Customer Service and Design Alternative Courses free essay sample

Case 1. TECSMART ELECTRONICS Identify the issue: Formulate destinations: Design elective blueprints: Analysis of the ACA: a. focal points b. disadvantages Conclusion: Recommendation: Case 2. Can SIX SIGMA WORK IN HEALTH CARE? Distinguish the issue: New culturein the clinic Formulate targets:  · To have the option to make it simple to representatives and all staffs the new structure to be utilized.  · Design elective game-plans: Analysis of the ACA: a. points of interest b. disadvantages Conclusion: Recommendation: Case 3. TOYOTA MOTO CORPORATION, LTD. Recognize the issue: Losing quality items. Detail destinations:  · To have the option to consitently give quality items.  · To have the option to recapture quality edge. Structure elective approaches:  · Inspect each procedure in the creation framework to guarantee conveyance of value items to clients. Examination of the ACA: a. Favorable circumstances:  · High quality items.  · Customers fulfillment to items. b. Downsides:  · Costly  · Time-expending Conclusion: Toyota turned into its very own casualty achievement. As a result of its concentration in turning into the main automobile creator on the planet, it influenced its item quality. We will compose a custom paper test on Client care and Design Alternative Courses or on the other hand any comparable point explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Clients started to confront wellbeing related issues in Toyota vehicles. Toyota had relinquished its incredible quality and overlooked its own administration standards and clients. Proposal: I would prescribe them to overlook their own pride in having their own standards and the board, in the event that it will lead them to a low quality items and unsatisfied clients. It is acceptable on the off chance that they would concentrate on giving quality and consistently lead an examination before parting with items to client to guarantee quality. Case 4. THE NIGHTMARE ON TELECOM STREET Identify the issue: Inefficient client support framework. Detail goals:  · To have the option to improve cutomer administration experience.  · To have the option to offer quality assistance to clients.  · To have the option to offer productive assistance.  · To have the option to give quick exchange. Plan elective strategy:  · Recreate the client assistance framework  · Hire extra client care delegates to engage calls Analysis of the ACA: a. Points of interest:  · Customer fulfillment to proficient help.  · The more the employess, the more people can encourage clients need to engage their requirements and concerns. b. Disadvantages:  · More expense is carried by the firm.  · Time-devouring. End: In request to fulfill clients should be engage, the firm is in a need of new workers. As a client myself, I likewise get pissed of to frameworks like this since it is very tedious. Suggestion: I would energetically prescribe to enlist more representatives all together for the clients should be engage earnestly and productively. On the off chance that it is conceivable to change the framework, it is greatly improved.

Neoliberal Globalization Essay

In the article â€Å"Neoliberal Globalization† by Dan Clawson, the writer fought that the backers of neoliberalism attempted to incorporate this into globalization. He said that they are constantly endeavoring to make approaches ideal for companies’ benefits. Lamentably, these don't make comparing advantages and remunerations to its laborers that trigger work emergency in the United States. Clawson further contended that neoliberalism ought not be misjudged as an unavoidable marvel to went with globalization. Take for instance the web. Since the web is a â€Å"powerful force† that associates individuals in a single locale to the world, it is additionally considered as the best donor in globalization. So as to exploit, organizations today attempted to adjust a neoliberal point of view on the utilization of the web to make more benefit for themselves. All things considered, the web is for everybody on the planet †regardless of whether an individual has riches and influence or not. What's more, the idea of globalization of the web is altogether different from the point of view of the World Trade Organization (WTO) on globalization. Their conviction is to create most benefits for business, causing them a deep sense of intrigue. The neoliberals accept that the their rendition of globalization has created numerous benefits and has made people well off. Truly, organizations these days are in fact making more benefit than before in view of neoliberal techniques. Be that as it may, the riches has been conveyed inconsistent; at the end of the day, riches has been moved in certain specialists. Clawson exhibits this off-base contention of neoliberals by giving two diverse economy periods specifically, the government assistance state and the neoliberal state. Clawson’s contention addressed why the normal family salary during the government assistance state period was multiplied contrasted with the moderate increment during the neoliberalism time frame, given that the neoliberal arranged economy carried success to the state. There was a noticable increment in pay