Character study on Inspecter Calls by J.B Priestly :: essays research papers

Toward THE END OF MOST PLAY, SOME CHARACTERS HAVE CHANGED AND SOME HAVE NOT. Talk about TWO CHARCTERS: ONE WHO CHANGES, AND ONE WHO DOESN’T IN THE PLAY CALLED â€Å"AN INSPECTOR CALLS† †BY J.B. Holy The play ‘An Inspector Calls† by J.B Priestly, is determined to an April evening in 1912. The play concerns the Birling family and Gerald Croft unobtrusively celebrating over Gerald and (Mr. Birling’s little girl) Sheila Birling’s commitment, when an Inspector shows up surprisingly in the midst of their family festivity to enquire about a self destruction of a youthful pregnant young lady called, Eva Smith. Through addressing, the auditor reveals that they all have an inclusion to the youthful girl’s demise. In the play, a few characters are changed by the Inspector’s appearance and news. A few be that as it may, continue as before. One character who continues as before is Mrs Birling. In Act One, we are given a general impression of her; a respectful lady however one who knows her capacity of power (being the spouse of a wealthy specialist and the administrator of Brumley Women’s Charitable Society). In Act Two, Mrs. Birling presents herself in an amenable and good way to the overseer (very not at all like the character that she advances into) however he thinks that its difficult to get data out of Mrs. Birling, this can be appeared with the these statements (taken from soon after the Inspector has indicated Mrs. Birling a photo of Eva); (Controller) â€Å"You perceive her?† (Mrs Birling) â€Å"No. For what reason ought to I?† Later in the play, reality comes out that Mrs Birling had met the young lady in the photograph. Sheila bolstered the Inspector when Mrs Birling wouldn’t give out any data about Eva and attempted to convince her mom to talk however Mrs Birling accepting her as being discourteous and disrespectful and demonstrated that she doesn’t like being repudiated. At the point when Mrs Birling tells the Inspector about Eva going to her council for help, she indicated no regret for the little youngster. She took Eva as being rude when Eva said that her name was ‘Mrs Birling’ and was preferential against her case. Hence, she utilized her capacity and authority (just like the director) to impact the others on the board to desert her case. Mrs Birling attempted to dissuade the Inspector about her decisions of Eva and with an unmistakable inner voice; she said she was, â€Å" . . . entirely supported in exhorting my board of trustees not to permit her case for help.

History Essay Example | Topics and Well Written Essays - 750 words - 1

History - Essay Example 1). The term 'Dark Death' can allude to either the pneumonic plague or the bubonic plague. â€Å"The pneumonic plague is the deadlier of the two infections killing its casualties is a few days† (Spielvogel, 2003, p. 275). It was most grounded in the bigger urban areas in view of the thick populaces that lived there and the less clean conditions that could be kept up in these urban territories. â€Å"The plague would visit a territory, keep going for about a year, murder around 33% of the populace, and proceed onward. †¦ Most history specialists accept that somewhere in the range of 1347 and 1351, at any rate 33% of Europe’s all out human populace (20 to 30 million individuals) died† (Piccolo, 2004). Passings alone were by all account not the only result of the Plague, however. The manner in which the congregation dealt with the emergency and the huge number of passings that occurred influenced the monetary, social and political scene of this huge area of the world. The principal flare-up of the plague was most grounded in the less fortunate segments of the city in light of the fact that these individuals were bound to live in unsanitary conditions and had constrained methods by which to ensure their wellbeing. Present day science can affirm the Plague was spread by the rodent bug who took the sickness from the rodent and spread it to the human populace, so territories that were invaded with rodents were among the first to show side effects (Gottfried, 1983). ... Scared churchmen shut up their places of worship and fled to the nation as did numerous individuals in the mainstream world (Luftus et al, 1999). As a result of their insufficiency in the emergency, the congregation lost a lot of its power and initiative and the individuals started to address whether it ought to ever have held that position. Numerous individuals expected God was furious with them and significantly more contrite and unforgiving strict practices were created to pacify God’s rage through penance. Financial conditions changed significantly as contenders from different nations entered the market through the improvement of the societies. The organizations changed financial conditions for singular residents and presented another methods by which urban communities and towns may be run. â€Å"The impacts of relapse on provincial economy were extensive. Work was rare and compensation rose quickly. In England and in Castile and somewhere else enactment was endeavored to fix compensation, however without success† (Nohl, 1926, p. 20). Laborers, particularly workers who were at long last making a fair compensation, revolted savagely to proposed pay decreases and however the purpose was sound, its influences were deplorable. While the Plague was crushing the populace, the confidence in the One Religion and changing the monetary base of whole countries, the Catholic Church was occupied with a full scale war on itself. Pope Clement V declined to move to Rome when he was selected in 1305 and moved the papacy to Avignon as far as anyone knows in light of common distress in Rome, however more probable so he would be nearer to the French government he served (Menache, 2002). By 1378, this had become an issue. In the wake of battling against a profoundly dubious and

More Nonfiction On LGBTQ History And Culture

