Crime and deviance Essay Example For Students

Wrongdoing and abnormality Essay Nothing accomplishes more to destroy our families than rough wrongdoing, firearms, packs, drugs, and the dread that strolls nearby those fear. Brutal wrongdoing and casualty rights have become a significant worry for most residents in the United States of America. Measurements show a decrease in fierce wrongdoings in our nation and an expansion in our national jail populace. Discharged detainees perpetrate most fierce wrongdoings. Firearm control enactment, change programs, casualty rights mindfulness, and different projects are plentiful in our nation, yet do little to ease fierce wrongdoing. In this paper I will attempt to introduce the liberal and preservationist sees on this issue just as my own perspectives. Savage wrongdoing is a mind boggling issue and must be reacted to in complex manners. Handy solution answers for the issue are probably going to be misinformed. There was a decrease in wrongdoing during the 1990s. Our nation appreciated seven years of declining wrongdoing fo r the period 1991-98, the latest information accessible. During this period wrongdoing declined by 22% and brutal wrongdoing by 25%. These are welcome turns of events, especially following the flood of wrongdoing and savagery of the late 1980s. This decrease happened during when the national jail populace has expanded generously, ascending from 789,60 out of 1991 to 1,252,830, a 59% ascent in only seven years and a 47% expansion in the pace of detainment, considering changes in the national populace. Numerous onlookers have drawn a straightforward relationship between's these two patterns. Placing more wrongdoers in jail caused the decrease in wrongdoing. The Sentencing venture has quite recently finished an examination that analyzes this issue in extraordinary detail and reasons that any such relationship is uncertain, best case scenario. In looking at the connection among imprisonment and wrongdoing during the 1990s the image is confounded by the multi year time frame only preceding this, 1984-91. In this period, detainment likewise rose significantly, at a pace of 65%. However crime percentages expanded during this time also, by 17% broadly. Along these lines we see a constant ascent in imprisonment for a long time, during which wrongdoing rose for a long time, at that point declined for a long time. This doesn't propose that detainment had no effect on wrongdoing, yet any such association is unmistakably affected by different variables. A correlation with different countries is enlightening in such manner. The United States detains its residents at a more noteworthy rate than some other country and at a rate 5-8 times that of most other industrialized countries. This differential is to a limited extent because of a higher pace of rough wrongdoing in the U.S. what's more, to a limited extent to progressively serious criminal equity arrangements. The reasons why other industrialized countries have less brutal wrongdoing than in the U.S. is plainly not on the grounds that they lock up more wrongdoers and in this way decrease wrongdoing. We could discuss the different components that add to our elevated level of brutality yet an inability to detain is plainly not one of them. So as to investigate the decrease in wrongdoing during the 1990s in more prominent detail the undertaking group inspected the connection among detainment and wrongdoing at the state level from 1991 to 1998. The purpose behind doing so is that national patterns frequently dark generous varieties among the states in how much detainment is used as a reaction to wrongdoing. During the multi year time span, for instance, Texas drove the country with a 144% ascent in its pace of detainment. Maine expanded its jail populace by just 2%. The national normal increment in the pace of detainment was 47%. The measurements are noteworthy and they are satisfying. Rough wrongdoings might be at their most minimal levels in an age, yet even a solitary wrongdoing is one too much. Regardless of whether insights show a decrease in rough wrongdoing, residents are as yet worried about turning into a casualty of a wrongdoing. Our youngsters can't go after their fantasies on the off chance that they are dodging for spread. We can't reestablish a feeling of network and goodness if individuals are hesitant to stroll in any area, in the event that they believe they have lost the open spaces that are legitimately theirs. A parent battles to pass on the correct qualities in a culture that ess entially shouts out that disarray and savagery are cool. A decent parent is sabotaged in attempting to show the extraordinary, straightforward exercises of good and bad, of the standard of law and duty, when a troubled equity framework lets lawbreakers off excessively simple. The dissidents have battled for a very long time to ingrain a suspicion that all is well and good and security to our country. They are agreeable to upholding harder punishments against medication and sex guilty parties. Nonconformists are pushing hard to make more weapon laws that are composed for families, not for firearm lobbyists and their theological rationalists. They are chipping away at raising the age for handgun ownership from 18 to 21 and to pass severe historical verifications for the individuals who purchase firearms at weapon appears. Nonconformists are supportive of ordering solid, new punishments for grown-ups who offer firearms to minors and to require kid security bolts on weapons. Dissidents accept we need harder punishments for firearm dealing and all violations submitted with weapons. The Brady Law is one of numerous laws that the democrats have passed. Since the Brady holding up period law was passed, weapon violations have dropped by 38 percent. The nonconformists feel that the Brady Law has halted about a fourth of a million criminals and outlaws from purchasing weapons and spared incalculable lives. The nonconformists have supported a sacred revision to extend the privileges of wrongdoing casualties. The revision would give casualties their families the privilege to sensible notification of court procedures including their cases, the option to have a voice in those procedures, and the option to notice of a guilty parties discharge from jail. Moderates declare that those rights can be guaranteed without an alteration, and that the measure would disregard the social equality of the denounced. .u67a05de32848b959580318bea471d5e9 , .u67a05de32848b959580318bea471d5e9 .postImageUrl , .u67a05de32848b959580318bea471d5e9 .focused content territory { min-stature: 80px; position: relative; } .u67a05de32848b959580318bea471d5e9 , .u67a05de32848b959580318bea471d5e9:hover , .u67a05de32848b959580318bea471d5e9:visited , .u67a05de32848b959580318bea471d5e9:active { border:0!important; } .u67a05de32848b959580318bea471d5e9 .clearfix:after { content: ; show: table; clear: both; } .u67a05de32848b959580318bea471d5e9 { show: square; change: foundation shading 250ms; webkit-progress: foundation shading 250ms; width: 100%; murkiness: 1; progress: obscurity 250ms; webkit-progress: haziness 250ms; foundation shading: #95A5A6; } .u67a05de32848b959580318bea471d5e9:active , .u67a05de32848b959580318bea471d5e9:hover { mistiness: 1; progress: darkness 250ms; webkit-progress: darkness 250ms; foundation shading: #2C3E50; } .u67a05de32848b959580318bea471d5e9 .focused content region { width: 100%; position: r elative; } .u67a05de32848b959580318bea471d5e9 .ctaText { fringe base: 0 strong #fff; shading: #2980B9; text dimension: 16px; textual style weight: striking; edge: 0; cushioning: 0; text-improvement: underline; } .u67a05de32848b959580318bea471d5e9 .postTitle { shading: #FFFFFF; text dimension: 16px; textual style weight: 600; edge: 0; cushioning: 0; width: 100%; } .u67a05de32848b959580318bea471d5e9 .ctaButton { foundation shading: #7F8C8D!important; shading: #2980B9; outskirt: none; fringe sweep: 3px; box-shadow: none; text dimension: 14px; textual style weight: intense; line-tallness: 26px; moz-outskirt range: 3px; text-adjust: focus; text-enrichment: none; text-shadow: none; width: 80px; min-stature: 80px; foundation: url(https://artscolumbia.org/wp-content/modules/intelly-related-posts/resources/pictures/straightforward arrow.png)no-rehash; position: supreme; right: 0; top: 0; } .u67a05de32848b959580318bea471d5e9:hover .ctaButton { foundation shading: #34495E!important; } .u67a05d e32848b959580318bea471d5e9 .focused content { show: table; stature: 80px; cushioning left: 18px; top: 0; } .u67a05de32848b959580318bea471d5e9-content { show: table-cell; edge: 0; cushioning: 0; cushioning right: 108px; position: relative; vertical-adjust: center; width: 100%; } .u67a05de32848b959580318bea471d5e9:after { content: ; show: square; clear: both; } READ: Alice In Wonderland EssayThe Liberals and Conservatives have various perspectives with respect to weapons. In any case, the two gatherings do concede to some weapon issues. They are both for supporting the current restriction on ambush weapons, disallowing adolescents from having attack weapons and prohibiting imports of high limit ammo cuts. The two