Challenging the Identity of the Family in What Maisie Knew by Henry Jam

Testing the Identity of the Familyâ in What Maisie Knew  â â In spite of the fact that Henry James didn't limit himself solely to the extent of artistic subjects confronting America, in his novel What Maisie Knew, he did challenge the changing personality of the cutting edge family.  At the turn of the century, the elements of the family establishment turned into a significant topic in American writing because of such issues as the expanded social versatility of the mechanical age, the new rising autonomy of ladies, and an advanced view that fit testing tradition.  For a significant number of James' counterparts, Edith Wharton, for instance, an associate and companion of James, this topic turned into the focal point of works like The Other Two.  In this work, the new circumstances confronting the family show themselves through the focal operator of the youngster, who remains the concentration for carrying these conditions to light.  While the kid never enters the activity of the story, she turns into the impetus that realizes the grown-up encounters that shape, not fundamentally to improve things, the character of the family.  In James' tale, in spite of the fact that set in Europe and planned to introduce an outrageous case, a similar kind of circumstance remains.  The center for this work, be that as it may, focuses on the brain science of the child.  James demonstrates progressively inspired by the impact that the elements of the cutting edge family have on the kids than on the issues themselves.  The circumstances that the individuals from Maisie's family make drive her into various jobs that strip the blamelessness of her childhood and rapidly acquaint her with the degenerate truth of adulthood.     Although Maisie must experience circumstances that, from the start, are evidently outside her ability to control, she quickl... ...lues given by the storyteller and the other characters in the novel, just as Maisie's own activities, we can follow her comprehension and her capacity to influence her circumstance all through the novel. Her own comprehension Maisie never altogether uncovers until the finish of the novel, yet we can see that she merits more credit than she gets. What Maisie Knew. Ricks, Christopher (ed. what's more, introd.). New York, NY: Penguin; 2010.

Case of Gamescorp Plc-Free-Samples for Students-Myassignmenthelp

Question: Dissect the Difference among China and Europe. Answer: Presentation Gamescorp plc is a PC programming store situated in the United Kingdom with a high development rate. The association sells limited PC games and comparative items. Physical shops of Gamescorp are running effectively in Paris, Milan and Berlin since three years and in the wake of picking up force in business Gamescorp plans to embrace an extension methodology in different pieces of the world. Gamescorp plans to open retail outlets in China. In any case, the association has concluded that in China the physical stores will have a great deal of closeness with the stores previously settled in the United Kingdom. Social Difference among Europe and China In Europe correspondence is unequivocal or direct. The Europeans express their genuine thoughts and receive a verbal correspondence style with less non-verbal signs .The Chinese once in a while talk straightforwardly. They don't come to the heart of the matter. In conferences, Chinese utilize formal and backhanded language. Correspondence style in China is induced or suggested and unpretentious. More non-verbal signals are utilized in correspondence style. They center around picking up trust; they uncover their expectations simply after solid business connections are created. Individuals holding senior situations in associations by and large talk during conference in China and all inquiries ought to be coordinated to the seniors. The Europeans esteem opportunity and follow autonomous dynamic methodologies, though in China congruity and strength are esteemed and dynamic procedure is bunch situated. In business connections, the Europeans are very shallow. They offer need to productivit y and business connections are authoritative in Europe, though in China business connections are based on trust. The Chinese put stock in building long - term business connections and create connections at an individual level before directing business. The Europeans center around momentary objectives, in actuality, the Chinese spotlight on long haul results. The Europeans think per quarter while the Chinese think years ahead(Brewster, 2008).The Europeans are high daring people though the Chinese culture attempts to stay away from dangers. The dynamic procedure in Europe is quick, arranged and proactive and disseminated authority is utilized in dynamic procedure. In China the dynamic procedure is moderate and hasty; by and large administrators settle on an official choice. The Europeans by and large regard riches, accomplishment and achievement though the Chinese individuals have high regard for astuteness and status. The point of view or thinking style in Europe is guided by rationa le. Europeans are commonly diagnostic while the manner of thinking of Chinese individuals is all encompassing and instinctive. Individuals in China think about the comprehensive view and their however procedure is explicit to a specific circumstance. In European culture, promptness is of vital significance though in Chinese culture times for arrangement are adaptable. The Europeans are commonly factious and verbal while dealing with clashes however individuals of China think that its hard to state no and they use non-verbal cues(Chan, 2012). The way of life of a nation decides the qualities that are drilled in work environment. Educator Geert Hofstede considered 5 elements of culture that can impact the working environment estimations of various nations. These five measurements are power separation, Individualism Versus Collectivism, Masculinity Versus Felinity, Uncertainty Avoidance and Long-Term Versus Short-Term Orientation. Key social distinction among China and Europe Force Distance China scores 80 on Power Distance Index (PDI). This implies in China there is considerable force separation between in the middle of subordinates and bosses in China. The European nations exhibit variety in this score. Nations like Ireland, Denmark, Austria, and the United Kingdom have a low force separation score and nations while nations like France and Romania score 68 and 90 on power separation (PDI). Independence/Collectivism (IDV)- China scores 91 on IDV , the Chinese culture is considerably more collectivistic. Gathering believing is empowered in China and choice is made with an agreement of gathering individuals instead of individual dynamic. Greater part of nations follow an individualistic culture in Europe however there is variety in this social measurement, for example, the United Kingdom scores 89 on IDV measurement while Spain scores 51. Manliness/Femininity (MAS) - China positions 66 on MAS measurement. The Chinese culture and individuals are exceptionally determined by accomplishments, rivalry and achievement. Individuals in China like to work and offer significance to needs identified with work than investing energy with families. Vulnerability Avoidance (UAI) China scores 40 in Uncertainty Avoidance (UAI) measurement. This implies Chinese follow an organized methodology and system, rules and guideline to maintain a strategic distance from vulnerability. Be that as it may, the Chinese are not threatened by dubious circumstances and are eager to grasp changes as per the questionable situation(Shen Y. D., 2015). Long haul/Short-Term Orientation (LTO) - China scores high on long haul direction (LTO).The 118 LTO score of China unmistakably mirrors that the Chinese individuals practice diligence and ingenuity to achieve objectives. The Chinese spotlight on consequences of long haul as opposed to concentrating on transient objectives. The exchange procedure in China is tedious. The Chinese individuals accept to pick up trust and incorporate connections before drawing in with a business deal(Hofstede, 1983). The Effect of Cultural Difference on Business Relations From the investigation of the Hofstedes Cultural Dimension, it tends to be obviously comprehended that there is critical social distinction among China and Europe. This social distinction will cause contrast in fundamental beliefs, mentalities and way of life of individuals of China and Europeans(Taylor, 2007). In this manner, the style of working together in China will be totally not quite the same as that of Europe. Subsequently Gamescorp Plc. requirements to consider the social contrast among China and Europe while setting the Human Resource Management Practices for its product store in China. The enlistment arrangements and practices for selecting neighborhood staffs of China in the product store of Gamescorp Plc. will be considerably administered by the social estimations of China which is not quite the same as that of Europe(Chan, 2012). The Organization Orientation In ethnocentric staffing, individuals who have a place with a similar nationality as the parent Company are picked as a piece of the parent Company. In polycentric associations, the workforce is recruited from the host nation. In geocentric associations, worldwide goals just as nearby destinations are met. Gamescorp plc needs the corporate culture of its product store in China to have similarity with the product stores of the nation of origin United Kingdom. The physical proof of the stores are relied upon to be spread out and enriched in agreement to the effectively settled corporate style. The loads of the stores will have comparative sort of stocks as the stores present in the United Kingdom. The solid corporate character which is as of now settled will be kept up any place a store of Gamescorp Plc is opened (Hofstede, 1983). Since, the loads of the store in China and the physical proof of the store is intended to have similarity with that of the store of the nation of origin of Gamescorp plc., the association is excited about embracing ethnocentric methodology. Associations receive ethnocentric way to deal with actualize a more tightly control for its auxiliaries and to have a bound together corporate culture. In ethnocentric methodologies, the center abilities of Gamescorp plc will be moved to its nation of origin China and since the Chinese auxiliary should consent to the destinations and techniques of the nation of origin, a great usage of value factors are normal in ethnocentric methodology. Be that as it may, if Gamescorp plc embraces the ethnocentric methodology in China without thinking about the social estimations of the Chinese populace, it may prompt lower profitability, higher disappointment and turnover in the product store in China.(Schneider, 1988) In the event that Gamescorp plc embraces a polycentric direction for its product store in China, at that point there will be a wide social hole between its store of the United Kingdom and the store of China. In this way a polycentric approach will prompt blunder, lower purpose of control and management and there may be a drop in nature of stocks conveyed to clients. Subsequently, the brand estimation of Gamescorp plc will be in danger if polycentric approach is embraced. Geocentric direction will best suit the goals of Gamescorp plc. The association needs its solid corporate personality which is as of now settled in the nation of origin to be embraced in China. The physical likeness and the loads of the store of China will likewise have similarity with that of the nation of origin. Be that as it may, for employing arrangements Gamescorp plc should recruit directors and nearby staffs both from home nation just as host nation. The aptitudes, information and capacities required for a specific activity position ought to be filled by capable supervisors and staffs regardless of the nationality.(Shen J. , 2004).Gamescorp plc ought to embrace a geocentric direction in light of the fact that the association needs to employ neighborhood Chinese directors who will have the option to recommend the administration of the association about the social approaches of China which will decide the human asset strategies of that Gamescorp plc will receive in China. Addit ionally, language is an incredible hindrance among Chinese and Europe. The enrollment and determination board of Gamescorp plc in China ought to have adequate Chinese directors who will have the option to speak with nearby Chinese staffs in their native language and will comprehend their brain research superior to an European chief. The nearness of Chinese chiefs will help, all things considered, in eye to eye meetings of the nearby Chinese staffs. This is conceivable in a ge

