Wednesday, August 26, 2020
Appointing pneumatic mentor framework - Literature audit Example Pneumatics is characterized as the investigation of gases and air and the connection between their volume, temperature and weight (Venkannah, 2006). Pneumatics as a control manages the mechanical properties of gases, for example weight and thickness, and the utilization of these standards to tackle different designing issues utilizing of compacted gas as the primary wellspring of intensity (Beater, 2007). The packed gas that is most ordinarily utilized is air, and it typically contains vitality put away in a possible state. At the point when the packed air grows, working vitality is created as motor vitality and weight (Beater, 2007). 1.1.2 Hardware Pneumatic frameworks can be separated into a few levels speaking to the equipment segments and the sign stream as demonstrated as follows (Venkannah, 2006). The significant segments of a pneumatic framework are; Compressor Check valve Accumulator Directional valve Actuator The gathering of a fundamental pneumatic framework is as demonstra ted as follows. Key: A. Air Compressor B. Check Valve C. Collector D. Directional Valve E. Actuator coming up next are examined beneath. A. Blower The air blower unit is driven by an engine, and it goes about as the wellspring of air for the entire framework (Dale and Fardo, 2009). It builds the weight of air by packing it in order to lessen its volume. This unit utilizes electrical capacity to produce mechanical power through the turn of an engine. When the air is packed, it is put away in an accepting tank. The compacted air is then scattered to the additional pieces of the framework at a high weight when required (Dale and Fardo, 2009). Pneumatic frameworks should likewise be furnished with air preparing parts that will condition the air before it is utilized. The molding includes sifting, managing the temperature and oil (Dale and Fardo, 2009). These three sub units can be offered as one set known as the FRL Unit (Soundara, 2007). Channel unit It channels any outside particles t hat might be contained in the compacted air. In any case, the size of the molecule that can be sifted relies upon the kind of channel utilized (Mitchell, 2000). Controller unit It is utilized to maintain the ideal strain to the systemÃ¢â¬â¢s control and utilization unit. Greasing up unit The lubricator supplies the compacted air with a film of oil and guarantees that the air conveys oil to the inside pieces of both the control valves and the chamber. Notwithstanding, the utilization of lubricators is getting less well known since these days makers are making valves that don't require grease (Soundara, 2007). The channel and the controller can be consolidated and utilized as a solitary or as individual units. B. Check valves These are one way valves that permit pressurized air to enter the pneumatic framework and simultaneously forestalling reverse of the pressurized air to the blower henceforth forestalling loss of weight. They help keep the pressurized sealed until it is discharg ed either physically or electrically after it arrives at a specific measure of weight. C. Aggregator It stores compacted air and forestalls any floods that may happen because of weight. It as a rule has a bigger volume than the air blower. The enormous volume is of extraordinary noteworthiness as it hoses the throbs of weight just as fill in as a save to flexibly both huge and brief volumes of air on request. Aggregators additionally go about as a mode for
Saturday, August 22, 2020
Dealing with the United Kingdom Health Service - Essay Example This has been thoroughly absent from the administration at NHS. The board is can be characterized both as workmanship and science. It is the craft of bringing out productivity of individuals and making them more compelling than they would have been with you. There are four fundamental columns: plan, sort out, direct, and screen. The fundamental job of a chief is to make the staff increasingly viable. Causing them to accomplish work more effectively than they are doing by and by. On the off chance that you increase the value of your staff's work, you are an effective supervisor. Notwithstanding, in NHS, administrators are insignificant implementers who have no dynamic force. They just actualize the guidelines and guidelines directed by the Government. Its absolutely impossible that they can increase the value of their or their staff's work. The administrators at NHS feel that their job is unrecognized by patients, partners, people in general and the legislature. Chiefs at NHS have less self-rule and less contribution in key dynamic than their staff accept. Also, they are exposed to expanding control. Without an arrangement you will never succeed. In the event that you happen to make it to the objective, it will have been by karma or possibility and isn't repeatable. You may make it as a fleeting sensation, a short-term sensation, yet you will never have the record of achievement of achievements of which achievement is made. This significant component of successful administration is absent at NHS. Infact the association needs genuine arranging and core interest. Subsequently, the nature of administrations has been detortiating and eventually the directors are arranged by both government just as open for wasteful administrations despite the fact that they have no capacity to run the association with their very own dream. An investigation uncover that the idea of the executives had gotten separated from clinical practice, despite the fact that numerous supervisors were specialists or attendants who had taken on the job to attempt to have any kind of effect. To them, what was current ly called administration was only an augmentation of the calling. Sort out Sorting out and priortising work to guarantee smooth, convenient just as quality conveyances and administrations structure the center of good administration. The absence of legitimate administration brings about poor association and prioritization of work at NHS. Direct Coordinating your subordinates not as you are guiding them however as though you are managing them how to play out their particular employment job. I like to think about this part like directing an ensemble. Everybody in the symphony has the music before them. They realize which segment is playing which piece and when. Presently you need just to tap the platform gently with your
Thursday, August 13, 2020
Innovation at Illinois As I do my usual rounds as an RA at Snyder Hall, I always walk past a room on the fourth floor that sparks my interest. This room has a plaque on it that says Marc Andreessen Co-Founder Of The First Web Browser Lived Here. It turns out Andreessen is a Silicon Valley giant today as he sits on the board of Facebook and eBay. I should not be too surprised that someone such as Andreessen would have lived in my residence hall; Illinois has a rich history of innovation. There are many extraordinary alumni that have come from our wonderful university. Music industry legend and former CEO of Ticketmaster, Irving Azoff, attended Illinois. Donald Bitzer, the man who co-invented the plasma display, once sat in our historic lectures. The co-founder of the revolutionary website YouTube, Jawed Karim, calls himself an alumnus of Illinois. The list of prestigious innovators goes on and on. The reason that Illinois has had such groundbreaking alumni is simple: Illinois pushes each student for excellence no matter what field they are in. If there is something that a student wants to explore, our university is the perfect place to explore and get the most out of anything that someone wants to do. World-class professors, top-notch facilities, and a diverse student body are just a few aspects of the kind of unique and unparalleled experience that Illinois provides for each of its students. I do have to say that I feel truly inspired by the plaque on that door in my hall. Not only am I living in a building with such historic significance but attending a university where I have the opportunity to achieve just as much as Andreessen. There is no doubt that the University of Illinois has and always will be a fertile ground for innovation. Jacob Class of 2019 Iâm an Advertising student within the College of Media. My hometown is a place called Fairmount, Illinois, which is about 30 minutes from campus. I began my Illinois journey in the Division of General Studies.
