Study On The Prediction Of Corporate Bankruptcy - Free Essay Example

Sample details Pages: 14 Words: 4060 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? CHAPTER 1: A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930à ¢Ã¢â€š ¬Ã¢â€ž ¢s. A study conducted by Simth and Winakor (1935) said that ratios of the failing firms were significantly changed from the continuing firms. In addition to that another study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Don’t waste time! Our writers will create an original "Study On The Prediction Of Corporate Bankruptcy" essay for you Create order Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a condition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protecti on. 1.2 Problem Statement In the corporate finance, the prediction of corporate bankruptcy was considered to be one of the most important issues. The main objective behind the study of the prediction of corporate bankruptcy was that this was the most important issue for the present firms to either file for the bankruptcy or not. The rationale of the study was to examine whether the financial ratios given in detail by Altman (1968) presented the detail regarding the factors of the firm which were helpful in the prediction of corporate bankruptcy in Pakistan. The capacity of study was to investigate the distinctive financial ratios which impacted the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions to file for the bankruptcy or not and on the basis of firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ financial ratios, the research study found the different significant ratios which were useful in determining the prediction of any of the organization. 1.3 Hypotheses The main problem of the different firms was to identify those financial factors or the most important ratios which could lead to the filing of bankruptcy or those factors which were useful in determining the prediction of the corporate firms. A central query in front of firms which wanted to file for bankruptcy was why the firms filed for bankruptcy or what financial factors helped out in taking decision to file for bankruptcy. Various financial factors or ratios impacted the decision regarding the filing for bankruptcy. These financial characteristics or the most important ratios were current ratio, debt ratio, net profit margin, assets to long term debt ratio, and growth rate. Many authors as Altman (1968) discussed these characteristics in research. The hypothesized relationship of these listed financial factors with bankruptcy was provided below: H1: There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. H2: There is a differ ence between the Debt ratio of bankrupted companies and non bankrupted companies. H3: There is a difference between the Net Profit Margin ratio of bankrupted companies and non bankrupted companies. H4: There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. H5: There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 1.4 Outline of the Study The research structured as follows. Chapter one based on the introduction of the thesis, which consists of the some introduction of the prediction of bankruptcy by different authors, the statement of problem, scope and objectives, hypothesis etc. Chapter two consists of literature review given by different authors, theories on prediction of bankruptcy and financial factors affecting the choice of decision to file for bankruptcy or not. Chapter three described methodology which is composed of justification of the selection of the variables utilized in analysis sample, the data, technique and hypothesis, also estimate model utilized in analysis. In chapter four, analyses of the results were there which were taken after the data processing. Chapter five contained the final results, conclusions and recommendations. References are included in chapter number six. CHAPTER 2: LITERATURE REVIEW A number of researches have been carried on the prediction of bankruptcy; formal studies linked with failure of business were conducted in 1930à ¢Ã¢â€š ¬Ã¢â€ž ¢s. A study conducted by Simth and winakor (1935) said that ratios of the failing firms were significantly change from the continuing firms. In addition to that an other study was related to the financial ratio of large size corporation that suffered in meeting fixed liability (Hickman 1958). Recent studies took potential ratios given in annual financial statements like profitability, solvency, and liquidity ratios considered as the most predictive indicator and these ratios were matched with failed and well worth firms for analysis. A group of financial and economic ratios were examined in the prediction of bankruptcy through multiple discriminant statistical technique, highest contributor ratios were profitability, operational profit/ total assets and very low contributor ratio was working capital/Assets (Altman, 1968). A study conducted by Sandin and Porporato (2007) on corporate bankruptcy prediction model applied to emerging economies. The aim of this study was to find the predictability of bankruptcy by using the financial ratios given in the financial statements and these financial statements were taken from the Buenos Aires Stock Exchange. To test the hypothesis twenty two bankrupt and non bankrupt companies were examined by using the multiple discriminant analysis technique, resulted that financial ratios were very useful in predicting the bankruptcy. Actually this study was about the prediction model and classification of the distressed and failed companies in the Argentina. William Beaver (1996) conducted a study that Financial Ratios As Predictor of Failure, wherein ratios were tested for a specific purpose. The purpose was to forecast the failure. Since ratios were mostly examined for the prediction of failure. The aim of the study was to analyze the status quo that was depended on t he financial statements made under the reporting standard and this study was conducted as a bench mark for further studies in bankruptcy area. Sample of data was selected on the basis of industry, firm size and period, Walworth companies should have taken from the same industry where from failed companies taken along with same firm size based on firm value and equal time duration then reliable result can be obtained said by Beaver (1996). This study pointed out and directed to the asset size and relationship among ratios, assets size and failure, study implicated that larger firms were more solvent than smaller firms, even if ratios were same. To examine the hypothesis, a paired analysis was used. According to Pastena and Ruland (1968), the bankruptcy was defined in the literature review in various ways. Among those one was in a condition of negative worth where the market value of assets was less than the total value of liabilities. And the other was that the firm was not in a c ondition to pay back its liabilities as it became due. This term could also be used in a legal condition under which the firms continued to operate under court protection. Merger and Bankruptcy Based on the literature review in the different research studies, it was found that the shareholders of the distressed firms were getting more benefit from mergers than from the bankruptcy. Thus, the investors kept the positive number of the firmà ¢Ã¢â€š ¬Ã¢â€ž ¢s stocks up as a consequence of the merger. Contrastingly, the stakeholders received nothing in case of the bankruptcy. Shrieves and Stevens (1979) managed to explain all of the possible reasons for preferring merger over bankruptcy and those principles included: (1) to avoid the bankruptcy legal and administrative costs, (2) possible loss of tax carry forwards of the loss firm incurred on liquidation, (3) the value of the going-concern in the merger was more than liquidation value if the firm bankruptcy progressed towards the liquidation, and (4) the bankruptcy created the bad effects on the revenues including sales and income due