Borderline Personality Disorder and Emotion Regulation

Borderline Personality Disorder and Emotion Regulation More in BPD Diagnosis Treatment Living With BPD Related Conditions Many people with borderline personality disorder (BPD) experience intense emotions. In the Diagnostic and Statistical Manual of Mental Illnesses, 5th edition (DSM-5), the reference manual healthcare providers use to make a diagnosis, many of the symptoms of BPD relate to emotion regulation issues.   What Is Emotion Regulation? Emotion regulation is a fairly complex combination of ways in which a person relates to and acts on his or her emotional experiences. This includes: Your ability to understand and accept his or her emotional experiencesYour ability to engage in healthy strategies to manage uncomfortable emotions when necessaryYour ability to engage in appropriate behaviors when distressed People with good emotion regulation skills are able to control the urges to engage in impulsive behaviors, such as self-harm, reckless behavior or physical aggression, during times of emotional stress. Example of Emotion Regulation vs. Dysregulation For example, if someone  who does not have BPD goes through a breakup, she likely feels sad and maybe a bit depressed but is still able to control her emotions and carry on with her routine. Shell still attend class or go to work. However, someone with BPD lacks the ability to regulate emotions appropriately.?? If he goes through the same situation, he may become depressed to the point of not functioning, such as engaging in destructive or violent behaviors or impulsive activities like promiscuity. BPD and Emotional Issues In the criteria for diagnosing BPD, the majority include issues with emotions. Some of these include: Quickly Changing Mood Swings and Irritability: People with borderline personality disorder have issues managing moods and expressing emotions,?? leading to intense anxiety and irritability. Mood swings can be intense as well as rapid. The anxiety and irritability may interfere with normal activities such as working on a job or even caring for yourself. Others may have trouble being around you during these episodes for a number of reasons, thus  harming your relationships.Feelings of Emptiness: Those with BPD often experience chronic feelings of emptiness. They will engage in all sorts of activities to try and fill the void, without any effect.?? Regardless of how many friends and loved ones they have, they often feel alone and sad. BPD can, in essence, begin a vicious cycle. Problems regulating emotions can lead to loss of friends. Loneliness, in turn, can worsen the ability to regulate emotions, and the feeling of isolation can interfere with your motivation to learn to regulate you r emotions.Difficulty Controlling Anger: Along with intense mood swings comes intense anger, seemingly out of nowhere. Slight inconveniences or slights can trigger rages in those with BPD, potentially leading to destructive or violent behaviors.??Paranoia and a Fear of Abandonment: Individuals with BPD often are afraid of being alone or rejected, causing intense paranoia.?? That can cause them to act obsessive and constantly seek reassurance. Unfortunately, many of the behaviors which result from a need for reassurance  can lead people to push someone with BPD further away. With difficulty regulating emotions, if you have BPD, you may experience difficulty coming down from anger or relaxing feelings of rejection. You may lack the ability to regulate your emotions appropriately, causing disruptive behaviors. This can have a negative impact on your relationships, including with your significant other, friends and family. Managing Your Emotions When You Have BPD While BPD can make emotion regulation difficult, it is not impossible to learn this skill and recover from BPD. If you struggle with BPD and emotions, you may want to consider seeing a therapist specializing in borderline personality disorder who will have a better understanding of the origins which lead to your emotional struggles. Together, you can work on strategies to help regulate your emotions. Types of psychotherapy which have been found particularly helpful for people with BPD include cognitive behavioral therapy  and dialectical behavior therapy.?? There is a lot to be gained from therapy. You will learn appropriate reactions and skills to manage your mood swings. Over time, your emotion regulation will improve, helping you in your interpersonal relationships and daily life. In addition to therapy, there are several self-help strategies for BPD which can further improve your ability to manage your emotions.?? Bottom Line As noted above, emotion regulation plays a large role in many of the symptoms of BPD, but this does not mean that you will need to live with these symptoms forever. Newer studies are finding that, for those who are motivated, therapy can make a large difference which can, in turn, affect nearly every area of your life in a positive way.?? With continued therapy with a medical professional, recovery from BPD is possible. The 9 Best Online Therapy Programs

Units of Analysis as Related to Sociology

Units of analysis are the objects of study within a research project. In sociology, the most common units of analysis are individuals, groups, social interactions, organizations and institutions, and social and cultural artifacts. In many cases, a research project can require multiple units of analysis. Overview Identifying your units of analysis is an important part of the research process. Once you have identified a research question, you will have to select your units of analysis as part of the process of deciding on a research method and how you will operationalize that method. Lets review the most common units of analysis and why a researcher might choose to study them. Individuals Individuals are the most common units of analysis within sociological research. This is the case because the core problem of sociology is understanding the relationships between individuals and society, so we routinely turn to studies composed of individual people in order to refine our understanding of the ties that bind individuals together into a society. Taken together, information about individuals and their personal experiences can reveal patterns and trends that are common to a society or particular groups within it, and can provide insight into social problems and their solutions. For example, researchers at the University of California-San Francisco found through interviews with individual women who have had abortions that the vast majority of women do not ever regret the choice to terminate the pregnancy. Their findings prove that a common right-wing argument against access to abortion--that women will suffer undue emotional distress and regret if they have an abortion--is based on myth rather than fact. Groups Sociologists are keenly interested in social ties and relationships, which means that they often study groups of people, be they large or small. Groups can be anything from romantic couples to families, to people who fall into particular racial or gender categories, to friend groups, to whole generations of people (think Millennials and all the attention they get from social scientists). By studying groups sociologists can reveal how social structure and forces affect whole categories of people on the basis of race, class, or gender, for example. Sociologists have done this in pursuit of understanding a wide range of social phenomena and problems, like for example this study that proved that living in a racist place leads to Black people having worse health outcomes than white people; or this study that examined the gender gap across different nations to find out which are better or worse at advancing and protecting the rights of women and girls. Organizations Organizations differ from groups in that they are considered more formal and, well, organized ways of collecting people together around specific goals and norms. Organizations take many forms, including corporations, religious congregations and whole systems like the Catholic Church, judicial systems, police departments, and social movements, for example. Social scientists who study organizations might be interested in, for example, how corporations like Apple, Amazon, and Walmart impact various aspects of social and economic life, like how we shop and what we shop for, and what work conditions have become normal and/or problematic within the U.S. labor market. Sociologists who study organizations might also be interested in comparing different examples of similar organizations to reveal the nuanced ways in which they operate, and the values and norms that shape those operations. Cultural Artifacts Sociologists know that we can learn a lot about our society and ourselves by studying the things that we create, which is why many of us cultural artifacts. Cultural artifacts are all the things that are created by humans, including the built environment, furniture, technological devices, clothing, art and music, advertising and language--the list is truly endless. Sociologists who study cultural artifacts might be interested in understanding what a new trend in clothing, art, or music reveals about the contemporary values and norms of the society that produces it and those who consume it, or they might be interested in understanding how advertising might impact norms and behavior, especially in terms of gender and sexuality, which has long been fertile ground for social science research. Social Interactions Social interactions also take a wide variety of forms and can include anything from making eye contact with strangers in public, purchasing items in a store, conversations, engaging in activities together, to formalized interactions like weddings and divorces, hearings, or court cases. Sociologists who study social interactions might be interested in understanding how larger social structures and forces shape how we behave and interact on a daily basis, or how they shape traditions like Black Friday shopping or weddings. They might also be interested in understanding how social order is maintained. Research has shown that this is done in part by intentionally ignoring each other in crowded public spaces.