during the later period, yet these increments were made by ladies laborers and for the most part disseminated to the top individuals in the business. The Neoliberal adaptation of globalization has then brought about the ceaseless hole augmenting between the normal specialists and the top officials. With this, how does neoliberal globalization harm our economy? The harms are not kidding and gathered in the common laborers populace. The more global exchange develops, the higher pay disparity becomes. This makes more individuals lose their positions in view of the companies’ choice to migrate to different nations to reduce expenses. A considerable lot of them move their assembling occupations to China and the administration area employments to India. This is the fundamental motivation behind why a large portion of the items we profit are from China, and the adjusting employments are in India. These are reasons for the companies’ scaling back and the expanded joblessness. Clawson proposed a few answers for the neoliberal type of globalization. He said that if the laborers framed an association, the capital would be controlled, and there would be an abatement in the movement. I concur with this considering Clawson. Annulling the unlimited rights enterprises have in migration is a powerful method to keep up the workers’ rights. Tragically, the procedure was more confounded than what Clawson recommended. Another option was the guideline of work conditions through associations, for example, the United Nations or the WTO. Clawson recommended that WTO should concentrate more on the workers’ rights and condition, and not just the organization benefits. WTO was built up to secure hierarchical benefits. On the off chance that the option to control work condition is conceded to the WTO, there is a likelihood that the WTO work well to create corporations’ benefits. Clawson’s neoliberal adaptation of globalization brought labor’s emergency in the United States. He exhibited these by giving many case models. Be that as it may, his proposition didn't address potential impediments, which may follow because of those arrangements or during the time spent defining those arrangements.

Effects of domestic violence domestic abuse on women and children Essay Example for Free

Impacts of abusive behavior at home local maltreatment on ladies and kids Essay 42% of ladies and 20% of men supported minor wounds, for example, scratches, wounds, broken bones or pregnancy confusions (Cathy Meyer, 2016). The aftereffect of household misuse has long haul physical impacts including stomach related issues, hypertension or skin issue (www.liveabout.com 15/11/17). Relatives, particularly youngsters, can encounter the physical impacts of misuse despite the fact that they have not been hurt or contacted. They can whine about stomach throbs, cerebral pains and could encounter sporadic solid discharges and wet the bed. Numerous ladies who have been mishandled think that its hard to focus on their day by day enacts due with the impacts of residential maltreatment as they are continually anxious. On the off chance that an individual is encountering local maltreatment this can be physical just as passionate and in the event that the maltreatment is consistent, at that point customary medical clinic visits and rest days will be required for a recuperation if the individual has a vocation three day weekend will be required and too many could prompt the individual in the end being let off. At the point when youngsters experience abusive behavior at home once in a while they feel confounded or it’s their deficiency. In the event that the brutality or contentions happens around evening time, it tends to be very diverting for the kid to have the option to rest as they are continually hearing the maltreatment given. This could influence their training as they will be worn out and have poor focus, influencing progress. Local maltreatment will affect the victim’s passionate wellbeing as it causes them to feel a scope of feelings, for example, uneasiness, low confidence, self-destructive contemplations or could cause a post-awful misery which incorporates undesirable flashbacks , bad dreams or wild considerations (www.joyfulheartcondition.org). Kids who are presented to aggressive behavior at home in their home could create nervousness, dreading they may be left with the harsh parent who will at that point take their maltreatment out on them. Wretchedness is likewise a feeling that a great many people will understanding as they feel defenseless and feeble. This is known to be increasingly basic in young ladies as young men will in general carry on with animosity. Alisha Dixon, in the BBC Documentary â€Å"Don’t Hit My mum†, numerous youngsters feel coerce that they couldn't forestall the maltreatment. Youngsters might not have any desire to go out in the event that their parent i s hazardous. I discovered proof to back this is on saying kids will become tenacious and not have any desire to leave mum or father and they believe they have a duty regarding to secure them. When in a residential rough relationship, it is realizing that the accomplice will attempt to control the different person’s life by continually recognizing what they are doing