Saturday, May 23, 2020
Hillary Clinton said, We can do better. We cannot ignore the inequalities that persist in our justice system that undermine our most deeply held values of fairness and equality. She was correct in her statement, we need to reform our criminal justice system due to it highly lacking in fairness and equality. 2.38 million Americans are in prison, with another five million on probation or parole. 1 in 31 adults in the United States are in jail, prison, or on probation or parole. (Ferner) The populations of our prison are increasing, while trust in law enforcers is declining, and if we want to solve the inequalities we must reform parts of our criminal justice system. We should reform our criminal justice system to fix the inequalities of mandatory sentences, bail, and we should create reentry programs to assist released inmates stay crime free. In the past years we have seen many riots and debates over the racism and inequalities in our criminal justice system. We have heard story after story, and watched video after video of police brutality and racism in America. We saw the unfair outcome of the Zimmerman and Treyvon Martin case. When George Zimmerman followed and fatally wounded Treyvon Martin, a seventeen year old African American boy who was walking around the neighborhood, just because he looked suspicious to him. In 2014, we saw the riots in Ferguson, Missouri after the fatal shooting of Michael Brown by a white police officer, sparking a debate over theShow MoreRelatedWe Must Reform Our Criminal Justice System Essay2372 Words Ã |Ã 10 PagesHillary Clinton said, We can do better. We can not ignore the inequalities that persist in our justice system that undermine our most deeply held values of fairness and equality. She was correct in her statement, we need to reform our criminal justice system because it is highl y lacking in fairness and equality. 2.38 million Americans are in prison, with another five million on probation or parole. 1 in 31 adults in the United States are in jail, prison, or on probation or parole. (Ferner) TheRead MoreNational Prescription Drug Take Back Day1477 Words Ã |Ã 6 PagesSaturday September 26, 2015 or so called National Prescription Drug Take Back Day is a small part of the up and coming criminalÃ justice reform that the nation has been raving about. From the war on drugs, to the prison system; the president along with congressmen and woman have been discussing this so called Ã¢â¬Å"reformÃ¢â¬ . Take Back Day plays a small part in the want to dispose properly of leftover drugs which can be hazardous to the environment and not allowing unused medications to be distributedRead MoreThe Myth Of Police Reform1518 Words Ã |Ã 7 Pagespolice reform, many agree that our country is long overdue for it, however, the questions are how exactly do we, as a nation, go about changing one of the most powerful structures to exist in the country. While some believe that reform must come from within the individually flawed police departments, others argue that the entire criminal justice system needs an overhaul. In this Response essay about Ta-Nehisti CoastesÃ¢â¬â¢ essay Ã¢â¬Å"The Myth of Police Reform,Ã¢â¬ Coates is saying, that the criminal-justice systemRead MoreDiversion Programmes And Access Of Mental Health Facilities1106 Words Ã |Ã 5 Pagescorrect this situation, diversion programmes must be able to transfer mentally ill prisoners to mental health care facilities. These techniques allow individuals to be placed in an appropriate environment where treatment can be much more effective. (18) Although such techniques exist within Australian jurisdictions, they are only useful when there are practical alternatives offered. (18) Due to the limited facilities available, diversion techniques must be extremely effective at treating mental disordersRead MoreAnalysis Of The Cycle Of Juvenile Justice1342 Words Ã |Ã 6 PagesRunning head: CYCLE JUVENILE JUSTICEÃ¢â¬â¹ Ã¢â¬â¹1 Analysis of the Cycle of Juvenile Justice Theory Name School Ã¢â¬â¹Ã¢â¬â¹ Professor Class Date Analysis of the Cycle of Juvenile Justice Theory Ã¢â¬â¹In the text, Thomas Bernard examines the cyclical nature of the juvenile justice system (Weisheit Culbertson, 2000, p. 13-31). The author posits that the implementation of juvenile justice is constantly swinging from one extreme to the other based, largely, on the publicÃ¢â¬â¢s perceptionRead MoreEssay on The Mission of the Correctional System 1218 Words Ã |Ã 5 PagesThe correctional system has three main goals: punish, protect the community and rehabilitate the offender. However, it is unclear how well the modern U.S correctional system achieves these goals and whether the money invested in the correctional system might be better spent. These are some of the points I will cover regarding what I think about the correctional system. Department of Corrections is an agency of the state that is responsible for the supervision and management of convicted felonsRead More2.3 Conclusion:. The Aim Of Criminal Law Is To Protect1463 Words Ã |Ã 6 Pages2.3 Conclusion: The aim of criminal law is to protect the rights of the individuals and to safeguard the weak against the strong, law abiding against lawless and peaceful against violent. The state has prescribed certain rules of conduct, sanctions for their violations and machinery to enforce sanctions and procedure to protect that machinery. If men were angels no government would be necessary. Read More U.S. Criminal Justice System Essay1006 Words Ã |Ã 5 Pages U.S. Criminal Justice System In order to keep a safe society, it is important to establish a nation with good education to teach people judging from right or wrong , excellent police force to keep our street safe, and most of all, a good criminal justice system to carry out the justice. United States is a place with little crimes, a nation with nice houses, beautiful beaches, and expensive shops without property just like what I seen in the American movies in my opinion before I arrivedRead MoreCrime in the United States1052 Words Ã |Ã 5 Pagesthe entire world by far. For most of my life I have always believed that the American justice system worked. When people do wrong they need to be punished and pay for their crimes. That is what our justice system is here for so how could is possibly go wrong? Unfortunetly it is not as simple as it sounds and all it takes is a little research to discover why. Before researching the U.S. criminal justice system, I would never have considered the fact that the U.S. has the worst prison populationRead MoreA Report On The United States s Nationwide Prison Population748 Words Ã |Ã 3 Pagesharsher punishments for non-violent crimes, resulting in more thanÃ 1.57 millionÃ inmates being imprisoned in federal, state, and local prisons and jails at any given time. In addition, an estimated 12 million Americans cycle through the U.S judicial system for se ntences less than one year in length, raising the estimated overall imprisonment rate, at any given date, to 2.4 million. These inmates, in addition to those barred from voting due to past felony convictions, make up approximately 2.5 percent
Tuesday, May 12, 2020