Personal Statement My Family - 957 Words

There are many aspects of this picture that tell you a story about my family. First, and probably the most obvious, is that we enjoy spending quality time together during sporting events. Whether its a third grade baseball game, high school football game, or a professional NHL game, sports are a way that our family communicates. This picture was during one of the NHL games we went to in Boston. A big part of all my family members childhoods included competitive sports, so its something we all find common ground on. Part of the reason for this is because we are not huge talkers. You will never find my family sitting around chit-chatting for hours, that just isn’t our personality. We talk and communicate better when there is something to watch and engage with. This is especially true with the male figures in my family. This picture was taken when I was home for a weekend while I was in my undergraduate studies. I was in the middle of my nursing clinical s, and it was a stressful time for me because it was my first taste of â€Å"real life†. I was very stressed, and taking a weekend off and going to a mindless sporting event was something I needed at that time. I can still remember feeling conflicted between the stages of of adolescence and adulthood. I was happy to have a weekend where I was an adolescent. When you look at the members in the picture you see my mother, father, and brother. We are what you consider a nuclear family. My mother has a bubbly personality. She is veryShow MoreRelatedPersonal Statement : My Family907 Words   |  4 PagesMy Home Friends are like family that you are able to choose. I never understood the truth that statement held until i met the group of people I now consider to be my best friends. For years i spent a lot of time by myself. Most of my friends were acquaintances that I only spoke to at school. As a nervous fourteen year old, high school was a lot of things in my head. Most of all it seemed lonely. My biggest fear was being all alone. Little did I know that I would acquire a bunch of loud goofballsRead MorePersonal Statement : My Family1272 Words   |  6 Pagesperfectly happy on my own, just me, myself, and I. The only person I ever had to be concerned about was myself. My parents were just about always busy, and I sometimes even had to spend my days at my mom’s work office. Dad was always doing something and worked late. I had a good group of friends, and they were all I needed, right? But once my family adopted a little boy, I was never alone. I learned more about the meaning of fam ily. As soon as that little boy was part of my family, I as a person, changedRead MorePersonal Statement : My Family1082 Words   |  5 PagesI have been feeling a combination of emotions after hearing some very interesting news from my family. I feel is confusion of being shocked, upset and excitement which I share with my siblings or my wife. I wonder, is this true? How could it be? We were one big happy family, but now I don’t understand. My siblings and my wife all have provided me comfort, which has been very helpful. I was the youngest of seven; with five sisters and one brother. Now, I find out I have two brothers. I grew up beingRead MorePersonal Statement : My Family1272 Words   |  6 Pagesperfectly happy on my own, just me, myself, and I. The only person I ever had to be concerned about was myself. My parents were just about always busy, and I sometimes even had to spend my days at my mom’s work office. Dad was normally always doing something and worked l ate. I had a good group of friends, and they were all I needed, right? But once my family adopted a little boy, I was never alone. I learned more about the meaning of family. As soon as that little boy was part of my family, I as a personRead MoreMy Personal Statement On My Family915 Words   |  4 Pagesstart from my roots, which is my family. They have shaped me in more ways than one, from making me a strong person by constantly testing my sensitive points, to helping me pave a better path in life by teaching me not to make the same mistakes they did. They have impacted my life, not only mentally, but physically as well. They gave me help I needed, even when it was unwanted, and without that I wouldn’t be the southern, social, and sweet Sarah I am today. Just as my family has shaped my life sociallyRead MoreMy Personal Statement On My Family924 Words   |  4 PagesMy family has always been supportive of my actions, which I believe has helped influence my behavior. My mo m is my number one supporter. It is learning from her that has shaped my continued academic pursuit despite my grief. I have a hard time making decisions and majority of the time I relay on my family to help me make decisions. My mother has always taught me to be my own person. This means to think, speak, and act unique. I have lived by this saying for many years. As a child growing upRead MoreMy Personal Statement On My Family1000 Words   |  4 Pagestraits are essential to becoming a multifaceted person. My family has assisted in my growth and thought process over the years. It is a privilege to have such a group of knowledgeable individuals accessible to me. My family has given me the discernment of encouragement, financial management, and spirituality. My mother has always been supportive of all my endeavors. I was taught from an early age that I could achieve all of my desired goals. My intentions needed to be pure and a fresh perspectiveRead MorePersonal Statement : My Family2660 Words   |  11 Pagesis. Although some things have changed and it’s not like before, I still love my father. There was a tragic event that took place in my family’s life; it affected me and made me a different person after that incident. I have learned that going through hard times makes you stronger, and I want to let people know that giving up should not be an option or choice in our life. I have realized the importance of my family in my life because they are the only ones who are there for us till the end. We allRead MoreMy Personal Statement On My Family2150 Words   |  9 Pagesespecially true to me. I would not be who I am today without my family, experiences and relations that I have made throughout the years. Those influences a lso contribute to who they want to be and what they want to do in the future. From family to friends to culture to experiences, I believe that my past and present have and will deflect or project me into my future. My family has been a major part of my life by influencing key portions of my life. Financial issues, morals, responsibilities, and rudimentaryRead MorePersonal Statement : My Childhood, Adventure, And Quality Family Essay1389 Words   |  6 PagesThroughout my childhood, my mother made an effort to cultivate my interests and hobbies. Despite being impoverished, particularly after her divorce when I was five, she sought out opportunities to camp, travel, and educate me. She read me stories before bed every night, and strived to maximize the time we spent together. This young exposure to expedition, adventure, and quality family time promoted within me my most positive, deeply rooted characteristics. I am curious and independent; I need to

Leading to the Modern Woman Free Essays

I have read numerous things that say men are the superior gender but after all of this research and learning the stuff that I have, I think that women are the superiors. Women have learned to overcome a lot of obstacles through the years and have come out for the better. We are still improving the rights of women, we have come a long way and will keep moving forward. We will write a custom essay sample on Leading to the Modern Woman or any similar topic only for you Order Now Neal, R. S. Working -Class Women and Women’s Suffrage Labor History, No. 12 (May 1967) up. 16/34 ASTOR database) This Journal entry talks about the emancipation of women. The Journal states that historian says â€Å"It was during the industrial revolution moreover, and largely one because of the economic opportunities it afforded to working-class women, that here was the beginning of that most important and most beneficial of all social revolutions of the last two centuries, the emancipation of women. † I think this Journal will help with my paper because women found a way to get over the obstacles in their lives and being emancipated was one of the first obstacles. Tyler-McGraw, Marie, Parlor Politics: Women and Reform. 890-1925, Page 260 of 260-264 ASTOR database) The Journal of American History, Volvo 78, No. 1 None, 1991) This Journal is about and exhibition at the Smithsonian Museum. This exhibition links female dominated areas such as the parlors, tenement rooms, and the talented houses. This exhibition is good for my research because it covers the thirty-five year period of women reform. Johnson, Karen A. The Journal of African American History, Volvo. 91, No. 1. The African American Experience in the Western States (Winter, 2006) up 4-22, Undaunted Courage and Faith: The lives of Three Black Women in the West and Hawaii in the Early 19th Century. ASTOR database) Three African American women are written about in this article. These three women talk about how African American women participated in movements for politics, ideological and social currents. They also talk about how this changed lives for African American people and other westerners. I chose article for one of my references because I think African American women had a rough life. When they were able to move onto their own land and prosper, they showed spunk and showed they were not giving up. Golden, Claudia, D. The Role of World War II in the Rise of Women’s Employment, The American Economic Review, Volvo 81, No. 4 (Seep, 1991) up 741-756 ASTOR database) I found this article interesting. It talks about the sass’s is the break with the past that war actually women needed. A lot of women that entered the work force during the stopped working at the conclusion of the war. There are some statistics in this article that I also found interesting in my research McCarty, Mary A, A Strange Stirring: The Feminine Mystique and American Women at the Dawn of the asses by Stephanie Cocoon (review) Journal of Social History, Volvo. 6 No. 4 summer 2013, up 1068-1070 This Journal is a review of the book The Feminine Mystique by Betty Friedman. The book talks about â€Å"the problem that has no name†, the beliefs that undermine women’s intellectual capabilities and kept them in the home as housewives. Friedman wrote this book in a time when the average woman first married in her t eens and if they were in school 60 percent of them dropped out to marry. I find this book a good reference because it talks about an important part of women’s history. This is the 50th anniversary of this book, I am going to the library tomorrow to find it. I think it will be interesting to see how she wrote about it all and how times have changed. Patton, June O. Review: Essay Review l: African American Women, Civil Rights and Black Power, Sisters in the Struggle: African American Women in the Civil Rights- Black Power Movement by Betty Collier-Thomas, V. P. Franklin ASTOR database) This is a review of the original article (l am looking for it tomorrow at the library well). It explores the civil rights activities of black women’s organizations before 1950. There are several African American women covered and I find that they are influential to our history. Atwater, Deborah, F. Editorial: The Voices of African American Women in the Civil Rights Movement, Journal of Black Studies, Volvo 26 No. 5, Special Issue: May 1996, up 539- 542 I picked this article in my research because I think that learning about our history room people that actually experienced it is the best way to learn it. How to cite Leading to the Modern Woman, Papers

