Impact of English and TESOL in the Middle East Essay

Impact of English and TESOL in the Middle East - Essay Example As the report stresses the institutions that use English as a Foreign Language are broadly divided into two categories. The first category is institutions that teach the English language as a foreign language in non-English speaking countries. These institutions maybe international or local in nature and may conduct all their learning in English or offer it as a language course. The second category is learning institutions in English speaking countries, which tutor foreign learners to use English. The foreign learner maybe a student that is enrolled in a formal learning institution in pursuit of certification or an immigrant who enrolls in English classes in order to gain the use of the English language for daily living. According to the paper the discovery of oil in the gulf countries made it necessary for them to engage in economic activities with the rest of the world that were mainly English speaking. In fact, most of the imported labor that was needed was English speaking and th erefore made it necessary for businesspersons to learn the language. The technological advances in the world have changed it into a global village, which has forced many to learn English, which is the most commonly, used language in the world. The internet and globalization has bought on a change of lifestyle changes around the world. This has brought an awareness of goods and services around the world via the internet and media.  

Imperial Presidency Essay Example for Free

Imperial Presidency Essay The Imperial Presidency The Imperial Presidency is a term that was created and made known by Arthur Schlesinger. The term is defined as a belief that the presidency is becoming too powerful. The modern president has many powers that the founding fathers did not intend for them to have. This increase in power has started ever since the formation of president Franklin Roosevelt’s New Deal, and World War II. The term conveys a president that has imperial powers and is authoritarian. The president can make many decisions that the founding fathers did not intend for him to have the power to make. This includes calling a state of emergency, and declaring war without putting it through congress first. These powers are not necessarily bad but they can be taken advantage of. This violates the role the founding fathers intended congress to have. They intended congress to be the center of decision-making. The modern president also has a large Executive staff. It is the president’s staff making big decisions on his behalf that has caused the president to become more powerful. Presidents also have the right to secrecy and they can withhold any information they want from the public. One historical example of Imperial presidency would have to be the role of Colonel Oliver North in the funding to the Contras in Nicaragua, under the presidency of Reagan. This was a huge contravention of a United States Congressional ban, and exemplifies just how much influence and power one member of a large White House staff could have. This was a huge disaster for Reagan and the Government of the United States since it had been â€Å"illegally financing a civil war of the Contra guerrillas against the Sandinista government in Nicaragua. According to the constitution, the president is Command and Chief of the military forces of the United States. Therefore he is able to declare war at any time, without the consent of congress. This is one of the most powerful powers that the president holds. The president also has the power to sign or veto all legislative bills passed by the congress. Thus giving him more power than congress, which is not what is ideally supposed to be, unless Congress over-rides the veto by a two-thirds vote. These are two formal owers that the president uses in order to promote imperial presidency. There are many informal powers that the president uses to expand his role as an imperial president. One of them is the fact that the president has more access to information, knowledge, or expertise than Congress does. This once again puts the president in ahead of congress in being the most powerful. Another informal power the president has is the power to make an executive agreement. An Executive Agree ment is the pact made by the president with heads of foreign nations. They do not need congressional approval. So congress would not have a say in these agreements. Personally, I do believe that the imperial Presidency does exist. It is no news that the president’s executive staff has gradually increased since Roosevelt. These staff members that hold personal loyalty to the president, have powers that they were never intended to have. The power that the White House Chief to Staff position holds is nothing that ever was in the past presidents of the earlier centuries. The large number of officials surrounding the president and only listening to him, along with many other examples, suggests that an imperial presidency certainly does exist. I do believe that an imperial presidency is very necessary right now in the 21st century. The world is becoming more and more powerful, and our country needs a kinglike leader to lead it or else congress will never decide on anything. Congress is now a party based body of government. Their actions tend to focus of what is best for their party rather than what is best for the country.

Neolithic Park :: Creative Writing Short Stories Hunting Essays

Neolithic Park   Ã‚  Ã‚  Ã‚  Ã‚  "Thanks for that update, Bob," said the aged anchor person. His voice was rough and deep, as though he had been to sea recently and had taken home a throat lined with thick salt water. He sounded too serious, but friendly enough to be a local newscaster for a maximum audience of perhaps 20,000 bored stiff eyes. "And now we have a related story about the new sporting goods store here in Sidney. Nan Johnstone is there live. Nan?"   Ã‚  Ã‚  Ã‚  Ã‚  "Yes, Phil. Thanks." Nan was an aged person as well, who doubled as the station's investigative reporter and local happening's person. Her voice was about as clear as Phil's. It sounded nasal and rusty, as though she had been talking her whole life and was about ready to give it up for good. "I'm here at what is now officially the largest hunting and fishing goods store in the world. Cabela's will be opening tomorrow afternoon at three o'clock, and the management is expecting nearly half the population of Sidney to show up for the grand opening event. In the past few nights, we have been bringing you related stories because of the incredible economic impact that Cabela's will have and already has had in our area. As you know, 2,000 people out of the Sidney area's 10,000 are already employed by Cabela's. That number is, of course, expected to rise in the months and years to come. The story we bring you tonight concerns the last step in completion of the 400 acre store and surrounding grounds. Today, over 700 stuffed animals arrived from an eminent taxidermist in northern California, and crews were immediately sent to work arranging 300 of the stuffed beasts in a brilliant display against the dividing wall in the center of the store. They let me take a sneak preview of the arrangement earlier, and it is incredible. Even if you're not planning to purchase anything tomorrow, the animals make it worth your trip. One may find the other 400 creatures on display throughout the store. They will be shown either one at a time with tape-recorded sounds of them and their habitat or they will be shown in groups. The main exhibit is arranged between the tents on display and the clothing section, and although pictures are not yet allowed from within the store, postcards will be available from any of the cash registers or from other points around Cabela's. We hope to see you all there tomorrow. Goodnight."   Ã‚  Ã‚  Ã‚  Ã‚  "Thank you, Nan. We'll be there. It looks like it is going to be a

