Pupil free essay sample

Concert Music Is one of the most Important art expressions, lots of feelings and values can be expressed, and of course lots of stories can be told too. I like many music styles, from classical music to rock and even folk music. One of my favorite musicians is Sting, he is a great singer, bass/doubles player, a great song writer and an actor too. His style is a mixture of many styles, such as pop, Jazz, blues, soul, reggae and much more. One of my favorite songs Is Shape of my heart, Sting is a brilliant and clever Caucasian, a great song writer and one hell of a performer.I love the mood, emotion and passion of Stings music. And there are so many songs you can really connect to. With incredible musicianship, Sting combines rock, jazz and blues like nobody else, and his distinctive, powerful voice never disappoints. We will write a custom essay sample on Pupil or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page My favorite album is the Nothing Like the Sun Sting was born on October 2, 1951 in Newcastle-upon-Tine, a large industrial city in Northumberland. His real name is Gordon Mathematics Samara. His mother had a miscalculation. She taught her son to the wonderful world of music by teaching IM to play the pianoforte his childhood.An American drummer Stewart Copeland noticed him,and persuaded him to do rock. He got the nickname Sting because he loved to wear black sweaters in a gold stripe, which made him look like a bumblebee. In 1981, Sting left the group,and in 1985 he released his first solo album The Dreamed The Blue Turtles. The most popular songs 0 Russians 0 Roseanne Englishman In New-York C] All For Love 0 When We Dance 0 Brand New Day 0 Ill Be Mammals You Shape Of My Heart Favorite My favorite song Is Englishman In New York.Sting wrote this song about himself, about his life In the USA. Some lines from it dont drink coffee I take tea, my dear,l like my toast done on the sideband you can hear it in my accent when I talk an Englishman in New York Today, I listen to a lot of folk songs with my child who is three years old. My son is very fond of folk songs, especially Coolant Kodiak and Bell Bartok songs and choral works. When I was 7 years old, I went to the Coolant Kodiak elementary school, so I know a lot of folk songs. My sons favorite Hey Vary;nIf you have time, I often listen to the radio, I like almost all genres. I like any kind of music and I have already been to deferent concerts with my friends The members of hooligans known each other since childhood and had even played together. In 1996, the band was founded Hooligans, The band consists of four members There are plenty of awards and recognition received in recent years. In the future, I will want to go to a concert hooligans. My husband and my child loves this band. We listen this music in the car when we travel somewhere.

Essay on Communication in Health and Social CareEssay Writing Service

Essay on Communication in Health and Social CareEssay Writing Service Essay on Communication in Health and Social Care Essay on Communication in Health and Social CareCommunication plays a crucial role in health and social care. Effective communication allows improving interpersonal relationships. This fact means that health and care service workers need to develop the proper communication skills to effectively communicate with service users. According to researchers, â€Å"people who use health, social care and early years services, are often dependent on care workers for obtaining and giving information† (Fisher, 2005, p. 53). As technology continues to provide benefits to various fields of human activity, the health and social care field is no exception. Today health and social care professionals effectively utilize these benefits, which provide considerable improvements in health and social care applications. A wide range of information and communication technologies (ICT) are used to enhance health and social care services (Martinho et al., 2013). Stephen A. Webb states that â€Å"new IC Ts will come to have a decisive role in the complex field of transformations that are taking place in the caring professions† (p. 223). Generally speaking, the role of communication in health and social care is really important as it involves the application of the proper communication skills, deals with various factors that influence the effectiveness of communication process and reflects the use of information and communication technology in health and social care settings to meet the need of clients.The major goal of this paper is to discuss the role of communication in health and social care. Special attention should be paid to the use of communication skills in health and social care; the impact of various factors on the communication process in health and social care; and the use of information and communication technology (ICT) in health and social care.The use of communication skills in health and social care  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   To explore the u se of communication skills in health and social care, it is necessary to define the term health communication which forms the basis for developing meaningful communication skills. According to researchers, the term â€Å"health communication† can be defined as â€Å"the art and technique of informing, influencing and motivating individual, institutional and public audiences about important health issues† (Parrott, 2004, p. 751). Communication in health and social care settings contributes to vital health outcomes, promoting positive health behavior and enhancing physical and mental well-being of clients.Application of the relevant theories of communication to health and social care settingsThere are several theories of communication that can be applied to health and social care settings. Abraham Maslow’s theory (the theory of hierarchy of needs) is based on the idea that human life can be evaluated in terms of one’s individual development and potential. M aslow states that all individuals have some levels of need that should be met in the course of one’s life (Fisher, 2005; Clarke et al., 2000). The process of communication reflects one’s needs because while communicating, social, intellectual, emotional and physical needs are met. Social needs met in the process of communication involve social interaction. Intellectual needs are met because communication requires certain thinking processes, as well as the use of intellectual abilities to develop the theme of communication (Fisher, 2005).   Emotional needs are met in the process of communication because individuals experience satisfaction while communicating with others, which gives them the sense of achievement (Fisher, 2005).   Emotions influence the outcomes of communication process, as well as one’s feelings. According to Angela Fisher (2005), â€Å"our emotions can be influenced in a good way or in a negative way†(p. 60). Negative emotions lead to low self-esteem. Physical needs are met because individuals involved in communication may use their physical abilities (Clarke et al., 2000).   Actually, poor communication in health and social care could result in the failure of clients to meet the required social, intellectual, emotional and physical needs (Fisher, 2005).Besides, Thompson’s theory of systematic practice can be applied to communication in health and social care settings. Thompson suggests that â€Å"vague care work can result in poor quality care and also in stress for a care worker† (Moonie, 2005, p. 93). There are many benefits of using systematic practice, including enhanced professional credibility, the ability to deal with workloads and reduce stress level, as well as enhanced ability to negotiate. These benefits contribute to effective communication practices (Moonie, 2005).In addition, Kolb’s learning cycle theory can help to better understand the role of communication in health and s ocial care settings. Kolb states that learning cycle that consists of four stages helps to improve communication. Care workers may use Kolb’s cycle to better understand and interpret the needs of clients (Moonie, 2005).Stage one: concrete experience;Stage two: reflective observation;Stage three: abstract conceptualization;Stage four: active experimentation (Moonie, 2005).The use of communication skills in health and social care settings  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In health and social care settings, special attention should be paid to the development and use of effective communication skills. Professional care workers should be aware of the importance of using the proper skills when communicating with their clients. Angela Fisher (2005) states that â€Å"the work that is done in care settings depends very much on using effective communication,† which requires care workers to be able to make a comprehensive analysis of one’s thoughts and ideas, sk illfully use specially developed techniques to interpret the language and non-verbal behavior of their clients, have the ability to draw conclusions and make decisions, as well as to use the proper ideas to continue conversation (p. 55). Poor communication can lead to a loss of self-esteem, as well as to insensitivity to other people, resulting in discrimination (Parrott, 2004). Effective communication skills used in health and social care settings should be based on emotional and social needs of clients (Clarke, et al., 2000). Care workers’ communication skills should provide a comprehensive action plan for enhancing one-to-one communication (Fisher, 2005).  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   In general, effective communication depends on the use of the meaningful communication skills and social coordination, which include the following requirements:Care workers should demonstrate an interest in communication process;Care workers should be interesting;Care workers sh ould be well-trained to start a conversation, keep it and to end a conversation (Fisher, 2005)Some methods of dealing with inappropriate interpersonal communication between individuals in health and social care settingsTo deal with inappropriate interpersonal communication between individuals in health and social care settings, it is necessary to use the proper methods. One of the methods that can promote effective communication in health and social care services is to maintain confidentiality of information. Liam Clarke and colleagues (2000) state if a health and social care worker is â€Å"careless with information about clients, the trust upon which the care relationship is built will be lost†(p. 73). Besides, it is necessary to measure the effectiveness of interpersonal communication through listening (Parrott, 2004). This monitoring can be done by means of the following methods:verbal feedback obtained from the client with whom care worker is communicating;written feedba ck obtained from some observer (Clarke et al., 2000);video observation, which helps to observe a care worker’s behavior in the process of communication;â€Å"self-reflection† on client’s interviews or feedback (Clarke et al., 2000, p. 71).In general, observation of communication process depends on the reflection of one’s own skills and abilities, and helps to improve care workers’ sensitivity to the interpersonal communication. Liam Clarke and colleagues (2000) state that a care worker should assume â€Å"a primary professional responsibility for the success of the interaction†(p. 71). It is very important for the care worker to address any misunderstandings regarding the client’s communication (Dickson et al., 1996).Analysis of the use of strategies to support users of health and social care services with specific communication needs in health and social settingsVarious strategies can be used to support the users of health and social care services with specific communication needs in health and social settings. It has been found that individuals with learning disabilities and individuals with sensory disabilities have specific communication needs (Barrett et al., 2004; Moonie, 2005). Care workers should be ready to meet these needs. To support users of health and social care services with specific communication needs, it would be better to develop a plan of action (Moonie, 2005). Care workers’ actions should facilitate the process of communication, giving clients an opportunity to express themselves. Care workers should ask the right questions, adapting their listening and communication styles to suit the needs of their clients (Moonie, 2005). Care workers should learn and use the strategies of observing and interpreting the non-verbal signals given by an individual with specific communication needs (Parrott, 2004). To manage a successful communication process, care workers should structure their talk, l inking it to certain goals and objectives. It is possible to use audiovisual material, aides’ memories, visual aids and supplementary material (Moonie, 2005, p. 86). Active listening is one of the most important strategies to meet the needs of health and social care users.The impact of various factors on the communication process in health and social careThere are many various factors that have a strong impact on the communication process in health and social care. Some of these factors include values, beliefs and cultural factors, legislation, charters and codes of practice, and the effectiveness of organizational systems and policies in promoting good practice in communication in health and social care settings.Essay on Communication in Health and Social Care   part 2

Discussion DB 5 Essay Example | Topics and Well Written Essays - 250 words

Discussion DB 5 - Essay Example Given below are the three products for which the consumer demand has been found decreasing for the recent years. Carbonated soft-drinks Until the recent years, the per capita consumption of carbonated soft-drinks has been increasing at a high speed in the established markets. However, the demographic trends have caused the products to reach at their decline stage. Throughout the established countries, teenagers and youngsters contributed the most part of consumers for soft drinks. The decline of popularity in these countries can also be attributed to the decreasing birth rates and ageing populations, for the condition would reduce the demand for the carbonated soft-drink products. The number of people most likely to consume carbonated soft-drink products declined to a very low level in the established markets. Another important problem is the society’s increased focus on â€Å"health and fitness, well-being, and their anxiety about obesity†; for example, Coca-Cola has b ecome the victim of this phenomenon recently (â€Å"Coca-cola innovates†, 2010). Toilet soaps The consumer demand for the toilet soaps has gone down to its lowest point. Firms find it difficult to move their toilet products, especially soaps out of the market.