Critique of Confronting Child Sexual Abuse Essay Example For Students

Critique of Confronting Child Sexual Abuse Essay I believe the film Confronting Child Sexual Abuse enlightened myself on the service of CPS. To be a social worker you need to be able to deal with stress and to be able to leave the job at work when you go home. The case manager is responsible to assure that all the medical and educational needs of the child is meet. The case worker spends 40-50% of their time out in the field. The top priority of the social worker is to keep the parent and child together as long as the parent can get help to keep the child safe. Both the parent and the child need therapy. The parent needs it because now they are a parent of a child with special needs. Non-abusive parents sometimes see therapy as a sign of weakness. The social worker needs to see changes in the family. They want to see that the non-abusive parent is available for the child. If the non-abusive parent gets therapy they can learn the signs of sexual abuse. Children are taken out of the home if there is risk to the child to stay at home. They want the family to stay together if possible. Foster parenting is very hard responsibility. The foster parents have to sometimes deal with aggressive acting out, extreme depression, sexual acting out and sexualized behavior. After what the child has been through this is normal behavior. The social worker must assets to see if the child is safe to go back home. Try to make the social worker and the parent a team working on the behalf of the child.My general impression of the film was that it was very one sided. I believe it is important to learn the side of the social worker but I also believe it should express the side of the family and the child.

Recycling Should Be Mandatory free essay sample

Have you ever wonder what can you do about the bottles and cans you find around you? People that don’t care about the world being clean are littering the place. It makes things very difficult to put up for. Recycling cans and bottles can help save the earth form waste and trash build up and can make new things that why recycling should be mandatory and there should be recycling cans in various locations at school and everywhere else. Recycling should be mandatory because recycling can help to keep our planet clean in many ways. First, recycling saves trees. This critical fact, one of the first environmental lessons many children learn, cannot be overstated. Half the Earths forests are gone, and up to 95 percent of the original forest area in the U. S. has been cut down. In addition, recycling protects wildlife habitat and biodiversity. Using recycled materials reduces the need to chop down, extract, process, refine and transport natural resources such as timber, crude petroleum and mineral ores. We will write a custom essay sample on Recycling Should Be Mandatory or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As a result, destruction of forests, wetlands, rivers and other places essential to wildlife is also reduced. One more fact, that recycling lowers the use of toxic chemicals. Making products from already refined waste materials reduces and often avoids altogether the need for manufacturers to use toxic chemicals, essential when using virgin materials. Recycling helps curb climate change . Using recycled materials cuts down on the energy used in the manufacturing process, dramatically reducing emissions of greenhouse gases and other air pollutants. Recycling stems the flow of water pollution. Making goods from recycled materials generates far less water pollution than manufacturing from virgin materials. Turning trees into paper uses more water than any other industrial process in the U. S. , dumping billions of gallons of wastewater contaminated with pollutants such as chlorinated dioxin each year into rivers, lakes and streams. Paper recycling mills do not pollute the water nearly as much, and usually use less of it. In addition, some recycling plants use treated wastewater for the manufacturing process. I think that recycling is giving back to the resource pool of the planet. Each item has energy. When you recycle, the energy is reused. If you do not recycle, e. g. a drinks can, that energy that could be had is lost, and so more energy must be expended to make more. I believe that if you wish to continue living on the planet comfortably, recycling is not optional. In time to come we will look back and think it crazy that we did not recycle everything. If something cannot be recycled, it should not even be made!

Fast food Research Paper Example

Fast food Research Paper Example Fast food Paper Fast food Paper Describe In-N-Out in terms of the value it provides for costumers Costumers find valuable In-N-Out food because of the quality of the food and service that they receive. They find a valuable experience going and buying a Hamburger, Fries and Shakes. Having a small menu can be helpful for the employees as they can learn quickly and perform better. Having one of the best costumer services, In-N-Out enjoys a pretty high value for costumers, consumers often compare benefits VS. cost ND they found multiple benefits and a low cost in this establishment. Aside of having a great value, In-N-Out maintains great customer satisfaction meeting the expectations and creating loyal costumers upon their fast-food restaurant. As costumers leave satisfied by their meal, they create Like a chain of Information In where, the costumers tell others to try this addling room. We can say that In-N-Out enjoys a Value of Great deal of benefits at a Low price. For example: Their meat Is 100% pure and fresh beef. Other restaurants include additives, fillers or restoratives to their meats, which causes a great advantage and/or benefit for In-N- Out. In-N-Out service is considered one of the best, according to various websites such as Yelp. Com and Trapdoors. 2. Evaluate In-N-Cuts performance relative to costumer expectations. What is the outcome of this process? The In-N-Cuts is a strategically plan design for In-N-Out to have less stores in specific places. : By having fewer stores to take care, In-N-Out can focus on their logo Quality you can taste. As the others companies expand their businesses, the more In-N-Out remains with the name kind of quality, services and products. Thats why they are at the top of the pyramid, costumers really Like their services. By having fewer stores they keep their costumers craving for their hamburgers, which, when they have It they meet their expectations and beyond satisfaction. By policy, a new store can be opened if a well- trained staff is produced and also if they have distribution centers around. Because of the good products and services they dont have to spend that much in advertisement. They clients do that Job for them without even paying them because hen a costumer leaves happy then he or she tells friends to go and try. Also, various celebrities have been seen taking orders there and going with their friends. When prospective-costumers hear about In-N-Out they hear all good comments and that makes them desperate to taste and go the restaurant, they have set a high expectation for this establishment because of comments. When they get there they see, taste and confirm these expectations. So I think It Is a good strategy to have a few establishments because It keeps them focus on their slogan, Quality that you can sate, which others stores forget In order to get more money. Dont think In-N-Out should get a high-growth strategy because, as they say, they keep breaking the rules. First of all, they have fresh and good quality meals which is like their first commandment. They make sure that: their meat is not frozen, their vegetables are hand-sliced and their shakes are made of real ice cream. Which is nearly hard for other companies who are practicing the high-growth strategy because they have so much to think about that they lose that freshness in their products. Second, they train capable and enthusiastic people to work as an employee; they give them a lot of rewards to keep them happy. In-N-Out follows a simple formula: Happy and motivated employees = Loyal and satisfied costumers. Imagine they were like KICK In-N-Out establishments all around the world, it would be hard to give employees the kind of rewards they are giving them now, such as Full paid vacations to Europe or Full benefit packages. Following the formula that I mentioned before, Sad, angry and UN-motivated employees= unsatisfied costumers. Third, it keeps the costumers wanting and craving more. So its for sure that when costumers are going to a trip to where there is an In-N-Out store, the local is the first thing to do on the list. This is Just an example of what kind of loyal costumers they have. Their costumers have to travel all the way from other state to buy a hamburger, and by a hamburger I dont mean any hamburger but a really great one. If there was a hundred In-N-outs maybe people will get bored of buying the same thing every day and one day they are not going to buy them anymore. So better keep them wanting more and more. Fourth, they dont have to spend millions of dollars in advertisements. Thats only because they have stick to their beliefs, quality of the food and services. Costumers without asking would definitely go to their neighbors house and talk wonderful things of In-N-Out food and services. Thats only because they make sure to train their staff and make sure everything is fresh. 4. With so many customers drawn in to In-N-Out no change philosophy, why don t more burger chains follow suit? Other burger chains dont follow this philosophy because they think that by expanding their menu they are able to attract more people to their restaurant, also because they believe in innovation. I think, as a costumer, that if I go too restaurant I like certain dish I would be likely to go again to that restaurant because of that dish and if that dish is no longer available in the restaurant then I wouldnt come back. Burger chains, such as McDonalds or Burger King started with a small menu but as the time passed they had more money to create and expand their menu. When they expanded their menu they started paying more for more ingredients and appliances, which might have produced deterioration in quality. In the other hand, In-N-Out maintained their menu keeping the quality of their ingredients up. It could be that these burger chains that expanded their menu, enlarged its menu because of the demand that the restaurant had. By having more locals all around the world you could attract more people. For example, McDonalds in Panama have this Tuesdays Depict that McDonalds USA does not have. This obviously attracts more Panamanian people to buy their national breakfast. By having this kind of burger chains by the corner of your house its more likely for you to buy them even though you will like to eat In-N-Out, only because their restaurant