gatherings are likewise for raising the base age for having a handgun from age eighteen to twenty one. The Conservatives are firmly contradicted to government-commanded enrollment of weapons possessed by individuals who don't overstep the laws. Traditionalists feel their wellbeing and capacity to secure their families are in danger if the administration implements firearm denial. They emphatically bolster the Second Amendment, the privilege of the individuals to keep and uncovered arms. They feel that the Liberals and their government organizations have announced a common war on well behaved gun proprietors. They proclaim that what the Democrats mark as the Gun Culture just targets tranquil firearm proprietors. It is an exposed endeavor to strip the up and coming age of the Second Amendment to the U.S. Constitution. To moderates Gun Culture implies our history, our legacy, our future and our opportunity. Marion Hammer, 1998 President of the NRA made the accompanying explanation about the Liberals meaning of weapon culture. It is simply one more thought up, disruptive, polarizing term. It is an endeavor to cast honest weapon proprietors in a negative light. They need to depict firearms and weapon proprietorship as vile and wickedness. The traditionalists guard their weapon rights and regularly contend that firearm restriction won't kill savage wrongdoing. The war against firearms was started by the horrendous homicides of younger students in Jonesboro, Arkansas and the Columbine High School Shooting. Traditionalists reason that nothing the administration would ever propose would have forestalled these tw

Social Network Service and Facebook Account

Ashley Ontiberos Amy Becker Eng103 Composition II November 17, 2011 The Facebook Addiction Did you realize that around one in each thirteen individuals on the planet have a Facebook account, as indicated by Digitalbuzzblog. com. In 2010, Facebook was the most-looked through term on the web. With these measurements, I was shocked to discover that there is a turmoil known as the Facebook Addiction Disorder or FADS. I didn’t acknowledge Facebook was such a major issue until I started my exploration. With all the rage of Facebook or person to person communication, one can’t help yet wonder what its evil impacts truly are. Today, In this circumstances and logical results article I need to educate you about how Facebook can have many negative consequences for your activity, extra time and wellbeing. As indicated by look into done by Oregonbusinessreport. com, forty-five percent of businesses screen informal organizations, for example, Facebook, before thinking about potential workers. This was look into directed in 2009. I am sure that the numbers have risen in view of the quantity of individuals who normally join as individuals from Facebook. At the point when businesses screen photographs and posts they are searching for any sort or provocative and unseemly photographs. Furthermore, castigating past bosses, poor interchanges aptitudes is additionally something else they search for before thinking about candidates for a meeting or work. Moreover, significantly after a vocation has been in all actuality, managers can in any case screen their employee’s Facebook account. An ongoing model is of a New Jersey first grade educator who lost her employment over a post on Facebook. On March 28th, the educator posted a status saying, â€Å"I’m not an instructor, I’m a superintendent for future crooks. † The status was sent to her educational committee and an appointed authority decided that she ought to lose her employment since this remark was unforgivable. More individuals have lost their positions over Facebook utilization lately in light of the fact that most bosses boycott the utilization of Facebook at work. As per Royalgazetteonline. com, 33% of managers state that Facebook is a significant interruption at work. Most bosses don’t obstruct the site however it is a standard that representatives are not permitted on long range informal communication locales while checked in to work. In view of research as demonstrated in this article, Facebook has heaps of negatives impacts for workers on the off chance that they decide not to control what they state. Forty-eight percent of Facebook clients between the ages of eighteen and thirty-four, check their Facebook’s as their main goal every morning. Around twenty-eight percent of that number, check it from their cell phones before getting up, as indicated by Digitalbuzzblog. com. As per Addictioninfo. organization, Rob Bedi, an enlisted therapist and collaborator teacher at the University of Victoria says, â€Å"There is a distinction among hesitation and compulsion, in the event that you’re losing task time to Facebook use, at that point it’s an issue. Facebook has become such a dependence on individuals, that there are 155 Facebook Addicts unknown gatherings on Facebook alone as indicated by Addictioninfo. organization. Hubspage. com likewise gives a rundown for individuals to peruse that shows manifestations of Facebook addictions. Investing a lot of energy in Facebook isn't what you would consider a â€Å"part-time hobby†. Numerous individuals are missing out on a great deal of available time that could be utilized all the more gainfully. Individuals who are Facebook addicts decide not to go to the rec center. Likewise they invest less and less energy with loved ones to be on Facebook. Facebook addicts can take ownership of bunches of the models given and have a troublesome time choosing when to log out. â€Å"Is Facebook transforming teenagers into narcissistic, reserved outsider? †, was an inquiry posed in an article on CBSnews. com. A main informal community scientist, Dr. Larry D. Rosen, reacts with a yes to the inquiry. He accepts that children can create more prominent sympathy and it gives approaches to modest children to associate yet it likewise causes emotional well-being issues. As indicated by Dr. Rosen, teenagers who use Facebook show more hostility, insanity, tension and sorrow. With these issues previously happening, it can prompt increasingly genuine medical issues. Youngsters are turning down chances to associate with their companions at the motion pictures, shopping centers and other hang outs. Rather they decide to hang out on the web. Late wellbeing contemplates have likewise connected Facebook utilization to Cancer. As indicated by Dailymail. co. uk, Facebook can build the danger of genuine medical issue by lessening the quantity of up close and personal contact individuals have with individuals. The manner by which Facebook clients confine hemselves from society can modify the manner in which qualities work, upset resistant reaction, hormone levels, the capacity of supply routes, and furthermore hinder mental execution, as indicated by Dr. Aric Sigman. With these genuine adjustments, it could prompt more individuals getting malignant growth, coronary illness, having a stroke or in any event, creating dementia. I have educated you about some regarding the pessimistic impacts that Facebook can have on a person’s work, extra time and wellbeing. It is so natural to get to Facebook with cell phones or workstations which offer web use anyplace. Facebook has attacked our lives in an incomprehensible and surprising manner. When choosing whether or not to sign into Facebook maybe it would be a smart thought to figure increasingly gainful things you could do. Work Cited Associated Press. â€Å"Teacher ought to be terminated over Facebook ‘warden’ post, judge rules . † Chicago Sun Times 08 11 2011. Chicago Sun-Times. 09 11 2011. Related Press. 11/17/2011 <http://www. suntimes. com/news/country/8698139-418/educator ought to be-terminated over-facebook-superintendent post-judge-rules. html>. Day by day Mail Reporter. How utilizing Facebook could raise your danger of disease. 02/19/2009 Mail Online. 11/17/11 <http://www. dailymail. co. k/wellbeing/article-1149207/How-usingFacebook-raise-hazard malignant growth. html>. Computerized Buzz Blog. Facebook Statistics, Stats and Facts For 2011 . 01/18/2001. 11/17/2011 <http://www. digitalbuzzblog. com/facebook-measurements details realities 2011/>. Grasz, Jennifer. 45% Employers use Facebook-Twitter to screen work applicants. 0 8/24/09 Oregon Business Report. 11/17/2001 <http://oregonbusinessreport. com/2009/08/45-businesses use-facebook-twitter to-screen-work up-and-comers/>. Center points, Pages. Negative Effects of Facebook Addiction. 2011 HubsPages. 11/17/2011 <http://thurs. hubpages. om/center point/Negative-Effects-of-Facebook-Addiction>. Jaslow, Ryan. Facebook attached to poor emotional well-being in youngsters: What guardians must know. 08/09/11 CBS News. 11/17/11 <http://www. cbsnews. com/8301-504763_162 20090061-10391704. html>. Pope, Danielle. Potential Facebook habit. 01/28/2008 AddictionInfo. organization. 11/17/11 <http://www. addictioninfo. organization/articles/2171/1/Potential-Facebook dependence/Page1. html>. Imperial Gazette Online. It’s official: Facebook is a significant interruption at work. 06/28/11 Royal Gazette Online. 11/17/2011 <http://www. royalgazette. com/article/20110628/BUSINESS05/706289929/ - 1>.