Osteogenesis Imperfecta Research Paper Example | Topics and Well Written Essays - 1500 words

Osteogenesis Imperfecta - Research Paper Example The bigger amino acid network leads to the formation of steric obstruction that creates a swelling in the collagen structure which consequently affects the contact of molecules with one another as well as the nanomechanics of molecules. As a result of this reaction the body responds by dissolving the deformed structure of collagen because if the body does not do so, the interaction existing between the collagen fibers and hydroxyapatite particles that form the bone is changed making them weak and brittle. Another reason that is suggested for the occurrence of this disease is the state of stress at the collagen fibers; when the stress level changes at the points of mutation, where the bigger cut off pressures lead to rapid failing of fibrils even at medium level. There are a lot of reasons all related to the genes that lead to osteogenesis imperfecta. This disease is generally perceived as hereditary however this is not the case. There are eight different types of osteogenesis imperfe cta, most common being Type 1. ... Hearing impairment in infants Slight protuberance of the eyes Type II The quality as well as the quantity of collagen in this type is poor. Most patients suffering from this type of osteogenesis imperfecta die in the initial years of life due to respiratory breakdown or cerebral hemorrhage. The lungs are underdeveloped due to which the patients face respiratory problems. Deformation of bones and small physique Type II is further classified into type IIA, type IIB and type IIC. Type III The quantity if collagen is sufficient but it is not of the required quality. The deformity of bones is such that sometimes they break eve before birth. Possibility of respiratory problems Short physique, bending of the spinal cord and in some cases the shape of rib cage is spiral Joints are loosened The tone of muscles in the arms and legs is of poor quality Discoloration of sclera which turns it form normal white to blue Hearing problems in early ages of infancy Type IV The quantity of collagen is su fficient but quality is not up to the mark. This type is very much similar to Type I as far as the classification is concerned. The fracture of bones starts in the teenage years Rib cage is barrel shaped which leads to deformation of lungs consequently resulting in respiratory problems. The deformity of bone is mild to medium level. Hearing loss starts from a very early age. Type V This has the same clinical characteristics as that of type IV with interconnected appearance of bones being the basic distinguishing factor. Type VI It has the same clinical characteristics as that of type IV. This stage is distinguished by the fish like appearance of the bones. Type VII This type was discovered in the year 2005

Reason of study Personal Statement Example | Topics and Well Written Essays - 250 words

Reason of study - Personal Statement Example Tuition and salaries were paid in cash. While working in the human resources department, I had to do everything handwritten and my first priority was to shift toward more productive methods so that the company could grow. I created methods for computerizing the operations and helped update the company to where it was digitized and, therefore, more up-to-date. I was on a mission for finding effective solutions because at the rate the company was going, there was no growth and no incentive for teachers to stay employed there. I faced a lot of resistance from staff members but after a year, I finally was able to achieve credibility which allowed me to implement many other systems that became helpful. I am most interested in MCPHS because of personal reasons having a brother who was born being extremely weak. I was in high school and he seemed to be slipping away from us every day. After finally being diagnosed, he had numerous surgeries and the doctors were telling our family each different theories of treatment. The doctors did not collaborate on his diagnosis and my brother’s health continued to fail. I know he was not the only victim of poor management and communication. There was no steady system in my country for hospitals and health care. Though doctors were qualified, care lacked. My parents traveled to the United States for him to receive treatment and were told he needed constant care. Knowing how my brother suffered, I also volunteered throughout the last semester of my fourth year at the children’s cancer ward in Prince Sultan Center. When I graduated from college and started to work, that was when I started to further understand the problems in manageme nt departments that focus on policy and regulation. It was then that I decided to specialize in the field of Regulatory Affairs and Health Policy (RAHP ). It is exactly what I am looking for in order to help others find what they need for health care purposes.