Dr. Johnson’s Criticism of Shakespeare Essay

Samuel Johnson (1709-1784), a flamboyant and versatile scholar, expresses his view of Shakespeare in his edition of Shakespeare’s plays which are enriched by his prefaces. But like other critics he does not eulogize the poet; on the contrary, he dwells on the faults in his plays. He shows a very balanced and unbiased mind capable of judging the merits and demerits of his plays without being influenced by the hallow effect. He reads neither to admire everything, nor does he contradict his excellence; he performs the task of weighing and considering what he reads and offers his comments which have a moral bias. In â€Å"The Preface to Shakespeare†Ã‚   he admires him as   Ã¢â‚¬Å"the poet of nature, not of learning; the creator of characters who spring to life; and a writer whose works express the full range of human passions† (Norton.1255)   His judgment of Shakespeare has both the positive and the negative aspects and he does not indulge in â€Å"bardolatry† like other critics. He believes that dead writers are unnecessarily glorified and the living ones are neglected. He rightly says, â€Å"The great contention of criticism is to find the faults of the moderns and the beauties of the ancients.† (Norton.1256) He also advocates the critical theory that an author can be evaluated only by comparing his works with others, â€Å"so in the production of genius, nothing can be styled excellent till it has been compared with other works of the same kind.† (Norton.1256) He   also upholds the view that a literary work can be called great only when it has stood the test of time. He thinks, â€Å"Shakespeare is, above all writers, at least above all modern writers, the poet of nature, the poet that holds up to his readers a faithful mirror of manners and of life.† (Norton.1257) It is difficult to surpass this succinct summing up of Shakespeare’s genius. But Johnson disparages the uncritical acceptance of Shakespeare as perfect; he points out his faults as well, without undermining his genius. Johnson praises Shakespeare’s art of characterization highlighting their variety, depth, credibility and the power of delighting his readers. Using his comparative method, he observes, â€Å"they are the genuine progeny of common humanity †¦In the writings of other poets a character is too often an individual: in those of Shakespeare it is commonly a species.† (Norton.1257) The characters and the situations are so impressive because â€Å"Shakespeare has no heroes, his scenes are occupied only by men, who act and speak as the reader thinks that he should himself have spoken or acted on the same occasion;†(Norton.1258) This culminates in his view, â€Å"his drama is the mirror of life.† (Norton.1258) Being a believer in didactic function of literature, he appreciates how his plays are full of â€Å"practical axioms and domestic wisdom† (Norton.1257) but for the same reason he criticizes him when it is absent, â€Å"He sacrifices virtue to convenience, and is so much more careful to please than to instruct that he seems to write without any moral purpose.† (Norton.1259)   It is clear that he does not believe in â€Å"art for art’s sake† like Oscar Wilde and Walter Pater. Johnson vainly castigates Shakespeare for not being a moralist, â€Å"he that thinks reasonably, must think morally, but his precepts and axioms drop casually from him; he makes no just distribution of good or evil†¦Ã¢â‚¬  (Norton.1259)

Feral Children

It wasn’t my first time reading something about children raised in the wild but the videos of Genie the Wild Child and Oxana Malaya really triggered my emotional awareness. While watching the short documentaries in class, it made me realize the importance of our parents and the way they nurture us to be a well-rounded individual. Most people say that we grow up to be like our parents or the ones who have been there to guide us. They play a very significant role in our life because the values they taught will be the ones we’ll remember as we grow older. In forming our social well-being, our parents, siblings, and peers take up a great factor to be who we are now. In the case of Genie, she was isolated from the world, never had the chance to mingle with her peers until her adolescent years. Because of this, her mind still remained that of a 3 year old child who didn’t even know how to talk and walk properly. It gave me that goosebumps that people can sometimes be so cruel to the point where they will take away the life of an innocent child by prohibiting her to nourish herself. Culture very much is related in these situations. We are honed by our heritage and this serves as our primary identity. This is one reason why Oxana Malaya thought that she was a wolf. No one was there to teach her the ethics and morality of human beings. Her only companions were the animals whom she portrayed as well. Because of this, I believe that no one is born automatically genius. We need the proper care of adults to be human beings entirely not just physically, but socially and emotionally.

Ryanair Competitor Analysis Essays

Ryanair Competitor Analysis Essays Ryanair Competitor Analysis Paper Ryanair Competitor Analysis Paper The firms within the market engage in price wars where they cut prices to grab a larger market share. The firms maintain their customers loyalty by offering the low air fares and brand themselves through advertising. Some customers may stick to an airline provider for some reasons such as convenience, flexibility and brand loyalty. Therefore, when another firm sells at a higher price, it doesnt mean that the customer will switch airlines. However, it also isnt mean that the customers wont switch because are no restrictions or switching costs involved. A factor which may cause customers to switch is when the price difference is too high to tolerate. In this market there is a significant barrier to entry because of the high set up cost. It is also difficult to penetrate the market because of the 3 major firms which accounts for a huge market share. The LLC market also shows some characteristics of monopolistic competition because of there are many other LLC airlines. There are also no legal barriers to entry because there are legal restrictions to enter the market. Moreover, the governments show that they want to encourage competition in this industry when the Irish government rejected a takeover of Are Lingua by Ryan in 2009 (Reuters). Conduct Ryan conducts its business by cutting costs and lowering air fare prices. The company cuts cost through many ways such as using secondary airports, reducing the weight of their airplanes, reducing staff costs, removing bookings through travel agents and removing in-flight meals. The company commits to the basic service to their customer which is flying them from one place to another without delays. Any ore than that, the customers will be charged. Ryan charges the customers for various things such as in-flight meals, payment handling fees, wheelchair usage and online check-in (BBC 2009). The company also charges their staffs for training and interview sessions to reduce staff costs (Creator 2005). Since Ryan aims to provide the lowest air fare prices, they maximize airplanes capacity by removing business class and first class space. There are no pricing agreements arranged between other LLC operators, therefore, the prices of tickets varies. Non-price competition also exists in the LLC market.

Indefinite Article With Initialisms

Indefinite Article With Initialisms Indefinite Article With Initialisms Indefinite Article With Initialisms By Maeve Maddox Note: An initialism is a group of initial letters, each pronounced separately, used as an abbreviation of a name. Many English speakers who probably use the indefinite article an in front of a vowel when speaking seem to encounter a mental disconnect when it comes to writing. The following examples were found on major news sites or on sites offering professional services or advice: Pieces of the bag recovered have been sent to  a FBI  lab for forensic testing.   The 404 or Not Found error message is  a HTTP  standard response code. Step-by-step tutorial on how to add  a LED  to a USB thumb drive. Applying to a MBA program can help you advance in your career or switch careers entirely. A NBC executive indicated that the independent formatted Nonstop channels were doing well but needed separate 24/7 programming.   There are several benefits to being  a RSVP  Volunteer. Did you setup and assign  a STMP server  for this account? The problem lies in an incomplete understanding of the rule for the use of a and an. Many speakers retain the rule as â€Å"Use an before words that begin with a vowel and a before words that begin with a consonant.† The complete rule is â€Å"Use an before words that begin with a vowel sound and a before words that begin with a consonant sound.† The 26 letters of the alphabet are sound symbols, but the symbols have names. And several of the consonant letters have names that begin with vowel sounds: F [ef] H [aitch] L [el] M [em] N [en] S [es] R [ar] Here’s the correct way to write the words and initialisms given in boldface above: Pieces of the bag recovered have been sent to  an FBI  lab for forensic testing.   The 404 or Not Found error message is  an HTTP  standard response code. Step-by-step tutorial on how to add  an LED  to a USB thumb drive. Applying to an MBA program can help you advance in your career or switch careers entirely. An NBC executive indicated that the independent formatted Nonstop channels were doing well but needed separate 24/7 programming.   There are several benefits to being  an RSVP  Volunteer. Did you setup and assign  an STMP server  for this account? In deciding whether to write a or an in front of an initialism, say the name of the first letter. If the letter name begins with a vowel sound, use an. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Grammar category, check our popular posts, or choose a related post below:Precedent vs. PrecedenceA "Diploma" is not a "Degree"