Leadership and a Letter The American Civil War began over 150 years ago, eventually preventing a permanent disintegration of the then-existing United States. Though fractured, the country mended itself following the war and moved forward with incremental steps of maturation and a vision of social justice among many other imperatives. That process continues to this day and moves beyond as the need for justice changes. At the time of the American Civil War, the United States as it existed at the moment was less than a century old and had only 34 states. It was a still a young country and in development, not reaching the fifty-state level until the mid-twentieth century. Inherent among citizens on both sides of Civil War was the idealismÃ¢â¬ ¦show more contentÃ¢â¬ ¦He was orphaned at a young age, and lived in poverty, but rose above those situations to attend Andover as a boarding student and later Brown University. Following that he attended law school and was admitted to the Rhode Island bar. He was elected to the Rhode Island legislature where he served as Clerk and then later the Speaker. Men who served in State and Federal legislative positions during this time were held in high esteem. Serving as Clerk and then Speaker would distinguish the office holder further, and validate his legislative ability. During this period, Ballou had been a member of the Rhode Island State Militia. When the potential for a civil war became apparent he began to actively recruit others to volunteer for the State Militia. He was commissioned as a major in the militia and served as Judge Advocate. In this position, Ballou would act as the legal counselor to the Militia command staff, and as an advisor to an empaneled court martial. In this role, he was required to leave his professional law offices behind as well as his elected office and family. By the start of the Civil War, Ballou and his wife were raising two small boys at home. Ballou left his position as Judge Advocate and became an officer of the 2nd Rhode Island Infantry Regiment, comprised of all volunteers from the state of Rhode Island. Like many other volunteer units during the Civil War, few of the regiment had military experience of any kind. At times, the lack ofShow MoreRelatedThe Battle Of The American Civil War869 Words Ã |Ã 4 PagesDivided The American Civil War has become a point of controversy and argument when discussing key events in shaping America. The arguments that arise when discussing the war tend to focus on whether the Confederate was constitutionally justified in seceding, or whether the North had the right to prevent the secession. However, when discussing the America Civil War and the idea of separation, it is important to be mindful that separation did not simply end at the state level. Letters written byRead MoreMany May Wonder About The Connection Between The Cold War1251 Words Ã |Ã 6 PagesMany may wonder about the connection between the Cold War and the Civil Rights Movement and how the war has an effect on African-American civil rights. The effect may not be as perspicuous since these conflicts are two very strange juxtapositions. The two wars shared the same time and place in history yet they were never associated with each other. Although the Cold War may seem as if it went on for forever , from 1947 until 1991, the Civil Rights Movement went on from 1954 to 1968. However, the massRead MoreLeadership Lessons From Abraham Lincoln Essay949 Words Ã |Ã 4 PagesTopic: Leadership Lessons from Abraham Lincoln. The American Civil War was fought from 1861 to 1865 in the United States. As a war measure, Emancipation Proclamation is applied primarily to Southern states rebellion and later it spread its way to North. Emancipation Proclamation created a history in abolishing slavery suppressing the war and saving Republic. Abraham Lincoln left this aspect of legacy to the people. I really have no idea about Lincoln until I read the description of him by presidentialRead MoreMartin Luther King Jr.: How Society Changed859 Words Ã |Ã 4 PagesDuring the course of the Civil Rights Movement in the 1960s, there were several black and white supporters who had brave roles. The most prominent and persistent activist of African American rights movement was Martin Luther King Jr. KingÃ¢â¬â¢s ideas sparked the ideal perspective of equality. Martin Luther King Jr. fought for equality by organizing marches, giving powerful speeches, and staying positive through adversity. Martin Luther King Jr. knew of the constant racism and cruelty in Birmingham, AlabamaRead MoreLetter From Birmingham Jail By Dr. Martin Luther King1510 Words Ã |Ã 7 PagesLetter from Birmingham Jail was a letter written by Dr. Martin Luther King, Jr. from a solitary confinement cell in Birmingham, Alabama. Some portions of the letter were written and gradually smuggled out by King s lawyer on scraps of paper including, by some reports, rough jailhouse toilet paper. Violent racist terror against African Americans was so horrible in Birmingham in the summer of 1963 that the city was being referred to by some locals as Ã¢â¬Å"BombinghamÃ¢â¬ . King had been arrested while participatingRead MoreReconstruction Document Analysis1256 Words Ã |Ã 6 PagesDr. Wheeler HIS 251 26 November 2012 Document Analysis: Ã¢â¬Å"Reconstruction: Clashing Dreams and Realities, 1865-1868Ã¢â¬ The Civil War brought with it destruction in the South, over 600,000 fatalities, economic devastation, and a nation hanging together by the thread of the hopes of those who believed that the nation of Washington would not Ã¢â¬Å"perish from the earth.Ã¢â¬ Those living in the losing side had to face the harsh realities that their lives would never be the same, both for the white slave ownersRead MoreMission Command During The Carolinas Campaign1063 Words Ã |Ã 5 PagesAmericans, Canadians, Dutch, British, and German military organizations have developed a mission command concept since the 19th century. Army Doctrine Reference Publication (ADRP) 6-0, Mission Command, Ã¢â¬Å"directs leaders to exercise authority and direction using mission orders to enable discipline initiative within the commanderÃ¢â¬â¢s intent to empower agile and adaptive leaders in the conduct of land warfare. Unified land operations are executed through decisive action by mean of core competencies andRead M oreThe Legacy Of Abraham Lincoln s 12 Years A Slave 1366 Words Ã |Ã 6 PagesÃ¢â¬ During the Pre-Civil war period, the North and the South had already divided over their differences, such as geography and slavery. They found it hard to resolve their differences that tensions developed and fights broke out. These events caused the need for leadership. Abraham LincolnÃ¢â¬â¢s election caused him step up to that position of leadership which allowed him to leave a legacy by the Emancipation Proclamation, Gettysburg Address, and the Amendments. Lincoln set the Civil war and took CulturalRead MoreFor Cause and Comrades Essay757 Words Ã |Ã 4 PagesFor Cause and Comrades For Cause and Comrades by James M. McPherson consists of mostly of soldiersÃ¢â¬â¢ diaries and letters home as to why the men were fighting the Civil War. The initial motivation the union and confederacy sustain throughout the story proves that personal honor is valued more than their lives. The opening chapter of the book is mostly a plot overview of the events that had yet to come. Fratricide, Meaning one that murders or kills an individual (as a countryman) havingRead MoreRobert Gould Shaw And The Civil War1646 Words Ã |Ã 7 PagesRobert Gould Shaw, born in Boston into an abolitionist family, naturally sided with the Union in the Civil War. He had received an education from Harvard prior to entering the family business and when the secession of the south began his sense of duty required him to join the Union. Shaw was a natural leader and quickly was promoted from Lieutenant to Colonel. As a man who proved his worth as a military leader and his family open support for the integration of freed black slaves into the military
Wednesday, May 6, 2020
string(26) " in earning has occurred\." Ã¢â¬Å"Comparative Analysis of Dividend Policy Capital StructureÃ¢â¬ Prepared For: Lutfur Rahman Senior Lecturer, Department of Business Administration, East West University. Course Code: FIN-435 Course Title: Managerial Finance Prepared By: Md. Habibur Rahman Utpal Kumar Ghosh ID: 2006-2-10-175 ID: 2006-2-10-179 Date of Submission: August 11, 2009 East West University 43, Mohakhali C/A, Dhaka-1212 Introduction ? ? Origin of the Report: Mr. We will write a custom essay sample on Dividend Policy Capital Structure or any similar topic only for you Order Now Lutfur Rahman, Senior Lecturer, East West University, has assigned this report to us, as this report is a requirement of the course Ã¢â¬Å"Managerial FinanceÃ¢â¬ . Objectives of the Report: The broad objective of the report is to build a strong familiarity about the Dividend policy Capital Structure to measure the performance of the company. By preparing this report we are trying to acquaintance of the overall dividend policy capital Structuring. Moreover the superficial objective of the report is to acquire knowledge about the insights of interpreting the ratios. Preparing this report such kind of topic is extremely beneficial for us as the students of finance. Scope of the Report: This report is based on the dividend policy capital Structuring. Through this report we are try to focus on the area related to the financial performance of the companies. We particularly focus on dividend policy capital Structuring and related ratios; as those are the major indicator of the performance assessment of a firm. Methodology: For execution of the report we use MS office software. Topic of the report is not permitting us to input data from primary sources. As the report must be factual, the data source of this report is basically secondary sources. We gathered our relevant data from the different periodicals published by the two cement companies. We also collect our relevant information from different books as well. We also collected some data from the internet to broaden our scope of analysis. Dhaka Stock Exchange websites, Meghna Cements mills website, Confidence Cement Ltd, websites are few of them. Limitations: Ã¢â¬ ¢ Inadequate knowledge in studying reports. Ã¢â¬ ¢ Lack of in-depth understanding of certain terms and concepts prevented us from going into details. Ã¢â¬ ¢ Lacks of research. Ã¢â¬ ¢ Unavailability of updated data. Ã¢â¬ ¢ Time limitation is also been there. Ã¢â¬ ¢ Lack of information and coordination. Confidentiality of data was another imperative barrier that was faced during the conduct of this study. Ã¢â¬ ¢ Power Crisis. ? ? ? 