to the customer fears of inability contracts, give replacement parts, etc. Bulow and Shov en (1978) noticed based on the research that the investors have always been avoiding the bankruptcy and this tendency always benefitted the creditors as a whole and that theoretically, the bankruptcy occurred because of the disagreement between the concerned parties. This was treated in a literature that the merger was the best possible alternate of the bankruptcy with the assumption in the mind that it was more easy for the distressed firms to find a merger partner at some price as long as the net asset value was positive and this was also under the assumption of a well-functioning market for information. When the situation was aggravated toward a condition of less or negative net asset value, the possibility of merger was reduced. Hong (1983) made an empirical as well as theoretical model which distinguished among three different categories of financially upset firms and it was organized in three ways such as: firms which filed bankruptcy but reorganized successfully, firms whi ch filed for bankruptcy but were liquidated ultimately, and also the firms which continued operations with out even filing for bankruptcy. Author further made a hypothesis that the intangible assets, the value of the firm as in a going concern and the value of the same firm in liquidation was different, were the main describing factor which affected the eventual outcome. The firms which had greater intangible assets were possibly having a sustainable economic growth and that growth allowed a firm to survive rather than be liquidated. LoPucki (1983) made an explanatory study of about 41 firms which filed the bankruptcy court of the Western District of Missouri. In this study, the à ¢Ã¢â€š ¬Ã…“successesà ¢Ã¢â€š ¬? were defined as the firms which have verified its various reorganization strategies that kept it on to survive for about three years after the date of petitioning the bankruptcy. Failures according to the author were those firms which had stopped operating functions b efore February 1983. LoPucki (1983) further could not try to make a method with discriminatory power, but in fact simply scrutinized the associations between the results of reorganization process and numerous individual variables. These individual variables included size, age, and type of the businesses, the survival of creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ opposition to the reorganization strategy, and physical geographic location. The relationships which were found during the research were: significantly higher success rate was associated with the manufacturing firms; more successful firms were only the larger firms; success was not significantly associated with the age of the firms; the target opposition of the creditors was mainly at the more successful firms; and lastly, the physical geographical location was not a significant describing variable. In short, only a finite amount of research was conducted on the topic of differentiating between failures and successes in bankruptcy, and outcomes have been open to doubts or inconclusive. The one published study conducted by the LoPucki (1983), scrutinized the first order correlations and could not struggle to build the model of classification. The other published research study conducted by Hong (1983), scrutinized the comparative importance of numerous individual variables and had not analyzed the classification authentication of the multivariate model. As it was already discussed in detail, this present study scrutinized the classification authentication of the multivariate model by using data from both analysis sample and a holdout sample 113 firms. Bordman, Bartley, and Ratliff (1981) noticed that firms went bankrupt only when its capital resources were not enough to pay back the obligations of the business. Thus it became the more important challenge for the new comers in the industry to maintain and establish such valuable resources and capabilities which could ultimately leaded to the production of positiv e cash flows before starting asset resources were exhausted (Levinthal, 1991). According to Dà ¢Ã¢â€š ¬Ã¢â€ž ¢Aveni (1989), and Hambrick and Dà ¢Ã¢â€š ¬Ã¢â€ž ¢Aveni (1988), both researches have noticed that most of the attention has been paid to the early failures and dramatic research has also been conducted in the literature. A macro view of the bankruptcy was given as a known strategy and an empirical examination of factors associated to successful reorganization (Moultan, and Thomas, 1993) and however, the structures of corporate governance were not incorporated in the analysis. An extensive data was available relating the intensity to which the officers and directors of the firm which was bankrupt were more possibly resigning or were being replaced (DAveni, 1990; Fizel Louie, 1990; Gilson, 1989). Several researchers used the multiple discriminant analysis MDA technique to develop a linear model to predict those firms which failed could be differentiated from the non-fa iled firms in UK (Taffler, 1977). This model resulted in an overall classification authentication for the year before the failure as comparative to three or two prior years of failure. The major contribution made by Taffler was the establishment of a Z-score model which was used for the prediction of company failures in the UK and furthermore, the author claimed of 100 percent predictive authentication in the model. In addition, in the consequent studies, Taffler (1982, 1983) discussed the pairing technique which was used in the prediction of corporate failure studies proved no more successful technique than any selection by the other tool or technique. Multiple Discriminant Analysis MDA models were dependable to certain intensity in the prediction of corporate failure. CHAPTER 3: RESEARCH METHODS 3.1 Method of Data Collection Data was selected from Karachi Stock Exchange KSE 100 Index as given by State Bank of Pakistan in publication Balance Sheet Analysis of Joint Stock Companies Listed on the KSE (2004-2009). The period of study covers six years, 2004-09. The opted sample size of 44 firms was taken from KSE 100 Index and all of the firms listed on KSE 100 Index were selected for the samples which were going to bankruptcy in the past and some were also the present functioning firms which were currently working; so, only 44 firms included in the sample period of 2004-09. The objective behind the inclusion of these selected firms in the sample was that the inclusion of bankrupt and non-bankrupt firms in the analysis made it easier to distinguish the critical financial ratios of these both firms in order to predict for corporate bankruptcy. The data availability was the major issue faced in this research study. The secondary data sources were adopted for the collection of the data during this research study. Both of the empirical and theoretical aspects regarding the prediction of corporate bankruptcy were analyzed in this research study. For the purpose of the collection of the secondary data, external data sources were used, such as the data was collected from State Bank of Pakistan, general business publications, newspapers and journal articles, annual reports, internet and books. The data required for this study was completely dependent on the published data sources, such as the published sources listed above. 3.2 Sample Size A sample of 44 firms from KSE 100 Index was selected and in addition, out of these firms 22 firms were bankrupt and the remaining 22 were not bankrupt which was taken as the holdout sample for the prediction of the corporate bankruptcy. Only firms were used in the samples which were either became bankrupt due to the impact of the some of the financial factors or the ratios or the firms which were in operations during the research study was conducted and these firms were listed on the KSE 100 Index form 2004-2009. The impact of the different financial factors or ratios, which were listed in the previous chapters, on the prediction of corporate bankruptcy was analyzed on all of the firms selected as the sample. 