Proportional Representation Essay Example | Topics and Well Written Essays - 1250 words

Proportional Representation - Essay Example It took different shapes in different countries. While examining its relevance in Canada, one must analyze its nature in some countries like United Kingdom and Germany. MMP is partially implemented in United Kingdom and is commonly known as the additional member system (AMS). Similarly, in Germany it is called as personalized proportional representation. Different theories emerged during last five years regarding the pros and cons of mixed member proportional voting system. However, it is relevant in the present context to examine the views of some authors like John L. Hiemstra, Harold J. Jensen, Christopher Kam, Mark Charlton and Paul Barker regarding the prospects of implementing mixed member proportional representation in Canada (Mark Charlton and Paul Barker. 2005). John L. Hiemstra and Harold J. Jensen opined that the implementation of mixed member representation system certainly benefits the democratic set up of Canada as it allows better representation of higher number of people while progressing towards people’s development. However, they felt that the minor modifications in the existing MMP by taking the experience of some countries like South Africa, Venezuela, New Zealand and Bolivia where MMP is already in practice. By implementing the positive aspects of MMP, Canada would certainly get benefited significantly and the voters would be in a position to derive maximum benefit from democracy. At the same time, more favoring comments from Christopher Kam (2006) encourages the government functionaries of Canada to implement this MMP system immediately with out any second thought. They further pointed out the limitations of the existing voting system in the form of non-uniform representation and hence favored electoral reforms immediately in the form of MMP. However, they cautioned that the people’s awareness regarding the structure of MMP should be enhanced,

Current Macroeconomic Topic in US Term Paper Example | Topics and Well Written Essays - 1000 words

Current Macroeconomic Topic in US - Term Paper Example As the fiscal gap continues to grow, policymakers and citizens grow more concerned with the state of their economy, and how they can reduce the deficit they are facing. This paper will examine the impact drug legalization may have on the economy, and how society might react in the face of this new reality. Economists argue that the current fiscal gap the region is facing might be reduced with the implementation of certain policies. The legalization of certain drugs in the region is one of the main issues being discussed. It is clear that calls for cuts or cutbacks in expenditure and increase in taxation are receiving little or no support (Buning, Drucker and Matthews 116). This issue brings to light some of the unconventional ways in which lobby groups, politicians, and citizens have welcomed the legalization of certain drugs in order to reduce the deficit. There are benefits attached to the legalization of drugs such as marijuana, for example; lower prohibition expenditures, reduction in criminal justice expenses, and even a reduction in the levels of arrests, prosecutions, and imprisonment of individuals involved. States that have currently legalized the sale, distribution, and use of marijuana are expected to meet some of the budgetary savings they predicted. If this happens, it is possible that countless other states will follow through with the legalization of the same drug. Some of the benefits are mentioned in countless discussions and debates. It is worth mentioning that recent studies point to the fact that the government can save over $40 billion dollars with the legalization of marijuana, cocaine and heroin, and other drugs. Tax revenue in this case would be placed at an estimated $45 billion dollars annually. This is with the legalization of marijuana, cocaine and heroin, and all other drugs. As this market is driven

