Total computer Inc Case Study Example | Topics and Well Written Essays - 250 words

Absolute PC Inc - Case Study Example In spite of the fact that he expresses that the cash demonstrated is right, he doesn't express the specific cash. For this affirmation to be utilized in altering extra data from archives that show that the exchange occurred, for example, money receipts and conveyance reports. In the last model, the evaluator didn't get an affirmation reaction by email. This required the endeavor of extra methods, for example, assessment of money receipts and the agreement between Total Computer Inc and Dot. Bomb Inc. These extra strategies helped in orchestrating installments and revising procedural issues where there was an infringement of the agreement between these two organizations. When managing debt claim adjusts, assessment of the all around expressed affirmation records are satisfactory for evaluating. Nonetheless, in situations where the reviewer isn't in a situation to get the affirmation messages, extra techniques can be completed. These are archives that demonstrate the presence of the exchange or the statement. This reaches from money receipts, delivering documentation and others that show that the exchange took

Looking At The Carer Prospects Of Foster Care Social Work Essay Essay Example

Taking a gander At The Carer Prospects Of Foster Care Social Work Essay This endeavor depends on a Foster consideration evaluation of a planned carer embraced as an understudy cultural specialist. It gives a review of my evaluation from designation to cloture because of concerns. Albeit in a flash designated another increasingly productive examination, I have decided to take a gander at this fruitless evaluation as I trust it showed me more as a student my example. An agency depiction is principal given to give the peruser a picture of the crew which should set my capacity into setting. This is trailed by the foundation and points of my work. The main content follows the regular designed development of my work from be aftering to rating. I will investigate my work putting the cultural work subjects, issues and hypotheses that guided my example. Reflection recognizes that we are segment of what we are sing ( Schon, 1983 ) ; taking a gander at our associations with administration clients underneath the surface ( Payne, 2002 ) . I will along these lines reflect all through this endeavor, rather than carefully at the terminal, as this is the thing that I obviously did in my example. This will take to an agonizing rating of my example and the reasonings it had for both me and the administration client. We will compose a custom paper test on Looking At The Carer Prospects Of Foster Care Social Work Essay explicitly for you for just $16.38 $13.9/page Request now We will compose a custom paper test on Looking At The Carer Prospects Of Foster Care Social Work Essay explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Looking At The Carer Prospects Of Foster Care Social Work Essay explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer The agency I was put with was a legal Foster consideration crew inside the nearby approval s kids s administrations. Despite the fact that the crew works all the more forthright with substitute carers it serves kids sought after between the ages of 0 and 16 and is subsequently delegated a Tier 4 assistance as demonstrated as follows. Encouraging administrations in this neighborhood approval were initially coordinated among other help client gatherings, directed by the Boarding-Out Regulations ( 1955 ) . These mandates made uncertainty by advancing substitute carers handle proxy kids as their ain ( Triseliotis et al. , 1995 ) . In the 1970 s, with the adjusting accent to the professionalization of fosterage, the crew a tiny bit at a time turned into a different division. The 1955 laws were at last refreshed with the Boarding-out of Children ( Foster Placement ) Regulations ( 1988 ) which were later consumed into the Children Act ( 1989 ) statutes. Simply a couple of mature ages along these lines the Foster Placement ( Children ) Regulations ( 1991 ) were presented which changed the point of convergence of examination from families to single Foster guardians. Be that as it may, what the two statutes were missing was met in the constitution of the Fostering Services Regulations ( FCR ) ( 2002 ) and National Minimum Standards ( NMS ) ( Department of Health ( DoH ) , 2002 ) . These go under developments 22 and 48 and 23 and 49 of the Care Standards Act ( 2000 ) severally. This changed the law of the department from the nearby approval itself to the National Care Standards Commission ( NCSC ) . The NCSC assesses how the agency initiates, buttockss, oversees and prepares proxy carers. These four nations depict my capacity as an oversing cultural specialist inside the crew. Foundation to the Case Monica is a 55 twelvemonth old female who had reached the fosterage department with a contribution in going a substitute carer. The