3.3 Research Model Developed There are various financial factors or the ratios of the firms which affected the prediction of the corporate bankruptcy of the firms. This research study analyzed the impact of different factors or ratios already listed in the previous chapters on the prediction of corporate bankruptcy. The model developed was a binary logistic model and its specifications are provided below: Liquidity = a0 + a1Firm Size + a2DEBT + a3LTD + a4LSALES + a5OI/S + a6OI/TA+ a7IGP/TA+ a8Market to Book Ratio + ц where: Liquidity = the sum of cash and marketable securities divided by total assets Firm Size = natural log of the book value of total assets DEBT = the ratio of shorter period plus longer period debt to total assets LTD = the ratio of longer period debt to total assets LSALES = natural log of the annual sales OI/S = the ratio of operating income to sales OI/TA = the ratio of operating income to total sales IGP/TA = the inventory plus gross fixed assets to total assets ratio à Ã¢â‚¬Å¾ = the error term 3.4 Statistical Technique Binary Logistic Regression Analysis technique was used for this research study to examine the impact of the distinctive financial characteristics or the financial ratios of the firms on the prediction of corporate bankruptcy of the selected firms; Statistical Package for the Social Sciences (SPSS) was used for the examination of the secondary data. Binary Logistic Regression Analysis technique was used for the purpose of prediction of of corporate bankruptcy or the prediction of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decisions to file for bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., prediction of corporate bankruptcy. The binary logistic regression analysis was selected for this study. It showed the intensity of the impact on the prediction of corporate bankruptcy during year 2004-2009 on the basis of several independent variables. CHAPTER 4: RESULTS The sample of 44 firms from the Karachi Stock Exchange KSE 100 Index was taken; Binary Logistic Regression Analysis technique was used for this research study. Research examined the distinctive financial characteristics or financial ratios of firms which filed for the bankruptcy. The selected technique was used to study the impact of the different independent variables (financial factors as listed in the previous chapters) on the dependent variable i.e., the prediction of corporate bankruptcy. Statistical Package for the Social Sciences (SPSS) was used for the analysis and examination of data. 4.1 Findings and Interpretation of the results Initially, the binary logistic regression technique was applied on the data collected using SPSS. Now, it was a nice time to proceed with the analysis of the results because the data was collected and ready to be examined. The interpretation and analysis is presented in the next sections of this research study. Case Processing Summary Unweighted Casesa N Percent Selected Cases Included in Analysis 192 91.4 Missing Cases 18 8.6 Total 210 100.0 Unselected Cases 0 .0 Total 210 100.0 This table explains the total population in the data file that is the 210 observations or the cases for the analysis of the bankruptcy prediction. This table further elaborates that the there were also some of the cases missing in the data because of the issue of data availability and some of the cases were the figures of zero. Dependent Variable Encoding Original Value Internal Value Bankrupt 0 Non-Bankrupt 1 The above table shows that there are only two variables in the dependent variable of bankruptcy that are the being bankrupt or non-bankrupt. Model Summary Step -2 Log likelihood Cox Snell R Square Nagelkerke R Square 1 234.707a .144 .192 This table elaborates the predictability of the complete model of the logistic regression which meant that to what extent the model predict the variation in the predicted group of bankruptcy. According to Cox Snell, the total predictors jointly explained variation in the groups of bankruptcy was 14.4%. While according to Nagelkirki, the all independent variable explained the group prediction of about 19.2%. Hosmer and Lemeshow Test Step Chi-square df Sig. 1 32.715 8 .000 This table checks the overall model fit which means that the model is at its best in predicting the group variation from non-bankrupt to bankrupt. The hypothesis of the above table is that the test model is fit. The hypothesis is rejected because the sig value is less than .05 which concluded that the test model was not fit in this case of predicting the group variation. Classification Tablea Observed Predicted Banckruptcy Percentage Correct Bankrupt Non-Bankrupt Step 1 Banckruptcy Bankrupt 76 29 72.4 Non-Bankrupt 43 44 50.6 Overall Percentage 62.5 The classification table is the most important table in case of the logistic regression because this table explained the correct identification of the cases correctly identified. The percentage of correctly identified cases is 62.5% which is also commonly known as the hit ratio which means that to what extent the numbers of cases were correctly identified. Variables in the Equation B S.E. Wald df Sig. Exp(B) 95% C.I.for EXP(B) Lower Upper Step 1a DA -1.219 .510 5.725 1 .017 .295 .109 .802 AtoLTD -.002 .001 1.583 1 .208 .998 .996 1.001 CR .938 .348 7.242 1 .007 2.554 1.290 5.056 NPM .037 .073 .262 1 .609 1.038 .899 1.198 SG .161 .232 .482 1 .488 1.175 .745 1.852 Constant .066 .579 .013 1 .910 1.068 This is the final most important table in the logistic regression because this is the only table which shows the role of different predictors in significantly explaining the role in the prediction of group variations. Those important significant variables were only two that were DA, and CR because the sig value of only these variables were less than .05. 4.2 Hypotheses Assessment Summary The hypothesis of the study was distinctive financial ratios have significant impact on the non firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to file for bankruptcy. These financial characteristics were current ratio (CR), debt ratio (DA), net profit margin (NPM), assets to long term debt ratio, and growth rate. In this study each of the financial characteristics or financial ratios of firms was tested and concluded the results. TABLE 4.4 : Hypotheses Assessment Summary S.NO. Hypotheses ÃŽÂ ²   SIG. RESULT H1 There is a difference between the Current ratio of bankrupted companies and non bankrupted companies. 0.938 0.007 Accepted H2 There is a difference between the Debt Ratio of bankrupted companies and non bankrupted companies. -1.219 0.017 Accepted H3 There is a difference between the Net Profit Margin Ratio of bankrupted companies and non bankrupted companies. 0.037 0.609 Rejected H4 There is a difference between the Assets to long term debt ratio of bankrupted companies and non bankrupted companies. -0.002 0.208 Rejected H5 There is a difference between the Growth rate of bankrupted companies and non bankrupted companies. 0.161 0.488 Rejected CHAPTER 5: DISCUSSIONS, CONCLUSION, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion It was concluded based on the results of this research study that current ratio and debt ratio were only the independent variables which were showing significance in Pakistani market and these variables were highly significant in playing the vital role explaining the variation in the dependent variable of the prediction of corporate bankruptcy and the remaining independent variables could not explain the variation in the prediction of corporate bankruptcy. These results were not matching with the study conducted by Altman (1968). These results were varying because in various countries, there was difference in environments and circumstances and firms usually made decision accordingly. 