2|Page Dividend Policy ? Dividend: Dividends are payments made by a corporation to its shareholders. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be paid to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend. For a joint stock company, a dividend is allocated fast as a fixed amount per share. Therefore, a shareholder receives a dividend in proportion to their shareholding. For the joint stock company, paying dividends is not an expense; rather, it is the division of an asset among shareholders. Public companies usually pay dividends on a fixed schedule, but may declare a dividend at any time, sometimes called a special dividend to distinguish it from a regular one. Cooperatives, on the other hand, allocate dividends according to membersÃ¢â¬â¢ activity, so their dividends are often considered to e a pre-tax expense. Dividends are usually settled on a cash basis, as a payment from the company to the shareholder. They can take other forms, such as store credits (common among retail consumersÃ¢â¬â¢ cooperatives) and shares in the company (either newly-created shares or existing shares bought in the market. ) Further, many public companies offer dividend reinvestment plans, which automatic ally use the cash dividend to purchase additional shares for the shareholder. ? Forms of Payments: ? Cash dividends (most common) are those paid out in the form of a check. Such dividends are a form of investment income and are usually taxable to the recipient in the year they are paid. This is the most common method of sharing corporate profits with the shareholders of the company. For each share owned, a declared amount of money is distributed. Thus, if a person owns 100 shares and the cash dividend is $0. 50 per share, the person will be issued a check for 50 dollars. ? Stock dividends are those paid out in form of additional stock shares of the issuing corporation, or other corporation (such as its subsidiary corporation). They are usually issued in proportion to shares owned (for example, for every 100 shares of stock owned, 5% stock dividend will yield 5 extra shares). If this payment involves the issue of new shares, this is very similar to a stock split in that it increases the total number of shares while lowering the price of each share and does not change the market capitalization or the total value of the shares held. ? Property dividends are those paid out in the form of assets from the issuing corporation or another corporation, such as a subsidiary corporation. They are relatively rare and most frequently are securities of other companies owned by the issuer, however they can take other forms, such as products and services. ? Other dividends can be used in structured finance. Financial assets with a known market value can be distributed as dividends; warrants are sometimes distributed in this way. For large companies with subsidiaries, dividends can take the form of shares in a subsidiary company. A common technique for Ã¢â¬Å"spinning offÃ¢â¬ a company from its parent is to distribute shares in the new company to the old companyÃ¢â¬â¢s shareholders. The new shares can then be traded independently. |Page ? Types of Dividend Policies: ? Constant-Payout-Ratio Dividend Policy: A dividend policy based on the payment of a certain percentage of earnings to owners in each dividend period. ? Regular Dividend Policy: A dividend policy based on the payment of a fixed-dollar dividend in each period. Often firm that use this policy increase the re gular dividend once a proven increase in earning has occurred. You read "Dividend Policy Capital Structure" in category "Papers" ? Low-Regular-and-Extra Dividend Policy: A dividend based on paying a low regular dividend, supplemented by an additional dividend when earnings are higher than normal in a given period. Argument for Dividend Relevance : Gittman (10th edition) divided stock into two types, such as common stock and preferred stock. He also showed that dividends are the outcome of investment. So, common stocks are an ownership claim against primarily real or productive asset (Higgins, 1995), but he also said that if the company prospers, stockholders are the chief beneficiaries, if it falters, they arc the chief losers. Smith (1988) presented that stocks arc one of the most popular forms of investment. People buy stocks for various reasons: Some are interested in the long-term growth of their investment by buying low priced stock of a new company in the hope of substantially growth of share price over the next few years. Another reason he suggested that in a well established firm stockholders expect the stock growth will be stable over the long run. (Smith. 1988). Stockholders expect dividend but it is not promised (Gitman, 10th edition). Common stocks are hold by true owners of the business. Sometimes they are known as residual ownersÃ¢â¬â¢ as they receive whatever left after winding up of the company (Gitman, 10th edition; Higgins 1995). Another type of stock is known as publicly owned stock. Common stock owned by a broad group of unrelated investors or institutional investors is called as publicly owned stock. However, all common stock of a firm owned by a small group of investors is denoted as closely owned stock. When all the stock is owned by a single person is known as privately owned stock. Due to the limit of number of share, stock can be classified in to four types. Such as authorize share, outstanding share, treasury stock and issued stock (Gitman, 10th edition). Authorized shares represent the maximum number of shares a firm allows to issue. Outstanding shares are hold by public. Treasury stock is repurchased by firm itself and it is no longer considered as outstanding share. Issued shared are the shares that have been put into circulation. Recently stock repurchase option is very popuLar as it is able to increase stock value by decreasing outstanding stock number (Port. 1976). Port also suggested that firms should avoid issuing stock to pay dividend as they slow down company growth. According to Short and Wclsch (1990), Johns (1998) and Port (1976), a dividend is a usually distributed in cash form to stock holders of a corporation approved by the board of director. It may also include stock dividend or other forms of payment. A stock dividend represents a distribution of additional shares to common stockholders (Higgins, 1995). On the other hand. Ross et al. (2005) divided earnings into two parts; either it is retained or paid as dividend. Whereas Wild et al. (2001), Johns (1998) and Kieso et al. (2004) argued that retained earnings are the primary source of dividend distribution to the stockholder. Dividends are only cash payments regularly made by corporations to their stockholders (Johns, 1998). He also specified that they are decided upon the declaration by the board of the directors and can range from zero to virtually any amount the corporation can afford to pay. 4|Page Jones (2005) said that dividends are the only cash payment a stockholder receives directly from firm and these are the foundation of valuation for common stocks. Stock price response to an unexpected