and convincing or telling the casualty they can't go places when they truly need to go. This will influence their relationship with family or companions making the casualty never observe them in the long run driving them into segregation. Other social conduct incorporates forceful conduct and poor social aptitudes, which means they couldn't make any companions as their social abilities are poor. Deprivation An individual biting the dust near you is hard both on grown-ups and kids. They can encounter indistinguishable emotions from they are experiencing very similar things anyway somebody who is of a more seasoned age might have the option to manage the impacts in an increasingly developed way, they will find that their vitality levels will be exceptionally low as they will have an inclination f deadness inside them. On the off chance that their vitality is low, they won't go out and do day by day exercises which could lead them to stress and uneasiness. Managing passing and not every person likes to associate with individuals particularly not in a work or school condition. This implies they will be passing up significant days in work or school making them fall behind structure up more pressure and tension that rendition needn't bother with. At the point when individuals depict losing a friend or family member they as a rule portray their self as being numb. Which is a typical safeguard component of the brain to help you from being overpowered with feelings? Others may encounter blame or uneasiness

Research Of Working Capital Management And Profitability Finance Essay - Free Essay Example

Average collection period is formulated by dividing accounts receivable by sales and multiplying by the number of days in a year (365). It is the average number of days which a firm manages to collect its outstanding debts from customers (Garcia-Teruel Martinez-Solano, 2007). According to Lazaridis and Tryfonidis (2006), acerage collection period is one of the components to measure the cash conversion cycle which is manageable to maximize the profitability and improve firms growth. In Raheman and Nasr (2007) research adaptation, the correlation analysis between average collection period and net operating profitability shows a negative coefficient. This means that if the average collection period increases, it will lower the profits in return. However, the Pearsons correlation proved there is a strong positive relationship between average collection period and cash conversion cycle. Most profitable firms are observed to have a shorter period of collection period (Deloof, 2003). These same firms a re also larger in size, have higher sales growth and lower debt financing. Further research done by Garcia-Teruel and Martinez-Solano (2007) had its result consistent with Deloof (2003) finding. They had agreed that elongate the deadlines for customers to repay their payments may project greater payment facilities, but would negatively affect the profitability of a firm. Sales may also be increased due to the leniency of firms collection policy. To increase cor porate value, a high quality accounts receivable portfolio could be created, safeguarded and realized through effective credit management. This is due to heavy investments in accounts receivable by larger corporations. Hence, Pike and Cheng (2001) felt it is important to control the credit management policy and practices choices in order to maximize value. The lower the investments placed on accounts receivable, the more reduction in interest costs, hence, a respectable increase in earnings (Milling, 1991). Besides that, there is a close relationship between sales growth and the level of current assets (Kim, Rowland Kim, 1992). The example given was that the increment in credit sales will lead to higher inventories and accounts receivable. It is unavoidable to invest in current assets in that matter. According to Deloof (2003, p.584): An alternative explanation for the negative relation between accounts receivable and profitability could be that customers want more time to assess the quality of products they buy from firms with declining profitability. Schwartz (1974) debated that firms that are able to obtain funds at lower cost would offer trade credit to firms facing higher financing cost through finance-based models. Emery (1984) was able to conclude that investments in trade credit are a much better option for short-term investment than market securities. The advantage of trade credit can be spontaneous and exist without formalities, but the limitation is that it is available for goods and services only (Hossain Akon, 1997). Inventory Turnover on Profitability Zero inventory and Just-in-time manufacturing had been a popular inventory management practices (Reynolds, 1999). In much simpler terminology, inventory turnover means the cycle of using and replenishing goods. According to Reynolds (1999), inventory turnover analysis has major importance because inventory management directly impact operations profitability. This analysis serves as a measure of firms efficiency and profitability. Inventory turnover analysis can assist financial managers in recognizing problems and can help reduce associated costs. Average Payment Period on Profitability