5.2 Discussions Current ratio played a significant role in defining the variation in the prediction of corporate bankruptcy and this was also the case with the research study conducted by Altman (1968) because in his study the firm size was also playing a significant role. The variation in the prediction of corporate bankruptcy was not explained by the net profit margin ratio while it was significant in the study done by Altman (1968). The assets to long term debt ratio, and growth rate were not significantly explaining the variation in the prediction of corporate bankruptcy and study analyzed by Altman (1968), concluded the different results with some addition. 5.3 Implications and Recommendations This research was limited to the various firms listed on Karachi Stock Exchange of Pakistan only. The data taken from 44 firms which were took through various sectors of the KSE 100 Index for the year 2004-09 which were previously bankrupt and which were currently operating. It suggested that such type of study should be carried out in other countries of Asia as well, as to have comprehensive idea about the choices of the firmsà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision to file for bankruptcy. Moreover, it also suggested that other factors except ones examined in this study should be researched as to have perfect idea about the selection of the prediction of corporate bankruptcy. Besides that, this study can also be replicated in other developing countries. 5.4 Future Research This study helped various investors, management and other research conductors in analyzing and observing the behavior of firms regarding their decisions to file for the bankruptcy. Research students who want to work further on the prediction of bankruptcy can be benefited by this research study. Further more, the firms will become advantageous from this study because the study clarifies the distinctive financial characteristics or the financial ratios of different firms which significantly explain the variations in the prediction of corporate bankruptcy.

Race in Recitatif - 792 Words

William Fountain *Professor Undisclosed* English 1102 Due: February 10, 2014 Race in Recitatif Recitatif is a story written by Toni Morrison. It is about characters Twyla and Roberta and their experiences during and after being put in a shelter. Race can change what a person’s motives are viewed as. Racial stereotyping and racial segregation play a big part in this story. Twyla and Roberta are of a different race/ethnicity which causes strife between the two and they have different opinion on things. It never truly states either characters race, but it says that they look like â€Å"salt and pepper†, indicating that one is white and one is black. Race affects a lot of things in any situation, no matter how much we want it not to.†¦show more content†¦Instead of outright saying which is which, you figure it out based on racial stereotyping. In most cases we should not racially stereotype or even stereotype at all. But the author uses it in such a way that it is okay in this instance. 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There was segregation present in buses, water fountains, and even bathrooms; this was all due to assumptions people made, just based on someone else’s skin color. To add on to the list, parents instilled racism in their children in multiple ways. Records of inequality and racism can be seen in literature from that period of time. Recitatif by Toni Morrison shows how this tragic

Scott Joplin free essay sample

Scott Joplin, commonly known as the King of Ragtime music, was born on November 24, 1868, in Bowie County, Texas near Linden. Joplin came from a large musical family. His father, Giles Joplin was a musician who had fiddled dance music while serving as a slave at his masters parties. His mother, Florence Givens Joplin, born free and out of slavery, sang and played the banjo, and four of his brothers and sisters either sang or played strings. Joplin talent was revealed at an early age.Encouraged by his parents, he became extremely proficient on the banjo and gained an interest for playing the piano. After Joplin parents purchased a piano for the family, he taught himself how to play the instrument so well that his piano playing became remarkable. Joplin soon began playing for church and local social events. By age eleven, while under the teachings of a German music teacher named Julius Weiss, Joplin was learning the finer points of harmony and style. We will write a custom essay sample on Scott Joplin or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As a teenager, he played well enough to be employed as a dance musician.In 1884, Joplin left home and traveled the Midwest for some time as an integrant pianist playing in saloons and brothels. He settled in SST. Louis a few years later and continued his studies. He found employment there in the citys prostitution district playing as a cafe pianist. Joplin left SST. Louis In 1893 and performed at the Columbian Exposition In Chicago. He left there in 1 894 and arrived in Cedilla, Missouri, where he spent the next year or so entertaining the patrons of a private club on the second floor of a saloon by the name of Maple Leaf Club.In 1895, Joplin continued his studies at the George R. Smith College for Negroes where he soon published his first composition, the song Please Say You Will. From there, Joplin toured with an eight member Texas Medley Quartet across the country all the way up to Syracuse, New York. This Quartet disbanded in 1 897 and Joplin organized another group, the Seed Quartet, which performed off and on during the next few years. In 1899, Joplin composed the Maple Leaf Rag. This song soon became the most popular piano rag of the period. It brought Joplin popularity, which inspired him to impose several more original rags. Joplin headed for New York in 1 907 where he continued composing music and began instructing others in music. He son sought a publisher for one of his most famous operas Tiresomeness. During this time, though, it never reached any success. This opera did not actually reach popularity until some 60 years later. New York proved to be stimulating for Joplin creative mind. There he published many In 1916, Joplin career came to an abrupt end. Joplin contracted syphilis and began suffering the terminal effects of this disease. He suffered from paranoia, dementia, finalization, and other symptoms. In the latter part of 1916, he was admitted to Manhattan State Hospital, a mental hospital, where he would never leave until he passed away on April 1, 1917. After his death, Joplin body was buried in the Astoria section of Queens, New York in SST. Michaels Cemetery. In Joplin many years of composing, he was never actually acknowledged as the great composer that he really was.There Just was not any opportunities for black musicians during those times to have their music heard by anyone in the serious classical world. Joplin music received recognition posthumously as a result of the revival of ragtime music in the sasss, as well as during its popularity in the sasss and sasss. Throughout his entire life, Joplin was mostly influenced to increase his musical skills by his mother and father, both being musicians themselves. More than type of influence upon himself, Joplin was one to place the influence on others.His works sparked the writings of his contemporaries, all those who studied with him, and all those who studied his music. Joplin led in the development of the music genre known as ragtime, which was a unique blend of European classical styles combined with African American rhythm and harmony. Throughout his lifetime, Joplin published some 60 compositions of which 41 were piano rags. Through his unique styles, he had developed the piano rag and American folk operas. He was mostly successful for his fusion of the Afro- American folk tradition with European art music forms and techniques.