dividend change announcement is related to the dividend preferences of the marginal investor in that firm where other things remaining same (Denis et al. , 1994). In addition, a company. Which changes dividend policy, is expected to xperience upward or downward trends in share returns (Gunasekarage et al. , 2006). They also said that for the initiating firms, the share prices continued to rise even after the initial public offering (IPOs). Higgins (1995) said that if the company will have less money to invest or it will have to raise more money from external sources to make the same investments stockholders cl aim on future cash flow, which reduces share price appreciation. Moreover, during dividend announcement period stock price also fluctuate due to announcement of dividend. Mulugetta et al. 2002) examined the impact of Standard and Poor are ranking changes on stock prices. In addition, Affleck-Graves Mendenhall (1992) found that stock price reacts after 8 days on average up to 54 days of such earning announcement. With this believe, Hampton (1996) said that value of stock increase by more dividend and share remain undervalued by lower dividend policy. In addition, he also showed that there are two schools of thought regarding with the effect of dividend on stick price, one is dividends do not affect market price and the another one is dividend policies have profound effects on a firmÃ¢â¬â¢s position in the stock market. Benartzi et al. (1997), Ofer and SiegelÃ¢â¬â¢s (1987) and Bae (1996) found a positive correlation between share price and dividend. Furthermore. Campbell and Shil ler (1988) found a relationship between stock prices, earnings and expected dividends and he drives a conclusion that earnings and dividends is powerful in predicting stock returns over several years. Wilkic analyzed a 76 months share price index and dividend announced. He found a correlation coefficient. Which was under 0. 7 for the period 76 months and he also get that the maximum value of the regression coefficient being reached after 79 months. Moreover. ShilLer (1984. 1989) recommended investors in his study to buy the stocks when price is low relative to dividends and to sell stocks when it is high payoffs. On the other hand to their opinion, Jensen and Johnson (1995) suggested that, dividend cut results reduction in share price. More interesting matter is that if capital markets are perfect, dividends have no influence on the share price (MilLer and Modgliani, 1961). MiLler and ModgLiani (1961) also states that if the market is imperfect, dividend may affect stock price. ? Current Practices of Dividend Policy in Bangladesh: As Bangladesh is a developing country, the corporate culture is growing very slightly in our country. Dividend policy is a major financing decision that involves with the payment to shareholders in return of their investments. Every firm operating in a given industry follows some sort of dividend payment pattern or dividend policy and obviously it is a financial indicator of the firm. Thus, demand of the firmÃ¢â¬â¢s share should to some extent. Dependant on the firmÃ¢â¬â¢s dividend payment pattern. Many investors like to watch the dividend yield, which is calculated as the annual dividend income per share divided by the current share price. The dividend yield measures the amount of income received in proportion to the share price. If a company has a low dividend yield compared to other companies in its sector, it can mean two things: (1) the share price is high because the market reckons the company has impressive prospects and isnÃ¢â¬â¢t overly worried about the companyÃ¢â¬â¢s dividend payments, or (2) the company is in trouble and cannot afford to pay reasonable dividends. At the same time, however, a high dividend yield can signal a sick company with a depressed share price. Dividend yield is of little importance for growth companies because, retained earnings will be reinvested in expansion opportunities, giving shareholders profits in the form of capital gains. 5|Page MEGHNA CEMENT limited (MCML) ? OVERVIEW OF THE COMPANY The Meghna Cement Mills Limited (MCML) was the first undertaking Bashundhara Group in the manufacturing sector. This enterprise produces world-class cement and, as a testimony to this, stands the fact that the concern has been awarded the ISO-9001 certification for sustained quality control effort. The Company markets its cement under the registered trademark of King brandÃ¢â¬ . ? Basic Information: Market Category: A 400. 0 225. 0 100 2250040 Foreign 0 Public 10 Listing Year:1995 Authorized Capital in BDT (mn) Outstanding Capital in BDT (mn) Face Value Total no. of Securities Share Percentage Sponsor/Director 58 Govt. 0 Institute 32 Graph 1: The Market price of share of MCML in 2008-2009 (Highest Value: 678. 25, Lowest Value: 336. 25) 6|Page ? Dividend Policy Followed By Meghna Cement Ltd: EPS Dividend Payout Cash Ratio 24. 15 279 216% 25. 00 22. 80 348 164 25. 00 7. 37 246 75 25. 00 5. 93 277 54 25. 00 5. 35 352 46 30. 00 65. 6 1502 75 130 13. 12 300. 75 26 Table 1: Financial Data of MCML from 2004-2008 P/E ratio Share Price(MKT. ) Dividend Bonus Share 0 0 0 0 0 0 0 Total 25. 00 25. 00 25. 00 25. 00 30. 00 130 26 Year 2004 2005 2006 2007 2008 Total Average 11. 57 15. 25 33. 38 46. 71 65. 86 172. 77 34. 554 Interpretation: According to the above information it is visible that the company is following regular dividend policy (according to definition as given above). From 2004-2007 though the profit has increased subsequently but it was not sufficient for payment of dividend at a rate of the preceding years to all share holders of the company. For upholding the benefit and interest of general public the sponsors shareholders/Directors have decided to give up their dividend during those years under review of maintaining 31 consistent dividend policy for the 30 general public shareholders. So the 29 board of directors of the company 28 pleased to recommend cash dividend 27 26 @ 25% on par value of shares for the 25 public share holders taking into 24 consideration the profit and liquidity 23 position of the company during that 22 period under reviewed. 004 2005 2006 2007 2008 But In 2008, the EPS increased by almost Total Dividend 25 25 25 25 30 Paid 50% from previous year. So the directors ? Dividend decided to increase the dividend percentage to 30% instead of 25%. The company paid 25tk per share as dividend from 2004-2007 but in 2008 as the income increased by almost 50% than the previous year it paid a dividend of 30tk for the earnings of 2008. Total Dividend Paid Share Price(MKT. ) 400 350 Share Price (MKT. ) 300 250 20 0 The dividend policy that followed by the company has an impact on its share price. 150 As the graph shows the share price has 100 an increasing trend. As the company 50 declared 25% dividend per share from 0 2004-2005 this was more than its EPS so 2004 2005 2006 2007 2008 the share price increased and reached to Share Price(MKT. ) 279 348 246 277 352 350tk. But in 2006- 2007 the dividend was lower than its EPS so the share price declined and again increased in 2008 with an increase in dividend. 7|Page Confidence Cement Limited (CCL) ? OVERVIEW OF THE COMPANIES Confidence Cement Limited is the first private sector cement manufacturing company in Bangladesh established in early 90Ã¢â¬â¢s with having 4,80,000 M/T annual production capacity at Chittagong, 16 K. M away from Chittagong port, besides Dhaka Chittagong highway. CCL is the first ISO-9002 certified cement manufacturing in Bangladesh. It has a unique management system in quality Assurance, Marketing, Sales, and Procurements. It manufactures ordinary Portland cement. Our company aims to be the number one cement manufacturing company in Bangladesh, through continuous development and by producing high consistent quality cement to meet all customers requirement at all time. To achieve these objectives CCL uses modern machineries, calibrated testing equipmentÃ¢â¬â¢s, computerized packing raw materials mixing devices in its production process. Additionally the company frequently arranges internal external training program for the staff of all level to develop the potentiality and skill of its human resources. CCL is always keen to keep the customers satisfied by proving the best possible service. ? Basic Information: Market Category: A 500. 