Hillary Clinton Bio - Political Career Highlights

Hillary Clinton Bio - Political Career Highlights Hillary Clinton is a Democrat and the partys nominee for president of the United States in the 2016 election. Clinton is also one of the most polarizing figures in modern American politics. She is a former first lady who launched her own political career after leaving the White House. Her primary opponent for the Democratic presidential nomination in 2016 was U.S. Sen. Bernie Sanders of Vermont, a self-described Democratic socialist who drew large crowds after building a solid following among young voters.   If elected, Clinton  would be the first woman president in history.   Many progressive Democrats, however, were lukewarm toward her candidacy because they believed her to be too tied to Wall Street. And Republican Party leaders cheered her candidacy because they believed their nominee would easily beat a scandal-plagued candidate in a general election in which trust would become a major issue.   Related Story: Could Bill Clinton Serve As Hillarys Vice President? Here are some key facts about Hillary Clinton. Hillary Clintons Campaigns for President Clinton has run for the Democratic presidential nomination twice, once in 2008 and again in 2016. She lost the primary race in 2008 to Democratic U.S. Sen. Barack Obama, who went on to win the presidency that year by defeating the Republican nominee, U.S. Sen. John McCain. Clinton won 1,897 delegates in the 2008 Democratic presidential primaries, short of the 2,118 needed to win the nomination. Obama won 2,230 delegates. Related Story: Why the 2016 Democratic National Convention is Being Held in Philadelphia She was widely seen as the presumptive nominee even before the 2016 campaign began, and she lived up to those expectations in many of the early primaries, including her substantial victories on Super Tuesday of that year. Key Issues When she announcer her candidacy in April of 2015, Clinton made it clear that the biggest issue of her campaign would be the economy and helping the vanishing middle class. In a short video posted on the Internet by her campaign that month, Clinton said: Americans have fought their way back from tough economic times, but the deck is still stacked in favor of those at the top. Everyday Americans need a champion, and I want to be that champion so you can do more than just get by. You can get ahead, and stay ahead. Because when families are strong, America is strong. Related Story: Hillary Clinton on the Issues At Clintons first campaign rally, held in June of 2015, she continued to focus heavily on the economy and the struggles of the middle class hit hard by the Great Recession of the late 2000s. We’re still working our way back from a crisis that happened because time-tested values were replaced by false promises. Instead of an economy built by every American, for every American, we were told that if we let those at the top pay lower taxes and bend the rules, their success would trickle down to everyone else.What happened? Well, instead of a balanced budget with surpluses that could have eventually paid off our national debt, the Republicans twice cut taxes for the wealthiest, borrowed money from other countries to pay for two wars, and family incomes dropped. You know where we ended up. Professional Career Clinton is an attorney by trade.  She served as counsel to the  House Judiciary Committee 1974. She worked as a staffer investigating the impeachment of President Richard M. Nixon amid the Watergate scandal.   Political Career Clintons political career began before she was elected to any public office.   She served as: First Lady of Arkansas from 1979 to 1981 and 1983 to 1993: She served in this capacity when her husband served as the 40th and 42nd governor of the state.First Lady of the United States from 1993 to 2001: She served in this capacity after her husband was elected president and served two terms.U.S. Senator from New York from  Jan. 3, 2001, to Jan. 21, 2009U.S. Secretary of State under President Barack Obama from 2009 to 2013 Major Controversies Clinton became a polarizing figure in American politics before even being elected. As first lady, she helped draft and propose sweeping changes to the nations health care system, earning the ire of congressional Republicans who believed she was unqualified to oversee the changes and a public that was skeptical of her involvement. The health-reform debacle was critical in framing Hillarys public image, and despite her years of accomplishment in her own right, she still carries the burdens of that failure, wrote The American Prospect. But the most serious scandals surrounding Clinton was her use  of a personal email address and server instead of a more secure government account as secretary of State, and her handling of the attacks in Benghazi.   Related Story: Could Bill Clinton Serve In Hillarys Cabinet? The email controversy, which first surfaced in 2015 after she had left the position, and lingering questions over her preparedness as secretary of State during the Benghazi attacks both plagued her 2016 presidential campaign. Critics alleged Clintons behavior in both cases raised questions about whether she could be trusted if elected to the most powerful position in the free world. In the email scandal, her political foes suggested her use of a private email served opened up classified information to hackers and foreign enemies. There was no evidence it had, however. In the Benghazi attacks, Clinton was accused of doing too little, too late to prevent the deaths of Americans at a U.S. diplomatic compound there, then covering up the administrations bungling of the attacks. Education Clinton attended  public schools in Park Ridge, Illinois. In 1969 she earned a bachelor of arts degree from Wellesley College, where she wrote her  senior thesis on Saul Alinskys activism and writings. She earned a law degree from Yale Law School in 1973. Personal Life Clinton is married to former President Bill Clinton, who served two terms in the White House. He is one of  only two presidents who have been impeached in U.S. history. Clinton was accused of  misleading a grand jury about his extramarital affair with White House intern Monica Lewinsky and then persuading others to lie about it. Their permanent address is  Chappaqua, a wealthy suburb of New York.   The couple has one child, Chelsea Victoria. She appeared with Hillary Clinton on the campaign trail in 2016. Hillary Clinton was born Oct. 26, 1947, in Chicago, Illinois. She has two brothers,  Hugh Jr. and Anthony. She has written two books about her life:  Living History  in 2003, and  Hard Choices  in 2014. Net Worth The Clintons are worth  between $11 million and $53 million, according to financial disclosures.   The last time  Clinton filed financial disclosures as a member of the U.S. Senate, in 2007, she reported a net worth of between $10.4 and $51.2 million, making her the  12th wealthiest member of the U.S. Senate at the time, according to the Washington, D.C.-based watchdog group Center for Responsive Politics. She and her husband have earned at least $100 million since leaving the White House in 2001, according to published reports. Much of that money comes from speaking fees.  Hillary Clinton is said to have been paid $200,000 for each speech shes given since leaving the Obama administration. ___ Sources for this bio include: Biographical Directory of the United States Congress, Living History, [New York: Simon Schuster, 2003],  Center for Responsive Politics.

Law and ethics Essay Example | Topics and Well Written Essays - 1000 words - 3

Law and ethics - Essay Example on, it is not wise for any director to take opportunities to serve their own interests on the account of the interests and gains of the company as this shows their incapability of fulfilling their duties of loyalty. Moreover, any director is liable to carrying out duties of care by obtaining information that enables him/her to make informed decisions. Directors should also make it their obligation to attend all committee and board meetings that are held during their tenure. This case discusses facts that relates to the failure of demonstrating fiduciary duties as director by Daniel by his move to persuade his colleagues to purchase a warehouse that was undervalued that worth more than $5000. Daniel also shows his incompetency by signing an insurance policy that was not capable of covering the risks of burglary and that which caused the company to loose $30000. It is clear that Daniel had a conflict of interest that benefitted Paul’s Ltd to pay lower prices and gain from the move by adding $3000 to his person al wealth. Daniel failed to carry out fiduciary duties of loyalty and care as an executive director, working as a chattered accountant of the Sofa & Bed Ltd. There is no doubt that he obtained all the necessary information before making his decision to buy the insurance policy, which caused the company to loose $30000. Daniel also fails to show his loyalty to the company when he allowed to be bribed by $3000 to offer lower price to Paul’s Ltd and accept the bribe as his person al gain. Corporate governance acts as a mechanism that protects the management; insiders from the outsiders; stakeholders, creditors, regulators and customers. Corporate governance; however, has shown major failure in the recent financial crisis, which portrayed a clear picture of real failure attributed to gatekeepers represented in audit and credit rating agencies when the CG failed to heed the alarm. Apparently, the gatekeeper too advantage of the deregulations proposed by SEC