Why Did Nationalism Prove Such an Unstoppable Force Under Gorbachev Essay Example

Why Did Nationalism Prove Such an Unstoppable Force Under Gorbachev Essay Under Gorbachev nationalism proved an unstoppable force that precipitated the collapse of the Soviet Union. Nationalism had always existed across the Union but it was allowed to surface and become a problem under Gorbachev predominantly because of his tactical mistakes and because of his reform programme. Nationalism became an unstoppable force because of the deprivation in many Soviet republics. The economic reforms of perestroika were designed to rejuvenate the weak Soviet economy and put it on par with western economies. However, McCauley wrote that economically, perestroika was an abject failure resulting in economic decline, shortages, large budget deficits and rising inflation (1998, 265). By 1990 the economy was in such a poor state that many people in the republics argued that greater autonomy or independence was necessary to protect their economies from collapsing (Walker, 1993, 182). Economic reforms continually failed to give the republics either ownership or managerial control over natural resources or fixed assets on their territory. Yeltsin, who was a popular nationalist campaigner, often complained that even Russia owned just fifteen percent of its resources in 1990 because they were largely controlled by the Soviet Union (Walker, 1993, 178). We will write a custom essay sample on Why Did Nationalism Prove Such an Unstoppable Force Under Gorbachev specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Why Did Nationalism Prove Such an Unstoppable Force Under Gorbachev specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Why Did Nationalism Prove Such an Unstoppable Force Under Gorbachev specifically for you FOR ONLY $16.38 $13.9/page Hire Writer As perestroika developed, there was a growing belief that the only way to reform the economy was to move away from the centrally planned economy and rely more on market mechanisms. These reforms seriously damaged the Soviet Union because it was taken for granted that state property was the bedrock of a socialist system (McCauley, 1992, 91). The CPSU was legitimised by the fact it was leading the Soviet Union forward to socialism but the economic reforms were clearly not socialist. The existence of the Soviet Union relied on the legitimacy of the CPSU, which was now rendered illegitimate by economic reforms. McCauley wrote, the CPSU was the institution which provided the glue which kept the whole system together. No alternative institution was set up to replace it. One of Gorbachevs failures was that whereas he destroyed the old system, he did not put a new one in its place (1998, 269). Without legitimacy it was almost impossible for the CPSU to hold the Soviet Union together, when there were strong nationalist movements in the republics, who derived legitimacy from popular support. Gorbachev attempted to give the CPSU a new basis of legitimacy in the form of electoral accountability. However the elections were a success for nationalist movements and only consolidated their position and authority shifted further from the centre to the republics. The newly elected republican legislatures claimed greater legitimacy because they were more representative and so refused to be subordinate to federal power (Walker, 1993, 179). The elections boosted the confidence of the nationalist movement and many became increasingly radical. For example, a war of laws began. Republican legislatures changed many federal policies and laws and refused to implement federal orders unless they would benefit the republic (Walker, 1993, 181). Glasnost was a key part of Gorbachevs reforms. In Russian, glasnost literally means openness and Gorbachev believed that a relaxation of censorship and oppression was needed so vital new ideas could come forward to benefit the Soviet Union. However, glasnost contributed greatly to the collapse of the Soviet Union because it unleashed nationalist forces. Firstly, this is because, people were finally shown the ills of the Soviet Union. Walker wrote the mediawhich had always painted a rosy picture of society, began to fill up with horror stories (1993, 137). Terrible stories about the actions of Lenin and Stalin were released and investigative journalists such as young televisions producer Nerzorov, revealed the dire situation the Soviet Union was currently in (McCauley, 1992, 101). Secondly, glasnost removed cultural oppression and allowed nationalist feelings that had always existed to emerge. Across the Soviet Union there was enormous cultural diversity and only a weak common identity. People were finally allowed to say that they wanted their state to be based on a cultural community and that people of the same community should rule it, which fundamentally undermined the idea of the Soviet Union ruled by the CPSU from Moscow (Sakwa, 1998, 279). People were able to organise themselves into nationalist movements and put strong collective pressure on the Soviet Union (Daniels, 1993, 125). Thirdly, the Congress of 1989 dealt a huge blow to the Soviet Union because it gave nationalist tensions an incredibly public platform. This would not have been possible before glasnost. McCauley wrote the old practice of an official line, carefully agreed speeches, and unanimous approval were gone forever (1992, 101). The arguments highlighted how fragmentation of the Soviet Union and the problems with it. The Congress was extremely significant because the Soviet public paid so much attention. Kiernan wrote the nation sat virtually hypnotised in front of its televisions as an unprecedented political spectacle was played out daily (1993, 218). Nationalism and resentment of the Soviet Union was compounded by a series of outbreaks of violence, which ended in Soviet troops killing people in the republics. Gorbachev was indirectly responsible for the killing in Baku, Tbilisi, and Vilinius. He advocated the violence but was shocked at the loss of life (McCauley, 1998, 274). These incidents could not just be swept under the carpet with glasnost. It was clear that Gorbachev had lost control in an unprecedented way for a General Secretary of the CPSU. This strengthened nationalist feeling because people started to seek a new coherent leadership and people were no longer as afraid of defying Gorbachev. This is exemplified by the Gorbachevs swing to the right in the summer of 1990 to consolidate his position (Walker, 1993, 183). Gorbachev made numerous enemies because of his reforms, or by replacing people in power, such as members of the Politburo and the Secretariat. He was continuously attacked