More Nonfiction On LGBTQ History And Culture LGBT History Month isnt until October but Pride, celebrated each June in commemoration of 1969s Stonewall Riots, is an equally good time to read up on the history of LGBTQ life in the United States. Scholars  have recently turned their attention to recovering the stories of gay, lesbian, bisexual, and queer people that were hidden in plain sight disguised by euphemism, buried in family stories, or simply waiting for someone to bother looking. The four books on this list will, I hope, provide an entry point to this rich body of literature. If youre looking for even more books  on LGBTQ history and culture, check out our past post on Book Riot or the Lambda Literarys list of non-fiction books nominated for the Lammys. Theres also an incredible  #OrlandoSyllabus growing  on Twitter (and in a public  Google doc). That document, managed by Jamie Berrout, Venus Selenite, Oliver Bendorf, and Lydia Willoughby, centers the history and experiences of QTPOC.  All the books here are on the #OrlandoSyllabus but that document includes many, many more suggestions (as this goes to press, its 79 pages and still growing). Performing Queer Latinidad: Dance, Sexuality, Politics  by  Ramon H. Rivera-Servera, a scholar of performance studies at Northwestern University, explores the ways that performance, especially dance, created  a public culture of gay, lesbian, and queer Latinx identity. Rivera-Servera explains that dance and performance is explicitly  political even while it is celebratory and joyous. He studies the ways that sexual and gender identity intersect with class and ethnic identities inside dance clubs. More than perhaps any other book,  Performing Queer Latinidad  speaks directly to the reasons that the attack on Pulses Latin Night has extra levels of meaning.  This is  also a fairly accessible book that folks new to performance studies, LGBTQ history, or Latinx studies will find approachable. Plus, it  won (or was nominated for) a ton of awards from folks working in dance studies, anthropology, and LGBTQ studies. Perhaps most notably, it won  the 2013 Lambda Award in LGBTQ studies. What Color Is Your Hoodie? Essays on Black Gay Identity  by Jarrett Neal This collection of thirteen essays covers topics like classism and racism within the gay community, how black gay men are presented in pornography, and the authors own search for his identity. More personal and lyrical than an academic history text,  What Color is Your Hoodie is a good introduction to important questions about sexuality, race, and personal identity in the early 21st century. The Straight State: Sexuality and Citizenship in Twentieth-Century America  by Princeton University professor  Margot Canaday, chronicles the ways that the United States government both created and responded to the development of a homosexual-heterosexual binary in the early 20th century. This book is a great place to learn about how homosexuality became a state of being rather than a set of sexual acts. It also explains the ways that Americas bureaucracy failed  LGBTQ people. Pick this book up if youre interested in the intersection of immigration and sexuality, the military, or family policy.  Canaday explicitly ties the past to the present, states clearly the injustice of contemporary policies, and advocates for action. Stand by Me: The Forgotten History of Gay Liberation  by Jim Downs, an historian at Connecticut College, provides an excellent overview of gay rights in the 1970s. Downs story begins just after the Stonewall Riot and ends before the worst of the AIDS epidemic hits.  He argues that the 1970s were about creating community and building movement infrastructure, not just dancing, sex, and street protests. Downs work pushes back against a history of GLBTQ life that centers HIV/AIDS. By focusing on the development of religious organizations , newspapers, theaters, and bookstores that both built and served a growing LGBTQ community, Downs adds nuance to the narrative of gay rights in the decades from Stonewall to marriage equality. Please share your favorite books  on LGBTQ history in the comments or to the #OrlandoSyllabus!

Important For The Survival Of A Firm Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3393 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The relationship between liquidity and profitability has been investigated by many researchers (Eljelly, 2004; Zainudin, 2006; Rehman and Nasr, 2007; Bhunia, Khan and Mukhuti, 2011). Some of these researchers claimed the inverse relationship between liquidity and profitability of a firm (Eljelly, 2004 and Rehman and Nasr, 2007) and some researchers argued that positive relationship exist between them (Zainudin, 2006; Bhunia, Khan and Mukhuti, 2011 and Bhunia, 2012). The positive relationship shows that firms which have higher liquidity have a propensity to make better profits (Zainudin, 2006). There are two basic measures of liquidity; current ratio and quick (acid test) ratio. I have used current ratio to calculate liquidity as it is a wide measure of liquidity that gives confidence to short-term creditors that current liabilities will pay off by liquidating current assets (Zainudin, 2006) and mostly used by researchers as a proxy of liquidity (Rehman and Nasr, 2007, Bhunia, Khan and Mukhuti, 2011 and Bhunia, 2012). So the liquidity of a firm would be calculated as under: Don’t waste time! Our writers will create an original "Important For The Survival Of A Firm Finance Essay" essay for you Create order Liquidity= Current Ratio = Current assets/Current liabilities 3.3.2.2 Inventory turnover ratio Inventory turnover ratio pointed out how quickly firm sells its inventory, measured as rate of goods movement into the firm from raw material to finished goods and out of the firm in the form of sales (Stickney Weil, 2002). Variability in inventory turnover ratio is caused by segment-wise-effect and when firms work in sales decline state then bigger changes are due to changes in sales (Kolias, Dimelis Filios, 2010). Usama (2012) argued that minimum inventory turnover in days and cash conversion cycle can create higher profit. Capkun, Hameri Weiss (2009) examined the inventory performance by total inventory and the distinct components of inventory such as raw material, work in process and finished goods. They found that inventory performance is positively correlated with financial performance of the firm and association between the performance of distinct components of inventory and financial performance differ across inventory components. Previous researches show various results regarding inventory turnover ratio as Gaur, Fisher Raman (2004), Boute et al. (2007) and Kolias, Dimelis Filios (2010) claimed that inventory turnover and profitability are negatively correlated while Capkun, Hameri Weiss (2009) and Sahari, Tinggi Kadri (2012) argued that inventory turnover ratio and firm performance are positively correlated. The formula to measure inventory turnover ratio is as under: Inventory turnover ratio= Total sales/inventory 3.3.2.3 Debt-to-equity ratio Debt-to-equity ratio is used to evaluate the risk associated with firms financing structure (Wild, Larson Chiappetta, 2007, p. 689). It shows the proportion of equity and debt which the firm is using to finance its assets. A firm adopts suitable mix of sources of finance such as retained earnings, issuance of ordinary and preference shares and debt to maximize shareholders wealth (Afza Hussain, 2011). Debt financing gives a tax shield to a firm therefore they took high level of debt to gain maximum tax benefits and eventually increase profitability. However, the increase of debt financing increases the possibility of bankruptcy (Myers, 2001). A high leverage or a low equity capital ratio causes to reduce the agency cost related to outside equity and raises firm value (Berger Bonaccorsi di Patti, 2003). The level of investment can be increased through the use of borrowed capital and it increased the return of invested capital but it also increased the risk for the firm and for the owners due to fixed expenses of interest (Eriotis, Frangouli Neokosmides, 2011). Elsas, Flannery Garfinkel (2006) argued that debt financing produces negative long run performance more than equity financing whereas financing with internal funds never produce important share underperformance. Amjed (2011) claimed that debt financing is considered to be cheaper than equity financing due to tax benefit and concluded that long term debt has a negative impact on firms performance and short term debt has a positive impact on firms performance. Eriotis, Frangouli Neokosmides (2011) claimed that debt-to-equity ratio has a negative impact on firms performance. The formula of debt-to equity ratio is provided below: Debt-to-equity ratio= Total debt/Total equity 3.3.2.4 Size ownership Size shows the level of firms operations. Larger firms are stronger to face risky situations and have better means to go through these types of situations. Size also brings stronger bargaining power to the firm over its competitors and suppliers and bigger firms have superior technology (Bhattacharyya Sexena, 2009). ). Gibrat(1931) presented a law that growth rate and size of a firm are independent. His law advocated that during a specific period, the probability of change in size is same for all the firms in the given industry. Small firms are more productive but lower survival probability due to two to four times more level of risk as compare to large firms (Dhawan, 2001). Small firms have high profit rate increase as compare to medium or large firms and when these firms become bigger, their profits rate become higher (Ammar et al., 2003). Past studies have different views regarding size and profitability relationship. Some researchers found that profitability of a firm increases as firm size decreases (Dean, Brown Bamford, 1998; Ammar et al., 2003; Ramasamy, Ong, yeung, 2005; Abu-Tapanjeh 2006 and Punnose, 2008) while other claimed that firm size and level of profitability are positively correlated (Treasy1980, Amirkhalkhali Mukhopadhyay, 1993 and Bhattacharyya Sexena, 2009 ). Many proxies are used for size by many researchers according to the requirements of their study. Mostly total sales, total assets or market capitalization is used as proxy of size. In this study, total sales is used as proxy of firm size. Majumdar (1997) and Bhattacharyya and Sexena (2009) also used total sales to measure firm size. For data symmetry, I used natural log of total sales. So the firm size would be: Size= Log (Total Sales) 3.4 Population Population is the concerned group of individuals, data or items from which sample is taken. The concerned population in this study is the Chemical firms listed on the Karachi stock exchange for the period of 2005-2010. The total number of chemical firms listed on Karachi stock exchange is 36. 3.5 Sample and Sampling technique To find out the determinants of firms profitability, this study took the sample of 20 firms from Textile industry of Pakistan which are listed on Karachi Stock Exchange (KSE) during 2005 to 2010 as it is the oldest and largest stock exchange in Pakistan. The firms were selected for the sample by using simple random sampling technique as this technique assures that each component in the population has an equal probability of being selected in the sample ( Zikmund, 2002, p.384). 3.6 Data sources This study took only firm specific factors which affect firms profitability. So, the data for firms specific factors was calculated from the financial statements of the respective firms and report provided by State Bank of Pakistan namely Financial Statement Analysis of Companies (Non-Financial), listed at Karachi Stock Exchange issue 2005-2010. This research is a longitudinal research because same variables were observed repeatedly for the period of six years from 2005 to 2010. 