Companies of different sizes (small, medium and large) are now taking longer time period to repay their debts (Anonymous, 2005). The same author also mentioned that was affected due to larger companies imposing longer payment terms on their suppliers, who are usually not in a position to choose. Companies in a lower part of the chain would face cash flow problems as companies on the upper chain wait for payment before they pay their suppliers. Cash Conversion Cycle on Profitability The cash conversion cycle is able to capture the impact of an effective working capital management policy, which are due to the effects from turnover of receivables, inventories and payables. The function of cash conversion cycle is defined by Jose, Lancaster and Stevens (1996, p.34): The CCC measures the time between cash outlays for resources and cash receipts from product sales. The CCC is dynamic in the sense it combines both balance sheet and income statement data to create a measure with a time dimension. Richards and Laughlin (1980) consequently operated this concept by measuring the number of days funds are committed to receivables and inventories and less the number of days payments are deferred to suppliers. Shin and Soenan (1998) are able to prove a strong correlation between cash conversion cycle and profitability. Even so, they used a substitute of cash conversion cycle called the net trading cycle. Using this cash conversion cycle, also known as cash-to-ca sh (C2C), companies could establish a point of reference for inter-firm comparisons. Besides improving profits earned, companies could obtain overall efficiencies and balance supply chain operations (Hutchison, Farris II Anders, 2007). Regional United States of America According to a research done by Kim, Rowland and Kim (1992), it was about the implications of working capital management practices by Japanese manufacturers in the US. This study is to determine the objectives of working capital management by Japanese manufacturers in US and to identify options for funding. As Japans foreign direct investment in the business expansion of US has increased rapidly, therefore, it is important to manage the firms working capital well. International working capital management has significant importance as total assets and liabilities of multinational corporations consist of current assets and short-term liabilities. There are few differences in financial structure between the US companies and Japanese manufacturers: Japanese firms rely more on banks short-term debt. Japanese firms project a lower level of net working capital. Japanese firms operate with about half as much equity as US firms. Japanese firms hold twice as much in long-term investments as US firms. Japanese firms reported lower inventory level; more accounts receivables and twice as much cash as US firms. Questionnaires were sent out to Japanese manufacturing companies operating in US. Executives from these Japanese-owned firms perform this survey to determine the companys working capital policies and practices. The data reverted back to researchers show that Japanese firms rated the most important objective of working capital management is to be providing current assets and liabilities in support of anticipated sales, while minimizing investments in current assets being the least important. Moreover, most of their short-term financing were sources from Japanese banks. In 1996, Jose, Lancaster and Stevens performed a research on the relationship of corporate returns and cash conversion cycle. This study examined the long-run equilibrium relationship between a measure of ongoing liquidity needs (cash conversion cycle) and measures of profita bility. Data collected were from the annual Compustat tapes, which covers the twenty-year period starting from year 1974 to 1993. There are altogether 2,718 firms which have complete data required. The variables were tested using nonparametric and multiple regression analysis, with the industry and size variable controlled. Richards and Laughlin (1980) and Emery (1984) had noted the constraints of using traditional financial ratios and believed in the liquidity management measures to reflect the ability of firms meeting their short-term financial obligations. Return on assets (ROA) and return on equity (ROE) measures are also included in this study to separate asset management and financing influence. Jose, Lancaster and Stevens concluded that there are key findings for ROA and ROE. These asset management returns and levered returns revealed an increase in performance and benefits. Shin and Soenan (1998) did a study to test the efficiency of working capital management to creat e profitability. They used a Compustat sample of 58,985 firms covering the period 1975 1994. The relationship between the length of net trading cycle, corporate profitability and risk-adjusted stock return was examined. Net trading cycle could be computed as below: Net Trading Cycle = (Inventory Turnover + Average Collection Period Average Payment Period) x (365 / Sales) The outcome of the study shows strong negative relation between the length of firms net trade cycle and profitability. They also considered that working capital efficiency increases profitability; there will be