and criticised to the point that a coup was staged in 1991 (McCauley, 1998, 92). Many of the people Gorbachev alienated also expressed their dislike by supporting nationalist movements (for example, Yeltsin). They knew that if they destabilised the Soviet Union they would weaken Gorbachevs position. There were external factors that gave rise to nationalism in the Gorbachev era. Firstly, many western states, including most importantly the USA, helped nationalist movements gain greater influence by giving them resources. For example, nationalist movements in the Baltic covertly received printing presses from the USA to enable them to mass produce their nationalist newspapers and pamphlets. Secondly, the new freedoms allowed under glasnost allowed the Soviet public to see that life was far better in the mixed economies of the West. Nationalism became more popular as people in the Soviet republics lost faith in the Union and felt that they could have a better standard of living if they were self-determined (Sakwa, 1998, 288). Finally, it is even alleged that Reagan started a new arms race with a renewed military build-up in the 1980s because he knew that the Soviet economy was weak and could collapse under the strain. This would have added to the deprivation in the republics and sti mulated nationalism (Heywood, 1997, 148). One of Gorbachevs biggest failures as Soviet leader was to almost ignore the national question. He embarked on a massive programme of economic and political reform but failed to address the significant impact this would have on the federal structure of the Soviet Union. Gorbachev failed to appease nationalist with concession and so radicalised them. Initially most nationalists called for greater freedoms, however, when Gorbachev failed to listen to their calls they moved towards wanting secession (Walker, 1993, 174-5). Nationalist movement across the republics of the Soviet Union were very different. They varied greatly in the tactics they employed and the pace at which they moved. This is demonstrated by the numerous differences between nationalists in the Baltic and Central Asia. Nationalist movements in the Baltic tended to be more radical than in Central Asia. It was Baltic nationalists that first challenged the authority of the Soviet Union with declarations of sovereignty. They were the first to discuss secession and the first to secede (Daniels, 1993, 126). Baltic nationalists were also far more protective of their ethnic identity and against, what they saw as, Russian imperialism. Daniels wrote in the extreme case, to protect their ethnic identity, the Baltic republics have tried to deny equal rights of citizenship to Russians and others who may actually have been born there and lived there all their lives (1993, 135). The radicalism in the Baltic republics is understandable in the light of the fact they were only incorporated into the Soviet Union in 1940 as a result of the Nazi-Soviet Pact (Walker, 1993, 117). In the 1980s, people in the Baltic could still remember the Soviets colluding with the Nazis and treating their nation like a commodity. This is very different to Central Asia, where many of the Soviet states had been part of a Russian-centred empire for at least one-hundred years (Daniels, 1993, 135). Central Asian republics also benefited economically from being in the Soviet Union. They tended to have weak economies and received a net inwards flow of resources as a result of being part of the Union (Walker, 1993, 180). The opposite is the case in the Baltic republics because they were some of the richest and most developed in the Soviet Union. Their bitterness at being part of the Soviet Union was compounded by the net outflow of resources (Muiznieks, 1995, 21). Nationalist movements in Central Asia did not have the ambition or the scope of those in the Baltic republics. They tended to be more concerned with local projects that directly influenced them, whereas the Baltic republics became the battleground over the fate of the Soviet Union. Muiznieks wrote nationalist movements in Estonia, Latvia and Lithuania not only destroyed the structures of Soviet power in their own republics, but exported their revolutions to other areas of the Union as well (1995, 3). This is because nationalist movements in the Baltic believed that their interests would be best served by helping unleash nationalism across the Soviet Union. They also were driven by ideology to a greater extent than nationalist movements in Central Asia. The movements in the Baltic were committed to the belief that peoples should have the right to self-determination. They attempted to find allies in other Soviet republics and if they could not find some they would proactively try to cr eate some. They did this by stirring up nationalist agitation with the numerous publications and radio stations they established. Once nationalist feeling had grown, prominent activists were often sent out to help nationalist movements grow by offering practical assistance (Muiznieks, 1995, 7-8). Even if nationalist movements across the Soviet Union did not directly collude with those in the Baltic republics, there are numerous instances (for example Belorussia, Moldavia and the Ukraine) of movements importing the methods and goals of Baltic movements (Muiznieks, 1995, 11). The Baltic movements were also very influential because the Baltic was the most westernised part of the Soviet Union and managed to maintain some links with the West, and therefore contact with or emulation of the Balts might have been perceived as enhancing ones own western orientation (Muiznieks, 1995, 20). Nationalist movements in Central Asia were not as influential as those in the Baltic because they concentrated more on local disputes. They did not provide a model that was compatible with many of the republics of the Soviet Union because they were predominantly Islamic. Some animosity existed with the Christian majority across the Soviet Union. The model provided by movements in Central Asia was also much less appealing because of the violence and involvement of the Soviet military. In comparison the Baltic model was much less dangerous (Muiznieks, 1995, 20-1). In conclusion, Gorbachevs reforms, primarily perestroika and glasnost, proved to be an absolute disaster for the Soviet Union because they compounded nationalist feeling and allowed it to be expressed openly. Gorbachev crucially failed to address the national question although he had unleashed. By the time he had realised there was a serious problem, he no longer had the power to rectify the situation. Therefore, it is fair to blame Gorbachev for letting nationalism become an unstoppable force.