0 209. 0 100 2090000 Govt. 0 Institute 25. 37 Foreign 0 Public 49. 17 Sponsor/Director 25. 46 Listing Year:1995 Authorized Capital in BDT (mn) Outstanding Capital in BDT (mn) Face Value Total no. of Securities Share Percentage Graph 2: The Market price of share of MCML in 2008-2009 (Highest Value: 627. 25, Lowest Value: 268. 5) 8|Page ? Dividend Policy Followed By Confidence Cement Ltd: Earnings per share -12. 65 10. 95 21. 65 27. 73 -14. 98 Diluted Earnings per share n/a n/a n/a n/a -13. 62 Net Asset Value Per Share 319. 83 326. 28 332. 93 345. 66 330. 67 Diluted Net Asset Value Per Share n/a n/a n/a n/a 300. 62 Net Profit After Tax (mn) -24. 04 20. 81 41. 13 52. 8 -28. 46 Year End P/E -9. 50 10. 78 6. 40 13. 30 n/a % Dividend % Dividend Payout Ratio 46% 69% 54% Year 2004 2005 2006 2007 2008 5. 00 5. 00 15. 00 15. 00 10%B Interpretation From the above information it is visible that the company follows the regular dividend policy. That is the policy of the company is to pay a perticular dividend amount and if thereÃ¢â¬â¢s higher earning for perticular year and if earning pe r share increases they also increase their Dividend amount. In 2004, due to tough competition the company couyld not earn desiered profit. This year EPS is tk(12. 65). However considering the 16 interest of shareholders the board of 14 directors decleared 5% dividend from 12 dividend equalization fund. In 2006 and 10 2007 , as the EPS increases than the 8 previous year so the board of director 6 decided to pay dividend of 15% per 4 share. But in 2008 the company 2 decleared a 10% bonous dividend which indicates the company has used 0 2004 2005 2006 2007 their earnings for farther investment so the company didnÃ¢â¬â¢t give any cash % Dividend 5 5 15 15 dividend. Dividend From the graph it is easily indentifiable that the share price had strong relationship with dividend. In 2004 the company decleared a dividend of 5% per share when it had a EPS of (12. 65) the increased. In 2006-2007 for an increased dividend of 15% the share price also maxmized and again declined in 2008 due to 10% Bonous dividend decleared by the company. Share Price (MKT) 400 350 300 250 200 150 100 50 0 Share Price (MKT) 2004 289 2005 250 2006 225 2007 368. 8 2008 318 9|Page Capital Structure Capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. A firmÃ¢â¬â¢s capital structure is then the composition or Ã¢â¬ËstructureÃ¢â¬â¢ of its liabilities. For example, a firm that sells $20 billion in equity and $80 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firmÃ¢â¬â¢s ratio of debt to total financing, 80% in this example, is referred to as the firmÃ¢â¬â¢s leverage. In reality, capital structure may be highly complex and include tens of sources. Gearing Ratio is the proportion of the capital employed of the firm which come from outside of the business finance, e. g. by taking a long term loan etc. The Modigliani-Miller theorem, proposed by Franco Modigliani and Merton Miller, forms the basis for modern thinking on capital structure, though it is generally viewed as a purely theoretical result since it assumes away many important factors in the capital structure decision. The theorem states that, in a perfect market, how a firm is financed is irrelevant to its value. This result provides the base with which to examine real world reasons why capital structure is relevant, that is, a companyÃ¢â¬â¢s value is affected by the capital structure it employs. These other reasons include bankruptcy costs, agency costs, taxes, information asymmetry, to name some. This analysis can then be extended to look at whether there is in fact an optimal capital structure: the one which maximizes the value of the firm. 10 | P a g e Capital Structure Meghna Cement Mills LTD. Items Total Current Asset Fixed Asset Total Asset Current Liability Long term Debt Total Debt/ Total Liability Total Equity Share Outstanding Net Income Earnings Before interest and tax Retained Earnings Interest Charges/ Financial Expenses Market Price Per Share Debt to Total Assets Long term Debt ratio = Debt to Equity = Year 2004 1,003,252,653 1,422,581,752 2,500,368,171 952,991,742 923,377,280 1,885,115,488 615,252,683 2,250,040 26,021,799 195,208,573 390,248,683 162,297,008 279 Financial Information Year Year 2005 2006 979,316,891 1,427,560,032 2,406,876,923 970,701,416 812,529,812 1,783,231,228 623,645,695 2,250,040 34,311,762 176,319,775 398,641,695 67,785,759 3 48 2004 75. % 2005 74. 1% 1,189,929,096 1,397,087,008 2,587,016,104 1,197,987,718 718,168,213 1,916,155,931 670,860,173 2,250,040 75,106,875 201,332,892 445,856,173 118,067,797 246 2006 74. 1% Year 2007 1,064,749,181 1,378,737,392 2,443,486,573 1,128,318,964 787,868,674 1,916,187,638 527,298,935 2,250,040 105,096,707 236,610,206 88,286,676 120,127,996 277 2007 78. 4% Year 2008 1,588,397,601 1,307,816,629 2,896,214,230 1,443,833,003 833,152,269 2,277,035,172 619,228,958 2,250,040 148,181,023 278,378,580 57,399,542 99,849,906 352 2008 78. 6% Long Term Debt Solvency 6. 9% 33. 8% 27. 8% 32. 2% 28. 8% 3. 06 2. 86 2. 86 3. 63 3. 68 Times Interest Earned = 1. 20 2. 60 1. 71 1. 97 2. 79 Interpretation: According to the above information we can say that the company has a higher debt in its capital structure. As its Debt/Asset ratio shows from 2004-2008 it has been maintaining almost same amount of debt which is 75% of total assets in its capital structure. It indicates the company is a hi ghly leveraged firm and more risky in terms of debt. According to Long term debt ratio the company maintained a long term debt of around 33% from 2004 Ã¢â¬â 2008, which also indicates that the company had higher short term debt than itÃ¢â¬â¢s long term debt. Time interest earn ratio indicates that the company has enough liquid asset to payback its interest expenses. However Debt/Equity ratio shows the company had a capital structure containing higher debt than its equity. The total debt amount fluctuates throughout this given 5 years but it remains almost three times than its total equity. 11 | P a g e Capital Structure: Confidence Cement Mills LTD. Financial Information Items Year 2004 Year 2005 482627000 570818000 1053645000 429290000 4421000 52985936 433711722 619933000 1900000 20814000 176,319,775 208362754 21573000 250 Year 2006 424937956 580334331 1005272287 362205475 10501799 61807398 372707274 661065000 1900000 41132000 201,332,892 220862754 17559894 225 Year 2007 535307861 564884690 1100192551 413902667 1040702 97073198 414943369 685249000 1900000 52684000 236,610,206 240862754 19968848 368. 8 Year 2008 564074297 590057449 1154131746 525841496 0 58606753 525841496 628290000 1900000 -28459000 278,378,580 221862754 26294826 318 Total Current Asset Fixed Asset Total Asset Current Liability Long term Debt Account Payable/ Trade Creditors Total Debt/ Total Liability Total Equity Share Outstanding Net Income Earnings Before interest and tax Retained Earnings Interest Charges/ Financial Expenses Market Price Per Share 357315000 579526135 936841360 329088697 83293 39197784 329171990 607669370 1900000 -24039000 195,208,573 207412754 25264715 289 12 | P a g e Long Term Debt Solvency Debt to Total Assets = 2004 35. 1% 2005 41. 2% 006 37. 1% 2007 37. 7% 2008 45. 6% Long term Debt ratio = Debt to Equity = 0. 00% 0. 4% 1. 0% .01% 0. 00% 0. 05 0. 02 .02 .01 .01 Times Interest Earned = -1. 951485 -0. 035183 2. 54968 2. 9453453 -2. 0823 Interpretation: According to the above information we can say that the company has a lower debt in its capital structure. As its Debt/Asset ratio shows from 2004-2008 it has been maintaining increasing amount of debt in its capital structure which was 35. 1% in 2004 reached to45. 5% in 2008. It indicates the company is a moderately levered firm and risky in terms of debt. According to Long term debt ratio the company maintained nonexistence long term debt only 2% in 2006, which also indicates that the company had higher short term debt than itÃ¢â¬â¢s long term debt. Time interest earn ratio indicates that the company has did not had enough earning to payback of its interest other than the year of 2006 2007. However Debt/Equity ratio shows the company had a capital structure containing lower debt than its equity. The total debt amount remained almost constant throughout this given 5 years which is very negligible than its total equity. 