a negative relationship between net trading cycle and stock return. The examination of this relationship is done using the correlation and regression analysis, by industry and working capital intensity. In their study, it is mentioned that working capital is a result of the cash conversion cycle. Gentry, Vaidyanathan and Lee (1990) developed the weighted cash conversion cycle, which scales the timi ng by the amount of funds in each step of the cycle. On the other hand, Deloof (2003) said that this method could not be used due to incompleteness of information available for calculation. Liquidity ratios, such as current ratio and acid-test ratio, could not measure the working capital management efficiently due to reasons that these ratios include calculation of assets which are not readily available to be converted into cash and the ratios ignored the timing of cash conversion (Shin Soenan, 1998). In all, maximum working capital efficiency is an essential factor of total corporate strategy to create shareholders value. A research was done on the international working capital of multinational corporations by Dr. Hadley Leavell from Sam Houston State University. His journal was published in 2006. To enhance profitability of multinational corporations, Ricci and Di Vito (2000) suggested reducing the floating costs of time value, losses on outstanding accounts receivables, tr ansaction costs and foreign exchange conversion costs when moving cash between countries. However, the difficulty to overcome regulatory and geographical barriers may lead to a loss of control and payment regulations placed on cross-border cash concentration to maximize profitability. Regional Europe In year 2003, Deloof investigated the relation between working capital management and profitability of a sample 1,009 large Belgian non-financial firms between years 1992 1996. The cash conversion cycle was considered as the comprehensive measure for working capital, whereas gross operating income is the measurement for profits. There is the weighted cash conversion cycle modified by Gentry, Vaidyanathan and Lee in 1990, but was not applied by Deloof because of the limited information availability. Deloof related the correlation and regression analysis to his research to prove that there is a relationship between working capital management and profitability. Another research done in Europe is by Lazaridis and Tryfonidis in year 2006. They investigated the relationship between working capital management and corporate profitability of a sample of 131 companies listed in the Athens Stock Exchange. Data was collected from year 2001 2004. In this research, profitability was m easured through gross operating profit and cash conversion cycle. Lazaridis and Tryfonidiss research also established that larger companies are cash-management-focused with more credit sales, which led to cash flow problems. Smaller scale firms are more focused on stock management and credit management. Similar to Deloofs (2003) research, the cash conversion cycle is used to describe the effectiveness of working capital management in this study. Regression analysis used in this research showed a negative relationship between cash conversion cycle and profitability. Garcia-Teruel and Martinez-Solano (2007) were involved in a research to provide evidence about the effects of working capital management towards to profitability of Spanish small and medium-sized (SME) enterprises. Many previous researches are focused on larger form of firms. They collected a sample of over 8, 800 SMEs which covers the year 1996 2002 from the AMADEUS database. The selection was done in accordance t o the requirements by Europeans Commissions recommendation on the definition of SMEs. In fact, the current assets and current liabilities of their sample of SMEs proportion is the majority of total assets and liabilities available to the firms. They used the cash conversion cycle to measure the profitability of the firms on their research sample. Their study was supported by Deloof (2003), confirmed that firms can improve profitability by lowering outstanding accounts receivables and payables and inventories. A univariate analysis was conducted to determine differences in variables, followed by a multivariate analysis to determine working capital management on corporate profitability. Return on Assets ratio was set as the dependent variable to establish profitability. In the correlation matrix used, they found a negative relationship between their dependent variable (return on assets) with the number of days accounts receivables, days of inventory and days accounts payable. They con firmed that by shortening the cash conversion cycle, firms could improve profitability. Regional Others Hossain and Akon (1997) did a case study on financing working capital of Bangladesh textile mills corporations. This case study covers 40 public sector textile units under the ownership and administration of Bangladesh Textile Mills Corporations. The study covered a period of twelve years from 1982 1993. According to Hossain and Akon, well-known economists believed that current assets should be considered as working capital as the whole of it helps to generate profits. In their study, it shows that a