technique from open association to endorsed substitute carer is mind boggling and intensive. Every neighborhood Foster consideration administration will hold a comparative yet to some degree distinctive procedure and the crew I was set with utilized the methodology appeared in figure 1. Starting Interest Starting Home Visit Application signifier sent and finished by Applicant Full Assessment by Social Worker taking to Fostering Panel Endorsed Foster Carer is allotted a Social Worker and starts promoting Figure 1: The Fostering Assessment Process When trying to picture the examination strategy for the peruser, I felt a pyramid was the most proper. This is principal in light of the fact that the broadness speaks to the more prominent individual putting a forthcoming carer must set into the fosterage strategy and furthermore the more profound into their life a cultural specialist will and should travel. At each stage a forthcoming campaigner may hold an alternate cultural laborer. The underlying spot visit with Monica was directed by another cultural laborer. The aim of this visit was to procure a snap shooting of Monica s reasonableness and intention to further. The cultural specialists study is so introduced to ranking staff with suggestions and an assurance is made concerning whether an application signifier ought to be sent. Once restored, the accompanying measure is to go through a technique that joins components of evaluation and preparing ( McColgan, 1991 ) . This is the place my commitment with Monica started. Points of the Work In the same class as solid affectionate respects to family unit individuals, substitute carers or private consideration laborers are really of import for kids in consideration, as these are the individuals who have the most effect on their every day encounters ( DCSF, 2008, p.11 ) Encourage carers are cardinal to numerous children and juvenile individuals s experience of consideration. It is imperative that we esteem and back up them and assurance that they are modestly outfitted with the vital extent of achievements ( DfES, 2007, p.8-9 ) When estimating Monica I held the two proclamations above relentlessly in my mind to use in the midst of uncertainness yet next to lucidity. It is acceptable realized that the enrolling and keeping of Foster carers has been efficiently begging to be proven wrong for neighborhood governments ( Association of Directors of Social Services, 1997 ; Bebbington and Miles, 1990 ; Colton et al. 2008 ; Hill, 2000 ; NFCA, 1997 ) . In spite of this, Quality Protects ( DoH, 1998 ) and the specialists s dispatch of Choice Protects in 2002 ( see everychildmatters.gov.uk ) constantly attempt to raise the nature of facilitating stipulation to better course of action pick and stableness. The green paper Every Child Matters ( DfES, 2003 ) and all the more late Care Matters ( DfES, 2007 ) contend that Foster consideration administrations need carers with the achievements to take care of defenseless children. In certain states, for example, Australia, the decision of Foster carers despite everything has no exact base past condemnable record checks and fit alteration ( Kennedy and Thorpe, 2006 ) . This was the past picture in the UK, in any case the National Foster Care Association ( NFCA ) , now called The Fostering Network ( TFN ) presented the Codes of Practice ( NFCA, 1999a ) and National Minimum Standards ( NFCA, 1999b ) for estimating substitute carers. My examination of Monica would see her achievements, experience, qualities, perception and by and large reasonableness to additionally kids for the nearby approval. This depended on estimating her on four capabilities ( thinking about children ; providing a sheltered and caring condition ; functioning as bit of a crew and ain advancement ) broken into 18 units ( Appendix A ) . All the more late the Children s Workforce Development Council ( CWDC ) has created 7 models for substitute carers ( 2007 ) ( Appendix B ) . The crew had simply started using these nearby the skills ( NFCA, 1999a, 1999b ) when I began Monica s examination. The measures bolster a three stage readiness model for Foster consideration ( pre-endorsement ; commencement and proxy carer improvement ) . Pre-endorsement was my objective with Monica connected to region 27 ( 1 ) of the FCR ( 2002 ) ( Appendix C ) , and other pertinent resolution law ( Appendix D ) . Despite the fact that the FCR ( 2002 ) are the administrative power, it was the NMS ( DoH, 2002 ) under development 17 which gave me a progressively detailed trepidation of the nations ( caring capacity, sexual limits, confidence and so on ) requiring estimating with Monica ( Appendix E ) . Earthy colored ( 1992 ) sees that a fosterage examination has two interrelated features: ( a ) Evaluation of imminent carer s qualities and failings and ( B ) the examination of their ability to larn, adjust and change. These points are as yet pertinent to estimating proxy carers today. While I was estimating Monica on the skills and CWDC