The Pakistani Stock Market and its Analysis

The Pakistani Stock Market and its Analysis In this report we will be giving an overview of the Pakistani Stock Market with specific emphasis on the Karachi Stock Exchange (KSE). The history of the Stock Market will be provided, along with an analysis on the major spikes in the market and the reasons for these spikes. The major sectors contributing to the Stock Exchange Market are also highlighted in this report. Moreover, the Stock Markets role in the growth of the economy along with market indicators will also be discussed. The Last objective that we will be covering in our report would be to identify the factors which affect the performance of the Stock Market. The time frame that this report will cover will be between January 2001 and December 2009. Overview The Pakistan stock market has three major listings: Regular Days Timings: Pre- market sessions from 09:15am to 09:30am and normal trading sessions from 09:30am to 03:30pm. The Karachi Stock Exchange (KSE) The Lahore Stock Exchange (LSE) The Islamabad Stock Exchange. (ISE) The ISE was incorporated as a guarantee limited Company on 25th October, 1989 and became fully operational on August 10, 1992. In 1997 ISE it introduced an automated trading system (ISECTS) and later changed it to ULTRA TRADING system in 2002. Presently ISEs turnover has reached 1 million shares per day and has 118 members.  [1]   Another stock exchange in the Pakistan stock market is the LSE, which is the first automated stock exchange of Pakistan, is also the second largest stock exchange of Pakistan. It was established in October 1970 and currently has 519 listed companies from 37 sectors of the economy. The total market capitalization is approximately Rs 2746.325 billion.  [2]   The last stock exchange in Pakistan is the KSE, which is the largest stock exchange in Pakistan and was established on September 18 1947 and was incorporated on March 10, 1949 in order to maintain the interaction between the lenders of capital such as savers and investors and borrowers of capital such as government and companies. As individuals had excess amount of cash and were looking at options to gain more money and while companies were seeking for investors who would invest in there firm to increase capital. Karachi Stock exchange provided them with a platform to allow the business to take place between them with benefits being enjoyed by both the parties. The stock exchange started with 5 companies with a paid-up capital of 37 million. Trading use to took place through the open out cry system on pits on the trading floors. The first index introduced by Karachi Stock Exchange was the KSE 50 index. In 1991 foreign investors were given the opportunity of operating in the secondary capital market and also due to the privatization policy in Pakistan the development of the Karachi Stock Exchange accelerated. The KSE 50 index was removed as it was not truly representing the stock markets performance as a result in 1991 the capital weighted KSE 100 index was launched. It started trading through the computerized trading system Karachi Automated Trading System (KATS) since 1997. In 2005 online trading was also introduced making it more easy to use for investors. Membership of KSE is fixed and limited to 200 members, which can include individual, corporate and foreign entities. Prospective members have to buy membership from existing members and the price is negotiable between the buyers and sellers  [3]  . The most dominant sectors in the Pakistani market are the Oil and Gas exploration and distribution companies such as OGDC, POL, PPL, and PSO. Fertilizer manufacturing firms are also important companies in the market. These would include ENGRO and FFCG. Moreover, other sectors which make up a major chunk of the stock market are telecommunications (PTCL), power generation (HUBCO) and commercial banking sector (NBP, Standard Chartered and MCB)  [4]  . KSE has a total listing of 650 companies as of 2010, with a total market capitalization of Rs 2,890 billion at the end of March 2010. At the moment the stock exchange trades on 4 indices of which two are world known indices which are KSE 100, KSE All Share Index and the other two are KMI 30 and KSE 30. KSE, being the leading stock exchange in Pakistan trades ordinary shares, preference shares, redeemable certificates and term-finance certificates such as corporate bonds, and since 2003, futures trading in some active stocks also started. KSE also wants to have wide based investor participation. This would help in dealing with them more easily and would increase the efficiency of the stock exchange. It wants to become a Hub for capital funds this would be done by increasing the float of existing trade companies. It also wants to introduce cross-border listing of companies and the trading of indices would also take place through cross-border listing. Market Indicators: There are three indicators that show how well the economy is doing presently or is going to do in the future. Investors use these indicators to make their investment decisions. These three indicators are: Leading Indicators: These indicate future events and the Stock Market is a part of this. They are assumptions into the future. The Stock Market is a leading indicator because the stock market usually begins to fall before the economy starts to fall, and the Stock Market becomes better before the economy comes out of a recession. These indicators are very important for investors because they predict what the economy is going to be like in the future and thus influence investment decisions. However they are only short term predictors of the economy. Lagging Indicators: This indicator is one that follows an event. The most important lagging indicator is unemployment. It has the ability to see if a pattern is occurring or about to occur. If the unemployment rate is increasing steadily, then this indicates that the economy is doing poorly. Coincident Indicators: This indicator occurs at approximately the same time as the conditions they denote. They change at the same time as the economy or the stock market. Personal income is a coincident indicator; high personal incomes indicate a strong economy. GDP is also a coincident indicator. Affects of KSE on the economy: One of the main goals of KSE is to reflect Pakistans economic health by providing an efficient, fair and transparent Securities Market. Therefore KSE plays a leading role in the growth and development of Pakistan. The GDP and the components which contribute to calculating the GDP show that when they are of positive value, the GDP will be good. These components will only be positive when the people are consuming and/or saving, when there are investment opportunities etc. all this reflects the KSEs functionality. If KSE is functioning in a good condition, stock trading is been done in numbers, then consumption and investment in Pakistan is increasing. Thus, we can say that it is the KSE that enhances and pushes up the activities of Pakistans economy. It is through KSE that many major companies have succeeded in traveling the long journey to success. Through this Market (KSE) businesses issue stock to raise money in order to finance expansions and also, when there is a need of additional capital in order to operate successfully. The common term for such financing is Equity Financing. How does this all affect the economy then? It is through these stock issues by businesses and companies that give investors an opportunity to invest in a moderate risk instrument. When companies will issue stock in order to expand its operation and investors will buy stock; it will automatically give a boom to the economy through creating employment opportunities in a country through which production and consumption in the economy increases. The unemployment rate for Pakistan, which is steadily declining. One factor contributing to this decline is the Stock Exchange.  [5]   The money which could have been lying idle in the saving accounts or in idle deposits with the bank is now being invested to promote business activity. It is also benefiting several economic factors such as commerce, industry and agriculture. People who used to save money because of lack of investment opportunity now are investing that money in stock markets. KSE being the highest tax payer in Pakistan contributes a large sum of money in the economy where the listed companies also contribute 10 percent of total revenue collected by the Government. Even the KSE brokers contribute about 50 percent of their profits by paying taxes on them. Lastly the investors who also pay 10 percent of their dividends as taxes. All this money goes to the government who further invests it in the economy. KSE also provides opportunities for investments to the small investors. Those investors, who either love to be an owner of the company or stay home or earn profits, get benefited by investing in Stocks. Any one whether big or small stock investor can invest in KSE. In short KSE provides the small investors to own stock of the same firms as large investors. In terms of share prices and their demand and supply all stock markets are fluctuating markets. Share prices tend to rise or remain stable when the economy is either growing or is stable. And when an economy is going through hard times like depression, recession or financial crisis the stock market tends to crash down. Through fluctuation of KSE stock prices we can say that the market plays a vital role in the growth and downfall of Pakistans economy. With the emergence of KSE, it has attracted many foreign investors who have been investing large amounts of money in Pakistans stock markets and especially Karachi Stock Exchange (KSE). This has given a boom to the economy in the early days when foreign investment was started in Pakistan. Beside the factors mentioned above there are other factors that affects the KSE and eventually the economy. A very small number of the population of Pakistan is actual participant of KSE. Trading is done by a few major investors who are the market makers. They tend to manipulate the market for their own good more then actually making it for others. This creates volatility in the market causing it to crash down at times. Other related factor is the small number of investors who invest usually by following the price trend which is decided by the market forces i.e. the supply and demand. The demand and supply eventually reflects the trading of stocks which reflects the economy of Pakistan. Recent events and incidents concerning internal security situation and political uncertainty have hurt the trading of stocks and KSE. Indirectly the economy also suffered because of this. As Pakistan is largely dependant on global economies, it suffers when countries like US and EU are going through recession phase. Stock market loses its trading activity which was being done by foreign countries. When theres less foreign investment, KSE Index tends to fall. If this goes on for long then the economy gets affected negatively. Lately many investors have shown interest in Mutual funds which is why it has become an important player in Karachi Stock Exchange. Though its true that mutual funds are the least risky investment, but when the market crashes down due to some reason, the ones who invested in mutual funds face losses. This is because when some variables like recession, political or economic situation of the country, war, inflation etc. affect the market, they also affect the entire range of stocks. The type which is traded in stock market is closed-end Mutual Funds, price of which is determined by the demand and supply of the shares. This is the reason why the investors suffer losses when market crashes down. Analysis: In 2001, the KSE index had grown to 1770 points after its introduction with a base of 1000 points in 1991.  [6]  On September 11, 2001 when two planes crashed into the world trade center in New York, there was a slight effect on the Pakistani market, even though it was not very pronounced the stock market still remained closed for 3 days and opened with the introduction of new circuit breakers to check volatility. The index fell from 1255.99 points to 1208.3 points, and continued falling for a few days as an aftermath of the event. In October 2001, KSE reported a 33% increase in its index for the month owing to a resolve in the Crescent Investment bank overexposure and also positive financial indicators for Pakistan such as a debt write off and a reduction in interest rates. The market again fell from May 18 to 20, 2002 when there was a tension in the Pakistan-India border, resulting in a loss of 252 points in the index. Moreover the short comings of the COT system which promoted overtrading by investors as well as sudden withdrawal of funds from COT financiers contributed to the sudden loss in the index. In 2002, KSE experienced phenomenal growth in the market (an increase of 92%) because of the effective macro economic policies that the government implemented. KSE got the title of The best performing market amongst the leading stock markets of the world as Pakistan and Srilanka were the only two countries in Asia to not report a loss in that year. The bullish economy was present because of a number of reasons which include an increase in interest of foreign investors in the market. The start of 2003 however was bearish because of the Iraq crisis which bought uncertainty in the market. Moreover high leverage and over bought positions in the carry over market by speculators increased uncertainty. Because of speculation, those who had bought the stocks through borrowings, started panic selling them to make a large profit and which resulted in a sharp fall in the KSE index. However when the uncertainty of the Iraq war crisis reduced, the market recovered significantly along with anticipations of favorable future relations with India. Moreover, the announcement of the budget and the successful visit of the Pakistani president to the USA boosted investors confidence, and 2003 ended with the KSE all time high index of 3402 points. The 2003 boom continued till the mid of 2004 and resulted in an index of 5620.7 on 16th April 2004. Moreover a record turnover of a billion shares was also seen on this day. During the year KSE continued to perform well and has succeeded in doing so because of various reasons such as the continuation of sound macro economic policies by the government. By 2005, due to a period of robust growth the index had skyrocketed to 9,989 points. After hitting a peak at an approx of 10303 points, in March 2005, we see the Karachi 100 index of the Karachi stock exchange falling back into instability till the end of May 2005 (30/may/2005 @ 6707.56 which was the 2005 market crash). On 8th October 2005, Northern parts of Pakistan were hit by an earthquake which devastated the country and led to the stock market declining sharply. However some sectors actually increased trading such as cement, food, and banking sectors because investors believed in a positive future outlook. We analyzed that there were two kinds of responses that investors give out whenever the economy of Pakistan hits a political or law and order crisis either there is a marked indifference or there is a marked difference. According to Bloombergs researchers, the KSE is affected positively when the investors, both local and foreign take an action when they believe that the country holds promise. The index takes a negative turn when investors pull out from the market, or when there is more supply and less demand, as the economy or one major player as a whole takes a downturn. In 2006, rising gold prices made the investors transfer their money from stock to gold which was just one of the factors why the KSE reached from 12000 points only to sink to 9600 points. Foreign buying interest had been very active on the KSE in 2006 and continued in 2007. The KSE underwent through a fall in 2008 mostly because of the global financial crisis and partly due to the domestic situation in the country. The index plunged in 31 December 2008 to 5685.01 from the record of 15,676.34 on April 18, 2008. The once thriving KSE-100 index of over 15676 points now went at a record low around 9,187 on 21 November 2008 where the KSE put a floor price for stocks to keep it from plunging down. The index froze to 9187.1 points till 14 December 2008. After resuming trading however the index only managed to further slope down from 15 December 2008 onwards. It only stopped going down after it hit a new low at 4815.34 points on 27 January 2009 and from then gradually started to recover throughout the entire 2009. As said, the fall of stock market fall of 2008 contributed to a few things. First the domestic troubles caused by regime change lack of political stability in Pakistan, convinced a lot of people that Pakistan was not much of a land of opportunity. Then with the global crisis, Pakistan too was affected. The credit default swap rose causing Standard Poors and Moodys to lower its ratings to a negative for Pakistan and putting altogether more pressure on the Pakistani Currency. And with foreign reserves falling by more than 60 percent, investors both local and foreign thus started to believe that the country which was under so much debt will soon if not immediately will start to default. The countrys CPI too spiked high, and though the State Bank of Pakistan tried its best to enforce a tighter monetary policy, it still failed. Eventually all these factors caused increasing inflation and current account deficit. High inflation and high interest rates for the major players meant cutting down cost, most companies then suspended their growth plans till the economy stabilized. But this also meant unemployment. For investors, spending cost increased and saving and investment cost decreased. Foreign investors seemed alarmed and took Pakistans weak economy not very attractive.  [7]   Factors Affecting KSE: Karachi Stock Exchange (KSE) is affected by number of factors directly or indirectly. Some of the major factors are: Interest Rates Inflation Monetary policy Foreign Direct Investments Law and order Interest Rates The cost of borrowing money, and they have a huge impact on KSE especially short-term interest rate; the Stock Exchange is basically a place where an individual can invest his/her money to gain profit by taking a risk. On the other hand depositing in bank also has its advantages, such as getting a fixed return on the money that is deposited through the interest rates, and has its negatives such as low interest rates. An investor wants a high interest rate on his deposits for the money that he deposited initially as compared to a low return through a low interest rate. Thus when the interest rates decrease, investors find investing in stock exchange more attractive than keeping their money as deposits in bank and earning very a very low return on the amount they deposited. However when interest rates increase; potential investors would find depositing their money in banks more beneficial, and not invest in the KSE, thus creating fluctuations in the market equilibrium constantly. Moreo ver, to find out the value of future dividends, investors must discount them and find out their present value and what they are worth at this point in time. A high interest rate would make the future dividend values less valuable in todays Rupees; and would decrease the value of the stock. Inflation Rate Inflation is one of the biggest threats to the economy, and is increasing steadily in Pakistan, being 9% in 2005, 7.9% in 2006 and reaching as high as 25% in 2008 after the increase in global petrol prices. When inflation occurs individuals are more concerned with spending rather than saving, and thus would not use the money to invest in KSE. Net earnings of the company determine the price on the stock market. When it is speculated that the company will have high earnings then the stock prices of the company would increase. When it is estimated that the company is not going to perform up to par, then its stock prices fall. The prices of the stocks are directly proportional to the earnings of the company. Thus an increase in inflation will cause the revenue of the country to fall, and thus affect the stock prices negatively. A decrease in inflation would cause the opposite shift. Monetary policy: The monetary policy of a country is used to achieve the objectives of the government by adjusting the amount of money being circulated in the economy through OMOs, the discount rate, or through the reserve requirement. Unanticipated changes in the monetary policy increases the risk premium on stocks for a certain period. This either increases the riskiness of stocks; it reduces the willingness of investors to hold risky stocks, or both. When the monetary policy is tightened (the money supply is reduced in the economy) it causes investors to see stocks as being more risky and thus they demand a greater return on their investment for investing in the stock market, and eventually it drives down stock prices. A tight monetary policy reduces the financial buffers of an investor and increases the exposure of investors to future shocks in the market. The affect of monetary policy only affects the stock market to a certain extent. Foreign Direct Investments Stock market liberalization is when the countrys government decides to allow foreigners to purchase stocks on that countrys stock exchange. In Pakistan, the stock market was liberalized in February 1991, which attracted foreign investors, and foreign direct investment and indirect investment started which had a positive impact on the stock market as well as the Pakistani economy. When more investors entered, the risk premium on stocks fell, and because of the increase in the demand competition of the stock market, stock prices rose. As the foreign currency inflows increased, there was an increase in supply which caused the Pakistani rupee to appreciate. This increased the prices of the shares and improved the foreign exchange reserves. Stock liberalization reduces the cost of equity capital of the country because it divides the risk between domestic and foreign investors. There is no restriction on foreign ownership of stocks except in life insurance companies. The net portfolio inve stment starting July 2009 stood at $431.93 million in Pakistan. Moreover, the amount of overseas investment in the local stock market increased to 9% in 2009. Law and order and Natural disasters: Karachi Stock Exchange is affected to a level by the law and order situation in the country, and the affect depends upon the severity of the crises. Investors invest in KSE thus a huge factor of risk is present, when you see the current situation of Pakistan, especially Karachi, where there is huge chaos when we talk about Law and order. Bomb blasts in Pakistan have a very minimal amount or no amount of affect on KSE due to the reason that this is now a routine of Karachi and Pakistan. If we see last 5 bomb blasts, it does not have any affect on KSE.  [8]  However as we can see Natural disasters do have a huge affect on KSE. According to the report regarding the earthquake in 200 the trading was bearish. This is because companys were investing more on revamping the earthquake victims rather than growing, many employees of various companies had family members, or their own homes affected and destroyed in this disaster; thus shortage of labor reduces the production of company. If the production of company is slow then it becomes dull for investor to buy shares of that company, and thus the trading on the stock market declined. Moreover, the import of earthquake relief items such as tents and plastic sheets caused an increase in the trade deficit of Pakistan. All these factors made investors less willing to invest i n the stock market. Appendix Table 1: Table 2: Table 3: Date of the bomb blast KSE 100 Index Before On the day After 28th December 2009 9,422.23 Closed (due to various holidays) 9,507.95 5th February 2010 9,769.73 Closed (due to public holiday) 9,809.98 30th April 2010 10,454.63 10,428.12 10,389.46 10th June 2010 9,678.38 9,379.78 9,471.12 7th October 2010 10,029.36 10,191.68 10,260.48 Table 4: Table 5: Table 6: Table 7: Table 8:

