily reach them. Bases of market segmentation They include the following: Psychographic segmentation. Here, tourists can be classified into segments according to their lifestyles, personalities, and attitude towards life. Psychographic segmentation mainly focuses on peoples purchase behavior towards certain products. As discussed in Your Article Library (2018),people purchase new products in the following categories: Innovators. This group of the population is always open to trying new products. They are venturesome and an easy target for new travel packages that suit them. Early adopters. These are influential people with whom the average buyer/ clients check whether a new product is legitimate. They include the media, licensing bodies and experts. For instance, celebrities are highly used to advertise new travel destinations. They are seen as opinion shapers who influence the perception of their followers. Early majority. This group likes checks legitimacy of products before buying. They are keen to read reviews of hyped new destinations. Late majority. They wait until a product has earned public trust. Laggards. They are traditional buyers. They hold on to old things and they rarely adopt new products. Behavioristic segmentation. People are classified according to their attitude, use, and knowledge of specific products. This is influenced by variables like user status (regular, non-users and occasional users). The second variable is the purchase occasion e.g. a destination may advertise itself as the perfect holiday or hiking destination. Lastly, people purchase depending on the benefits they expect to get. Eg. A destination that offers spa treatments and more complimentary in their packages is likely to win more customers (LLP, 2018). Demographic segmentation. This is classifying people according to age, gender, income, education, and occupation. It is important in identifying the right tourism destinations for each group. This study focuses on making Australia a destination for young tourists. This is done by providing fun-filled activities such as snorkeling, water rafting and surfing in the major destinations. Benefit segmentation. Tourists choose places, accommodation facilities or agencies based on the benefits offered. This is very important in knowing what different types of tourists prefer. Eg. Some tourists may prefer complimentary city tours when visiting new countries. This basis is important because it focuses on identifying the unique customer needs. It focuses on customer satisfaction and it's easy to use for tourism agencies or facilities penetrating the market. According to Tkaczynski, Rundle-Tiele, and Beaumont (2009, 169-175), benefit segmentation mostly focuses on the services offered by a marketer. How Australia has positioned itself for market segmentation As analyzed by Tourism.australia.com (2018),the youth (people between 19-29 years) contributes to 25% of the total visits in Australia and 42% of all visitor spending. This is as a result of the campaign dubbed theres nothing like Australia. It has been considered to be appealing to the youth and it portrays the country as a place where young people can juggle easily with work, studying, visiting friends and relatives as well touring the country. The youth has then become a very viable market segment for tourism in the country. This positioning has made the customers more specific and distinctive. With the current public perception among the youths, most youths are now attracted to study, work and tour Australia. This makes Australia a favorite destination for young people. With this in mind, it is now defined as the heartthrob of activities to fascinate the youth. The beauty of Australia, activities, and facilities are also getting tailored to suit the needs of the youth. The market segment (youth) is now distinct and defined and has a large population. Though the figures may change over time, this is evidence that market segmentation actually works References Destinationnsw.com.au, (2018)Market Segments | Destination NSW. [online] Available at: https://www.destinationnsw.com.au/tourism/facts-and-figures/market-segments [Accessed 16 Mar. 2018]. LLP, B., (2018)Meeting the needs of younger travelers - Targeting a market segment - Australia | Australia case studies and information | Business Case Studies. [online] Businesscasestudies.co.uk. Available at: https://businesscasestudies.co.uk/australia/targeting-a-market-segment/meeting-the-needs-of-younger-travellers.html [Accessed 16 Mar. 2018]. Tkaczynski, A., Rundle-Tiele, S., Beaumont, N. (2009) Segmentation: A tourism stakeholder view. Tourism Management, 2nd edn. Pearson publishers. Tourism.australia.com, (2018)Youth - Corporate - Tourism Australia. [online] Available at: https://www.tourism.australia.com/en/markets-and-research/industry-sectors/youth.html [Accessed 16 Mar. 2018]. Track Maven | Marketing Analytics Software, (2018)Market Segmentation Definition Track Maven. [online] Available at: https://trackmaven.com/marketing-dictionary/market-segmentation/ [Accessed 16 Mar. 2018]. Your Article Library, (2018)Market Segmentation: 7 Bases for Market Segmentation | Marketing Management. [online] Available at: https://www.yourarticlelibrary.com/marketing/marketing-management/market-segmentation-7-bases-for-market-segmentation-marketing-management/27959 [Accessed 16 Mar. 2018].