measures, there is no normalized way of getting the reason for these. I consequently felt I had a group of watchfulness in my examination. I chose various cognizance beginnings ( research, instinct and experience and so on ) would control my examination. Webb ( 2001 ) contends that Evidence Based Practice ( EBP ) can non work in cultural work as the goodbye of realities and qualities inborn in EBP subverts proficient sentiment and circumspection. I differ and felt the use of the two grounds and my ain instinct was expected to get an exact evaluation of Monica. For outline, investigate states an interest for carers focused on creating subsequent to g ift ( Hutchinson et al. , 2003 ) . Nonetheless, I realized that only in light of the fact that a carer consented to creating in the wake of gift that my instinct or example knowledge ( Stepney, 2000 ) may state me in any case. Further, Sinclair s ( 2005 ) inquire about underscoring the interest for advancements in substitute carer decision, I felt, advocated my utilization of various cognizance beginnings to make my points with Monica. Planing for the Work At the point when preeminent distributed the examination of Monica, I was in the principal hebdomad of my game plan and genuine had little trepidation of what truly made a decent Foster carer past my ain presence of mind. This inadequacy of comprehension and dread kept me encountering separate from my profundity and kicking the bucket. I subsequently concluded that before doing any contact with Monica I would accumulate all accessible data and use my bing insight base to perceive how it fitted with the encouraging evaluation. Earthy colored ( 1992 ) proposes that while approaching an encouraging examination we

Study of government backed initiatives to promote female participation in Physics and Mathematics The WritePass Journal

Investigation of government sponsored activities to advance female interest in Physics and Mathematics Presentation Investigation of government sponsored activities to advance female interest in Physics and Mathematics IntroductionReferencesRelated Presentation This article intends to investigate the UK based activities intended to advance female support inside Science, Technology, Engineering and Mathematical (STEM) disciplines concentrating predominately on Physics. The article will think about the diverse showing procedures and styles that have been explored and actualized so as to request explicitly to a female crowd and their relative accomplishment as far as urging females to seek after both advanced education in STEM based trains and professions. It is recognizable inside various records and measurements that ladies in STEM based subjects are under-spoken to which has lead to a nonappearance of females effectively utilized inside STEM careers.â In 2008, ladies made up just 12.3 percent of the STEM workforce. This is, be that as it may, an expansion of 2.0 rate focuses since 2003 (Kirkup, et al., 2010. Ladies and men in science, building and innovation: the UK measurements control 2010. Bradford: the UKRC) indicating that there has been some effective work towards empowering females towards STEM professions. This under-portrayal is not any more evident than inside the science control of Physics, which shows the persevering issue of an absence of young ladies proceeding to contemplate material science past the age of 16 (material science is a mandatory piece of the GCSE educational program). It has been perceived that a noteworthy number of young ladies in reality out perform young men at Key Stage 4 inside science, yet this isn't moved into the longing to contemplate material science into Key Stage 5 (post-16). In 2005, just 14% of young ladies who were granted an A* or A for GCSE Double Award Science or material science advanced to A level physical science (Hollins et al., 2006). The Institute of Physics have discharged figures showing a steady yearly increment in the quantity of A level material science up-and-comers somewhere in the range of 2006 and 2008 however there has been little change in the extent of young ladies that have taken the subject post-16. In 2008, just 22% of the sections for A-level Physics were female (Institute of Physics, 2008). These measurements can be seen unmistakably in the reference section where the quantity of female passages in 2008 really shows a diminishing in female take-up in contrast with 2007 of - 0.3%.â what's more, enlistment to science has remained moderately stable with a bigger number of females than guys being entered for A-level assessments. Science pas sages for both male and females are generally equivalent arithmetic despite everything sees a top-overwhelming male check, albeit less drastically than material science. There has been a broad measure of investigation into the potential explanations for the reliably low quantities of females inside Physics.