Strength And Conditioning Article Example

Strength And Conditioning Article Example Strength And Conditioning Article â€" Article Example > HORMONES DOPING IN SPORTSAbstractHormones are the essential chemical elements in the body. The blood is the reservoir of the hormones that run through our body and our responsible for many changes that occur in the body because of the many hormonal actions. The changes include increase in growth, height, neural responses, changes in the behavior and many other changes related to the body functions. The functioning of the hormones is age related. As the age increases the functioning and effectiveness of the hormones decreases, as it occurs in the aging process. In the modern age of biotechnology, the hormones, proteins, are being produced in the labs as they are produced in the human body. These natural products in many cases are the drugs to many diseases. These are thereby available over the counters easily. There is a human urge of keeping on the top and keeping young and active for life. This urge is specifically higher in sportspersons. We are very well aware of the doping in the sportspersons. The term doping means the intake of the medicines or the drugs that enhance their bodily functions as strength, stamina, energy and growth of the muscles. The increase in the strength, stamina and the muscular strength gives an advantage to the doping sportsperson over the other sportsperson. Therefore it is considered to be illegal for use. There is a list of doping substances that has been issued and particularly banned by the World Anti-Doping Agency (WADA). This list is published annually and is being distributed all around the world to the sports doctor to be updated. Keywords: hormones; doping; World Anti-Doping Agency. THE WORLD ANTI-DOPING AGENCY (WADA) Doping is one problem that is uprising as the time passes in the sportsperson. It has been there in the field d of sports since many years. It is being tried to control since years but the race does not seem to stop. It seems to increase day by day (1). The increase in the strength, stamina and the muscul ar strength are the factors that make the sportspersons survive the competition that they have to face on the daily basis. But as far as the hormones are concerned there efficiency dies with the increase in age. It worries the sportspersons. Additionally the hormones work in a limited way. The hormones will increase the strength of the body to the limit to which it is required; the muscular strength will be increased to the limit to which is required. However in the filed of sports, constant strength is required as the sportspersons have to compete and the workout for longer periods of times as compared to the normal people. For that, the hormones do not seem to help the sport persons. Extreme levels of strength are required in the case of the sportspersons and that is gained by in taking the artificially prepared medicines or hormones for gaining of strength (2). HISTORICAL ASPECT OF DOPINGThe Olympics first started in Greece and than continued to make the progress in the whole wo rld. Inviting more and more sportspersons from all over the world to compete in more than hundred kinds of games. Since the Olympics have come known to the people, since than the doping is going on (1). The sports persons are looking for ways to increase the strength in artificial ways. The history shows that the pre historic sportsperson were used to eating figs to increase there artificial strength in the Greco roman times.

Programming a Tic Tac Toe Game in Visual Basic

Programming computer games may be the most technically challenging (and possibly the best paying) job that a programmer can have. Top level games require the best from both programmers and computers. Visual Basic 6 has now been thoroughly bypassed as a platform for game programming. (It never really was one. Even in the good ol days, serious game programmers would never use a high-level language like VB 6 because you just couldnt get the cutting edge performance that most games require.) But the simple Tic Tac Toe game is a great introduction to programming that is a little more advanced than Hello World! This is a great introduction to many of the fundamental concepts of programming since it combines techniques including: The use of arrays. The X and O markers are kept in separate arrays and the entire arrays are passed between functions to keep track of the progress of the game.Using VB 6 level graphics: VB 6 doesnt offer great graphical capability, but the game is a good introduction to what is available. Much of the rest of this series is an exploration of how GDI, the next generation of Microsoft graphics, replaces the VB 6 level graphics.Using math calculations for program control: The program uses clever modulo (Mod) and integer division calculations using the two-game marker arrays to determine when a three-element win has occurred. The class of programming in this article is perhaps just a little past the beginning level but it should be good for intermediate programmers. But lets start at an elementary level to illustrate some of the concepts and get you started with your Visual Basic game programming career. Even students more advanced than that may find that its slightly challenging to get the objects in the form just right. How to Play Tic Tac Toe If youve never played Tic Tac Toe, here are the rules. Two players alternate at placing Xs and Os into 3 x 3 playing field. Before the game starts, both players have to agree about who will go first and who will mark his moves with which symbol. After the first move, the players alternately place their marks in any empty cell. The goal of the game is to be the first player with three marks in a horizontal, diagonal or vertical line. If there are no empty cells and neither player has a winning combination, the game is a draw. Starting the Program Before starting any actual coding, its always a good idea to change the names of any components you use. Once you start coding, the name will be used automatically by Visual Basic so you want it to be the right name. Well use the form name frmTicTacToe and well also change the caption to About Tic Tac Toe. With the form established, use the line toolbox control to draw a 3 x 3 grid. Click the line tool, then draw a line where you want it. Youll have to create four lines this way and adjust their length and position to make them look right. Visual Basic also has some convenient tools under the Format menu that will help. This is a great chance to practice with them. In addition to the playing grid, well need some objects for the X and O symbols that will be placed on the grid. Since there are nine spaces in the grid, well create an object array with nine spaces, called elements in Visual Basic. There are several ways to do just about everything in the Visual Basic development environment, and creating control arrays is is no exception. Probably the easiest way is to create the first label (click and draw just like the line tool), name it, set all of the attributes (such as Font and ForeColor), and then make copies of it. VB 6 will ask if you want to create a control array. Use the name lblPlayGround for the first label. To create the other eight elements of the grid, select the first label object, set the Index property to zero, and press CTRLC (copy). Now you can press CTRLV (paste) to create another label object. When you copy objects like this, each copy will inherit all properties except Index from the first one. Index will increase by one for each copy. This is a control array because they all have the same name, but different index values. If you create the array this way, all of the copies will be stacked on top of each other in the upper left corner of the form. Drag each label to one of the playing grid positions. Be sure that index values are sequential in the grid. The logic of the program depends on it. The label object with index value 0 should be in the top left corner, and the bottom right label should have index 8. If the labels cover the playing grid, select each label, right-click, and select Send to Back. Since there are eight possible ways to win the game, well need eight different lines to show the win on the playing grid. You will use the same technique to create another control array. First, draw the line, name it linWin, and set the Index property to zero. Then use copy-paste technique to produce seven more lines. The following illustration shows how to set the index numbers correctly. In addition to the label and line objects, you need some command buttons to play the game and more labels to keep score. The steps to create these are not detailed here, but these are the objects you need. Two button objects: cmdNewGamecmdResetScore Frame object fraPlayFirst containing two option buttons: optXPlayeroptOPlayer Frame object fraScoreBoard containing six labels. Only lblXScore and lblOScore are changed in the program code. lblXlblXScorelblOlblOScorelblMinuslblColon Finally, you also need the label object lblStartMsg to mask the cmdNewGame button when it shouldnt be clicked. This isnt visible in the illustration below because it occupies the same space in the form as the command button. You may have to move the command button temporarily to draw this label on the form. So far, no VB coding has been done, but were finally ready to do that. Initialization Now you get to finally start coding the program. If you havent already, you might want to download the source code to follow along as the operation of the program is explained. One of the first design decisions to make is how to keep track of the current state of the game. In other words, what are the current Xs and Os on the playing grid and who moves next. The concept of state is critical in a lot of programming, and in particular, its important in programming ASP and ASP.NET for the web There are several ways that this could be done, so its a critical step in the analysis. If you were solving this problem on your own, you might want to draw a flowchart and try out different options with scratch paper before starting any coding. Variables Our solution uses two two-dimensional arrays because that helps keep track of state by simply changing the array indexes in program loops. The state of the top-left corner will be in the array element with index (1, 1), the top-right corner will be in (1, 3), the bottom-right in (3,3), and so forth. The two arrays that do this are: iXPos(x, y) and iOPos(x, y) There are a lot of different ways this can be done and the final VB.NET solution in this series shows you how to do it with just a single one-dimensional