vast amount of short-term finance was used in financing fixed and current assets to the extent of 100 percent. This caused a lower capability to earn profits, but increases the risk of insolvency. The aggressive working capital financing (using short-term funds to finance fixed assets) should be tamed in Bangladesh textile mills corporations to maximize profits, by resorting to long-term funds which are less costly. Methods used to test their hypothesis are through regression analy sis and comparing the calculation of financial ratios. Raheman and Nasr (2007) had done a research to prove the relationship between working capital management and profitability of Pakistani firms. A sample of 94 firms listed on Karachi Stock Exchange was selected. Firms are listed for a period of 6 years from 1999 2004. It was mentioned that an excess of current assets could lead to a firm realizing its return on investment. However, it was proven otherwise if firms have a shortage of current assets (Horne Wachowicz, 2000). The measurement of profitability used by Raheman and Nasr is the Net Operating Profitability. They used the regression analysis to assess their hypothesis. Their study includes data of regression analysis of cross-sectional and time-series data. The pooled-regression (constant coefficient models) type of panel data analysis was applied. They believe that increase in the cash conversion cycle would lead to lower profit generation (Shin Soenan, 1998; Delo of, 2003; Lazaridis Tryfonidis, 2006; Garcia-Teruel Martinez-Solano, 2007). Summary of Literature Review Author (Year) Market (Region) Evidence of Findings Kim, Rowland and Kim (1992) Japanese Manufacturers in US (USA) Objective of working capital management is to be providing current assets and liabilities in support of anticipated sales. Jose, Lancaster and Stevens (1996) Compustat (USA) Key findings in asset management returns and levered returns. Shin and Soenan (1998) Compustat (USA) Relationship between the length of net trading cycle, corporate profitability and risk-adjusted stock return. Leavell (2006) Multinational corporations (USA) International working capital and multinational corporations. Deloof (2003) Belgian non-financial firms (Europe) Application of cash conversion cycle. Lazaridis and Tryfonidis (2006) Companies listed on Athens Stock Exchange (Europe) Larger companies are cash-management-focused, Smaller firms are more focused on stock management and credit management. Garcia-Teruel and Martinez-Solano (2007) Spanish SMEs (Europe) Effects of SMEs working capital management towards its profitability. Hossain and Akon (1997) Bangladesh (Asia) Financing Bangladesh textile mills corporations. Raheman and Nasr (2007) Karachi Stock Exchange (Asia) Working capital management of Pakistani firms and its profitability. Table 2.1 Summary of Literature Review Conclusion Working capital is about establishing optimum liquidity position by effectively managing resources invested in day-to-day operations of the business. After studying the journals and researches done, it can be concluded that liquidity and profitability of firms was affected by the components and working capital management measures (accounts receivable, inventory and accounts payable).

Comparative Perspectives On Concepts Of Gender, Ethnicity...

Taili Mari Tripp’s essay Comparative Perspectives on Concepts of Gender, Ethnicity and Race articulates that within different countries exists two opposing types of feminism Difference feminism and Equality feminism. Tripp places each type of feminism in the context of different countries to measure their effectiveness and compatibility with the pre-existing political landscape and cultural attitudes. Difference feminism refers to a type of feminism that subverts ethnic, racial, and political differences in order to achieve a common agenda. Whereas Equality feminism, supposes that equality of both the genders individually is necessary for true equality. To support the dichotomy perpetuated by Tripp in her comparative analysis of Difference and Equality feminism, Tripp alludes to case studies and political events that were integral to feminist movements within particular countries. Tripp uses examples of peace negotiations in several African countries and the Ellen Johnson Sirleaf campaign in Liberia, to articulate the merits of political motherhood, a concept ingrained within Difference feminism. Moreover, Tripp uses a sociocultural analysis of Bolivia and various African countries to prove the existence of complementarity of gendered spheres of influence and gender roles within Difference feminism. Conversely, Tripp uses examples of the US Declaration of Independence to illustrate the political climate of the US that necessitated Equality feminism over Difference feminism.Show MoreRelatedStudent Athletes s Academic Self Concept And Academic Identity1144 Words   |  5 Pagessought to address and understand how the â€Å"dumb-joc k† stereotype influences a student’s academic self-concept and academic identity. Student-athletes have multiple identities while in college which can be influenced by stereotype threat. 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The 2nd Reich in Germany Rivaled Britain as Superpower of...