The Global Corporation and Social Responsibility Multinational Decision Making and International Values

Table of Contents Introduction Literature review Similarities of the writer’s observations Differences of the writer’s observations Recommendations and writers contributions Conclusion References Introduction Scientific inventions and innovations have resulted in better transport and communication systems; the improved systems have resulted to social, economic, and political ideologies integration. The integrations have seen the development of multinationals. When operation across the board, decisions made by the multinationals should be acceptable and ethical in the eyes of the host country and the international community; they should work towards maintaining international values and virtues.Advertising We will write a custom essay sample on The Global Corporation and Social Responsibility: Multinational Decision Making and International Values specifically for you for only $16.05 $11/page Learn More Despite the recognized needs that m ultinationals should maintain international values and ethical behavior, what is ethical vary among different communities and countries, the challenge comes when a managers of multinationals come from a different social background thus having an ethical algorithm that is accepted in how country and host country becomes a challenge. This paper compares three articles that address the issue of ethical behavior of multinationals; when comparing the materials, the paper will elaborate on the ideas that are commensurate and any differences in views. In the discussion part, the paper will give the writer’s contribution to the matter. Literature review According to Thomas Donaldson in the article â€Å"Rights in the Global Market†, 1990 businesses operate in environments where they benefit from communities around and far away from the point of business of the company; the success of a business is dependent on how well it is performing in its operating environment. The article suggest that when operating in a different country, there are laws, legislation, and business expectations that the host country expect to be done, for example in the United States, child labor is highly protected and this is supported by international labor laws, the age limit for the country ranges from 16 years. In other countries, emphasis on child labor may not be as much and their focus is in other areas like dumping. In the article the writer is of the opinion that when operating in international market, the company should invest in knowing the legal, social, and economic frameworks that operate in the country (Donaldson, 1990). In the article â€Å"Decision Making Reconciling International Values†, Thomas Donaldson echoes the word in the article â€Å"Rights in the Global Market†, but from a different angle; in this article the writer looks at an international environment where issues and matters are controlled by international norms and values addressed by in ternational conventions, protocols, and agreements.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The focus on the article is that multinationals when making decisions have to consider their operating environment and create a situation of mutual benefit among them economy of operation and the multinational. The article advocate for observation of business values, and corporate citizenship; corporate citizenship is concerned with truth, Consultants fairness and justice and accounting ethics pertains to the code that guides the professional conduct of aspects such as the expectations of society and customers, social responsibility, consumer autonomy and corporate behavior in the home country as well as abroad (Donaldson, 1985). According to Nien-he-Hsieh first and second half articles called â€Å"Does Business Have A Responsibility To Promote Just Institutions† , the writer is of th e opinion that multinationals gets their profits from businesses secured from the external environments; it is thus ethical to give back to the society; giving back creates a close relationship between customers and business. On pages 259-262, the writer acknowledges that in every institution, there is a certain system of operation which is controlled by institutions. From the onset, a family is seen as the smallest institution in an economy and other institutions comes from the small unit other institutions operating in the economy emerge. With the understanding of the institutions, multinationals should be able to make decisions that rhythm with the expectations of different institutions. They should look into legal, political and social aspects that prevail in the economy. In pages 265-267, the writer suggest that to facilitate the growth of good relations, multinationals should embrace corporate citizenship actions like social corporate responsibilities: social corporate respons ibilities are policies enacted by an organization for the benefit of the society; thought they are strategic marketing tools, the main concern of managers when undertaking the exercise is to benefit and improve the welfare of the communities; in this context, community members include business customers among other societal members (Nien-hà ª, 2009). Similarities of the writer’s observations Although the writers have taken different approaches in discussing the topic, they seem to have a number of similarities; both the writers acknowledge that different countries have their way of living, thus there is need for multinationals not to challenge the system but to work to be in harmony with the system. Secondly, both the writers feel that there is need for multinationals to observe professionalism and good motive; when they venture in a country, they should not get to the market with the intention of ruining the economy or self benefit; they need to understand there should be m utual benefit of the parties involved.Advertising We will write a custom essay sample on The Global Corporation and Social Responsibility: Multinational Decision Making and International Values specifically for you for only $16.05 $11/page Learn More Globalization has brought issues of political and social dimensions in decision-making; when managers are making decisions, they have been forced to consider the effects that the decision will have on the social, political and environmental dimensions of the global population. For example, when selling in international market, managers should have culture intelligence tools and use it when making decisions. When the world has joined efforts, then there are changes in the business world. The business environment created by globalization call for managers to have a wide knowledge of current business trends; they should consider things from a global perspective when making business decisions. Both writers acce pt that cultural influences and way of life have an effect on multinational decision making; what is ethical is defined by the culture that exists in a certain area. If somebody or a company is doing something, then the entire population needs to be comfortable with the actions/decisions and the outcomes of the decisions made. No part of the larger population that should be injured at the expense of another; the notion follows the norm theory perspective. This theory places some relevance to the culture that a certain society holds; the business should be in line with the culture of the society. This will determine the success of the business. The set of beliefs and the way people do things is of importance to the entire performance of the business. If the society believes that doing something is right, then a wise investor is the one who does things in line with this belief. He should at all times ensure that the business is in line with the culture. Other than culture, religion is another aspect that an ethically conducted business should consider; at-least an investor should be aware of the level of influence that he is going to get from the business environs. If religion influences the action of a society, the best way to conduct business is in line with the culture and religion. For example if an investor wants to set up a pork butchery and goes ahead to start one in a Muslim society, the business is more likely to fail. This is because the norm of the religion, which happens to go in line with their culture, does not consider the business as ethical. What is ethical is sometimes defined by the people themselves. Differences of the writer’s observations As much as the writers are discussing and supporting the same ideology, there are some perceived differences in their approach. Thomas Donaldson seems to be more concerned on how managers (expatriates) should understand the environment they are operating on to facilitate making effective decisions.A dvertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More