3.7 Hypothesis This study contains one dependent variable i.e. returns on assets (ROA) and four independent variables such as liquidity, inventory turnover ratio, debt-to-equity ratio and size. So, the testable hypotheses (the alternate hypothesis) are hereafter: H11: There may exist a negative relationship between liquidity and profitability of a firm. Firms with higher level of liquidity may possess lower level of profitability and vice versa. H12: There may exist a positive relationship between inventory turnover ratio and profitability of a firm. Firms with higher inventory turnover ratio may possess higher level of profitability and vice versa. H13: There may exist a negative relationship between debt-to-equity ratio and profitability of a firm. Firms with higher level of debt-to-equity ratio may possess lower level of profitability and vice versa. H14: There may exist a negative relationship between size and profitability of a firm. Firms with larger size may possess lower level of profitability and vice versa. Table 3.1 Explanatory variables with their proxy and expected relationship with the profitability (ROA) Variable Name Proxy for the variable Expected relationship Liquidity Current Ratio (CR) Negative Inventory turnover Inventory turnover ratio (INVT) Positive Debt-to-equity ratio Debt-to-equity ratio (DER) Negative Size Log (Total Sales) (SZ) Negative Chapter 4 Analysis and Discussion This chapter includes the statistical analysis of the sample data and gives details regarding empirical findings of the study. 4.1 Analysis This part would indicate the empirical findings of the study. The first table provides the descriptive statistics which quantitatively describe the main characteristics of the data. The second table contains correlation matrix which shows the association between all the variables. The third table entails the OLS regression estimates with fixed effects and fourth table contains the random effects to establish the relationship between dependent and independent variables. 4.1.1 Descriptive Statistics Descriptive statistics portrays summary of the data which is used in the study to clearly understand the range and characteristics of the data. Table 4.1 represents descriptive statistics for 20 Pakistani Chemical firms for a period of 6 years from 2005 to 2010 and for a 120 firms-year observations. Mean shows the average value of the data and median indicates the middle value of the data. In the table 4.1, mean for the dependent variable i.e. return on assets is 15.927 and median is 13.66. Standard deviation Table 4.1 Descriptive Statistics ROA LQ INVT DER SZ    Mean   15.92700    1.736000    12.59517    1.037250   6.539098    Median    13.66000   1.455000   6.560000    0.945000   6.563317    Maximum   45.13000   5.130000   222.5300    3.490000   7.945245    Minimum -10.98000   0.230000   0.000000   0.190000   5.361393    Std. Dev.   11.32618    0.972208   22.98619   0.671968   0.618107    Skewness   0.566959    1.599074    6.861938   1.111136   0.069343    Kurtosis    2.577047    5.240897   60.02378    4.483081   2.357129    Jarque-Bera   7.323292    76.24882   17200.28    35.69009   2.162585   Probability   0.025690    0.000000   0.000000    0.000000   0.339157    Sum    1911.240    208.3200    1511.420   124.4700   784.6917    Sum Sq. Dev.   15265.60    112.4775    62875.43    53.73339    45.46468    Observations   120   120   120    120   120 signifies the distinctive deviation from the mean. The standard deviation of return on assets is 11.32618. The first main independent variable i.e. liquidity (current ratio) has mean value 1.736; median is 1.455 and standard deviation is 0.972208. The second independent variable which is inventory turnover ratio has mean 12.59517; median is 6.56 and standard deviation is 22.98619. The mean, median and standard deviation of third independent variable i.e. debt to equity ratio are 1.03725, 0.945 and 0.671968 respectively. In the case of firm size (natural logarithm of total sales), which is the last independent variable has mean 6.539098; median is 6.563317 and standard deviation is 0.618107. The data of dependent variable which is return on assets and all the independent variables is positively skewed. The kurtosis is also positive among all the variables. The Jarqua-Bera test is used to check the normality of the data rejects the null hypothesis that all the dependent and independent variables are normally distributed because Jarqua-Bera statistic is very high in most of the variables results and the p value is zero in almost all of the cases. Therefore, the data relating to the variables used in the estimation is not normally distributed because the skewness and kurtosis coefficients are not equal to 0 and 3 respectively. 4.1.2 Correlation Analysis The degree of association between the variables is judged by Pearsons correlation coefficient (r). Table 4.2 presents the correlation analysis of all the variables which are used in the analysis. The basic purpose of correlation analysis is to detect the presence of multicollinearity. Gujrati (2008, p.337) recommends that the problem of multicollinearity exist if the correlation coefficient exceeded 0.80. In correlation matrix, no value is greater than or equal to 0.80. So, there is no high correlation among the variables which are used in the analysis. Returns on assets has significant and positively correlation of 42.57% with liquidity, 39.11% with inventory turnover ratio, 42.48% with firms size and negatively correlated with 27.79% with debt to equity ratio. Table 4.2 Correlation Matrix ROA LQ INVT DER SZ ROA    1.000000   0.425709    0.391140 -0.277932   0.424855 LQ      1.000000 -0.175564 -0.648455   0.002791 INVT       1.000000   0.233890   0.388966 DER       1.000000   0.227785 SZ                1.000000 Inventory turnover is positively associated with debt to equity ratio and firms size with 23.39% and 38.90% respectively. Debt to equity ratio is positively associated with 22.78% with firms size. 4.1.3 Regression Analysis (The Fixed Effects Model) Table 4.3 provides the regression analysis to examine the influence of liquidity (LQ), inventory turnover