array. The programming to translate these arrays into player win decisions and visible displays in the form are on the next page. You also need a few global variables as follows. Notice that these are in the General and Declarations code for the form. This makes them module level variables that can be referenced anywhere in the code for this form. For more on this, check Understanding the Scope of Variables in Visual Basic Help. There are two areas where variables are initialized in our program. First, a few variables are initialized while the form frmTicTacToe is loading. Private Sub Form_Load() Second, before each new game, all variables that need to be reset to starting values are assigned in an initialization subroutine. Sub InitPlayGround() Note that the form load initialization also calls the playground initialization. One of the critical skills of a programmer is the ability to use the debugging facilities to understand what the code is doing. You can use this program to try: Stepping through the code with the F8 keySetting a watch on key variables, such as sPlaySign or iMoveSetting a breakpoint and querying the value of variables. For example, in the inner loop of the initialization: lblPlayGround((i - 1) * 3 j - 1).Caption Note that this program clearly shows why its a good programming practice to keep data in arrays whenever possible. If you did not have arrays in this program, you would have to write code something like this: Line0.Visible FalseLine1.Visible FalseLine2.Visible FalseLine3.Visible FalseLine4.Visible FalseLine5.Visible FalseLine6.Visible FalseLine7.Visible False instead of this: For i 0 To 7linWin(i).Visible FalseNext i Making a Move If any part of the system can be thought of as the heart, its subroutine lblPlayGround_Click. This subroutine is called every time a player clicks the playing grid. (Clicks must be inside one of the nine lblPlayGround elements.) Notice that this subroutine has an argument: (Index As Integer). Most of the other event subroutines, like cmdNewGame_Click() do not. Index indicates which label object has been clicked. For example, index would contain the value zero for the top-left corner of the grid and the value eight for the bottom-right corner. After a player clicks a square in the game grid, the command button to start another game, cmdNewGame, is turned on by making it visible. The state of this command button does double duty because its also used as a boolean decision variable later in the program. Using a property value as a decision variable is usually discouraged because if it ever becomes necessary to change the program (say, for example, to make the cmdNewGame command button visible all the time), then the program will unexpectedly fail because you might not remember that its also used as part of the program logic. For this reason, its always a good idea to search through program code and check the use of anything you change when doing program maintenance, even property values. This program violates the rule partly to make this point and partly because this is a relatively simple piece of code where its easier to see what is being done and avoid problems later. A player selection of a game square is processed by calling the GamePlay subroutine with Index as the argument. Processing the Move First, you check to see if an unoccupied square was clicked. If lblPlayGround(xo_Move).Caption Then Once were sure this is a legitimate move, the move counter (iMove) is incremented. The next two lines are very interesting since they translate the coordinates from the one-dimensional If lblPlayGround component array to two-dimensional indexes that you can use in either iXPos or iOPos. Mod and integer division (the backslash) are mathematical operations that you dont use every day, but heres a great example showing how they can be very useful. Â  If lblPlayGround(xo_Move).Caption TheniMove iMove 1x Int(xo_Move / 3) 1y (xo_Move Mod 3) 1 The xo_Move value 0 will be translated to (1, 1), 1 to (1, 2) ... 3 to (2, 1) ... 8 to (3, 3). The value in sPlaySign, a variable with module scope, keeps track of which player made the move. Once the move arrays are updated, the label components in the playing grid can be updated with the appropriate sign. If sPlaySign O TheniOPos(x, y) 1iWin CheckWin(iOPos())ElseiXPos(x, y) 1iWin CheckWin(iXPos())End IflblPlayGround(xo_Move).Caption sPlaySign For example, when the X player clicks the top left corner of the grid, variables will have the following values: The user screen shows only an X in the upper left box, while the iXPos has a 1 in the upper left box and 0 in all of the others. The iOPos has 0 in every box. The values changes when the O player clicks the center square of the grid. Now th iOPos shows a 1 in the center box while the user screen shows an X in the upper left and an O in the center box. The iXPos shows only the 1 in the upper left corner, with 0 in all of the other boxes. Now that you know where a player clicked, and which player did the clicking (using the value in sPlaySign), all you have to do is find out if someone won a game and figure out how to show that in the display. Finding a Winner After each move, the CheckWin function checks for the winning combination. CheckWin works by adding down each row, across each column and through each diagonal. Tracing the steps through CheckWin using Visual Basics Debug feature can be very educational. Finding a win is a matter of first, checking whether three 1s were found in each of the individual checks in the variable iScore, and then returning a unique signature value in Checkwin that is used as the array index to change the Visible property of one element in the linWin component array. If there is no winner, CheckWin will contain the value -1. If there is a winner, the display is updated, the scoreboard is changed, a congratulation message is displayed, and the game is restarted. Lets go through one of the checks in detail to see how it works. The others are similar. Check Rows for 3For i 1 To 3iScore 0CheckWin CheckWin 1For j 1 To 3iScore iScore iPos(i, j)Next jIf iScore 3 ThenExit FunctionEnd IfNext i The first thing to notice is that the first index counter i counts down the rows while the second j counts across the columns. The outer loop, then simply moves from one row to the next. The inner loop counts the 1s in the current row. If there are three, then you have a winner. Notice that you also keep track of the total number of squares tested in the variable CheckWin, which is the value passed back when this function terminates. Each winning combination will end up with a unique value in CheckWin from 0 to 7 which is used to select one of the elements in the linWin() component array. This makes the order of the code in function CheckWin important too! If you moved one of the blocks of loop code (like the one above), the wrong line would be drawn on the playing grid when someone wins. Try it and see! Finishing Details The only code not yet discussed is the subroutine for a new game and the subroutine that will reset the score. The rest of the logic in the system makes creating these quite easy. To start a new game, you have only to call the InitPlayGround subroutine. As a convenience for players since the button could be clicked in the middle of a game, you ask for confirmation before going ahead. You also ask for confirmation before restarting the scoreboard.

Modern Drama And Modern Criticism - 2836 Words

â€Å"Nothing is harder to bring to life for a modern reader than the theatre of the past,† Michael Booth states in his book, English Melodrama, as an opening to his chapter â€Å"the character of melodrama†. Booth resumes by saying that to reconstruct extinct theaters, to inhabit them once again with noisy audiences, and to light them with flickering candles, harsh hissing gas, and soft multi-colored pools of limelight picking out actors long forgotten, acting in old-fashioned ways in front of creaking flats and jerking wings, is to make dead eyes see and dead ears hear. After research on this topic, I realized that the task is even more difficult when the kind of theatre under discussion is now extinct, and toward which modern drama and modern criticism is unsympathetic. This is the case with the melodrama of the nineteenth century, the most popular dramatic form of its age, a form that depended more on graphic exhilaration and the thrill of the moment – qualit ies almost beyond critical recall – than anything ever written for the stage. Now it is all gone, and I will hopefully through this essay bring some of this back to life. Yet because of its energy and vividness, something of its nature can be imparted. 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Corporate Governance and Financing Decisions by Saudi Companies Free Essays

string(108) " the degree to which corporate governance affect the financing decisions of Saudi Arabian listed companies\." Corporate Governance and Financing Decisions by Saudi Companies Ali Al-Nodel College of Economy and Administration, Qassim University, P. O. Box 4667, Burydah 51412 Al-Qassim, Saudi Arabia. We will write a custom essay sample on Corporate Governance and Financing Decisions by Saudi Companies or any similar topic only for you Order Now Email: nodl@qu. edu. sa Khaled Hussainey Ain Shams University, Egypt Accounting Finance Division Stirling Management School Stirling University Stirling FK9 4LA United Kingdom Email: Khaled. Hussainey@stir. ac. uk 1 Abstract Purpose: This paper aims to contribute to the corporate governance literature in emerging economies by examining the effect of some corporate governance mechanisms on financing decisions in Saudi Arabian listed companies. Methodology: A multiple regression model is used to examine the association between financing decisions and corporate governance mechanisms for a sample of 37 listed Saudi companies. In particular, we examine the effect of board size; ownership concentration and corporate governance reporting on the debt-to-equity ratio. Corporate governance reporting is measured by the content analysis approach. Findings: After controlling for companies’ profitability and their growth opportunities, we found that both board size and ownership concentration are positively associated with debt-to-equity ratio. Research limitations: We limit our analysis to a small sample of firms that use the internet to communicate corporate governance information between October 2005 and January 2006. Practical implications: The findings suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance (large number of directors on the board and higher ownership concentration). However, we did not find any statistical association between corporate governance disclosure and debt-to-equity ratio. This suggests that firm’s asymmetric information is not an important driver of the financing decision of Saudi Arabian companies. This might be due to the nature of the Saudi business environment. Originality: We strongly believe that this paper provides a novel contribution to the existing literature as we are the first to examine this issue in Saudi Arabia. Keywords: Corporate governance, financing decisions, emerging economies, Saudi Arabia. Paper type: Research paper. 