13 | P a g e Comparative Analysis 14 | P a g e Divedend Policy Comparative Financial Data Analysis The financial data we gathered to find out the relationship between various variables with price of two different cement companies arc given. We attempted to explore some conclusion on the behavioral pattern of changing the share market price due to dividend, dividend policies followed. The data are extracted from annual reports of two selected companies that are The Meghna Cement Mills Limited (MCML) and Confidence Cement Limited . The annual data of these companies has been taken from the annual reports and other annual publications of Dhaka Stock Exchange. Confidence Cement Ltd Net Net Year % Asset Profit End Dividend Value After P/E Per Tax Share (mn) Meghna Cement Ltd Net Year % Profit End Dividend After P/E Tax (mn) Industry Average Net Year % Profit End Dividend After P/E Tax (mn) Year Earning per share % Dividend Payout Ratio Earning per share Net Asset Value Per Share Dividend Payout Ratio Earning per share Net Asset Value Per Share % Dividend Payout Ratio 2004 2005 2006 2007 2008 -12. 65 10. 95 21. 65 27. 73 -14. 98 319. 83 326. 28 332. 93 345. 66 330. 67 24. 04 20. 81 41. 13 52. 68 28. 46 -9. 5 10. 78 6. 4 13. 3 n/a 10%B 5 5 15 15 46% 69% 54% 11. 57 15. 25 33. 38 46. 71 65. 86 273. 44 26. 02 277. 17 34. 31 298. 15 320. 42 275. 20 75. 11 105. 10 148. 18 24 . 21 25. 00 20. 61 25. 00 216% -0. 54 164 13. 1 75 27. 515 54 37. 22 46 25. 44 301. 72 315. 55 333. 04 302. 93 27. 56 58. 12 78. 89 59. 86 15. 69 7. 02 9. 61 5. 35 15 20 20 30 105 72 54 46 296. 63 0. 99 7. 5 15 216 7. 64 5. 92 5. 35 25. 00 25. 00 30. 00 15 | P a g e Interpretation: Earnings Per Share: The industry average of EPS is tk. (. 54), 13. 1, 27. 51, 37. 22, and 25. 44 for the year 2004, 2005,2006,2007,2008 consecutively. In 2004 EPS of Meghna Cement Ltd was 11. 57 after that EPS has increased and reached up to 65. 86 in 2008, So that, the graph shows that the EPS of Meghna Cement is well above of the industry average EPS. In 2004 EPS of Confidence Cement Ltd was (12. 65) after that EPS has increased and reached up to 27. 63 in 2007. After that EPS has decreased again and reached to (14. 8)So that, the graph shows that the EPS of Confidence Cement is well below of the industry average EPS. Comperative EPS 70 60 50 40 30 20 10 0 -10 -20 2004 2005 2006 2007 2008 Confidence - 12. 65 10. 95 21. 65 27. 73 -14. 98 Cement Ltd Meghna 11. 57 15. 25 33. 38 46. 71 65. 86 Cement Ltd Industry Average -0. 54 13. 1 27. 515 37. 22 25. 44 So, according to our Comparative EPS analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. Price Earnings Ratio: The industry average of P/E ratio is tk. 7. 5, 15. 69, 7. 02, 9. 61, and 5. 5 for the year 2004, 2005,2006,2007,2008 consecutively. In 2004 P/E ratio of Meghna Cement Ltd was 24. 21 after that P/E has decreased gradually and reached to 5. 35 in 2008, so according to Industry average, the graph shows that the P/E ratio of Meghna Cement is well above up to 2006 of the industry average P/E, then in 2007 itÃ¢â¬â¢s ratio falls below the industry average and in 2008 equal to industry average due nonexistence of P/E ratio of Confidence Cement in 2008. Comparative P/E Ratio 30 25 20 15 10 5 0 -5 -10 -15 Confidence Cement Ltd 2004 -9. 5 2005 10. 78 2006 6. 4 7. 64 2007 13. 5. 92 2008 Meghna 24. 21 20. 61 Cement Ltd 5. 35 In 2004 P/E ratio of Confidence Cement Ltd was Industry 7. 35 15. 69 7. 02 9. 61 5. 35 Average (9. 5), after that EPS has increased to 10. 78 in 2005, then again decrease in 2006 and in 2007 it has increased to 13. 3. In 2008 there is no existence of P/E due to no cash dividend declared by the company. So, according to Industry average, the graph shows that the P/E ratio of Confidence Cement is well below up to 2006 of the industry average P/E, then in 2007 its ratio rise above the industry average and in 2008 no P/E as discussed earlier. So, according to our Comparative P/E ratio analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. 16 | P a g e Comparative Dividend Dividend Per Share: The industry average of DPS is tk. 15, 15, 20, 20, and 30 for the year 2004, 2005,2006,2007,2008 consecutively. From 2004 to 2007 DPS of Meghna Cement Ltd was 25 after that DPS has increased to 30 in 2008 due to extra earning as discussed before. So according to Industry average, the graph shows that the DPS of Meghna Cement is well above up to 2007 of the industry average DPS. In 2008 DPS is equal to industry average due nonexistence of Dividend of Confidence Cement in 2008. 35 30 25 20 15 10 5 0 Confidence Cement Ltd Meghna Cement Ltd Industry Average 2004 5 25 15 2005 5 25 15 2006 15 25 20 2007 15 25 20 2008 30 30 From 2004 to 2005 DPS of Confidence Cement Ltd was 5 from 2006-2007 DPS has increased to 15 in 2008 due to extra earning as discussed before. So according to Industry average, the graph shows that the DPS of Confidence Cement is well below up to 2007 of the industry average DPS. In 2008 there in no DPS of Confidence Ltd. due nonexistence of Dividend. So, according to our Comparative DPS analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. Dividend Payout Ratio: The industry average of Payout ratio is 216, 105, 72, 54, and 46 for the year 2004, 2005,2006,2007,2008 consecutively. In 2004 Payout ratio of Meghna Cement Ltd was 216 which is equal to the industry average payout ratio because of non existence of payout ratio of Confidence Cement Ltd. in 2004. After that payout ratio has decreased gradually and reached to 46 in 2008, so according to Industry average, the graph shows that the payout ratio of Meghna Cement is equal to the industry average payout ratio in 2004, then itÃ¢â¬â¢s ratio rise above the industry average up to 2006 and in the last two years equal to industry average. Compative Payout Ratio Compative Payout Ratio 250 250 200 200 150 150 100 100 50 50 00 Confidence Confidence Cement Ltd Cement Ltd Meghna Meghna 216 216% Cement Ltd Cement Ltd Industry Industry 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 46 46 164 164 69 69 75 75 54 54 54 54 46 46 46 46 16 216 105 105 72 72 54 54 Average Average In 2004 there was no Payout ratio of Confidence Cement Ltd as mentioned earlier. After that payout ratio has increased in 2006 and then again decreased in 2007. In 2008 there is no payout ratio because there is no cash dividend. So according to Industry average, the graph shows that the payout ratio of Confidence Cement i s well below compare to the industry average payout ratio in 2005 2006, and then its ratio is equal to the industry average in 2007. In 2008 there is no payout ratio as discussed before. So, according to our Comparative DPS analysis, we can easily say that Meghna Cement Ltd. is in the best position where Confidence Cement Ltd is the worst position. 17 | P a g e Capital Structure Interpretation: Debt/Asset Ratio: The industry average of Debt/Asset Ratio for the year 2008 is 62. 1%. Debt/Asset Ratio of Meghna Cement Ltd is 78. 6% and Confidence Cement Ltd. is 45. 6%. So, according to industry average Confidence Cement is in the best position while Meghna Cement Ltd is in the worst position. Long Term Debt Ratio: The industry average of Long Term Debt Ratio for the year 2008 is 14. %. Long Term Debt Ratio of Meghna Cement Ltd is 28. 8%, and Confidence Cement Ltd. Is 0%. So, according to industry average Confidence Cement is in the best position and Meghna Cement Ltd is in the worst position. Debt Management Ratio 4 3 2 1 0 -1 -2 -3 Debt to Total Assets Confidence Cement Mills LTD 2008 Industry Average 0. 456 Long term Debt ratio 0 0. 288 0. 144 Debt to Equity 0. 01 3. 6 8 1. 845 Times Interest Earned -2. 0823 2. 79 0. 35385 Meghna Cement Mills LTD 0. 786 0. 621 Debt to Equity Ratio: The industry average of Debt/equity Ratio for the year 2008 is 184. 5%. Debt/equity Ratio of Meghna Cement Ltd is 368%, and Confidence Cement Ltd. is 1%. So, according to industry average Confidence Cement is in the best position Meghna Cement Ltd is in the worst position. Time Interest Earned: The industry average of Time Interest Earned for the year 2008 is 0. 5385. Time interest earned for Meghna Cement Ltd is 2. 79; Confidence Cement Ltd. is -2. 0823. So, according to industry average Meghna Cement is in the best position and Confidence Cement Ltd is in the worst position. Return on Assets: The industry average of Return on Assets for the year 2008 is 2%. Return on Assets of Meghna Cement Ltd is 5. 1%, and Confidence Cement Ltd. Is (2. 5%). So, according to industry average Meghna Cement is in the best position Confidence Cement Ltd is in the worst position. Return on Equity: The industry average of Return on equity for the year 2008 is 0. 26%. Return on Equity of Meghna Cement Ltd and Confidence Cement Ltd. Is (4. 5%). So, according to industry average Meghna Cement is in the best position Confidence Cement Ltd is in the worst position. Profitability Ratio 30. 00% 25. 00% 20. 00% 15. 00% 10. 00% 5. 0% 0. 00% -5. 00% -10. 00% Meghna Cement Confidence Cement industry Average Return on Asset 5. 10% -2. 50% 2% Return on Equity 23. 90% -4. 50% 26% 18 | P a g e References ? Intermediate Accounting ( 11th Edition),Donald E. Kieso ? The Analysis and Use of Financial Statements(3rd Edition),Gerald I. White ? Scott Besely Eugene F. Brigham, Ã¢â¬Å"Essentials of Managerial FinanceÃ¢â¬ , Thirteenth Edition, ? ? ? ? Thomson South-Western, Ohio , 2006 www. bashundharagroup. com/mcml/ www. confidencegroupbd. com/cement/ www. dsebd. org www. wikipedia. com 19 | P a g e How to cite Dividend Policy Capital Structure, Papers