â The advancement of standardized training in England depended on standards of class and sex separation (Purvis, 1981) and numerous researchers trait existing sexual orientation culture today to their recorded roots where it was the standard for white collar class young ladies to attempt jobs as spouses and moms of society’s special courteous fellows. Thusly, material science, with its high scientific substance and frequently conceptual thoughts, was a subject idea reasonable just to guys with young ladies concentrating on the more abstract zones of science, for example, the ethical viewpoints including religion and how science can be utilized to improve residential life. Many despite everything accept implications of this mentality exist today and keeping in mind that it is essential to perceive that in spite of the fact that ‘educa tional arrangement may change, what understudies, their folks and their instructors have come to comprehend as fitting ways for young ladies and young men to be, to know and to carry on, will keep on mirroring the authentic underlying foundations of the culture’ (Murphy,P.,Whitelegg,E .,2006).â likewise, look into by Alison Kelly (1987) distinguishes three factors that seem to represent an absence of enthusiasm by ladies in science, in particular ladies consider it to probably be troublesome, manly, and unoriginal. Various current activities and explicit instructing procedures have been begat to address these misguided judgments and will be investigated, with their relative achievement studied, in the rest of the body of the article. Numerous activities to energize female support in science attempt to address the reasons for the wonders referred to in the scholarly community as the ‘leaky pipeline’. The expression has been formulated to outline what measurements unmistakably appear, much like a defective pipeline, ladies consistently drop out of the science instructive framework, which brings understudies in auxiliary training through to advanced education and afterward onto an occupation in STEM. Figure 1 outlines the dangers that might be experienced by ladies as of now in the science endless supply of a STEM based profession. Figure 1: A case of The Leaky Pipeline Source: International league of college ladies [image online] Available at:  â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â â ifuw.org/imgs/blog/blog_leaky_pipeline.jpg [Accessed 16 April 2011]. Pell (1996) recognizes that a great part of the determination among people has occurred even before the scholarly world is entered contending that basic stages in the choice towards a scholastic vocation incorporate youth, youthfulness, school years and the activity passage period. Pell gives advancement of confidence in early life-course, understudy educator connection in homerooms prompting lower yearnings among young ladies, less female good examples, and clashes with family obligations, as a portion of the explanations behind the ‘leak’ in the pipeline.â â â Blickenstaff. J (2005) contends on the other hand that ‘no one out of a place of intensity along the pipeline has deliberately chosen to sift ladies through of the STEM stream, yet the total impact of many separate however related variables brings about the sex awkwardness in STEM that is watched today’. Many accept the ‘leakage’ from the pipeline requires a multi-faceted arrangement , and time is expected to permit modernisations in educating and figuring out how to produce results, at exactly that point will this be clear inside the insights regularly used to demonstrate such activities have fizzled. It very well may be addressed whether the value of such activities can so rapidly be broke down and finished up as disappointments in the event that they have not had adequate time to develop. For instance, the expansion of young ladies deciding to contemplate material science may just observe an expansion in numbers once showing rehearses, scholastic pertinence of the schedule and utilitarian encouraging groups of people are genuinely adjusted together and are manageable. This issue has been additionally tended to by Cronin and Roger (1999) who banter the focal point of different activities expecting to unite ladies and science. They reason that a large number of these activities are defective as they will in general spotlight on one of three regions: pulling in ladies to science, supporting ladies as of now in science, or changing science to be increasingly comprehensive of ladies and henceforth the other(s) zones are disregarded. A.Phipps (2008) reasons that the ‘important activities intended to address the issue are under-inquired about permitting little open door for instructive professionals, activists, arrangement creators and researchers to break down and gain from the practices and approaches that were created over the past decade’. Outside of the study hall, numerous activities and associations have been set up to energize, bolster and draw in ladies inside STEM vocations. One of the most notable and long running activities, Women In Science and Engineering (WISE) was established in 1984. The point of WISE, as it is more normally known, is to energize the comprehension of science among little youngsters and ladies and accomplish a general effect equipped for advancing STEM based vocations as both feasible and invigorating for ladies. Insightful convey a scope of various choices and activities so as to accomplish their characteristic procedure and straightforwardly work with different associations, where fitting, in an offer to achieve this. They give numerous assets to young ladies, educators and parents.