2 1. Introduction This paper aims to contribute to the corporate governance literature by examining the effect of corporate governance characteristics on financing decisions in Saudi Arabian listed companies. In particular, it examines the effect of board size; ownership concentration and corporate governance reporting on the debt-to-equity ratio. The investigation of these research issues in Saudi business environment could extend prior research and give different explanations to those carried out in more developed countries Research related to determinant of corporate capital structure is a well established part of the accounting and finance research. Modigliani and Miller (1958) is the first to study this area of research. They also provided another study in the same area of research after modifying some assumptions such as relaxing the prefect market assumptions and considering corporate tax into their models (Miller and Modigliani, 1963). In their later study, they suggested that firm value will be enhanced if the level of debt increases because interest rate is a tax deductible and consequently companies would enjoy debt tax shield when funding their activities by long-term debt. Further accounting and finance research studies were more expressive. Those researches were concentrated on examining some determinants of corporate capital structure. For example, the association between board size and capital structure decisions have been suggested by a number of empirical studies (see for example Mehran 1992, Berger et al. 1997, Wiwattanakantang 1999, Wen et al. 2002, Du and Dia 2005, Abor and Biekpe 2005 and Al-Najjar and Hussainey 2010a and 2010b). Another determinant of capital structure decision which received significant attention is the ownership concentration (see for example Wiwattanakantang 1999, and Al- 3 Najjar and Hussainey 2010a and 2010b). More recently, number of studies have, also, investigated the association between asymmetric information and corporate decisions (see for example Li and Zhao, 2006 and Bharath et al. 2009). The results of these research studies suggest that firm value will be enhanced if the level of debt increases, board size and ownership concentration are associated with capital structure decisions and firms with higher levels of information asymmetric are more likely to use debt in financing their activities than equity. Unfortunately, the results of these research studies cannot be generalized for number of reasons. First, these results provided mixed evidence. For example, Mehran (1992), Berger et al. (1997), and Abor and Biekpe (2005) found a significant negative association between the size of the board of directors and debt-to-equity ratios, while Jensen (1986) found a positive association between higher debt ratios and larger board size. Further, other researchers found that there is no significant association between board size and debt-to-equity ratios (i. e. Wiwattanakantang, 1999; Wen et al. , 2002; and Al-Najjar and Hussainey, 2010). A second reason for the difficulty behind generalizing the results of these esearch studies are that the majority of them were carried out in most developed countries such as U. S and European continental. More precisely, in developing countries the conclusions of this line of research are likely to be challenged due to the business environmental differences between those of developed and those of developing countries. In another words, in a different busi ness environment such those of the Middle Eastern countries, there are significant environmental factors that may affect corporate capital structure decisions. Hove (1986 and 1990) asserted the importance of political, economical, and social systems on corporate decisions. 4 Third reason for the difficulty of generalising the evidence of prior research examining determinants of corporate capital structure is that there are very limited numbers of studies that have examined determinants of capital structure in developing countries and even fewer such studies may be found in the Middle East countries, leaving significant doubt about the applicability of these evidence in the business environment of Middle east countries Accordingly, a natural area of extending the lines of the accounting and finance research related to determinant of corporate capital structure decisions is to explore other drivers of corporate capital structure decisions and to consider suggested drivers within a different business environment. In the present paper, we aim to examine the degree to which corporate governance affect the financing decisions of Saudi Arabian listed companies. You read "Corporate Governance and Financing Decisions by Saudi Companies" in category "Papers" We focus only on three corporate governance mechanisms. These are board size; ownership concentration and corporate governance reporting. The main reasons for concentrating on these issues are the possibility of making comparison with other studies because these are the most studied issues in the literature, the availability of data regarding these issues1, and the importance of advising regulators whom are more concern about these issues in the process of regulating corporate governance in Saudi Arabia. To help us in focusing on a group of firms that report corporate governance information on their websites, we utilised a sample of 37 companies listed in Saudi Stock Market in January 2006. This was based on a recent paper by Hussainey and Al-Nodel (2008) who collected their sample from Saudi listed companies’ websites 1 Cost of capital is an important factor in corporate capital structure decisions; however data for capital structure was not available. 5 etween October 2005 and January 2006 representing a total number of 77 companies listed in the Saudi Stock Exchange at that time. We found that both board size and ownership concentration are positively associated with the debt-to-equity ratio. However, we did not find a significant association between corporate governance reporting and the debt-to-equity ratio. The findings seem to suggest that managers are likely to choose higher financial leverage when they have stronger corporate governance (large number of directors on t he board and higher ownership concentration). However, firm’s asymmetric information seems to be not a driver of the financing decision of Saudi Arabian companies. A possible explanation is that decisions relate to capital structure are affected by the Islamic view of financing which prohibits interests and in turn to the public view who disrespects such practice. This is enhanced by the weakness of the business reporting practice in Saudi Arabia which could provide pave for a different mean of getting information by parties related to loan agreements. The results of this paper may be of use to the Saudi Arabian Capital Market Authority (SACMA, thereafter) who issued a guidance in 2006 that recommends all listed companies to disclose corporate governance information to the public. This would help SACMA to explore the attitude of companies to voluntarily report corporate governance rather than being enforced to do so. The paper proceeds as follows. Section 2 reviews prior research on the determinants of corporate capital structure. In Section 3, a description of the Saudi business environment is provided. Sections 4 and 5 discuss the development of the research hypotheses and the research model. Section 6 is the data description. The 6 main regression results are presented in Section 7. Section 8 concludes and suggests areas for future research. 2. Literature Review Although the relationship between corporate governance and capital structure has been the subject for an extensive research in developed countries2, a limited research has been carried out to investigate the issue in business environment of developing countries. The association between board size and capital structure decisions have been well established in prior accounting and finance research. In particular, Mehran (1992), Berger et al. (1997), Wiwattanakantang (1999), Wen et al. (2002), Du and Dia (2005), Abor and Biekpe (2005) and Al-Najjar and Hussainey (2010a and 2010b) examined the association between board size and corporate capital structure decision, but the results are mixed. Mehran (1992), Berger et al. (1997), and Abor and Biekpe (2005) reported a significant negative association between the size of the board of directors and debt-toequity ratios. However, Jensen (1986) revealed a positive association between higher debt ratios and larger board size. Other researchers found that there is no significant association between board size and debt-to-equity ratios (Wiwattanakantang, 1999, Wen et al. , 2002, Al-Najjar and Hussainey, 2010). 2 Examples include the UK (see, for example, Demirag 1998; Ezzamel and Willmott 1993; Writer 2001; Vinten 2001), The Netherlands (Groot, 1998), and Canada (Elloumi and Gueyie, 2001). Other researchers compared the corporate governance practice between developing countries. For instance, Vinten (2000) compared the corporate governance practice between the UK and the US. Another comparative study is Charkham (1994) which found significant differences in the corporate governance practices in five countries: Japan, Britain, France, the United States and Germany. 