Influences on Dividend Payout Decisions

Influences on Dividend Payout Decisions CHAPTER ONE INTRODUCTION The intricacies of Dividends and Dividend policy can leave even the most seasoned financial professional feeling a little uneasy. While conventional wisdom suggests that paying dividends affects both firms value and shareholder wealth to retain earnings to explore growth opportunities, much debate still surrounds this dynamic discipline; especially when it comes to how dividend decisions can lead to value maximization Kent (2003). Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emer gence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investment to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies t o retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money. A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the M M study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should formulate dividend policy decisions. Problem Statement Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits. Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value. The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision. Research Objective: There are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study are: To analyze the financials of the company to draw a framework of factors such as Retained earnings, Age of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration. To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends. To measure each factor individually on how it affects the dividend decision. Research Questions: Q1. What is the relation between dividend payout and firms debt? Q2. What is the relation between dividend payout and Profitability? Q3. What is the relation between dividend payout and liquidity? Q4. What is the relation between dividend payout and Retained Earnings? Q5. What is the relation between dividend payout and Net Income? Scope of the Study: This study investigates areas of concern that are extensive thereby due to limitation of time; the scope of research will be limited as the period of study is only three years 2006-2008. The study is focused only on firms trading on NYSE and has considered only those firms who pay dividends. Organization of the paper: The remaining chapters will be organized as follows: Chapter Two: Literature Review This chapter discusses the Determinants of Dividend payout and the theories behind the research questions in context to the Dividend policy. Chapter Three: Research Methodology The chosen research design, data collection and statistical tests for analysis are described in the chapter. Chapter four: Data Analysis and Findings: To address the research questions, results obtained from the regression analysis will be presented and discussed. Chapter five: Recommendations and Conclusion. This chapter provides recommendations for the future research and a conclusion for all this research. CHAPTER TWO LITERATURE REVIEW Dividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in proportion to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005). Lintner (1956) conducted a notable study on dividend distributions, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers accept dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure. The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant association with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends. Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw). Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management. E.F Fama and K.R French (2001) investigated the characteristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, Cisco and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested t hat A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy. Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yield, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitaliza tion as at 31December 2005. Their study concluded that bigger firms pay higher dividends. or the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one thing that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. As a result the value of the firm would be increased as a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not available to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978, Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003). The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax l iability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations. Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends. Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected usefulness of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax; firm market value maximization is no longer determined by wealth maximization. He states that the continued undervaluation of corporate capital leads to dividend distributions. The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of transaction costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found weak or contrary evidence. There is an assumption that the managers do not always take steps which would lead to maximizing an investors wealth. This gives rise to another favorable argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main hitch would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency. Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984); he proposed that dividend payments reduce agency problems in contrast to the transaction cost theory which is of the view that dividend payments reduce the value as it forces to raise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and raising external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of t he firm. Moreover, as defined by Jenson and Meckling (1976), Agency costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and raising new debt and its contract negotiations would reduce potential for wealth transfer. The realization for potential agency costs linked with separation of management and shareholders is not new. Adam Smith (1937) proposed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests. An opportune and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and Means (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any o ne of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy. The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes. The dividend decisions are affected by a number of factors; many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of 1000 largest U.S companies about the interplay among the investment and dividend decisions in their Firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positively correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China. A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationshi p between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship. Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will ultimately have to either reduce its investment plans or turn to investors for additional debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend. Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout. For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relationship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence. Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most influential variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were indeed a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman a nd Raaballe (2007) discovered that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy. Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends. Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions .Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not support the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative uptight disposable cash flow and a number of investment opportunities have, the shareholders are ready to accept low dividend payout ratio. From the investors point of view, the dividend payments represent definite evidence of a companys worth. A company that expects sufficient future cash flows, large enough to meet debt obligations and dividend payments, will increase dividend payout. Howe (1998) believed that the actions of the managers might convey information to the investors outside as they are more informed about the future prospects of their firms than the market. Reddy (2002) studied dividend behavior and expressed his views on the observed behavior with the help of signaling hypothesis. The undervalued firms (assessed by the price Influences on Dividend Payout Decisions Influences on Dividend Payout Decisions CHAPTER ONE INTRODUCTION The intricacies of Dividends and Dividend policy can leave even the most seasoned financial professional feeling a little uneasy. While conventional wisdom suggests that paying dividends affects both firms value and shareholder wealth to retain earnings to explore growth opportunities, much debate still surrounds this dynamic discipline; especially when it comes to how dividend decisions can lead to value maximization Kent (2003). Dividend policy is an important component of the corporate financial management policy. It is a policy used by the firm to decide as to how much cash it should reinvest in its business through expansion or share repurchases and how much to pay out to its shareholders in dividends. Dividend is a payment or return made by the firm to the shareholders, (owners of the company) out of its earnings in the form of cash. For a long time, the subject of corporate dividend policy has captivated the interests of many academicians and researchers, resulting in the emer gence of a number of theoretical explanations for dividend policy. For the investors, dividend serve as an important indicator of the strength and future prosperity of the business, thereby companies try to maintain a stable dividend because if they reduce their dividend payments, investors may suspect that the company is facing a cash flow problem. Investors prefer steady growth of dividends every year and are reluctant to investment to companies with fluctuating dividend policy. Over time, there has been a substantial increase in the number of factors identified in the literature as being important to be considered in making dividend decisions. Thus, extensive studies have been done to find out various factors affecting dividend payout ratio of a firm. However, there is no single explanation that can capture the puzzling reality of corporate dividend behavior. Ocean deep judgment is involved by decision makers to resolve this issue of dividend behavior. The decision of companies t o retain or pay out the earnings in form of dividends is important for the maximization of the value of the firm (Oyejide, 1976). Therefore, companies should set a constructive target dividend payout ratio, where it pays dividends to its shareholders and at the same time maintains sufficient retained earnings as to avoid having raise funds by borrowing money. A tough challenge was faced by financial practitioners and many academics, when Miller and Modigliani (MM) (1961) came with a proposition that, given perfect capital markets, the dividend decision does not affect the firm value and is, therefore, irrelevant. This proposition was greeted with surprise because at that time it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy and that a properly managed dividend policy had an impact on share prices and shareholder wealth. Since the M M study, many researchers have relaxed the assumption of perfect capital markets and stated theories about how managers should formulate dividend policy decisions. Problem Statement Dividend policy has attracted a substantial amount of research by many researchers and theorists, who have provided theoretical as well as empirical observations, into the dividend puzzle (Black, 1976). Even though researchers and theorists have extended their studies in context to dividend decisions, the issue as to why corporations distribute a portion of their earnings as dividends is not yet resolved. The issue of dividend policy has stimulated much debate among financial analysts since Lintners (1956) seminal work. He measured major changes in earnings as the key determinant of the companies dividend decisions. There are many factors that affect dividend decisions of a firm as it is very difficult to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders resulting into increase or decrease of the firms value, but the primary indicator of the firms capacity to pay dividends has been Profits. Miller and Modigliani (1961), DeAngelo and DeAngelo (2006) gave their proposition on the dividend irrelevance, but the argument made by them was on assumptions that werent practical and in fact, the dividend payout decision does affect the shareholders value. The study focuses on identifying various determinants of dividend payout and whether these factors influence the dividend payout decision. Research Objective: There are many theories in the corporate finance literature addressing the dividend issue. The purpose of study is to understand the factors influencing the dividend decision of companies. The specific objectives of this study are: To analyze the financials of the company to draw a framework of factors such as Retained earnings, Age of the company, Debt to Equity, Cash, Net income, Earnings per share etc. responsible for dividend declaration. To understand the criticality of a companys profitability (in terms