Memories of the Titanic :: Sinking of the Titanic

I remember my childhood years quite well. I had lived with my big brother, Colby Winston, ever since I was five, I don’t remember much before that though. We traveled all around Europe; Colby was a big gambler and loved to make bets. He lied, he cheated, everything was always changing. Colby promised me one thing though, â€Å"Reagan,† he would say, â€Å"one days it gunna be you and me, in the United States.† I really wanted to believe him, but I never saw it coming true. But then one day, one lucky day, Colby won the biggest hand of poker. Along with money, cigars, and a bracelet for me, he won two tickets to get aboard the Titanic! On April 10, 1912, Colby and I boarded the Titanic from the Southampton Harbor. It was my first time on a ship but I wasn’t that scared, Colby would describe me as a girl without fear. There were thousands of people lined up to board, Colby made me hold his hand so we wouldn’t get separated. After we put our bags into our third class room I wanted to explore. Colby didn’t mind that I wondered around but before I left he would always say, â€Å"If anything bad happens, you know where to find me.† He would be at one of the gambling tables testing his luck again. I loved to go watch the first class people through the ballroom windows. They were so proper and perfect. Sometimes I would wish that Colby would get rich so we could live like that, things would be a lot easier for us considering we didn’t have much money. The next day, Colby and I ate lunch on the deck with some of his gambling friends. It was really interesting to listen to their conversations, one of the guys they called Cash brought up that the Titanic was an unsinkable ship. â€Å"That’s not true,† I said, â€Å"no ship can be unsinkable, if it crashes it will sink.† They all just laughed at me, Colby said I just didn’t understand, and he was right, I didn’t. I went to bed early that night, after my walk around deck watching the sun set. I was so tired that I drifted into a deep sleep. â€Å"Reagan, wake up!† Colby was shaking me as if something terrible had happened â€Å"We got to go, get our shoes! Quickly!† I did as he asked, even though I didn’t know what was happening.

Looking for Alibrandi Short Story

A Letter of Hope. As John sat in the bustling coffee shop and gazed at the blank paper in front of him, beads of sweat broke across his forehead and trickled slowly down his face. How was he meant to write down what he was feeling when he couldn’t explain it? He knew his emotions were in there somewhere but he just couldn’t reach them. They were locked tight, stuffed somewhere deep down. He was comfortably numb and that was something that terrified him. It was as if the numbness was pulling him into a black hole. He was trapped, unable to get out. His thoughts were jumbled and out of sync. He couldn’t tell if what he was feeling was real.Was he capable of feeling emotions anymore? It was as if John was a ghost. Doing what he had to do to get through the day. Doing what he could to make his father proud. That wasn’t living in his opinion. It was merely existing. His hands started to tremble. Looking up at Josie he studied her. She had a look of pure concent ration on her face as she wrote everything down. He couldn’t help but envy her. Sure her life wasn’t perfect but it was a hell of a lot better than his. She could choose her own career without being screamed at for hours on end. She could get one bad grade without being told she was a failure.She didn’t have to be perfect, and she was beginning to slowly understand that. That was something John would kill for. Even his best wasn’t enough. John had tried his best to please his father; he studied harder than anyone else he knew. He’d sacrificed so much to try and make his father proud, but nothing was ever good enough. John closed his eyes and leaned his head back thinking of all the times he was put down by his father. Pain welled up from deep inside him. He thought of the times he was told he was hated or not good enough just because he’d been beaten in a math competition.He thought of the times he had come home to his father opening his mai l then calling him worthless when the results weren’t up to his standard. The times his father wouldn’t speak to him because he hadn’t got the perfect mark. Maybe his father not talking to him would have been a relief if it lasted more than an hour. John was starting to get more and more tired every day. Tired of the constant pressure, tired of not meeting expectations and of not being able to live his life the way he wanted. But most of all he was tired of the constant nagging voice in his head. The voice that wouldn’t leave him alone.The voice that was the cause of so many nightmares. If John could be who his father wanted him to be then he would. But he just wasn’t capable of that anymore. He was sure of it; there was no way that he could reach his father’s larger than life expectations. It just wasn’t possible. His father always wanted that little bit more. He finally decided that it was time to share how he was feeling with someo ne else and that person would be Josie. He bounced his legs absentmindedly, took a deep breath and with his heart pounding in his chest he started to write down the words that had plagued his mind for the last few months.He wrote the words he hadn’t had the courage to say to himself. Can you see what I see? No I don’t think you can I see images of nothing and I attempt to make that nothingness mean something as hard as I try there is still nothing and that nothing is meaningless I am somewhere else now, outside I am surrounded by people and the blueness of the sky but still nothing has changed everything remains the same I am still alone. As John finished writing he let out a breath. He raked his hands through his hair nervously. He thought it over one last time. Was he really ready to bare his soul to Josie?Taking another deep breath to help calm his nerves, John folded the letter and sealed it with some sticky tape. With his hands trembling he handed over his most pr ivate thoughts to Josie. After they had exchanged letters they said their goodbyes and went their separate ways. Once John got outside he looked up to the hazy sky and let out a shaky laugh full of relief. Maybe just maybe Josie would be the one to save him before it was too late. He hoped that she would open the letter before graduation and help him put back together the shattered pieces of his life. Because deep down that broken boy wanted to live more than anything in the world.

Transformational Leadership Employee Engagement And Psychological Attachment Management Essay Essay Example