7 Ownership concentration is considered as one of the key determinants of capital structure decision. Wiwattanakantang (1999) reported that managerial shareholdings have consistent positive influence on family-owned firm leverage. In addition, Al-Najjar and Hussainey (2010a) found that insider ownership is positively and significantly associated with the debt-to-equity ratio. However, Al-Najjar and Hussainey (2010b) did not find the expected significant results. A relatively recent and growing number of studies have investigated the association between asymmetric information and corporate decisions (see Li and Zhao, 2006 for more details). For example Bharath et al. (2009) used a novel information asymmetry index and examined the extent to which information asymmetry is a determinant of capital structure decisions. They found that information asymmetry affects capital structure decisions of US companies. In particular, they found a significant positive association between information asymmetry and debt-to-equity ratio. In other words, their results suggest that firms with higher levels of information asymmetric are more likely to use debt in financing their activities than equity. On the other hand, other research found that voluntary disclosure is negatively related to asymmetric information. For example, Hussainey et al. 2003) found higher levels of voluntary disclosure reduce information asymmetry between the firm and investors and hence increase investors’ ability to better anticipate future earnings. Research investigating corporate governance in developing countries is much beyond in considering the impact of issues of corporate governance on corporation capital structure. A review of research investigating issues of corporate governance revealed that most such research approach th e issue whether to describe the state of 8 orporate governance from an official perspective or from the perspective of what should the practical applications of its principles be. For example, Al-Motairy (2003) explored the state of corporate governance practices in Saudi Arabia. He concluded that there is a vital need for (1) a review of these regulations to reflect the current practices of corporate governance, (2) the issuance of guidance for best practices for management and financial affair in corporations and (3) the establishment of an organisation to accelerate the adoption of best practices of corporate governance. Similarly, Fouzy (2003) evaluated the practices of corporate governance’s principles in Egypt. He recognised the development in Egyptian official regulations toward the application of best practices of corporate governance. He then argued that these developments are not met enough by Egyptian companies in their practical applications. Another example is the study which was carried out by Oyelere and Mohammed (2005) investigating the practices of corporate governance in Oman and how it is being communicated to stakeholders. They recommend enhanced regulation and communication for the Omani stock market to keep pace with the international developments. Finally, a research paper by the Centre for International Private Enterprise (CIPE, 2003) examined the corporate governance practice in four Middle Eastern countries (Egypt, Jordan, Morocco, and Lebanon). It found that corporate governance practice is approached differently by each country depending on the sophistication of the financial market in each country. The research paper further provided several 9 ecommendations to improve the application of the principles of corporate governance in the region as a whole. The impact of the corporation attitude toward their corporate governance on their financing decisions needs further investigation giving the unique of the Saudi business environment and the mixed results of the accounting and finance research relating to the determinants of corporate capital structure. This is evident by the unique aspects of the business environment of Saudi Arabia which will be discussed in the following paragraph. 3. Saudi business environment This section provides a general description of the environment of the Saudi business practices. The discussion will be directed to the most important environmental factors, as suggested by the literature. The main aspects of the Saudi business practices that will be discussed are the social, economical, and political systems. Also, some highlights will be given to the 1965 Company Law that regulates the practice of Saudi businesses and the guidance of corporate governance issued by SACMA in 2006 which regulates corporate governance reporting. As a conservative society, a significant number of Saudis are adherent to Islamic values such as avoiding loan interests. This does not mean there is no such type of transactions but to mean that the majority of Saudis do not openly accept such transactions. Saudi society is also characterized by the impact of the personality and power of particular individuals, the role of family and friend relationships over regulations, privilege given to personal relationships over tasks, and the existence of a high level of secrecy (Al-Rumaihi 1997; Al-Nodel 2004). 0 The economy of Saudi Arabia is an oil-based economy and government exercises strong controls over major economic activities. Since the discovery of oil in 1938, oil revenue represents the biggest contribution to the economy. In 1990s, it accounted for around 35% of nominal GDP, about 75% of government revenues, and 85% of export receipts (Economist Intelligence Unit, 2003). Table 1 presents the country’s budgetary revenues, e xpenditures and net surplus or (deficit) for the last three years. Insert Table 1 here Similar to most developing countries, Saudi businesses are characterized by the domination of family businesses, the deep involvement of the government in the private sector, and the existence of a number of foreign-owned and controlled companies based on joint venture agreements with domestic companies. Al-Nodel (2004) reported that joint-stock companies represent only 1. 14% of the total number, and account for less than 40% of the total capital of the registered businesses. Since the type of businesses is mostly small to medium size companies, there was an apparent need for more foreign investors and involvement of the government in the private sector to carry some important activities which cannot be carried out or provided by local companies. This has left the country with significant number of foreign-owned and controlled companies based on joint venture agreements with domestic companies and significant involvement of government in some major business activities (Presley, 1984; Aba-Alkhail, 2001). The political system of Saudi Arabia is a monarchy, headed by the King. Within the political system, there are three legislative bodies, which have the authority to initiate and/or approve policies, regulation or rules: the Council of 11 Ministers, the Consultative Council, and various individual Ministries (Al-Amari, 1989; Al-Rumaihi, 1997). The legal system of Saudi Arabia is derived from Islamic law (Shariah; Alqur’an Alkareem and Sunna Alsharifah3), and coded laws for a number of specific fields, such as commerce, tax and labour. Al-Amari (1989) reported that Islamic law prevails in legal disputes. Two of the most important aspects of the Islamic values relating to corporate financing are that Islamic law prohibits loan interests whether giving or taking by individuals or business institutions and obligation of Zaket4 which should be giving, calculated based on the capital of the business or individual, and given to specific groups as mentioned by Alqur’an Alkareem and Sunna Alsharifah. Taxes duty is imposed on non-Saudi or Gulf States companies operate in Saudi Arabia. There are some differences between Zaket and Taxes whether on whom to impose, the manner of collection, or calculation. For example, Zaket is based on the wealth of the business with some specific deductions for specific items as indicated by Shariah; Alqur’an Alkareem and Sunna Alsharifah, while Tax is based on the net income with some deduction according to the law of Taxes. The 1965 Company Law regulates the practice of businesses in Saudi Arabia. It sets conditions for several aspects of businesses such as legal frameworks through which business companies can be established, the registration requirements, minimum capital to be maintained, number of partners, number of directors, accounts, the 3 Alqur’an Alkareem is the Holly book of Islam and Sunna Alsharifah is the interpretations, speeches and actions of prophet Mohamed Peace be up on him. Alqur’an Alkareem and Sunna Alsharifah provide the main of Islamic instructions. 4 Zaket is a financial religious duty and represents the third pillar. Alqur’an Alkareem and Sunna Alsharifah explain to Muslim the compliance with the Zaket duty. 12 annual audit of the accounts, and so on. Shinawi and Crum (1971) asserted that the origin of the 1965 Saudi Company Law goes back to the British Companies Act of 1948. The similarity between the 1965 Saudi Company Law and the UK acts issued in 1948, 1967 and 1976 was also reported by Kahlid (1983). The reporting requirements which are imposed by the 1965 Company Law represent the only rules that should be observed. It requires the issuance of a balance sheet, a profit and loss account, and a report on the company’s operations and financial position every fiscal year. It further stipulates that all corporations and limited liability companies must issue annual financial statements audited by an independent auditor licensed to practice by the Saudi Ministry of Commerce and Industry. Similar to stock markets in developing countries, the Saudi stock market is new and small. In 1984, the Royal Decree No. 81230 was issued as an attempt to officially regulate the stock exchange (Abdeen and Dale, 1984; El-Sharkawy, 2006). Under this Royal Decree, the Saudi Arabian Monetary Agency (SAMA) was given actual control over the stock exchange through national commercial banks. The significant change was in 2003 when the Saudi Arabian Capital Market Authority (SACMA) was established to oversight the exchange of Saudi stocks (Ramady, 2005). This period observed significant increase of the number of listed companies, regulations for the market in general and reporting in specific. Table 2 compares some key numbers of the Saudi stock market between 1996- 2005. Insert Table 2 here 13 For example, in 2006 SACMA issued a draft for reporting requirements of corporate governance for listed companies. The draft provides recommendations of the criteria for the best corporate governance practice that should listed companies counsel. It has covered to some extent the main five principles issued by the Organization for Economic Co-operation and Development (OECD): the rights of shareholders, the equitable treatment of shareholders, the role of stakeholders in corporate governance, disclosure and transparency, the responsibility of the board of directors. According to the recommendations of SACMA, listed companies are required to report to SACMA about their compliance with the criteria of corporate governance as issued by SACMA or reasons for uncompliance if any. The disclosure contains, for example, the board of directors’ functions, responsibilities, formation, committees of board of directors; audit committee; Nomination and Remuneration Committee; Meetings of the Board and Remuneration and Indemnification of Board Members5. Finally, SACMA asserted that the criteria for the best corporate governance practice mostly constitutes the guiding principles for all listed companies unless any other regulations, laws or rules require such requirement. 