â These different assets and substantially more can be found on their site wisecampaign.org.uk/. It has been noticed that there is lacking work evaluating the effect of WISE arrangements since the association started. Phipps (2008) proposes that ‘although school visits by WISE had a beneficial outcome on young ladies assessments of science this was not converted into long haul change in their profession ambitions’. On the other hand, WISE case that an expansion in female designing alumni, from 7% in 1984 to 15% today, can be ascribed to the achievement of the crusade accepting that the WISE projects natural achievements must be estimated utilizing the extents of building understudies and specialists who are female (WISE, 2010). Until this point, be that as it may, there has been no ahead following of members from the WISE viewpoint program. This leads others to be progressively basic with Henwood (1996) asserting WISE have ‘inadvertently constrained the manners by which young ladies and ladies could talk about the difficulties they faced’ and with no definite research assessing whether different activities and arrangements by WISE have created the effect, it ve ry well may be difficult to credit the development to WISE without addressing whether these were an aftereffect of different components present at that point. Phipps (2008) echoes this vulnerability expressing ‘it is hard to infer that WISE arrangements have been the unequivocal or contributory factor in empowering female interest in logical careers’. The UK government is focused on helping the present circumstance helping with the dispatch, in 2004,

Bringing It All Together Essay Example For Students

Uniting It All Essay Word Count: 592The Epilog of the Tempest by William Shakespeare is an astounding if not the best case of Shakespeares brilliance.In 20 lines Shakespeare can compose a great completion of his play, while talking through his characters about Shakespeares own life and profession. Significantly more incredibly, he seemlessly integrates the two. With regards to the story Prosperos monolog bodes well. He has lost his supernatural force, so his charms are oerthrown, and what quality Prospero haves his own, which is generally black out. He is presently bound on the Island, for his other decision is go to Naples and recover his dukedom, yet he doesnt need to do that since he has just exculpated the backstabber who took his position numerous years prior. Prospero then says something somewhat bizarre, however it bodes well with regards to the story, he request that we discharge him from his groups with the assistance of your great hands. At the end of the day, applaud so the sails of the vessels his companions are riding in will be securely returned and Prospero can be calmed by petition of the crowd. All of what Prospero has said is pleasant adorable, however the most fascinating piece of this monolog is the thing that Shakespeare himself is stating. Since my charms are all oerthrown, and what quality I haves mine own methods, presently my plays are finished, and its not, at this point my characters talking. The Island or stage Shakespeare is on is presently exposed and it is the ideal opportunity for you the crowd to discharge Shakespeare and his entertainers from this play with the assistance of your great hands. Shakespeare was not exclusively being discharged for the exhibition of the play, he was being discharge from his profession as a writer. However, there are more motivations to applaud other than the undeniable explanation that the play is finished, Shakespeare couldn't permit his last play to be awful, his task was to please. He emphasizes this point by saying and my closure is despair except if I be alleviated by supplication, or the applauding of the crowd and it lib erates all flaws and permits Shakespeare to enjoy the applauding and delight of the crowd. At long last, after we seperate the two alternate points of view, we can step back and perceive how Shakespeare mysteriously functions them together. The primary such play on words is on the word swoon, in the third line. Prospero utilizes swoon to depict his quality, yet Shakespeare makes it a play on words on the quip he is making! Allow me to clarify, swoon implies light (amoung different things), which means carefree, or fun. As though you suspected this wasnt confounding enough as of now, you could put a play on words on the joke on the quip! Once more, let me clarify, black out can likewise mean hard to see, similar to the play on words on the quip! That may be pushing it a bit, however. The thing about Shakespeare is the sky is the limit. Another, more subtle yet progressively critical multifaceted nuance is on the word please on line 13. Prospero is truly saying his objective was to satisfy the individuals on the Island, Shakespeare is stating his objective was to satisfy his crowd. Shakespeare was in actuality is probably the best creator ever, this Epilog plainly gives us that. this paper isn't actually cleaned, yet there is A LOT of good translation, A quality, even at the school level