Transformational Leadership Employee Engagement And Psychological Attachment Management Essay Essay Example Transformational Leadership Employee Engagement And Psychological Attachment Management Essay Essay Transformational Leadership Employee Engagement And Psychological Attachment Management Essay Essay What drives employer stigmatization ( EB ) ? This important inquiry has attracted surveies gestating and researching the model of EB. It represents a house s attempts to advance, both within and outside the house, a clear position of what makes it different and desirable as an employer ( Backhaus and Tikoo, 2004 ) . The importance paid by research workers to EB is oriented towards pulling possible and competent employees to the organisation and retaining the performing artists. Effective EB leads to give the organisation a competitory border in human resource direction compared to its rivals in the skilled work force market ( Ambler and Barrow, 1996 ) . While there is barely any argument among bookmans on the relevancy of EB, the existent drivers behind EB are non wholly explored, and how these mechanisms differ due to disparity between the internal environments of the organisations. In this article, we build on the model of EB by reasoning that ( 1 ) Transformational leading, ( 2 ) Employee battle, and ( 3 ) Psychological fond regard are the of import factors to assist us understand the drivers behind EB. We do this with a particular focal point on the utility of employer stigmatization in an progressively knowledge- based economic system where skilled employees are frequently in short supply ( Ewing et al. , 2002 ) . Two of import motives fuel this article. First, from organisation rating position, we argue that traveling beyond the influence of first degree information about the organisation like organisation civilization, quality of current employees, feeling of public or service quality ( Sullivan, 2002 ) to 2nd order of factors act uponing EB through leading manner, employee battle and psychological fond regard can be of significant importance. While conceptualisation used to depict company foreigners early attractive force to the house might be utile as result of EB ( Lievens et al. , 2007 ; Backhaus and Tikoo, 2004 ) . The value attached to the factors regulating behavioral facets through interpersonal and psychological facets has non been paid sufficient attending taking to EB. Second, from competitory advantage position it is of import to see the facets that regulate the internal stigmatization ; this acquisition can foster aid in developing human resource direction patterns ( Love and Singh, 2011 ) . To vie in the unfastened market economic system the construct of stigmatization has been worked out ( Keller, 1993 ; Aaker, 1991 ) .This construct provides a complementary position to understand EB through resource-based position ( RBV ) lending to sustainable competitory advantage ( Priem and Butler, 2001 ; Boxall, 1998 ; Barney, 1991 ) . While some surveies have incorporated the component of larning in understanding the drivers of EB activities, their treatment is limited and chiefly focused on the result of it ( Moroko and Uncles, 2008 ; Wilden et al. , 2010 ; Glen, 2006 ) . Few surveies are reported on bring forthing understanding on the issues that inspire internal stigmatization ( Maxwell and Knox, 2009 ; Edwards, 2010 ; Mosley, 2007 ) . Overall, this article departs from old work in two important ways. First, we develop the statement that the drivers of EB can be revealed by a focal point on the leading manner, employee battle and the psychological fond regard felt by the employee. Second, we open the ways for how these determiners and their acquisition affect EB Employer stigmatization The American Marketing Association defined trade name as a name, term, mark, symbol, or design, or combination of them, intended to place the goods and services of one marketer or group of Sellerss and to distinguish them from those of rivals ( Schneider, 2003 ) .The term branding when applied to the employer suggests the distinction of a houses features as an employer from those of its rivals. It highlights the alone facets of the houses employment state of affairss ( Ambler and Barrow, 1996 ) . It includes the houses value system, policies and behaviors towards pulling, actuating and retaining current and possible employees. EB has been described in three- measure procedure by human resource practicians through rating attack ( Sullivan, 2002 ; Eisenberg et Al. 2001 ) . On application facet, the impression of employer attraction is a closely related construct to employer stigmatization ( Collins and Stevens, 2002 ; Berthon et al. , 2005 ) . The apprehension of factors lending tow ards employer attraction is indispensable for employer branding rating. At certain topographic points in this survey the term employer stigmatization and employer attraction has been interchangeably used. As an of import agencies for houses to spread out and make market, stigmatization has been preponderantly studied by research workers ( Schneider, 2003 ; Keller, 2003 ; Aaker 1991 ) . Brand cognition refers to a mark, symbol, term or design intended to place the goods or services. It speaks for the merchandise and its quality. Its chief aim is to distinguish from its rivals ( Schneider, 2003 ) . Over the old ages stigmatization has been applied to people, topographic points and houses ( Peters, 1999 ) . The cognitive reading related to trade name ( Keller, 2003 ) widens its pertinence in pulling and retaining competent people. Employment trade name emerged foregrounding the different facets of the house s employment conditions. Subsequently employer trade name evolved, defined in footings of benefits provided to the employee by the employer and through the procedure of employment, besides identified with the using company ( Ambler and Barrow, 1996 ) . Such a position may overlook the fact that EB is subjected to the influences of other factors ( Moroko and Uncles, 2008 ; Carley et al. , 2010 ; Kaufmann et al. , 2012 ) . A figure of surveies have shown that a house s stigmatization may be driven by company civilization and values ( Moroko and Uncles, 2008 ; Mosley, 2007 ) , organisation s leader ( Strobel et al. , 2010 ; Tuuk, 2012 ; Pereira and Gomes, 2012 ; Lievens, 2007 ) , that define the work environment. Such surveies have pointed out some utile drivers for EB that we extend in this survey. Further, EB research has chiefly relied on the instrumental and symbolic differentiation, where the instrumental properties describe the occupation or organisation has ; the symbolic properties are intangible and can be interpreted in the signifier of trait illations ( Lievens and Highhouse, 2003 ; Lievens et al. , 2007 ) . These dimensions, particularly symbolic image incrementally accounted for foretelling attraction as an employer ( Lie vens et al, 2005 ) . Both the occupation and organisation properties explain employee battle ( Saks, 2006 ) . Specially pulling on the employee value position and societal individuality theory that trade with quality of current employees and their psychological facets form the base of designation ( Tajfel and Turner, 1986 ) , and that could concentrate on employees minds ( Miles and Mangold, 2004 ) seting impact on their trueness and committedness ( Khanyapuss and Alan, 2011 ) ensuing in retaining employees ( Martin et al.,2005 ) . In short, we advocate leading, employee battle and psychological fond regard to be the edifice blocks that can farther heighten our apprehension of the drivers behind EB. Transformational Leadership Over the past few old ages, several surveies have examined how the leading styles act upon a broad scope of variables, including satisfaction, committedness, employees intention to discontinue and employee public presentation ( Dumdum et al. , 2002 ; Judge and Piccolo, 2004 ; Rafferty and Griffin, 2004 ) . However, research on EB is yet in an embryologic phase and the relationship between leading manner and employer stigmatization is thin. Though some research workers highlighted on the influence of leading, but concrete empirical verification on which leading manner is applicable and contributes in the stigmatization has to be explored. This leading position is of import to EB research as anterior surveies, particularly those based on affect of leader behavior on organisational attraction. The function of leader in general attraction of the organisation through their ethical behavior draws on making an image for the house ( Strobel et al. , 2010 ) . The multifactor leading theory ( Tejeda et al. , 2001 ) comprises of three wide types of leading, viz. transformational, transactional and laissez-faire. The construct of transformational leading was ab initio developed by Burns ( 1978 ) , represents those leaders who stimulate and inspire followings to both achieve extraordinary results and, in the procedure, develop their ain leading capacity ( Bass and Riggio, 2006 ) . The four dimensions associated with the transformational leading manner are idealized influence, inspirational motive, rational stimulation and individualised consideration. Leaderships with these features stand as a theoretical account for their employ ees ( Bass, 1985 ) , inspire vision ( Podsakoff et al. , 1990 ) and actuate them, cultivate creativeness ( Avolio, 1999 ) and are sensitive to demands of employees ( Judge and Piccolo, 2004 ) . From the transactional leaders point of position employees are valued in return for their behavior such as increased attempt or cooperation ( Podsakoff et al. , 1990 ) . The laissez- faire leader is characterized by a comparative deficiency of concern for their subsidiaries ( Bass and Riggio, 2006 ) . It is apparent that transformational leaders greatly influence organisations and supply motion ( Tucker et al. , 2004 ) . Employee battle Pulling on diverse relevant literatures and research findings on employee battle, three dimensions dwelling of employee psychological province, traits, and behaviours predict employee results ( Macey and Schneider, 2008 ) . Such results lead to organisational success and fiscal public presentation ( Bates, 2004 ; Baumruk, 2004 ; Lockwood, 2007 ) . Some other surveies have investigated employee battle into two types, occupation and organisational battles ( Saks, 2006 ) . Battle of the employee is subjected to the function indicates the influence of factors impacting it ( Robinson et al. , 2004 ) . The academicians, research workers and practicians have explained the phenomena of battle in many different ways Maslach et Al, 2001 ; Schaufeli et al. , 2002 ; Rothbard, 2001 ; Richman, 2006 ; Shaw, 2005 ) . The result of it is normally similar in their point of position. Battle involves the active usage of emotions and behaviors along with knowledge ( May et al. , 2004 ) , distinguishing i t from committedness, citizenship behavior and occupation engagement. The effects of battle are thought to be of value to unit public presentation ( Harter and Schmidt, 2006 ) and organisation effectivity ( Erickson, 2005 ) . The holistic attack towards employee battle for actuating and retaining employees addresses the basic aim behind stigmatization ( Glen, 2006 ) . In this survey, we contend that employee battle may impact employer stigmatization and influence its results. Psychological fond regard Although much research has been conducted in the country of organisational committedness, few surveies have explicitly worked on psychological fond regard. The relevancy of it is felt particularly in developing keeping scheme. The perceptual experience attack advocators of the message received within employees minds that enable its reading and do sense. Psychological fond regard is predicted on conformity, designation and internalisation ( OReilly and Chatman, 1986 ) . Conformity refers to the instrumental engagement for specific extrinsic wagess. The other two dimensions designation and internalisation formed a individual factor ( Martin and Bennett, 1996 ) confirmed engagement based on a desire for association and ensuing from congruity between single and organisational values. Designation and internalisation significantly predicted turnover purposes ( Abrams et al. , 1998 ; Ashforth and Mael, 1989 ) . Scholars have besides shown cross- cultural differences in psychological facets of workers turnover purposes ( Besser, 1993 ; Abrams et al. , 1998 ) . Our survey endeavours to supply a systematic work explicating the impact of employer branding on psychological fond regard, widening the line of research to detect the function of employer branding on psychological facet of employee. We focused on the Information Technology ( IT ) sector, the cognition based organisations witnessing high turnover. They are bit by bit traveling towards employer branding as a scheme for competitory border. Hypothesiss To analyze the drivers behind EB, we follow the facets modulating employee behavior. We argue that employees working under transformational leader with higher grade of employee battle and fond regard will impact EB, such impact can alter due to changing grade of these factors. Prior research has besides suggested that the consequence of leading manner influence employee behavior ( Bass et al, 2003 ; Tucker and Russell, 2004 ) . The other variables employee battle and psychological fond regard are ancestors to occupation satisfaction and employees turnover purposes ( Saks, 2006 ; Abrams et al. , 1998 ; Harris et al. , 1993 ; Mael and Ashforth, 1995 ; Besser, 1993 ) . Transformational leading and employer stigmatization Of the assorted results of leading ( Tucker and Russell, 2004 ) , we argue that transformational leader is most appropriate here, as they strongly engage followings by linking them to the mission of the organisation ( Mink, 1992 ; Shamir et Al, 1993 ; Bass and Avolio, 1997 ) heightening committedness to the organisation ( Avolio and Yammarino, 2002 ; Bass et al. , 2003 ) and squad effectivity ( Bass, 1985 ) . This happens by stressing civilization and values in the organisation by such leaders ( Keller, 1995 ; Niehoff et Al, 1990 ; Pereira and Gomes, 2012 ) . These leaders impact interpersonal procedures ( Balthazard et al. , 2002 ; Kahai et al. , 2000 ) and authorise the employees ( Kark et al. , 2003 ) . The subject of employer trade name direction takes a more holistic attack to determining the civilization of the organisation by alliance of people and organisation ethos ( Mosley, 2007 ) . This can be good achieved by a leader exhibiting transformational leading. Surveies have highlighted the ethical behavior of leader s ability to pull extremely qualified employees ( Strobel et al, 2010 ) . As a consequence work on leading development is being focused as a manner to be different from other organisations ( Tuuk, 2012 ) . From leading position, we argue that employees integrated and with advanced attack under the leading of transformational leader will take to higher grade of EB. Therefore: H1a: Transformational leading manner exhibited by leaders will impact employer stigmatization. H1b: Transformational leaders will act upon psychological fond regard of the employees. Employee battle and employer stigmatization Employee battle is a long term procedure with uninterrupted interactions over clip to bring forth duties and a mutual mutuality ( Cropanzano and Mitchell, 2005 ) . Past surveies reveal occupation and organisation battle foretelling occupation satisfaction, organisational committedness and purpose to discontinue ( Saks,2006 ; Maslach eta l. , 2001 ) . Firms value and civilization can be reflected through their people direction scheme act uponing employee battle ( Glen, 2006 ) . The properties related to positive, fulfilling and work related province of head ( Schaufeli et al, 2002 ) through occupation features like occupation enrichment ( May et al.,2004 ) , workload and control conditions ( Maslach et al.,2001 ) . Besides support at workplace shows relation with employee battle ( Schaufeli and Bakker, 2004 ) . These are some grounds to anticipate battle to be related to work outcomes. It has been found to be related to good wellness and positive work affect ( Sonnentag, 2003 ) . Suc h employees have a lower inclination to go forth their organisation. The ownership of such features by the house provides a sustainable competitory border and allows the house to travel in front of its rivals ( Barney, 1991 ) . Decidedly the employees of the house play important function in it ( Priem and Butler, 2001 ) . Therefore, we assume that these employees contribute to distributing the good will about the organisation and in the procedure impact employer stigmatization. H2: Employees high on battle will act upon employer stigmatization. Employer stigmatization and psychological fond regard The employer stigmatization literature has argued for the function of psychological and societal facets of group behaviors such as individuality from societal individuality theory ( Tajfel and Turner, 1986 ; Love and Singh, 2011 ) and its relation to turnover purposes ( Abrams et al. , 1998 ) . It supports the nexus between workplace trade name and the attractive force to the person. Membership of the organisation influences persons self-concept ( Joo and McLean, 2006 ) and societal attractive force to in-group members ( Mael and Ashforth, 1995 ) . Following the selling trade name trueness, this speaks of attachment attack in the relation of employer stigmatization ( Keller and Lehmann, 2003 ) . The trade name construct expressed through symbols intends to place and distinguish with the rivals ( Schneider, 2003 ) and has contributed in explicating attractive force to the organisation ( Lievens et al. , 2005 ) and employee designation ( Livens et al. , 2007 ) . These symbolic ascriptions are linked to peoples demand to keep self- individuality and self-image ( Aaker, 1997, 1999 ) . Our survey efforts to widen past research findings that explored the function of employer branding on employees perceptual experience ( Davies, 2008 ) and identified a compatible relation between work group and organisational designation ( Pate et al. , 2009 ) . A reappraisal on organisation committedness shows it to be conceptualized as a general orientation to a set of organisation ends or values ; whereas designation involves psychological fond regard to a specific company ( Ashforth and Mael, 1989, Mael and Ashforth, 1995 ; Dutton et al. , 1994 ) . Past studies by OReilly and Chatman ( 1986 ) suggest that psychological fond regard may be predicted on conformity ( instrumental engagement for specific extrinsic wagess ) , designation ( engagement based on a desire for association ) , and internalisation ( involvement ensuing from congruity between single and organisational variables ) . Therefore, we argue that as the major undertaking of the employer trade name is to pull and retain superior employees ( Berthon et al. , 2005 ; Martin et al. , 2005 ) , our survey is focused on uncovering the relation of branding on the psychological fond regard of the employees. Therefore: H3: The value of employer stigmatization will act upon employees psychological fond regard. Specially, higher employer stigmatization will increase the fond regard of the employee with the several organisation. Method Participants The informations were collected through convenient trying from in-between degree executives of 10 sample organisations in Information Technology ( IT ) sector in India. The IT executives were employed in different large and mid-sized -units located in northern and southern portion of Indian subcontinent. To obtain better external cogency and increased generalibility of consequences, the survey used a sample from a individual industry ( IT ) yet collected information from different administrations. Initially a personal petition was made telephonically to the HR director of the organisation and explained the intent of the survey. After obtaining anterior blessing the on-line version of study prepared on Google physician was mailed to topics straight into their personal letter boxs. Electronic version study was sent along with a covering missive from the research workers depicting the survey with the confidence of confidentiality of responses. Four hundred and twenty five questionnaires were mailed. One hundred and 50 studies were returned, about a 35percent response rate. The huge bulk ( 82.7 per centum ) of the respondents were male. The mean age of the respondents was 29 old ages ( SD=3.86 ) , and their mean term of offices in the organisation and the business were 30.39 ( SD=23.87 ) and 60.52 ( SD=34.97 ) months, severally. 57.3 per centum of the respondents were married. 88 per centum of the respondents were working in the operation ( Software development, R A ; D etc ) and 12 per centum executives were from non-technical ( HR, Marketing, and Finance etc ) sections. Measures In the survey four variables viz. ; transformational leading, employee battle, employer stigmatization and psychological fond regard were taken to happen out the interaction between them. Responses to these variables were collected on a five-point graduated table runing from 1= Strongly disagree to 5=Strongly agree. Transformational Leadership: Transformational leading was assessed by 25-item graduated table developed by Bass A ; Avolio, 1992. The graduated table was used to measure Transformational Leadership from organisation. The sample point includes, My higher-ups enable us to believe about old jobs in new ways , and My higher-ups enable us to believe about old jobs in new ways. The internal consistence coefficient obtained for transformational leading was 0.96. Employee Battle: Employee battle was assessed by the 12-item graduated table developed by Gallup, 1998. Sample points are: At work, I have the chance to make what I do best every twenty-four hours , and My supervisor, or person at work, seems to care approximately me as a individual . The internal consistence coefficient was 0.88. Psychological Attachment: Psychological fond regard was measured with the 11-item graduated table developed by OReilly and Chatman, 1986. Sample points are: How difficult I work for this organisation is straight linked to how much I am rewarded. and My private positions about this organisation are different from those I express publicly. The internal consistence coefficient was found 0.87. Employer stigmatization: 25-item employer branding graduated table was adopted from the graduated table developed by Berthon et Al, 2005. Sample points includes Recognition/appreciation from direction is good in this organisation , and I am working in an exciting environment . The internal consistence coefficients for employer stigmatization was found 0.95. Data Analysis and Procedure At the beginning showing of the information was performed and box secret plans were prepared individually for each variable to happen out the outliers. Extreme values up to one and a half box length were considered and rectified by take downing or increasing the values to the acceptable bound. In the following measure Kolmogorov-Smirnov goodness-of-fit trial for normalcy and log transmutation was conducted, followed by t-test between transformed and untransformed informations. On comparing no important difference was found between the two datasets. Therefore untransformed informations was considered for farther analysis. The research theoretical accounts in Figure 1 are examined with AMOS. As suggested in the literature ( Bollen and Long, 1993 ; Joreskog and Sorbom, 1993 ; Kline, 1998 ) , model tantrum was assessed with several indices. The recognized thresholds for these indices are I†¡2 /df ratio should be less than 3 ; the values of GFI, RFI, NFI, and CFI should be greater than 0.90 ; and RMSEA is recommended to be up to 0.05, and acceptable up to 0.08 ( Gefen et al. , 2000 ; Hair et al. , 1992 ) . Consequences Table I shows the descriptive statistics, dependability coefficients and the inter-correlations among the research variables. The findings show good dependability coefficients for all the research measures with each one of the steps transcending the 0.70 threshold ( Hair et al. , 1992 ) . From the average value of the age it is apparent that work force working in the IT organisations are of the immature age group with mean experience of five old ages ( 60 months ) and mean experience in the current organisation is about two and half old ages ( 30 months ) . The correlativities among the Psychological fond regard and other variables reveal strong relationship with each other. Psychological fond regard has strong and shows positive relationships with employee battle ( r=0.690, P lt ; 0.01 ) , employer stigmatization ( r=0.837, P lt ; 0.01 ) and Transformational leading ( r= 0.698, P lt ; 0.01 ) . Transformational leading variables has a strong correlativity with Employee Engagement ( r= 0.682 ; P lt ; 0:01 ) and employer stigmatization ( r=0:759 ; p lt ; 0:01 ) . Employer branding once more has strong and positive relationship with transformational leading ( r=0.795, P lt ; 0.01 ) . Demographic variables age, experience and experience in current organisation do non demo any important relationship with staying variables taken in the survey. Table I. Descriptive Statistics, Reliabilities and Correlations among the research variables ( Reliabilities in parentheses ) Shining path Variables Mean South dakota 1 2 3 4 5 6 7 1 Age 28.60 3.86 1 2 Experience 60.52 34.97 .818** 1 3 Tenure in current Organization 30.39 23.87 .359** .519** 1 4 Employee Engagement 43.84 6.48 .028 .062 .015 ( 0.88 ) 5 Employer Branding 89.04 14.53 .024 .081 .005 .795** ( 0.95 ) 6 Transformational Leadership 65.79 18.58 -.025 -.023 .008 .682** .759** ( 0.96 ) 7 Psychological Attachment 40.04 6.79 .027 .069 -.001 .690** .837** .698** ( 0.87 ) Notes: ** . P lt ; 0.01 degree ( 2-tailed ) . Experience and Tenure in Current organisation mean tonss are in Months. Valuess in parenthesis are alpha dependability coefficients Using AMOS-18, Confirmatory Factor Analysis ( CFA ) was run to find the sharpness of the different concept used in the survey ( see Table-II ) . Eleven points stand foring psychological fond regard were analyzed. The consequences support the discriminant cogency of these concepts based on the important betterment in chi-square and different tantrum indices. Initially CFA was conducted with one concept followed by two concept on comparing the qi square and other fit indices improved significantly, therefore psychological fond regard with two factors was considered for farther analysis. ( Gerbing and Anderson, 1988 ; Segars, 1997 ) . Employee engagement graduated table was besides tested to happen out its discriment cogency through CFA analysis. CFA was conducted with individual factor theoretical account. The theoretical account improved with minor alteration indices in mistake discrepancy and was considered for farther analysis. 