ratio (INVT), debt to equity ratio (DER) and size of a firm (SZ) on its profitability (ROA). In this model, determinants of firms profitability are estimated with fixed effects. The results of regression analysis shows that this model is good fitted having F-statistic 17.5899 and p- value is 0.000. The adjusted R2 value is 0.762270 which predicts that almost 76% variation in the profitability (ROA) uniquely or jointly due to independent variables. Durbin-Watson stat value is 1.641899, points out that no serial correlation is present in the data as the test value is nearly equal to 2 which is the standard value and it is less than the table value dU= 1.663 under 1% level of significance. Table 4.3 Regression Analysis: The fixed effects model (ROAit= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 LQit+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 INVTit+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 DERit+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 SZit+eit) Variable Coefficient Std. Error t-Statistic Prob.  Ãƒâ€šÃ‚   C 5.868965 21.19104 0.276955 0.7824 LQ 4.596135 0.977998 4.699533 0.0000 INVT 0.063956 0.036370 1.758493 0.0819 DER -3.315956 1.584092 -2.093285 0.0390 SZ 0.720754 3.245100 0.222105 0.8247 Effects Specification Cross-section fixed (dummy variables) R-squared 0.808218   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Mean dependent var 15.92700 Adjusted R-squared 0.762270   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  S.D. dependent var 11.32618 S.E. of regression 5.522370   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Akaike info criterion 6.432348 Sum squared resid 2927.671   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Schwarz criterion 6.989846 Log likelihood -361.9409   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Hannan-Quinn criter. 6.658750 F-statistic 17.58990   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Durbin-Watson stat 1.641899 Prob(F-statistic) 0.000000 The relative importance of all independent variables liquidity (LQ), inventory turnover ratio (INVT) debt to equity ratio (DER) and size of a firm (SZ) in the determination of firms profitability (ROA) depends upon the higher coefficient value and t-statistic. Results revealed that liquidity has more influence on the profitability of a firm than other variables. Liquidity, inventory turnover and firms size have positive coefficients of 4.596135, 0.063956 and 0.720754 with t-statistics of 4.649953, 1.758493and 0.222105 respectively while debt to equity ratio has negative coefficient of -3.315956 with t-statistics of -2.093285. Moreover, the variables liquidity, debt to equity ratio and inventory turnover are significant at 1%, 5% and 10% level of significance. 4.1.4 Remarks The aim of this study is to identify the determinants of firms profitability while using the data of Chemical firms in Pakistan which are listed on Karachi Stock Exchange. While analyzing the firm specific factors, liquidity is found to have positive impact on profitability. So, H11 is rejected. Inventory turnover ratio shows the positive impact on profitability according to study findings. So, H12 is accepted in this regard. Moreover, the impact of debt-to-equity ratio is found negative on firms profitability. So, we accept H13. Size of the firm indicated positive impact on firms profitability. So, H14 is rejected with respect to study results. All the variables are found significant determinant of firms profitability except size of the firm which has insignificant result according to the study findings. 4.1.5 Regression Analysis (The Random Effects Model) Table 4.4 entails the regression analysis to examine the influence of liquidity (LQ), inventory turnover ratio (INVT), debt to equity ratio (DER) and size of a firm (SZ) on its profitability (ROA). In this model, determinants of firms profitability are estimated with random effects. In random effects model the intercept shows the mean value or average value of all the intercepts and error term shows the random deviation of single intercept from the mean value. The findings of regression analysis indicates that this model is good fitted having F-statistic 14.92818 and p- value is 0.000. The adjusted R2 value is 0.318882 which predicts that almost 32% variation in the profitability (ROA) randomly due to Table 4.4 Regression Analysis: The random effects model (ROAit= ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²0+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1 LQit+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²2 INVTit+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²3 DERit+ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²4 SZit+eit) Variable Coefficient Std. Error t-Statistic Prob.  Ãƒâ€šÃ‚   C -22.16595 13.27979 -1.669149 0.0978 LQ 4.447065 0.922300 4.821712 0.0000 INVT 0.097785 0.033657 2.905343 0.0044 DER -3.070943 1.450723 -2.116837 0.0364 SZ 4.943581 2.047117 2.414900 0.0173 Effects Specification S.D.  Ãƒâ€šÃ‚   Rho  Ãƒâ€šÃ‚   Cross-section random 6.345424 0.5690 Idiosyncratic random 5.522370 0.4310 Weighted Statistics R-squared 0.341777   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Mean dependent var 5.332229 Adjusted R-squared 0.318882   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  S.D. dependent var 6.785963 S.E. of regression 5.600447   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Sum squared resid 3606.976 F-statistic 14.92818   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Durbin-Watson stat 1.382481 Prob(F-statistic) 0.000000 Unweighted Statistics R-squared 0.453175   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Mean dependent var 15.92700 Sum squared resid 8347.605   Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Durbin-Watson stat 0.597366 independent variables. On the other hand, Durbin-Watson stat value is 1.382481, points out that no serial correlation is present in the data as the test value is less than the table value dU= 1.663 under 1% level of significance. Coefficient value and t-statistic indicates the relative importance of all independent variables liquidity (LQ), inventory turnover ratio (INVT) debt to equity ratio (DER) and size of a firm (SZ) in the determination of firms profitability (ROA). Results revealed that liquidity has more influence on the profitability of a firm than other variables. Liquidity, inventory turnover and firms size have positive coefficients of 4.447065, 0.097785 and 4.943581 with t-statistics of 4.821712, 2.905343 and 2.414900 respectively while debt to equity ratio has negative coefficient of -3.070943with t-statistics of -2.116837. Moreover, the variables liquidity and inventory turnover ratio are significant at 1% and debt-to-equity ratio and size are significant at 5% level of significance. 