Bens Final Farewell

Ben’s Final Farewell Today, as I was walking down Mass Ave after work, I saw some Aero/Astro students playing volleyball with a net they had set up in the Building 33 quad, and I couldnt help but be reminded of last summer. It was my last summer before I came to MIT, my last summer home, and the one thing I remember most is how my friends and I used to play volleyball every week. A tradition that needed no reason or explanation, it simply was. And I was both happy and wistful to watch my fellow students bump and set and spike, as I longed for something I had once enjoyed but could no longer possess. And I realized that sometimes bliss is not meant to last, if only so you can move on to discover the even greater joys life has to offer. Earlier this week, Ben came back to MIT to say one final goodbye to everyone in the Admissions Office. I rearranged my lunch break so I could see him and, more importantly, give him something Id wanted to give him since summer began. Our buddy Ben, you see, has had for as long as Ive known him a slight obsession with turtles, up to the point of having a collection of them in his office. I dont know why; perhaps I should have asked. But I simply accepted it, because it was Ben, and it was kind of adorable. Two months ago, while I was cleaning up my room back home, I found an old Blastoise plushie I had won from a school fair years ago. And I knew instantly, without even thinking, that I had found my going-away gift for Ben. Because just as Blastoise was always the biggest and baddest turtle Pokémon, so too is Ben (in my humble, completely unbiased opinion) the biggest and baddest guy in the college communications business. Of all the pictures Ive taken this year, this is the one I will treasure most. I think he liked it. And so, the last gift given, it comes to this. The final farewell. You see, Id read the old entries, Id signed the card, Id gone to the dinner. But in my heart, I still hadnt said goodbye to Ben Jones until now. Those students playing volleyballthey made me realize that Bens departure isthat painful as it is for those of us left behind, its just part of the cycle. Ben is on his way to even bigger things. And thats what matters the most. And in the end, I just want to say thanks to the man who showed me why I belonged at MIT who made me realize this was the school Id been dreaming of attending all along who let me crash on his couch when I needed it who has made me laugh and has made me cry who cares more and does more than anyone else I know. Thank you for everything, Ben. We will all miss you. var __pid=49201; var __am_invisible=1;

How Valero Energy has Maintained Energy Production - 275 Words

Describe how Valero Energy has Maintained Energy Production? (Essay Sample) Content: Valero EnergyNameInstitutionValero EnergyIntroductionValero energy is a corporation that was founded in early 1980 and was at the time the only largest corporate spinoff in the United States history. It represented the Coastal states Corporation which later took over the natural Gas operations of the Lavaca Gathering Company Ltd. The company acquired Corpus Christi which was in Texas in 1981, it however started its operations in 1984. The company has over the years developed to a fortune company with over 500 international manufacturers and is also a marketer of transportation fuels, power and other petrol related products. (Ontario Securities Commission 2013).The company operates throughout the U.K, the U.S and the Caribbean using its 16 refineries which it owns and operates in the aforementioned states and has a throughput capacity of more than 3 million barrels which translates to over 480,00meters/cuboids. It also produces 1.2 billion U.S gallons (over 4,500,000m eters/cuboids) per 10 ethanol plants as well as a 50 megawatt wind farm. Valero has along the years been the largest United Statesà ¢Ã¢â€š ¬ largest retailer with over 6,800 both retail and wholesale outlets in the U.S, the U.K, the Caribbean and Canada until the emergence of spinoff CST brands in 2013. (Ontario Securities Commission 2013).ConclusionThe Valero Corporation completed its spinoff to CST Brands Inc. which is and Independent Corporation inherited by the companyà ¢Ã¢â€š ¬s stakeholders and retail businesses. It however continued to use the long-term supply agreement that was developed by the former company. After the spinoff, over 1,500 formerly Valero-operated ...