25-items transformational leading graduated table was tested with individual factor theoretical account. After several unit of ammunition of the betterment a concluding seven factor theoretical account was finalized this was close to the original theoretical account ( Bass A ; Avolio, 1992 ) . Finally, 25 points employer branding graduated table was treated for CFA and 5 factors theoretical account was obtained with all acceptable fit indices. Table: II. Confirmatory Factor Analysis with Variables in the Survey Sl. Concept Fit Indexs for CFA 1 Psychological fond regard I†¡2= 48.549, df=39, P lt ; 0.141 ; GFI=0.949 ; NFI= 0.950 ; IFI= 990 ; TLI= 0.982 ; CFI= 0.989 ; RMSEA=0.041. 2 Employee Engagement I†¡2= 59.664, df=50, P lt ; 0.165 ; GFI=0.938 ; NFI= 0.915 ; IFI= 985 ; TLI= 0.980 ; CFI= 0.985 ; RMSEA=0.036. 3 Transformational leading I†¡2= 16.645, df=11, P lt ; 0.119 ; GFI=0.971 ; NFI= 0.985 ; IFI= 995 ; TLI= 0.990 ; CFI= 0.995 ; RMSEA=0.059. 4 Employer Branding I†¡2=5.738, df=5, P lt ; 0.333 ; GFI=0.985 ; NFI= 0.986 ; IFI= 998 ; TLI= 0.996 ; CFI= 0.998 ; RMSEA=0.031. Way Analysis and Model Assessment Comparison between the different theoretical accounts obtained to set up relationship between the four variables reveal that Model 4 ( see Table 3 ) fit the informations better than other three theoretical accounts. The I†¡2 value is 0.218, df=1, P lt ; 0.640, RMSEA was 0.000 and GFI, IFI, CFI and NFI was 0.99 and supra, no range was left for farther betterment in the way theoretical account. The RMSEA value has improved from 0.719 to 0.000 and qis square value decreased from 68.11 ( Baseline theoretical account ) to 0.218 ( confirmed theoretical account ) . Table: 3. Comparison of different Path Models Models I†¡2 df GFI IFI CFI NFI RMSEA Model-1: EEi? EBi? PA ; TL-i? EB and EEi?Yi? TL ( Baseline theoretical account ) 68.11 2 .845 858 857 854 0.471 Model-2: EEi? EBi? PA ; TLi? EB, EEi?Yi? TL and EEi? PA 4.164 1 .986 .993 .993 .991 0.146 Model-3: EEi? EBi? PA ; TLi? EB, EEi?Yi? TL and TLi? PA, EEi? PA 0.000 0 1.00 1.00 1.00 1.00 0.719 Model-4 EEi? EBi? PA ; TLi? EB, EE, i?Yi? TL, and TLi? PA 0.218 1 .99 1.00 1.00 1.00 0.000 Notes: EE= Employee Engagement, TL= Transformational Leadership, EB= Employer Branding, PA= Psychological Attachment The way theoretical account depicted in Figure I hypothesizes that subjects reading of employee battle will indirectly impact on psychological fond regard ; the indirect influence. Similarly transformational leading shows both direct and indirect consequence on psychological fond regard. The indirect influence being mediated by their indorsement of the employer stigmatization ; the way of the pointers depicts the hypothesized direct and indirect waies. To gauge the magnitude of these waies, way analysis was conducted through AMOS package. The way coefficients between psychological fond regard and three forecasters, were obtained by regressing the former on the latter two variables. The consequences from the coefficient tabular array ( see Table-4 ) generated from the first arrested development analysis shows that all three variables are important forecasters ( Model-4 ) . The beta presented in the standardised entire effects column, represents the standardised arrested development coefficients between psychological fond regard and three variables in the survey ( Employer Branding: beta= 0.72 ; transformational leading: Beta= 0.15 ; employee battle: Beta= 0.376- indirect consequence ) . The way coefficients between the employer stigmatization and other two forecasters, employee battle and transformational leading were obtained by regressing the former on the latter two variables. The consequences from the coefficient tabular array generated from the 2nd arrested development analysis show that both employee battle and transformational leading are important forecasters of employer stigmatization ( Employee battle: Beta= 0.52 ; Transformational Leadership: Beta= 0.40 ) . Table: 4. Parameter Estimates for the Hypothesized Model Structural Relationship Standardized Entire effects ( Regression weights ) Standardized Indirect consequence ( Regression weights ) R Square Employee Engagementi? Employer Branding 0.519*** 0.72*** Transformational Leadershipi? Employer Branding 0.405*** Employer Branding i? Psychological Attachment 0.724*** 0.71*** Transformational Leadershipi? Psychological Attachment 0.148* 0.293*** Employee Engagementi? Psychological Attachment 0.376*** Employee Engagement i?Yi? Transformational Leadership 0.682*** Notes: ***p lt ; 0.001 ; *p lt ; 0.05 ; I†¡2 =0.218, df=1, P lt ; 0.640 ; GFI=0.99 ; RFI=0.997 ; IFI= 1.00 ; CFI= 1.00 ; NFI=1.00 ; RMSEA=0.000 Figure: I: The Path Analysis Model Confirmed Discussion This survey examined if the conceptualisation of factors act uponing employer stigmatization and its farther consequence on psychological fond regard holds true through empirical research. The purpose was to research the kineticss of employer stigmatization. These drivers and their influence have seldom been jointly examined. Several interesting decisions can be drawn from the cardinal relationships. First, this survey confirmed that transformational leading is a utile concept in driving employer image. Such leaders are of import links in bring forthing higher rates of coherence and beef up the corporate individuality of employees ( Carless et al. , 1995 ; Shamir et al. , 1993 ) . The composite dimensions of such leaders encourage their employees, back up them an adhere to collaborative attack for acquiring things done ( Bass and Riggio, 2006 ; Parent and Gallupe, 2001 ) . They contribute in increasing the value dimensions of employer attraction. This survey indicates that transformational leading contributes to developing psychological fond regard straight and indirectly through the mediation of employer attraction coevals. A 2nd key determination was the consequence of employee battle on employer stigmatization. Engaged employees work with passion and experience connected to the organisation, driving invention and travel the organisation frontward. It shows in the concern consequence ( Harter et al. , 2002 ) . Employee battle has been found to associate to organisational results such as occupation satisfaction, committedness, public presentation and backdown ( Maslach et al. , 2001 ; Schaufeli and Bakker, 2004 ) and positive work affect ( Sonnentag, 2003 ) . Our survey adds to this line of results through foretelling the influence of battle on branding. In add-on, the determination of Sak s ( 2006 ) on interceding relation of employee battle between its ancestors and effects is farther validated in this survey. The findings indicate that employee battle contributes in edifice trade name image through the message about the organisation being a great topographic point to work. Third, the current findings show that organisational image in signifier of employer stigmatization is associated with fond regard and designation. The effects of designation include support for the organisations, this could be manifested as increased committedness to stay within the organisation ( Mael and Ashforth, 1995 ) . Although trade name appears more an foreigner s image of the organisation, the bing employees contribute toward and benefit from this image and trade name ( Love and Singh, 2011 ) . Our survey shows that employer branding creates an emotional connexion of trade name trueness with its employees. This attraction towards the trade name and the emotional fond regard is driven by the values they derive from the entire work experience as evaluated in the step of employer branding through involvement value, societal value, Economic value, development value, and application value ( Barrow and Mosley, 2005 ; Berthon et al. , 2005 ; Caldwell et al. , 1990 ) . This connexio n with the organisation will assist the concern to win ( Sartain and Schumann, 2006 ) . The consequences of this survey supports past findings on the influence of employer branding on its directors ( Davies, 2008 ) . Therefore our findings strongly explain the kineticss of certain drivers of employer stigmatization and its results. Deductions for research This survey has responded to the calls of Berthon et Al. ( 2005 ) , Lievens et Al. ( 2007 ) , Love and Singh ( 2011 ) , Hochegger and Terlutter ( 2012 ) and Backhaus and Tikoo ( 2004 ) for more strict research on the function of employer stigmatization. In peculiar, we have moved beyond mere descriptions of stigmatization by researching how employer stigmatization mediates in the procedure. The facets of branding were assumed but rarely through empirical observation established in the turning economic system, since most of the past surveies are based on the American and European context. This survey contributes to both the employer stigmatization literature and human resource direction literature by consistently researching and set uping the function of factors in driving trade name image and its affect on the employees. Our way analysis besides speaks of its relevancy for strategic direction working on the altering kineticss of labour market ( Agrawal and Swaroop, 2007 ; Andreassen and Lansing, 2010 ; Collins and Stevens, 2002 ) and gives insight into drivers through empirical scrutiny. In some sense, our survey has besides shed visible radiation on the argument sing the pertinence of Western theories in emerging economic systems. In footings of future research, more work is needed incorporating the constructs of employer stigmatization. There are several avenues to see. One country would be to look into other possible forecasters of employer stigmatization. The present survey included factors on leading manner and employee battle, these included the importance given on civilization and values by the transformational leaders and the dimensions on occupation and organisational battle that consisted of workplace, communicating, support, satisfaction, future chances ( Dionne at al. , 2004 ; Sahu and Pathardikar,2012 ; Lockwood, 2007 ; Saks, 2006 ) . Future research could include a broader scope of forecasters that are linked to peculiar types of human resource patterns. Another possible country of research lies in the survey related to consequence of employer stigmatization and its relevancy in Indian economic system. Research in this field is barely two decennaries old, hence, batch of survey is anticipated expl ain the kineticss of employer stigmatization. Deductions for pattern This article offers a alone position to understand the drivers of employer stigmatization and its result. Our surveies show that the features of organisation pull offing its employees add value to the organisation image and this image created influences fond regard of employees to their organisation. This hypothesis good proved in our survey provides an chance to the practicians to play with the drivers of stigmatization and tune their employees psychological science. For this mutual response more push has to be given to constructing leaders exhibiting qualities of transformational leader. It is clearly apparent from the findings and consequence of our survey that leader behaviors consequence extremely contributes in employer stigmatization. Issues related to employee battle in the organisation besides carry with it the forces driving the image. Therefore directors should understand the long term consequence of these relationships and work on such schemes. It can work out as a Panac ea against the job of abrasion. Restrictions The restrictions of the survey offer chances for future betterment. First, for truth and simpleness we have studied one industry in India that faces high rate of abrasion. Caution must be exercised in generalising our findings to other industries. Second, while our surveies reflect fond regard in Indian cultural set up, the findings may change in other civilizations as single behavior is greatly influenced by the cultural dimensions ( Pathardikar and Sahu, 2011 ) . Third, our survey was restricted to interplay of certain factors and their influence. Such surveies including other factors can be researched out in future. Finally, may be a longitudinal survey can foster formalize the causal relationships explained in the survey. Decision Although employer stigmatization has gained attending in last few old ages among practicians and advisers, there has been few empirical research in the country. Some conceptual models that came up required to be studied for quantitative analysis to formalize the premises. The consequences of this survey suggest the importance of transformational leading in making trade name image. It shows that extremely engaged employees add to the value of employer trade name. The findings set up the impact of employer branding on the psychological fond regard of the employees. The research work analysed the positions of employees working in the Indian IT companies and contributes in understanding the mechanisms around employer stigmatization in these industries.