Aspects of Kirk's and Malcolm's Management Style that Contribute to Essay

Aspects of Kirk's and Malcolm's Management Style that Contribute to Their Effectiveness - Essay Example Like most of the managers of Neverwire, it is precisely the vision of Frank that led Kirk Arnold to join the company. Unlike Frank who wanted to have the right people in the company, Arnold focused on ensuring that their people knew what they need to do. By streamlining the operations and processes of the company, she was able to ensure teamwork and produce results that will guarantee the Neverwhere's sustainability. She became the model employee that she wants her team to be. Yet, aside from being a skilled manager, Arnold also had a personal approach, always commanding the effort, and coaching those who need improvement.  Ã‚  Like most of the managers of Neverwire, it is precisely the vision of Frank that led Kirk Arnold to join the company. Unlike Frank who wanted to have the right people in the company, Arnold focused on ensuring that their people knew what they need to do. By streamlining the operations and processes of the company, she was able to ensure teamwork and produce results that will guarantee the Neverwhere's sustainability. She became the model employee that she wants her team to be. Yet, aside from being a skilled manager, Arnold also had a personal approach, always commanding the effort, and coaching those who need improvement.  Ã‚  Frank and Arnold are the perfect partners for managing the company – one provided the â€Å"bigger picture† while the other provided the â€Å"inner work†. While one of them was busy ensuring that their people knew what they were trying to achieve, the other one was busy ensuring that their people had the right tools to get the work done right. Together, they make good complements.2. What are the key female gender stereotypes when it comes to leadership? Consider Kirk, do you find any evidence for or against these stereotypes? What factors (including her personal attributes) do you think might have contributed to her success in the business world?   In a research conducted by Alice Eagly and Linda Carli (2003), they mentioned several female gender stereotypes in leadership. Some of them are: (a) Women are more communal, they are attributed with characteristics such as warmth and selflessness and they lack assertiveness and instrumentality which people think are important distinctions of a leader (Eagly & Carli, 2003, p. 818); (b) Women are emotional, hence are unable to make objective decisions.Kirk Arnold however, one will see that the stereotypes are somewhat correct, but she was able to use it to her advantage. For example, her emotionality allowed Arnold to commend and appreciate her team explicitly, hence motivating them.

Student Search and Seizures Essay Example | Topics and Well Written Essays - 2000 words

Student Search and Seizures - Essay Example This paper describes the existing policies related to search and seizure practices for the student body at Hope High School in Arkansas with discussion regarding proper ethical behavior and the letter of the law for such practices. Reflecting on Search and Seizure Juveniles are afforded many protections that differ from adults under the Constitution and state-level legal systems. During adolescence, youths are subject to adult-based authoritarian hierarchies in which they are reliant on ethical and moral adult leadership to ensure their rights are protected. Even though youths in high school are protected under many varieties of law, they are also utilizing school property such as lockers, desks, or the use of the school parking lot. Therefore, they are subject to established school policies regarding the appropriate use of these systems or storage devices. This might, to the casual civilian, look to be a sort of conflict of interest regarding how best to secure the rights of the sch ool as well as the individual student. ... re is some level of counseling service provided to ensure that students have a valid resource to discuss their psychological misgivings or other concerns related to mental health. By all measures, their physical safety is ensured by adequate adult leadership and existing non-violence policies. In every measure, then, it should be said that high school officials absolutely secure the most fundamental right afford to students. The second right is that of being afforded the opportunity to achieve purpose in life (ethics.tamu.edu). This, too, is afforded simply by the constructs of ethical teaching systems that provide opportunities for growth and knowledge. The third and most complicated of Gewirth’s fundamental rights hierarchy is that of the right to property, non-discrimination and self-respect (ethics.tamu.edu). This is a much more complex dynamic of student rights, as their properties within the school maintain the potential to become scrutinized by the school system and its administration in the event there is concern about student protection or securing the letter of the law. In the event of a warranted search and seizure, questions arise about self-respect issues and whether students are receiving some form of discriminatory judgment from adult supervision at the school. This is why there should be some form of rights statement attached with any existing policy about student search and seizure practices to ensure that society recognizes some form of ethical and moral system drives administrative decision-making in these matters. One educator from the University of Arizona offers that in order to clarify a rights statement, there must be mention of â€Å"moral importance† as to why an individual deserves rights protections as well as identifying the interests of

M Sc Dissertation Proposal ( Dividend policy) Essay

M Sc Dissertation Proposal ( Dividend policy) - Essay Example The dividend policies to be undertaken are based on the present and future financial attitudes of the company. The inclination and direction of the investors are also considered. A company may select any of the following three types of dividend policies; The disbursement and amount of dividends are factors for debate for quiet a long time now. Black (1976) states that, â€Å"Under conditions of symmetric information and taxes, dividends have been dubbed a puzzle†. A number of authors model dividend policy based on the assumption that info is dealt out asymmetrically between managers and capitalists. Bhattacharya (1979, 1980) indicates that firms pay dividends since dividends indicate the private information of directors and thus it assists market players evaluate about the firm accordingly. Some of the major oil producing companies in the UK and those listed in the stock exchanges is taken as sample for the research work. Their dividend policies and the percentage of pay out in these firms of the oil sector are considered for the research analysis. The study will follow the ‘Research Process’. Collis and Hussey explain, ‘Research is a process of enquiry and investigation that is conducted in a systematic and methodical way with a view to increasing knowledge’ (Collis and Hussey, 2009). In simple terms the research process can be understood in four steps, a) Plan Search, b) do the research, c) Collect info, and d) Evaluate and reflect. The research will be based on a secondary research. The rationale of the research is to analyse the dividend policy of the oil sector for the last five years. Based on the analysis, a conclusion of the dividend policy of the company will be figured out. The Lintners model on dividend policy will be surveyed to identify and explain the dividend policy of the oil sector. The analysis of the research would be to examine the number of firms which had

Week 4 Discussion Questions Essay Example | Topics and Well Written Essays - 750 words