4.1.6 Remarks The basic purpose of this study is to find out those factors which affect firms profitability. The above model is used to find out the relationship between the dependent and independent variable with the random effects model. The model exhibits that liquidity is significantly positively correlated with profitability. So, H11 is rejected. Inventory turnover ratio shows the significantly positive impact on profitability. So, H12 is accepted in this regard. On the other hand, the impact of debt-to-equity ratio is found to be significantly negatively associated with the firms profitability. So, we accept H13. Size of the firm indicated significantly positive impact on firms profitability. So, H14 is rejected with respect to study results. All the variables are found significant determinant of firms profitability in random effects model. 4.2 Discussion The basic purpose of this study is to identify the determinants of firms profitability while using the data of Chemical firms in Pakistan which are listed on Karachi Stock Exchange. The research findings show that liquidity is significantly positively correlated with profitability which satisfies the findings of (Zainudin, 2006, Bhunia, Khan Mukhuti, 2011 and Bhunia, 2012) but it opposes the results of (Eljelly, 2004 and Rehman and Nasr, 2007). Inventory turnover ratio shows the significantly positive impact on profitability according to study findings which is consistent with the finding of (Sahari, Tinggi Kadri, 2012). On the other hand, the impact of debt-to-equity ratio is found to be significantly negatively associated with the firms profitability which supported the conclusion of (Eriotis, Frangouli Neokosmides, 2011). Size of the firm indicated significantly positive impact on firms profitability according to the findings of (Treacy, 1980; Bhattacharyya Sexena, 2009 and Am irkhalkhali Mukhopadhyay, 1993) and the findings rejected the arguments of (Ramasamy, Ong yeung, 2005, Ammar et al., 2003 and Dean, Brown Bamford, 1998). On the whole, the selected variables are strongly associated with the profitability of the firm. Liquidity is the most important factor to affect profitability. Although size and debt-to equity ratio reveal strong power to affect profitability, but their explanatory power is less than liquidity. On the other hand, inventory turnover ratio has a significant positive relationship with profitability but its explanatory power is less than other independent variables. Chapter 5 Conclusion and Implications This chapter provides conclusion, limitations and of the study further directions for future research. 5.1 Conclusion The primary objective of this study was to find out the factors which determine the profitability of the firm while analyzing the financial data of Chemical industry of Pakistan which are listed on Karachi Stock Exchange for the period of 2005 to 2010. The findings revealed that the selected variables have significant relationship with the profitability and they strongly affect the profitability of the firm. The findings suggested that liquidity has a strong positive impact on profitability. Firms should maintain optimal level of liquidity to meet short term obligations. The results also show that inventory turnover ratio is positively associated with firms profitability. It means that firm gets higher profit by quickly converting its inventory into cash. The findings reject the pecking order theory as debt-to-equity ratio has inverse relationship with profitability as debt-to-equity ratio increases, the firms profitability decreases. It shows that firm should not rely on heavy debt financing. The findings confirm the trade-off theory that firms should focus on trade-off of costs and benefits while selecting how much equity and debt to use as financing sources. Lastly, the findings reject the Gibrats law and claimed that firm size and profitability are positively related. The results indicated that profitability goes up as firms size become larger. 5.2 Limitations of the research This study is carried out in Pakistan which has developing economy so there are many problems with respect to availability of data as many manipulations and misrepresentations are existed in publically available data. Many sources were used for data collection. So, the quality of results of this study depends upon the available data of selected companies. Due to limitations of time and scope of the research required to focus only on limited number of firms. Due to available resources, only internal factors which affect profitability are included in the study. 5.3 Directions for the future research This research was first time conducted in Pakistan to explore the determinants of firms profitability in Karachi Stock Exchange. Further studies should be carried out in Pakistan to explore this phenomenon on different sectors or in other developing economies to evaluate whether the factors have same effect in different economies. Comparative research on this topic could be employed while taking different sectors of the economy. Moreover, external factors could be used to analyze their affect on profitability in developing economy. Different models could be employed for further in-depth analysis.