Tata Steel Case Study Analysis Essays

Tata Steel Case Study Analysis Essays Tata Steel Case Study Analysis Paper Tata Steel Case Study Analysis Paper Introduction The Tata Group is a very large group of businesses that dominate markets in India. The organization has established itself as a leader in markets such as the airline industry, hotel, software, investment, and steel industry. There is a long history of corporate responsibility within the group, and it is no surprise that all Tata companies have adopted a Tata Code of Conduct as well as many international standards. Tata Steel is one of twenty-eight major corporations within the Tata Group. Founded in 1907, it is the largest private sector steel company in India. Operations are spread across the country, with the steel manufacturing unit at Jamshedpur, and other manufacturing and mining activities situated in the states of Jarkhand and Orissa at eight locations. The Tata Group headquarters is based in Mumbai, Maharastra. This paper provides an overview and analysis of the accounting problems that Tata Steel is faced with after acquiring a foreign company. Company Profile Tata Steel, incorporated in 1907 by Shri Dorabji Tata, is Indias largest private sector steel company belonging to the Tata Group. The company manufactures finished steel, both long and flat products like hot and cold rolled coils and sheets, galvanized sheets, tubes, wire rods, construction re-bars, rings and bearings. The company markets its products in brands like Tata Steelium, Tata Tiscon, Tata Pipes, etc. The company is among the lowest cost producers of steel in the world. Its main plant is located in Jamshedpur, having a manufacturing capacity of 5 MTPA (million tonne per annum) while its processing units, captive iron ore and coal mines are located in the states of Orissa, Jharkhand, Maharashtra, Gujarat and West Bengal. With its head office located in Mumbai, the company functions through a network consisting of trading arms and operation and projects sites spread across countries in the continents of Asia, Europe and America. Apart from Steel there are six Strategic Business Units or divisions for Bearings, Ferro Alloys and Minerals, Rings and Agrico, Tata Growth Shop, Tubes, and Wires. It operates in more than 20 countries and has a commercial presence in over 50. In the past few years, Tata Steel has invested in Corus (UK), Millennium Steel (renamed Tata Steel Thailand) and NatSteel Asia (Singapore). With these, the company has created a manufacturing and marketing network in Europe, South East Asia and the Pacific-rim countries Problem Tata Steel Faces Tata Steel is faced with a very serious, and somewhat complex, problem. The company has global ambitions. By that I mean the company wants to establish itself as a power and contender in the global marketplace. Tata Group acquired UK based Corus Group, a well established steel company in its own right, by way of a $12. 1 billion deal. The deal was partly funded with a $6. billion dollar loan that was primarily denominated in Euros. The currency in which the Corus Group earned most of its revenues was Euros. It made sense for the Tata Group to fund the deal in Euros in order to avoid exposing the debt to currency risk. The problems that the Tata Group would face due to this deal brought about an issue that the organization really did not have much experience in dealing with. Because of the currency denomination issues with this dea l, the Tata Steel would have a liability of over $600 million on its financial books. Although, the reality of the situation is that Tata Steel has a sound and balanced financial structure and accounting practices. Because of international accounting laws that India and the Tata Group have adopted, on the books it looks as if Tata Steel is carry more liabilities or debts than it really is. This is significant because an investor or shareholder would look at the company’s financials and think that the organization is not as financially stable as it really is. Tata Steel used Indian Generally Accepted Accounting Principles (IGAAP) to prepare their financial statements. IGAAP merged with the global accounting system known as the International Financial Reporting Standards (IFRS). The problem with this is that by IFRS standards the merger, or natural hedge, was not recognized. IGAAP and IFRS both mandated that foreign currency loans be denominated in the borrowing company’s home currency for accounting purposes. This created a reporting problem for Tata Steel when in reality there was no financial problem with the deal. SWOT Analysis of Tata Steel Strengths Global position in steel industry Tata Steel is one of the most prosperous and profitable steel companies in the world. The acquisition of Corus and other global steel companies have bolstered Tata’s position in the marketplace and made it one of the top steel companies in the world. Corporate governance Tata Steel has had a very good record for corporate governance. It has set the benchmark in global corporate governance principles of accountability, transparency, and equity for others to follow. Tata Steel has been consistently receiving prestigious awards at both the national and the international arena. The company was awarded the Best Governed Company Award in 2006 for corporate practices presented by Asian Centre for Corporate Governance. Brand value The Tata Steel brand, owing to its highly ethical and a socialistic approach to business, has made its name synonymous to trust. The acquisition of Corus made Tata Steel an even more reputable and powerful company. Tats Steel was a well known brand even before the acquisition of Corus. The addition of Corus makes Tata Steel one of the most well known and productive companies in the world. Innovation of Tata Steel Tata Steel has the lowest operating cost for steel manufacture in the world. Further it has displayed effective means in adopting an eco-friendly and sustainable approach towards the manufacture of steel thus proactive measures are undertaken to ensure the employees health and productivity through ergonomically designed work stations and by protecting them from occupational hazards. Adaptability to the fast changing global business environment Tata Steel has displayed immense agility in the recent past during the global financial crisis. Its virtuosos of various fields have adopted various methods like lowering production and even shutting down steel plants due to the lack of demand, managing the balance sheet efficiently etc. The company has 70% of its procurement of raw materials for its operations in Asia through long term contracts and so its margins can be shielded from the nuances of the volatility of the financial markets. Management Team Tata Steel has a highly credible management team who has displayed their skills in expanding the company through various innovative methods. The company has successfully acquired Nat Steel of Indonesia, Millennium Steel of Thailand and more importantly UK based Corus. The company’s virtuosos of finance have been able to find innovative ways to tackle the company’s debt and keep the bottom line in the green zone despite lower demand and a lot of accumulated debt. Weaknesses Debt burden Tata Steel has a total debt of $9. 8 billion USD on its books, much of it from the Corus acquisition. The company plans to refinance $6. 5 billion of its long term debt. It has an unfavorable debt to equity ratio which means the assets of the company are largely financed through debt. With the steady increase in inflation most countries are beginning to tighten credit and liquidity in the money markets. As a result of inflation increases, interest rates are on the rise as well. An increase in interest rates means an increase in the company’s liabilities. This will further add to the degradation of Tata Steel’s balance sheet. Conservative accounting practices India has very conservative accounting standards. The system works within the country but lacks flexibility and adaptability when it comes to reporting differences in currency. Because the Tata Group has global aspirations, the company must deal in various currencies when doing business with global companies. The problem lies in the rules governing the accounting practices within India. All foreign currencies must be converted to the home countries currency when reporting on financial statements. Technology Many steel companies have implemented different technologies into their plants to make production and productivity more efficient. There is a new fluorescent x-ray technology that some companies have adopted. Tata Steel is lacking in this area. Tata Steel has failed to adopt new technology to lower cost, improve production, and improve employee safety standards. Procurement philosophy of its subsidiaries The largest subsidiary of Tata Steel, Corus, has high exposure to spot prices and a higher operational gearing among the larger European steel companies. Hence it has the risk of volatility associated with pricing, one of the key elements in determining profitability of a commodity company. Opportunities Competitive position Tata Steel is the second largest producer of steel in India and the sixth largest producer in the world. Over the years Tata Steel has been acquiring various steel companies around the world, the latest being Corus. There is a lot of room for Tata to grow and further establish itself as a perennial power in the global marketplace. Technological advances Tata Steel has shown immense integration abilities in the past. With the acquisition of Corus it has been able to integrate the high end technological knowledge into its production facilities. The company has also been able to produce high quality steel at lower prices and significantly improve its operating margins. Infrastructure opportunities India has geared up for rapid expansion in the field of infrastructure. The Government of India (GOI) has earmarked Rs. 1, 70,000 crore for infrastructural spending for the fiscal year 2010- 2011 and the trend is set to escalate up to the fiscal year 2025 when India is slated to become the third largest economy in the world. Further many private players either independently or by undergoing public private partnerships (PPP) has also come into the fray. The consumption of steel has been steadily increasing with the rapid investment in the infrastructure and real estate projects. The annual steel production of India has touched 200MT and according to governments steel policy is expected to touch around 250 MT by 2013-2014. The demand for Indian made steel is escalating overseas out of the 200 MT of steel currently produced in India around 50% of it is exported. In the first six months of the fiscal year 2009-2010 the Indian steel export almost doubled to 9. 3MT from 4. MT in the same period the previous fiscal year. The country’s iron ore exports during April-October 2009 period grew 20 per cent over the year ago period to 53 million tons. Accounting practices India’s accounting regulations does a disservice to many of the companies who operate globally. Because of the reporting regulations, Tata Steel has a liability on its balance sheet that realy doesn’t exist. The currency conversion rules hinders Tata Steel from putting together a balance sheet that reflects its actual holdings and activities. Tata Steel has an opportunity to help change the accounting standards in India to allow companies to report their financial activities accurately so that shareholders will have an accurate view of the financial position the company is in. Demand for steel The demand for steel is on arise both domestically and internationally as a result of the enhanced focus upon infrastructural development. Secondly with other steel projects of international giants POSCO, ARCELOR MITTAL stalled due to land acquisition problems the prices of steel are slated to soar. In the month of April 2010 the steel prices were increased by Rs. 2500/ton and this is just the brink of the U-Shaped economic recovery and the prices are slated to rise further in the near future. Acquisitions In the aftermath of the financial crisis various mineral assets are available globally at a price which is just a fraction of their prime value. The government of various countries has been putting up coal blocks under the hammer. Tata Steel has been very active in the asset acquisition space and has bagged various coal blocks in Asia, Africa etc. which is essential for its security of raw materials. Threats International competition Companies like the Indian Steel magnate Lakshmi Mittal’s Arcelor Mittal and Posco have landed on the shores of India. These are amongst the largest steel producers in the world and have a high chance of eating into the market share of Tata Steel. Indian market is also plagued with cheaper Chinese made steel which is ubiquitously available and is significantly digging into the market-share of all Indian steel makers including Tata Steel. Down Economy Tata Steel has a very large debt of 9. 8 billion USD on its books and has a huge interest burden. With the volatility of the financial markets and the tightening of credit and liquidity by the banks, interest rates are slated to go up and would further increase the interest burden of the company. Regulatory issues in India The government of India has chalked a strict norm for the clearance of a plant through environmental impact assessment (EIA). To get clearance from the concerned authority demands more than eight months thus leads to delay and project cost escalation. Albeit the governments’ steel policy has been pro industry in order to increase the steel capacity at a brisk pace.