Week 4 Discussion Questions - Essay Example , an investment banker would prove to be of great support as he/she will guide the organization through the process and will recommend whether going public is in interest of the organization or not. The investment banker will be involved in investigating the organization in order to know its strengths, risks involved and overall business procedures in order to assist for going public. This research will accommodate with enough knowledge about whether going public will be advantageous for the organization or not. Financial leverage is there when the organization obtains loans or borrowings on the basis of its assets and intends that a greater rate of return will be there as compared to the interest rate. As far as operating leverage is concerned, it is the consideration of the degree of the fixed and variable costs involved in a business. Operating leverage is the measure of the rate of fixed operating costs of the organization while financial leverage is the measure of the rate of loan that an organization takes against its rate of assets. The risks involved in having an excessive amount of financial leverage in an organization are that the profitability of the organization and the return on equity of the organization lessen. This situation arises when the organization’s return on assets (ROA) is unable to enhance as compared to the interest that is inserted on loan taken for the organization. EBIT-EPS analysis can be defined as a pragmatic instrument with the help of which, a financial manager is able to investigate various substituted financial plans in terms of their effect on EPS (Earnings per Share) over a range of EBIT (Earnings before Interests and Taxes) levels. EBIT-EPS analysis is simply an analysis to calculate earnings per share at various levels of sales of earnings before interest and taxes. Into the EBIT-EPS analysis, the risk is handled quite ignored. With this analysis, the basic motive is to enhance the earnings per share; due to this fact,

M Sc Dissertation Proposal ( Dividend policy) Essay

M Sc Dissertation Proposal ( Dividend policy) - Essay Example The dividend policies to be undertaken are based on the present and future financial attitudes of the company. The inclination and direction of the investors are also considered. A company may select any of the following three types of dividend policies; The disbursement and amount of dividends are factors for debate for quiet a long time now. Black (1976) states that, â€Å"Under conditions of symmetric information and taxes, dividends have been dubbed a puzzle†. A number of authors model dividend policy based on the assumption that info is dealt out asymmetrically between managers and capitalists. Bhattacharya (1979, 1980) indicates that firms pay dividends since dividends indicate the private information of directors and thus it assists market players evaluate about the firm accordingly. Some of the major oil producing companies in the UK and those listed in the stock exchanges is taken as sample for the research work. Their dividend policies and the percentage of pay out in these firms of the oil sector are considered for the research analysis. The study will follow the ‘Research Process’. Collis and Hussey explain, ‘Research is a process of enquiry and investigation that is conducted in a systematic and methodical way with a view to increasing knowledge’ (Collis and Hussey, 2009). In simple terms the research process can be understood in four steps, a) Plan Search, b) do the research, c) Collect info, and d) Evaluate and reflect. The research will be based on a secondary research. The rationale of the research is to analyse the dividend policy of the oil sector for the last five years. Based on the analysis, a conclusion of the dividend policy of the company will be figured out. The Lintners model on dividend policy will be surveyed to identify and explain the dividend policy of the oil sector. The analysis of the research would be to examine the number of firms which had

Chapter 5 ( second half ) Essay Example | Topics and Well Written Essays - 500 words

Chapter 5 ( second half ) - Essay Example In such a way, this brief analysis will mention and seek to quickly note why these questions are of importance as well as seek to underscore the key components of the chapter that were the most interesting with regards to this particular student. Firstly, the authors raise the question of what degree consciousness plays into an understanding of self. It can of course be understood that without a base line level of consciousness that any self actualization whatsoever would be impossible. However, this is not specifically what the authors are referencing. Rather, they seek to raise the question and present information with regards to the degree that individual consciousness helps to define and differentiate understandings and representations of self within broader psychology and society. Tangentially, a further question is raised alongside this with regards to the universality of this consciousness and whether or not it varies, and to what degree, among individuals. Naturally, it can be assumed that consciousness varies precipitously; however, when acquiescing to this, the stakeholder must realize that giving too broad a range to human consciousness weakens to the level and extent to which the interpretation of the â€Å"self † can be universally verified and defined. Yet, by the same token, too weak an understanding of the role that this consciousness plays lends the stakeholder to de-emphasize its overall importance. Furthermore, the chapter references the means by which the â€Å"self† is an ever growing and expansive reality. Ultimately, memory and the psychological interpretation of self is in an ever evolving metamorphosis. As a means of drawing a further level of understanding to this question, the authors present a variety of different psychological scholars that have performed studies and presented theories with regards to the ways in which different stages of human development and memory retention

Mission statements Essay Example for Free

Mission statements Essay A mission statement is basically a sentence saying what the company has to do. An aim is what every business need because they create a focus for the business to work towards, improvements and achievements. Objectives are important because they are more specific and help the business to achieve its aims. SMART targets are very important too because they mean: Specific, Measurable, Agreed, Realistic, and Timed. All businesses should have SMART targets because then they would know what exactly they are going for. Aims Objectives I am focusing on two types of companies; they are Sainsburys and Mirfield Free Grammar. The mission statement for Sainsburys is to be the consumers first choice for food, delivering products of outstanding quality and great service at a competitive cost through working faster, simpler and together. The main aims and objectives of Sainsburys are that they need to survive, this is the most important one because if they cant survive they wouldnt be getting any profit. The objective of this would be to get about 500 customers a day. Another aim for Sainsburys is to make profit, because then you can improve the business and youll have money to spend. The objective of this is to get about i 10,000 a month. Another aim for Sainsbury is that they should maximize sales because then they would get more profit. The objective would be to sell more products. The most important aim of all is to provide quality food for the customers because if they dont, theyll wouldnt get much profit because the customers would go somewhere else. Another very important aim would be building more stores somewhere else because if they only have one store, some customers from further places might want to shop there but if its too far they might not come and might even go somewhere else. The mission statement of The Mirfield Free Grammar is the road to success is excellence. The main aims and objectives of the Mirfield Free Grammar are that they should provide a good service, the objective of this is to buy 100 more computers for the school. Another aim for Mirfield Free Grammar is that they should hire more staff, the objective of this is to hire staff with 6 GCSEs. The final aim is to beat the competition, Mirfield Free Grammar HAVE to beat Castle Hall. The similarity of Sainsbury and Mirfield Free Grammar are that public people can go both to these companies because they are both public. The differences between Sainsbury and Mirfield Free Grammar are that Sainsbury have customers and they make lots of profit but Mirfield Free Grammar has students and they dont make a profit. Another difference is that Sainsbury provides food etc but MFG provides a service. Sainsbury is a public limited company whilst MFG is a public sector company. And another difference is that Sainsbury need to survive by getting customers but MFG doesnt. think an effective supermarket should be able to provide a fast and easy service for the public and they should make sure that all their products are to the best, this could make the business meet its aims and objectives easier and better. Another good aim for Sainsbury is that they could improve their charitable donations in order to make more customers go there. I think an effective school should provide top service for all the students, qualified teachers, good facilities and the best effort of the school as possible. I think if MFG made the school bigger, it would also meet its aims and objectives more efficiently because more room means more students and teachers which also means that there would me more customers which is good for a school. In the outside world there are loads of different types of businesses e. g sole traders, partnership, limited companies and co-operatives etc Sainsbury is a public limited company, which means the public can buy shares via the stock market (the share price currently is 298. 50p). Sainsbury is a large business and lots of people work there. The shareholders own Sainsbury and it has a limited liability so the shareholders are not liable for all the debts but they only pay the amount they have invested. Sainsbury is better off being a public limited company because it can easily raise money by selling shares. It is also better off being a public limited company because it is bigger than private limited companies and they dont sell shares to the public where as public limited companies do. Public limited companies has a couple of advantages like; it is not owned by the government but by the shareholders, it gets lots of profit, lots of people work in that business so the work load is less and the business has a very good chance to survive because the shareholders pay some of the debts. It also has disadvantages like; low wages because there are lots of staff working there, long hours etc Mirfield Free Grammar is a public sector organization, which means it is controlled by the government. It does not sell shares and it doesnt have as much public sector business as private sector business. This type of ownership suits Mirfield Free Grammar because it is public and owned by the government. Mirfield Free Grammar has advantages like people dont have to pay to get in and it has a very good chance to survive because it is owned by the government. It also has disadvantages like getting no profit and not a lot of people would go there. The differences between Sainsburys ownership and MFGs ownership is that Sainsbury is a public limited company which means it can raise money by selling shares to the public whereas in the other hand MFG raise money by attracting students to come to their school. Another difference between these two is that Sainsbury is controlled by a board of directors who are elected whereas a board of governors control MFG. These governors are also elected by parents and teachers who do it on a voluntary basis. I think Mirfield Free Grammar would be better if it was a partnership because then there would be more people controlling the school which means it would run more efficient meeting its aims even better. I think if Sainsbury was a franchise, it would be a very good business because if people use Sainsburys brand name and run a business in a less populated area, the local would go their for their food instead of going into the main towns and cities. There are lots of aims for Sainsbury like to provide a charitable service and to expand the service to the community. The core business activity for Sainsbury is to sell food and groceries because these make the most profit for Sainsbury. The range of activities that Sainsbury carries out are to sell baby food, books, flowers, cds, toys, mobile phones, medicine, food, drinks, fruits, vegetables, cakes, chocolate, wine, gifts, electronics and a lot more. They also have their own bank as well. The main customers of Sainsburys are basically the public and their main competitors are Tesco, Asda, Morrisons etc The business activity of Sainsbury have changed a lot nowadays for example, they sell more products like CDs, gel, games, more electronic things etc they never used to sell these in the past. Now customers can even order their shopping over the Internet so it is a lot easier and they dont have to go there themselves.