In 1871 the nation of Germany formed under the 2nd Reich. Soon after this German nation would begin rivaling the superpowers in Europe of the time. By the beginning of the 20th century, Germany under the leadership of its kaiser would challenge the British Empire for the top power in Europe. In 1914 Germany would throw its self into a war which would end in chaos for its people. The following years after brought hardships that would strike the new Weimar Republic, creating a breading ground for extremists groups. These extremist groups came from both ends of the political spectrum, and were able to push their ideas based on the fears of the middle and upper class, and the strife of the down and out working class. The party that would†¦show more content†¦The Second Reich was a militaristic society that taught order and obedience. Growing up in a militaristic society the average German was taught that to be a good German was to be a good soldier. With ideals like this it was easy for the military to gain favor among the masses. The military expansion was also used as a tool for power, glory, and expansion. Wilhelm II wanted Germany to have a policy of weltpolitik, or for Germany to be a world power. To do this he realized he needed a strong navy to colonize abroad. He sold the navy building as a national project that would benefit all Germans. By doing this he helped instill a stronger sense of national pride in the German people. He also wanted a possible expansion out east. The Naval League and the Colonial League were lobby groups created to pitch lebensraum to the people and push the naval project. Wilhelm II also thought about expanding east which would involve taking part of Russia. This part of his plan would be completed when the Russians dropped out of WWI due to revolution, all though the treaty to take this land wouldnt last long. By instilling extreme nationalism into the German people, the average German was on board with plans for nati onal power and expansion. During the time of the Second Reich attitudes of race and antisemitism started to flare in Germany. Racial overtones began to develop in Germany due to science. ThisShow MoreRelatedOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagescenturies are almost invariably years of little significance. But there is little agreement over when the twentieth century c.e. arrived, and there were several points both before the year 2000 (the collapse of the Soviet Union, the reunification of Germany, the surge of globalization from the mid-1990s) and afterward (9/11, or the global recession of 2008) when one could quite plausibly argue that a new era had begun. A compelling case can be made for viewing the decades of the global scramble for

Theory of Mille and Modigliani Free-Samples Myassignmenhelp.com

Question: According to Miller and Modigliani Capital Structure Choices affect a Companys real Investment Policy. Evaluate this Statement from a Modern Business Perspective with reference to relevant Academic Literature. Answer: Introduction The report presented below is on the basis of the study made for the capital structure of the company. The discussion of the structure that should be adopted by the company for better decision making in the investment policies is done. It is divided into three parts. The first part shows the concept of the term capital structure, the importance of debt-equity ratio, and the use of the same. The next part explains the ancient theory of capital structure presented by Miller and Modigliani is explained. It is explained that how the theory was made on some assumptions that are not relevant in the business environment in todays scenario. The comparison of the theory and the current working situations is discussed in the next part of the report. How is proper capital structuring required for better working of a company is explained in this part of the report. The report covers the possible aspects of explanation along with ancient theory of capital budgeting and its importance in the inves tment decision made by the companies. Concept Every company needs funds to grow over all and to incur their operational costs. Various funds are encouraged to raise these funds. The process of raising funds is different in different companies. The fund rising could be done by different combinations of equity share capital or debts. If the company opts the equity base revenue generation than the retained amount would be distributed proportionately to the shareholders by the way of dividend. If the company has a capital structure in which they had borrowed money from market then first preference will be of the repay such outstanding monies then the remaining amount is distributed among the shareholders (Andrikopoulos, 2009). According to the research made, it was observed that when the company opts for a ratio in which the proportion of debt is more than equity then the growth of the company will be maintained up to a certain level and after that the a point will come where the borrowing have to be included in the cost of the company and this