Sunday, May 3, 2020
Question: Understand your cultural Identity and AppreciateCultural Differences. Answer: 1.Understanding cultural identity appreciating cultural differences International human relations in the modern world are possible because of several reasons such as the interactions during foreign studies, business meetings and business acquiring. Communication is perhaps one of those potential barriers, which acts as a barrier to education and business in foreign countries. The barrier is mainly because of different languages that are spoken in different countries and the prevalence of different cultures. The barrier to different languages is resolvable with the help of some modern day alternatives such as language translator or interpreter (Moran, Abramson and Moran 2014). However, the differences in cultures have so far no answers from the modern world. This is quite evident in some cases such as employees working in foreign companies. They tend to have several issues in adjusting with the new environment. Racism is another strain, which is a strong barrier for the assimilation of different cultures. Hofstede did also highlight these cultural iss ues, which are classified as Hofstedes Six Dimensions of Culture. The main components of the theory are as follows (Carbaugh 2013): Power Distance Index (high versus low) Individualism Versus Collectivism Masculinity Versus Femininity Uncertainty Avoidance Index (high versus low) Pragmatic Versus Normative Indulgence Versus Restraint The six dimensions, which Hofstede has identified protects one from being assimilated with the different people with different cultures. For example, Individualism encourages self-intelligence over teamwork. Person with this quality does not like being in the team; however, it is highly recommended that company should have various team works for a collective workforce. Moreover, it also drives success with the help of collective skills in the form of teamwork. Even, I have come crossed several cultural conflicts such as at the educational place when I was there for the higher studies. I found it difficult to adjust with the changed cultures. I had to work hard on getting assimilated with the people with different cultures at the workplace. The differences in cultures is ot any issue but the problem lies in such mentalities that disrespect people with other culture. The similar thing had happened to me while I was in UK. I had been sent to the country for some project; however, noting was that easy for me there. They were professional but they have high respects for their cultures only. This affected my performance being in UK because I found it tough to come closer to the other employees. The feeling of cultural differences is very hard to resolve. It just requires a proper nurturing of the kids from their early ages. Cultural biases have its roots in the long list generations, which is hard to resolve by just doing some minor changes. It really requires some bold move and huge changes in the societal background, which could nurture the kids under a more advanced contemporary society that knows no differences in different cultures. Learning of different cultures The unfamiliarity to the different kinds of cultures is a barrier to understand the different communication appropriately. The more one gets familiar with the different cultures the more it comes closer to them. The assimilation with the different cultures narrows down the gap in between the different cultures (Jensen 2013). This is very important as it helps understand and establish an effective communication in between people of different cultures. For example, if someone from India gets closer to the UK people, it just helps understand the mentality of their people. This is very handful in coming closer to them, celebrating moment of joys with them and participating in their cultural events. Understanding and realizing the different cultures is a good resource to improve the communication barrier in between them (Kinloch Metge 2014). Academic learning This is one of the best resources for learning the different cultures and being acquainted with their communication. Good universities should include different cultural related activities in their curriculum. The curriculum should well include the variety of different cultures from across the globe. This is very helpful in making them closer to the different cultures. This is also important and useful as different students go to abroad to have some higher studies. This is when the utilization of cultural awareness comes into play. The abroad universities and the degree colleges have a variety of different cultures from different corner of world integrated at just one place. The more a person gets closer to the different cultures the less would be there any confusion on understanding the different cultures. The clashes at the educational places are common; however, this may have some otherwise reasons also such as racism. Nevertheless, the integration with different cultures provide r especting ethics in the inner part, which is the utmost requirement for a peaceful environment having diverse range of cultures integrated to one place (Tomalin and Stempleski 2013). Different people under one society It is also an undeniable fact different nature of people exists under one society. For example, India is such a country that has varied range of different cultures such as Hindus, Muslims, Christians and Punjabis. Nevertheless, the problem related to communication does also persist in such society. Sometimes they are also involved in different kinds of communication conflict. The never dying communication conflicts in between different cultures in India has been reduced to some extent because most educated peoples have now concerns for their business or works. However, the communication in between different cultures is still missing, which is simply because those peoples have less respect to other cultures. Nevertheless, this also validates the point that cultural understanding and the respect for the same is of utmost urgency to minimise the communication barrier (Bochner 2013). Conclusion Communication is a quintessential part of life, which can only be made easier if it is tried with some sheer commitments. The integration with the different cultures is of utmost requirement especially to that nation, which has more cultural conflicts. Nevertheless, cultural awareness and its values help develop effective communication skills. Reference Bochner, S. ed., 2013.Cultures in contact: Studies in cross-cultural interaction(Vol. 1). Elsevier. Carbaugh, D., 2013.Cultural communication and intercultural contact. Routledge. Jensen, K.B. ed., 2013.A handbook of media and communication research: Qualitative and quantitative methodologies. Routledge. Kinloch, P., Metge, J. 2014.Talking past each other: Problems of cross cultural communication. Victoria University Press. Moran, R.T., Abramson, N.R. and Moran, S.V., 2014.Managing cultural differences. Routledge. Tomalin, B. and Stempleski, S., 2013.Cultural awareness. Oxford University Press.