Relationship Between Learning and Growth in Business

Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches. Relationship Between Learning and Growth in Business Relationship Between Learning and Growth in Business Introduction The introductory chapter begins with a description of the context of the present study and a presentation of the fundamental issue addressed in this empirical investigation. The significance of intangible assets in knowledge era, objectives, conceptual framework and contribution value of this study is also addressed in this chapter. 1.1 Research Context This section presents the broad context within which this empirical investigation is undertaken. The current problems and significance of intangible assets in knowledge era are explained. Traditionally, profit and loss figures in the balance sheet and annual financial reports are used as the main financial performance indicators for the action previously taken monitoring and crafting short term strategies. Accounting for intangible assets starts with documenting the various categories of expenses. Profit (or loss) is derived from the financial difference between sales revenue and operating cost. The costs include the expenses in brand building, customer database, training, product development, information technology, etc. These are usually treated as part of the operating cost and marketing expenses. The investment of tangible assets such as equipment, machinery, building, etc. is also recorded in balance sheet. This simple accounting record mechanism is no longer sufficient in the knowledge based economy. There is no linkage with long term strategies to compete with global competitors and survive in dynamic economic. Since an increasing share of market value in this era is not represented by inventory or physical assets. Investments in intangible assets are usually not documented in a proper systematic manner because of data non-availability. Consequently, reasonable estimates of the future performance potential of an organization could not be provided to the management. It is intriguing to note that the cause-effect relationships between marketing, production and human resource and financial performance have not so far been made operational. Prior to the knowledge era, business lived in the world of tangibles, which worked well with the traditional accounting practices. However, things are different in todays world of intangibles. Modern management style and strategic crafting have adapted in response to global competition and volatile economic environment. The industrial age management has been replaced by the knowledge age leadership, with corresponding transformational effects on the economy and workplace (Figure 1.1). The focus on tangible assets in the industrial age has shifted to intangible assets in the knowledge age. This paradigm shift encourages organizational employees to utilize their knowledge in line with organizational goals. Globalization is the main driver of knowledge economy. Toffler (1990) proposed knowledge as the key success factor in the present competition. Knowledge can be transferred by information flow from manufacturers to customers. Organization knowledge could be frequently managed by well- organized people in organization. Knowledge and information technology form an important part of intangible assets. With the realization of this paradigm shift, issues concerning intangible assets are now more widely researched and practiced. Figure 1.1 The shift in management style from industrial age to the knowledge age Intangible assets are of increasing importance for the corporate value creation  processes of all kinds of organizations. In 1978, intangible assets were determined to constitute only 5% of all assets, while they become 78% of all assets today. Some 50 to 90 percent of the value created by a firm in todays economy is estimated to come from the management of the firms intellectual capital rather than from the use and production of material goods (Guthrie and Yongvanich, 2004). Some public and private sector organizations do not attempt to incorporate the value of intangible assets. Sonnier et al. (2007) examined 150 high technology companies and found that management may want to reduce the level of disclosure to conceal sensitive strategic information in order to maintain a competitive advantage. As such, management reporting and financial statements will become increasingly irrelevant as a tool supporting meaningful decision making. Forward-thinking management has to ensure that in tangible assets are identified, monitored, built and leveraged. Financial profit alone could not guarantee the long term survival of companies. To be sustainable, companies need to understand and be able to manage intangible factors, including organizational learning and growth, internal process and external structure. Management that aspires for sustainable business growth and industrial leadership in the twenty-first century has to focus on superior management skills and knowledge under limited resources. Augier and Teece (2005) and Johanson (2005) reported that human capital, knowledge and other intangible assets have emerged as key to business performance in the economic systems. The intangible assets are the competitive edge over competitors. Srivastava et al. (1998) suggested the framework linking market-based assets to shareholder value which could be considered as the subset of present study. The market investment in brand and customer-profile databases leads to cash flows via a combination of price and share premiums, faster market penetration, reduced distribution, sales and service costs, and increased loyalty and retention. Brands are economic assets which are to create value shareholders and develop competitive advantage (Doyle, 2001). During the last three decades, brand is widely recognized as playing the key role in business. Brands influence customer choice, but the influence varies depending on the market in which the brand operates. Ittner (2008) suggested several pre vious studies that provided at least some evidence that intangible asset measurement is associated with higher performance. Several previous studies are limited by over-reliance on perceptual satisfaction or outcome variables, inadequate controls for contingency factors, simple variables for capturing complex measurement practices, and the lack of data implementation practice. In this study, the Balanced Scorecard strategy map (Kaplan and Norton, 2004) is chosen to provide a framework to illustrate how strategy links intangible assets to value creating processes. The reasons for choosing Balanced Scorecard as the stage to build the framework for the present research are as follows: First, Balanced Scorecard is a practical approach to measure the intangible assets that has been widely used in a variety of organizations over the past two decades. Second, through the strategy map concept, Balanced Scorecard provides the linkage the relationship between intangible assets and business performance including the interrelationship between intangible assets elements: 1) Learning and growth affect internal process 2) Internal process affects external structure 3) External structure affects business performance. The measures in the four perspectives are linked together by cause-effect relationships. The company builds the core competence and training to support the i nternal process. The internal process creates and delivers the customer value proposition. When the customers are satisfied, the sales and profit are delivered in terms of financial performance which is the key measure of business performance. 1.2 Research Objectives Since developed economies have become knowledge-based and technology intensive, view of the firm has significantly changed and intangible assets have become fundamental determinants of value and control. There are three fundamental elements of intangible assets which are learning and growth, internal process and external structure (Sveiby, 1997; Kaplan and Norton, 2004). The ultimate goal of firm is to maximize the business performance (financial performance, sales performance and customer fulfillment). This study aims to establish empirically the cause-effect relationship between learning and growth, internal process, external structure and business performance, including the interrelationships between the elements leading to business performance. 