will at the end reduce its market value. In the current scenario, considering the various expenses, it was suggested to invest the money that is borrowed from the market and retain its own money for further diversification (Yang, Chueh and Lee, 2014). Miller Modigliani theory of capital budgeting The theory of Miller Modigliani was given by two experts in the year 1950. This theory was based on the working conditions and assumptions of a perfect market scenario around. Certain assumptions which were a part of it are: No taxes paid by the companies There is no transactional cost in the buying and selling of the goods and services. There is no bankruptcy cost. There is similarity in the information that is available with the companies and investors. This means that the investors had complete knowledge of the internal affairs of the companies and will take the investment decision accordingly (Wong, 2015). The cost at which the borrowing are made from the market is same for everyone, be it a company or an investor (Brusov et al., 2011). The earnings before the interest and tax will not be effected by the capital structure in which there is more of debt ratio. According to them the valuation of any company is not relevant to capital structure. The theory further says that the company value is not dependent on what type of capital structure is opted. In fact if the company has higher growth vision and prospects the market value would be high. More shareholders would be attracted for investments (Cheng and Weiss, 2012). The theory worked on two propositions: It is observed in this theory that the market value of the company is not affected by the capital structure it applies. As there is an assumption that there are no taxes the structure of the company is of no use for the valuation. In a capital structure where the debts ratio is more than the equity, the risk of the equity holders increased which in return decreases the cost of debentures (Hung and Lin, 2014). Comparison with the current business perspective: It is discussed in the report that the theory of Miller Modigliani was based on some assumption which is not feasible in todays scenario. The working conditions now, make the theory irrelevant to be practically applied. The capital structure plays an important role in the investment decision of the company. As the capital structure makes the funds available for the companies for further investments. The debt equity ratio is to be properly maintained by the company (Lam, Zhang and Lee, 2013). If the company is debt oriented then arrangements have to be made to borrow the monies from the market at a reasonable rate of interest. The earning made from the application of the monies borrowed will be used first to payback the borrowed money. The situation of no tax, no transactional cost, no bankruptcy cost does and various other assumptions of the theory not exist in todays working environment. Hence, the theory stands irrelevant in the current working preferences (Magni, 2010). The capital structure is important to analyse the valuation of the company in the market. Conclusion During the research of for the preparation of the report it was observed that a structure which make the company capable of raising funds for investments from the available sourced is to be proportionately managed. The company can do the same opting for an equity oriented structure where the money invested in the operational cost is of the shareholders of the company, or can borrow the same from the market as well. It is also observed that in todays scenario the theory of Mille aad Modigliani stands irrelevant as the assumptions does not prevails today. The concept of which the theory was built cannot be practised in the business working preferences today. References Andrikopoulos, A., 2009, Irreversible investment, managerial discretion and optimal capital structure. Journal of Banking and Finance, vol. 33, no 4, pp 709-718. Brusov, P., Filatova, T., Orehova, N., Brusova, N., 2011, Weighted average cost of capital in the theory of ModiglianiMiller, modified for a finite lifetime company. Applied Financial Economics, vol. 21, no 11, pp 815-824. Cheng, J., Weiss, M., 2012, Capital Structure in the Property-Liability Insurance Industry: Tests of the Tradeoff and Pecking Order Theories. Journal of Insurance Issues, vol. 35, no 1, pp 1-43. Hung, Chen, Lin., 2014, The relationship with REITs and bank loans: Capital structure perspectives. Finance Research Letters, vol. 11, no 2, pp 140-152. Lam, S., Zhang, W., Lee, R., 2013, The Norm Theory of Capital Structure: International Evidence*. International Review of Finance, vol. 13, no 1, pp 111-135. Magni, C., 2010, Residual income and value creation: An investigation into the lost-capital paradigm. European Journal of Operational Research, vol. 201, no 2, pp 505-519. Wong, K., 2015, A regret theory of capital structure. Finance Research Letters, vol. 12, p 48. Yang, G., Chueh, H., Lee, C., 2014, examining the theory of capital structure: Signal factor hypothesis. Applied Economics, vol. 46, no 10, pp 1127-1133.