On the other hand, Nien-he-Hsieh seems to respect the institutions made by a community and tends to advocate that despite using expatriates, there is need to have locals as part of the management as they are more likely to offer sound advice to facilitate better decision making. Nien-he-Hsieh observes that people have built their institutions for a long period thus an outsider can get it wrong when making decisions aimed at going well with the institutions framework. However, Thomas Donaldson calls for prior knowledge and doing things in line with international standards of acceptable behavior. Recommendations and writers contributions The pace of globalization and the benefits it has brought in the international community supports that it will continue to prevail; international trade as a pillar of globalization need to be managed effectively for economic social, and political well being of nations. With multinationals operating in different countries, there is need for developing international ethical standards and codes to be applicable to all companies in the world. With advances in information communication technology, it will be easy to internationalize and communicate these standards and codes. There is a precedent to go by, The International Accounting Standards Board, has been able to develop international financial preparation and reporting standards that are being used all over the world today in preparing financial statements by companies worldwide. They were previously not applicable in American companies, but since the recent corporate sea is, the Securities and Exchange Commission (SEC) is requiring that they be made applicable to American companies too. With globalization, information can be shared and dispersed easily among nations. Innovators get a platform for borrowing ideas to assist them in their inventions. This can be from previous records where they are able to analysis them and extra the useful ones. Multinationals are frameworks thro ugh which resources utilization and globalization trade on; they have opened countries to trade together. Multinationals should understand that globalization has enabled people to know their rights; people are aware of the quality that they should be getting for a certain product. The rights of human beings have been protected by globalization and thus businesses are compelled to act ethically in this effect. There are some set rules that are followed by trading countries; this is rules that protect and set the way of doing business. There are some set rules that affect the way a certain business was conducted and thus unethical issues that had been practiced by some companies come out. An example of this is the way products are marketed, the way products are advertised and issues about pollution. It is after globalization was taken into place that a meeting was conducted Copenhagen to discus about atmospheric pollution. Many companies have been polluting the environment but the cas e came out clear after the meeting although it was not come out with successful solutions. Equity distribution; with globalization every country was able to understand how it resources were to be distributed. This was not the case initially and thus with the globalization it came clear of the oppression of that colonists have had on the less developed. Other than looking things from an international angle, management of multinationals have some part to play when making decisions as well as maintaining international values, they should understand the environment they are orating on and make decisions that rhythm with the demands of the particular environment. They are the drivers of the multinationals thus they have the role of bridging the gap to attain corporate citizenship (Nien-hà ª, 2009). Conclusion Thomas Donaldson and Nien-he-Hsieh in their articles of multinationals decision making are of the opinion that multinational leaders should make decisions that reinforce values, no rms, and ethics. The writers acknowledge that different societies have different values and norms, thus they advice leaders to be aware of the values and forge their decisions to fit the values and norms. However, the leaders should ensure that they don’t confront international human rights and fundamental freedoms. References Donaldson, T.  (1985).  Multinational Decision-Making:  Reconciling International  values. Journal of Business Ethics, 4 (4):357 – 366. Donaldson,  T. (1991). Rights in the global market. New York: Oxford University press. Nien-hà ª, H. (2009).  Does  Global  Business Have a Responsibility to Promote Just Institutions?,  Business  Ethics Quarterly, 19(2): 251-273. This essay on The Global Corporation and Social Responsibility: Multinational Decision Making and International Values was written and submitted by user Daisy Doyle to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

World War I and Prime Minister Borden Essay

World War I and Prime Minister Borden Essay World War I and Prime Minister Borden Essay Explain how World War 1 affected Canada politically, economically and socially World War 1 one of the first war that Canada was involved in. the war has impacted Canada in many ways. For example, Canada’s politics, economy and society. How? In this essay I will discuss how the World War affected Canada politically, economically and socially. First of all, Canada’s politics was greatly affected. Starting with Prime Minister Borden introducing the War Measure Act in 1914. It gave the government the authority to do everything necessary â€Å"for the security, defence, peace, order and welfare of Canada.† Before the 1917 federal elections, Prime Minister Borden tried to ensure his victory by introducing two Acts, the Military Voters Act and the Wartime Elections Act. Borden passed these two acts was because the Liberals leader Wilfrid Laurier would not support him. These two acts gave all Canadian women related to the war a time to vote. In addition, before the elections, Borden swayed some Liberals and independents who favoured the conscription and forming the first Canadian Union Government. As for the Liberals, Laurier lost much support outside Quebec because of his position on the conscription and lost the election. As the war ended, Canada and other countries attended the Paris Peace Conference. Prime Min ister Borden requested a seat in the Conference and was granted. Also, Borden were one of those leaders who signed the Treaty of Versailles and Canada gained international recognition as an independent nation. All and all, the world war helped Canada be a more well known nation. Secondly, economy in Canada was greatly affected as well. Canada was a main supplier for Europe during the war. Because of necessity in supplies for the war, Canada mass produced munitions, accessories and food for the soldiers. As a result, the country was using large amount of money, therefore the government had to tax people, wage reduction on workers, Victory Bonds, honour rationing and loans to pay off debts and to support the war. In addition, due to large exports of good to Europe, prices of goods in Canada rose and the workers aren’t happy about it because they can’t afford them. During that period some Canadian businesses made enormous profits from the inflated price. As a result workers’ demanding a better working conditions became a major issue after the war. All and all, because of the war, Canadian goods helped its economy boom during the war. Lastly, World War 1

Professional Code Analysis Coursework Example | Topics and Well Written Essays - 250 words

Professional Code Analysis - Coursework Example The codes are different in that they cover different aspects of safety of the human subjects. Autonomy deals with ensuring that all human subjects are given the information that they need to decide whether or not to participate in the research. Beneficence obligates the researcher to ensure the well-being of all human subjects and protect them from any harm. Justice considers the risks and benefits of participating in the research program. These codes incorporate ethical theories into their text. Autonomy incorporates the moral requirement to acknowledge autonomy and protect those with diminished autonomy. Beneficence incorporates the basic rule of do not harm and maximize possible benefits and minimize possible harms to human subjects in the research. Justice incorporates the ethical responsibility to ensure that all participates are treated fairly. The most important theories that are used most often and deemed most important are the ones dealing with a person’s right to inf ormation and justice. Therefore these ethical codes of the Belmont Report protect human subjects and their right to information and justice. Works Cited Purdue University. Committee on the Use of Human Research Subjects. Purdue University. July 14, 2011 .