4. Research hypotheses To examine the effect of corporate governance characteristics on financing decisions in Saudi Arabian listed companies we formulated three research hypotheses; 5 Detailed information about these regulations is discussed in the following articles (SACMA, 2006): Article 9: Disclosure in the Board of Directors’ Report; Article 10: Main Functions of the Board of Directors; Article 11: Responsibilities of the Board; Article 12: Formation of the Board; Article 13: Committees of the Board; Article 14: Audit Committee; Article 15: Nomination and Remuneration Committee; Article 16: Meetings of the Board; Article 17: Remuneration and Indemnification of Board Members. 14 he effect of board size; ownership concentration and corporate governance reporting on the debt-to-equity ratio as following. Board size hypothesis Given that prior research investigating the association between board size and debt-to-equity ratios gave mixed result (see section 2), we also revisited this research area and examined the association between board size and capital structure for Saudi Arabian companies. We set the following first research hypothesis for the impact of board size on capital structure: H1: Ceteris paribus, there is a relationship between board size and debt-to-equity ratio. Ownership concentration hypothesis Given the results of the prior research are – to some extent – mixed, we also revisited this research area and examined the association between ownership concentration and capital structure for Saudi Arabian companies. We set the following second research hypothesis for the impact of ownership concentration on capital structure: H2: Ceteris paribus, there is a relationship between ownership concentration and debt-to-equity ratio. Corporate governance reporting To examine the role of the information environment on capital structure decision in Saudi Arabian companies, we used a corporate governance voluntary disclosure index as a measure of a firm’s information environment and set the 15 following third research hypothesis for the impact of corporate governance reporting on capital structure: H3: Ceteris paribus, there is a relationship between corporate governance reporting and debt-to-equity ratio. 5. Model Development In order to test the above hypotheses, we regress debt-to-equity ratio on some corporate governance characteristics and some control variables. The study will investigate the following model: Levit = ? + ? ? X it + ? it Where: Levit is defined as long term debt to equity ratio; ? is the intercept. ? ? is the slope coefficient estimates of regressors. X it is the corporate governance variables (and control variables) for firm i at time t. Dependent variable: The dependent variable ( Levit ) is defined as the long term debt to equity ratio. Independent variables: We have three independent variables and two control variables. We identified three types of corporate governance variables: 1) Board size (BOARD): This represents the number of executive and non executive directors on the board. (2) Ownership concentration (OWNERSHIP): This represents the total percentage of the company’s shares that owned by owners. 16 (3) Corporate governance reporting (DISCLOSURE): This is calculated as the number of sentences that include at least one corporate governance related information. Control variables: (1) Profitability (PROF): we used return on total assets as a measure for firms’ profitability. (2) Growth opportunity (MB): we used share price to book value ratio as a measure for firm’s growth opportunity. . Data Our data collection is based on a recent paper by Hussainey and Al-Nodel (2008). This helped us to focus on a group of firms that report corporate governance information on their websites. We focused on firms that disclose information through internet because prior research argued that internet reporting is one of the most important sources of voluntary disclosure and this source is more likely to complement published annual reports (Aly et al, 2010). Hussainey and Al-Nodel (2008) collected their sample from Saudi listed companies’ websites between October 2005 and January 2006. At that time, the total number of companies listed in the Saudi Stock Market was 77 representing eight sectors: agriculture, services, cement, industrial, banks, electrical, telecommunication and insurance. They used TADAWUL website (www. tdwl. net) and Google website (www. google. com) to access every company’s website. They deleted some companies from their analysis for a number of reasons. These include 11 firms without websites; one firm with a website under construction and one firm with a restricted website. This reduced their sample to 64 companies. We also further excluded 27 firms because of missing corporate 7 governance and accounting information. This led to a sample of 37 listed firms for the current study. Data on debt-to-equity ratio, Board size, ownership concentration, profitability and price-to-book value ratio were collected from TADAWUL website. Following Hussainey and Al-Nodel (2008), we used the content analysis approach to measure the number of sentences that contain corporate governance information. Accordingly we used the corporate governance disclosure index developed by Hussainey and AlNodel (2008) to analyse the content of every company’s website. 7. Empirical Results This section discusses the descriptive analysis, the correlation analysis and the empirical results. Descriptive analysis Table 3 shows the descriptive analysis (mean, minimum, maximum and the standard deviation). It shows that on average the number of directors on board in Saudi Arabia companies is around 8, with a minimum of 4 members and a maximum of 11 members. Mean ownership concentration is 35. 6 and the mean corporate governance disclosure is 5 sentences with a minimum of zero corporate governance sentence and a maximum of 21 corporate governance sentences. A broad range of variation in financial variables is also evident in our sample. The debt-to-equity ratio ranges from 0 to 97 with a mean of 24. 52 and a standard deviation of 32. 576. The return on total assets ratio ranges from -37. 3 to 71. 74 with a mean of 8. 8535 and a standard deviation of 13. 81767. The share price to book value ratio ranges from 0 to 21 with a mean of 5. 03 and a standard deviation of 5. 336. On 18 average, our sample covers large firms as the mean firm size is 23240077. 81. Finally, our sample covers nine sectors as follows: Banks (9 firms), Chemical (8 firms); Cement (6 firms); Retailers (2); Energy (I firm); Agriculture (7 firms); Telecommunication (2 firms); Advertising (1 firm) and Insurance (1 firm). Insert table 3 here Table 4 shows the correlation analysis. The correlation between each of the independent variables is not too high. The highest correlation found between corporate governance disclosure and share price to book value ratio (MB) is 43. 5, which is acceptable. This confirms that no multicollinearity problem exists between the independent variables. Insert table 4 here Table 5 shows our empirical results. It shows that the coefficient estimate on board size is positive significant with a p-value of 0. 059 (see model 4). This is consistent with Jensen (1986) who also found a positive association between higher debt ratios and larger board size. Our finding indicates that larger board size puts Saudi Arabian firms in a good position to finance their activities by using debt. This is consistent with the fact that higher quality of corporate governance improves companies’ financial performance (Bhagat and Bolton, 2008) and hence leads increase the ability of the company to obtain debt. Liang and Zheng (2005) provided an explanation for this positive sign. They argued that boards with a large board size are more likely to have a difficulty in getting an agreement because of different and conflict opinions and views. Accordingly, firms with large number of directors on board might not choose equity financing which requires high transaction cost to resolve communication and coordination dilemma. In addition, they argued that 19 directors would choose debt for financing their activities because this source of finance will not dilute the equity of current shareholders and change their current position. This leads us to accept hypothesis 1. Table 5 also shows that the coefficient estimate on ownership concentration is positive significant with a p-value of 0. 005 (see model 4). This result is consistent with Wiwattanakantang (1999) Al-Najjar and Hussainey (2010a). This indicates that when the total percentage of the company’s shares is concentrated internally, managers will prefer to use debt to finance their companies’ activities. This is because – as mentioned in Liang and Zheng (2005) – debt will not dilute the equity of current shareholders and change their current position. This leads us to accept hypothesis 2. Insert table 5 here Finally, corporate governance disclosure as a proxy for asymmetric information between managers and investors is expected to be negative and statistically significant. However, Table 5 shows that the coefficient estimate of DISCLOSURE variable is positive, indicating that firms with higher levels of corporate governance disclosure (less information asymmetry) has higher debt-toequity ratio. This finding is statistically insignificant and not consistent with prior research. This leads us to reject hypothesis 3. . Conclusion The aim of this paper was to examine the effect of corporate governance mechanisms on capital structure for Saudi Arabian listed companies. Our results show that the corporate capital structure decisions in Saudi Arabia is driven by some of the same corporate governance determinates suggested in prior research. Based on 20 a sample of 37 Saudi Arabian listed companies, our results show that the number of dir ectors on boards and ownership concentration are the main drivers of Saudi companies for capital structure decisions. Our results, however, show that corporate governance reporting was not an important driver of Saudi companies for capital structure decisions. This might be due in part to the nature of the Saudi business environment where there is a weak reporting requirement of the practice of corporate governance in the country. This fact could have encourage parties to loan agreements approach different means to get the needed information rather than the traditional reporting mechanisms which is likely to be practical in a small community of businesses. This is also likely to be affected by the characteristics of Saudi society whereas the impact of the personality and power of particular individuals, the role of family and friend relationships prevail over regulations, and tasks, and the existence of a high level of secrecy. The main limitation of the study is that it did not cover the whole market so the sample may not be representative of the population of Saudi companies. This, however, is justified by the nature of the study, which relied on the availability of data needed. Further recheck was carried for companies which are not included. We found that these companies are in general small and less likely to affect the results. Nevertheless, a study with a large number of companies is needed for future research. A future research may also try to overcome the limitation of the availability of data and investigate other determinants of capital structure decisions by utilising other mean of research tools such interviews with parties involved in loan agreements. 