Amounts Of Equity And Debt Example For Free - Free Essay Example

Sample details Pages: 5 Words: 1649 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? There are various types of equity and debt that constitute a capital structure. Typically, the components that make up these two asset classes are bonds, preferred stock, and common stock. It also explains the financing methods it has used to conduct growth initiatives such as research and development or acquiring assets. https://www.wisegeek.com/in-finance-what-is-capital-structure.htm WHAT IS A DIVIDEND AND DIVIDEND POLICY? A dividend is money paid directly to an investor in a companys stock. There are certain publicly owned companies which offer a dividend with their stock, when on the other hand some others do not. https://www.wisegeek.com/what-is-a-dividend.htm Dividend, in simple terms, is the profit after-tax distributed to common man by the Board of Directors of a corporation. Every company has to decide its dividend per share based on a simple formula. That takes the total dividend payment and divides it by the total number of outstanding shares. For e.g. if a company has 5 million shares outstanding, and it decides to distribute 10 million dollars to its shareholders; hence the dividend per share is $2 (10 million dollars divided by five million shares). https://economics.about.com/cs/economicsglossary/g/dividend.htm A dividend policy is a set of company rules and guidelines used to decide how much the company will pay out to its shareholders. Don’t waste time! Our writers will create an original "Amounts Of Equity And Debt Example For Free" essay for you Create order FACTORS AFFECTING DIVIDEND POLICY There are seven factors affecting Dividend Policy: Legal constraints Internal constraints Growth prospects Owner considerations Market considerations Source: Dividend Policy.pdf DETERMINANTS OF DIVIDEND POLICY Investment Opportunities A firm with more investment opportunities will pay a lower fraction of its earnings as dividends than a stable firm. Stability earnings A firm with more stable earnings will pay out a higher fraction of its earnings as dividends than a firm with variable earnings. Alternative sources of capital A firm which can issue new stock or bonds at low cost (such as underwriting commissions) will be more likely to have a high dividend payout ratio. Constraints Firms which have borrowed large amounts of debt usually have several constraints on their dividend policy and will therefore follow more conservative dividend policies. Signalling incentives Firms which are undervalued may use dividend increases as signals to the markets. Stockholder characteristics Firms may have acquired a reputation as high dividend yield firms also acquire stockholders who desire high dividends. Consequently, they cannot suddently shift policy. https://pa ges.stern.nyu.edu/~adamodar/New_Home_Page/lectures/dividend.html IMPORTANCE OF DIVIDEND POLICY One of the main reasons as to why shareholders observe companies is to check their capabilities in order to initiate a dividend. As mentioned earlier, dividends are those after-profit payments that a company makes to its shareholders. However, when a company offers a dividend to its stock holders, it is taking money that could be reinvested into the company, and distributing it to shareholders as a benefit of investing in the company. Hence, it is not considered a business expense. The significance of a dividend policy in a companys stock value has always been proposed to be high. However, more scholars are suggesting that corporate dividend policies do not matter and should not matter in a companys stock value. The reason for this tiff of arguments initiated from the fact that investors can create their own dividends on other investment options. A wise investor can even look at more stable bonds to earn a return on investment rather than a dividend policy that is subject to cha nge. Also, the earning from dividends is taxed higher as compared to capital gains. Source: Financial features of dividend paying firms in the hospitality industry As for those who value profit certainty of a company, a sound dividend policy is important. The basis being that a high and regular corporate dividend policy means that the company has a benchmark for doing well. Thus, more dividends can equate to the overall health of the company. https://university-essays.tripod.com/dividend_policy.html DOES DIVIDEND PAYMENT MATTER AT ALL IN TERMS OF FIRM VALUE? A significant amount of research has been conducted in the past debating if and how dividend payment matters in terms of firm value. Gordon, 1959 believe that dividend payout increases shareholders wealth. Whereas Litzenberger and Ramaswamy, 1979, argue that dividend payout may decrease shareholders wealth. On the other hand, Miller and Scholes, 1978, posit that the amount of dividends is irrelevant to firm value. Source: Financial features of dividend paying firms in the hospitality industry Under some strict conditions, the dividend payment does not matter in terms of firm value. Paying small dividends or even paying no dividends should not affect firm value. As shown by Millet and Modigliani (1961), assuming that its a perfect capital market, paying an extra dollar per share in dividends is offset by an exact one-dollar decline in the