Literature Review On Stress And Burnout - 1175 Words

Descriptive Literature Review: Stress and Burnout in Mental Health Nursing â€Å"Nurses caring for psychiatric patients who have been referred by law-enforcement for example forensic psychiatric/mental health patients, including patients formerly termed ‘criminally insane’ (Steadman Cocozza, 1978), would inevitably be subject to a greater risk of violence and aggression, and stress and burnout, compared with those working in any other field of nursing† (Mason, 2002 as cited in Dickinson Wright, 2008). It is recognized that mental health nursing is extremely stressful, with the outcome leading to stress and burnout of mental health nurses. An investigation was done by Jones et al (1987) on stress in forensic mental health nurses in a†¦show more content†¦Sherring, S., Knight, D, (2009), Sorgaard, W., Ryan, P., Dawson, I., (2010), Abdi, M. F., Kaviani, H., Khaghanizade, M., Momeni, A, (2007) all used quantitative research method where as in Dickinson Wr ight, (2008) used both quantitative as well as qualitative. The sample sizes in these four articles range from 196-475 participants with a mixture of both qualified and unqualified staff. The study methods used among the four articles were; Maslach Burnout Inventory (MBI), the Mental Health Professional Scale (MHPS), the Psychosocial Work Environment and Stress Questionnaire, the General Health Questionnaire-28, and demographic questionnaires. Dickinson Wright, (2008) and Sherring, S., Knight, D, (2009) had similar findings where there were high levels of emotional exhaustion to the point where participants took sick leaves and considered leaving their jobs. Contrarily, the findings of Sorgaard, W., Ryan, P., Dawson, I., (2010) and Abdi, M. F., Kaviani, H., Khaghanizade, M., Momeni, A, 2007) revealed low levels of emotional exhaustion. Another major topic discovered in the findings of the research studies was workload size. Coffey, M., Coleman, M. (2001) Jenkins, R. and Elliott, P. (2004) used quantitative studies while Edwards, D., Burnard, P., Coyle, D., Fothergill, A. and Hannigan, B. (2000) Taylor, B. and Barling, J. (2004) usedShow MoreRelatedResearch Critique, Part 1: Hospital Nurse Staffing and Patient Mortality, Nurse Burnout, and Job Dissatisfaction798 Words   |  4 PagesResearch Critique, Part 1: Hospital Nurse Staffing and Patient Mortality, Nurse Burnout, and Job Dissatisfaction Grand Canyon University: NRS-433V 06-04-2016 PROBLEM STATEMENT: The broad research problem leading to this study is the belief that nursing shortage in facilities leads to patient safety issues. The review of available literature on this topic shows strong evidence that lower nurse staffing levels in hospitals are associated with worse patient outcomes. 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Political Changes in Europe Since the Fall of the Soviet Union Free Essays

In April 1986, Mr. Gorbachev began the perestroika, translation â€Å"reconstruction†, which was to end the Cold War that effectively brought down the Iron Curtain. The split between West and East not only partitioned the world into two parts, but also divided the European family for over 40 years. We will write a custom essay sample on Political Changes in Europe Since the Fall of the Soviet Union or any similar topic only for you Order Now With the fall of the Soviet Union came many changes that affected much if not all of Europe. At the end of the Brejnev era , the socialist bloc was severely outdated and far removed from the contemporary world. The economy was in a shambles, independent civil society was largely in exile, and corruption throughout and within the state via the Communist Party had become legendary. In addition, the USSR had to devote an enormous portion of its budget to the military. On the international level, the USSR had lost many allies, because its social model proved to be decreasingly successful in its deceit, and the ill-fated invasion of Afghanistan (1979 – 1989) did not help in any way. It was therefore necessary to undertake urgent measures, especially in countries where satellite totalitarian regimes were challenged and the USSR no longer had the support of local communist parties. The advent of Gorbachev to power marked the beginning of the reconstruction. His first step on his rise to power was the partial liberation of the press, also known as glasnost. The first free newspapers emerged and some major newspapers such as â€Å"Novii Mir (New World),† Argumenti i Fakti â€Å"(Arguments and Facts) or† Moskovskie Novosti (Moscow News) changed editors. Books banned by the Soviet censorship began to appear in stores. Also, films which had been censored until this time were finally appearing on the screen. The policy change was also considerable. Under Gorbachev, 140 dissidents, victims of Stalinist repression, were honored and rehabilitated. From exile in Gorky, Sakharov, who condemned the war in Afghanistan – was released. Several opposition political organizations emerged as a Democratic Union and in 1988 the first anti-communist demonstrations took place. Gorbachev, considering the difficulty and complexity of the political situation at the time, tried at any price to change the political elite in an effort to ensure reconstruction. Policy frameworks† began and brought fresh faces to power. â€Å"Without – parties† (political parties that were not members of the Communist Party) were authorized to occupy important positions in state bodies. In addition, elections were introduced within the party to make elected officials accountable to its voters. Before this time, t he party presented a candidate for the post and members could only nod in approval. Despite all this progress, the USSR was unable to overcome the economic and social crisis that hit the country in the early 80s. The Soviet system was not adaptable by itself and reconstruction was doomed from the start. Gorbachev did not have the political capacity to push the desired reforms through. His strategy, in essence, triggered the collapse of the USSR, which was completely unexpected. Perestroika could not change the structure of the Soviet economy, and thus served as an obstacle to reforms. All means of production were under state control. In addition, factories managers and corrupt officials wanted at all costs to keep the economic system that afforded them considerable privilege, especially in a country where the deficit of consumer products was seen in everyday life. The political system, like the economy, rested on a foundation of lies. Political leaders from cities and regions fabricated domestic and foreign policy statistics, using propaganda, including the newspaper â€Å"Pravda† (Truth). This newspaper was later to become a symbol of Soviet exaggeration of the productivity of the communist state. The Soviet secret services were doing everything to prevent people from having information deemed undesirable; any foreign or independent press was prohibited. In launching his reforms, Gorbachev wanted to reform that which what was not reformable. Perestroika and glasnost had made the system fragile, because the lie was no longer there to blind people. Thus, in 1991 a political system that had seemed indestructible – unbeatable, all but disappeared from the world political map. Perestroika was ultimately the determining factor in the fall of the Iron Curtain. The forces it unleashed, such as freedom of speech (glasnost), by Gorbachev inside his country had devoured the communist parties of Eastern Europe. That was also the case with the fall of the Berlin Wall and subsequent German reunification. The fall of the Berlin Wall was largely provided for by the green light given by Moscow. Without such approval, it would have been very probably a repetition of the â€Å"coup de Prague† of 1968, as the forces of the Warsaw Pact entered the Czechoslovakian capital to put an end to the democratic reforms of Dubcek following the Prague Spring. After the fall of the Berlin Wall on November 9, 1989, the reunification of Germany was inevitable. The non-intervention of Warsaw Pact forces during the fall of the Berlin Wall signaled the outbreak of the revolutions that occurred thereafter. Elsewhere in 1989 in Eastern Europe, democratic movements freed from the tutelage of Moscow out-punched Communism. This is the case in Romania with the fall of Ceausescu, Czechoslovakia and Poland with the resignation of the communist government and the start of negotiations between General Jaruzelski and the representatives of Solidarnosc. The policy of rapprochement between the West promoted by Gorbachev led to the collapse of the Warsaw Pact. Having neither the financial resources nor the political will to save this military alliance, the Soviets proposed in 1988 to repeal the pact against the dissolution of NATO. In December 1988, Gorbachev and Bush declared at a meeting in Malta that the Cold War was over. Immediately after the fall of communism in Europe, former satellites of the Soviet Union chose to join the unified European family and NATO. Chronologically, in the first half of 90 years, almost all the countries of Central and Eastern Europe (CEE) have submitted their applications to join the European Union and NATO. For these countries, membership in these structures is first and foremost a political symbol, to guarantee their freedom and sovereignty. European integration also meant the return of these countries into the European mainstream as equal partners and not merely as â€Å"little brothers†, as was the case with the USSR. Long oppressed by a regime imposed from outside, these countries could finally defend their interests in the democratic framework that the European Union offers. Without perestroika, the world today would not be the same. It is mainly through this process that democratization has been set up in the Central and Eastern Europe and that Europe is no longer divided in two. How to cite Political Changes in Europe Since the Fall of the Soviet Union, Papers

Jeffersonian Republicanism Essays - , Term Papers

Jeffersonian Republicanism After the extreme partisanship of 1800, it was expected by supporters and foes alike that the presidential administration of Thomas Jefferson would pioneer substantial and even radical changes. The federal government was now in the hands of a relentless man and a persistent party that planned to diminish its size and influence. But although he overturned the principal Federalist domestic and foreign policies, Thomas Jefferson generally pursued the course as a chief executive, quoting his inaugural address We are all Republicans, we are all Federalists. With true republicans warming most of the seats of power throughout the branches, except in the Judiciary, he saw the tools of government as less of a potential instrument of oppression and more of a means to achieve republican goals. Jefferson assumed the presidency in the hopes that his election would represent the triumph of the true republican principles of the American Revolution; ......the defeat of those who had reverted in varying degrees to policies derived from monarchism. His first acts were to reduce the size of the government and to cut spending. He believed the strongest government was that which placed the lightest burden on its citizens. Such is meant in his inaugural address by Sometimes it is said that man cannot be trusted with the government of himself. Can he, then, be trusted with the government of others? Or have we found angels in the forms of kings to govern him? Let history answer this question. Although recognized as an intellectual and scholar, Jefferson was also undoubtedly the first president to become the leader of a political party. He skillfully made use of party politics in making assignations to office pursuing his legislative aims by entertaining members of Congress at the White House as a means of keeping himself in touch and them in line. Jefferson used the powers of his presidential office with an authority that Presidents Washington and John Adams would not have been permitted. His political moderation and enthusiasm to compromise land had won over many of the Adams Federalists. At the same time those Republicans who had rallied behind him in hopes of a radical exodus from previous administrations grew increasingly frustrated. Led by the vibrant and unconventional John Randolph, a group of Republicans in the House, who called themselves the Quids, meaning others, objected to what they interpreted as federalism in the administrations policies. Relying on the Vir ginia and Kentucky decisions, they advocated a strict construction of the Constitution and state rights. They became the most troublesome of the presidents opponents. After Republicans won majorities in both the House and the Senate, and the Federalist ticket was defeated for the presidency in 1800, the Federalists in Congress passed the Judiciary Act of 1801. Since appointments to the Federal bench came with a life time guarantee, they projected to extend their control of that branch of government. The Judiciary Act of 1801 created ten new positions on the Federal District Courts and a new category of appellate court, the circuit court of appeals, between the Supreme Court and the district courts. The act also reduced the size of the highest court by one justice. Before leaving office, President John Adams had appointed as many federalists to these new positions as he could. These appointments were known as the midnight appointments. Faced with a decidedly hostile Judicial branch, the Republicans quickly took steps to defy the Federalist moves. In March of 1802, Congress repealed the Judiciary Act of 1801, which eliminated the new judgeships and designated one Supreme Court justice and one district court judge to sit on the traveling appellate courts. Republicans in Congress, with Jeffersons support, then proceeded to impeach two federal justices who had openly attacked the administration from the bench. The first federal justice, John Pickering of New Hampshire, was mentally deranged presenting a constitutional predicament - His incompetence fell short of the requirement for removal (high crimes and misdemeanors). He was nevertheless convicted by the Senate and removed in 1804. Complaining that few died and none resigned, Jefferson removed some Federalists who had been assigned to high offices by George Washington and John Adams. He appointed no Federalists to high office and when there was a vacancy