of Earnings per share) component in declaration of dividends. To measure each factor individually on how it affects the dividend decision. Research Questions: Q1. What is the relation between dividend payout and firms debt? Q2. What is the relation between dividend payout and Profitability? Q3. What is the relation between dividend payout and liquidity? Q4. What is the relation between dividend payout and Retained Earnings? Q5. What is the relation between dividend payout and Net Income? Scope of the Study: This study investigates areas of concern that are extensive thereby due to limitation of time; the scope of research will be limited as the period of study is only three years 2006-2008. The study is focused only on firms trading on NYSE and has considered only those firms who pay dividends. Organization of the paper: The remaining chapters will be organized as follows: Chapter Two: Literature Review This chapter discusses the Determinants of Dividend payout and the theories behind the research questions in context to the Dividend policy. Chapter Three: Research Methodology The chosen research design, data collection and statistical tests for analysis are described in the chapter. Chapter four: Data Analysis and Findings: To address the research questions, results obtained from the regression analysis will be presented and discussed. Chapter five: Recommendations and Conclusion. This chapter provides recommendations for the future research and a conclusion for all this research. CHAPTER TWO LITERATURE REVIEW Dividend remains one of the greatest enigmas of modern finance. Corporate dividend policy is an important decision area in the field of financial management hence there is an extensive literature devoted to the subject. Dividends are defined as the distribution of earnings (present or past) in real assets among the shareholders of the firm in proportion to their ownership. Dividend policy refers to managements long-term decision on how to utilize cash flows from business activities-that is, how much to plow back into the business, and how much to return to shareholders (Khan and Jain, 2005). Lintner (1956) conducted a notable study on dividend distributions, his was the first empirical study of dividend policy through his interview with managers of 28 selected companies, he stated that most companies have clear cut target payout ratios and that managers concern themselves with change in the existing dividend payout rather than the amount of the newly established payout. He also states that, Dividend policy is set first and other policies are then adjusted and the market reacts positively to dividend increase announcements and negatively to announcements of dividend decreases. He measured major changes in earnings as the key determinant of the companies dividend decisions. Lintners study was expanded by Farrelly et al. (1988), who, mailed a questionnaire to 562 firms listed on the New York Stock Exchange and concluded that managers accept dividend policy to be relevant and important. Lintners view was also supported by the study results of Fama and Babiak (1968) and Fama (1974) who suggested that managers prefer a stable dividend policy, and are hesitant to increase dividends to a level that cannot be supported. Fama and Babiaks (1968) study also concludes that Net income appears to explain the dividend change decision better than a cash flow measure. The study by Adaoglu (2000), Amidu and Abor (2006) and Belans et al (2007) stated that net income shows positive and significant association with the dividend payout, therefore indicating that, the firms with the positive earnings pay more dividends. Merton Miller and Franco Modigliani (1961) made a proposition that the value of a firm is not affected by its dividend policy. Dividend policy is a way of dividing up operating cash flows among investors or just a financial decision. Financial theorists Martin, Petty, Keown, and Scott, 1991 supported this theory of irrelevance. Miller and Modiglianis conclusion on the irrelevance of dividend policy presented a tough challenge to the conventional wisdom of time up to that point, it was universally acknowledged by both theorists and corporate managers that the firm can enhance its business value by providing for a more generous dividend policy as investors seem to prefer dividends over capital gains (JM Samuels, FM.Wilkes and R.E Brayshaw). Benartzi et al. (1997) conducted an extensive study and concluded that Lintners model of dividends remains the finest description of the dividend setting process available. Baker et al. (2001) conducted a survey on 630 NASDAQ-listed firms and analyzed the responses from 188 CFOs about the importance of 22 different factors that influence their dividend policy, they found that the dividend decisions made by managers were consistent with Lintners (1956) survey results and model. Their results also suggest that managers pay particular attention to the dividend policy of the firm because the dividend decision can affect firm value and, in turn, the wealth of stockholders, thus dividend policy requires serious attention by the management. E.F Fama and K.R French (2001) investigated the characteristics of companies paying dividends and concluded that the top most characteristics that affect the decision to pay dividends are Firm size, Profitability, and Investment opportunities. They studied dividend payment in the United States and found that the proportion of dividend payers declined sharply from 66% in 1978 to 20.8% in 1999, and that only about a fifth of public companies paid dividends. Growth companies such as Microsoft, Cisco and Sun Microsystems were found to be non-dividend payers. They also explained that the probability that a firm would pay dividends was positively related to profitability and size and negatively related to growth. Their research concluded that larger firms are more profitable and are more likely to pay dividends, than firms with more investment opportunities. The relationship between firm size and dividend policy was studied by Jennifer J. Gaver and Kenneth M. Gaver (1993). They suggested t hat A firms dividend yield is inversely related to the extent of its growth opportunities. The inference here is that as cash flow increases, the coefficient of dividend decreases, indicating that smaller firms that have greater investment opportunities thus they tend not to make dividend payment while larger firms tend to have proactive dividends policy. Ho, H. (2003) undertook a comparative study of dividend policies in Japan and Australia. Their study revealed that dividend policies in Australia and Japan are affected by different financial factors. Dividend policies are affected positively by size in Australia and liquidity in Japan. Naceur et al (2006) examined the dividend policy of 48 firms listed on the Tunisian Stock Exchange during the period 1996-2002. His research indicated that highly profitable firms with more stable earnings could afford larger free cash flows and thus paid larger dividends. Li and Lie (2006) reported that large and profitable firms are more likely to raise their dividends if the past dividend yield, debt ratio, cash ratio are low. A study was conducted by Norhayati Mohamed, Wee Shu Hui, Mormah Hj.Omar, and Rashidah Abdul Rahman on Malaysian companies over a 3 year period from 2003-2005. The sample was taken from the top 200 companies listed on the main board of Bursa Malaysia based on market capitaliza tion as at 31December 2005. Their study concluded that bigger firms pay higher dividends. or the purpose of finding out how companies arrive at their dividend decisions, many researchers and theorists have proposed several dividend theories. Gordon and Walter (1963) presented the Bird in Hand theory which suggested that to minimize risk the investors always prefer cash in hand rather than future promise of capital gain. This theory asserts that investors value dividends and high payout firms. As said by John D. Rockefeller (an American industrialist) The one thing that gives me contentment is to see my dividend coming in. For companies to communicate financial well-being and shareholder value the easiest way is to say the dividend check is in the mail. The bird-in-hand theory (a pre-Miller-Modigliani theory) asserts that dividends are valued differently to capital gains in a world of information asymmetry where due to uncertainty of future cash flow, investors will often tend to prefer dividends to retained earnings. As a result the value of the firm would be increased as a higher payout ratio will reduce the required rate of return (see, for example Gordon, 1959). This argument has not received any strong empirical support. Dividends, paid by companies to shareholders from earnings, serve as an important indicator of the strength and future prosperity of the business. This explanation is known as signaling hypothesis. Signaling is an example factor for the relevance of dividends to the value of the firm. It is based on the idea of information asymmetry between managers and investors, where managers have private information about the firm that is not available to the outsiders. This theory is supported by models put forward by Miller and Rock (1985), Bhattacharya (1979), John and Williams (1985). They stated that dividends can be used as a signaling device to influence share price. The share price reacts favorably when an announcement of dividend increase is made. Few researchers found limited support for the signaling hypothesis (see Gonedes, 1978, Watts, 1973) and there are other researchers, who supported the hypothesis, for example, in Michaely, Nissim and Ziv (2001), Pettit (1972) and Bali (2003). The tax-preference theory assumes that the market valuation of a firms stocks is increased when the dividend payout ratios is low which in turn lowers the required rate of return. Because of the relative tax liability of dividends compared to capital gains, investors need a large amount of before-tax risk adjusted return on stocks with higher dividend yields (Brennan, 1970). On one side studies by Lichtenberger and Ramaswamy (1979), Poterba and Summers, (1984), and Barclay (1987) have presented empirical evidence in support of the tax effect argument and on the other side Black and Scholes (1974), Miller and Scholes (1982), and Morgan and Thomas (1998) have either opposed such findings or provided completely different explanations. The study by Masulis and Trueman (1988) model dividend payments in form of cash as products of deferred dividend costs. Their model predicts that investors with differing tax liabilities will not be uniform in their ideal firm dividend policy. As the tax l iability on dividends increases (decreases), the dividend payment decreases (increases) while earnings reinvestment increases (decreases). According to Farrar and Selwyn (1967), in a partial equilibrium framework, individual investors choose the amount of personal and corporate leverage and also whether to receive corporate distributions as dividends or capital gains. Barclay (1987) has presented empirical evidence I support of the tax effect argument. Others, including Black and Scholes (1982), have opposed such findings or provided different explanations. Farrar and Selwyns model (1967) made an assumption that investors tend to increase their after tax income to the maximum. According to this model corporate earnings should be distributed by share repurchase rather than the use of dividends. Brennan (1970) has extended Farrar and Selwyns model into a general equilibrium framework. Under this, the expected usefulness of wealth as a system of barter is maximized. Despite being more robust both the models are similar as regards to their predictions. According to Auerbachs (1979) discrete-time, infinite-horizon model, the wealth of shareholders is maximized by the shareholders themselves and not by firm market value. If there does, infact, exist a difference between capital gains and dividends tax; firm market value maximization is no longer determined by wealth maximization. He states that the continued undervaluation of corporate capital leads to dividend distributions. The clientele effects hypothesis is another related theory. According to this theory the investors may be attracted to the types of stocks that fall in with their consumption/savings preferences. That is, investors (or clienteles) in high tax brackets may prefer non-dividend or low-dividend paying stocks if dividend income is taxed at a higher rate than capital gains. Also, certain clienteles may be created with the presence of transaction costs. There are several empirical studies on the clientele effects hypothesis but the findings are mixed. Studies by Pettit (1977), Scholz (1992), and Dhaliwal, Erickson and Trezevant (1999) presented evidence consistent with the existence of clientele effects hypothesis whereas studies by Lewellen et al. (1978), Richardson, Sefcik and Thomason (1986), Abrutyn and Turner (1990), found weak or contrary evidence. There is an assumption that the managers do not always take steps which would lead to maximizing an investors wealth. This gives rise to another favorable argument for hefty dividend payouts which shifts the reinvestment decision back on the owners. The main hitch would be the agency conflict (conflict between the principal and the agent) arising as a result