stock price. In essence, firm value is solely determined by the net present value (NPV) of investment decisions. As long as the net cash flo ws from a firms investment decisions remain constant, the value of the firm should not be affected regardless of whether the cash flows are distributed or retained. HOW PROFITABLE IS DIVIDEND POLICY, REALLY? Arguments against Dividend Policy Some Financial analysts around the globe consider dividend policy to be irrelevant since investors have the ability to create homemade dividends. These analysts believe that this income is achieved by individuals moulding their personal portfolios as such to reflect their own predilections. For e.g., those investors seeking a steady stream of income are more likely to invest in bonds; since the interest payments dont charge. These investors would rather not be interested in dividend-paying stock, due to the fluctuation of value. For this reason, persons who own bonds will lose interest in any companys dividend policy as their personal interest payments wont change. Another argument claims that little to no dividend payout is more favourable for investors. Reason being that taxation on a dividend is higher than on a capital gain. The argument against dividends is based on the belief that a firm that reinvents funds (rather than paying them out as dividends) will increase the value of the firm as a whole and hence also increase the market value of the stock. As claimed by the supporters of the no-dividend-policy, a companys alternatives to paying out excess cash ad dividends are: Acquiring new companies and profitable assets Repurchasing the companys own shares Undertaking more projects Reinvesting in financial assets Arguments for Dividends In resistance to the two arguments mentioned above is the proposal that a high dividend payout would prove to be much more beneficial for investors since dividends provide certainty about the companys financial security. Another reason as to why dividends cause interest among investors is because they secure current income. There are also many examples of how the decrease and increase of a dividend distribution can affect the price of a security. Companies that have a long-standing history of steady dividend payouts would negatively affected as compared to one with u nsteady dividend payouts. They can, however, be positively affected simply by increasing their dividend payouts or making additional payouts of the same dividends. Additionally, from the eyes of the investor, companies without a dividend history are viewed favourably when they declare new dividends https://www.investopedia.com/articles/03/011703.asp THEORIES OF DIVIDEND POLICY The three main theories of Dividend Policy are as follows: Dividend Irrelevance Theory Modigliani and Miller theorised that, without taxes or bankruptcy costs, dividend policy is also irrelevant. This is known as the Dividend Irrelevance Theory, pointing out that dividends do not affect a companys capital structure, or its stock price. According to MM irrelevance theory, the division of a firms earnings between dividend payments to shareholders and internal retentions does not matter to a very large extent. Modigliani and Miller claim that managers need not validate over the optimal dividend policy, since one does not exist. Their theory also states that investors can affect their return on a stock irrespective of the stocks dividend. MM built this theory on a range of key assumptions, to simplify the analysis: It is rational for the existence of perfect capital markets and all investors in it. There are no taxes. On the other hand, the tax rates applicable to divide nds and capital gains do not differ. Every firm has its own specified investment policy, unchangeable. It means that the business risk complexion of the firm will not change if the financing of new investments is made out of retained earnings. Bird-in-the-Hand Theory This theory, introduced by Jon Litner (1962) and Myron Gordon (1963), states that dividends are relevant. The fundamental nature of the Bird-in-the-Hand Theory is that shareholders are not willing to take risks and prefer to stay safe by receiving dividend payments, rather than future capital gains. Shareholders believe that dividend payments are more promising as compared to future capital gains. Hence, bird in the hand is worth more than two in the bush, wherein the bird refers to dividends and the bush to capital gains. Gordon proposed that investors have a certain preference for a fixed level of income rather than the prospect of a higher, albeit less certain, income at some time in the future. Tax Pr eference Theory Taxes are important considerations for investors. There are three ways in which taxes affect the dividend preferences of shareholders: For individual investors, tax rates differ for dividends and capital gains Taxes on capital gains are not due until the stock is sold. If the stock is held until the shareholder expires, no tax is due at all. As mentioned earlier, capital gains are taxed at a lower rate than dividends. This is the reason as to why investors may prefer capital gains to dividends the safety. Furthermore, investors do have the supremacy when capital gains are realised; however, they dont have it in the case of dividend payments, over which the related company has control.