21 References Aba-Alkhail, K. (2001). Regulating the auditing profession in Saudi Arabia: the formulation of early auditing standards. PhD Thesis. University of Essex. Abdeen, A. and Dale, S. (1984), The Saudi Financial System in the Context of Western and Islamic Finance, John Wiley ; Sons. Abor, J. and Biekpe, N. 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Com (Accessed on 10th July 2008). 24 Tab le (1): Saudi Arabia budgetary revenues, expenditures and net surplus or deficit 2005-2007 Annual government budgeting ( estimates ) Million Saudi Riyals ($1= 3. 75 SR) Total Non-oil Total (Deficit)/ Oil revenues revenues revenues expenditures Surplus Amount Amount % Amount % Amount Amount 2005 280000 220000 79% 60000 21% 280000 0 2006 390000 320000 82% 70000 18% 335000 55000 2007 400000 330000 83% 70000 17% 380000 20000 Source: SAMA (Saudi Arabian Monetary Agency) annual report (2007). 25 Table (2): Key Figures of Saudi Stock Market between 1996-2005. YEAR 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 NO. OF TRANSACTIONS (THOUSAND)) 284 460 377 438 498 605 1,034 3,763 13,320 46,607 TRADED STOCK (MILLION) 138 314 295 528 555 692 1,736 5,566 10,298 12,281 Source: TADAWUL website accessed on 29th September 2006 26 MARKET VALUE ($ MILLIAR ) 46 59 43 61 68 73 75 157 306 650 INDEX 1,531 1,958 1,413 2,029 2,258 2,430 2,518 4,438 8,206 16,713 Table (3) Descriptive Statistics ; Industry Classification a) Descriptive Statistics N Minimum Maximum Mean Std. Deviation Lev 37 0 97 24. 52 32. 576 Board 37 4 11 7. 89 1. 822 Ownership 36 .0 82. 7 35. 550 27. 7875 PROF 37 -37. 30 41. 74 8. 8535 13. 81767 MB 37 .00 66. 87 9. 9181 10. 56721 Total assets 37 0 Disclosure 37 0 136950480 23240077. 81 21 b) Industry Classification Sectors Number of firms Banks 9 Chemical 8 Cement 6 Retailers 2 Energy 1 Agriculture 7 Telecommunication 2 Advertising 1 Insurance 1 27 5. 03 3. 888E7 5. 336 Table (4) Correlation analysis Disclosure Board Ownership Lev MB PROF 1. 000 .077 .246 .301 .435** -. 139 .649 .149 .070 .007 .410 37 37 36 37 37 37 Pearson Correlation .077 1. 000 .234 .395* .083 .212 Sig. (2-tailed) .649 .170 .016 .626 .207 Disclosure Pearson Correlation Sig. (2-tailed) N Board N 37 37 36 37 37 37 .246 .234 1. 000 .504** .097 .064 .149 .170 .002 .574 .711 36 36 36 36 36 36 Pearson Correlation .301 .395* .504** 1. 000 .109 -. 062 Sig. (2-tailed) .070 .016 .002 .520 .716 37 37 36 37 37 37 .435** .083 .097 .109 1. 000 -. 019 .007 626 .574 .520 37 37 36 37 37 37 Pearson Correlation -. 139 .212 .064 -. 062 -. 019 1. 000 Sig. (2-tailed) .410 .207 .711 .716 .910 37 37 36 37 37 Ownership Pearson Correlation Sig. (2-tailed) N Lev N MB Pearson Correlation Sig. (2-tailed) N PROF N **. Correlation is significant at the 0. 01 level (2-tailed). *. Correlation is significant at the 0. 05 level (2-tailed). 28 .910 37 Table (5) Reg ression analysis 5. 1 Model summary R Square Adjusted R Square 1 .617 a .380 .277 28. 002 2 .616b .379 .299 27. 565 3 .602c .363 .303 27. 492 4 .576d .332 .291 27. 726 Model R Std. Error of the Estimate a. Predictors: (Constant), PROF, MB, Ownership , Board , Disclosure b. Predictors: (Constant), PROF, Ownership , Board , Disclosure c. Predictors: (Constant), Ownership , Board , Disclosure d. Predictors: (Constant), Ownership , Board 29 5. 2 ANOVA analysis e ANOVA Sum of Squares df Mean Square F Sig. Regression 14436. 181 5 2887. 236 3. 682 .010a Residual 23524. 187 30 784. 140 Total 37960. 368 35 Regression 14405. 109 4 3601. 277 4. 739 .004b Residual 23555. 258 31 759. 847 Total 37960. 368 35 Regression 13774. 798 3 4591. 599 6. 075 .002c Residual 24185. 570 32 755. 799 Total 37960. 368 35 Regression 2592. 380 2 6296. 190 8. 190 .001d Residual 25367. 988 33 768. 727 Total 37960. 368 35 Model 1 2 3 4 a. Predictors: (Constant), PROF, MB, Ownership , Board , Disclosure b. Predictors: (Constant), PROF, Ownership , Board , Disclosure c. Predictors: (Constant), Ownership , Board , Disclosure d. Predictors: (Constant), Ownership , Board e. Dependent Variable: Lev 30 5. 3 Coefficient estimat es Coefficients Unstandardized Coefficients Model a Standardized Coefficients t Sig. -1. 839 .076 .315 2. 079 .046 .181 .400 2. 619 .014 1. 064 1. 032 .174 1. 031 .311 MB -. 101 .507 -. 032 -. 199 .844 PROF -. 311 .352 . 132 -. 886 .383 -39. 272 20. 901 -1. 879 .070 Board 5. 669 2. 696 .312 2. 102 .044 Ownership .475 .178 .401 2. 672 .012 Disclosure .971 .906 .159 1. 072 .292 PROF -. 315 .346 -. 134 -. 911 .369 -38. 586 20. 831 -1. 852 .073 Board 5. 185 2. 637 .285 1. 967 .058 Ownership .466 .177 .393 2. 630 .013 Disclosure 1. 113 .890 .182 1. 251 .220 (Constant) -35. 046 20. 814 -1. 684 .102 Board 5. 196 2. 659 .286 1. 954 .059 Ownership 4 .519 .173 .438 2. 990 .005 21. 252 5. 721 2. 752 .474 Disclosure 3 -39. 090 Ownership 2 Std. Error Board 1 B (Constant) (Constant) (Constant) a. Dependent Variable: Lev 31 Beta How to cite Corporate Governance and Financing Decisions by Saudi Companies, Papers

Honesty Breeds Trust free essay sample

One day my mom put three hundred dollars on her dresser and then got in the shower. My little brother took them and hid them under his pillow. When my mom got out of the shower and couldn’t find them, she asked him if he knew where it was, and he said no. The next day my mom was changing his sheets and found them. He got in a lot of trouble. If he had been honest with my mom she would trust him. So it proves honesty breed’s trust. In the novel Flowers For Algernon there are multiple times when the theme Honesty Breeds Trust comes up. At one point the people who worked in the factory with Charlie, made a petition saying Charlie should be fired. The only person who didn’t sign was Fanny, she told Charlie that, â€Å" Them Changes. I don’t know. You used to be a good, dependable, ordinary man – not too bright, maybe, But honest. We will write a custom essay sample on Honesty Breeds Trust or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Who knows what you done to get yourself smart all of the sudden? Like everybody around here’s been saying, Charlie It’s not right.† (Keyes 216) Because of Fanny’s honesty, and the fact that she thought Charlie was honest, he trusted her. Another example of this strong theme is shown in the movie, Mean Girls (Mark Waters). Cady lies to the people who think that she’s a good friend to use them to be popular. Cady said, â€Å" That she could go back at anytime, and she’s not turning into one of them.† But her real friends saw it happening, a slow transformation. They couldn’t trust her anymore. If she were honest to the people who truly cared about her, she would be trusted. This theme is also shown is in my own life. I remember when I played soccer; I was always so excited for the practices and the games, because my mom told me that I was good. Then one day I accidentally kicked my coach with the soccer ball, and he just came right out and told me how bad I was of a soccer player, and that I am an embarrassment to the team. I went home and told my mom what had happened, and she still said that I was pretty good. I knew she was lying. So from my coach showing his honesty to me, I knew that I could trust him. One example of the theme honesty breeds trust comes from The Series of Unfortunate Events. Count Olaf decided to be the Baudelaire children’s guardian, after the tragic death of their parents, so he can inherit the Baudelaire Fortune. â€Å"I will get that Large Fortune†, (Brad Silberling) said Count Olaf, but he soon realizes that the fortune will go to the children when their eighteen (not to the guardian), unless something were to happen to the children. So Count Olaf makes many attempts to kill the children, but they always escape from his traps, because they know what he’s up to. The children told the authorities, and Count Olaf had to do everything he put the Baudelaire children through. If he was an honest man and took in the Baudelaire’s because he loved them, and not for money. They would trust him. George Washington is one of our nations greatest examples, for theme honesty breeds trust. Washington left us with his advice to live by, I am only going to talk about one of these, but I thought it was important for you to know the rest. # 1 Rely on God, # 2 Honesty, # 3 Resist Political pressures, # 4 Formula for peace, # 5 Preserve the constitution, # 6 Liberty must include responsibility, # 7 Avoid Foreign Influence, # 8 Don’t expect favors from nations, # 9 Patriotism, and # 10 Thanksgiving to God. Honesty Was always apart of Washington’s Life, there is a famous story called Chopping Down A Cherry Tree, that really shows the honesty and trust of people Washington had. Georges Dad asked him if he new who cut down his little cherry tree in the garden, and George said, â€Å" I can’t tell a lie Pa; you know I can’t tell a lie. I did cut it down with my hatchet.†(Parson Weems) George’s dad was so happy that he had told such an honest truth, that he wasn’t even mad about the cherry tree. He could only pay attention to what an honest man his son was. Washington is a great example to everyone, because if we were all like that, not only would we have great respect for one another we would have great trust in each other. When you tell someone one of your deepest secrets, and make them promise not to tell anyone. You probably trust that person. What if you find out later that that person told someone else, you would fell betrayed and embarrassed. If you were the person who got to hear the secret would you want to be trusted? How would they trust you when you’re not honest when you make a promise. It just proves honesty breeds trust.