1.3 Expected Contributions of the Study There are two key areas of expected outcomes of the study. First, the impact of intangible assets on business performance is expected to be empirically established. In particular, the cause-effect relationship between learning and growth, internal process and external structure would be identified and analyzed. This is so that the detail underlying the relationships can be implemented in practice. Second, it is expected that the effect of business size, business sector and establishment age on the causal links between intangible assets and business performance would be established. As there are various types of firms business (service and non-service), sizes of business (large and SME), establishment age in the industry, this study would provide the pattern of cause-effect relationships between intangible assets and business performance in each business characteristic. Given the expected outcomes, the expected academic contributions of the present study would be to encourage similar studies to establish the causal links between intangible assets and business performance in other types of economies. The study would also provide the foundation for the field of intangible asset management For business practitioners, top management will benefit from the understanding of cause-effect relationship and the realization of the importance of intangible assets (learning and growth, internal business process and external structure) and business performance. With the clearer understanding, proper budget allocation and intangible assets management will be more properly focused and controlled to increase sustainable competitive advantage. The intangible assets are the strategic key to a sustainable competitive advantage and future economic profit. 1.4 Conceptual Framework During last decade years, intangible assets are widely expanded and researched. The value of intangible assets is likely to grow over time if the firm undertakes successful intangible assets management. The intangible assets in each fundamental element (learning and growth, internal process and external structure) are selected and classified as shown in Table 1.1. More detail explanation is given in Chapter 2. Table 1.1 Framework of intangible assets indicators The cause-effect relationship is covered in strategic mapping (Kaplan and Norton, 2004). There have also been several studies, e.g. Huselid and Becker (1997), Hitt et al. (2001), Liu and Tsai (2007), that examined the relationship between learning and growth and business performance as explain in more detail in Chapter 2. The main hypotheses in the present study are shown in Figure 1.2. Figure 1.2 Research hypotheses testing model H1: Learning and Growth is positively related to Internal Process H2: Internal Process is positively related to External Structure H3: External Structure is positively related to Business Performance H4: Learning and Growth is positively related to Business Performance 1.5 Outline of Methodology The research hypotheses formulated in this study were tested in the mail survey or questionnaire of registered company at the Thai Chamber of Commerce. The initial step in the analysis of the data collected focuses on examining the frequency distribution and the mean and standard deviation for each item or variable considered in this research. The next step in data analysis is to assess the validity of measures. Here the study uses item-total correlation, confirmatory factor analysis and the Cronbach alpha coefficient. The initial data analysis, and reliability and correlation analyses are performed using the SPSS statistical package. Furthermore, the structural equation modeling (SEM) EQS program (Bentler, 1995) is used to perform the confirmatory factor analysis, discriminant validity tests and testing of the structural model. The entire step-by-step model fit process from data collection by field survey questionnaires is shown in Figure 1.3. More details of research methodology ar e provided in Chapter 3. 1.6 Structure of the Thesis The thesis is structured on the basis of five chapters, which represent the different stages that are involved in the overall research process. Chapter 1 has covered the research context, current problems, purpose and expected contribution of the studies. Chapter 2 provides an extensive review of definition of intangible assets, intangible assets value and the Balanced Scorecard strategic mapping. This detail provide support to conceptual model of the study and the set of research hypotheses of the study which links learning and growth, internal process and external structure to business performance through cause-effect relationship. Chapter 3 presents the step-by-step research methodology used to conduct the study. It illustrates a range of important methodological issues including the research design, sampling, questionnaire development process, data collection and measurement of model variables. The Structural Equation Modeling (SEM) technique is briefly explained. Chapter 4 provides results of validity testing of the constructs and hypotheses of the present study by using EQS program for SEM technique and Statistical Package for Social Science (SPSS) program. Not only the results of the main research hypotheses testing model, but also other possible models are explored. Chapter 5 presents a summary of the major findings and conclusions of the study. It also suggests the long-term strategic implications of the study finding for top management. Finally, consideration is given to the limitations of this empirical investigation and suggestions are made for potential directions and strategies for future research. Literature Review This chapter reviews the definition of intangible assets and its value. The previous correlation empirical research between intangible assets and performance are reviewed. 2.1 Introduction There have been a large number of studies in intangible assets during the last two decades (see Figure 2.1). Intangible assets are involved in the customers, external structure, human resources, and internal process. The intangible assets are defined as non-financial assets without physical substance that are held for use in the production or supply of goods or services or for rental to others, or for administrative purpose (Epstein and Mirza, 2005). Intangible asset is an accounting term, but intellectual capital is a noun used in the management field. They both refer to the same thing. Therefore, Edvinsson and Malone (1997) and Tseng and Goo (2005) pointed out that intangible assets and intellectual capital are synonyms. Intangible assets are identifiable and controlled by the enterprise as a result of past events, and from which future economic benefits are expected to flow. Figure 2.1 Research development on intangible assets 2.2 Intangible Asset Element Classification Several studies have variously attempted to categorize intangible assets as summarized in Table 2.1. Some categorizations are in more common use than others. Table 2.1 Approaches for the categorization of intangible assets The purpose model of the above intangible assets researchers is summarized by Bontis (2000) in Table 2.2. Table 2.2 Purpose of intangible model In Table 2.1 and Table 2.2, there are the intangible elements correspond in each study. Wingren (2004) proposed that framework the correspond to intangible assets framework presented by Sveiby (1997) and Kaplan and Norton (1992) in Figure 2.2. Wingren (2004) mentioned that the Balanced Scorecard is primarily tool for internal development and evaluating the market value of the company for long run. Bose and Thomas (2007) implemented the concept of Balanced Scorecard to a company and they claimed that the formulating of Balanced Scorecard fits the strategic interest of the organization to achieve sustainable competitive advantage. The Balanced Scorecard encapsulates the short and long-term strategies. The motivation and evaluation of employee to achieve goal in BSC is rather than using it just as a measuring tool. When intangible assets are addressed and defined, there are four practical approaches to measure the intangible assets (Luthy, 1998): 1. Direct Intellectual Capital Method (DIC) Estimate the value of intangible assets by identifying its various components. Once these components are identified, they can be directly evaluated, either individually or as an aggregated coefficient. 2. Market Capitalization Method (MCM) Calculate the difference between a companys market capitalization and its stockholders equity as the value of the intellectual capital or intangible assets. 3. Return on Asset Method (ROA) Average pre-tax earnings of a company for a period of time are divided by the average tangible assets of the company. The result is a company ROA that is then compared with its industry average. The difference is multiplied by the companys average tangible assets to calculate an average annual earning from the intangibles. Dividing the above value of average earnings by the companys average cost of capital or an interest rate once can provide an estimate of the value of its intangible assets or intellectual capital. 4. Balanced Scorecard Method (BSC) The various components of intangible assets or intellectual capitals are identified and indicated. Indices are generated and reported in scorecards or graphs. Wingren (2004) has chosen to use the BSC concept because BSC contains outcome measures and the performance driver of outcomes, linked together in cause-effect relationships. There are linkages between customer, internal process and learning/growth with financial performance. The financial performance is the outcome and visible to the observers. 