of separate ownership and control. Therefore, a manager is expected to move the surplus funds from the high retained earnings into projects which are not feasible. This would be mainly due to his ill intention or his in competency. Thus, generous dividend payouts increase a firms value as it reduces the managements access to free cash flows and hence, controlling the problem of over investment. There are many more agency theories explaining how dividends can increase the value of a firm. One of them was by Easterbrook (1984); he proposed that dividend payments reduce agency problems in contrast to the transaction cost theory which is of the view that dividend payments reduce the value as it forces to raise costly finances from outside sources. His idea is that if the dividends are not paid, there is a problem of collective action that tends to lead to hap-hazard management of the firm. So, dividend payouts and raising external finance would attract auditory and regulatory measures by financial intermediaries like investment banks, respective stock exchange regulators and the potential investors as well. All this monitoring would lead to considerable reduction of agency costs and appreciate the market value of t he firm. Moreover, as defined by Jenson and Meckling (1976), Agency costs=monitoring costs+ bonding, costs+ residual loss i.e. sum of agency cost of equity and agency cost of debt. Hence, Easterbrook (1984) noted that dividend payments and raising new debt and its contract negotiations would reduce potential for wealth transfer. The realization for potential agency costs linked with separation of management and shareholders is not new. Adam Smith (1937) proposed that management of earlier companies is wayward. This problem was highly witnessed during at the time of British East Indian Companies and tracking managers was a failure due to inefficiencies and high costs of shareholder monitoring (Kindleberger, 1984). Scott (1912) and Carlos (1922) differ with this view point. They agree that although some fraud existed in the corporations, many of the activities of the managers were in line with those of the shareholders interests. An opportune and intelligent manager should always invest the surplus cash available into those opportunities which are well researched to be in the best interest of the shareholders. Berle and Means (1932) was the first to discover the insufficient utilization of funds which are surplus after other investment opportunities taken by the management. This thought was further promoted by Jensens (1986) free cash flow hypothesis. This hypothesis combined market information asymmetries with the agency theory. The surplus funds left after all the valuable projects are largely responsible for creation of the conflict of interest between the management and the shareholders. Payment of dividends and interest on other debt instruments reduce the cash flow with the management to invest in marginal net present value projects and for other perquisite consumptions. Therefore, the dividend theory is better explained by the combination of both the agency and the signaling theory rather than by any o ne of these alone. On the other hand, the free cash flow hypothesis rationalizes the corporate takeover frenzy of the 1980s Myers (1987 and 1990) rather than providing a clear and comprehensive dividend policy. The study by Baker et al. (2007) reports, that firms paying dividend in Canada are significantly larger and more profitable, having greater cash flows, ownership structure and some growth opportunities. The cash flow hypothesis proposes that insiders to a firm have more information about future cash flow than the outsiders, and they have incentivized motives to leak this to outsiders. Lang and Litzenberger (1989) check the cash flow signaling and free cash flow explanations of the effect of dividend declarations on the stock prices. This difference between permanent and temporary changes is also explored in Brook, Charlton, and Hendershott (1998). However, this study is based on the hypothesis that dividend changes contain cash flow information rather than information about earnings. This is the cash flow signaling hypothesis proposing that dividend changes signal expected cash flows changes. The dividend decisions are affected by a number of factors; many researchers have contributed in determining which determinant of dividend payout is the most significant in contributing to dividend decisions. It is said that the primary indicator of the firms capacity to pay dividends has been Profits. According to Lintner (1956) the dividend payment pattern of a firm is influenced by the current year earnings and previous year dividends. Pruitt and Gitmans (1991) survey of financial managers of 1000 largest U.S companies about the interplay among the investment and dividend decisions in their Firms reported that, current and past year profits are essential factors influencing dividend payments. The conclusion derived from Baker and Powells (2000) survey of NYSE-listed firms is that the major determinant is the anticipated level of future earnings and continuity of past dividends. The study of Aivazian, Booth, and Cleary (2003) concludes that profitability and return on equity positively correlate with the size of the dividend payout ratio. The study by Lv Chang-jiang and Wang Ke-min (1999) on 316 listed companies in China that paid cash dividends during 1997 and 1998 by using modified Lintner dividend model, suggested that the dividend payout ratio is due to the firms current earning level. Other researchers like Chen Guo-Hui and Zhao Chun-guang (2000), Liu Shu-lian and Hu Yan-hong (2003) also concluded their research on the above stated understanding about dividend policy of listed companies in China. A survey done by Baker, Farrelly, and Edelman (1985) and Farrelly, Baker, and Edelman (1986) on 562 New York Stock Exchange (NYSE) firms with normal kinds of dividend polices in 1983 suggested that the major determinants of dividend payments were the anticipated level of future earnings and the pattern of past dividends. DeAngelo et al. (2004) findings suggest that earnings do have some impact on dividend payment. He stated that the high/increasing dividend concentration may be the result of high/increasing earnings concentration. Goergen et al. (2005) study on 221 German firms shows that net earnings were the key determinants of dividend changes. Baker and Smith (2006) examined 309 sample firms exhibiting behavior consistent with a residual dividend policy and their matched counterparts to understand how they set their dividend policies. Their study showed that for the matched firms, the pattern of past dividends and desire to maintain a long-term dividend payout ratio elicit the highest level of agreement from respondents. The study by Ferris et al. (2006) found mixed results for the relation between a firms earnings and its ability to pay dividends. Kao and Wu (1994) used a time series regression analysis of 454 firms over the period of 1965 to1986, and showed that there was a positive relationshi p between unexpected dividends and earnings. Carroll (1995) used quarterly data of 854 firms over the period of 1975 to 1984, and examined whether quarterly dividend changes predicted future earnings. He found a significant positive relationship. Liquidity is also an important determinant of dividend payouts. A poor liquidity position would generate fewer dividends due to shortage of cash. Alli et.al (1993), reveal that dividend payments depend more on cash flows, which reflect the companys ability to pay dividends, than on current earnings, which are less heavily influenced by accounting practices. They claim current earnings do no really reflect the firms ability to pay dividends. A firm without the cash flow back up cannot choose to have a high dividend payout as it will ultimately have to either reduce its investment plans or turn to investors for additional debt. The study by Brook, Charlton and Hendershott (1998) states that, Firms expecting large permanent cash flow increases tend to increase their dividend. Managers do not increase dividends until they are positive that sufficient cash will flow in to pay them (Brealey-Myers-2002). Myers and Bacons (2001) study shows a negative relationship between the liquid ratio and dividend payout. For companies to enable them to enhance their dividend paying capacity, and thus, to generate higher dividend paying capacity, it is necessary to retain their earnings to finance investment in fixed assets. The study by Belans et al (2007) states that the relationship between the firms liquidity and dividend is positive which explains that firms with more market liquidity pay more dividends. Reddy (2006), Amidu and Abor (2006) find opposite evidence. Lintner (1956) posited that the level of retained earnings is a dividend decision by- product. Adaoglu (2000) study shows that the firms listed on Istanbul Stock Exchange follow unstable cash dividend policy and the main factor for determining the amount of dividend is earning of the firms. The same conclusion was drawn by Omet (2004) in case of firms listed on Amman Securities Market and he further states that the tax imposition on dividend does not have the significant impact on the dividend behavior of the listed firms. The study by Mick and Bacon (2003) concludes that future earnings are the most influential variable and that the past dividend patterns as well as current and expected levels are empirically relevant in explaining the dividend decision. Empirical support for Lintners findings, that dividends were indeed a function of current and past profit levels and were negatively correlated with the change in sales was found by Darling (1957), Fama and Babiak (1968). Benchman a nd Raaballe (2007) discovered that the propensity to pay out dividends is positively correlated to retained earnings. Also, the study by Denis and Osobov (2006) states that retained earnings are a significant dividend characteristic for non- US firms including UK, German, and French firms. One of the motives for dividend policy decision is maintaining a moderate share price as poor stock price performance mostly conveys negative information about firms reputation. An empirical research took by Zhao Chun-guang and Zhang Xue-li et al (2001) on all A shares listed companies listed in Shenzhen and Shanghai Stock Exchange, states that the more cash dividends is paid when the stock prices are high. Chen Guo-Hui and Zhao Chun-guang (2000) undertook a research on all A shares listed before 1996 and paid dividend into share capital in 1997 as their sampling, and employed single-factor analysis, multifactor regression analysis to analyze the data. Their research showed a positive stock price reaction to the cash dividend, stock dividend policy. Myers and Bacon (2001) discussed that the debt to equity ratio was positively correlated to the dividend yield. Therefore firms with relatively more investment opportunities would tend to be more geared and vice versa (Ross, 2000). The study by Hu and Liu, (2005) declares that there is a positive correlation between the cash dividend the companies pay and their current earnings, and a inverse relationship between the debt to total assets and dividends. Green et al. (1993) questioned the irrelevance argument and investigated the relationship between the dividends and investment and financing decisions .Their study showed that dividend payout levels are decided along with investment and financing decisions. The study results however do not support the views of Miller and Modigliani (1961). Partington (1983) declared that firms motives for paying dividends and extent to which dividends are decided are independent of investment policy. The study by Higgins (1981) declares a direct link between growths and financing needs, rapidly growing firms have external financing needs because working capital needs normally exceed the incremental cash flows from new sales. Higgins (1972) suggests that payout ratios are negatively related to firms need top fund finance growth opportunities. Other researchers like Rozeff (1982), Lloyd et al. (1985) and Collins et al. (1996) all show significantly negative relationship between historical sales growth and dividend payout whereas D, Souza (1999) however shows a positive but insignificant relationship in the case of growth and negative but insignificant relationship in case of market to book value. Jenson and Meckling (1976) find a strong relationship between dividends and investment opportunities. They explain, in some circumstances where firms have relative uptight disposable cash flow and a number of investment opportunities have, the shareholders are ready to accept low dividend payout ratio. From the investors point of view, the dividend payments represent definite evidence of a companys worth. A company that expects sufficient future cash flows, large enough to meet debt obligations and dividend payments, will increase dividend payout. Howe (1998) believed that the actions of the managers might convey information to the investors outside as they are more informed about the future prospects of their firms than the market. Reddy (2002) studied dividend behavior and expressed his views on the observed behavior with the help of signaling hypothesis. The undervalued firms (assessed by the price