2.3 Intangible Assets in Balanced Scorecard Among the above four approaches, the Balanced Scorecard is by far the most well-known, although its original intent was not meant to be the measure for intangible assets, as discussed by Marr and Adams (2004) and Mouritsen et al. (2005). The Balanced Scorecard may be used to measure all the intangible assets in Table 2.1. Bose and Thomas (2007) recently applied the Balanced Scorecard in an empirical study of the Foster Brewing Group. The formulating of a scorecard that best fits the strategic interest of the organization is considered vital. In their view, the Balanced Scorecard is never really complete because the business environment (new competitors, changing customer demand, etc.) is dynamic and constantly evolving. As is already well-known, the Balanced Scorecard was introduced by Kaplan and Norton (1992) as a tool to link financial performance with non-financial performance dimensions: learning and growth, internal process and customer perspectives. Linkages and relationships between customers, internal process and learning/growth with financial performance are shown in Figure 2.3. The Balanced Scorecard acts as a measurement system, a strategic management system, and a communication tool. Seggie et al. (2007) made an argument for the Balanced Scorecard to be the measurement tool in marketing to measure non-financial assets and provide the organization with a long-term perspective. The Balanced Scorecard is at least partially forward-looking and partially geared toward the long-term performance of the firm. The Balanced Scorecard concept has been examined the performance measurement of bonus plan in major financial services firm. Ittner et al. (2003) recommended that the future research on Bal anced Scorecard adoption and performance consequences must move to encompass the entire implementation process. . The concept of cause-effect relationship separates the Balanced Scorecard from other performance management systems. The measures appearing on the scorecard should be linked together in a series of cause-effect relationships to tell the organizations strategic story. Increasing promotional expenses will lead to the increase in brand value. Increased brand value will lead to higher sales revenue The investment of human capital will create the continuous learning and growth in the organization. When the employees have more experience and knowledge, they can create the internal process which serves and fulfills customer satisfaction. The profit and revenue are the final outcomes of this causal chain. Heskett et al. (1994) explained that the linkage of the above model that investment in employee training leads to improvement in service quality. Better service quality lead to higher customer satisfaction. Higher customer satisfaction leads to increased customer loyalty. Increased customer loyalty generates increased revenues and margins. The following are five principles of successful Balanced Scorecard users (Kaplan and Norton, 2004): 1. Mobilize change through executive leadership 2. Translate the strategy into operational term 3. Align the organization to the strategy 4. Make strategy everyones job 5. Make strategy a continual process Intangible assets can be considered very much part of the Balanced Scorecard. Intangible assets are linked mainly to the marketing and human resources. Following is the review of intangible assets in Balanced Scorecard by Kaplan and Norton (1992) and intangible asset monitored by Sveiby (1997) are reviewed. By using the categories developed by Hall (1993), Sveiby (1997), Shaikh (2004) and Roos et al. (1997) reviewed and classified the intangible assets into a framework of internal structure, external structure, and employee competence as shown in Table 2.3. Table 2.3 Framework of intellectual capital/ intangible assets indicators From the above table, the intangible assets are reviewed as follows. 1. Learning and Growth The learning and growth is the capacity of employee to act in a wide variety of situations. Employee is the most valuable asset of the company in the highly competitive market. It is the one asset that creates uniqueness to the company and differentiates the company from the competitors. Sveiby (1997) emphasized employee capability as a key asset for organization growth. Employee satisfaction refers primarily to job and what employees perceive as offerings. Employee satisfaction is positively related to organizational commitment. There are several studies mentioned that human resource is effect to business performance. Huselid (1999) and Hand (1998) have reported the existence of a positive and significant relationship between investments in human resources and the market value of companies. Huselid and Becker (1997) found that there is a strongly positive relationship between a high performance human resource systems and firm performance. Bontis et al. (2000) found that human capita l had positive effect on customer retention and loyalty regardless of industry type. Hitt et al. (2001) and Hurwitz et al. (2002) found that human capital has a positive effect on performance. Also, human capital is shown to have moderate cause-effect relationships with strategy and firm performance. Moon and Kym (2006) confirmed that human capital, structural capital and relational capital have direct impact on intellectual capital. Liu and Tsai (2007) surveyed 560 managers from major Taiwanese hi-tech companies and found that knowledge management has a positive effect on operating performance. Lin and Kuo(2007) also investigated that human resource management influences operational performance indirectly through organizational learning and knowledge management capability. Knowledge is one of learning and growth perspective. In knowledge era, the knowledge management has been widely studies. The knowledge is lost by the organization when the employees leave the firm (Ordonez de Pablos, 2004). McKeen et al.(2006) founded that knowledge management was positive significant to overall organization performance (product leadership, customer intimacy and operational excellence) which is part of internal and customer perspectives in Balanced Scorecard. Organization performance was significant to financial performance. There was no significant direct relationship between knowledge management and financial performance. The knowledge sharing is a key issue in order to enhance the innovation capability that is one of internal process (Saenz et al., 2009). There is also the linkage of learning and growth and internal process. Forcadell and Guadamillas (2002) studies a firm used knowledge management to develop a process of continuous innovation which is in the inter nal business process perspective. 2. Internal Process The internal process includes patents, concepts, models, information technology systems, administrative systems and organizational culture (Aaker, 1991). Such leading companies as GE, Sony, IBM, or Ford used to cover a wide variety of products, but after finding that they could not sustain all product lines, they switched to selective products, while improving the intangible factors, quality and innovation. Deng et al. (1999) suggested that patent attributes are statistically associated with stock return and market to book ratio. Research and Development is one of intangible assets which is the most importance performance. Chu et al. (2008) founded that the valuation of assets and long-term focused in operation of US ICs firms are higher than the firms in Taiwan. 3. External Structure The external structure includes relationship with customers and suppliers. The Balanced Scorecard is concerned only customer value proposition, but the external structure covers supplier. The external structure also encompasses brand-names, customer loyalty, customer satisfaction and the companys reputation or goodwill. In the brand valuation terminology, brand is a large bundle of trademarks and associated intellectual property rights. Cravens and Guilding (1999) reported that brand valuation is one of the most effective means for business to bring accounting and marketing closer for the purpose of strategic brand management and effective means of communication between marketing and accounting. A branded business valuation is based on a discounted cash flow analysis of future earnings for that business discounted at the appropriate cost of capital. The value of the brand business is made up of a number of tangible and intangible assets. There are 2 brand evaluation models 1) research-based approaches measure consumer behavior and attitudes that have an impact on the economic performance of brands. No financial value on brands is in this model 2) purely financially driven approaches.